BIOWHITTAKER ANNOUNCES FIRST QUARTER RESULTS
BIOWHITTAKER ANNOUNCES FIRST QUARTER RESULTS WALKERSVILLE, Md., Feb. 24 /PRNewswire/ -- BioWhittaker, Inc.
(NYSE: BWI), today announced the results of its operations for the first quarter of fiscal 1992 which ended Jan. 31, 1992.
-- Actual Results for the Quarter Ended Jan. 31, 1992 Net income for the quarter amounted to $1,078,000, or 10 cents per share. Sales for the first quarter were $12,100,000, compared to $8,540,000, for the same quarter a year ago. -- Pro Forma Results for the Quarter Ended Jan. 31, 1991 BioWhittaker was a wholly owned subsidiary of Whittaker Corporation (NYSE: WKR) through the end of fiscal 1991. As previously announced, Whittaker spun off all of its interest in BioWhittaker to Whittaker's stockholders of record on Nov. 14, 1991. If BioWhittaker had been an independent company during the first quarter of 1991 and if the September 1991 acquisition of the assets and business of 3M Diagnostic Systems, Inc., had occurred at the beginning of fiscal 1991, results of operations for the three months ended Jan. 31, 1991, on a pro forma basis, would have reflected net income of $503,000, or 5 cents per share, and sales of $10,429,000. These pro forma figures are derived from the historical financial statements as adjusted for the pro forma results of operations of 3M Diagnostic Systems prior to its acquisition by BioWhittaker, the elimination of Whittaker corporate charges, the addition of estimated expenses that BioWhittaker would have incurred as a stand alone entity, and estimated income tax provisions related to the historical results and the foregoing adjustments. They are presented for illustrative purposes only and are not necessarily indicative of the operating results had the spin-off of BioWhittaker and the acquisition of 3M Diagnostic Systems occurred at the beginning of the periods indicated. BIOWHITTAKER, INC. Consolidated Statements of Income (Unaudited) (Dollars in Thousands, Except Share Data) For the Three Months Ended Jan. 31, 1992 1991 Sales $12,100 $ 8,540 Costs and expenses Cost of sales 5,898 4,657 Research and development 646 409 Selling, general and administrative 3,592 2,385 Interest on long-term debt 179 64 Total 10,315 7,515 Income Before Corporate Charges and Income Taxes 1,785 1,025 Corporate charges Administrative charge -- 125 Asset utilization charge -- 701 Total -- 826 Income Before Provision for Income Taxes 1,785 199 Provision for income taxes(A) 707 -- Net Income $ 1,078 $ 199 Earnings Per Share(B) $ .10 $ -- Average Common and Common Equivalent Shares Outstanding (in thousands) 11,169 -- (A) BioWhittaker, as a wholly owned subsidiary of Whittaker Corporation during fiscal 1991, was included in Whittaker Corporation's consolidated income tax returns. Since Whittaker Corporation does not have a tax sharing agreement with its subsidiaries, the above historical statement of income for the three months ended Jan. 31, 1991, does not reflect a provision for income taxes. If income taxes for BioWhittaker were calculated using the separate return method, the provision for income taxes for the three months ended Jan. 31, 1991, would be approximately $78,000. (B) Prior to the spin-off, BioWhittaker did not have a meaningful capital structure for purposes of computing earnings per share. Accordingly, earnings per share data for the quarter ended Jan. 31, 1991, are not presented. Consolidated Balance Sheet Jan. 31, 1992 (Unaudited) (Dollars in thousands) ASSETS Current Assets Cash $ 456 Accounts receivable 8,766 Inventories 17,687 Prepaid expenses 568 Deferred income taxes 372 Total Current Assets 27,849 Property, Plant and Equipment 23,903 Less accumulated depreciation and amortization 12,007 Total Property, Plant and Equipment 11,896 Other Assets Intangibles 8,665 Miscellaneous 105 Total 8,770 Total Assets $48,515 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current portion of long-term debt $ 6,632 Accounts payable 3,329 Accrued liabilities 4,267 Income taxes payable 826 Total Current Liabilities 15,054 Long-Term Debt 2,379 Deferred Income Taxes 768 Stockholders' Equity 30,314 Total Liabilities $48,515 -0- 2/24/92 /CONTACT: Philip L. Rohrer of BioWhittaker, Inc., 301-898-7025, ext. 2352/ (BWI WKR) CO: BioWhittaker, Inc. ST: Maryland IN: SU: ERN
SB-TW -- DC001 -- 1721 02/24/92 08:51 EST
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|Date:||Feb 24, 1992|
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