Just finished listening to the BREL conference call. Pretty bullish numbers.
Will grab this stock on any dip.
BioReliance Reports Surge in Quarterly Earnings on Record Revenue
/FROM PR NEWSWIRE CHICAGO 888-776-6551/
TO BUSINESS EDITOR:
BioReliance Reports Surge in Quarterly Earnings on Record Revenue
Third Quarter Performance Broadly-based In Services and Regional Contributions
ROCKVILLE, Md., Oct. 24 /PRNewswire/ -- BioReliance Corporation
(Nasdaq: BREL) today reported net income of $2.2 million, or $0.26 per share
(diluted), for the third quarter which ended September 30, 2001, compared to
net income of $0.4 million, or $0.04 per share, for the same period last year.
Revenue for the quarter increased 29% to a record $18.6 million from
$14.3 million for the third quarter of 2000.
For the nine months ended September 30, 2001, net income was $3.5 million,
or $0.41 per common share (diluted), compared to net income of $0.8 million,
or $0.10 per share, for the same period of 2000. Revenue for the nine-month
period was $50.2 million compared to $41.6 million for the corresponding
period of 2000.
Capers McDonald, President and Chief Executive Officer, said, "Our record
revenues have fueled a significant improvement in net income, with all of our
major business segments and geographic regions contributing to this
performance for the third quarter. We believe that this is further evidence
of the record amounts of funds raised during this and the previous year by our
client base for biologics developments now being directed into the types of
services that we provide."
He continued, "Our gross margin was 40% for the quarter, compared to
33% for the same period last year. This improvement is a tribute to our
operating personnel, who have efficiently increased our volume of business
without substantial new investments in infrastructure. While undertaking this
growing workload, we have maintained quality and timeliness, and implemented
several new efficiency programs. Our operating personnel are therefore on the
front line of service not only to our clients but also to our stockholders."
McDonald continued, "We are gratified to be serving as an important part
of the expansion of biological drugs and vaccines that will contribute to
improved healthcare in the U.S. and around the world. Our contributions to
human health services are growing on all fronts, including the much-publicized
initiatives to help defend against bioweapons and bioterrorism. While most of
the scope of these initiatives is still in the planning stages, we understand
that the two major smallpox vaccine programs in which we participate are being
expanded and accelerated. We have increased some activities for these
programs and, upon request, have provided additional proposals in support of
both testing and manufacturing."
He concluded, "When important information about these initiatives becomes
available, to the extent that we are able to do so, we will inform our
investors of its forecasted impact on the future performance of the Company.
There was, however, no contribution to our third quarter results from the
recent efforts to defend against bioterrorism that arose after the tragic and
heroic events of September 11, 2001."
John Coker, Chief Financial Officer, added, "We are pleased that our cost
management and efficiency programs have enabled most of our strong increase in
revenues for the third quarter to translate into profits. We should note as
well that our provision for income taxes in the third quarter continues to
reflect the effect of the benefits we are generating on a one-time basis in
2001."
Coker continued, "We expect our earnings for the fourth quarter of 2001 to
be in the range of $0.21 to $0.26 per share on a diluted basis. This
performance would give the Company earnings for the year in the range of
$0.62 to $0.67 per share. This forward looking estimate is based on
assumptions about events which BioReliance cannot control and factors which
affect the Company's business which are more fully discussed in the Company's
Form 10-Q. Therefore, actual results may differ materially from the forward
looking estimate made here."
The Company will conduct a conference call tomorrow, October 25, 2001, at
10:00 a.m. Eastern Time, to discuss its financial and operating results.
Individuals wishing to participate in the conference call should dial
(303) 224-6997. A replay will be available through November 2, 2001, by
dialing (303) 804-1727, pass code 1269009. The live call and replay for 90
days may also be accessed via the Web at www. streetevents.com .
BioReliance Corporation is a leading contract service organization
providing testing, development and manufacturing services for biologics and
other biomedical products to biotechnology and pharmaceutical companies
worldwide. The Company was founded in 1947 as Microbiological Associates and
believes that it is the largest provider of outsourcing services focused on
the expanding biologics sector of the pharmaceutical industry.
To receive BioReliance's latest news and review other corporate
developments, please visit our Web site at bioreliance.com
Fred |
