GOOD NEWS!!! (See the following):
Just a guess, but tomorrow should be a good day for BBII.
Boston Biomedica Inc. Reports Fourth Quarter and Year End 1997 Results
PR Newswire, Tuesday, February 24, 1998 at 19:51
Record Revenue Soars 44 Percent, to $22.3 Million;
Record Net Income Increases By 109 Percent, to $1 Million
WEST BRIDGEWATER, Mass., Feb. 24 /PRNewswire/ -- Boston Biomedica Inc.
(NASDAQ:BBII) today announced that revenue for the year ended December 31,
1997 increased to a record $22,299,337, an increase of $6,790,041, or
44 percent, compared with revenue of $15,509,296 during 1996. The Company
also reported net income for the year ended December 31, 1997 of $1,004,834,
or $0.21 per diluted share, compared with net income of $481,220, or $0.14 per
diluted share, in 1996.
For the fourth quarter ended December 31, 1997, the Company reported
revenue of $7,301,551, an increase of $2,735,369, or 60 percent, over revenue
of $4,566,182 for the same period in 1996. The Company also reported fourth
quarter net income of $435,237, or $0.09 per diluted share, compared with net
income of $235,699, or $0.06 per diluted share, for the previous year's fourth
quarter.
Two items affect the comparability of the 1997 financial results to those
of 1996. The acquisition of Source Scientific Inc., effective July 1, 1997,
added $2.6 million to revenue and a net loss of $115,000 for the second half
of 1997, as its turnaround and integration with BBI progressed. In addition,
fiscal 1997 diluted EPS reflects an increase in shares outstanding of
43 percent as a result of the Company's October 1996 initial public offering
(IPO).
"We are extremely pleased that we could post record revenue and profit in
1997, while at the same time steering significant investment dollars back into
the Company to position us for expansion," said Richard T. Schumacher, founder
and chief executive officer of Boston Biomedica. "For example, we relocated
BBI Biotech to a new state-of-the-art facility and made major renovations to
our laboratories in West Bridgewater; acquired Source Scientific Inc.;
expanded our operational and R & D staffs; and, very importantly, added a
dozen new industry-experienced employees to our sales and marketing team. The
bottom line is that, in 1997, we proved that we could grow our business
significantly, and quite profitably as well."
Added Kevin W. Quinlan, chief financial officer of Boston Biomedica: "We
are proud of the fact that our financial results for 1997 exceeded analysts'
expectations. Additionally, given the technical, financial and human
resources we now have in place at Boston Biomedica, we believe our Company
is well positioned for further success in 1998 and beyond."
Boston Biomedica Inc. is a worldwide manufacturer and provider of
proprietary quality control products for use with IVD test kits for the
detection, analysis and monitoring of infectious diseases, including AIDS,
Hepatitis, Lyme Disease and ToRCH. These products are used by clinical and
research laboratories, blood banks, IVD manufacturers, and regulatory agencies
to help ensure the accuracy of infectious disease test results through the
routine monitoring of test performance. The Company also manufactures
diagnostic test kit components and laboratory instrumentation, and provides
specialty laboratory testing services.
This release may include forward-looking statements that may or may not
materialize. Additional information and risk factors that could potentially
affect Boston Biomedica's financial results may be found in the Company's
filings with the Securities and Exchange Commission (SEC).
Factors which might cause actual results to differ materially from those
projected in the forward-looking statements contained herein include the
following: inability of the Company to develop the end-user market for
quality control products; inability of the Company to integrate the business
of Source Scientific Inc. into the Company's business; inability of the
Company to renew all of the existing field service contracts recently assigned
to BBI Source Scientific; uncertainty of research contract renewals; inability
of BioSeq to develop its technology to the level of commercial utilization;
inability of the Company to obtain an adequate supply of raw materials
necessary for certain of its products; significant reductions in purchases by
any of the Company's major customers; and the potential insufficiency of
Company resources -- including human resources, plant and equipment, and
management systems -- to accommodate any future growth. These and certain
other factors which might cause actual results to differ materially from those
projected are more fully set forth under the caption "Risk Factors" in the
Company's Registration Statement on Form S-1 (SEC File No. 333-10759). |
