BioSource International Reports Record Revenues, Income in First Quarter 1997
CAMARILLO, Calif. -- BioSource International, Inc. (Nasdaq: BIOI) today announced the highest quarterly revenues in the Company's history and its ninth consecutive quarter of record net income.
For the three months ended March 31, 1997, the Company reported sales of $5.45 million and net income of $862,155, or $.10 per share.
Compared to the three months ended March 31, 1996, revenue increased by more than 116%, from $2.52 million, and net income increased by 66%, from $519,748, or $.09 per share. Comparative earnings per share were affected by a 52% increase in the weighted average number of shares outstanding compared to the prior year, as a result of a secondary offering of common stock completed in 1996.
"The first quarter of 1997 saw solid growth in revenue from both domestic and international markets, indicating continued strong demand worldwide for BioSource's assays and reagents," said James H. Chamberlain, chairman, president and chief executive officer of BioSource International.
"It is particularly pleasing to see the full team continue to manage expenses and deliver strong results while we maintain our investment levels in new product development. This allowed our research and product development groups to complete work on an entirely new product line, supported by the efforts of our sales and administrative groups to produce record income levels."
Chamberlain noted that BioSource introduced the first in a series of test kits utilizing quantitative Polymerase Chain Reaction (PCR) techniques late in the quarter, proving the Company's ability to transfer ELISA-like techniques to products which may prove viable for molecular diagnostics.
In March, the Company also announced that it has signed a distribution agreement with Bouty, S.p.A. of Milan, Italy, as part of its plan to shut-down direct selling operations in Italy.
BioSource International, Inc. is a Camarillo, Calif., based supplier of immunological reagents and tests kits used in biomedical research. The Company offers more than 1,300 products, including recombinant proteins, monoclonal antibodies and ELISA assay kits to a variety of antigens, and custom DNA segments (oligonucleotides). For the year ended December 31, 1996, BioSource reported earnings of $2,767,198, or $.35 per share, on revenues of $15,913,274.
This News Release contains forward-looking statements that involve risks and uncertainties, including risks described from time to time in reports filed by BioSource with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K.
BIOSOURCE INTERNATIONAL, INC.
Summary of Operations
Three Months Ended March 31, (unaudited)
1997 1996
Revenue $5,448,440 $2,518,557
Sales, Marketing Expense 1,056,590 323,442
General, Administrative Expense 864,367 373,540
Net Income 862,155 519,748
Net Income/Share $.10 $ .09
Weighted Average # of Shares 9,070,000 5,957,285
BIOSOURCE INTERNATIONAL, INC.
Selected Balance Sheet Data: March 31, (unaudited)
1997 1996
Cash and Marketable Securities* $14,567,280 $1,301,488
Total Current Assets 25,205,452 $6,417,924
Total Assets 33,841,700 $9,223,392
Current Liabilities 3,840,646 $1,924,707
Stockholder's Equity 28,619,209 $6,448,396
*Cash, cash equivalents, short & long term marketable securities
/CONTACT: Anna Anderson, Chief Financial Officer, or Aspasia Alexander,
Investor Relations, of BioSource, 805-987-0086; or Matthew Schmidt of FS
Communications, 415-691-1488, for BioSource/
"Copyright(c) 1997, PR Newswire"
"Provided by Dow Jones & Company, Inc."
$.11 was expected so we lost 7/8
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