Gordon...they are shipshape now and have been overlooked as they post good numbers...$500,000 net inc for first 6mo...I expect the move up to continue...gpg
VENTURA, Calif.--(BUSINESS WIRE)--Aug. 10, 1999--Biopool International Inc. (OTC BB:BIPL) Tuesday reported
results for the second quarter and six-month period ended June 30, 1999.
Reported revenue results are from continuing operations only, eliminating results of the BCA Division, which was sold effective
April 30, 1999.
Sales for the second quarter of 1999 from continuing operations increased 12 percent to $2.4 million from $2.1 million in the
same period of 1998. Sales for the six-month period increased 8 percent to $4.5 million from $4.2 million for the comparable
period in 1998.
Net income for the second quarter of 1999 increased 106 percent to $299,000, or 4 cents per share, compared with
$145,000, or 2 cents per share, in the same quarter of 1998. Net income for the first six months of 1999 rose 53 percent to
$500,000, or 6 cents per share, compared with $327,000, or 4 cents per share, in the same period of 1998.
Net income for both of the 1999 periods includes an after-tax gain of $199,000 related to the sale of certain BCA assets.
Michael D. Bick, Ph.D., chairman and chief executive officer of Biopool International, stated: ``We sold our BCA
(immunohematology) Division effective April 30, 1999. As a result, we have restated our revenues to reflect only our core
hemostasis business. Prior to the divestiture, BCA operations generated approximately 50 percent of total revenues but had an
immaterial impact on net income.'
Bick added: ``The sale of the BCA Division further strengthened our balance sheet, as reflected by the elimination of debt and
$2.4 million remaining cash. We also have the BCA facility (West Chester, Pa.) on the market for sale and expect that sale to
result in additional cash for the company.
``The company continues to aggressively pursue strategies to utilize its cash and positive cash flow to invest in opportunities to
enhance shareholder value.'
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, visit the company's Web site at biopool.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.'
BIOPOOL INTERNATIONAL INC.
Financial Highlights
(Unaudited)
(In thousands, except share data)
Operations Data
Three months ended Six months ended
June 30, June 30,
1999 1998/a 1999 1998/a
Sales from continuing
operations $2,368 $2,117 $4,492 $4,170
Income from continuing
operations before taxes 210 176 468 500
Net income 299 145 500 327
Earnings per common and
equivalent share $ 0.04 $ 0.02 $ 0.06 $ 0.04
Diluted shares outstanding 8,411 8,844 8,488 8,864
Balance Sheet Data
June 30, Dec. 31,
1999 1998/a
Working capital $5,139 $3,549
Total assets 11,224 10,470
Total shareholders' equity 9,560 9,357
/a Restated to conform with 1999 presentation.
Contact:
Biopool International Inc., Ventura
Michael D. Bick or Carol Hill, 805/654-0643 |
