Dave, earnings for BIPL...>GORDON
Biopool International Reports Financial Results for Second Quarter
Ended June 30, 1998
VENTURA, Calif.--(BUSINESS WIRE)--July 28, 1998--Biopool International Inc. (Nasdaq:BIPL - news) Tuesday
reported results for the second quarter and six-month period ended June 30, 1998.
Sales for the second quarter of 1998 were $3.9 million, with net income of $145,000, resulting in earnings of 2 cents per share.
In the same period of 1997, sales were $4.2 million, with net income of $350,000, or 4 cents per share.
For the current six-month period, sales were $7.7 million, with net income of $327,000, or 4 cents per share, as compared
with sales of $8.3 million and net income of $660,000, or 7 cents per share, for the corresponding period in 1997.
Sales decreased by $362,000 in the second quarter compared with the same period of 1997, of which nearly 50 percent was
the result of the continued unavailability of an outsourced product distributed by the company, which, as the company first
reported in its quarterly report for the quarter ended March 31, 1998, has been on back order from the supplier since
mid-February.
The company also recorded nonrecurring restructuring charges of $95,000 for the quarter relating to its previously announced
closure of the company's subsidiary, Biopool Canada Inc., which began in December 1997 and was completed as of June 30,
1998. Year-to-date restructuring charges were $138,000.
Michael D. Bick, Ph.D., chairman and chief executive officer of Biopool International, stated: ''Biopool continues to make solid
strides in implementing changes to our business strategy in order to respond to the ever-changing health-care environment.
''We are now receiving positive feedback from the American Red Cross contract announced June 18, 1998, and expect new
orders to begin in the August/September time frame.
''Further, Mr. Clayton Duke, who will officially join the company in the newly created capacity of vice president, Marketing
and Business Development, on Aug. 1, 1998, has already begun to implement some changes to bring renewed focus on our
marketing strategies.
''One such change is a realignment of sales personnel to provide a dedicated focus on national accounts/distributor
relationships and on government contracts.
''Also, we have received 11 additional product approvals since the end of the first quarter from the French regulatory agency,
l'Agence de Medicament, in anticipation of a more aggressive market launch in France, bringing the total number of approved
products to 22.''
Bick further commented: ''We completed the closing of our Biopool Canada facility on schedule, as of June 30, 1998. That
operation has now been smoothly integrated into our Ventura facility and is expected to result in cost savings in the third quarter
of 1998 and beyond.''
Founded in 1987, Biopool International develops, manufactures and markets a full range of test kits to assess and diagnose
disorders of blood coagulation, thrombotic risk factors, fibrinolysis, platelet function and the vascular system; specialty
chemistry controls used to monitor and measure the presence of drugs of abuse; and blood-group serology products used to
screen for antibodies and group and type whole blood.
The company's product line of more than 150 Food and Drug Administration-approved products is sold to hospitals,
blood-bank facilities, and clinical and reference laboratories on a worldwide basis by the company's own sales representatives,
as well as through an extensive network of distributors.
NOTE: This news release contains forward-looking statements regarding expected orders resulting from a supply contract with
the American Red Cross, expected savings resulting from the closure of Biopool Canada, and an anticipated aggressive market
launch in France, which are based upon current expectations that involve a number of risks and uncertainties, including but not
limited to technological innovations of competitors, changes in health-care regulations, litigation claims, foreign-currency
fluctuation, product acceptance or changes in government regulation of the company's products, as well as other factors
discussed in the company's last report on Form 10-K-SB under ''Risk Factors.''
BIOPOOL INTERNATIONAL INC.
Financial Highlights
(In thousands, except share data)
Operations Data
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1998 1997 1998 1997
Sales $3,881 $4,243 $7,719 $8,346
Income before taxes 163 457 423 854
Net income 145 350 327 660
Income per common and
equivalent share $ 0.02 $ 0.04 $ 0.04 $ 0.07
Diluted shares outstanding 8,862 9,133 8,862 9,133
Balance Sheet Data
June 30, Dec. 31,
1998 1997
(Unaudited)(Audited)
Working capital $5,543 $5,471
Total assets 13,712 13,678
Long-term debt 1,414 1,873
Total shareholders' equity 9,375 9,045
Contact:
Biopool International Inc., Ventura
Michael D. Bick or Carol Hill, 805/654-0643 |
