I have been looking over the annual report for 1997 this past weekend and many things strike me as very, very positive for this company. For instance, total revenues were up about 27.5 percent in FY 1997. Not bad at all. Then we've got income from continuing operations up a whopping 512 percent! which translates into income per share of $0.16 as compared to $0.03 for 1996 - a 433 percent increase.
We also have $10,096,000 in cash and equivalents as compared to $2,538,000 in 1996, an increase of 297 percent. General and administrative costs as a percentage of sales is now 8% as compared to 10%. Total operating expenses as a percentage of sales is down to 50% from 52%. Total current assets is $23,344,000 and total current liabilities is $3,900,000, a ratio of 5 to 1.
Quidel also has in the past year new partnerships with 3 very large companies - Proctor & Gamble, Bayer and Glaxo Wellcome. These are real feathers in Quidel's cap. No doubt there will be more of these relationships to come in the future.
And the list goes on. Quidel is a real company with real products, real sales and earnings and real potential. We just need to be steadfast in our convictions. Time is our ally. Let the company and time work for us. Be patient. Our reward will come.
Rick |
