Printer Friendly

APPLIED BIOSCIENCE INTERNATIONAL REPORTS FIRST FINANCIAL RESULTS SINCE RECENT MERGER WITH PHARMACO

 APPLIED BIOSCIENCE INTERNATIONAL REPORTS FIRST
 FINANCIAL RESULTS SINCE RECENT MERGER WITH PHARMACO
 EAST MILLSTONE, N.J., April 27 /PRNewswire/ -- Applied Bioscience International Inc. (NASDAQ: APBI) today announced results of operations for the first quarter ended March 31, 1992.
 As a result of the merger of the company with Pharmaco Dynamics Research, Inc. on Feb. 28, 1992, in a transaction accounted for as a pooling-of-interests, results of operations for the two companies since the date of the merger are reported on a continued basis. In addition, results of operations for prior periods have been restated in a combined basis to reflect the merger.
 Earnings per share have been reported on the basis of the actual number of weighted average shares outstanding on the date hereof (April 27), as well as on the basis of the number of weighted average shares which will be outstanding after giving effect to a two-for-one stock split, payable as a stock dividend, to be issued on April 30, 1992.
 Net revenues for the first quarter were $42,160,000, up 19.7 percent
compared with $35,224,000 for the first quarter of 1991. Of such increase, $4,775,000 was attributable to Environmental Testing and Certification Corporation which was acquired in September 1991.
 Operating income for the first quarter of 1992 was $4,660,000, which included a provision of $1,984,000 in connection with the reorganization of the subsidiaries of the company into two groups, a Life Sciences Group and an Environmental Sciences Group, following the merger with Pharmaco, which reorganization was designed to implement certain administrative efficiencies after combining with Pharmaco. Before the restructuring charge, which is principally an estimate if future costs, operating income increased 13.6 percent.
 The company incurred a net loss of $1,023,000 in the first quarter of 1992, reflecting the one-time charge against operating income of $1,984,000 in restructuring costs and one-time merger costs of $4,296,000 recorded in connection with the Pharmaco merger. Such one- time costs were slightly offset by a one-time debt restructuring income of $338,000 from an early repayment of certain mortgage debt. Excluding these one-time items, net income increased 20.4 percent.
 Earnings per share for the quarter decreased from 25 cents in 1991 to a loss of 7 cents in 1992. After giving effect to the April 30, 1992, stock split, net income decreased from 12 cents per share in 1991 to a loss of 3 cents per share in 1992. Before the impact of restructuring costs of $1,984,000 and merger costs of $4,296,000 ($4,124,000 after tax), earnings per share increased from 25 cents to 29 cents (12 cents to 15 cents on a post split basis.)
 APBI provides a broad range of inter-related services including, through its Life Sciences Group, biological safety testing and clinical research and development and, through its Environment Sciences Group, assessment and management of chemical and environmental risk, agrochemical research and development and related analytical chemistry services. These services are provided under contract to clients in the pharmaceutical, biotechnology, general chemical, agrochemical and other industries throughout the world.
 APPLIED BIOSCIENCE INTERNATIONAL INC.
 (In thousands, except per-share amounts)
 Quarters ended March 31 1992 1991 Pct. Incr.
 Net revenues $42,160 $35,224 19.7
 Direct costs 25,896 21,692 19.4
 S,G&A expenses 9,620 7,681 25.2
 Restructuring costs 1,984 --
 Operating income 4,660 5,851 (20.4)
 Merger costs (4,296) --
 Other income (expense) 386 (139)
 Pretax income 750 5,712
 Provision for taxes 1,773 2,293
 Net income (1,023) 3,419
 Weighted average shares 14,753 13,788
 Earnings per share $(0.07) $0.25
 Pro forma, reflecting stock split
 Weighted average shares 29,506 27,576
 Earnings per share $(0.03) $0.12
 Quarter March 31 1992 1991(A)
 Revenues $42,160,000 $35,224,000
 Net income (loss) (1,023,000)(B) 3,419,000
 Average shares(C) 14,753,000 13,788,000
 Share earns:
 Net income
 3 months $(0.07) $0.25
 (A) -- Restated to reflect merger on pooling-of-interests basis.
 (B) -- Includes one-time pretax charge for merger costs $4,296,000 and restructuring costs $1,984,000.
 (C) -- Before two-for-one split payable April 30, 1992.
 -0- 4/27/92
 /NOTE TO EDITORS: Regarding the financial tables it is imperative that the footnotes be included if these are published since they explain the first quarters financial story./
 /CONTACT: John H. Timoney, vice president and CFO of Applied Bioscience International, 908-873-2550, or John McNamara of John McNamara Advertising, 212-509-7779, for Applied Bioscience International/
 (APBI) CO: Applied Bioscience International Inc. ST: New Jersey IN: MTC SU: ERN


SM -- NY074 -- 3191 04/27/92 12:54 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1992
Words:792
Previous Article:INTERTEL COMMUNICATIONS ANNOUNCES RIGHT OF ENTRY AGREEMENT WITH PRUDENTIAL FOR COMMUNICATIONS SERVICES
Next Article:AMERICAN INDEMNITY FINANCIAL DECLARES REGULAR DIVIDEND AND REPORTS FIRST QUARTER 1992 RESULTS


Related Articles
APPLIED BIOSCIENCE INTERNATIONAL MERGES WITH PHARMACO DYNAMICS RESEARCH
APPLIED BIOSCIENCE INTERNATIONAL APPOINTS TIMONEY SENIOR VICE PRESIDENT, AMUNDSEN CHIEF FINANCIAL OFFICER
APPLIED BIOSCIENCE INTERNATIONAL REPORTS SECOND QUARTER AND SIX MONTH FINANCIAL RESULTS
APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS
THREE COMPANIES UNITE TO BECOME THE WORLD'S FIRST COMPLETELY INTEGRATED CONTRACT PRODUCT DEVELOPMENT COMPANY
APPLIED BIOSCIENCE INTERNATIONAL INC. UNITES ITS THREE MAJOR LIFE SCIENCE COMPANIES TO FORM PHARMACO-LSR AND APPOINTS DEFESCHE PRESIDENT
APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS FOURTH QUARTER AND YEAR END FINANCIAL RESULTS
STEVEN A. FLECKMAN APPOINTED TO BOARD OF APPLIED BIOSCIENCE INTERNATIONAL, INC.
APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS 1993 FIRST QUARTER FINANCIAL RESULTS
APPLIED BIOSCIENCE INTERNATIONAL INC. REPORTS RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters