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(PR Wires) PRW: Bio-Imaging Technologies, Inc. Announces Second Quarter Re
PRW: Bio-Imaging Technologies, Inc. Announces Second Quarter Results - 35%
Revenue Growth from First Quarter
NEWTOWN, Pa., May 10 /PRNewswire/ -- Bio-Imaging Technologies, Inc.
("Bio-Imaging") (OTC Bulletin Board: BITI) today released results for the
quarter ended March 31, 2000, the Second Quarter of Fiscal 2000. Net loss
for the quarter was approximately $150,000, or $(0.02) per diluted share, on
revenues of approximately $1,463,000. This result compares to net income of
approximately $71,000, or $0.01 per diluted share on revenues of $1,328,000
for the same period last year.
For the six months ended March 31, 2000, net loss was approximately
$450,000, or $(0.06) per diluted share, on revenues of approximately
$2,540,000. This result compares to a net loss of approximately $275,000,
or $(0.04) per diluted share, on revenues of approximately $2,153,000 for
the same period last year.
Commenting on the results, Mark L. Weinstein, president and chief executive
officer of Bio-Imaging, stated, "We continue to be pleased with the progress
we are making in building a sustainable, profitable business. Our revenues
grew by 35% from our previous quarter in Fiscal 2000 and our
Contracted/Committed backlog has increased to $13.4M as of March 31, 2000
from previously reported $12.3M as of December 31, 1999 and $7.0M as of
September 30, 1999. Contracted/Committed backlog is the amount of revenue
that remains to be earned on signed and agreed to contracts. When we
compare our first half of 1999 to our first half of 2000 we see that the
number of active clients has increased by 32% (25 to 33) and the number of
active projects has increased by 79% (39 to 70).
Over the past quarter we have increased our operations infrastructure in
order to ensure that our service levels are maintained at the highest levels
for our clients. This increase in expenses is required because of the large
number of projects that have or will be started between February and July of
this year. We believe that revenues associated with these new projects
should be seen in coming quarters.
Through actively expanding our customer base, we have reduced our revenue
concentration. For the first six months of fiscal 1999 8 clients accounted
for approximately 80% of our revenues, and in the same period for fiscal
2000, 13 clients have accounted for approximately 80% of our revenues.
Regulatory authorities, i.e. the Food and Drug Administration ("FDA"), have
recently made public statements wherein they supported processes and
submission packages of the type pioneered by Bio-Imaging for the digital
submission of medical imaging data. This elimination of film-based
submissions and the anticipated release of regulatory guidelines for
submission of digital imaging data should accelerate the growth of our
business in the coming quarters."
Bio-Imaging Technologies, Inc. is a pharmaceutical contract service
organization providing services that support the product development process
of the pharmaceutical, biotechnology and medical device industries. The
Company has specialized in assisting its clients in the design and
management of the medical-imaging component of clinical trials since 1990.
Bio-Imaging serves its clients on a global basis through its Corporate
headquarters (Newtown, PA), U.S. Business Offices (New Jersey, Massachusetts
and California) and its European office (Leiden, The Netherlands).
Certain matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995. In
particular, the Company's statements regarding trends in the marketplace and
potential future results are examples of such forward-looking statements.
The forward-looking statements include risks and uncertainties, including,
but not limited to, the timing of projects due to the variability in size,
scope and duration of projects, regulatory delays, clinical study results
which lead to reductions or cancellations of projects, and other factors,
including general economic conditions and regulatory developments, not
within the Company's control. The factors discussed herein and expressed
from time to time in the Company's filings with the Securities and Exchange
Commission could cause actual results and developments to be materially
different from those expressed in or implied by such statements. The
forward-looking statements are made only as of the date of this press
release and the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.
BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data)
For the Three Months Ended For the Six Months Ended
3/31/00 3/31/99 3/31/00 3/31/99
Project revenues $1,463 $1,328 $2,540 $2,153
Cost of revenues 947 634 1,652 1,195
General & admin.
expenses 303 388 621 765
Sales & marketing
expenses 347 240 696 482
Operating (loss) income (134) 66 (430) (288)
Net (loss) income (150) 71 (450) (275)
Per share (loss) income:
Basic & Diluted $(0.02) $0.01 $(0.06) $(0.04)
Condensed Consolidated Balance Sheets
(In thousands)
March 31, September 30,
2000 1999
(unaudited)
Current assets $2,017 $1,789
Property & equip. 1,339 1,180
Other assets 181 180
Total assets $3,537 $3,149
Current liabilities $1,733 $1,001
Long-term debt 208 82
Total liabilities 1,941 1,083
Stockholders' equity 1,596 2,066
Liab. & SE $3,537 $3,149
/CONTACT: Mark L. Weinstein, President & Chief Executive Officer of
Bio-Imaging Technologies, 267-757-1360/
09:30 EDT
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