BioSource International Reports Record 1996 Sales and Earnings
CAMARILLO, Calif. -- BioSource International, Inc. (Nasdaq: BIOI) today announced record fourth quarter and year-end results for the period ended December 31, 1996. The Company reported earnings for the year of $2,767,198, or $.35 per share, on revenues of $15,913,274. For the quarter ended December 31, 1996, BioSource reported net earnings of $850,171, or $0.09 per share, on revenues of $5,092,550.
The Company's earnings per share increased by 75 percent compared to the $.20 per share reported in the year ended December 31, 1995, nothwithstanding an increase of nearly 2.1 million shares of BioSource common stock included within its weighted average shares outstanding.
Quarterly earnings, at $.09, were 50 percent greater than the same three-month period in 1995, notwithstanding an increase in the weighted average of 3.1 million shares of common stock outstanding.
The record financial performance of the Company includes an operating profit at BioSource Europe, S.A., which was formed on June 5, 1996, after the Company completed the acquisition of substantially all of the assets and assumed certain liabilities which related to the in vitro business of Medgenix Diagnostics, S.A. After providing for income taxes, the wholly-owned subsidiary reported a loss per share of less than one cent.
"BioSource accomplished every objective set by its Board and management for 1996: achieving record profitability; building the Company into a worldwide supplier of biomedical research and diagnostic products; and strengthening our asset base and cash position," said James H. Chamberlain, chairman, president and chief executive officer of the Company. "We concurrently completed a series of financial transactions, including an equity offering which raised a net of $19.3 million in capital and an acquisition that effectively doubled our revenue potential, while our existing business operations continued to grow at double digit rates."
Chamberlain said that the 1996 financial performance demonstrated that BioSource's strategy of selective acquisition and product line expansion can successfully scale internationally. Overall, the Company increased net income as a percentage of sales by nearly one-third compared to year earlier results.
In the United States, lower manufacturing costs have been realized from contributions made by the Company's product development groups.
Additionally, BioSource brought a number of new and proprietary products to market. During 1996, the Company also funded two separate university research investigations related to molecular diagnostics, which are expected to contribute to entirely new product lines that will be introduced in 1997.
BioSource International, Inc. is a Camarillo, Calif., based supplier of immunological reagents and tests kits used in biomedical research. The Company offers more than 1,300 products, including recombinant proteins, monoclonal antibodies and ELISA assay kits to a variety of antigens, and custom DNA segments (oligonucleotides).
This News Release may contain forward-looking statements that involve risks and uncertainties, including risks associated with regulatory approvals and other risks described from time to time in reports filed by BioSource with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K.
BIOSOURCE INTERNATIONAL, INC.
Earnings: 12-Months and Three Months Ending December 31,
(Audited) 12-months Ending December 31,
1995 1996
Sales $8,608,447 $15,913,274
Net Income $1,160,379 $ 2,767,198
Net Income/Share $ .20 $.35
Weighted Average # of Shares 5,945,900 8,008,500
(Unaudited) Three-months Ending December 31,
1995 1996
Sales $2,264,409 $ 5,092,550
Net Income $ 366,862 $ 850,171
Net Income/Share $.06 $.09
Weighted Average # of Shares 5,910,821 9,054,700
BIOSOURCE INTERNATIONAL, INC.
Selected Balance Sheet Data: December 31,
1995 1996
(Audited) (Audited)
Cash and Marketable Securities* $1,393,092 $14,935,479
Total Current Assets $6,317,480 $22,434,381
Total Assets $7,387,603 $33,896,827
Current Liabilities $1,321,356 $ 4,346,869
Stockholder's Equity $5,897,307 $28,160,597
/Shares Outstanding At Dec. 31 /5,845,306 shares /8,318,971 shares
* Cash, cash equivalents, short & long term marketable securities
/CONTACT: Anna Anderson, Chief Financial Officer, or Aspasia Alexander,
Investor Relations, both of BioSource, 805-987-0086; or Matthew Schmidt of FS Communications, 415-691-1488, for BioSource/
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