IMMUCOR ANNOUNCES RECORD RESULTS FOR SECOND QUARTER SECOND QUARTER
HIGHLIGHTS - NET INCOME INCREASES 101% - TOTAL REVENUES UP 48% - Instrument Revenues Grow 125%
NORCROSS, Ga., Jan 4, 2000 /PRNewswire via COMTEX/ -- Immucor, Inc.
(Nasdaq: BLUD), 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.
IMMUCOR, INC.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended
November 30, November 30, November 30, November 30,
1999 1998 1999 1998
Net sales $20,249,819 $13,665,490 $39,179,786 $24,023,955
Cost of sales 9,268,872 6,316,043 18,223,299 10,968,726
Gross Profit 10,980,947 7,349,447 20,956,487 13,055,229
Research and
development 371,569 297,345 730,257 587,372
Selling and
marketing 2,912,990 2,343,582 5,920,087 4,291,329
Distribution 1,463,690 735,198 2,998,960 1,298,149
General and
administrative 2,805,571 2,063,679 5,158,335 3,793,508
Merger-related
expenses 52,739 312,361 80,953 312,361
Amortization expense 439,348 239,098 900,248 381,234
Total operating
expenses 8,045,907 5,991,263 15,788,840 10,663,953
Income from
operations 2,935,040 1,358,184 5,167,647 2,391,276
Interest income 6,098 110,901 10,615 285,933
Interest expense (790,192) (252,392) (1,439,526) (386,479)
Other 60,033 38,673 150,087 75,427
Total other (724,061) (102,818) (1,278,824) (25,119)
Income before
income taxes 2,210,979 1,255,366 3,888,823 2,366,157
Income taxes 770,934 539,298 1,229,632 1,022,078
Net income $1,440,045 $716,068 $2,659,191 $1,344,079
Earnings per share:
Basic $O.19 $O.09 $O.35 $O.17
Diluted $0.17 $0.09 $0.31 $O.17
Weighted average
shares outstanding:
Basic 7,725,678 7,672,725 7,665,335 7,837,394
Diluted 8,627,333 7,939,810 8,692,140 8,111,689
IMMUCOR, INC.
Selected Balance Sheet Items
November 30, 1999 May 31, 1999
Total Current Assets $47,760,943 $43,622,372
Total Assets 103,147,864 99,733,517
Total Current Liabilities 22,349,027 22,481,565
Long-Term Debt and Other
Liabilities 36,370,418 37,199,285
Shareholders' Equity 44,428,419 40,052,667
SOURCE Immucor, Inc.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Edward L. Gallup of Immucor, Inc., 770-441-2051
WEB PAGE: immucor.com
GEOGRAPHY: Georgia
INDUSTRY CODE: MTC
SUBJECT CODE: ERN |
