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Biotech / Medical : New Brunswick Scientific Co., Inc. (NBSC) -- Ignore unavailable to you. Want to Upgrade?

To: Extra Pale who wrote (502)	5/2/2002 2:11:42 PM
From: Tomato	Read Replies (1) \| Respond to of 724

New Brunswick Scientific Reports Sharply Increased 2002 First-Quarter Earnings EDISON, N.J., May 02, 2002 /PRNewsire-FirstCall via Comtex/ -- New Brunswick Scientific Co., Inc. (Nasdaq: NBSC chart, msgs) (NBS), a designer and manufacturer of a wide variety of research equipment and scientific instruments for the life sciences, today announced financial results for the 2002 first quarter ended March 31, 2002. For 2002's first quarter, net sales were $13,263,000, compared with $14,700,000 reported for last year's first quarter. Reported revenues in last year's first quarter included $2,053,000 from fully custom-engineered bioprocess equipment, a product line for which the Company ceased accepting orders in 2001's second quarter; and $200,000 from formerly majority-owned DGI BioTechnologies, Inc., the results of which are no longer consolidated with the Company's operations owing to a third-party investment that resulted in a 47% minority equity position for NBS. Excluding these items from last year's sales, revenues for the quarter increased 7% versus last year. Net income improved dramatically in the quarter, reaching $566,000 or $0.08 per share, compared with $114,000 or $0.02 per share for last year's opening three months. Gross margin increased for the quarter to 42.8%, up from 39.6% a year ago. Commenting on the strong results, New Brunswick Scientific co-founder and Chairman David Freedman said, "We continue to realize the benefits of actions taken last year to sharpen our focus on our core equipment business and improve efficiencies. The elimination of DGI-related expenses, a higher-margin product mix resulting from the absence of lower-than-average margin sales of fully custom-engineered bioprocess equipment, and continued containment of SG&A expenses combined to dramatically improve our bottom line." He continued, "We successfully amended our bank agreement during the quarter, extending its maturity by three years to May 31, 2005. This $29.5 million agreement provides us with sufficient capital to fund our operations and undertake growth initiatives. At the end of the first quarter, we had balances outstanding totaling just $8.2 million, leaving approximately $21.3 million available. "In spite of a more difficult business climate and some softness in our industry, our outlook for the balance of the year is positive. We expect business conditions to improve during the second half of the year, which should augment last year's strong performance, especially when combined with the absence of losses associated with DGI," Freedman concluded. New Brunswick Scientific Co., Inc., designs and manufactures a wide variety of research equipment and scientific instruments for the life sciences and holds a minority equity position in DGI BioTechnologies, Inc., a drug-lead-discovery operation. This press release includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Further information concerning risk factors is described in the Company's Securities and Exchange Commission filings.