from the 8-K: The Company expects revenues for the fiscal year ended May 31, 2004 to range from $106 million to $109 million, an increase of approximately 11% to 12% over 2003 revenues. Net income is expected to be in the range of $17.1 to $19.1 million, an approximate 25% to 33% increase over fiscal 2003. We expect to generate record earnings per share (fully diluted) in the range of $1.20 to $1.34 for the full fiscal year. We base our projections on our history of operations and experience, the recurring nature of our revenues, including contractually committed purchases from large customers, and the predictability of our expenses through the fiscal year. In making this projection, management has made the following assumptions:
With respect to revenues, the Company has extrapolated recent past results and assumed the Company will generate additional revenues from the renewal of customer contracts at higher prices, the additional sales of instruments and the related reagent revenue in the United States, the sales of the new Galileo instrument in Europe and the related reagent revenue, and from the increased sales of the Company’s diagnostic products. The Company has also assumed that the recently announced development agreement with Inamed, Inc. for the production of human collagen mesh will result in the successful development of a product that would add revenues beginning no later than February 2004. Assuming that occurs, the Company expects annual revenues ranging between $6.0 million and $8.0 million dollars from the Inamed agreement and an addition to quarterly earnings of approximately $0.03 per diluted share outstanding when shipments commence.
With respect to expenses, the Company has assumed expenses will grow at a rate slightly higher than the rate of inflation.
With respect to fully-diluted earnings per share, the Company’s projection assumes no additional capital stock will be issued but believes the number of fully diluted shares will increase due to a higher share price since this affects assumptions required by accounting principles regarding unexercised stock options.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of its market segments.
For more information on Immucor, please visit our website at www.immucor.com. |
