BIOWHITTAKER REPORTS PROJECTED EARNINGS
BIOWHITTAKER REPORTS PROJECTED EARNINGS WALKERSVILLE, Md., Nov. 12 /PRNewswire/ -- BioWhittaker Inc.
(NYSE: BWI) today announced that it expects its earnings for the fourth quarter ended Oct. 31, 1992 to be approximately 9 cents per share compared to 1991 pro forma earnings of 12 cents per share for the same period. The company attributed the weak fourth quarter results to a variety of problems in its diagnostic products business. Management is confident that it is correcting the problems and has already restructured its diagnostic business to accomplish this.
For the first nine months, the company reported 33 cents per share compared to pro forma earnings of 26 cents per share during the same period last year. BioWhittaker will announce actual results for the fourth quarter on Dec. 14, 1992. In light of the expected results for the fourth quarter, earnings for 1992 are expected to be approximately 42 cents per share, compared to 1991 pro forma earnings of 38 cents per share. Commenting on the projected earnings for 1992, Noel L. Buterbaugh, president and chief executive officer, stated, "Although we are disappointed with the fourth quarter, an annual increase of approximately 11 percent over 1991 pro forma earnings during a time when the overall economy was in decline is indicative of the company's inherent strength and growth potential." BioWhittaker, Inc. develops and produces clinical diagnostic testing systems, cell culture products, and endotoxin detection assays for the international healthcare and biotechnology markets. BioWhittaker was a wholly owned subsidiary of Whittaker Corporation through the end of fiscal 1991. As previously announced, BioWhittaker was spun off to Whittaker's stockholders of record on Nov. 14, 1991. The pro forma figures for 1991 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 or of BioWhittaker's future operating results. -0- 11/12/92 /CONTACT: Susan Walden of BioWhittaker, 301-898-7025 ext. 2559/ (BWI) CO: BioWhittaker, Inc. ST: Maryland IN: MTC SU: ERP
TS -- NY008 -- 9969 11/12/92 07:18 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 12, 1992|
|Previous Article:||ALCATEL ALSTHOM REPORTS 6 PERCENT RISE IN NINE MONTHS SALES|
|Next Article:||HOW DOES YOUR BANK RATE?|