Wednesday November 7, 10:28 am Eastern Time
Press Release
SOURCE: Bio-Imaging Technologies, Inc.
Bio-Imaging Technologies, Inc. Announces Record Revenues and a Profitable Year
NEWTOWN, Pa., Nov. 7 /PRNewswire/ -- Bio-Imaging Technologies, Inc. (OTC Bulletin Board: BITI - news; ``Bio-Imaging'') today released results for the year ended September 30, 2001. Net income for the year ended September 30, 2001 was approximately $577,000, or $0.07 per diluted share, on revenues of approximately $8,755,000. This result compares to a net loss of approximately $692,000, or $(0.09) per diluted share, on revenues of approximately $5,772,000 for the year ended September 30, 2000.
Commenting on the results, Mark L. Weinstein, president and chief executive officer of Bio-Imaging stated, ``We are very pleased to report revenue increases of approximately 52% from our last fiscal year. This factor combined with our continued profitability and increasing contracted/committed backlog shows that we are being successful in the marketplace. Our contracted/committed backlog as of October 31, 2001 is $28.6M which is an increase of 36% over September 30, 2000. In addition to these achievements, we are pleased that the number of clients that we worked with in Fiscal 2001 has increased by 26% over last year (42 to 53) and the number of projects has increased by 21% (91 to 111).
``On October 29, 2001, we announced the acquisition of the Intelligent Imaging business of Quintiles Transnational Corporation. The addition of Intelligent Imaging's experienced personnel, excellent client relationships and contracted/ committee backlog will help us to continue our growth.''
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. Bio-Imaging serves its clients on a global basis through its U.S. Core Labs (Newtown and Plymouth Meeting, PA), European Core Lab (Leiden, The Netherlands) and U.S. Business Offices (New Jersey, Massachusetts and California).
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 integration of the Intelligent Imaging business into the Company's operations, 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 Years Ended
9/30/01 9/30/00
Project revenues $8,755 $5,772
Cost of revenues 4,807 3,619
General & admin. expenses 1,597 1,275
Sales & marketing expenses 1,741 1,478
Operating income (loss) 610 (600)
Net income (loss) 577 (692)
Per share income (loss):
Basic & Diluted $0.07 $(0.09)
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2001 September 30, 2000 (A)
Current assets $3,074 $2,052
Property & equip. 1,207 1,292
Other assets 224 262
Total assets $4,505 $3,606
Current liabilities $2,433 $2,108
Long-term debt 128 164
Total liabilities 2,561 2,272
Stockholders' equity 1,944 1,334
Liab. & SE $4,505 $3,606
(A) Certain reclassifications have been made to the 2000 financials to
conform with the 2001 presentation.
SOURCE: Bio-Imaging Technologies, Inc. |
