BioSource International in Camarillo announced record earnings for its fiscal year ended Dec. 31.
For the 12 months, the company reported net income of $3.18 million or 36 cents per diluted share on revenue of $20.57 million. For the fourth quarter, BioSource reported net earnings of $696,372 or 8 cents per diluted share on revenues of $4.89 million.
The company's earnings per share for fiscal 1997 were 1 cent greater than reported earnings in fiscal 1996, even though there was an increase of 12% in the weighted average number of shares outstanding.
BioSource estimates that the fluctuation in the exchange rate of U.S. dollars compared to European currencies from 1996 to 1997 resulted in a decrease in revenue of approximately $1.2 million for fiscal 1997 and $350,000 in the fourth quarter.
"BioSource strengthened the foundations of its global business, extended its core technology into new market areas and took important steps to increase shareholder value in the last fiscal year," said James H. Chamberlain, chairman, president and chief executive officer. "The addition of new, separate product families . . . marked a significant expansion of our potential market."
BioSource supplies immunological reagents and test kits used in biomedical research.