BLUD-Net Income +94%, Sales +82%, EPS +75%, Immucor's a strong buy, especially below 15.
Immuncor continues to shine with remarkable performance. Financial performance is superb, products are top of the line and what the customer wants to buy in terms of reagents and systems to get good performance and reduce cycle time. IMO, BLUD rates a strong buy:
"Wednesday October 6, 9:17 am Eastern Time
Company Press Release
SOURCE: Immucor, Inc.
Immucor Announces Results For First
Quarter; 94% Increase in Net Income
NORCROSS, Ga., Oct. 6 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD - news), a leading
provider of blood bank reagents and related products, announced a 94% increase in net income for
the fiscal first quarter ended August 31, 1999, compared to the same period last year. For the
quarter, net income increased to $1.2 million from $0.6 million for the same period last year. Diluted
earnings per share rose 75% to $0.14 on 8.8 million weighted average shares outstanding from
$0.08 on 8.3 million weighted average shares outstanding for the same period last year.
Sales for the quarter rose 82% to a record $18.9 million from $10.4 million for the same period in
1998. The acquisitions of Gamma Biologicals and assets of the BCA division of Biopool contributed
approximately $6.4 million to the sales increase while instrument sales added $1.9 million.
Commenting on the results, Edward L. Gallup, president and chief executive officer of Immucor,
said, ``I am extremely pleased with the growth in revenues and earnings that have resulted from our
acquisition strategy and our transition into an instrument/systems company. We have grown the
business substantially in spite of a soft quarter from our German and Canadian affiliates. These units
combined for a revenue shortfall of almost $0.4 million compared with the same quarter last year, but
we believe this dip to be temporary in nature. In addition, instrument sales were $0.3 million lower
than expected because customers were unable to attend training sessions due to summer vacations.
These customers were trained in September and revenue will be recognized in the second quarter.
Mr. Gallup further commented, ``We remain very encouraged by our customers' acceptance of our
systems and the positive impact we are having in the market place. As previously announced, we also
look forward to the positive results from our North American launch of ReACT, Immucor's patented
immunoreactive micro-bead technology which offers our small to medium sized customers a choice
of solutions to meet their unique requirements.'
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by
hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell
and serum components of blood prior to transfusion. Immucor markets a complete family of
automated instrumentation for all of our market segments.
For more information on Immucor, please visit our website at www.immucor.com .
This press release contains forward-looking statements as that term is defined in the Private
Securities Reform Act of 1995, including, without limitation, statements concerning the Company's
expectations, beliefs, intentions or strategies regarding the future. In particular, statements concerning
future growth in sales and earnings are forward-looking statements, and it is not certain those things
will occur. All forward-looking statements included in this document are based on information
available to the Company on the date hereof, and the Company assumes no obligation to update any
such forward-looking statements. Further risks are detailed in the Company's filings with the
Securities and Exchange Commission, including those set forth in the Company's most recent Form
10-K and Quarterly Reports on Form 10-Q.
IMMUCOR, INC.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
August 31, August 31,
1999 1998
Net sales $18,929,967 $10,358,465
Cost of sales 8,954,427 4,652,683
Gross profit 9,975,540 5,705,782
Research and development 358,688 290,027
Selling and marketing 3,007,097 1,947,747
Distribution 1,535,270 562,951
General and administrative 2,352,764 1,700,490
Merger-related expenses 28,214 0
Amortization expense 460,900 142,136
Total operating expenses 7,742,933 4,643,351
Income from operations 2,232,607 1,062,431
Interest income 4,517 175,032
Interest expense (649,334) (134,087)
Other 90,054 7,415
Total other (554,763) 48,360
Income before income taxes 1,677,844 1,110,791
Income taxes 458,698 482,780
Net income $1,219,146 $ 628,011
Earnings per share:
Basic $0.16 $0.08
Diluted $0.14 $0.08
Weighted average shares outstanding:
Basic 7,604,991 8,002,063
Diluted 8,756,946 8,283,567
IMMUCOR,INC.
Selected Balance Sheet Items
August 31, 1999 May 31, 1999
Total Current Assets $ 44,515,034 $ 43,622,372
Total Assets 100,365,382 99,733,517
Total Current Liabilities 19,154,090 22,481,565
Long-Term Debt and Other Liabilities 37,766,583 37,199,285
Shareholders' Equity 43,444,709 40,052,667
SOURCE: Immucor, Inc."
Regards,
Jake Blackmerlin |
