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Tuesday November 7, 12:25 pm Eastern Time
Press Release
SOURCE: Bio-Imaging Technologies, Inc
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Bio-Imaging Technologies, Inc. Announces a Profitable Fourth Quarter
NEWTOWN, Pa., Nov. 7 /PRNewswire/ -- Bio-Imaging Technologies, Inc. (``Bio-Imaging'') (OTC Bulletin Board: BITI - news) today released results for the quarter ended September 30, 2000, the Fourth Quarter of Fiscal 2000. Net income for the quarter was approximately $65,000, or $0.01 per diluted share, on revenues of approximately $1,667,000. This result compares to a net loss of approximately $203,000, or $(0.03) per diluted share, on revenues of approximately $1,164,000 for the same period last year.
For the year ended September 30, 2000, net loss was approximately $692,000, or $(0.09) per diluted share, on revenues of approximately $5,772,000. This result compares to a net loss of approximately $705,000, or $(0.10) per diluted share, on revenues of approximately $4,349,000 for the year ended September 30, 1999.
Commenting on the results, Mark L. Weinstein, president and chief executive officer of Bio-Imaging, stated, ``Fiscal 2000 has been a year of many accomplishments for Bio-Imaging. Our revenues have grown by 33% over last year, our Contracted/Committed backlog has increased by 150% ($7.0M to $17.5M), and we reached profitability in the fourth quarter of the year. In addition to these historical achievements, we are pleased that the number of active clients we currently work with have increased by 24% as compared to Fiscal 1999 (34 to 42) and the number of active projects have increased by 36% as compared to Fiscal 1999 (67 to 91). These increases in clients and active projects are a key component to reducing our overall risk as it relates to any given client or project. In addition to solidifying our core business in Fiscal 2000, we have also announced the formation of a new division, Bio- Imaging, ETC., to address the education, training and certification needs of medical imaging facilities, personnel and equipment. Although this initiative is only recently begun, we are very excited about its future, given the initial response from the marketplace.
Regulatory authorities, i.e. the Food and Drug Administration (``FDA''), continue to make public statements wherein they support processes and submission packages of the type pioneered by Bio-Imaging for the digital submission of medical imaging data. This elimination of film-based submissions and the anticipated release of regulatory guidelines for submission of digital imaging data should accelerate the growth of our business in the coming quarters.``
Bio-Imaging Technologies, Inc. is a pharmaceutical contract service organization providing services that support the product development process of the pharmaceutical, biotechnology and medical device industries. The Company has specialized in assisting its clients in the design and management of the medical-imaging component of clinical trials since 1990. In 2000, Bio- Imaging announced the formation of a new division, Bio-Imaging, ETC., to address the education, training and certification needs of medical imaging facilities, personnel and equipment. Bio-Imaging serves its clients on a global basis through its Corporate headquarters (Newtown, PA), U.S. Business Offices (New Jersey, Massachusetts, California and Washington) and its European office (Leiden, The Netherlands).
Certain matters discussed in this press release are ``forward-looking statements'' intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
For the For the
Three Months Ended Years Ended
9/30/00 9/30/99 9/30/00 9/30/99
Project revenues $ 1,667 $ 1,164 $ 5,772 $ 4,349
Cost of revenues 914 789 3,619 2,661
General & admin. expenses 312 350 1,275 1,428
Sales & marketing expenses 339 225 1,478 974
Operating income (loss) 102 (200) (600) (714)
Net income (loss) 65 (203) (692) (705)
Per share income (loss):
Basic & Diluted $0.01 $(0.03) $(0.09) $(0.10)
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2000 September 30, 1999
Current assets $2,353 $1,789
Property & equip. 1,292 1,180
Other assets 262 180
Total assets $3,907 $3,149
Current liabilities $2,409 $1,001
Long-term debt 164 82
Total liabilities 2,573 1,083
Stockholders' equity 1,334 2,066
Liab. & SE $3,907 $3,149
SOURCE: Bio-Imaging Technologies, Inc.
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