BioSource International in Camarillo exceeded expectations for the second quarter, posting net income of $772,435 or 9 cents per share, a 31% increase from the previous year.
For the three months ended June 30, the company reported sales of $5.05 million. For the first six months of the fiscal year, BioSource reported record sales of $10.5 million and record net income of $1.63 million or 18 cents per share.
Revenue was up 55% from last year's second quarter for BioSource, which makes reagents and test kits used in biomedical research.
"We are very pleased with our earnings performance, particularly in light of lower than anticipated sales revenue from our European operations and the adverse top line impact of European currency exchange rates compared to the U.S. dollar," said James H. Chamberlain, chairman, president and chief executive officer. "Even considering these factors, the European operations continued to be profitable in the quarter."
In June, BioSource announced that quarterly revenues and earnings were likely to fall short of analysts' projections as a result of exchange rate differences between the U.S. dollar and the German mark and Belgian franc.