Biopool International Reports Financial Results for Third Quarter Ended Sept. 30, 1998.VENTURA, Calif.--(BUSINESS WIRE)--Nov. 5, 1998--Biopool International Inc. (Nasdaq:BIPL BIPL Biphase Level ) Thursday reported operating results for the third quarter and nine-month period ended Sept. 30, 1998. Sales for the third quarter were $3.5 million compared with $4.3 million for the same period last year. For the nine-month period, sales were $11.2 million compared with $12.7 million for the comparable period in 1997. Net income for the quarter was $43,000, or 0 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. fully 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. , compared with $493,000, or 6 cents per share, for the same period in 1997. For the nine-month period, net income was $370,000, or 4 cents per share fully diluted, compared with $1.2 million, or 13 cents per share, in 1997. Michael D. Bick Ph.D., chairman and chief executive officer, stated: "Our results for the third quarter, although disappointing, were not completely unexpected, as we were locked out of certain business due to purchasing contracts established by our competitors. "The company made significant advancements in the third quarter, however, through the formation of alliances and supply agreements with two major vendors to many of the large U.S. purchasing groups, which, in turn, represent our end-user hospital and clinical laboratories. These agreements are expected to strengthen sales in our core manufactured immunohematology and 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. product groups and could begin contributing to earnings in the first quarter of 1999. "Also, as previously reported, our supplier of Bayrho has had us on back-order since February of this year, resulting in a $641,000 shortfall in revenues as compared to the prior period. We began to receive limited supplies of Bayrho in October and expect this Rh immunoglobulin immunoglobulin: see antibody; immunity; immunology. Immunoglobulin Any of the glycoproteins in the blood serum that are induced in response to invasion by foreign antigens and that protect the host by eradicating pathogens. to soon be available at prior levels," Bick concluded. 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 thrombotic /throm·bot·ic/ (-bot´ik) pertaining to or affected with thrombosis. throm·bot·ic adj. Relating to, caused by, or characterized by thrombosis. 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; specialty chemistry controls used to monitor and measure the presence of drugs of abuse; and blood group serology Serology The division of biological science concerned with antigen-antibody reactions in serum. It properly encompasses any of these reactions, but is often used in a limited sense to denote laboratory diagnostic tests, especially for syphilis. products used to screen for antibodies and group and type whole blood. The company's product line of more than 150 FDA-approved products is sold to hospitals, blood bank facilities, and clinical and reference laboratories 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 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. regarding increased revenues resulting from new supply agreements and the availability of an out-sourced product, 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 Fluctuation A price or interest rate change. , 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.
Third Quarter and Nine Months Ended Sept. 30, 1998
(in thousands except per share data)
OPERATIONS DATA
Three Months Ended Nine Months Ended
(Unaudited) (Unaudited)
Sept. 30 1998 1997 1998 1997
Sales $ 3,516 $ 4,315 $11,235 $12,661
Income before taxes 70 585 493 1,439
Net income 43 493 370 1,153
Income per common and
equivalent share $ -- $ 0.06 $ 0.04 $ 0.13
Diluted shares outstanding 8,737 9,145 8,737 9,145
BALANCE SHEET DATA
Sept. 30, 1998 Dec. 31, 1997
(Unaudited) (Audited)
Working capital $ 5,450 $ 5,471
Total assets 13,245 13,678
Long-term debt 1,214 1,873
Total Shareholders' equity 9,361 9,045
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