IMMUCOR REPORTS YEAR-END AND FOURTH QUARTER RESULTS
IMMUCOR REPORTS YEAR-END AND FOURTH QUARTER RESULTS NORCROSS, Ga., July 27 /PRNewswire/ -- Immucor, Inc.
(NASDAQ-NMS: BLUD), maker of blood bank reagent systems and related products, announced today net income for the year ended May 31, 1992, totaled $3,043,496, compared to $3,097,370 a year ago.
Earnings per share for the year were $.35 vs. $.38 per share last year. For the three-month period, net income totaled $635,696, compared to $881,670 a year ago. Earnings per share were $.08 for the fourth quarter, vs. $.10 per share last year. Revenues for the year ended May 31, 1992, increased 32 percent to $27,262,602 vs. $20,617,939 a year ago. Revenues for the fourth quarter were $7,343,581, compared to $6,290,087 last year. On July 2, the company announced it expected to report a decline in fourth quarter earnings and flat year-end earnings, as compared to the same periods last year. Commenting on these results, Edward L. Gallup, president of Immucor, said: "Investment income for the year decreased $475,500 when compared to last year. This decline was caused by a non- recurring gain on the sale of a long-term investment last year, combined with declining interest rates this year, which reduced income earned on cash reserves. Other factors contributing to the decline in fourth quarter net income were increased spending in Germany to support marketing and sales activities, a decline in blood collection bag sales in Germany, and a decline in domestic gross margin." Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used primarily by hospitals and blood banks in a number of tests performed to detect and identify certain properties of the cell and serum components of human blood prior to blood transfusion. Through its German and Italian subsidiaries, the company also sells blood bags for the collection, storage and administration of human blood, HLA products used primarily in human organ transplantation, DNA probes used in paternity testing and forensic medicine, and tests for certain infectious diseases. IMMUCOR INC. Statements of Income (Unaudited) 3 months ended 12 months ended 5/31/92 5/31/91 5/31/92 5/31/91 Net sales $7,343,581 $6,290,087 $27,262,602 $20,617,939 Cost of sales 3,266,920 2,675,523 11,353,638 8,878,584 Gross profit 4,076,661 3,614,564 15,908,964 11,739,355 Research and development 101,992 164,889 481,220 480,692 Selling, general and administrative 3,035,087 2,280,368 10,990,739 7,492,060 Total operating expenses 3,137,079 2,445,257 11,471,959 7,972,752 Income from operations 939,582 1,169,307 4,437,005 3,766,603 Other income 170,387 214,388 802,736 1,278,262 Interest expense (194,368) (179,233) (631,341) (361,914) Other (17,978) 34,894 (39,504) (14,408) Total other (41,959) 70,049 131,891 901,940 Income before income taxes 897,623 1,239,356 4,568,896 4,668,543 Provision for income taxes 261,927 357,686 1,525,400 1,571,173 Net income $ 635,696 $ 881,670 $3,043,496 $ 3,097,370 Net income per common and common equivalent share $0.08 $0.10 $0.35 $0.38 Balance sheet available upon request. -0- 7/27/92 /CONTACT: Richard J. Still, vice president-finance of Immucor Inc., 404-441-2051/ (BLUD) CO: Immucor, Inc. ST: Georgia IN: MTC SU: ERN
BN-EA -- AT001 -- 3325 07/27/92 08:02 EDT
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|Date:||Jul 27, 1992|
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