FORM 10-Q/A
(Amendment No. 1)
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1999
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ________ to ___________
Commission file number: 0-11749
Scios Inc.
State or other jurisdiction of (IRS Employer incorporation or
organization Identification No.)
Delaware 95-3701481
Scios Inc.
2450 Bayshore Parkway, Mountain View, California 94040
(415) 940-6656
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
ofv1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Title Outstanding
Common Stock, $.001 par value 38,468,652
1. The Consolidated Statements of Operations and Comprehensive Income (Loss)
contained in Part I, Item 1 is hereby amended in its entirety by substituting
the following Consolidated Statements of Operations and Comprehensive Income
(Loss):
SCIOS INC.
AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except share data)
Three months ended
March 31,
1999 1998
---------------- ---------------
(Unaudited)
Revenues:
Product sales $7,822 $8,430
Co-promotion commissions 2,728 1,268
Research & development contracts 2,177 4,592
---------------- ---------------
12,727 14,290
---------------- ---------------
Costs and expenses:
Cost of goods sold 4,308 4,805
Research and development 10,543 10,527
Marketing, general and administration 5,313 4,711
Profit distribution to third parties 1,117 1,070
Restructuring charges 6,670 --
---------------- ---------------
27,951 21,113
---------------- ---------------
Loss from operations (15,224) (6,823)
Other income and expense:
Investment income 1,026 987
Interest expense (670) (650)
Realized gains on securities 4,786 8,039
Other income, net 231 19
---------------- ---------------
5,373 8,395
Equity in net loss of affiliates -- (244)
---------------- ---------------
Income (loss) before provision
for income taxes (9,851) 1,328
Provision for income taxes (6) (4)
---------------- ---------------
---------------- ---------------
Net Income (loss) ($9,857) $1,324
---------------- ---------------
Other comprehensive income (loss):
Unrealized losses on securities (10,830) (44)
---------------- ---------------
Comprehensive income (loss) ($20,687) $1,280
---------------- ---------------
Earnings (loss) per common share:
Basic ($0.26) $0.04
---------------- ---------------
Diluted ($0.26) $0.03
---------------- ---------------
Weighted average number
of common shares outstanding
used in calculation of:
Basic 37,746,605 37,273,536
---------------- ---------------
---------------- ---------------
Diluted 37,746,605 38,835,221
---------------- ---------------
The accompanying notes are an integral part of these consolidated financial
statements.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SCIOS INC.
By:___/s/ David W. Gryska_____________________________________________
David W. Gryska
Vice President of Finance and CFO
(Chief Accounting Officer)
Date: July 26, 1999