08/07/97 Earnings Report
Hello,
I am posting last years earnings release so that we may perform comparative analysis once Immucor releases numbers for 1998.
Immucor, Inc. Reports Fourth Quarter and Year End Results
NORCROSS, Ga., Aug. 7 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD), maker of blood bank reagent systems and related products, announced today net sales for the three months ended May 31, 1997, totaled $9,699,798, compared to $8,132,598 last year. For the fiscal year ended May 31, 1997, net sales increased 15%, to $35,653,617, compared to $30,964,057 in the prior year. Fiscal 1997 sales results included approximately $2.1 million in net sales from the operations of Dominion Biologicals Limited acquired December 1996.
Net income for the three months ended May 31, 1997, totaled $415,801, compared to last year's fourth quarter total of $438,519. Net income per share for the three months ended May 31, 1997, totaled $.05, the same as last year. Net income for the year ended May 31, 1997, was $1,839,914, a decline from the prior year total of $2,772,635. Net income per share for fiscal 1997 was $.22, down from the prior year per share total of $.32.
Commenting on fourth quarter and year-end results, Edward L. Gallup, President of Immucor, Inc. said, "While pleased with sales growth of 15% over last year, including the sales results of Dominion Biologicals since mid- December, a decline in gross profit margin in the current year, combined with higher spending levels, caused net income to fall."
"When compared to last year, gross profit as a percent of sales declined in fiscal 1997 as competitive pricing pressure on the company's products, combined with higher manufacturing costs, lowered margins. Also, selling, general and administrative expenses increased during fiscal 1997 compared to the prior year, with $512,000 of selling, general and administrative costs included from Dominion Biologicals Limited since the mid-December acquisition.
Other increases in selling, general and administrative expenses over the prior year were caused by the addition of sales and marketing personnel both in the US and in Europe, higher trade show, marketing, advertising, and distribution costs, and other costs related to our instrument programs, including the recent launch of the IMAGN(R) 2000."
Last January Immucor announced an exclusive distribution agreement to market Biometric Imaging, Inc.'s novel, proprietary cellular analysis system. Known as the IMAGN(R) 2000, the system provides rapid, precise and easy-to-perform cell test procedures to monitor disease progression and the efficacy of therapy for patients undergoing transfusion therapy and for HIV+ patient monitoring.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used primarily by hospitals and blood banks in a number of tests performed to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Capitalizing on its patented Capture(R) product technology, Immucor has developed a transfusion service laboratory analyzer to automate certain labor intensive, time consuming blood tests currently performed manually by laboratory technologists. Known as the ABS2000, the instrument is awaiting US market clearance from FDA.
This press release may contain forward-looking statements as that term is defined in the Private Securities Reform Act of 1995, including, without limitation, statements concerning the Company's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's most recent Form 10-K and Quarterly Reports on Form 10-Q. |
