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New Products, Acquisitions Boost BioSource Earnings

March 18, 1997|BARBARA MURPHY

BioSource International in Camarillo announced record fourth quarter and year-end results for the period ended Dec. 31.

The company reported earnings for the year of $2.76 million, or 35 cents per share, on revenues of $15.91 million. For the quarter, BioSource reported net earnings of $850,171 or 9 cents per share on revenues of $5.09 million.

The company's earnings per share increased by 75% over the previous year, despite an increase of nearly 2.1 million shares of BioSource common stock. Quarterly earnings were 50% greater than the same three-month period in 1995.

The financial performance of the company includes an operating profit at BioSource Europe, which was formed June 5 with the acquisition of the in-vitro business of Medgenix Diagnostics S.A. After providing for income taxes, the wholly owned subsidiary reported a loss per share of less than 1 cent.

"We concurrently completed a series of financial transactions, including an equity offering which raised a net of $19.3 million in capital and an acquisition that effectively doubled our revenue potential, while our existing business operations continued to grow at double-digit rates," said James H. Chamberlain, chairman, president and chief executive.

BioSource brought a number of new products to market in 1996. The company also funded two university research investigations related to molecular diagnostics, which are expected to contribute to new product lines this year.

BioSource supplies immunological reagents and tests kits used in biomedical research. The company offers more than 1,300 products.

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