Company Press Release
Trinity Biotech Announces 119% Increase in Second Quarter Profits
DUBLIN, Ireland--(BW HealthWire)--July 22, 1998--Trinity Biotech plc (NASDAQ:TRIBY - news) today announced record results for the three and six months ended June 30, 1998.
Revenues rose 53% to $11,035,720 for the six months ended June 30, 1998 compared to $7,220,863 for the same period last year. Net profit was up 114% to $1,004,036 or $.04 per share compared to $470,140 or $.03 per share for the comparable period last year.
Revenues grew 35% to $5,523,873 for the three months ended June 30, 1998 compared to $4,093,157 for the same period last year. Net profit rose 119% to
$552,818 or $.02 per share for the quarter ended June 30, 1998 compared to $252,217 or $.01 for the same period last year. The net profit increase for the three months ended June, 30, 1998 reflects the reduction in Trinity's overhead base following the successful closure of the UK subsidiary, Centocor UK Holdings.
Commenting on the results, Jonathan O'Connell, chief financial officer at Trinity, said, ''Once again, Trinity has doubled year over year net profit. This significant increase was achieved despite the increase in spending for research and development to $1.3 million for the six months ended June 30, 1998 from $694,000 for the same period last year.
''Second quarter fiscal 1998 revenues were relatively flat compared to the first quarter fiscal 1998 due to the interruption of shipments during the transfer of manufacturing operations from the UK facility to our new Dublin facility,'' continued O'Connell. ''With our consolidated operations and shipments now under way again, we expect revenues to increase in the coming quarters. The investment in the new facility, which is now fully operational, has increased fixed assets by $1.5 million. As of June 30th 1998, the Company had cash and short term investments with a market value of over $5 million and total assets of $27 million.''
Highlights of the second quarter include FDA marketing clearance of two new markers that detect the presence of the Epstein Barr Virus (EBV), the cause of mono and chronic fatigue syndrome.
Subsequent to the quarter, Trinity acquired the Microzyme product line for hormones and drugs of abuse from Diatech Inc. Yesterday the Company submitted its Uni-Gold(TM) Strep A rapid test to the FDA for marketing clearance in clinical sectors of the United States.
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Trinity Biotech plc
Consolidated Statement of Operations
(US$ except share data)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
(Unaudited)(Unaudited) (Unaudited) (Unaudited)
Revenues 5,523,873 4,093,157 11,035,720 7,220,863
Cost and Expenses
Cost of goods sold (3,759,233) (2,902,635) (7,377,797)(5,035,918)
Research and
development (566,839) (348,460) (1,273,489) (693,896)
Administrative
expenses (599,413) (670,583) (1,285,194)(1,236,066)
Other operating
income -- 65,499 -- 195,225
Operating profit 598,388 236,978 1,099,240 450,208
Interest and other
income 43,372 62,519 53,508 117,622
Interest expense (88,942) (47,280) (148,712) (97,690)
Net profit 552,818 252,217 1,004,036 470,140
Net profit per
ordinary share 0.022 0.014 0.041 0.026
Weighted average number
of ordinary shares
outstanding 24,804,034 18,353,506 24,396,962 18,236,398
Trinity Biotech plc
Consolidated Balance Sheet as at:
(US$ except share data) December 31, 1997 June 30, 1998
(Audited) (Unaudited)
ASSETS
Cash and cash equivalents 2,827,107 1,098,927
Short term investments 1,447,643 1,468,854
Accounts receivable and
prepayments 7,899,177 7,640,959
Inventories 3,663,036 5,441,844
Total Current Assets 15,837,107 15,650,584
Property plant &
equipment, net 5,800,169 7,290,290
Intangible assets, net 375,168 1,532,021
Financial assets 2,587,257 2,510,840
Total Assets 24,599,701 26,983,735
LIABILITIES & SHAREHOLDERS' EQUITY
Accounts payable &
accrued expenses 8,767,479 8,825,842
Long term liabilities 8,727,511 9,332,664
SHAREHOLDERS' EQUITY
Called up share capital
Class 'A' ordinary shares 315,567 319,872
Class 'B' ordinary shares 9,954 9,660
Share premium account 35,055,338 35,435,508
Currency adjustment (63,125) (207,475)
Retained deficit (5,937,107) (4,925,062)
Goodwill reserve (22,275,916) (22,222,224)
Total Liabilities &
Shareholders' Equity 24,599,701 26,983,735
Trinity Biotech develops, manufactures, and markets over 100 diagnostic products for the point-of-care (POC), self testing (OTC), and clinical laboratory segments of the diagnostic market. Trinity sells worldwide in over 75 countries through 130 international distributors and strategic partners, including Warner Lambert, Carter Wallace, and SmithKline Beecham.
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
Jonathan O'Connell, 800/603-8076 ext. 11
www.trinitybiotech.com
OR
OTC Communications
Robert M. Joyce, 888-32-TRIBY (87429)
www.otcfn.com/triby
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