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Tuesday August 14, 10:00 am Eastern Time
Press Release
SOURCE: Bio-Imaging Technologies, Inc.
Bio-Imaging Technologies, Inc. Announces Record Revenues and 4th Consecutive Quarter of Profitability
NEWTOWN, Pa., Aug. 14 /PRNewswire/ -- Bio-Imaging Technologies, Inc. (OTC Bulletin Board: BITI - news; ``Bio-Imaging'' or the ``Company'') today released results for the quarter ended June 30, 2001. Net income for the quarter was approximately $80,000, or $0.01 per diluted share, on revenues of approximately $2,253,000. This result compares to a net loss of approximately $307,000, or $(0.04) per diluted share, on revenues of approximately $1,565,000 for the quarter ended June 30, 2000. Net income for the nine months ended June 30, 2001 was approximately $352,000, or $0.04 per diluted share, on revenues of approximately $6,160,000. The Company had a net loss of approximately $757,000, or $(0.10) per diluted share, on revenues of approximately $4,106,000 for the same period last year.
Commenting on the results, Mark L. Weinstein, president and chief executive officer of Bio-Imaging stated, ``This is our fourth consecutive quarter of profitability. Our revenues this quarter have grown by 6% from our previous quarter and have grown by 44% over the same period last year. Additionally, as of June 30, 2001, our contracted/committed backlog has increased by 37% over the previous year ($13.5M to $18.5). Contracted/committed backlog is the amount of revenue that remains to be earned on signed and agreed to contracts. In addition to these achievements, we are pleased that the number of active clients we currently work with have increased by 34% for this quarter as compared to the same period last year (51 to 38) and the number of active projects have increased by 23% for this quarter as compared to the same period last year (97 to 79). 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.''
Mr. Weinstein added, ``We believe our market continues to evolve favorably. More pharmaceutical, biotechnology and medical device companies are utilizing medical imaging endpoints in their clinical development programs. This increase, combined with the evolving regulatory requirements as it relates to how these development activities are performed, are very positive factors for our business as we look into the future.''
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, fluctuations in quarterly results, 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 For the Nine Months Ended
6/30/01 06/30/00 06/30/01 06/30/00
Project revenues $2,253 $1,565 $6,160 $4,106
Cost of revenues 1,367 1,053 3,404 2,706
General & admin. expenses 331 343 1,115 964
Sales & marketing expenses 467 442 1,272 1,139
Operating income (loss) 88 (273) 369 (703)
Net income (loss) 80 (307) 352 (757)
Per share loss:
Basic $0.01 $(0.04) $0.04 $(0.10)
Diluted $0.01 $(0.04) $0.04 $(0.10)
Condensed Consolidated Balance Sheets
(In thousands)
June 30, 2001 September 30, 2000
Current assets $2,861 $2,353
Property & equip. 1,223 1,292
Other assets 245 262
Total assets $4,329 $3,907
Current liabilities $2,469 $2,409
Long-term debt 141 164
Total liabilities 2,610 2,573
Stockholders' equity 1,719 1,334
Liab. & SE $4,329 $3,907
SOURCE: Bio-Imaging Technologies, Inc |
