Bio-logic Systems earnings announcement.MUNDELEIN, Ill.--(BUSINESS WIRE)--May 28, 1996--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) ) ("Bio-logic" or the "company"), a designer and marketer of computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. medical electrodiagnostic equipment, today announced operating results for its fiscal year ended Feb. 29, 1996. Total revenues for fiscal 1996 increased 21 percent to $14,602,000 compared to $12,072,674 for fiscal 1995. The company had a 53 percent increase in 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. , which was $1,204,459 for fiscal 1996 compared to $787,150 for fiscal 1995. The company's net income increased 20 percent to $892,091 or $.21 per share for fiscal 1996 compared to $740,412 or $.18 per share for fiscal 1995. The weighted average number of shares were 4,344,913 for fiscal 1996 compared to 4,227,823 for fiscal 1995. Operating income increased at a higher rate in fiscal 1996 (53%) than net income (20%), primarily because the company had a lower effective tax rate in fiscal 1995 (21.2%) compared to fiscal 1996 (32.3%) due to the utilization of some general business tax credits available and exhausted in fiscal 1995. Gabriel Raviv, president of Bio-logic said, "fiscal 1996 total revenues increased about 21 percent over the prior year. Total revenues increased because of higher sales of the company's neurology neurology (n  rŏl`əjē, ny–), study of the morphology, physiology, and pathology of the human nervous system. as
well as audiology audiology /au·di·ol·o·gy/ (aw?de-ol´ah-je) the study of impaired hearing that cannot be improved by medication or surgical therapy. au·di·ol·o·gy n. business. During the fourth quarter of fiscal 1996 Bio-logic further reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. and continued to expand its sales force; total revenue and operating results for the fourth quarter were negatively impacted by this action. Due to the sales reorganization and based on currently available sales data for the first quarter of fiscal 1997, revenues from sales are lower than those obtained in the first quarter of fiscal 1996, which could have a further negative impact on Bio-logic's operating results for the first quarter of fiscal 1997." On May 16, 1996, the board of directors of the company authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: from time to time, the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of shares of the company's common stock. -0-
BIO-LOGIC SYSTEMS CORP.
Condensed Financial Highlights
Fiscal Year End Results
Period Ended Feb. 29, 1996 and Feb. 28, 1995
Fiscal Year 1996
Twelve Months Ended
2/29/96 2/28/95
Net sales $14,602,000 $12,072,674 Net income (loss) 892,091 740,412 Earnings per share $0.21 $0.18 Weighted average shares outstanding 4,344,913 4,227,823 CONTACT: Bio-logic Systems, Mundelein Gabriel Raviv, 847/949-5200 |
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