Immucor Announces Fourth Quarter and Year End Results: 20% Increase in 4th Quarter Net Income
Tuesday July 14, 7:59 am Eastern Time
Company Press Release
SOURCE: Immucor, Inc.
NORCROSS, Ga., July 14 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD - news), maker of blood bank reagents and related products, today announced a 20% increase in net income for the three months ended May 31, 1998 as compared to the same period last year. Net income for the quarter totaled $499,000 compared to $416,000 for the same quarter last year. For the year ended May 31, 1998, net income increased 12% to $2,069,000 versus $1,840,000 in the prior year. Diluted earnings per share for the quarter were $.06 compared to $.05 last year and for fiscal 1998 were $.25 compared to $.22 in fiscal 1997.
Sales for three months were $10,170,000, an increase of $470,000 as compared to last year. Sales for the year increased 12% to $39,790,000 versus $35,654,000 in the prior year. Dominion Biologicals Ltd., acquired in December 1996, accounted for $2,500,000 of the sales increase.
Commenting on fourth quarter results, Edward L. Gallup, President and CEO of Immucor, Inc. said, ''I am very pleased with the continued sales growth. The increase in U.S. sales improves our already favorable position for the launch of our flagship product, the ABS2000, which was recently cleared for sale by the U.S. Food and Drug Administration in the U.S. Sales in Canada and Europe have increased 8% compared to last year notwithstanding unfavorable rates of foreign exchange.''
Mr. Gallup continued, ''For the year, net income increased by $229,000 (12%) compared to last year. We are pleased with our ability to grow revenues while we contain operating expenditures. Income before taxes for the quarter increased $329,000 (51%); however, tax expense also increased as we became more profitable throughout Europe where income is taxed at higher rates than in the U.S., reducing the increase in net income to $84,000 (20%). We have undertaken a complete review of our tax planning strategy and intend to implement changes throughout fiscal 1999.''
On July 6, 1998, Immucor announced that the U.S. Food and Drug Administration cleared the ABS2000 for marketing in the United States. The ABS2000 is the first fully automated, walk away instrument for the hospital blood bank transfusion laboratory. The ABS2000 completes Immucor's instrument family which also includes the DIAS PLUS and the ROSYS Plato.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of our market segments.
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 1O-K and Quarterly Reports on Form 10-Q.
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