Bio-Imaging Technologies' Income before Taxes Increases 135% Y/Y to Record $1.4 Million.Business Editors NEWTOWN Newtown, town (1990 pop. 20,779), Fairfield co., SW Conn., on the Housatonic; inc. 1711. Pressure gauges, plastics, and paper and metal products are made, and dairy and fruit farms are in the area. , PA--(BUSINESS WIRE)--Jan. 28, 2003 Bio-Imaging Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: BITI BITI Bio-Imaging Technologies, Inc. (stock symbol) ): Fourth Quarter Services' Revenue Up 37% to Record $4.6 Million Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. Services' Revenue Rose 67% to Record $17.2 Million Year-End Committed Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. up 27% Reaching Record $36.5 Million Bio-Imaging Technologies, Inc. ("Bio-Imaging") (OTC BB: BITI) today announced its financial results for the fourth quarter and year ended December December: see month. 31, 2002. For the fourth quarter 2002, total revenue increased 28% to $5.2 million from $4.1 million in the prior-year fourth quarter. Services revenue rose 37% to a record $4.6 million from $3.3 million in the 2001 fourth quarter. Reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. revenue, which is comprised of pass-through pass-through n. 1. An opening between two rooms, especially a shelved space between a kitchen and dining room that is used for passing food. 2. A route through which something is permitted to pass. 3. costs reimbursed by customers, was $662,000 versus $746,000 in the fourth quarter 2001. Reimbursement revenue is not considered the growth area of the company's business model, rather it is supplemental work done to work in progress and fluctuates from quarter to quarter. Fourth quarter 2002 income, before income tax, increased 228%, reaching $272,000 versus $83,000 in the prior-year fourth quarter. Net income for the fourth quarter 2002, including the net income tax provision of $132,000 was $140,000, or $0.02 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $63,000, or $0.01 per basic and diluted share, for the comparable quarter of 2001. Fourth quarter 2002 income before taxes per basic and diluted share would have been $0.03 without the tax provision compared with $0.01 for the comparable quarter of 2001. For the twelve months ended December 31, 2002, Bio-Imaging's total revenue increased 63% to a record $20.5 million from $12.6 million on the strength of its services revenue, which increased 67% to a record $17.2 million from $10.3 million in the twelve months ended December 31, 2001. Reimbursement revenue was $3.3 million versus $2.3 million in the twelve months ended December 31, 2001. Year-end 2002 income, before income tax, rose 135% to a record $1.4 million from $607,000 in the prior-year period. Net income, including the net income tax provision of $289,000, was $1.1 million, or $0.14 per basic share and $0.12 per diluted share, compared with $929,000, including a $322,000 net income tax benefit, or $0.11 per basic and diluted share for the year ended 2001. Year-end 2002 income before taxes per basic share and per diluted share without the tax provision would have been $0.17 and $0.15, respectively. Year-end 2001 net income per basic and per diluted share would have been $0.07, without the tax benefit. Management believes that income net of the income tax effect due to the release of valuation allowance on Federal NOL NOL - Never Offline in 2001 provides the reader with a better understanding of Bio-Imaging's financial status. Mark L. Weinstein, President and Chief Executive Officer of Bio-Imaging, stated, "We closed out the year with a remarkable quarter - our tenth consecutive quarter of profitability - due to the continued strength of our services offerings. Our sales growth reflects the increasing number of projects we gain, which is, in part, a direct result of our focused marketing efforts in an expanding market as companies increasingly recognize the need and value of medical imaging services. Our success in the market is also shown through our record backlog of $36.5 million as of December 31, 2002. Committed backlog is the amount of revenue that remains to be earned on signed and agreed to contracts with clients. In addition to our assertive as·ser·tive adj. Inclined to bold or confident assertion; aggressively self-assured. as·ser  tive·ly adv. marketing focus for top line growth,
we consolidated our U.S. operations into a single facility in the fourth
quarter, and we expect to see results of maximizing operational
efficiency within 2003. We also hired Porter, LeVay and Rose, an
investor relations Investor relationsThe process by which the corporation communicates with its investors. firm, to enhance our visibility within the investment community." Weinstein added, "We believe that the success at Bio-Imaging is best measured by our services revenue and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. growth. Our impressive increase in income before our tax provision demonstrates the strength of our company's fundamentals. Looking ahead, we plan on building on the momentum we gained in 2002. We believe that we entered 2003 extremely well-positioned for continued growth." Bio-Imaging Technologies, Inc. is a healthcare contract service organization providing services that support the product development process of the pharmaceutical, biotechnology and medical device industries. The Company has specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. in assisting its clients in the design and management of the medical-imaging component of clinical trials since 1990. Bio-Imaging serves its clients on a global basis through its US Core Lab (Newtown PA), European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Core Lab (Leiden, The Netherlands) and U.S. Business Offices (Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. and California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ).Certain matters discussed in this press release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " intended to qualify for the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
BIO-IMAGING TECHNOLOGIES, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
--For the 12 Months Ended-- --For the 3 Months Ended--
12/31/02 12/31/01 % Change 12/31/02 12/31/01 % Change
Service revenues $17,190 $10,302 67% $4,564 $3,322 37%
Reimbursement
revenues 3,278 2267 45% 662 746 -11%
Total revenues $20,468 $12,569 63% $5,226 $4,068 28%
Cost of revenues 14,090 8,366 68% 3,584 3,021 19%
General & admin.
Expenses 3,098 1,818 70% 868 560 55%
Sales &
marketing
expenses 1,729 1,732 0% 461 383 20%
Operating income $1,551 $653 138% $313 $104 201%
Interest
expense, net 122 46 165% 41 21 95%
Income before
income tax $1,429 $607 135% $272 $83 228%
Income tax
(provision)
benefit (289) 322 (132) (20)
Net income $1,140 $929 23% $140 $63 122%
Per share income:
Basic $0.14 $0.11 $0.02 $0.01
Weighted Avg
Basic Shares 8,361,105 8,230,710 8,420,648 8,259,420
Diluted $0.12 $0.11 $0.02 $0.01
Weighted Avg
Diluted Shares 9,827,877 8,718,941 10,070,943 9,488,636
Per share income based on income before income tax(a):
Basic $0.17 $0.07 $0.03 $0.01
Weighted Avg
Basic Shares 8,361,105 8,230,710 8,420,648 8,259,420
Diluted $0.15 $0.07 $0.03 $0.01
Weighted Avg
Diluted Shares 9,827,877 8,718,941 10,070,943 9,488,636
(a) Due to the Company's recognition of the benefits associated with
the Company's federal net operating loss carry forward, per share
income before taxes has been presented because management believes
that it provides the reader with a better understanding of the
Company's year on year results.
BIO-IMAGING TECHNOLOGIES, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
December 31, 2002 December 31, 2001
----------------------------------------------
Current assets $7,254 $4,638
Property & equip. 3,611 2,111
Other assets 575 226
Total assets $11,440 $6,975
Current liabilities $5,874 $3,105
Long-term debt 1,947 1,509
Total liabilities 7,821 4,614
Stockholders' equity 3,619 2,361
Liab. & SE $11,440 $6,975
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