Profitability is a good thing.
Tuesday January 30, 11:23 am Eastern Time
Press Release
SOURCE: Bio-Imaging Technologies, Inc.
Bio-Imaging Technologies, Inc. Announces a Profitable First Quarter
NEWTOWN, Pa., Jan. 30 /PRNewswire/ -- Bio-Imaging Technologies, Inc. (OTC Bulletin Board: BITI - news; ``Bio-Imaging or the Company'') today released results for the quarter ended December 31, 2000, the First Quarter of Fiscal 2001. Net income for the quarter was approximately $53,000, or $0.01 per diluted share, on revenues of approximately $1,775,000. This result compares to a net loss of approximately $300,000, or $(0.04) per diluted share, on revenues of approximately $1,078,000 for the same period last year.
Commenting on the results, Mark L. Weinstein, president and chief executive officer of Bio-Imaging stated, ``We are very pleased that the revenues we have seen building through our reported contracted/committed backlog figures is starting to be realized in our reported financials. Contracted/committed backlog is the amount of revenue that remains to be earned on signed and agreed to contracts. This is our second consecutive quarter of profitability. Our revenues have grown by 6.4% from our previous quarter and have grown by 65% over the same period last year. Additionally, our contracted/committed backlog has increased by 39% over the previous year ($12.3M to $17.1M). In addition to these achievements, we are pleased that the number of active clients we currently work with have increased by 24% as compared to the same period last year (29 to 36) and the number of active projects have increased by 27% as compared to the same period last year (52 to 66). These increases in clients and active projects are a key component to reducing our overall risk as it relates to any given client or project.
We are pleased with the increased activity we see in our marketplace. We continue to be presented with opportunities to work on new projects with our current clients and to work with new clients. It is clear to me that our focus on providing the highest levels of service to current and prospective clients is paramount in creating these new opportunities for future projects.``
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. In 2000, Bio- Imaging announced the formation of a new division, Bio-Imaging, ETC., to address the education, training and certification needs of medical-imaging facilities, personnel and equipment. Bio-Imaging serves its clients on a global basis through its Corporate headquarters (Newtown, PA), U.S. Business Offices (New Jersey, Massachusetts, California and Washington) 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
(In thousands, except per share data)
For the Three Months Ended
12/31/00 12/31/99
Project revenues $ 1,775 $ 1,078
Cost of revenues 983 705
General & admin. expenses 339 318
Sales & marketing expenses 392 350
Operating income (loss) 61 (295)
Net income (loss) 53 (300)
Per share income (loss):
Basic & Diluted $0.01 $(0.04)
Condensed Consolidated Balance Sheets
(In thousands)
December 31, September 30,
2000 2000
Current assets $2,251 $2,353
Property & equip. 1,203 1,292
Other assets 260 262
Total assets $3,714 $3,907
Current liabilities $2,214 $2,409
Long-term debt 124 164
Total liabilities 2,338 2,573
Stockholders' equity 1,376 1,334
Liab. & SE $3,714 $3,907
SOURCE: Bio-Imaging Technologies, Inc. |
