BioSource International, Inc. Announces Record Sales of $8.4M for The Second Quarter and Operating E.P.S. of $.09 (Excluding One-Time Charge)
MONDAY, JULY 17, 2000 7:45 AM
- PRNewswire
CAMARILLO, Calif., Jul 17, 2000 /PRNewswire via COMTEX/ -- OPERATING RESULTS
BioSource International, Inc. (Nasdaq:BIOI), announced today its operating results for the quarter and six months ended June 30, 2000. Net sales for the quarter ended June 30, 2000 were $8.4 million, compared to $7.6 million reported for the same period in 1999, an increase of 11%. Excluding foreign rate exchange fluctuations of $222,000, net sales for the quarter ended June 30, 2000 grew 14.3% over the comparable period in 1999. Net sales for the first six months of 2000 were also a record $16.3 million; an increase of 10% from $14.9 million recorded the same period of 1999. Excluding foreign exchange rate fluctuations of $584,700, net sales for the six-month period ended June 30, 2000 grew 14% over the same period in 1999.
For the three months ended June 30, 2000, and excluding the one-time charge of $523,000 in follow-on equity underwriting expenses, the company reported $0.09 per basic and fully diluted share. For the three months ended June 30, 2000, and inclusive of all items, the company reported net income available to common stockholders of $382,500 or $.05 per share, compared to $1,004,800 or $.14 per share in the comparable prior year period. Inclusive of all items, net income available to common stockholders was $19,700 or $0.00 per share for the six months ended June 30, 2000 compared to $1,824,600 and $.25 per share for the six months ended June 30, 1999.
The Company attributed the increase in sales primarily to the strong growth of the U.S. genomics market resulting in strong demand for many of BioSource's products, especially oligonucleotides, proteins and products related to signal transduction. European sales growth was primarily from research products. Assuming a constant exchange rate, both the U.S. and Europe experienced greater than 14% growth for the six months ended June 30, 2000.
For the three and six months ended June 30, 2000, gross margins were 61.4% and 61.3% respectively, compared to 61.4% and 61.2% experienced in the comparable periods of 1999. Excluding a one time charge of $523,000 associated with the withdrawal of the company's previously announced follow-on offering (included in G & A expenses in the accompanying unaudited financial statements), the Company experienced a 30% increase in pre-tax income for the second quarter of 2000 over the same period in 1999. Additionally, excluding this one time charge, the company experienced a 9% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) over the second quarter of 1999. These strong results were attributable to the increased gross profit due to increased sales, the managing of operating expenses in line with company expectations, and the reduction of interest expense due to the elimination of long term acquisition debt.
"I am very pleased with our operating results this quarter and for the year when I compare them to the same periods last year," said the Company's President and CEO James H. Chamberlain. "We came out of the gates at the start of this year with record sales and have continued on that path again this quarter" added Mr. Chamberlain. "With the Genomics market making significant advances in scientific research, our products are in demand more now than ever. While we also continue to keep an eye on our bottom line, we feel we are well poised for accelerated growth in connection with the increasing demand for our products."
The Company will conduct a conference call at 11:00a.m.PDT/2:00 EDT today. All interested parties may call (212) 346-0168, and reservation number 15836925 to participate in the call. The conference call will be available for playback for 24 hours. To access the playback, call (800) 633-8284: enter reservation # 15836925.
BioSource International, Inc. is engaged in the development, manufacture, marketing and distribution of immunological reagents, test kits and oligonucleotides used in biomedical research. The types of products supplied by the Company include a range of bioactive proteins, antibodies, human and murine cytokines, growth factors and a variety of assay systems for the detection of biological molecules. These products focus on areas of research such as immunology, cancer and neurological disease. The Company focuses its sales efforts on academic, industrial, and governmental laboratories.
This news release may contain forward-looking statements that involve risks and uncertainties, including risks described from time to time in reports filed by BioSource International, Inc. with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K/A.
BIOSOURCE INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Six Months Ended June 30, 2000 and 1999
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Net sales $8,448.5 7,587.7 16,339.9 14,906.2
Cost of sales 3,257.2 2,928.4 6,315.5 5,777.5
Gross profit 5,191.3 4,659.3 10,024.4 9,128.7
Operating expenses:
Research and development 899.2 764.5 1,721.6 1,558.9
Sales and marketing 1,393.4 1,163.6 2,739.9 2,234.9
General and administrative* 1,670.5 1,132.6 2,762.7 2,168.2
Amortization of intangibles 274.1 241.9 543.4 490.8
Total operating expenses 4,237.2 3,302.6 7,767.6 6,452.8
Operating income 954.1 1,356.7 2,256.8 2,675.9
Interest expense, net (10.7) (247.4) (193.2) (486.6)
Other income, net 78.3 79.5 94.3 65.3
Income before income taxes 1,021.7 1,188.8 2,157.9 2,254.6
Provision for income taxes 316.7 184.0 668.9 430.0
Net income 705.0 1,004.8 1,489.0 1,824.6
Non-cash preferred stock
dividend and effects of
beneficial conversion (322.5) -- (1,469.3) --
Net income available
to common stockholders $382.5 1,004.8 19.7 1,824.6
EBITDA $2,082.8 1,918.1 3,911.8 3,687.2
Net income per share:
Basic $0.05 0.14 0.00 0.25
Diluted $0.05 0.13 0.00 0.23
Shares used to compute
net income per share:
Basic 7,930.0 7,189.5 7,825.2 7,184.3
Diluted 7,930.0 7,815.1 7,825.2 7,777.7
Pro Forma pre-tax income excluding
one-time charge of $523k related
to withdrawal of follow-on offering
(included in G & A operating expenses):
Income before
income taxes $1,021.7 1,188.8 2,157.9 2,254.6
* Add back - one-time
charge related to
follow-on offering 523.0 0 523.0 0
Adjusted pre-tax income $1,544.7 1,188.8 2,680.9 2,254.6
Adjusted net income available
to common stockholders $743.4 1,004.8 380.6 1,824.6
Adjusted basic net income
per share $0.09 0.14 0.05 0.25
Earnings Before Interest,
Taxes, Depreciation and
Amortization (EBITDA)
(excluding one-time charge)
EBITDA $2,082.8 1,918.1 3,911.8 3,687.2
% of sales 25% 25% 24% 25%
BIOSOURCE INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share amounts)
June 30, December 31,
2000 1999
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $2,502.7 4,644.5
Accounts receivable, less allowance
for doubtful accounts of $238.8 at
June 30, 2000 and $328.1 at
December 31, 1999 6,499.5 5,088.9
Inventories, net 6,618.6 6,015.3
Prepaid expenses
and other current assets 820.9 578.7
Deferred income taxes 1,994.7 1,997.8
Total current assets 18,436.4 18,325.2
Property and equipment, net 5,457.3 5,392.6
Intangible assets net of
accumulated amortization $1,729.8
at June 30, 2000 and $1,186.4 at
December 31, 1999 13,273.0 13,816.3
Other assets 782.0 819.3
Deferred tax assets 2,262.8 1,868.4
$40,211.5 40,221.8
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable to banks, current portion $36.6 2,754.4
Accounts payable 2,461.4 2,067.6
Accrued expenses 2,004.0 1,923.8
Deferred income 354.1 369.0
Income tax payable -- 225.5
Total current liabilities 4,856.1 7,340.3
Notes payable to banks, less current portion 1,194.9 11,459.3
Total liabilities 6,051.0 18,799.6
Redeemable preferred stock, $.001 par value.
Authorized 1,000,000 shares; 371,300 shares
issued and outstanding as of June 30, 2000
and no shares issued or outstanding
at December 31, 1999 6,404.8 --
Stockholders' equity:
Common stock, $.001 par value.
Authorized 20,000,000 shares:
issued 8,270,109 shares and
outstanding 7,982,617 shares at
June 30, 2000; issued 7,711,716 shares and
outstanding 7,425,716 shares at
December 31, 1999 8.0 7.4
Additional paid-in capital 28,682.9 22,025.9
Retained earnings 965.0 948.1
Accumulated other comprehensive loss (1,900.2) (1,559.2)
Net stockholders' equity 27,755.7 21,422.2
$40,211.5 40,221.8
SOURCE BioSource International, Inc.
CONTACT: Charles Best, Chief Financial Officer, Chuckb@biosource.com, or
Aspasia Alexander, Investor Relations, 805-383-5268, aspasiaa@biosource.com,
both of BioSource International, Inc.
/Company News On-Call: www.prnewswire.com/comp/113804.html or fax,
800-758-5804, ext. 113804
URL: www.biosource.com
www.prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
MONDAY, JULY 17, 2000 7:45 AM
- PRNewswire
CAMARILLO, Calif., Jul 17, 2000 /PRNewswire via COMTEX/ -- OPERATING RESULTS
BioSource International, Inc. (Nasdaq:BIOI), announced today its operating results for the quarter and six months ended June 30, 2000. Net sales for the quarter ended June 30, 2000 were $8.4 million, compared to $7.6 million reported for the same period in 1999, an increase of 11%. Excluding foreign rate exchange fluctuations of $222,000, net sales for the quarter ended June 30, 2000 grew 14.3% over the comparable period in 1999. Net sales for the first six months of 2000 were also a record $16.3 million; an increase of 10% from $14.9 million recorded the same period of 1999. Excluding foreign exchange rate fluctuations of $584,700, net sales for the six-month period ended June 30, 2000 grew 14% over the same period in 1999.
For the three months ended June 30, 2000, and excluding the one-time charge of $523,000 in follow-on equity underwriting expenses, the company reported $0.09 per basic and fully diluted share. For the three months ended June 30, 2000, and inclusive of all items, the company reported net income available to common stockholders of $382,500 or $.05 per share, compared to $1,004,800 or $.14 per share in the comparable prior year period. Inclusive of all items, net income available to common stockholders was $19,700 or $0.00 per share for the six months ended June 30, 2000 compared to $1,824,600 and $.25 per share for the six months ended June 30, 1999.
The Company attributed the increase in sales primarily to the strong growth of the U.S. genomics market resulting in strong demand for many of BioSource's products, especially oligonucleotides, proteins and products related to signal transduction. European sales growth was primarily from research products. Assuming a constant exchange rate, both the U.S. and Europe experienced greater than 14% growth for the six months ended June 30, 2000.
For the three and six months ended June 30, 2000, gross margins were 61.4% and 61.3% respectively, compared to 61.4% and 61.2% experienced in the comparable periods of 1999. Excluding a one time charge of $523,000 associated with the withdrawal of the company's previously announced follow-on offering (included in G & A expenses in the accompanying unaudited financial statements), the Company experienced a 30% increase in pre-tax income for the second quarter of 2000 over the same period in 1999. Additionally, excluding this one time charge, the company experienced a 9% increase in earnings before interest, taxes, depreciation and amortization (EBITDA) over the second quarter of 1999. These strong results were attributable to the increased gross profit due to increased sales, the managing of operating expenses in line with company expectations, and the reduction of interest expense due to the elimination of long term acquisition debt.
"I am very pleased with our operating results this quarter and for the year when I compare them to the same periods last year," said the Company's President and CEO James H. Chamberlain. "We came out of the gates at the start of this year with record sales and have continued on that path again this quarter" added Mr. Chamberlain. "With the Genomics market making significant advances in scientific research, our products are in demand more now than ever. While we also continue to keep an eye on our bottom line, we feel we are well poised for accelerated growth in connection with the increasing demand for our products."
The Company will conduct a conference call at 11:00a.m.PDT/2:00 EDT today. All interested parties may call (212) 346-0168, and reservation number 15836925 to participate in the call. The conference call will be available for playback for 24 hours. To access the playback, call (800) 633-8284: enter reservation # 15836925.
BioSource International, Inc. is engaged in the development, manufacture, marketing and distribution of immunological reagents, test kits and oligonucleotides used in biomedical research. The types of products supplied by the Company include a range of bioactive proteins, antibodies, human and murine cytokines, growth factors and a variety of assay systems for the detection of biological molecules. These products focus on areas of research such as immunology, cancer and neurological disease. The Company focuses its sales efforts on academic, industrial, and governmental laboratories.
This news release may contain forward-looking statements that involve risks and uncertainties, including risks described from time to time in reports filed by BioSource International, Inc. with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K/A.
BIOSOURCE INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Six Months Ended June 30, 2000 and 1999
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Net sales $8,448.5 7,587.7 16,339.9 14,906.2
Cost of sales 3,257.2 2,928.4 6,315.5 5,777.5
Gross profit 5,191.3 4,659.3 10,024.4 9,128.7
Operating expenses:
Research and development 899.2 764.5 1,721.6 1,558.9
Sales and marketing 1,393.4 1,163.6 2,739.9 2,234.9
General and administrative* 1,670.5 1,132.6 2,762.7 2,168.2
Amortization of intangibles 274.1 241.9 543.4 490.8
Total operating expenses 4,237.2 3,302.6 7,767.6 6,452.8
Operating income 954.1 1,356.7 2,256.8 2,675.9
Interest expense, net (10.7) (247.4) (193.2) (486.6)
Other income, net 78.3 79.5 94.3 65.3
Income before income taxes 1,021.7 1,188.8 2,157.9 2,254.6
Provision for income taxes 316.7 184.0 668.9 430.0
Net income 705.0 1,004.8 1,489.0 1,824.6
Non-cash preferred stock
dividend and effects of
beneficial conversion (322.5) -- (1,469.3) --
Net income available
to common stockholders $382.5 1,004.8 19.7 1,824.6
EBITDA $2,082.8 1,918.1 3,911.8 3,687.2
Net income per share:
Basic $0.05 0.14 0.00 0.25
Diluted $0.05 0.13 0.00 0.23
Shares used to compute
net income per share:
Basic 7,930.0 7,189.5 7,825.2 7,184.3
Diluted 7,930.0 7,815.1 7,825.2 7,777.7
Pro Forma pre-tax income excluding
one-time charge of $523k related
to withdrawal of follow-on offering
(included in G & A operating expenses):
Income before
income taxes $1,021.7 1,188.8 2,157.9 2,254.6
* Add back - one-time
charge related to
follow-on offering 523.0 0 523.0 0
Adjusted pre-tax income $1,544.7 1,188.8 2,680.9 2,254.6
Adjusted net income available
to common stockholders $743.4 1,004.8 380.6 1,824.6
Adjusted basic net income
per share $0.09 0.14 0.05 0.25
Earnings Before Interest,
Taxes, Depreciation and
Amortization (EBITDA)
(excluding one-time charge)
EBITDA $2,082.8 1,918.1 3,911.8 3,687.2
% of sales 25% 25% 24% 25%
BIOSOURCE INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share amounts)
June 30, December 31,
2000 1999
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $2,502.7 4,644.5
Accounts receivable, less allowance
for doubtful accounts of $238.8 at
June 30, 2000 and $328.1 at
December 31, 1999 6,499.5 5,088.9
Inventories, net 6,618.6 6,015.3
Prepaid expenses
and other current assets 820.9 578.7
Deferred income taxes 1,994.7 1,997.8
Total current assets 18,436.4 18,325.2
Property and equipment, net 5,457.3 5,392.6
Intangible assets net of
accumulated amortization $1,729.8
at June 30, 2000 and $1,186.4 at
December 31, 1999 13,273.0 13,816.3
Other assets 782.0 819.3
Deferred tax assets 2,262.8 1,868.4
$40,211.5 40,221.8
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable to banks, current portion $36.6 2,754.4
Accounts payable 2,461.4 2,067.6
Accrued expenses 2,004.0 1,923.8
Deferred income 354.1 369.0
Income tax payable -- 225.5
Total current liabilities 4,856.1 7,340.3
Notes payable to banks, less current portion 1,194.9 11,459.3
Total liabilities 6,051.0 18,799.6
Redeemable preferred stock, $.001 par value.
Authorized 1,000,000 shares; 371,300 shares
issued and outstanding as of June 30, 2000
and no shares issued or outstanding
at December 31, 1999 6,404.8 --
Stockholders' equity:
Common stock, $.001 par value.
Authorized 20,000,000 shares:
issued 8,270,109 shares and
outstanding 7,982,617 shares at
June 30, 2000; issued 7,711,716 shares and
outstanding 7,425,716 shares at
December 31, 1999 8.0 7.4
Additional paid-in capital 28,682.9 22,025.9
Retained earnings 965.0 948.1
Accumulated other comprehensive loss (1,900.2) (1,559.2)
Net stockholders' equity 27,755.7 21,422.2
$40,211.5 40,221.8
SOURCE BioSource International, Inc.
CONTACT: Charles Best, Chief Financial Officer, Chuckb@biosource.com, or
Aspasia Alexander, Investor Relations, 805-383-5268, aspasiaa@biosource.com,
both of BioSource International, Inc.
/Company News On-Call: www.prnewswire.com/comp/113804.html or fax,
800-758-5804, ext. 113804
URL: www.biosource.com
www.prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
