FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February 2007
AETERNA ZENTARIS INC.
1405, boul. du Parc-Technologique
Quebec, Quebec
Canada, G1P 4P5
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F _____ Form 40-F __X__
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes _____ No __X__
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-__________
DOCUMENTS INDEX
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Documents Description
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1. Press release dated February 12, 2007: AEterna Zentaris To
File Restated Interim 2006 Third Quarter Financials
AEterna Zentaris
AEterna Zentaris Inc. 1405 du Parc-Technologique Blvd.
Quebec (Quebec) Canada G1P 4P5 T 418 652-8525 F 418 652-0881
www.aeternazentaris.com
PRESS RELEASE
For immediate release
AETERNA ZENTARIS TO FILE RESTATED INTERIM 2006 THIRD QUARTER FINANCIALS
NET LOSS FOR THE THIRD QUARTER AND THE NINE-MONTH PERIOD ENDED SEPTEMBER 30,
2006 DECREASES BY $4.9 MILLION
ALL AMOUNTS ARE IN U.S. DOLLARS
QUEBEC CITY, CANADA, FEBRUARY 12, 2007 - AEterna Zentaris Inc. (TSX: AEZ;
NASDAQ: AEZS) today announced that the Company, after discussions with its
external auditors relating to the Company's and the auditors' interpretation of
Section 3465 of the Canadian Institute of Chartered Accountants ("CICA")
Handbook, has determined to restate its interim unaudited consolidated financial
statements for the third quarter and nine-month period ended September 30, 2006.
This non-cash restatement will reduce the Company's future income tax expense
and its net loss by $4.9 million for the third quarter and nine-month period
ended September 30, 2006. AEterna Zentaris' restated net loss will be $1.6
million for the three-month period and $5.7 million for the nine-month period
ended September 30, 2006, compared to the previously reported net loss of $6.5
million and $10.6 million for such periods, respectively. The Company's net loss
per share on a basic and fully-diluted basis will be $0.03 for the three-month
period and $0.11 for the nine-month period ended September 30, 2006, compared to
the previously reported $0.12 and $0.21 for such periods, respectively. The
impact on the consolidated balance sheet will be a decrease in the future income
tax liabilities of $5 million, a decrease in the deficit of $4.9 million and an
increase in the cumulative translation adjustment of $0.1 million.
Section 3465 of the CICA Handbook provides guidance related to the valuation of
future income tax assets in connection with income tax losses. The valuation of
the $4.9 million allowance previously recorded in the Company's consolidated
statement of operations as future income tax expense in the third quarter ended
September 30, 2006 has been reversed. Furthermore, in conjunction with the
aforementioned restatement, future income tax assets and liabilities arising
from within the same jurisdiction have also been offset as required by Section
3465.
The Company anticipates filing the restated third quarter 2006 interim financial
statements and the corresponding Management's Discussion and Analysis (MD&A)
later today. These documents will be available on www.sedar.com and on the
Company's website at www.aeternazentaris.com. A summary of certain restated
financial information is attached to this press release.
AEterna Zentaris
ABOUT AETERNA ZENTARIS INC.
AEterna Zentaris Inc. is a late-stage, global biopharmaceutical company focused
on endocrine therapy and oncology with proven expertise in drug discovery,
development and commercialization.
News releases and additional information are available at
www.aeternazentaris.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements made pursuant to the safe
harbor provisions of the U.S. Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which could cause the Company's actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties include, among
others, the availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, the ability of the Company
to take advantage of business opportunities in the pharmaceutical industry,
uncertainties related to the regulatory process and general changes in economic
conditions. Investors should consult the Company's quarterly and annual filings
with the Canadian and U.S. securities commissions for additional information on
risks and uncertainties relating to the forward-looking statements. Investors
are cautioned not to rely on these forward-looking statements. The Company does
not undertake to update these forward-looking statements.
-30-
CONTACTS
Jenene Thomas
Senior Director, Investor Relations & Corporate Communications
(418) 655-6420
jenene.thomas@aeternazentaris.com
Paul Burroughs
Media Relations
(418) 652-8525 ext. 406
paul.burroughs@aeternazentaris.com
ATTACHMENT: Financial summary
2
AEterna Zentaris
(IN THOUSANDS OF US DOLLARS, EXCEPT SHARE
AND PER SHARE DATA)
CONSOLIDATED RESULTS QUARTERS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
UNAUDITED 2006 2005 2006 2005
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$ $ $ $
(restated) (restated)
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REVENUES 83,893 52,879 251,760 174,888
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OPERATING EXPENSES
Cost of sales 55,664 34,073 165,479 109,800
Selling, general and administrative 15,125 9,836 44,209 29,785
R&D costs, net of tax credits and grants 6,194 6,147 20,475 18,692
Depreciation and amortization 2,517 1,837 7,376 5,666
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79,500 51,893 237,539 163,943
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EARNINGS FROM OPERATIONS 4,393 986 14,221 10,945
Interest income 539 339 1,414 1,071
Interest expense (1,971) (2,241) (7,198) (7,067)
Foreign exchange gain (loss) 109 (404) 26 (351)
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EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS 3,070 (1,320) 8,463 4,598
Current income taxes (2,010) (251) (6,401) (4,503)
Future income taxes 692 (753) 2,511 (1,915)
Gain (loss) on dilution of investments (5) 109 (140) 16,502
Non-controlling interest (3,316) (1,544) (10,144) (5,047)
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NET EARNINGS (LOSS) FOR THE PERIOD (1,569) (3,759) (5,711) 9,635
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NET EARNINGS (LOSS) PER SHARE
Basic (0.03) (0.08) (0.11) 0.21
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Diluted (0.03) (0.08) (0.11) 0.20
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Weighted average number of shares
Basic 52,692,065 46,139,814 51,900,754 46,139,814
Diluted 53,040,488 46,397,156 52,390,209 46,459,000
Issued and outstanding shares 53,160,970 46,139,814
3
AEterna Zentaris
CONSOLIDATED BALANCE SHEET AS AT AS AT
SEPTEMBER 30, DECEMBER 31,
UNAUDITED 2006 2005
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$ $
(restated)
Cash and short-term investments 45,753 52,705
Other current assets 111,435 110,971
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157,188 163,676
Long-term assets 268,849 256,204
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Total assets 426,037 419,880
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Current liabilities 63,450 64,174
Long-term debt 99,144 135,743
Other long-term liabilities 43,740 45,901
Non-controlling interest 77,938 64,531
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284,272 310,349
Shareholders' equity 141,765 109,531
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Total liabilities and shareholders' equity 426,037 419,880
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4
AEterna Zentaris
SIGNATURE
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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.
AETERNA ZENTARIS INC.
Date: February 14, 2007 By: /s/ Mario Paradis
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Mario Paradis
Vice President, Finance & Administration and
Corporate Secretary