Immucor Announces Record Results for Second Quarter
Second Quarter Highlights - Net Income Increases 101% - Total Revenues Up 48% - Instrument Revenues Grow 125%
Tuesday January 4, 6:05 pm Eastern Time
NORCROSS, Ga., Jan. 4 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD - news), the global leader in providing automated instrument-reagent systems to the blood transfusion industry, today announced record growth in revenues and net income for the fiscal second quarter and six months ended November 30, 1999, compared to the same periods last year.
Revenues for the fiscal second quarter rose 48 percent to $20.3 million, from $13.7 million in the same period last year. Net income for the quarter doubled to $1.4 million, from $0.7 million for the same quarter last year. Diluted earnings per share rose 89 percent to $0.17 on 8.6 million weighted average shares outstanding, from $0.09 on 7.9 million weighted average shares outstanding for the same period last year.
''The record growth in revenues reflects our aggressive strategy to consolidate the blood transfusion market, as well as a strong performance by our instrument sales group,'' commented Edward L. Gallup, president and chief executive officer. ''We added over $4 million in revenues from acquisitions during the quarter. Instrument revenues were up 125 percent, climbing to a record $3.6 million, signaling a growing acceptance of our automated solutions in the market place. While worldwide reagent sales were up 38%, a relatively strong US dollar reduced foreign sales by approximately $0.7 million dollars.''
For the six months ended November 30, 1999, revenues totaled a record $39.2 million, an increase of 63 percent over the $24.0 million in the same period in fiscal 1999. The acquisitions of Gamma Biologicals and assets of the BCA division of Biopool International Inc., contributed approximately $10.4 million of the sales increase, while instrument sales added $3.5 million. Total instrument sales in Fiscal 2000 have grown to $5.5 million. Year-to-date net income doubled, growing to $2.7 million from $1.3 million last year. Diluted earnings per share rose 82 percent to $0.31 on 8.7 million weighted average shares outstanding from $0.17 on 8.1 million weighted average shares outstanding for the same six-month period last year.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of its market segments.
For more information on Immucor, please visit the Company's website at immucor.com .
This press release contains forward-looking statements as that term is defined in the Private Securities Reform Act of 1995, including, without limitation, statements concerning the Company's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's most recent Form 1O-K and Quarterly Reports on Form 1O-Q. |
