Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: Ken W who wrote (2652)	7/23/2003 9:09:51 AM
From: JoeinIowa	Read Replies (1) \| Respond to of 23958

Trinity Biotech Announces Second Quarter Results - Revenues Increase 42% and Profits Increase 56% - Wednesday July 23, 9:03 am ET DUBLIN, Ireland, July 23 /PRNewswire-FirstCall/ -- Trinity Biotech plc (Nasdaq: TRIB - News) today announced results for the second quarter of 2003. Revenues in the quarter rose 42% to US$16.8 million compared to US$11.8 million in the same period last year. For the six months ended June revenue increased by 44% from US$23.2 million to US$33.3 million. Gross profit amounted to US$8.0 million representing a gross margin of 47.5%. During the quarter research and development expenses increased to US$1.43 million representing 8.5% of revenues (Quarter 1 : 8.5%). Selling, general and administrative expenses increased to US$4.0 million compared to US$2.6 million in the comparable period last year and US$4.1million in Quarter 1. The resulting profit after tax has increased by 56% from US$1.13 million to US$1.76 million with a corresponding increase in our earnings per share from 2.8 US$ cents to 4.1 US$ cents. Commenting on the results, Rory Nealon, Chief Financial Officer, said "During the current financial year we have successfully integrated our Biopool manufacturing process into the Dublin facility and are continuing to integrate the recent Sigma Hemostasis and Clinical Chemistry acquisitions. Our revenues continue to grow strongly year-on-year with an increase of 42% over the comparable quarter last year. This growth continues to drive an improvement in our profit performance with an increase in our profit after tax of 56% over the comparable quarter last year. During the quarter we have also consolidated our banking arrangements for the Group and have put in place a new club banking facility of US$10 million. After the quarter end we further strengthened the balance sheet by issuing US$20 million of convertible debentures." Ronan O'Caoimh, Chief Executive Officer, commented "We are particularly pleased with the first half of our financial year in that we have consolidated our recent acquisitions and our direct sales forces in the US, the UK and Germany continue to grow revenue from our direct sales channel. We have met our revenue and profit expectations with a profit before tax and HiberGen of US$2.13 million for Quarter 2. The recently completed US$20 million funding together with our new banking facilities and our strong operational cashflows positions Trinity with significant cash balances which will enable the Group to pursue its strategy of driving growth through acquisitions."