Gee, no post on earnings.
Record Revenues And Record Profits In
First Quarter
BELTSVILLE, Md., May 11 /PRNewswire/ -- Biospherics Incorporated
(Nasdaq: BINC - news) today reported net income of $1,018,000
($0.09 per share, fully diluted) on sales of $5.3 million for the first quarter
of 2000 compared with a net loss of $994,000 ($0.11 per share, fully
diluted) on sales of $3.0 million in the same period of 1999. Current
assets saw a 138% improvement, and are $10 million as of March 31,
2000, compared to $4.2 million as of December 31, 1999. Cash
improved by 179% to $5.3 million as of March 31, 2000, from $1.9
million as of December 31, 1999.
Executive Vice President, David Affeldt, stated, ``Our re-organization and
new focus, coupled with our new Business Development Group has
provided a strong launch into 2000. I am especially pleased at our 79%
increase in revenues with only an 8% increase in expenses compared to
first quarter 1999; this further shows that we have instituted a strong
infrastructure with good financial controls. These results are even more
impressive considering the strides we have made in our Biotechnology
Division, with the successful launch of FlyCracker(TM) (see March 16,
2000, press release) and our progress with tagatose for non-food uses
(see March 29, 2000, press release).''
The increase between years is the result of successful business
development efforts targeting the pharmaceutical industry with prescription
and over-the-counter product support and customer relations services.
Our Customer Relationship Management (CRM) solutions help our clients
attract new customers and develop long-lasting relationships with them, an
area of growing interest and focus in many industries. Biospherics' CRM
approach couples the Company's leading edge Information Technology
with its experience in customer and information services. The Company
was successful in winning five (5) new contracts in the first quarter of
2000, one of which was a primary contributor to the improved results and
concluded early in the second quarter. The Company's first quarter
business has been dynamic due to new initiatives and will continue to be
so. Some commercial contracts are short-term and the Company must
continually replace expiring contracts with new awards. Management is
striving to achieve continued success.
Biospherics reports:
Three Months Ended March 31,
2000 1999
Revenue $5,253,517 $2,965,895
Operating expense 4,232,507 3,893,655
Income (loss) from operations 1,021,010 (927,760)
Net income (loss) $1,018,377 $(993,814)
Net income (loss) per share, diluted $0.09 $(0.11)
Under its motto, ``Technologies for Information and Health,'' Biospherics'
mission is to provide guidance and products to improve the quality of life.
Biospherics offers biotechnology innovations, information technology
solutions, and information center services.
Certain statements contained herein are ``forward-looking'' statements as
defined in the Private Securities Litigation Reform Act of 1995. Because
such statements include risks and uncertainties, actual results may differ
from those expressed or implied. Factors that could cause actual results to
differ materially from those expressed or implied include, but are not
limited to, those discussed in filings by the Company with the Securities
and Exchange Commission, including the filing on Form 8-K made on
March 3, 1999.
The Internet address is: biospherics.com. |
