Gemini, LIFC looks good. Here's another good earnings report from BITI...
(PR NEWSWIRE) Bio-Imaging Technologies Reports First Quarter Financial Result
Bio-Imaging Technologies Reports First Quarter Financial Results
- Service Revenues Grows 82% Year-Over-Year
- Committed Backlog Grows to $31.7M
NEWTOWN, Pa., May 14 /PRNewswire-FirstCall/ -- Bio-Imaging Technologies,
Inc. ("Bio-Imaging") (OTC Bulletin Board: BITI) today released results for the
quarter ended March 31, 2002.
"Bio-Imaging begins 2002 with a strong first quarter. Our 82% increase in
service revenues over the same period last year is an indication of our
success in the marketplace. The growth of our service revenues combined with
increasing margins and growth in our committed backlog to $31.7M are positive
indications for our future. During the first quarter, we continued our
integration of the Intelligent Imaging operations. I am also pleased to
announce that Robert Post has joined the Bio-Imaging team as our Director of
Regulatory and Quality Assurance," said Mark L. Weinstein, President and Chief
Executive Officer of Bio-Imaging.
Mr. Weinstein went on to comment, "The combination of Bio-Imaging and
Intelligent Imaging gives us an enhanced critical mass. The adoption of the
`Best Practice' systems from the combined entity are leading to improved
margins. We will continue to focus on delivering high quality, regulatory
compliant services to our clients."
In reporting the results, Mr. Weinstein noted that, as required,
Bio-Imaging adopted the guidance of recently issued accounting pronouncement
EITF 01-14, effective Jan. 1, 2002, and, accordingly, has reclassified
reimbursed service costs as part of revenues. These amounts are shown as
"reimbursement revenues".
Net income for the quarter ended March 31, 2002 was approximately
$297,000, or $0.03 per diluted share, on total revenues of approximately
$4,743,000. This result compares to net income of approximately $219,000, or
$.03 per diluted share, on total revenues of approximately $2,546,000 for the
same period last year. Service revenues was approximately $3,873,000 for the
quarter ended March 31, 2002 and approximately $2,133,000 for the quarter
ended March 31, 2001, representing an increase of approximately $1,740,000 or
82%.
Bio-Imaging Technologies, Inc. is a healthcare 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 US Core Labs (Newtown and
Plymouth Meeting, PA), European Core Lab (Leiden, The Netherlands) and U.S.
Business Offices (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, estimates made by management with respect to
the Company's critical accounting policies, 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 Three Months Ended
03/31/02 03/31/01
Service revenues 3,873 2,133
Reimbursement revenues * 870 413
Total revenues $4,743 $2,546
Cost of revenues 3,397 1,468
General & admin. expenses 592 445
Sales & marketing expenses 416 413
Operating income 338 220
Net income available to
common shareholders 297 219
Per share income:
Basic $0.04 $0.03
Diluted $0.03 $0.03
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2002 December 31, 2001
Current assets $4,667 $4,638
Property & equip. 2,291 2,111
Other assets 298 226
Total assets $7,256 $6,975
Current liabilities $3,094 $3,105
Long-term liabilities 1,484 1,509
Total liabilities 4,578 4,614
Stockholders' equity 2,678 2,361
Liab. & SE $7,256 $6,975
*Reimbursement revenues have been reclassified in the 2001 financials to
conform with the current presentation.
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SOURCE Bio-Imaging Technologies, Inc.
-0- 05/14/2002
/CONTACT: Mark L. Weinstein, President & Chief Executive Officer of
Bio-Imaging Technologies, +1-267-757-1360/
/Web site: bioimaging.com /
(BITI)
CO: Bio-Imaging Technologies, Inc.
ST: Pennsylvania, New Jersey
IN: CPR MTC OTC
SU: ERN
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