BITI...list would be incomplete w/o BITI...1.35...OTC BB...8.4m shares outstanding:
B: Bio-Imaging Technologies Reports First Quarter Financial Res
B: Bio-Imaging Technologies Reports First Quarter Financial Results - Service
Revenues Grows 82% Year-Over-Year - Committed Backlog Grows to $31.7M
NEWTOWN, Pa., May 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Bio-Imaging
Technologies, Inc. ("Bio-Imaging") (OTC Bulletin Board: BITI) today released
results for the quarter ended March 31, 2002.
"Bio-Imaging begins 2002 with a strong first quarter. Our 82% increase in
service revenues over the same period last year is an indication of our success
in the marketplace. The growth of our service revenues combined with increasing
margins and growth in our committed backlog to $31.7M are positive indications
for our future. During the first quarter, we continued our integration of the
Intelligent Imaging operations. I am also pleased to announce that Robert Post
has joined the Bio-Imaging team as our Director of Regulatory and Quality
Assurance," said Mark L. Weinstein, President and Chief Executive Officer of
Bio-Imaging.
Mr. Weinstein went on to comment, "The combination of Bio-Imaging and
Intelligent Imaging gives us an enhanced critical mass. The adoption of the
`Best Practice' systems from the combined entity are leading to improved
margins. We will continue to focus on delivering high quality, regulatory
compliant services to our clients."
In reporting the results, Mr. Weinstein noted that, as required, Bio-Imaging
adopted the guidance of recently issued accounting pronouncement EITF 01-14,
effective Jan. 1, 2002, and, accordingly, has reclassified reimbursed service
costs as part of revenues. These amounts are shown as "reimbursement revenues".
Net income for the quarter ended March 31, 2002 was approximately $297,000, or
$0.03 per diluted share, on total revenues of approximately $4,743,000. This
result compares to net income of approximately $219,000, or $.03 per diluted
share, on total revenues of approximately $2,546,000 for the same period last
year. Service revenues was approximately $3,873,000 for the quarter ended March
31, 2002 and approximately $2,133,000 for the quarter ended March 31, 2001,
representing an increase of approximately $1,740,000 or 82%.
Bio-Imaging Technologies, Inc. is a healthcare 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 US Core Labs (Newtown and Plymouth
Meeting, PA), European Core Lab (Leiden, The Netherlands) and U.S. Business
Offices (Massachusetts and California)
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 integration
of the Intelligent Imaging business into the Company's operations, the timing of
projects due to the variability in size, scope and duration of projects,
estimates made by management with respect to the Company's critical accounting
policies, 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
03/31/02 03/31/01
Service revenues 3,873 2,133
Reimbursement revenues * 870 413
Total revenues $4,743 $2,546
Cost of revenues 3,397 1,468
General & admin. expenses 592 445
Sales & marketing expenses 416 413
Operating income 338 220
Net income available to
common shareholders 297 219
Per share income:
Basic $0.04 $0.03
Diluted $0.03 $0.03
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2002 December 31, 2001
Current assets $4,667 $4,638
Property & equip. 2,291 2,111
Other assets 298 226
Total assets $7,256 $6,975
Current liabilities $3,094 $3,105
Long-term liabilities 1,484 1,509
Total liabilities 4,578 4,614
Stockholders' equity 2,678 2,361
Liab. & SE $7,256 $6,975
*Reimbursement revenues have been reclassified in the 2001 financials to conform
with the current presentation.
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SOURCE Bio-Imaging Technologies, Inc.
CONTACT: Mark L. Weinstein, President & Chief Executive Officer of
Bio-Imaging Technologies, +1-267-757-1360 |
