Friday May 12, 10:57 am Eastern Time
Company Press Release
SOURCE: New Brunswick Scientific Co., Inc.
New Brunswick Scientific Reports First-Quarter 2000
Financial Results
EDISON, N.J., May 12 /PRNewswire/ -- New Brunswick Scientific Co., Inc. (Nasdaq: NBSC - news), today announced its
financial results for the 2000 first quarter, which ended March 31, 2000.
Net sales for the quarter were $10,385,000 compared with the $11,754,000 reported for the first quarter of 1999, a decline
of 11.6 percent. Shipping delays, primarily involving New Brunswick Scientific's line of shakers, contributed to the lower sales.
The Company reported that the delay issues have been resolved, and the backlog increase of 20 percent during the
period-from $8.6 million to $10.3 million-is expected to be shipped in the current quarter. The Company reported a net loss
for the quarter of $1,378,000, or $.25 per diluted share, versus a net loss of $995,000, or $.19 per diluted share, in last year's
opening three months.
New Brunswick Scientific co-founder and Chairman David Freedman said, ``Gross margin for the first quarter of 2000
improved to 44.8 percent versus 34.4 percent in last year's first quarter. Contributing to the improvement was the positive
effect of our recent acquisition of DJM Cryo-Research Limited as well as a more favorable product mix as contrasted with the
year-ago period where gross margin was lower than normal.''
He continued, ``Increased research, development, and engineering expenses of more than 39 percent during the quarter were
primarily related to ongoing investments in DGI BioTechnologies, expenses related to DJM and increases in our engineering
staff.''
New Brunswick Scientific Co., Inc., designs and manufactures a wide variety of research equipment and scientific instruments
for the life sciences. The Company, through DGI BioTechnologies, its majority-owned drug lead discovery operation, has
developed a proprietary process that is expected to result in the discovery of novel therapeutics by generating biologically
active drug leads for known pharmaceutical targets.
This press release includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor
provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties including
without limitation, risks relating to the development of DGI of its technology, that could cause actual results to differ materially
from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected.
NEW BRUNSWICK SCIENTIFIC CO., INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2000 1999
Net sales $10,385 $11,754
Operating costs and expenses:
Cost of sales 5,729 7,715
Selling, general and administrative expenses 4,009 3,670
Research, development and engineering expenses 1,910 1,371
Total operating costs and expenses 11,648 12,756
Loss from operations (1,263) (1,002)
Other income (expense):
Interest income 12 14
Interest expense (149) (2)
Other income (expense), net (4) 7
Equity in loss in joint venture company (3) (12)
(144) 7
Loss before income tax benefit (1,407) (995)
Income tax benefit (29) --
Net loss $(1,378) $(995)
Basic loss per share $(.25) $(.19)
Diluted loss per share $(.25) $(.19)
Basic weighted average number of
shares outstanding 5,404 5,260
Diluted weighted average number of
shares outstanding 5,404 5,260
Selected Balance Sheet Items
(Dollars in thousands)
March 31, December 31,
2000 1999
(unaudited)
Cash and cash equivalents $1,969 $2,111
Inventories 17,050 14,997
Property, plant and equipment, net 6,779 7,023
Total assets 45,177 46,026
Accounts payable and accrued expenses 8,382 8,293
Long-term debt, net of current installments 7,259 7,347
Shareholders' equity 28,908 29,770
Working capital 22,552 23,358
Current ratio 3.6 to 1 3.7 to 1
SOURCE: New Brunswick Scientific Co., Inc. |
