Biopool International Reports Sales and Earnings for 1999.Business Editors/Medical Writers VENTURA, Calif.--(BUSINESS WIRE)--March 27, 2000 Biopool International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BIPL BIPL Biphase Level ) today reported results for the year and fourth quarter ended Dec. 31, 1999. Results of operations for prior years have been restated to reflect the sale 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 on April 30, 1999. 1999 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 12 percent to $8,842,000 from $7,870,000 in 1998. 1999 net income increased 72 percent to $714,000, or $0.09 per share, versus $414,000, or $0.05 per share, for the previous year. Income from continuing operations before taxes was $740,000 in 1999 compared with $436,000 in 1998. After tax income from continuing operations was $400,000, or $.05 per share, in 1999 versus $435,000, or $.05 per share, for the previous year. Fourth quarter sales from continuing operations increased 20 percent to $2,366,000 in 1999 versus $1,964,000 in 1998. Biopool reported an increase in net income to $137,000, or $0.02 per share, from $44,000, or $0.01 per share, for the same period a year ago. "1999 was yet another year of significant challenges and achievements for Biopool as we improved overall profitability and refocused our business on 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. product line," commented Michael D. Bick, Ph.D., chairman and chief executive officer of Biopool International. "Though the Company has remained profitable since 1992, we faced an uncharacteristic un·char·ac·ter·is·tic adj. Unusual or atypical: an uncharacteristic display of anger. un decline in revenues and earnings in 1998 and early 1999. We reacted swiftly and confidently, however, to strengthen the foundation on which our success has traditionally been built. With the sale of certain assets of our BCA 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. division to Immucor in April 1999, the Company has returned to a level of profitability our shareholders have come to expect. "In fact, Biopool has never in its 12-year history been in better financial condition. At Dec. 31, 1999, working capital reached an all- time high of $7.9 million, with a current ratio of 8.4 to 1.0. To further enhance our strong cash position, the remaining BCA property in Pennsylvania, with a net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. of $2.0 million, is currently in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. . "Though our challenges were notable this past year, we are very pleased to report a 20 percent increase in our core hemostasis business in the fourth quarter of 1999 and an overall 12 percent increase in revenues for the year. Our achievements in 1999 also included the market release of Biopool's new Bioclot(R) aPC Sensitivity Kit, which received clearance from the 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. in January 1999. "This test kit, used to screen for activated protein C (APC) resistance, is an important addition to Biopool's growing line of products aimed at diagnosing individuals at risk for developing life-threatening thrombotic disease. "We believe that our renewed focus on core company strategies," concluded Dr. Bick, "will not only result in improved performance in 2000, but will allow us to take full advantage of future strategic opportunities to strengthen and grow the Company." 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 toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. 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. NOTE: This news release contains forward-looking statements including the expectation of improved performance in 2000, 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.
1999 Financial Highlights
(in thousands except share data)
OPERATIONS DATA
(Unaudited)
Three Months Ended Year Ended
December 31 1999 1998 1999 1998
Sales $ 2,366 $ 1,964 $ 8,842 $ 7,870
Income (loss) from
continuing operations
before taxes 154 (124) 740 436
Net income 137 44 714 414
Basic and diluted earnings
per share, net of taxes:
Continuing operations $ 0.01 $ 0.00 $ 0.05 $ 0.05
Net income $ 0.02 $ 0.01 $ 0.09 $ 0.05
Diluted shares outstanding 8,316 8,619 8,399 8,763
BALANCE SHEET DATA
(Unaudited)
December 31,
1999 1998
Working capital $ 7,946 $ 7,072
Total assets 11,033 10,447
Long-term debt -- --
Total shareholders' equity 9,834 9,357
NOTE: Historical numbers have been restated to reflect the sale of the BCA Division on April 30, 1999. |
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