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Immucor Reports First Quarter Results: Double Digit Growth in Revenues and Net Income
NORCROSS, Ga., Oct. 5 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD), a
leading provider of blood bank reagents and related products, today announced
a 12% increase in net revenues and a 13% increase in net income for the three
months ended August 31, 1998, compared to the same period last year. Revenues
grew to $10,358,000 during the quarter up $1,085,000 from last year. Net
income for the quarter totaled $628,000 compared to $558,000 for the same
quarter last year. Earnings per share for the quarter were $.08 compared to
$.07 last year.
Commenting on first quarter results, Edward L. Gallup, President and CEO
of Immucor, Inc. said, "We are extremely pleased with the performance of our
traditional reagent business during the first quarter as we complete our
transition to a reagent and instrumentation company. I am proud that we have
grown sales and profits while at the same time investing in our sales,
manufacturing and administrative capabilities in order to support an increase
of reagent orders and new instrument placements."
Mr. Gallup continued, "Since domestic instrument revenues were only
$113,000 in the quarter, these investments naturally reduced first quarter
profits, but were absolutely essential prior to making our first commercial
placements of ABS2000s and other members of our instrumentation family. At
the end of September we shipped our initial instrument orders in the United
States and are very pleased by our early results."
Gross profit margin improved from the fourth quarter 1998 results due to
increased volumes of proprietary Capture(R) products but declined when
compared to the first quarter last year due to product mix and increased
national contract participation by our customers.
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