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QUIDEL REPORTS INCREASED FOURTH QUARTER SALES AND FIRST FULL-YEAR OF PROFITABILITY

 QUIDEL REPORTS INCREASED FOURTH QUARTER SALES
 AND FIRST FULL-YEAR OF PROFITABILITY
 (Repeating to fix garble in earlier transmission)
 SAN DIEGO, May 12 /PRNewswire/ -- QUIDEL Corp. (NASDAQ: QDEL) today announced increased sales for the fourth quarter fiscal 1992, ending March 31, 1992, to $7.36 million, an increase of 12 percent over the prior-year fourth quarter of $6.57 million. Net income for the quarter was $324,000 or $.02 per share and represents the fourth consecutive quarter of profitability for QUIDEL since last year's merger with Monoclonal Antibodies Inc.
 For the year, net sales rose modestly to $26.5 million, compared to the prior-year sales of $26.2 million, despite a decline in distributor (OEM) sales, as QUIDEL focused on the consolidation of its facilities after the merger and the achievement of profitability. Net income applicable to common stockholders for the year increased to $768,000 or $.05 per share, compared to a loss of $5.79 million or $.47 per share in the prior year, which included a one-time write-off for the merger of approximately $5 million.
 "The fact we achieved this profitability while increasing the focused activity of our product development programs for QUIDEL-labeled products was quite gratifying for the company," said Scott L. Glenn, chairman and chief executive officer. "With four new products introduced in the past year and an additional three to four planned for next fiscal year, we expect to accelerate the transition of the company from and OEM manufacturer to a full-range developer and marketer of rapid diagnostics products under the QUIDEL name."
 Gross profit for the year continued to improve to 46 percent, compared to 41 percent in fiscal 1991 and 31 percent in fiscal 1990. The improvement was partially the result of a $2.3 million savings realized from the consolidation of operations from last year's merger. The savings, which came from the reduction of duplicate facilities and services, contributed a large percentage of the profit improvement with the balance reinvested in product development and sales/marketing of QUIDEL-labeled products. Net income for the quarter of $324,000 included a one-time expense of $247,000 for an acquisition that did not materialize. In addition, the year-end profit of $768,000 absorbed approximately $1 million in reduced contract revenue as the company redirects research and development to QUIDEL-labeled products.
 The company believes that seasonal demand for its strep throat and allergy products and transition from OEM sales, could lead to a reduction of sales and profitability on a quarter-to-quarter basis for the first half of fiscal year 1993. Sales projections received to date from OEM partners indicate a lower demand for certain products supplied by QUIDEL to these customers. It is the company's strategy for fiscal year 1993 to continue the transition to QUIDEL-labeled products and, in conjunction with this objective, the company announced last week that Steven Frankel joined QUIDEL as president to head this expanding U.S. sales and marketing effort to the consumer and doctor's office.
 QUIDEL Corp. develops, manufactures, and markets rapid immuno- diagnostic products that provide simple, accurate and cost-effective diagnoses in the areas of human fertility, allergy, infectious disease and autoimmune disorders. These tests are designed for use in the physician's office, clinical laboratory and home testing markets.
 QUIDEL CORP.
 Comparative Financial Data
 (In thousands, except per share data)
 Three months ended
 March 31,
 1992 1991
 Net sales $7,361 $6,570
 Contract & other revenue $90 $139
 Gross profit $3,440 $2,438
 Operating expenses $3,077 $8,812
 Net income (loss) $351 ($6,410)
 Net income (loss)
 Applicable to
 common shareholders $324 ($6,553)
 Net income (loss)
 Per share $0.02 ($0.59)
 Year ended
 March 31,
 1992 1991
 Net sales $26,501 $26,187
 Contract & other revenue $636 $1,619
 Gross profit $12,244 $10,675
 Operating expenses $11,678 $17,462
 Net income (loss) $878 ($5,513)
 Net income (loss)
 Applicable to
 common shareholders $768 ($5,793)
 Net income (loss)
 Per share $0.05 ($0.47)
 -0- 5/12/92 R
 /CONTACT: Mark Francois of QUIDEL, 619-552-7931; or Susan Noonan or Anthony J. Russo of Noonan/Russo Communications, 212-979-9180, for QUIDEL/
 (QDEL) CO: QUIDEL Corp. ST: California IN: MTC SU: ERN


EH-JL -- SD002 -- 8978 05/12/92 09:22 EDT
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Publication:PR Newswire
Date:May 12, 1992
Words:706
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