Company Press Release
Biopool International Reports Financial Results for First
Quarter Ended March 31, 1998
VENTURA, Calif.--(BUSINESS WIRE)--April 30, 1998--Biopool International Inc.
(Nasdaq:BIPL - news) Thursday reported results for the first quarter ended March 31, 1998.
Sales for the first quarter of 1998 were $3.8 million, with net income of $182,000, resulting in earnings of $0.02 per share. In the same period of 1997, sales were $4.1 million, with net income of $310,000, or $0.03 per share.
Sales decreased by $265,000 compared with the first quarter of 1997, of which approximately $200,000 was the result of the unavailability of an out-sourced product distributed by the company, which has been on backorder from the supplier since mid-February. An additional $78,000 decrease was due to the negative impact of the strong U.S. dollar on foreign sales.
Earnings were down $128,000, of which $43,000 were non-recurring restructuring charges relating to the consolidation of the company's subsidiary, Biopool Canada Inc., as announced in December 1997.
Michael D. Bick, Ph.D., chairman and chief executive officer of Biopool International, stated: ''While first-quarter sales remain somewhat weak after a slow 1997 fourth quarter, we have returned to
profitability. Sales would have again been above the $4 million mark for the quarter were it not for the unavailability of the Rh immune globulin product.''
Bick further commented: ''We continue to make progress in this highly competitive health-care environment. In February, we reported that 11 new products had received approval for sale in France; and, in April, the company received FDA 510(k) approval to market its new Fetal
D!Tection Kit, a blood-screening kit for the detection of D(Rh) positive red cells in D negative maternal samples.
''Also, the consolidation of our Biopool Canada facility is moving ahead on schedule and should result in cost savings in the third quarter of 1998 and beyond.''
Founded in 1987, Biopool International develops, manufactures, and markets a full range of test kits to assess and diagnose disorders of blood coagulation, thrombotic risk factors, fibrinolysis, platelet
function, and the vascular system; specialty chemistry controls used to monitor and measure the presence of drugs of abuse; and blood group serology products used to screen for antibodies and group and type whole blood.
The company's product line of more than 150 FDA-approved products is sold to hospitals, blood bank facilities, and clinical and reference laboratories on a worldwide basis by the company's own sales representatives, as well as through an extensive network of distributors.
NOTE: This news release contains forward-looking statements regarding cost savings resulting from the consolidation of Biopool Canada Inc. which are based upon current expectations that involve a number of risks and uncertainties including, but not limited to, technological innovations of competitors, changes in health care regulations, litigation claims, foreign currency fluctuation, product
acceptance or changes in government regulation of the company's products, as well as other factors discussed in the company's last Report on Form 10-K-SB under ''Risk Factors.''
BIOPOOL INTERNATIONAL, INC.
First Quarter Ended March 31, 1998
(in thousands except share data)
OPERATIONS DATA
Three Months Ended
(Unaudited)
March 31 1998 1997
Sales $ 3,838 $ 4,103
Income before taxes 260 397
Net income 182 310
Income per common and
equivalent share $ 0.02 $ 0.03
Average common and equivalent
shares outstanding 9,005 9,269
BALANCE SHEET DATA
March 31, 1998 Dec. 31, 1997
(Unaudited) (Audited)
Working capital $ 5,532 $ 5,471
Total assets 13,500 13,678
Long-term debt 1,644 1,873
Total Shareholders' equity 9,225 9,045
Contact:
Biopool International Inc., Ventura
Michael D. Bick, Ph.D.
or
Carol Hill, Corporate Communications
805/654-0643
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