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.