Full Press Release Details
Holdings Reports Fourth Quarter and Full Fiscal Year 2018 Results
NJ - October 15, 2018: Rafael Holdings, Inc., (NYSE American: RFL), reported revenue of $1.2 million and a loss per
share of $0.05 for the fourth quarter of its 2018 fiscal year. For the full fiscal year 2018, revenue was $4.4 million and the
loss per share was $0.93.
and Operational Highlights
results are compared to 4Q17 and FY 2018 results are compared to FY 2017)
by Howard Jonas, Chairman and CEO of Rafael Holdings
Holdings, through our CS Pharma subsidiary purchased an equity stake in Rafael Pharmaceuticals following the quarter close by
exercise of warrants. The investment reflects our continued excitement in the potential of Rafael Pharmaceuticals and our interest
in ensuring that Rafael Pharmaceuticals has adequate resources to execute on its clinical trial programs, including its global,
randomized, pivotal Phase III trials for patients with Stage IV metastatic pancreatic cancer and relapsed/refractory AML.
continues to make progress on pre-clinical and clinical trial programs of Promitil, its flagship prodrug.
the real estate side of our business, we are working to optimize the value of our assets including our 20-story commercial property
and associated garage in Newark, New Jersey."
Rafael Holdings, Inc.:
Holdings holds commercial real estate assets and interests in two clinical stage, oncology focused pharmaceutical companies. The
real estate holdings include properties in Newark and Piscataway, New Jersey and Jerusalem, Israel. The pharmaceutical holdings
consist of interests in Rafael Pharmaceuticals, Inc. and a majority stake in Lipomedix Pharmaceuticals Ltd., both of which are
focused on development and commercialization of drugs in the oncology space.
AND COMBINED BALANCE SHEETS
| July 31, | 2018 | 2017 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 15,803 | $ | 11,756 | ||||
| Trade accounts receivable, net of allowance for doubtful accounts of $82 at July 31, 2018 and 2017 | 287 | 264 | ||||||
| Marketable securities | 24,701 | - | ||||||
| Due from Rafael Pharmaceuticals | 3,300 | - | ||||||
| Prepaid expenses and other current assets | 421 | 147 | ||||||
| Total current assets | 44,512 | 12,167 | ||||||
| Property and equipment, net | 50,113 | 51,160 | ||||||
| Investments - Rafael Pharmaceuticals | 13,300 | 11,700 | ||||||
| Investments - Other Pharmaceuticals | 2,000 | 1,778 | ||||||
| Investments - Hedge Funds | 4,218 | - | ||||||
| Deferred income tax assets, net | - | 8,859 | ||||||
| Patents | 324 | - | ||||||
| In-process research and development | 1,327 | - | ||||||
| Other assets | 1,126 | 540 | ||||||
| Total assets | $ | 116,920 | $ | 86,204 | ||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 367 | $ | 115 | ||||
| Accrued expenses | 500 | 213 | ||||||
| Other current liabilities | 24 | 35 | ||||||
| Total current liabilities | 892 | 363 | ||||||
| Due to related parties | 276 | 23,693 | ||||||
| Other liabilities | 188 | 70 | ||||||
| Total liabilities | 1,355 | 24,126 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Rafael Holdings, Inc. stockholders'/members' equity: | ||||||||
| Group equity | - | 50,427 | ||||||
| Class A common stock, $0.01 par value; authorized shares - 50,000,000; 787,163 and nil shares issued and outstanding as of July 31, 2018 and 2017, respectively | 8 | - | ||||||
| Class B common stock, $0.01 par value; authorized shares - 200,000,000; 11,762,346 and nil shares issued and outstanding as of July 31, 2018 and, 2017, respectively | 118 | - | ||||||
| Additional paid in capital | 103,636 | - | ||||||
| Accumulated deficit | (1,108 | ) | - | |||||
| Accumulated other comprehensive income | 4,043 | 2,316 | ||||||
| Total Rafael Holdings, Inc. stockholders'/members' equity | 106,697 | 52,743 | ||||||
| Noncontrolling interests | 8,868 | 9,335 | ||||||
| Total equity | 115,565 | 62,078 | ||||||
| Total liabilities and equity | $ | 116,920 | $ | 86,204 |
AND COMBINED STATEMENTS OF OPERATIONS
thousands, except per share data)
| Fiscal Years ended July 31, | 2018 | 2017 | 2016 | |||||||||
| Revenues: | ||||||||||||
| Rental - Third Party | $ | 1,275 | $ | 989 | $ | 746 | ||||||
| Rental - Related Party | 2,223 | 3,705 | 3,729 | |||||||||
| Parking | 873 | 924 | 1,114 | |||||||||
| Total revenues | 4,371 | 5,618 | 5,589 | |||||||||
| Costs and expenses: | ||||||||||||
| Selling, general and administrative | 5,519 | 3,728 | 2,754 | |||||||||
| Research & development | 995 | - | - | |||||||||
| Depreciation and amortization | 1,698 | 1,669 | 1,643 | |||||||||
| (Loss) income from operations | (3.841 | ) | 221 | 1,192 | ||||||||
| Interest income | (16 | ) | (10 | ) | 20 | |||||||
| Net (gains) losses resulting from foreign exchange transactions | (32 | ) | (86 | ) | 13 | |||||||
| Net gains on sales of marketable securities | (12 | ) | - | - | ||||||||
| Net loss on equity investments | 104 | - | - | |||||||||
| Gain on disposal of bonus shares | (246 | ) | - | - | ||||||||
| Other expenses, net | - | 113 | - | |||||||||
| (Loss) income before income taxes | (3,639 | ) | 204 | 1,159 | ||||||||
| Provision for income taxes | 8,437 | 66 | 449 | |||||||||
| Net (loss) income | (12,076 | ) | 138 | 710 | ||||||||
| Net loss attributable to noncontrolling interests | (427 | ) | - | - | ||||||||
| Net (loss) income attributable to Rafael Holdings, Inc. | $ | (11,649 | ) | $ | 138 | $ | 710 | |||||
| (Loss) earnings per share attributable to Rafael Holdings, Inc. common stockholders: | ||||||||||||
| Basic | $ | (0.93 | ) | $ | 0.01 | $ | 0.06 | |||||
| Diluted | $ | (0.93 | ) | $ | 0.01 | $ | 0.06 | |||||
| Weighted average number of shares used in calculation of (loss) earnings per share : | ||||||||||||
| Basic | 12,485 | 12,485 | 12,485 | |||||||||
| Diluted | 12,485 | 12,485 | 12,485 |