Earnings Alert - Net Revenue UP 94%
Wednesday October 6, 9:17 am Eastern Time
Immucor Announces Results For First Quarter; 94% Increase in Net Income
NORCROSS, Ga., Oct. 6 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD - news), a leading provider of blood bank reagents and related products, announced a 94% increase in net income for the fiscal first quarter ended August 31, 1999, compared to the same period last year. For the quarter, net income increased to $1.2 million from $0.6 million for the same period last year. Diluted earnings per share rose 75% to $0.14 on 8.8 million weighted average shares outstanding from $0.08 on 8.3 million weighted average shares outstanding for the same period last year.
Sales for the quarter rose 82% to a record $18.9 million from $10.4 million for the same period in 1998. The acquisitions of Gamma Biologicals and assets of the BCA division of Biopool contributed approximately $6.4 million to the sales increase while instrument sales added $1.9 million.
Commenting on the results, Edward L. Gallup, president and chief executive officer of Immucor, said, ''I am extremely pleased with the growth in revenues and earnings that have resulted from our acquisition strategy and our transition into an instrument/systems company. We have grown the business substantially in spite of a soft quarter from our German and Canadian affiliates. These units combined for a revenue shortfall of almost $0.4 million compared with the same quarter last year, but we believe this dip to be temporary in nature. In addition, instrument sales were $0.3 million lower than expected because customers were unable to attend training sessions due to summer vacations. These customers were trained in September and revenue will be recognized in the second quarter.
Mr. Gallup further commented, ''We remain very encouraged by our customers' acceptance of our systems and the positive impact we are having in the market place. As previously announced, we also look forward to the positive results from our North American launch of ReACT, Immucor's patented immunoreactive micro-bead technology which offers our small to medium sized customers a choice of solutions to meet their unique requirements.''
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of our market segments.
For more information on Immucor, please visit our website at immucor.com
This press release contains forward-looking statements as that term is defined in the Private Securities Reform Act of 1995, including, without limitation, statements concerning the Company's expectations, beliefs, intentions or strategies regarding the future. In particular, statements concerning future growth in sales and earnings are forward-looking statements, and it is not certain those things will occur. All forward-looking statements included in this document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's most recent Form 10-K and Quarterly Reports on Form 10-Q. |
