Hi Dan, here is the earnings report: Gordon
PS Also see a second story under BIPL news.
Thursday November 5, 6:31 am Eastern Time
Company Press Release
Biopool International Reports Financial Results for
Third Quarter Ended Sept. 30, 1998
VENTURA, Calif.--(BUSINESS WIRE)--Nov. 5, 1998--Biopool International Inc. (Nasdaq:BIPL - news) Thursday
reported operating results for the third quarter and nine-month period ended Sept. 30, 1998.
Sales for the third quarter were $3.5 million compared with $4.3 million for the same period last year. For the nine-month
period, sales were $11.2 million compared with $12.7 million for the comparable period in 1997.
Net income for the quarter was $43,000, or 0 cents per share fully diluted, compared with $493,000, or 6 cents per share, for
the same period in 1997. For the nine-month period, net income was $370,000, or 4 cents per share fully diluted, compared
with $1.2 million, or 13 cents per share, in 1997.
Michael D. Bick Ph.D., chairman and chief executive officer, stated: ''Our results for the third quarter, although disappointing,
were not completely unexpected, as we were locked out of certain business due to purchasing contracts established by our
competitors.
''The company made significant advancements in the third quarter, however, through the formation of alliances and supply
agreements with two major vendors to many of the large U.S. purchasing groups, which, in turn, represent our end-user
hospital and clinical laboratories. These agreements are expected to strengthen sales in our core manufactured
immunohematology and hemostasis product groups and could begin contributing to earnings in the first quarter of 1999.
''Also, as previously reported, our supplier of Bayrho has had us on back-order since February of this year, resulting in a
$641,000 shortfall in revenues as compared to the prior period. We began to receive limited supplies of Bayrho in October
and expect this Rh immunoglobulin to soon be available at prior levels,'' Bick concluded.
Founded in 1987, Biopool International develops, manufactures and markets a full range of test kits to assess and diagnose
disorders of blood coagulation, thrombotic risk factors, fibrinolysis, platelet function and the vascular system; specialty
chemistry controls used to monitor and measure the presence of drugs of abuse; and blood group serology products used to
screen for antibodies and group and type whole blood.
The company's product line of more than 150 FDA-approved products is sold to hospitals, blood bank facilities, and clinical
and reference laboratories on a worldwide basis by the company's own sales representatives, as well as through an extensive
network of distributors. To learn more about Biopool, visit the company's Web site at biopool.com.
This news release contains forward-looking statements regarding increased revenues resulting from new supply agreements and
the availability of an out-sourced product, which are based upon current expectations that involve a number of risks and
uncertainties including, but not limited to, technological innovations of competitors, changes in health-care regulations, litigation
claims, foreign currency fluctuation, product acceptance or changes in government regulation of the company's products, as
well as other factors discussed in the company's last report on Form 10-K-SB under ''Risk Factors.''
BIOPOOL INTERNATIONAL INC.
Third Quarter and Nine Months Ended Sept. 30, 1998
(in thousands except per share data)
OPERATIONS DATA
Three Months Ended Nine Months Ended
(Unaudited) (Unaudited)
Sept. 30 1998 1997 1998 1997
Sales $ 3,516 $ 4,315 $11,235 $12,661
Income before taxes 70 585 493 1,439
Net income 43 493 370 1,153
Income per common and
equivalent share $ -- $ 0.06 $ 0.04 $ 0.13
Diluted shares outstanding 8,737 9,145 8,737 9,145
BALANCE SHEET DATA
Sept. 30, 1998 Dec. 31, 1997
(Unaudited) (Audited)
Working capital $ 5,450 $ 5,471
Total assets 13,245 13,678
Long-term debt 1,214 1,873
Total Shareholders' equity 9,361 9,045 |
