Bio-logic Reports $0.09 Per Share Earnings for First Quarter; Receives FDA Clearances for Advanced Hearing Diagnostic and Screening Products.Business Editors, Health/Medical Writers Bio-logic Systems Corp. (Nasdaq: BLSC BLSc Bachelor of Library Science BLSC Black Lion Swimming Club (UK) BLSC Boulders, Silt and Clay (lithological term) BLSC Bond Lake Skating Club (Oak Ridges, Ontario, Canada) ), a designer and marketer of computerized medical electro-diagnostic equipment and disposables, today reported financial results for the fiscal 2003 first quarter ended May 31, 2002. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter decreased 17 percent to $7.2 million, compared with $8.7 million for the same quarter a year ago. The decrease was due to the impact of a $3.2 million sale of hearing products to the Province of Ontario in the first quarter last year. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. increased to 68.1 percent from 60.5 percent, due mainly to a higher inventory valuation reserve in last year's first quarter. Total operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the quarter was essentially flat at $4.3 million compared with $4.4 million reported last year. 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 quarter was $612,015 compared to $884,602 for the same quarter last year. Net income for the quarter was $388,137 or $0.09 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, compared to $528,875 or $0.12 per share in the first quarter of fiscal 2002. Cash at the end of the quarter was $9.2 million, a $2.8 million increase in the company's cash balance from its February 28, 2002 fiscal year end. Book value per share grew to $4.19, up from $4.10 at the end of the fiscal year. "As expected, sales and income for the quarter were down compared to last year due to the non-recurring $3.2 million shipment during last year's first quarter," commented Roderick G. Johnson, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Absent this unusually large order, sales for the quarter reflected good improvement over the previous year." FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. CLEARANCE OF NEW PRODUCT OFFERINGS The company also announced that it has recently received two new FDA clearances, allowing Bio-logic to actively market and sell the MASTER(TM) (Multiple Auditory auditory /au·di·to·ry/ (aw´di-tor?e) 1. aural or otic; pertaining to the ear. 2. pertaining to hearing. au·di·to·ry adj. Steady State Evoked Response e·voked response n. An alteration in the electrical activity of a particular part of the nervous system as a result of receiving a sensory stimulus. ) system and the ABaer(TM) CUB cub the newborn of a number of animal species as diverse as lion, fox and bear. (TM) for automated ABR (1) (AutoBaud Rate detect) The analysis of the first characters of a message to determine its transmission speed and number of start and stop bits. (2) (Available Bit R and automated OAE OAE Otoacoustic Emissions OAE Orchestra of the Age of Enlightenment (London, England) OAE Oceanic Anoxic Event OAE Office of Applied Economics (NIST) OAE Old Antarctic Explorer for hearing screening. MASTER(TM) Based on the Navigator(R) Pro Evoked Potential Evoked potential A test of nerve response that uses electrodes placed on the scalp to measure brain reaction to a stimulus such as a touch. Mentioned in: Spinal Stenosis evoked potential, n platform, the MASTER is the newest member of the company's EP family of products. MASTER is used to characterize an infant's hearing loss and produces an audiogram au·di·o·gram n. A graphic record of hearing ability for various sound frequencies. Audiogram A chart or graph of the results of a hearing test conducted with audiographic equipment. that is used by the audiologist Audiologist A person with a degree and/or certification in the areas of identification and measurement of hearing impairments and rehabilitation of those with hearing problems. to set hearing aid parameters. MASTER uses Auditory Steady State Response (ASSR ASSR abbr. Autonomous Soviet Socialist Republic ) technology and assesses up to four frequencies per ear simultaneously. By testing eight frequencies at one time, complete testing can be accomplished in as little as 20-30 minutes, a significant improvement from other ASSR systems, which may take three to four times longer to achieve similar results. ABaer(TM) CUB(TM) ABaer Cub is a truly portable PDA-based hearing screening instrument that offers the same powerful screening features as the company's PC-based ABaer system. The release date for the ABaer CUB is set for late summer. Gabriel Raviv, chairman and chief executive officer noted, "The need for improved diagnostic hearing products for follow-up of referred infants, as well as for improved hearing diagnostic tests, is coming together with the availability of emerging technologies. As a result, the hearing diagnostic product market is on the threshold of dramatic changes, and with these new products, Bio-logic remains a leader in providing cutting-edge technology to increase the accuracy of screening and diagnostics, improving the lives of patients around the world. "Our vision remains to provide a full range of hearing screening and diagnostic products for all ages. The cornerstone of our design philosophy is modularity, which makes it possible for us to constantly expand our range of state-of-the-art products and offer upgrades to existing systems at reasonable prices. It allows medical professionals and facilities to cost effectively add new clinical software modules to the Navigator Pro or ABaer portable product platforms," concluded Raviv. About Bio-logic Bio-logic Systems Corp., headquartered in Mundelein, IL, designs, develops, assembles and markets computer-based electro-diagnostic systems for use by hospitals, clinics, universities and physicians. The systems conduct tests that are typically used by medical practitioners to aid in the diagnosis of certain neurological disorders This is a list of major and frequently observed neurological disorders (e.g. Alzheimer's disease), symptoms (e.g.back pain), signs (e.g. aphasia) and syndromes (e.g. Aicardi syndrome). , brain disorders and tumors and sensory disorders, including audiological and hearing screening and diagnosis. Except for descriptions of historical facts, this release contains 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. that involve known and unknown risks, which may cause the company's actual results in the future to differ materially from those currently anticipated. These results include, among others, fluctuations in sales and operating results; the company's ability to recruit and train the necessary number of sales representatives and installation technicians; risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. including monetary crisis; regulatory, competitive and contractual risks; the effects of economic conditions; and the availability of capital to finance planned growth, as well as other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. Financial Table Follows...
BIO-LOGIC SYSTEMS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended
May 31,
-------------------------------
2002 2001
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NET SALES $ 7,231,711 $ 8,713,830
COST OF SALES 2,305,798 3,439,993
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Gross Profit 4,925,913 5,273,837
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OPERATING EXPENSES:
Selling, general &
administrative 3,337,435 3,501,456
Research & development 976,462 887,779
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Total operating expenses 4,313,898 4,389,235
-------------- --------------
OPERATING INCOME 612,015 884,602
OTHER INCOME (EXPENSE):
Interest income 37,218 75,092
Interest expense - (5,780)
Miscellaneous (2,173) (84,338)
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Total other income 35,044 (15,026)
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INCOME BEFORE INCOME TAXES 647,060 869,576
PROVISION FOR INCOME TAXES 258,923 340,701
-------------- --------------
NET INCOME $ 388,137 $ 528,875
============== ==============
RETAINED EARNINGS,
BEGINNING OF PERIOD 12,112,179 10,610,449
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RETAINED EARNINGS,
END OF PERIOD $ 12,500,316 $ 11,139,324
============== ==============
EARNINGS PER SHARE:
Basic $ 0.09 $ 0.13
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Diluted $ 0.09 $ 0.12
============== ==============
BASIC SHARES OUTSTANDING 4,193,094 4,167,204
DILUTED SHARES OUTSTANDING 4,335,493 4,306,806
SELECTED BALANCE SHEET DATA
As of As of
May 31, February 28,
2002 2002
-------------- --------------
Cash and marketable securities $ 9,178,226 $ 6,385,135
Current assets 20,649,526 19,116,681
Total assets 24,560,704 22,942,212
Current liabilities 6,354,981 5,131,312
Long-term obligations 0 0
Shareholders' equity 17,583,791 17,188,968
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