BIODYNAMICS REPORTS RECORD 2ND QUARTER SALES AND EARNINGS
BIODYNAMICS REPORTS RECORD 2ND QUARTER SALES AND EARNINGS TAMPA, Fla., June 17 /PRNewswire/ -- Biodynamics International, Inc.
(NASDAQ: BDYN) today reported record revenues for the second quarter ended May 31, 1992 of $1,790,432, increased 45 percent from revenues of $1,232,473 for the comparable period in 1991. Net earnings for the period were $244,601 or $0.036 per share, compared to second quarter 1991 earnings of $95,793 or $0.015 per share.
Net earnings for the six months ended May 31, 1992 were $361,136 or $0.054 per share, up from $86,001, or $0.013 per share for the first six months of 1991. Revenues for the current six months period totaled $2,898,153, an increase of 52 percent compared to $1,905,779 reported for the comparable 1991 period. Increased sales and higher net profit margins, as well as two recently concluded private placements, have improved the company's financial condition significantly. The company's working capital ratio at May 31, 1992 was 4.5, compared to 1.92 at Nov. 30, 1991. John V. Hargiss, president and chief executive officer, commenting on mid-year results said, "Increased revenues are primarily attributable to the accelerating acceptance of the company's processed tissue allografts by neurosurgeons and orthopedic surgeons. Our improved profit margins are the results of a combination of the higher level of sales and our continuing efforts to control costs." Biodynamics International, Inc. provides specialty surgical products to the neurosurgical, orthopedic, cardiovascular, plastic and reconstructive specialties. The company is a Florida corporation with its executive offices in Tampa, Fla. BIODYNAMICS INTERNATIONAL, INC. STATEMENT OF OPERATIONS (Unaudited) Three Months Ended May 31, 1992 1991 REVENUES $1,790,432 $1,232,473 Operating income before taxes 316,389 146,098 Equity in (loss) of joint venture (67,558) (50,305) Income (loss) from operations before income tax and extraordinary item 248,831 95,793 Income taxes (84,603) (32,570) Income before extraordinary item 164,228 63,323 Extraordinary item: tax benefit of net operating loss carryforward 80,373 32,570 NET INCOME $244,601 $95,793 Earnings per share 0.036 0.015 Weighted Average common shares outstanding 6,762,135 6,461,148 Six Months Ended May 31, 1992 1991 REVENUES $2,898,153 $1,905,779 Operating income before taxes 464,099 156,541 Equity in (loss) of joint venture (96,718) (70,540) Income (loss) from operations before income tax and extraordinary item 367,381 86,001 Income taxes (124,910) (53,846) Income before extraordinary item 242,471 32,155 Extraordinary item: tax benefit of net operating loss carryforward 118,665 53,846 NET INCOME $361,136 $86,001 Earnings per share 0.054 0.013 Weighted Average common shares outstanding 6,762,135 6,601,299 -0- 6/17/92 /CONTACT: John V. Hargiss, president and CEO, or Marti Bruce, controller of Biodynamics International, Inc., 813-979-0016/ (BDYN) CO: Biodynamics International, Inc. ST: Florida IN: HEA SU: ERN
JJ-JB -- FL005 -- 1001 06/17/92 10:27 EDT
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|Date:||Jun 17, 1992|
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