Gary: Very nice Q earnings report at 7 am this 9th day of Aug. Spike time? IMO--a new equilibrium level of 1.30+ will settle in--and then gradually rise from there.
Tom D.
Wednesday August 9, 7:00 am Eastern Time
Press Release
Biopool International Reports Second-Quarter Sales and Earnings
VENTURA, Calif.--(BUSINESS WIRE)--Aug. 9, 2000--Biopool International Inc. (OTCBB:BIPL - news) today reported financial results for the second quarter ended June 30, 2000.
Results of operations have been restated for prior years to reflect the sale of the BCA Division on April 30, 1999.
Sales for the second quarter of 2000 increased 20% to $2,834,000 compared with $2,368,000 for the same period one year ago. Sales for the six-month period increased 17% to $5,243,000 from $4,492,000 for the comparable period in 1999.
Income from continuing operations increased 204% to $389,000 from $128,000 in the second quarter of 2000 over 1999, and increased 112% for the comparable six-month periods. Earnings per share from continuing operations were $0.05 for the second quarter of 2000 compared with $0.02 in the same period of 1999.
Net income for the second quarter of 2000 increased 30% to $389,000, or $0.05 per share, compared with $299,000, or $0.04 per share, in the same quarter of 1999. Net income for the six-month period of 2000 rose 18% to $589,000, or $0.07 per share, compared with $500,000, or $0.06 per share, in the same period of 1999.
Michael D. Bick, Ph.D., chairman and chief executive officer of Biopool, stated: ``Our continued improvement in revenue growth and operating profits is a direct result of focused marketing efforts we have put into place over the past 12-18 months. Revenue increases have occurred across all of our bases of business, including OEM and export, but the largest increase has come from our domestic branded sales where our sales and marketing group has put forth the greatest effort.
``We have also benefited from a reduction in cost of sales, largely due to manufacturing and operational efficiencies, which come with increased volume,'' Dr. Bick continued. ``On the international front, we have just renewed our commitment to the long-standing relationship we have had with Dasit s.p.a., our distributor in Italy. Dasit is our number one export distributor by sales volume and is poised to double our business in Italy this year. Strategic emphasis is being placed on strengthening the productivity of all of our international partners.''
Dr. Bick added, ``Our continued growth in revenues and profits, strong balance sheet, and successful market penetration continue to position the company well to exploit new technologies, including those to be made available as a result of our merger with Xtrana, which is near at hand.''
In May of this year Biopool International announced that a definitive agreement had been signed to merge with Xtrana Inc., a product development company specializing in developing tools for genomic research and testing based in Denver.
The merger is subject to the approval of a majority of Biopool's stockholders to be solicited at its Annual Meeting of Stockholders to be held Aug. 10, 2000.
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 and specialty toxicology controls used to monitor and measure the presence of drugs of abuse.
The company's product line is sold to hospitals, clinical laboratories, commercial reference laboratories, and research institutions on a worldwide basis by the company's own sales representatives, as well as through an extensive network of distributors. To learn more about Biopool and Xtrana, visit their Web sites at www.biopool.com and www.xtrana.com.
This news release contains forward-looking statements, 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.'' The merger of Biopool and Xtrana is subject to a number of customary conditions, including conditions outside the control of either Biopool or Xtrana.
BIOPOOL INTERNATIONAL INC.
Second Quarter Ended June 30, 2000
(in thousands except per share data)
OPERATIONS DATA
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Sales $ 2,834 $ 2,368 $ 5,243 $ 4,492
Income from continuing
operations 389 128 589 278
Net income 389 299 589 500
Basic and diluted earnings
per share $ 0.05 $ 0.04 $ 0.07 $ 0.06
Weighted average diluted
shares outstanding 8,346 8,411 8,341 8,488
BALANCE SHEET DATA
June 30, 2000 Dec. 31, 1999
(Unaudited) (Audited)
Working capital $ 8,495 $ 7,946
Total assets 11,870 11,033
Long-term debt -- --
Total shareholders' equity 10,560 9,834
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Contact:
Biopool International Inc.
805/654-0643
Michael D. Bick, Ph.D., Chairman and CEO
Carol Hill, Corporate Communications |
