Biopool International Reports Financial Results for Second Quarter Ended June 30, 1999.VENTURA, Calif.--(BUSINESS WIRE)--Aug. 10, 1999-- Biopool International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BIPL BIPL Biphase Level ) Tuesday reported results for the second quarter and six-month period ended June 30, 1999. Reported revenue results are 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 only, eliminating results of the 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 Division, which was sold effective April 30, 1999. Sales for the second quarter of 1999 from continuing operations increased 12 percent to $2.4 million from $2.1 million in the same period of 1998. Sales for the six-month period increased 8 percent to $4.5 million from $4.2 million for the comparable period in 1998. Net income for the second quarter of 1999 increased 106 percent to $299,000, or 4 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $145,000, or 2 cents per share, in the same quarter of 1998. Net income for the first six months of 1999 rose 53 percent to $500,000, or 6 cents per share, compared with $327,000, or 4 cents per share, in the same period of 1998. Net income for both of the 1999 periods includes an after-tax gain of $199,000 related to the sale of certain BCA assets. Michael D. Bick, Ph.D., chairman and chief executive officer of Biopool International, stated: "We sold our BCA (immunohematology) Division effective April 30, 1999. As a result, we have restated our revenues to reflect only our core 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. business. Prior to the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). , BCA operations generated approximately 50 percent of total revenues but had an immaterial impact on net income." Bick added: "The sale of the BCA Division further strengthened our balance sheet, as reflected by the elimination of debt and $2.4 million remaining cash. We also have the BCA facility (West Chester West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Pa.) on the market for sale and expect that sale to result in additional cash for the company. "The company continues to aggressively pursue strategies to utilize its cash and positive cash flow to invest in opportunities to enhance shareholder value." Founded in 1987, Biopool International develops, manufactures and markets a full range of test kits to assess and diagnose disorders of blood coagulation Noun 1. blood coagulation - a process in which liquid blood is changed into a semisolid mass (a blood clot) blood clotting clotting, coagulation, curdling - the process of forming semisolid lumps in a liquid , 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, and specialty toxicology controls used to monitor and measure the presence of drugs of abuse. The company's product line is sold to hospitals, clinical laboratories, commercial reference laboratories and research institutions on a worldwide basis by the company's own sales representatives, as well as through an extensive network of distributors. To learn more about Biopool, visit the company's Web site at http://www.biopool.com. This news release contains forward-looking statements, which are based upon current expectations that 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-K-SB under "Risk Factors." -0-
BIOPOOL INTERNATIONAL INC.
Financial Highlights
(Unaudited)
(In thousands, except share data)
Operations Data
Three months ended Six months ended
June 30, June 30,
1999 1998/a 1999 1998/a
Sales from continuing
operations $2,368 $2,117 $4,492 $4,170
Income from continuing
operations before taxes 210 176 468 500
Net income 299 145 500 327
Earnings per common and
equivalent share $ 0.04 $ 0.02 $ 0.06 $ 0.04
Diluted shares outstanding 8,411 8,844 8,488 8,864
Balance Sheet Data
June 30, Dec. 31,
1999 1998/a
Working capital $5,139 $3,549
Total assets 11,224 10,470
Total shareholders' equity 9,560 9,357
/a Restated to conform with 1999 presentation.
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