WEST BRIDGEWATER, Mass., April 29 /PRNewswire/ -- Boston Biomedica, Inc. (Nasdaq: BBII) today announced the results of its operations for the quarter ended March 31, 1997.
For the first quarter, the Company reported revenues of $4,209,049, an increase of $1,125,040, or 36%, over revenues of $3,084,009 for the same period in 1996. Net income for the quarter was $147,758 compared to a net loss of ($96,538) for the same period last year. First quarter 1997 earnings per share were $0.03, as compared to a loss of ($0.04) per share for the year earlier period. First quarter 1997 EPS reflects an increase of 88% in shares outstanding as a result of the Company's October 1996 initial public offering (IPO).
"Continued demand for our quality control products, especially our Accurun family of products, helped us to achieve these record first quarter results," stated Kevin W. Quinlan, Chief Financial Officer of Boston Biomedica, Inc. "In addition, we are very pleased with the overall performance of our specialty laboratory testing services. Led by molecular diagnostic testing, BBI Clinical Laboratories showed a 71% increase in revenue as compared to the first quarter of 1996, while posting their best ever first quarter results."
Boston Biomedica, Inc. is a worldwide manufacturer of quality control products for use with in vitro diagnostic test kits for the detection, analysis and monitoring of infectious diseases, including AIDS, Hepatitis and Lyme Disease. These products are used to develop test kits, to permit the monitoring of laboratory personnel and equipment, and to help ensure the accuracy of test results. The Company also manufactures diagnostic test kit components and provides specialty laboratory services.
"In addition to generating record earnings, BBI invested significantly in sales & marketing, research & development and facility improvements during the first quarter of 1997. All of these are integral to our overall growth strategy, and all will strengthen our position as one of the leading manufacturers of quality control products for infectious disease testing worldwide," said Richard T. Schumacher, President and CEO of Boston Biomedica, Inc.
This release may include forward-looking statements concerning the Company's financial performance and business operations. The Company wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements.
Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: inability of the Company to develop the end-user market for quality control products; inability of the Company to integrate the business of Source Scientific, Inc. into the Company's business; inability of Source Scientific, Inc. to repay the loans made by the Company; inability of the Company to obtain an adequate supply of raw materials necessary for certain of its products; significant reductions in purchases by any of the Company's major customers; and the potential insufficiency of Company resources, including human resources, plant and equipment and management systems, to accommodate any future growth. These and certain other factors which might cause actual results to differ materially from those projected are more fully set forth under the caption "Risk Factors" in the Company's Registration Statement on Form S-1 (SEC File No. 333-10759).
See Following Consolidated Statements Of Operations and Summary Balance Sheets
BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
1997 1996 1995
REVENUE:
Product sales $ 2,126,956 $1,815,481 $1,562,770
Services 2,082,093 1,268,528 1,164,946
Total revenue 4,209,049 3,084,009 2,727,716
COSTS AND EXPENSES:
Cost of product sales 1,055,422 899,826 923,266
Cost of services 1,475,532 1,133,439 951,871
Research and development 236,750 166,565 65,165
Selling and marketing 613,360 415,012 293,826
General and administrative 679,207 536,503 483,373
Total operating costs and
expenses 4,060,271 3,151,345 2,717,501
Income (loss) from operations 148,778 (67,336) 10,215
Interest income (expense), net 97,486 (93,560) (75,735)
Income (loss) before income
taxes 246,264 (160,896) (65,520)
(Provision for) benefit from (98,506) 64,358 26,208
income taxes
Net income (loss) $147,758 $(96,538) $(39,312)
Net income (loss) per sham $0.03 $(0.04) $(0.01)
Weighted average common and
common equivalent shares
outstanding 4,825,582 2,564,774 2,614,056
CONSOLIDATED SUMMARY BALANCE SHEETS
March 31, December 31,
1997 1996
Cash, cash equivalents, and investments $ 7,019,559 $ 8,082,642
Other current assets 8,205,613 8,119,478
Total revenue 15,225,172 16,202,120
Property and equipment, net 2,937,354 2,699,158
Investment 732,500 732,500
Other long-term assets 886,103 164,536
Total assets $19,781,129 $19,798,314
Current liabilities $ 3,191,166 $ 3,366,204
Long-term debt 37,543 40,948
Other long-term liabilities 101,580 101,580
Stockholders' equity 16,450,840 16,289,582
Total liabilities and stockholders'
equity $19,781,129 $19,798,314
SOURCE Boston Biomedica, Inc.
CONTACT: Richard T. Schumacher, President & CEO, or Kevin W. Quinlan, Chief Financial Officer, of Boston Biomedica, Inc., 508-580-1900