Immucor Earns Record $2.8 Million in Net Income for the Fiscal Fourth Quarter
Record Revenues, Gross Profits and Net Income
NORCROSS, Ga., Jul 17, 2002 /PRNewswire-FirstCall from COMTEX/ -- Immucor, Inc. (Nasdaq: BLUD chart, msgs), the global
leader in providing automated instrument-reagent systems to the blood transfusion industry, today reported financial results for the
fiscal fourth quarter and twelve months ended May 31, 2002, and updated its guidance for fiscal 2003.
Revenue for the fiscal fourth quarter ended May 31, 2002 was a record $23.5 million, up 25.6% from $18.7 million in the same
period last year. Income before income taxes reached $4.4 million versus a net loss before income taxes of $(0.3) million in the
year ago period. Net income for the fourth quarter was $2.8 million versus a net loss of $(1.4) million for the same quarter last year.
Diluted earnings per share were $0.34 on 8.2 million weighted average shares outstanding compared with $(0.19) on 7.3 million
weighted average shares outstanding for the same period last year. Earnings before interest, taxes, depreciation and amortization
(EBITDA) improved, reaching $7.0 million for the quarter versus $2.3 million in the same period last year.
Reagent revenues grew to $20.6 million compared to $17.6 million in the fourth quarter 2001, a 17.0% increase. The Company
believes growth in reagent revenue occurred as a result of new customers, price increases in North America and volume increases
in proprietary Capture(R) products. Reagent gross margins grew to 58% during the quarter. Sales of instruments during the quarter
were particularly strong at $2.8 million vs. $1.1 million in the previous year. Instrument sales grew as a result of new placements
and concentrated efforts to reduce the backlog of instruments installed but not recorded as revenue due to post installation criteria.
The instrument backlog currently stands at $0.7 million. During the third quarter the Company fully utilized net operating loss
carry-forwards generated in fiscal 2001 and, as a result, the Company's U.S. operations have become fully taxed during the fourth
quarter. |
