Revenue Increases 15% Over Prior Year
ROCKVILLE, Md., April 26 /PRNewswire/ -- BioReliance Corporation
(Nasdaq: BREL) today announced that revenue for the first quarter ended March
31, 2001 increased 15% to $15.3 million from $13.3 million for the same period
in 2000 to mark the highest quarterly revenue in the Company's history. Net
income for the first quarter totaled $388,000 compared to $191,000 for the
same period in 2000. Basic and diluted earnings per share for the first
quarter were $0.05 compared to $0.02 for the first quarter of 2000.
Capers McDonald, BioReliance President and CEO reported, "The record
revenue results for the first quarter evidence the continuing growth trend we
have been experiencing. All of our major operating segments and geographic
regions contributed with increases in revenue. This is evidence of client
satisfaction resulting from our continued dedication to supporting our clients
through every phase of their product development and manufacturing process."
"Expenditures for the Company's new U.S. manufacturing facility have
contributed to a 3% overall decrease in gross margin to 31% from 34% for the
same period in the prior year. Without the results of operations of this
facility, consolidated gross margin would have been 39% for the first quarter.
We have been able to integrate the significant investments in the
manufacturing facility as well as in the support infrastructure into our
operations while maintaining profitability," Mr. McDonald continued.
General and administrative expenses as a percentage of revenue decreased
from 29% to 25% from the same period in the prior year. John Coker, Chief
Financial Officer, stated, "We have sustained our momentum of cost efficiency
along with revenue growth to balance the integration of our investments into
our operations." He added, "The first quarter tax rate of slightly over 20%
is substantially below customary tax rates because of the realization of
certain tax credits and carryforwards, largely to be utilized in 2001."
Mr. McDonald concluded, "As we look beyond the first quarter, we see
earnings per share in a range of $0.04 to $0.06 for the second quarter and
$0.24 to $0.28 for the year. Of course, circumstances can change that could
have a negative or positive effect on results for these future periods."
BioReliance Corporation is a leading contract service organization
providing testing, development and manufacturing services for biologics and
other biomedical products to biotechnology and pharmaceutical companies
worldwide. The Company believes that it is the largest provider of
outsourcing services focused on the expanding biologics sector of the
pharmaceutical industry.
To receive BioReliance's latest news and review other corporate
developments, please visit our web site at http://www.bioreliance.com .
Certain statements made in this release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995
(the "Act"). Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate, or imply future results,
performance, or achievements, and may contain the words "believe,"
"anticipate," "expect," "estimate," "project," "will be," "will continue,"
"will likely result," or similar words or phrases. Forward-looking statements
involve risks and uncertainties which may cause actual results to differ
materially from the forward-looking statements. There can be no assurance that
BioReliance earnings per share for the upcoming quarter and the fiscal year
will be in the ranges specified in this news release or that the Company's
growth trend will continue. Other risks and uncertainties are detailed from
time to time in reports filed by BioReliance with the Securities and Exchange
Commission, including in its Forms 10-K and 10-Q. Given these risks and
uncertainties, investors should not place undue reliance on forward-looking
statements as a prediction of actual results.
BIORELIANCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2001 2000
Revenue $15,268 $13,279
Cost of Sales 10,513 8,758
Gross Profit 4,755 4,521
Expenses:
Selling, general and administrative 3,758 3,822
Research and development 381 367
Income from operations 616 332
Interest & other expense, net 128 2
Income before income taxes 488 330
Income tax provision 100 139
Net income $388 $191
Earnings per share - basic:
Net income per common share outstanding $0.05 $0.02
Weighted average common shares outstanding 8,194 7,943
Earnings per share - diluted:
Net income per common & common equivalent
shares outstanding $0.05 $0.02
Weighted average common & common equivalent
shares outstanding 8,569 8,225
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands)
March
2001 2000
Cash and marketable securities $16,223 $18,305
Accounts receivable $20,100 $18,328
Total assets $78,614 $78,645
Total liabilities $24,748 $25,953
Stockholders' equity $53,866 $52,692
SOURCE BioReliance Corporation
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Related links:
http://www.bioreliance.com
CONTACT:
John L. Coker, Vice President, Finance and
Administration and Chief Financial Officer of BioReliance
Corporation, 301-762-5260, or General, Marilynn Meek, Analysts,
Julia Tu, or Media, Deanne Eagle, all of The Financial Relations
Board, 212-661-8030
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