BIOSPECIFICS TECHNOLOGIES CORP. ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
LYNBROOK, N.Y., April 29 /PRNewswire/ -- BioSpecifics Technologies Corp. (NASDAQ: BSTC) reported revenues for the fiscal year ended Jan. 31, 1993 of $4,921,562 as compared to $4,467,949 for the prior fiscal year. The company's net income was $1,405,157 or $.30 on primary earnings per share basis (computed on 4,714,744 shares) and $.28 on a fully diluted basis (5,009,744 shares) compared to net income of $1,269,196 or $.35 on a primary earnings per share basis (3,598,551 shares) and $.32 fully diluted (3,907,962 shares) for the prior fiscal year. Revenues for the fourth quarter ended Jan. 31, 1993 were $1,046,729 as compared to $1,272,969 for the comparative period in the prior fiscal year. This change in revenues represents the change to domestic sales from foreign sales. Net income for the fourth quarter of fiscal 1993 was $181,004 as compared to $198,162 for the fourth quarter of fiscal 1992. Mr. Edwin H. Wegman, chairman and president of BioSpecifics Technologies stated, "Royalty income for fiscal 1993 was 95 percent greater than for fiscal 1992. Our licensee's sales of Santyl ointment increased at a 90 percent rate in fiscal 1993 over fiscal 1992. In the latest fourth quarter we took a charge of $100,000 or $.02 per primary share for costs associated with reducing production at our Curacao facility. We have inventory to meet anticipated international demand and intend to re-expand production in Curacao when international demand increases. Research and development expenses in fiscal 1993 were approximately $764,000 versus $625,000 in fiscal 1992 and represents BioSpecific's commitment to its products in development and amounts to an increase in fiscal 1993 of $139,000 or about $.03 per primary share. Earnings in fiscal 1993 would have been $.05 per primary share higher (and based on a 31 percent increase in weighted average shares) except for the increase in research and development expenditures, and costs associated with reducing production in Curacao." BioSpecifics, through its subsidiaries, produces and licenses pharmaceutical products for domestic and international sales. The company's current principal product is its FDA-approved enzyme Collagenase ABC, used in topical applications for treatment of dermal ulcers and severely burned areas.
The company is also engaged in various stages of research, development, clinical testing and licensing of additional pharmaceutical products and therapeutically active molecules.
BIOSPECIFICS TECHNOLOGIES CORP. AND SUBSIDIARIES Periods ended Year Three months Jan. 31, 1993 1992 1993 1992 Revenues $4,921,562 $4,467,949 $1,046,729 $1,272,969 Earns. from operations 1,373,769 1,327,793 232,384 164,814 Inc. before extraord. credit 1,364,657 1,269,196 203,435 245,662 Extraord. credit (charge) 40,500 -- (22,431) (47,500) Net income $1,405,157 $1,269,196 $ 181,004 $ 198,162 Earnings per common share: Primary Income before extraord. credit $ 0.29 $ 0.35 $ 0.04 $ 0.06 Extraord. credit 0.01 -- -- (0.02) Net income $ 0.30 $ 0.35 $ 0.04 $ 0.04 Fully Diluted Income before extraord. credit $ 0.27 $ 0.32 $ 0.04 $ 0.05 Extraord. credit 0.01 -- -- (0.01) Net income $ 0.28 $ 0.32 $ 0.04 $ 0.04 Wtd. avg. no. of shares used in computing earnings per share: Primary 4,714,744 3,598,551 4,688,710 4,447,100 Fully diluted 5,009,744 3,907,962 4,968,710 4,784,100 -0- 4/29/93 /CONTACT: Edwin H. Wegman, president of BioSpecifics Technologies, 516-593-7000, or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060, for BioSpecifics Technologies/ (BSTC)
CO: BioSpecifics Technologies Corp. ST: New York IN: MTC SU: ERN
SM-AS -- NY076 -- 2712 04/29/93 13:57 EDT
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|Date:||Apr 29, 1993|
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