WEST BRIDGEWATER, Mass., April 30 /PRNewswire/ -- Boston Biomedica Inc. (Nasdaq: BBII) today announced that revenue for the first quarter ended March 31, 1999 was $6,845,165, an increase of $572,370 or 9.1 percent, compared with revenue of $6,272,795 for the same period in 1998. Net loss for the quarter was $237,244, or $(0.05) per diluted share, compared with a net loss of $644,518, or $(0.14) per diluted share, for the same period last year. Included in the first quarter loss of 1998 was an after tax charge of $527,000 related to the March 1998 acquisition of rights to certain technology. In accordance with applicable accounting rules, this acquired research and development was expensed in that period.
"The first quarter's results were in line with our expectations, and consistent with our 1999 plan to continue growing our profitable core businesses while we step up the level of R&D spending on PCT and other new technologies," said Kevin W. Quinlan, Chief Financial Officer of Boston Biomedica. "We feel that the positive impact on the future earnings of BBI, if our R&D efforts are successful, clearly warrants today's increased expenditures."
"We are very pleased with the progress made in both our pressure cycling technology (PCT) and drug discovery programs in the first quarter," said Richard T. Schumacher, President, CEO and Founder of Boston Biomedica. "In the area of PCT, we completed the majority of the manufacture of our first eight computer-driven prototype instruments (Barocycler(TM)). We also generated significant data on the inactivation of HIV and six human pathogenic bacteria through pressure cycling and presented these data at two important scientific meetings. In the area of drug discovery, we filed two patent applications, generated data indicating that our most potent anti-HIV compounds may have novel properties compared with approved drugs, and achieved significant progress in our proprietary HIV vaccine program.
Boston Biomedica, Inc. is a worldwide manufacturer and provider of proprietary quality control products for use with IVD test kits for the detection, analysis and monitoring of infectious diseases, including AIDS, Hepatitis, Lyme Disease and ToRCH. The Company's products are used by clinical and research laboratories, blood banks, IVD manufacturers and regulatory agencies to help ensure the accuracy of infectious disease test results through the routine monitoring of test performance. The Company also manufactures diagnostic test kit components and laboratory instrumentation, provides specialty laboratory testing and contract research services, and has significant R&D investments in pressure cycling technology (PCT) and anti-HIV drug discovery.
Statements contained in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ from those projected include the possibility that the Company may not be successful in commercializing current R&D projects, may not have the resources to complete the projects, or that the projects may take longer than expected to complete. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the period ended December 31, 1998. Copies of this document may be obtained by contacting the Company or the SEC.
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BOSTON BIOMEDICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
1999 1998
REVENUE:
Products $3,456,202 $3,063,359
Services 3,388,963 3,209,436
Total revenue 6,845,165 6,272,795
COSTS AND EXPENSES:
Cost of product sales 1,808,647 1,771,751
Cost of services 2,470,097 2,323,211
Research and development 762,609 432,389
Acquired research and development -- 850,000
Selling and marketing 1,005,271 928,612
General and administrative 1,094,690 1,029,936
Total operating costs
and expenses 7,141,314 7,335,899
Loss from operations (296,149) (1,063,104)
Interest income 696 24,530
Interest expense (87,199) (971)
Loss before income taxes (382,652) (1,039,545)
Benefit from income taxes 145,408 395,027
Net loss $(237,244) $(644,518)
Net loss per share, basic $(0.05) $(0.14)
Net loss per share, diluted $(0.05) $(0.14)
Number of shares used to
calculate net income per share
Basic 4,667,816 4,632,061
Diluted 4,667,816 4,632,061
CONSOLIDATED SUMMARY BALANCE SHEETS
March 31, December 31,
1999 1998
Current assets $14,269,955 $14,250,690
Property, plant and equipment, net 7,090,702 6,925,423
Other non-current assets 2,847,183 2,906,272
Total assets $24,207,840 $24,082,385
Current liabilities $4,239,367 $5,155,628
Long-term debt 5,307,702 3,988,602
Other long-term liabilities 826,334 869,501
Total liabilities 10,373,403 10,013,731
Stockholders' equity 13,834,437 14,068,654
Total liabilities
and stockholders' equity $24,207,840 $24,082,385
SOURCE Boston Biomedica, Inc.
Web site: http: //www.bbii.com
CONTACT: Richard T. Schumacher, Pres./CEO, or Kevin W. Quinlan, CFO, or William R. Prather, M.D., Sr. VP Business Dvlp. of Boston Biomedica, Inc., 508-580-1900, or fax, 508-580-1110