Printer Friendly

BIOSPECIFICS TECHNOLOGIES ANNOUNCES FIRST QUARTER FISCAL 1993 RESULTS

BIOSPECIFICS TECHNOLOGIES ANNOUNCES FIRST QUARTER FISCAL 1993 RESULTS
 LYNBROOK, N.Y., May 22 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC) reported revenues for the first fiscal quarter ended April 30, 1992 of $1,903,385 as compared to $1,026,958 for the prior year first quarter, representing an increase of 85 percent. The company experienced an increase in net income of 165 percent, to $853,694 or $.18 on a primary earnings per weighted average share basis ($.17 fully diluted) compared to net income for the prior year period of $322,535 or $.10 on a primary earnings per weighted average share basis ($.09 fully diluted) calculated for that time. The per share figures are based on calculations giving effect to the initial public offering of stock in November 1991 and the two for one stock split effected in the form of a stock dividend distributed on April 20, 1992.
 A company spokesman said that the increase in both revenues and earnings reflects a higher sales volume for the company's product, Collagenase ABC, sold to its licensees in the United States and Europe. The contract for Europe expires at the end of calendar 1992. However, there was a 225 percent increase in sales of the product to the company's United States licensee as well as a 190 percent increase in royalties earned from the licensee in the first quarter of fiscal 1993 versus 1992. The percentage of sales to the United States licensee as compared to total sales also continued to increase in the first quarter of fiscal 1993 over the immediate previous quarter. The contract for the United States is ongoing. The company is actively seeking new licensees worldwide.
 BioSpecifics, through its subsidiaries, produces and licenses pharmaceutical products for domestic and international sales. The company is also engaged in various stages of research, development, clinical testing and licensing of additional pharmaceutical products and therapeutically active molecules. The company's current principal product is its FDA-approved enzyme Collagenase ABC, used in topical applications for treatment of dermal ulcers and severely burned areas.
 BIOSPECIFICS TECHNOLOGIES CORP.
 Three months ended April 30 1992 1991
 Revenues $1,903,385 $1,026,958
 Income from operations 906,169 355,300
 Income before extraordinary credit 803,523 285,032
 Net income (B) 853,694 322,535
 Earnings per common share (A):
 Primary:
 Income before extraordinary credit 0.17 0.09
 Extraordinary credit 0.01 0.01
 Net income 0.18 0.10
 Fully diluted:
 Income before extraordinary credit 0.16 0.08
 Extraordinary credit 0.01 0.01
 Net income 0.17 0.09
 Weighted average number of shares
 used in computing earnings per share(A):
 Primary 4,734,537 3,306,396
 Fully diluted 5,034,537 3,606,396
 (A) Adjusted to give effect to the two for one stock split effected in the form of a dividend distributed April 20, 1992
 (B) Includes extraordinary credit - tax benefit arising from utilization of net operating loss carryforward of $50,171 for the period ended April 30, 1992 and $37,500 for the period ended April 30, 1991.
 -0- 5/22/92
 /CONTACT: Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for BioSpecifics Technologies/
 (BSTC) CO: BioSpecifics Technologies Corp. ST: New York IN: MTC SU: ERN


SH-OS -- NY008 -- 3232 05/22/92 10:41 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:May 22, 1992
Words:548
Previous Article:CORNING INCORPORATED REORGANIZES SPECIALTY MATERIALS GROUP BUSINESSES ALIGNED WORLDWIDE; POSITIONED FOR GROWTH
Next Article:JCPENNEY TO REDEEM ALL 9 PERCENT SINKING FUND DEBENTURE DUE 1999
Topics:


Related Articles
BIOSPECIFICS TECHNOLOGIES ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES SECOND QUARTER AND RECORD SIX MONTHS REVENUES AND INCOME
BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES NINE MONTHS REVENUES AND INCOME; THIRD QUARTER RESULTS
BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES FIRST QUARTER FISCAL 1994 RESULTS
BIOSPECIFICS TECHNOLOGIES ANNOUNCES ITS THIRD CONSECUTIVE QUARTER OF INCREASED REVENUES AND EARNINGS
BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES INCREASES IN PRODUCTION AND FORECAST
BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED APRIL 30, 1994
BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES SIX MONTHS REVENUES AND INCOME, SECOND QUARTER RESULTS
BIOSPECIFICS TECHNOLOGIES CORP., ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED APRIL 30,1995
BioSpecifics First Quarter: Revenues and Earnings Up

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