Business Wire
May 5, 1998, Tuesday -ÿ10:28 Eastern Time
DISTRIBUTION: Business Editors and Health/Medical Writers
LENGTH: 959 words
HEADLINE: Trinity Biotech Announces Record Breaking First Quarter Profits; Revenues Rise 77% and Net
Income Up 107%
DATELINE: DUBLIN, Ireland
BODY:
ÿÿÿMay 5, 1998--Trinity Biotech plc (NASDAQ:TRIBY) today announced results for the first quarter ended March
31, 1998 with record net income and earnings.
Net profit rose 107% to $ 451,000 or $ .02 per share for the first quarter fiscal 1998 compared to a net profit of $
218,000 or $ .01 per share for the comparable period in fiscal 1997. Revenues appreciated 77% to $ 5,512,000 for the
three months ended March 31, 1998 from $ 3,128,000 for the same period last year. The increase in revenues and
profits reflects higher sales of Trinity's growing product line as well as synergies developing from its fiscal 1997
acquisitions of Clark Laboratories and Centocor UK Holdings.
Commenting on the results, Jonathan O'Connell, chief financial officer, said, "We are delighted to announce such
strong revenues and our fourth consecutive profitable quarter. The new revenue levels validate the Company's strategy
of diversifying its product line to address all three segments of the diagnostics market. The consolidation of the
Company's European EIA manufacturing into Trinity's new facility in Dublin should further enhance profitability
through the elimination of duplicating overheads."
As of March 31, 1998, the Company had cash and short term investments of $ 3,306,000 with total assets of $
25,062,000.
Highlights of the Company's first quarter include, receipt of FDA marketing clearance for the Adenovirus test kit,
commercializing the Uni-Gold(tm) H. Pylori Test, and expanding the SmithKline Beecham relationship with the
Uni-Gold HIV launch in Africa. Also during the quarter, the Company increased its manufacturing capacity through
the purchase of a 42,000 square foot facility in Dublin and received a $ 2 million grant from the Irish government.
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ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿTrinityÿBiotechÿplc
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿConsolidatedÿStatementÿofÿOperations
ÿ
USÿdollarsÿinÿthousandsÿÿÿThreeÿMonthsÿEndedÿÿÿÿÿÿÿThreeÿMonthsÿEndedÿÿ
(exceptÿshareÿdata)ÿÿÿÿÿÿÿÿÿMarchÿ31,ÿ1998ÿÿÿÿÿÿÿÿÿÿÿMarchÿ31,ÿ1997ÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ(Unaudited)ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ(Unaudited)ÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Revenuesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ5,512ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ3,128
Netÿprofitÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ451ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ218
Profitÿperÿshareÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ0.02ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ0.012
Weightedÿno.ÿofÿsharesÿÿÿÿÿÿ23,124,411ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ17,693,027
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
-0-
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ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿTrinityÿBiotechÿplc
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿConsolidatedÿBalanceÿSheet
ÿ
USÿdollarsÿinÿthousandsÿÿÿÿÿMarchÿ31,ÿ1998ÿÿÿÿÿÿÿDecemberÿÿ31,ÿ1997ÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ(Unaudited)ÿÿÿÿÿÿÿÿÿÿÿÿÿ(Unaudited)ÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Cashÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ1,878ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ2,827ÿÿÿ
Shortÿtermÿinvestmentsÿÿÿÿÿÿÿÿ1,428ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ1,448ÿÿÿ
Totalÿassetsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ25,062ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ24,599ÿÿÿ
Shareholders'ÿequityÿÿÿÿÿÿÿÿÿÿ7,570ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ7,105ÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
-0- Trinity Biotech develops, manufactures, and markets over 90 diagnostic products for the point-of-care (POC), self
testing (OTC), and clinical laboratory segments of the diagnostic market. The Company's diagnostic tests detect
infectious diseases and autoimmune disorders such as HIV, rubella, herpes simplex, measles, adenovirus, rotavirus,
and rheumatoid arthritis. Trinity sells worldwide in over 65 countries through international distributors and strategic
partners such as Warner Lambert, Carter Wallace, SmithKline Beecham, Bayer Diagnostic. -0-
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by
the United States Food and Drug Administration and other agencies, the impact of competitive products, product
development commercialization and technological difficulties, and other risks detailed in the Company's periodic
reports filed with the Securities and Exchange Commission.
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CONTACT: Trinity Biotech plc OTC Communications
ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ Jonathan O'Connell Robert M. Joyce
ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ 800-603-8076 781/444-6100, ext 11
ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ www.trinitybiotech.com 888-32-TRIBY (87429), ext 11
ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ bobj@otcfn.com
ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ ÿ
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LOAD-DATE: May 5, 1998 |
