BioSource Reports Strong First Quarter Results; Attains Record Sales in the First Quarter.CAMARILLO Camarillo (kă'mərē`yō), city (1990 pop. 52,303), Ventura co., S Calif.; inc. 1964. It is the center of a fertile farm area where citrus fruits and flowers are grown. , Calif. -- BioSource International, Inc. (Nasdaq:BIOI) today announced financial results for its first quarter ended March 31, 2005. For the first quarter ended March 31, 2005, the Company reported record 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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $12.8 million, an 11% increase as compared with $11.5 million for the first quarter of 2004. Foreign exchange rates favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted sales in the first quarter of 2005 by $0.3 million. Income from continuing operations was $1.1 million representing a 14% increase compared with $1.0 million in the first quarter of 2004. Terrance J. Bieker, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "This was a strong quarter for BioSource. We are pleased by the record first quarter sales and the improvement in income from continuing operations." Mr. Bieker continued, "We believe these results reinforce the strategy we have pursued over the past year and are confident in our ability to continue to deliver increased value to our customers and stockholders." First Quarter Review Sales of the Company's cellular pathway pathway /path·way/ (path´wa) 1. a course usually followed. 2. the nerve structures through which an impulse passes between groups of nerve cells or between the central nervous system and an organ or muscle. assay products increased 15% on a sequential basis for the first quarter ended March 31, 2005 compared to the prior quarter ended December 31, 2004. Biological and other product sales increased 18% on a sequential basis during the first quarter of 2005 compared to the fourth quarter of 2004. The gross margin from continuing operations was 57.4% in the first quarter of 2005 compared to 58.4% in the comparable quarter of the prior year. The decrease was primarily due to a change in the product mix. 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. from continuing operations in the first quarter were as follows: --Research and development expenses were $1.5 million, or 11.9% of sales, in the first quarter of 2005 which was relatively consistent with such costs in the first quarter of 2004 of $1.4 million, or 12.0% of sales. --In the first quarter of 2005, sales and marketing expenses decreased to 19.8% of sales as compared to 20.3% in the first quarter of 2004 which was consistent with management's plan to increase such costs at a slower rate than sales growth. --General and administrative expenses also decreased as a percentage of sales to 15.9% in the first quarter of 2005 from 16.4% of sales in the comparable quarter of 2004. --The Company's effective tax rate was 35.8% in the first quarter of 2005 compared to 22.4% in the first quarter of 2004. At March 31, 2005, the Company's cash and cash equivalents totaled $5.2 million. Forward-Looking Guidance for 2005 The Company raised its 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. guidance to reflect the strength of its results in the first quarter. The Company's 2005 guidance is: --Net sales from continuing operations of $49 million to $51 million, or year-over-year growth of 10% to 15%. This is a reaffirmation re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re of earlier guidance. --Operating income from continuing operations of $2.5 million to $3.25 million, or year-over-year growth of 240% to 350%. Prior guidance was for operating income growth of 175% to 315% or $2.0 million to $3.0 million. As previously announced, a live webcast of BioSource International, Inc.'s financial results conference call will be available over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through its Web site at www.biosource.com in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section beginning today, April 25, at 9:00 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . A replay of the webcast will be available at the same site for a two week period beginning shortly after the call. Event archives are normally available one to two hours after the event ends. For the live event, listeners should go to the Web site at least fifteen minutes before the event starts to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. About BioSource International, Inc. BioSource International, Inc. is a broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased life sciences company focused on providing integrated solutions in the areas of functional genomics Noun 1. functional genomics - the branch of genomics that determines the biological function of the genes and their products genomics - the branch of genetics that studies organisms in terms of their genomes (their full DNA sequences) , proteomics pro·te·o·mics n. The analysis of the expression, localization, functions, and interactions of the proteins produced by the genes of an organism. , and drug discovery through the development, manufacturing, marketing and distribution of unique, biologically active reagent reagent /re·a·gent/ (re-a´jent) a substance used to produce a chemical reaction so as to detect, measure, produce, etc., other substances. re·a·gent n. systems which facilitate, enable and accelerate pharmaceutical development and biomedical research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. . For more information, please visit the Company's Web site at www.biosource.com. Statements included in this release that are not historical facts may be considered 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 are subject to a variety of risks and uncertainties. In addition, readers are urged to consider statements that include the terms "believes," "belief," "expects," "plans," "objectives," "anticipates," "intends," "targets," "projections," or the like to be uncertain and forward looking. For these statements, we claim the safe harbor 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. for "forward-looking statements" within the meaning of 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. Factors that could cause actual results to differ and vary materially from the forward-looking statements made herein include, among others, our ability to expand our product offerings and any transition to new products, product quality and availability, any change in business conditions, changes in our sales strategy and product development plans, competitive pricing pressures, continued market acceptance of our products, name recognition of our products, delays in the development of new technology, possible invalidity in·va·lid 1 n. One who is incapacitated by a chronic illness or disability. adj. 1. Incapacitated by illness or injury. 2. Of, relating to, or intended for invalids. tr.v. or infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. issues related to intellectual property or proprietary rights, changes in customer buying patterns, one-time events, the effects of our previously announced process to evaluate strategic alternatives, including a possible sale of the Company, and any transaction we may enter into in connection with that process, and other important factors disclosed previously and from time to time in our filings with the Securities and Exchange Commission. These factors should not be construed as exhaustive. We cannot always predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future event, or otherwise.
BIOSOURCE INTERNATIONAL, INC.
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data)
Three Months Ended
March 31,
2005 2004
(Unaudited)
Net sales 12,758 11,532
Cost of goods sold 5,431 4,802
Gross profit 7,327 6,730
Operating expenses:
Research and development 1,517 1,385
Sales and marketing 2,528 2,339
General and administrative 2,033 1,891
Amortization of intangibles 139 139
Total operating expenses 6,217 5,754
Income from continuing operations 1,110 976
Interest and other income (expense), net (34) (15)
Income from continuing operations before
provision for income taxes and
discontinued operations 1,076 961
Provision for income taxes 385 215
Net income from continuing operations 691 746
Discontinued operations, net - (38)
Net income 691 708
Basic income per share:
Income from continuing operations 0.08 0.08
Discontinued operations, net - -
Basic income per share 0.08 0.08
Diluted income per share:
Income from continuing operations 0.07 0.08
Discontinued operations, net - (0.01)
Diluted income per share 0.07 0.07
Shares used in per share calculations:
Basic 9,087 9,395
Diluted 9,226 9,752
BIOSOURCE INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
March 31, December 31,
2005 2004
Assets
Current assets
Cash and cash equivalents $ 5,176 $ 4,210
Accounts receivable, net 8,064 7,165
Inventories, net 7,483 7,535
Notes receivable - 544
Deferred income taxes 1,947 1,947
Other current assets 1,220 941
Total current assets 23,890 22,342
Property and equipment, net 4,932 5,241
Intangible assets, net 5,115 5,253
Deferred income taxes 9,616 9,865
Other assets 700 651
Total assets $44,253 $43,352
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued
expenses $ 6,850 $ 6,249
Other current liabilities 715 872
Total current liabilities 7,565 7,121
Stockholders' equity 36,688 36,231
Total liabilities and
stockholders' equity $44,253 $43,352
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