SWAT Team Write Up Of The Week / IBAH PART 2 ( Formally POW )
THE NEWS
IBAH is not a company that releases alot of NEWS, but when they do have a Press
Release it is usually fairly Important news. In other words, the company does not seem
to like TOOT their own horn much. Looking at their earnings reports, it looks like they
could TOOT the Horn a good deal more often. There is MUCH the Company could
Brag a bit about! Guess they feel the growing numbers in each Earnings Report says it
all.
On Dec 12th 1997, Dow Jones News Retrieval Reported that IBAH continues to
enjoy the Buy Recommendations of 4 Analysts with a combined 4th Quarter EPS
estimate of $0.03 a share of .04. They est.1997 Fiscal Year at 0.09 and a 1998 Fiscal
Year of 0.22
* Dow Jones News Retrieval is a PAY SITE, here is another site with FREE
information:
ultra.zacks.com
ultra.zacks.com
News in general:
fast.quote.com
Oct 30th 1997 / Thirded Quarter Earnings:
fast.quote.com
IBAH Reported "strong revenue growth in the US divisions, as well as continuing
improvements in the International division, resulting in sharply increased
operating income over the comparable period of 1996 Third Quarter Earnings."
For the 3rd Quarter Net Revenue increased 53% to 23.1 million, Operating Income
was up 79% reaching $1 million, pre tax income was up 35% to $980,000, EPS was
$0.03 compared with $Zero the year before.
Quarter after Quarter, IBAH has been showing strong increases in Revenue,
Income, Sales, Eps.
Oct 7th 1997
fast.quote.com
IBAH was mentioned in the Press Release of another company. "HRP purchased
eight commercial office properties for $147.75 million"
"These Class A and B suburban properties contain a total of 364,310 sq.ft. and
are majority leased to various healthcare related tenants, including the
pharmaceutical manufacturer, Merck & Co Inc. (NYSE:MRK), a smaller biotech
research company, Bio-Pharmaceutical Services, Inc., a subsidiary of I.B.A.H.,
Inc.(Nasdaq:IBAH - news), and children's Hospital of Pennsylvania and Allegheny
Health, both large Philadelphia area not-for-profit clinical health care
providers. "
Not HUGE News but does show they have Some very Interesting naibors!
Corporate Mission Statement
ibah.com
IBAH is a Development Services Organization (DSO) which provides services to
the Healthcare Products Industry on a global basis. Our mission is to be a
market leader in each of our service areas. We will accomplish this by valuing
and developing our employees and by having a passionate committment to
achieving the objectives of our clients in the shortest possible time frame.
We will serve our clients in a manner which is:
Consistantly Innovative
High Quality
Cooperative
Friendly
Responsive
Through the successful efforts of our people, our continued growth will provide
increasing value to our customers, employees and shareholders.
Request further informtion from the company
ibah.com
May 2nd 1997
fast.quote.com
"IBAH Announces the Appointment of President of the International CRO"
As the Press release says" "The appointment of Mr. Weekers as President of the
International CRO adds to our team a seasoned executive with the experience to
improve the performance of our International CRO in the second half of 1997 and
beyond," and "Mr. Weekers brings to his position extensive experience in the
general management of a very competitive, service-oriented international
healthcare business."
Not to mention, a very impresive resuma!
March 3rd 1997
fast.quote.com
IBAH, INC. ACQUIRES AUSTRALIAN CRO
"Signing of a definitive agreement to acquire Pharmaco Pty.,Ltd., an Australian
based Contract Research Organization (CRO).
World Wide growth
Synopsis of Hambrecht & Quist Research Report
Date: November 3, 1997
"Selling, general and administrative expenses for the nine months ended September 30,
1997 were $27,267,000 or 43.0% of net revenues, as compared to 48.0% for the
same period in 1996. The improvement was due principally to the US CRO business
where selling, general and administrative expenses as a percentage of net revenues
decreased from 43.5% in 1996 to 36.1% in 1997. The US CRO showed this
improvement because the revenue volume for this business has continued to grow more
quickly than its infrastructure needs. "Net revenues of the US CRO increased by
81.2%, (20.4% without acquisitions) on a comparable quarter basis. Operating income
was $1,903,000 for the third quarter of 1997, a 297.3% increase over the comparable
quarter of 1996 including one-time charges, reflecting increased revenue growth and
productivity improvements for this Division. The US CRO continues its trend of
obtaining strong new business commitments. International CRO International net
revenues increased by 3.7% from the third quarter of 1996 to the third quarter of
1997. On a sequential quarter basis, net revenues increased 12.7% from the second
quarter. Additionally, operating losses decreased by 19.4% quarter over quarter due
to improved revenue volume. The sequential improvement of net revenues and
operating losses continues the favorable trend initiated in the second quarter of 1997.
In addition, the International CRO continues the trend of obtaining new business
commitments. Savings realized from the implementation of the second quarter
restructuring program resulted in flat indirect growth third quarter 1997 to second
quarter 1997. Additionally, indirect expenses are expected to continue to grow at a
slow rate for the remainder of the year.
nternational has continued adding strong management talent to its portfolio to further
position the business for future growth. "
> <><><><><><><><><><><><><><><><><><><><><><><><><><><><>
Synopsis of Pacific Growth Equities Research Report
November 6, 1997
Pacific Growth has lowered their 1997 revenue estimates from 90 million to 87.9
million and 1997 revenue from 115.6 million to 106.5 million. They have also lowered
the operating income margin in 1997 from 4% to 3.5% and in 1998 from 9.4% to
7.9% but expect a sustainable growth rate of 25%. IBAH increased their 1997
revenue 33% from prior year but it was slightly below
estimates. U.S. CRO revenue was up 81%, excluding acquisitions. Due to a delay in a
large contract, revenue fell below the estimate of 15.6. They expect the contract will
begin infull during quarter 1 of 1998. The International CRO revenue of 5.4 million
increased 12.7% sequentially. Pharmaceutics services continued to perform ahead of
plan with revenue of 2.7 million, up 69.7 over prior year and ahead of the 2.6 million
estimate. Pacific believes that IBAH Management is taking the necessary steps to
move the International CRO towards achieving profitability in the later half of 1998.
Pacific believes that investors will remain cautious about IBAH's future until they see
sustainable improvement in the International Division. PACIFIC Maintains a BUY
rating.
COMPANY HISTORY
The business was started in 1985 by Geraldine A Henwood. The Company is the
result of a merger between Bio-Pharm Clinical Services Inc. and Affinity Biotech Inc
which was completed on April 27, 1994. In October, 1996 IBAH Inc. acquired the
Hardardt Group, Parsippany, NJ and mergered the company's operations completely
into IBAH Inc. In July, 1996 IBAH, Inc. acquired
Resource Biometrics Inc. Emeryville, Ca and merged the company's operations
completely into IBAH Inc.
IBAH Inc. employees 755 which includes officers. The Company rents 71,000 sf in a
two story concrete block building in Blue Bell, Pa. The Company is also utilizing four
other buildings in Blue Bell, Pa. IBAH, Inc. maintains branches in Raleigh Durham,
NC; Lake Bluff, Il; SanFrancisco, Ca; two offices in Fort Washington, Pa.;
Copenhagen, Denmark; Brussels, Belgium; Spain; Frankfurt, Germany; Chippenham,
England; Basal, Switzerland; Paris, France; Sydney, Australia; Prague, Czech
Republic; Moscow, Russia and Maastricht, Netherlands.
The Company and all of its branches contract clinical research services for
pharmaceutical
and biotechnologh and medical device industries.
On April 19, 1996, the Company completed a public offering of 3,000,000 shares of
Common Stock in which the Company raised approximately $18 million in net
proceeds. The shares were sold to selected institutional investors. |
