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Company Press Release
Biopool International Doubles Sales for Second Quarter
of 1997
VENTURA, Calif.--(BUSINESS WIRE)--July 24, 1997--Biopool International Inc.
(Nasdaq:BIPL) Thursday reported operating results for the second quarter and six-month period
ended June 30, 1997.
Sales for the second quarter increased 103 percent to $4.2 million from $2.1 million in the second
quarter of 1996. For the six-month period, sales rose 116 percent to $8.3 million from $3.9
million for the comparable period in 1996.
Pretax operating income for the second quarter increased by 14 percent to $457,000 from
$402,000 in 1996. Pretax operating income for the first six months increased 24 percent to
$854,000 from $691,000.
Net income for the quarter was $350,000, or 4 cents per share, vs. $386,000, or 5 cents per
share, for the same period in 1996. For the six-month period, net income was $660,000, or 7
cents per share, compared with $686,000, or 9 cents per share, in 1996.
``Sales have doubled since our acquisition of our BCA Division in January 1997. Now we are
taking steps to improve our profitability while further growing sales,'' said Michael D. Bick, Ph.D.,
chairman and chief executive officer of Biopool International.
Bick continued: ``Pretax operating income was up for both the three- and six-month periods, in
spite of our recent investments in sales and marketing efforts, which are beginning to generate long-
term benefits.
``In addition, in the third quarter we are ending certain transitional expenses that were related to
the BCA acquisition, such as running parallel computer and customer-service systems, and this
should contribute further to future profitability.''
Bick added: ``Net income was down slightly for the three- and six-month periods of 1997, due
primarily to increased tax provisions. Net income for the 1996 periods was enhanced by the
recognition of deferred tax benefits.
``Although a significant amount of our revenue growth continues to come from the recently
acquired BCA Division, we also see continued growth in our core hemostasis business,'' said Bick.
He cited the example of the company's Bioclot Protein S assay kit, which is used to assess the risk
of thrombotic (clot-forming) disease.
Bick said: ``The sales of this test kit nearly tripled between the first and second quarters of this
year. At this rate, we expect that this single product can contribute revenues of $1 million in 1998.
This was due in large part to our substantial efforts and investments in the past year in domestic
sales and marketing activities.''
The company's product line of more than 150 Food and Drug Administration-approved products
is sold to hospitals, blood-bank facilities, and clinical and reference laboratories on a worldwide
basis through an extensive network of distributors.
Founded in 1987, Biopool International develops, manufactures and markets a full range of test
kits to assess and diagnose disorders of blood coagulation, thrombotic risk factors, fibrinolysis,
platelet function and the vascular system; specialty chemistry controls used to monitor and measure
the presence of drugs of abuse; and blood-group serology products used to screen for antibodies
and group and type whole blood.
NOTE: This news release contains forward-looking statements regarding future product sales and
transitional expenses related to the BCA acquisition that are based upon current expectations that
involve a number of risks and uncertainties, including, but not limited to, technological innovations
of competitors, changes in health-care regulations, litigation claims, foreign-currency fluctuation,
and product acceptance or changes in government regulation of the company's products, as well
as other factors discussed in the company's last report on Form 10-K-SB under ``Risk Factors.''
BIOPOOL INTERNATIONAL INC.
Operations Data
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1997 1996 1997 1996
Sales $4,243,000 $2,089,000 $8,346,000 $3,867,000
Income before taxes 457,000 402,000 854,000 691,000
Net income 350,000 386,000 660,000 686,000
Income per common and
equivalent share 4 cents 5 cents 7 cents 9 cents
Average common and
equivalent shares
outstanding 9,124,000 7,975,000 9,133,000 7,962,000
Balance Sheet Data
June 30, Dec. 31,
1997 1996
(Unaudited) (Audited)
Working capital $ 5,631,000 $ 3,935,000
Total assets 13,781,000 13,123,000
Long-term debt 3,266,000 3,663,000
Total shareholders' equity 8,890,000 8,352,000
Contact:
Biopool International Inc., Ventura
Michael D. Bick or Carol Hill, 805/654-0643 |
