Bio-Imaging Technologies Reports Service Revenue Increase of 16%, Operating Income up 64% and Backlog up 17%.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)--May 5, 2004 Bio-Imaging Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : BITI BITI Bio-Imaging Technologies, Inc. (stock symbol) ), today announced its financial results for the first quarter ended March 31, 2004. Financial Highlights include: -- Service revenues increased 16.4% to $5.9 million in first quarter 2004 from $5.1 million in first quarter 2003. -- 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. increased 64.4% to $648,000 in first quarter 2004 from $394,000 in first quarter 2003. -- 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 17.4% to $42.6 million in first quarter 2004 from $36.3 million in first quarter 2003. Service revenues were $5.9 million in first quarter 2004, 16.4% higher than the $5.1 million reported for first quarter 2003. Service revenues were generated from 64 clients encompassing 147 distinct projects for the three months ended March 31, 2004. Total revenues for the three months ended March 31, 2004 and 2003 were $6.6 million and $5.7 million, respectively. Operating income increased $254,000 or 64.4%, to $648,000, or 9.8% of total revenues, for the first quarter of 2004 as compared to $394,000, or 6.9% of total revenues, in the prior year's first quarter. The first quarter of 2004 includes $182,000 of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related to the CapMed division with minimal associated revenues. Income before income taxes was $664,000, or 10.0% of total revenue, for the three months ended March 31, 2004 as compared to $367,000, or 6.4% of total revenue, for the three months ended March 31, 2003, an increase of $298,000 or 81.3%. Net income for the three months ended March 31, 2004 was up 54.2% to $395,000, or $0.03 per fully 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, from $257,000, or $0.03 per fully diluted share, in first quarter 2003. The increase in net income was partially offset by the income tax provision in the first quarter of 2004 representing a full estimated effective tax rate of 40.5% as compared to an effective tax rate in the first quarter of 2003 of 30%. The Company's backlog increased to $42.6 million as of March 31, 2004, up 17.4 % from $36.3 million as of March 31, 2003. Mark L. Weinstein Weinstein is a German surname meaning wine stone and may refer to:
A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and increased backlog. As a result, we are confirming guidance for the 2004 fiscal year of revenues in the range of $29 - $31 million and earnings per share, assuming an effective tax rate of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 40%, of $0.13 to $0.15 per share. In addition, we are actively pursuing several opportunities to broaden and strengthen our core business through potential alliances and acquisitions." Weinstein added, "We also plan to expand our CapMed division through partnerships and marketing efforts devoted to the Personal Health Record software and the Personal HealthKey(TM) products. The Personal HealthKey fits on a key chain and 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, medical images or their entire medical record anywhere. It 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 A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. protected." Management of Bio-Imaging Technologies, Inc. will host a conference call today at 11:00 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 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. 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 #4729980. The replay will also be on the website under "Investor Relations Investor relations The process by which the corporation communicates with its investors. " at www.bioimaging.com for two weeks. Bio-Imaging Technologies, Inc. is a healthcare contract service organization providing services that support the product development process of the pharmaceutical, biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. 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 in Newtown, PA, its European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Core Lab in Leiden Leiden or Leyden (both: lī`dən), city (1994 pop. 114,892), South Holland prov., W Netherlands, on the Old Rhine (Oude Rijn) River. Manufactures include medical equipment, machinery, graphic arts, and food products. , The Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , and business offices in Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. , the United
Kingdom and Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). . Through its recently acquired CapMed division,
Bio-Imaging provides the Personal HealthKey(TM) technology and the
Personal Health Record (PHR PHR Personal Health RecordPHR 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 ) 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 circumstance Circumstance or circumstances can refer to:
- FINANCIAL TABLES TO FOLLOW -
BIO-IMAGING TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited)
(In thousands, except per share data)
For the
Three Months Ended
---------------------
03/31/04 03/31/03
---------- ----------
Service revenues 5,934 5,097
Reimbursement revenues 691 608
---------- ----------
Total revenues $ 6,625 $ 5,705
---------- ----------
Costs and expenses:
Cost of revenues 4,265 3,947
General & admin. expenses 1,061 913
Sales & marketing expenses 651 451
---------- ----------
Total cost and expenses 5,977 5,311
---------- ----------
Income from operations 648 394
Interest income (expense) - net 16 (27)
---------- ----------
Income before taxes 664 367
Income tax provision 269 110
---------- ----------
Net income 395 257
========== ==========
Basic Earning per share $ 0.04 $ 0.03
========== ==========
Weighted average number
of shares - basic 10,745 8,549
Diluted earnings per share $ 0.03 $ 0.03
========== ==========
Weighted average number of
shares - diluted 12,281 10,048
Consolidated Balance Sheets
(In thousands)
(unaudited)
ASSETS
March 31, Dec. 31,
2004 2003
--------- --------
Current assets:
Cash and cash equivalents $11,542 $13,289
Accounts receivable 6,119 4,429
Prepaid expenses and other
current assets 650 574
Deferred income taxes 1,398 1,614
--------- --------
Total current assets 19,709 19,906
Property & equipment net 4,872 4,662
Other assets 1,262 1,339
--------- --------
Total assets $25,843 $25,907
========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,121 $ 985
Accrued expenses and
other current liabilities 1,154 1,603
Deferred revenue 3,050 3,070
Current maturities of capital lease
obligations and convertible note 1,238 1,282
--------- --------
Total current liabilities 6,563 6,940
Long-term capital lease obligations 617 771
Deferred income taxes 661 661
Other liability 117 108
--------- --------
Total liabilities 7,958 8,480
Stockholders' equity:
Common stock - 3 3
Additional paid-in capital 20,937 20,874
Accumulated deficit (3,055) (3,450)
--------- --------
Total stockholders' equity 17,885 17,427
--------- --------
Total liabilities &
stockholders' equity $25,843 $25,907
========= ========
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
For the
Three Months Ended
03/31/04 03/31/03
---------- ----------
Cash flows from operating activities:
Net income 395 257
Adjustments to reconcile net income to net
cash (used in) provided by operating
activities:
Depreciation and amortization 428 241
Provision for deferred income taxes 216 --
Bad debt provision (9) --
Stock based compensation expense 3 --
Changes in operating assets and
liabilities:
Increase in accounts receivable (1,681) (95)
Increase in prepaid expenses and
other current assets (76) (100)
Decrease in other assets 12 27
Increase in accounts payable 136 247
Decrease in accrued expenses and
other current liabilities (452) (123)
(Decrease) increase in deferred revenue (20) 767
Increase in other liabilities 9 --
---------- ----------
Net cash (used in) provided by
operating activities $ (1,039) $ 1,221
---------- ----------
Cash flows from investing activities:
Purchases of property and equipment (574) (381)
---------- ----------
Net cash used in investing activities $ (574) $ (381)
---------- ----------
Cash flows from financing activities:
Payments under equipment lease obligations (156) (120)
Payments under promissory note (41) (41)
Proceeds from exercise of stock options 63 68
---------- ----------
Net cash used in financing activities $ (134) $ (93)
---------- ----------
Net (decrease) increase in cash and cash
equivalents (1,747) 747
Cash and cash equivalents at beginning of period 13,289 2,563
---------- ----------
Cash and cash equivalents at end of period $ 11,542 $ 3,310
========== ==========
Supplemental schedule of noncash investing and
financing activities:
Equipment purchased under capital lease
obligations $ --- $ 135
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