This looks great TRIBY
Trinity Biotech Announces Record 1998 Year End Results -- Net Profit More Than Doubles with 67% Growth in EPS --
DUBLIN, Ireland--(BW HealthWire)--Feb. 11, 1999--Trinity Biotech plc (NASDAQ:TRIBY - news) today announced record results for the year ended December 31, 1998. For the year ended December 31, 1998, the Company reported a net profit of US$2,551,000, or US$.10 per share, versus a profit of US$1,208,000, or US$.06 per share, for the year ended December 31, 1997.
This represents a 111% growth in net profit and 67% growth in earnings per share. Fiscal 1998 revenues increased significantly by 38% from US$16,831,000 to US$23,170,000.
For the three months ended December 31, 1998, revenues rose 37% to US$6,301,000 from US$4,589,000 for the same period last year. Net profit for the quarter ended December 31, 1998 more than doubled to US$839,000, as compared to US$387,000 for the same period last year, with a 58% appreciation in earnings per share to US$.03 from US$.019 for the same periods, respectively.
Commenting on the results, Jonathan O'Connell, chief financial officer at Trinity Biotech, said, ''Fiscal 1998 has been an outstanding year for Trinity. The Company more than doubled its profits from last year and increased its revenues by 38%. The improvements in our operating results were bolstered by the year's events, which included four product line acquisitions and the launch of eight new products. Trinity currently has 124 products on the market with 87 approvals compared to a situation two years ago where we had 6 products and 2 FDA approvals.''
Inventories increased from US$3,663,000 at December 31, 1997 to US$10,049,000 at December 31, 1998 reflecting inventory acquired through several recent acquisitions.
The 1998 acquisitions also gave rise to significant goodwill of US$16,515,000, which has been capitalised in intangibles and will be amortised in line with the Irish and U.S. accounting principles. As a result, in the fourth quarter fiscal 1998 Trinity recorded an amortisation charge related to the acquisitions of US$175,000. In addition, total liabilities increased from US$17,495,000 to US$29,660,000 reflecting deferred payments due on the acquisitions and increased bank debt relating to the building of the new Irish manufacturing facility.
As of December 31, 1998, the Company had cash and cash equivalents of US$1,302,000 and total assets of US$44,284,000.
Trinity Biotech develops, manufactures, and markets over 100 diagnostic products for the point-of-care (POC), self-testing (OTC), and clinical laboratory segments of the diagnostic market. Trinity sells worldwide in over 75 countries through 130 international distributors and strategic partners.
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