TRIBY. Great little company came through. Russ
Thursday April 27, 7:31 am Eastern Time
Company Press Release
SOURCE: Trinity Biotech plc
Trinity Biotech Announces Record First Quarter Profits
DUBLIN, Ireland, April 27 /PRNewswire/ -- Trinity Biotech plc (Nasdaq: TRIBY - news) today announced record results for the first quarter ended March 31, 2000.
Ronan O'Caoimh, Trinity Biotech's Chairman and CEO, commented, ``Last quarter Trinity increased its product offering and broadened its reach in the diagnostics market place. We added these products through new FDA clearances like that for our Uni-Gold(TM) H.pylori test and the Macra© Lp(a) test, as well new technologies like the Western blot tests for detection of Lyme disease, when we acquired MarDx.'' O'Caoimh continued, ``In addition, Trinity has put itself in a strong position to take advantage of the opportunity available to it in the diagnostic market through the raising of $13 million with blue-chip Irish and UK institutional investors.''
Net profit rose 55% to US$1.401 million or $0.045 cents per share for the first quarter fiscal 2000, compared to a net profit of US$902,000 or $0.032 cents per share for the first quarter of 1999 representing earnings per share growth of 41%.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36% to US$1.915 million for the first quarter fiscal 2000 compared to US$1.407 million for the same period in fiscal 1999. Revenues increased by 8% from US$6.35 million for the quarter ended March 31, 1999 to US$6.85 million for first quarter of 2000.
Commenting on the results, Jonathan O'Connell, Chief Financial Officer, said, ``We are very pleased to start the new year with such a strong set of results for the first quarter. The Company continues to significantly increase its net profits, which rose 55% in the quarter to US$1.4 million. While the acquisition of MarDx had a minimal impact in the first quarter, it will contribute fully for the remaining quarters of 2000. The cash flows were also strong with EBITDA growing to US$1.9 million in the quarter. These funds generated from operations along with the US$13 million raised by the recent placing of shares puts Trinity in a healthy financial position.''
Trinity Biotech plc develops, manufactures and markets over 100 diagnostic products for the point of care, self-testing and clinical laboratory market segments of the diagnostic market. Trinity sells worldwide in over 75 countries through 130 international distributors and strategic partners.
Forward-looking statements in this release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.
CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended March 31
2000 1999
US$000 US$000
(Unaudited) (Unaudited)
Revenues 6,850 6,350
Cost of goods sold (3,526) (3,845)
Gross Profit 3,324 2,505
Research and development (728) (519)
Administrative expenses (862) (726)
Goodwill amortisation (225) (200)
Operating profit 1,509 1,060
Interest and other income 32 17
Interest expense (140) (175)
Net profit 1,401 902
Net profit per ordinary share 0.045 0.032
Weighted average number of
ordinary shares
outstanding 31,302,057 27,987,106
Earnings before interest,
tax, depreciation
and amortisation (EBITDA) 1,915 1,407
CONSOLIDATED BALANCE SHEET
As of March 31, 2000 As of Dec 31, 1999
US$ US$000
(Unaudited) (Audited)
ASSETS
Cash and cash equivalents 4,183 3,064
Accounts receivable and
prepayments 7,715 7,212
Inventories 10,202 9,511
Total Current Assets 22,100 19,787
Property plant & equipment, net 4,677 4,696
Intangible assets, net 24,487 20,559
29,164 25,255
TOTAL ASSETS 51,264 45,042
LIABILITIES AND SHAREHOLDERS EQUITY
Accounts payable &
accrued expenses 13,282 14,234
Long term liabilities 8,661 8,086
SHAREHOLDERS' EQUITY
Called up share capital
Class 'A' ordinary shares 497 448
Class 'B' ordinary shares 12 12
Share premium account 52,992 47,864
Currency adjustment (4,637) (4,637)
Retained deficit (19,303) (20,733)
Minority Interest (240) (232)
Total Liabilities and
Shareholders' Equity 51,264 45,042
For more information please contact Jonathan O'Connell of Trinity Biotech plc, 800-603-8076, joconnell@trinitybiotech.ie; or investors, Mark Alvino, 212-698-1360, mark@allencaron.com, or media, Kari Rinkeviczie, 616-647-0780, kari@allencaron.com, both of Allen & Caron Inc., for Trinity Biotech plc.
SOURCE: Trinity Biotech plc |
