Bio-Imaging Technologies Fourth Quarter Service Revenue Rises 28%; Reports Record Operating Income.Business Editors/Health/Medical Writers 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)--Feb. 4, 2004 -Bio-Imaging Technologies, Inc. ("Bio-Imaging") (NASDAQ/NMS: BITI BITI Bio-Imaging Technologies, Inc. (stock symbol) ) today announced its financial results for the fourth quarter and year ended December December: see month. 31, 2003. Service revenues, which management believes is the key revenue component to measure the Company's topline performance, increased 28% to $5.8 million in the fourth quarter of 2003, from $4.6 million in the fourth quarter of 2002. Rising service revenues reflect an increase in the dollar value of projects, resulting from the overall market growth for medical imaging-related services for clinical trials and what the Company believes to be its increasing market share. Total revenue for the fourth quarter of 2003 reached $6.8 million, up 29% from $5.2 million in the fourth quarter of 2002. Bio-Imaging's results for the fourth quarter of 2003 reflect 149 distinct projects with 56 clients, versus 146 distinct projects with 58 clients in the fourth quarter of 2002. Service revenue increased 28% while the number of projects remained relatively the same. This is primarily due to the sales and marketing efforts being focused on larger clinical trials. 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. for the fourth quarter of 2003 increased to $672,000, or 9.9% of total revenues, as compared to $313,000, or 6.0% of total revenues, in the prior year's fourth quarter. Income before income tax for the fourth quarter of 2003 more than doubled to $643,000 from $272,000 in the fourth quarter of 2002. The Company recorded an income tax benefit of $567,000 in the fourth quarter of 2003 as compared to an income tax provision of $132,000 in the fourth quarter of 2002. The income tax benefit resulted from recording, in the fourth quarter of 2003, the entire benefit of the future tax savings anticipated from using the net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. available at December 31, 2003. As a result of recording the income tax benefit in 2003, the Company's income tax provision in 2004 will reflect an effective tax rate of approximately 40%. Net income increased to $1,210,000, or $0.10 earnings per 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, in the fourth quarter of 2003 as compared to $140,000, or $0.02 earnings per diluted share, during the fourth quarter of 2002. The Company's 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. increased to $41.3 million in the fourth quarter of 2003, up from $36.5 million during the fourth quarter of 2002, and from $40.2 million in the third quarter of 2003. Mark L. Weinstein Weinstein is a German surname meaning wine stone and may refer to:
n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results. We are also pleased to have achieved our 14th consecutive profitable quarter." Weinstein also said, "During the fourth quarter of 2003, we closed on our acquisition of CapMed, which brought the Personal Health Record software and the Personal HealthKey(TM) products to Bio-Imaging. The PHR PHR Personal Health Record PHR Physicians for Human Rights PHR Professional in Human Resources PHR Public Health Reports PHR Partnerships for Health Reform Phr Phrygian (linguistics) PHR Presse Hebdomadaire Régionale is an award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" , cost-efficient Adj. 1. cost-efficient - productive relative to the cost cost-effective efficient - being effective without wasting time or effort or expense; "an efficient production manager"; "efficient engines save gas" software application that enables users to manage and store personal health information, including their medical images, on the privacy of their desktop computer, while linking directly to sponsor-directed resources such as drug information, patient education, or disease guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . We believe this program is an industry leader with more than 375,000 copies distributed nationwide." "The Personal HealthKey is a HIPPA Hip´pa n. 1. (Zool.) A genus of marine decapod crustaceans, which burrow rapidly in the sand by pushing themselves backward; - called also bait bug ltname>. See Illust. under Anomura. compliant flash drive that fits on a key chain. It is a simple, reliable, secure and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. portable solution for people to easily take specific health reports or their entire medical record anywhere. The HealthKey plugs into a computer's USB port A USB socket on a computer or peripheral device into which a USB cable is plugged. See USB. , allowing doctors and patients easy access to the patient's medical record without the need for additional hardware or software, and it is password protected." "During the next several months, we expect CapMed will be fully integrated into and supported by Bio-Imaging. We will be launching activities related to CapMed at the Healthcare Information and Management Systems Society Founded in 1961, the Healthcare Information and Management Systems Society (HIMSS) is a healthcare industry membership organization exclusively focused on providing leadership for the optimal use of medical informatics technology and management systems. (HIMSS HIMSS Healthcare Information and Management Systems Society ) meeting in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. , from February February: see month. 21-24." Weinstein concluded, "Bio-Imaging had a very good 2003, setting records each quarter, and capping it off with an acquisition that will bring us into an additional marketplace. As we previously indicated, for 2004 as compared to 2003, we expect total revenue growth in excess of 20%. As a result of recording the entire benefit of the net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward carryforward 1. A business operating loss that, for tax purposes, may be claimed a certain number of years in the future, often up to 15 years. in 2003 and estimating an effective tax rate of 40% in 2004, we expect pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. to grow in excess of 30% and the earnings per share to reflect net income on a fully taxed basis." Service revenues for the year ended December 31, 2003 increased 27% to $21.7 million from $17.2 million in the same prior-year period. Again, that performance was due to the previously discussed increase in the dollar volume of projects and the Company's strengthened market position. Operating income increased to $2.2 million during the twelve months ended December 31, 2003 as compared to $1.6 million during the comparable period in 2002. Income before income tax increased to $2.1 million during the twelve months ended December 31, 2003, from $1.4 million during the comparable period in 2002. Income tax benefit was $270,000 for 2003 as compared to an income tax provision of $289,000 for 2002. Net income for 2003 was $2.3 million, or $0.22 earnings per diluted share, as compared to $1.1 million, or $0.12 earnings per diluted share, during 2002. Bio-Imaging's 2003 results were generated from 68 clients encompassing 184 distinct projects, compared with 67 clients encompassing 186 distinct projects for 2002. Conference Call Mr. Weinstein, Dr. David Nowicki, the Company's Chairman, and Ted Kaminer, the Company's Chief Financial Officer, will host a conference call today at 2:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. to discuss the Company's financial results and achievements. Those who wish to participate in the conference call may telephone (888) 335-6674 approximately 15 minutes before the call. There will be a simultaneous webcast on www.bioimaging.com under "investor relations Investor relations The process by which the corporation communicates with its investors. ". A digital replay will be available by telephone for two weeks and may be accessed by dialing (877) 519-4471, from the U.S., or (973) 341-3080, for international callers, and entering PIN #4474004. A replay will also be available on the Company's website for two weeks. About Bio-Imaging 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). ).
Through its recently acquired CapMed division (www.capmed.com),
Bio-Imaging provides the Personal HealthKey" technology and the
Personal Health Record (PHR) software allowing patients to better
monitor and manage their health care information.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 . -financial tables to follow-
BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
For the Three Months For the Twelve Months
Ended Ended
12/31/03 12/31/02 12/31/03 12/31/02
-------- -------- -------- ---------
Service revenues 5,825 4,564 21,748 17,190
Reimbursement revenues 934 662 3,224 3,278
Total revenues $ 6,759 $ 5,226 $ 24,972 $ 20,468
Costs and expenses:
Cost of revenues 4,389 3,584 16,636 14,090
General & admin.
expenses 1,142 868 4,079 3,098
Sales & marketing
expense 556 461 2,058 1,729
Total cost and
expenses 6,087 4,913 22,773 18,917
Income from operations 672 313 2,199 1,551
Interest expense - net 29 41 131 122
Income before taxes 643 272 2,068 1,429
Income tax (benefit)
provision (567) 132 (270) 289
Net income 1,210 140 2,338 1,140
Basic earnings per share $ 0.11 $ 0.02 $ 0.25 $ 0.14
Weighted average number
of shares - basic 10,666 8,421 9,276 8,361
Diluted earnings per share $ 0.10 $ 0.02 $ 0.22 $ 0.12
Weighted average number of
shares - diluted 12,254 10,071 10,849 9,828
BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
(unaudited)
ASSETS
Current assets:
December 31, 2003 December 31, 2002
Cash and cash equivalents $ 13,290 $ 2,563
Accounts receivable 4,429 3,928
Prepaid expenses and other
current assets 574 399
Deferred income taxes 783 364
Total current assets 19,076 7,254
Property & equipment net 4,662 3,611
Other assets 1,094 575
Total assets $ 24,832 $ 11,440
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 985 $ 660
Accrued expenses and
other current liabilities 1,603 1,364
Deferred revenue 3,070 3,265
Current maturities of long-term
debt and capital lease obligations 1,282 585
Total current liabilities 6,940 5,874
Long-term debt and capital lease
obligations 879 1,379
Other liability ------- 568
Total liabilities 7,819 7,821
Stockholders' equity:
Common stock - 3 2
Additional paid-in capital 20,460 9,405
Accumulated deficit (3,450) (5,788)
Total stockholders' equity 17,013 3,619
Total liabilities &
stockholders' equity $ 24,832 $ 11,440
BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the Twelve Months Ended
12/31/03 12/31/02
Cash flows from operating activities:
Net income 2,338 1,140
Adjustments to reconcile net income to net
cash provided by
Operating activities:
Depreciation and amortization 1,076 738
(Benefit) provision for deferred
income taxes (419) 53
Bad debt provision (38) --
Changes in operating assets and
liabilities:
Increase in accounts receivable (463) (481)
Increase in prepaid expenses and other
current assets (176) (124)
Decrease (increase) in other assets 31 (350)
Increase in accounts payable 325 55
Increase in accrued expenses and other
current liabilities 347 919
(Decrease) increase in deferred revenue (195) 1,553
Net cash provided by operating
activities $ 2,826 $ 3,503
Cash flows from investing activities:
Purchases of property and equipment (1,641) (992)
Cash paid for acquisition (212) --
Net cash used in investing activities $(1,853) $ (992)
Cash flows from financing activities:
Payments under equipment lease
obligations (506) (399)
Payments under promissory note (167) (167)
Proceeds from exercise of stock options 276 118
Net proceeds from private placement 9,874 --
Proceeds from sales leaseback 276 --
Net cash provided by (used in) financing
activities $ 9,753 $ (448)
Net increase in cash and cash
equivalents 10,726 2,063
Cash and cash equivalents at beginning of
period 2,563 500
Cash and cash equivalents at end of
period $ 13,289 $ 2,563
Supplemental schedule of noncash investing and
financing
activities:
Equipment purchased under capital lease
obligations $ 485 $ 1,246
Contingent liability converted to common
stock incurred
In connection with acquisition $ 568 $ --
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