This out today. Great little biotech at $2.06
Trinity Biotech Announces Record First Quarter Profits
Net Profit up 100% with 65% Growth in Earnings Per Share
DUBLIN, Ireland--(BW HealthWire)--April 28, 1999--Trinity Biotech plc (NASDAQ:TRIBY - news) today announced record results for the first quarter ended March 31, 1999. Net profit rose 100% to US$902,000 for the first quarter fiscal 1999 compared to a net profit of US$451,000 for the first quarter fiscal 1998, representing earnings per share growth of 65%.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 133% to US$1,407,000 for the first quarter fiscal 1999 compared to US$605,000 for the comparable period in fiscal 1998.
Revenues increased by 15% from US$5,512,000 for the quarter ended March 31, 1998 to US$6,350,000 for the first quarter fiscal 1999.
Commenting on the results, Jonathan O'Connell, chief financial officer, said, ''We are delighted to announce another record breaking quarter for Trinity. This is the fifth consecutive quarter that we have announced a doubling of profits. Trinity's EBITDA has also grown significantly by 133% to US$1,407,000 for the first quarter fiscal 1999 compared to the same period last year.
''It is important to note that despite the disposal of Trinity's US$6 million per annum over-the-counter pregnancy test business, the Company has still been able to increase its revenues on a quarter by quarter basis,'' O'Connell continued. ''The increased revenue is as a result of expanding the market penetration of Trinity's products and the addition of revenues from acquisitions made in 1998. In addition, the over-the-counter pregnancy test business was low margin and its removal has increased our gross profit margin, which includes depreciation, from 34% in the first quarter fiscal 1998 to 39% for the first quarter fiscal 1999. Trinity is continuing to integrate the acquisitions that it made during 1998 and expects that this further integration will enhance profitability.''
Trinity Biotech plc 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 259 international distributors and strategic partners.
(Financial Statements Follow)
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