SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  August 14, 2003

PROTEIN DESIGN LABS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware		000-19756		94-3023969
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

 

 

 

 

Not Applicable
(Former name or former address, if changed since last report)

 

 

 

Item 7.  Financial Statements and Exhibits

 

(c)  Exhibits

 

                99.1         Press Release dated August 14, 2003.

 

Item 12.  Results of Operations and Financial Condition.

 

On August 14, 2003, Protein Design Labs, Inc. (“PDL”) announced an adjustment in its financial results for the quarter ended June 30, 2003.  A copy of PDL’s press release is attached hereto as Exhibit 99.1.

 

The information furnished in this Item 12 and Exhibit 99.1 attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 or 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be deemed to be incorporated by reference into any filing with the SEC made by PDL whether before or after the date hereof, regardless of any general incorporation language contained in such filing.

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date:  August 14, 2003	PROTEIN DESIGN LABS, INC.
	By:	/s/ Glen Sato
		Glen Sato
		Senior Vice President and Chief Financial Officer

 

 

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release dated August 14, 2003.

 

 

4

 

Exhibit 99.1

 

 

For Immediate Release

 

Contact:

 

Glen Sato

SVP, Chief Financial Officer

(510) 742-2816

jgsato@pdl.com

 

 

PROTEIN DESIGN LABS ANNOUNCES ADJUSTMENT IN

SECOND QUARTER 2003 FINANCIAL RESULTS

 

Adjustment results in $500,000 higher revenue in the second quarter

 

Fremont, Calif., August 14, 2003 — Protein Design Labs, Inc. (PDL) (Nasdaq: PDLI) today reported an increase in total revenues during the 2003 second quarter to $21.0 million compared to the previously reported $20.5 million.  The increase was due to the recognition of a $500,000 milestone payment that was not previously reported.  The higher income for the period resulted in a decrease in the previously reported net loss from $42.6 million to $42.1 million.  Net loss per share was reduced from $0.46 to $0.45 per basic and diluted share, for the three months ended June 30, 2003.

 

Total revenues during the first six months of 2003 were correspondingly adjusted to $43.7 million compared to the previously reported $43.2 million.  For the six-month period ended June 30, 2003, PDL reported a net loss of $38.1 million, and the net loss per share for the period of $0.42 per basic and diluted share did not change from the previously reported net loss per share.

 

Protein Design Labs is a leader in the development of humanized antibodies to prevent or treat various disease conditions.  PDL currently has antibodies under development for autoimmune and inflammatory conditions, asthma and cancer.  PDL holds fundamental patents for its antibody humanization technology.  Further information on PDL is available at www.pdl.com.

 

Protein Design Labs is a registered U.S. trademark and the PDL logo is a trademark of Protein Design Labs, Inc.

 

Financial table attached.

 

 

 

PROTEIN DESIGN LABS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

(In thousands, except per share data)
		Three months ended June 30,						Six months ended June 30,
		2003			2002			2003			2002
Revenues:
Royalties		$	17,905		$	13,491		$	35,050		$	27,167
License and other		3,096			1,300			8,698			1,951
Total revenues		21,001			14,791			43,748			29,118
Costs and expenses:
Research and development		21,058			14,760			37,450			27,938
General and administrative		6,853			4,787			11,923			8,942
Acquired in-process research and development		37,834			—			37,834			—
Total costs and expenses		65,745			19,547			87,207			36,880
Operating loss		(44,744		)	(4,756		)	(43,459		)	(7,762		)
Interest income		4,188			6,455			8,861			13,593
Interest expense		(1,575		)	(2,242		)	(3,281		)	(4,482		)
Impairment loss on investment		—			—			(150		)	—
Income (loss) before income  taxes		(42,131		)	(543		)	(38,029		)	1,349
Provision for income taxes		18			16			49			27
Net income (loss)		$	(42,149	)	$	(559	)	$	(38,078	)	$	1,322
Net income (loss) per share:
Basic		$	(0.45	)	$	(0.01	)	$	(0.42	)	$	0.01
Diluted		$	(0.45	)	$	(0.01	)	$	(0.42	)	$	0.01
Shares used in computation of net income (loss) per share:
Basic		93,301			88,751			91,242			88,698
Diluted		93,301			88,751			91,242			91,382

 

 

CONSOLIDATED BALANCE SHEET DATA

(Unaudited)

 

		June 30,			December 31,
		2003			2002*
(In thousands)		(unaudited)
Cash, cash equivalents and marketable securities		$	579,484		$	606,410
Total assets		725,545			717,818
Total stockholders' equity		540,241			544,766

 

*Derived from the December 31, 2002 audited consolidated financial statements