Biopool International/Xtrana Reports 2000 Year-End and Fourth Quarter Results.Business Editors VENTURA, Calif.--(BUSINESS WIRE)--March 22, 2001 Biopool International Inc./Xtrana (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BIPL BIPL Biphase Level ) today reported results for the year and fourth quarter ended Dec. 31, 2000. 2000 sales 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 increased 11 percent to $9,838,000 from $8,842,000 in 1999. The company also reported a net loss of $1,109,000, or $0.09 per share, vs. net income of $714,000, or $0.09 per share, for the previous year. In 2000, the loss from continuing operations before taxes was $468,000, compared with income of $740,000 in 1999. Fourth quarter sales from continuing operations declined 9 percent to $2,150,000 in 2000 from $2,366,000 in 1999. A net loss from continuing operations of $1,460,000, or $0.09 per share, was reported in fourth quarter 2000, vs. net income of $45,000, or $0.01 per share, for the same period a year ago. "The year 2000 was a year of major developments for Biopool/Xtrana, resulting in a new company, a new management team and a new vision for the future," commented Timothy J. Dahltorp, 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. of Biopool International/Xtrana. "Most significantly, the year 2000 saw the merger of Biopool and Xtrana, a company based in Denver, Colorado, with proprietary technologies for developing novel nucleic acid nucleic acid, any of a group of organic substances found in the chromosomes of living cells and viruses that play a central role in the storage and replication of hereditary information and in the expression of this information through protein synthesis. (DNA/RNA) testing devices with widespread applications. To enhance the company's historic leadership in the hemostasis hemostasis /he·mo·sta·sis/ (he?mo-sta´sis) (he-mos´tah-sis) 1. the arrest of bleeding by the physiological properties of vasoconstriction and coagulation or by surgical means. 2. market, the merger now brings the new combined company into the exciting arena of genomics, providing access to new and rapidly growing markets. "We are very pleased to report an 11 percent increase in sales for the year ended December 31, 2000," Dahltorp continued, "which was fundamentally a result of further penetration of international hemostasis markets through our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and distributor relationships. "In addition, one third of the increase was attributable to direct sales of Biopool-labeled product resulting from a renewed focus in this area. Cash flow from our hemostasis business remains strong, generating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of $1.4 million for the year, excluding certain severance obligations resulting from management changes that occurred as a result of the merger. "Our reported net loss of $1.1 million is primarily the result of the addition of the Xtrana business and the significant investment in research and development in our nucleic acid-based technologies, combined with a $361,000 provision for a valuation allowance on the company's deferred tax assets, relating primarily to future net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry forwards. "We anticipate that some of our continued R&D investment will be offset in 2001 as our first commercial Xtrana product, XtraAmp(TM), for the extraction and purification of nucleic acid, begins to generate revenue. "Another important development in the year 2000 was the sale of the property and land of our former BCA BCA Business Case Analysis BCA Building Code of Australia BCA Boeing Commercial Airplanes BCA Board of Contract Appeals BCA Boston Center for the Arts BCA Billiard Congress of America BCA Bureau of Criminal Apprehension BCA Breast Cancer Action business unit for $2.0 million. This inflow of cash added to our existing strong liquidity position. At December 31, 2000, the company's working capital was $6.4 million, with a current ratio of 5.9 to 1.0. "More recently," concluded Dahltorp, "we reported a very notable achievement for our historic core business of hemostasis products. In February 2001, we obtained 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 for our new MiniQuant(TM) D-dimer Assay System. The significance of D-dimer assays in evaluating patients with thrombotic disorders, such as deep vein thrombosis A blood clot (thrombos) in a vein deep within the muscle, typically in the thigh or calf. It is caused by disease or the lack of activity such as sitting for hours at a computer screen. and pulmonary embolism Pulmonary Embolism Definition Pulmonary embolism is an obstruction of a blood vessel in the lungs, usually due to a blood clot, which blocks a coronary artery. , affecting approximately 2.5 million Americans each year, has been well documented; and we're very pleased to be able to provide our customers with this new quantitative, all-inclusive assay system." Founded in 1987, Biopool International develops, manufactures and markets a full range of test kits to assess and diagnose disorders of blood coagulation, thrombotic risk factors, fibrinolysis fibrinolysis /fi·bri·nol·y·sis/ (fi?brin-ol´i-sis) dissolution of fibrin by enzymatic action.fibrinolyt´ic fi·bri·nol·y·sis n. pl. , platelet function and the vascular system. Effective with the company's merger with Xtrana, the company also develops nucleic acid-based tests for use in drug discovery, detection of environmental and food contaminants, forensics and identity testing, human and animal diseases, genetic predisposition genetic predisposition Molecular medicine The tendency to suffer from certain genetic diseases–eg, Huntington's disease, or inherit certain skills–eg, musical talent to disease and other applications. To learn more about Biopool International and Xtrana, visit their Web sites at www.biopool.com and www.xtrana.com. Note: This news release contains forward-looking statements including the expectation that revenues from a new nucleic acid- testing product will offset some of the company's continued R&D investment in 2001, which are based upon current expectations and involve a number of risks and uncertainties, including, but not limited to, technological innovations of competitors, changes in health care regulations, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. claims, foreign currency fluctuation, product acceptance or changes in government regulation of the company's products, as well as other factors discussed in the company's last Report on Form 10-KSB under "Risk Factors."
Biopool International Inc.
2000 Financial Highlights
(in thousands, except share data)
Operations Data
(Unaudited)
Three Months Ended Year Ended
Dec. 31 2000 1999 2000 1999
Sales $ 2,150 $ 2,366 $ 9,838 $ 8,842
Income (loss) from
continuing operations
before taxes (1,162) 154 (468) 740
Income (loss) from
continuing operations (1,460) 45 (1,031) 400
Net income (loss) (1,538) 137 (1,109) 714
Basic and diluted earnings
per share, net of taxes:
Continuing operations $ (0.09) $ 0.01 $ (0.09) $ 0.05
Net income (loss) $ (0.09) $ 0.02 $ (0.09) $ 0.09
Diluted shares
outstanding 17,162 8,316 11,842 8,399
Balance Sheet Data
(Unaudited)
Dec. 31, 2000 Dec. 31, 1999
Working capital $ 6,383 $ 7,946
Total assets 18,730 11,033
Long-term debt -- --
Total shareholders' equity 17,260 9,834
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion