Bio-Imaging Technologies Reports Record Second Quarter Revenues and Operating Income; Service Revenue Grows 22%; Operating Income up 38%.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)--Aug. 13, 2003 Bio-Imaging Technologies, Inc., ("Bio-Imaging") (AMEX AMEX See: American Stock Exchange : BIT) today announced its financial results for the second quarter and six months ended June June: see month. 30, 2003. Total revenue for the second quarter 2003 increased 22% to $6.17 million, compared with $5.06 million in the prior year second quarter. Service revenues, which management believes is the key revenue component to measure the Company's top line performance, also surged 22% to $5.36 million in the second quarter of 2003 from $4.39 million during the same period in 2002. The 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 $37.9 million as of June 30, 2003 from $34.6 million year over year, an increase of 9.4%, and from $36.3 million at the end of the first quarter of 2003. These revenues were generated from 50 clients encompassing 118 distinct projects, down slightly from the 54 clients and 126 projects that generated second quarter 2002 revenues. The decrease in the number of clients and projects 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 second quarter 2003 increased 37% to a record $512,000 as compared to $372,000 during the same prior year period. Second quarter 2003 income before income tax increased 37% to $469,000 from $340,000 in the second quarter of 2002. Income tax provision rose to $124,000 for the second quarter of 2003 from $49,000 in the second quarter of 2002; this was the result of the increase in the Company's effective tax rate in the second quarter of 2003 as compared to the prior year second quarter. Accordingly, the increase in income before income taxes was offset by the increase in the income tax provision. The Company's effective tax rate for the second quarter of 2003 was 26.5% as compared to 14.5% for the prior year second quarter because of diminishing di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. levels of state and federal net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. available to the Company in 2003. The increase in the effective tax rate resulted in net income of $345,000, or $0.03 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 second quarter of 2003 as compared to net income of $291,000, or $0.03 earnings per diluted share in the second quarter of 2002. Mark L. Weinstein, President and Chief Executive Officer of Bio-Imaging, said, "The second quarter of 2003 was the 12th consecutive profitable quarter, during a period in which we made the necessary expenditures to position Bio-Imaging for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth." Mr. Weinstein also said, "In the last six months, we have consolidated our physical plants in the US, integrating the assets from our Quintiles Quintiles Transnational Corp. is a contract research organization which serves the pharmaceutical, biotechnology and healthcare industries. History Quintiles was founded in 1982 by Dennis Gillings and as of 2007 it has 18,000 employees. Intelligent Imaging acquisition into our Newtown, PA, operations. Also in the last several months, we have added some top managerial talent, and we have expanded our offices in Leiden, Netherlands." For the six months ended June 30, 2003, total revenues were up over 20% at $11.87 million compared with $9.8 million in total revenue for the half year ended June 30, 2002. Service revenues rose to $10.46 million for the first half-year 2003 from $8.26 million for the first half-year 2002. Income before income tax provision for the first half year of 2003 was $835,000 up from $660,000 in the first half year of 2002. Income tax provision rose to $234,000 for the first six months of 2003 up from $72,000 for the first six months of 2002. Again, this reflected the diminishing levels of state and federal net operating losses available to the Company in 2003. As a result, net income was up marginally at $601,000, or $0.06 per diluted share, for the first six months of 2003 compared with $588,000, or $0.06 per diluted share for the first six months of 2002. Mr. Weinstein added, "Looking ahead, we foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. an increase in the utilization of medical imaging in clinical trials for two reasons. First, regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. will drive demand, and second, the technology of medical imaging continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improves, making it increasingly valuable as a clinical tool." He continued, "We are bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish on the growth in our market. Over the past three years, we believe we have proved our operational model with sequential growth in revenues. We look forward to a second half of continued sound performance." Weinstein concluded, "We are pleased that our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: improved to 8.3% in the second quarter of 2003, as compared to 7.4% during the prior year period, while absorbing a full quarter of general and administrative expenses related to the significant infrastructure improvements made during 2002 and the first quarter of 2003. As we look out to the remainder of 2003, we anticipate our total revenue for 2003 to be in the range of $22 - $26 million and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.12 - $0.15 per share. For 2004, we expect total revenue growth in excess of 20% and earnings per share growth in excess of 30%." Mr. Weinstein, Dr. David Nowicki, the Company's Chairman, and Ted Kaminer, the Company's Chief Financial Officer, will hold a conference call to discuss these results. The conference call will take place at 11 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on August 13, 2003. Those who wish to participate in the conference call may telephone (888) 335-6674. 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 #4047082. 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 US 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
(unaudited)
(In thousands, except per share data)
For the Three For the Six
Months Ended Months Ended
06/30/03 06/30/02 06/30/03 06/30/02
Service revenues 5,364 4,385 10,460 8,258
Reimbursement revenues 805 672 1,413 1,542
Total revenues $ 6,169 $ 5,057 $ 11,873 $ 9,800
Costs and Expenses:
Cost of revenues 4,129 3,555 8,076 6,952
General & admin. expenses 998 690 1,911 1,282
Sales & marketing expenses 530 440 981 856
Total cost and expenses 5,657 4,685 10,968 9,090
Income from operations 512 372 905 710
Interest Expense - net 43 32 70 50
Income before taxes 469 340 835 660
Income tax provision 124 49 234 72
Net income 345 291 601 588
Basic Earning per share $ 0.04 $ 0.03 $ 0.07 $ 0.07
Weighted average number
of shares - basic 8,732 8,335 8,641 8,314
Diluted earnings per share $ 0.03 $ 0.03 $ 0.06 $ 0.06
Weighted average number of
shares - diluted 10,299 9,743 10,120 9,682
Condensed Consolidated Balance Sheets
(In thousands)
ASSETS
June 30, 2003 December 31, 2002
Current assets: (unaudited)
Cash and cash equivalents $ 3,494 $ 2,563
Accounts receivable 4,181 3,928
Prepaid expenses and other
current assets 568 399
Deferred income taxes 364 364
Total current assets 8,607 7,254
Property & equipment net 4,051 3,611
Other assets 563 575
Total assets $ 13,221 $ 11,440
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 831 $ 660
Accrued expenses and
other current liabilities 1,379 1,364
Deferred revenue 4,162 3,265
Current maturities of
long-term debt and
capital lease obligations 648 585
Total current
liabilities 7,020 5,874
Long-term debt and capital
lease obligations 1,238 1,379
Other liability ----- 568
Total liabilities 8,258 7,821
Stockholders' equity:
Common stock - 2 2
Additional paid-in capital 10,148 9,405
Accumulated deficit (5,187) (5,788)
Total stockholders'
equity 4,963 3,619
Total liabilities &
stockholders' equity $ 13,221 $ 11,440
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