BIOSPHERICS REPORTS RECORD REVENUES
AND RECORD PROFITS IN FIRST QUARTER
Media Contact: Mark Hopkinson 561/ 750-9800 x14
Email: mhopkinson@TransMediagroup.com
Investor Relations: Richard Levin 301/ 419-3900
Email: rlevin@biospherics.com
FOR IMMEDIATE RELEASE:
BELTSVILLE, MD., May 11, 2000 Biospherics Incorporated
(NASDAQ/BINC) today reported net income of $1,018,000 ($0.09 per
share, fully diluted) on sales of $5.3 million for the first quarter
of 2000 compared with a net loss of $994,000 ($0.11 per share,
fully diluted) on sales of $3.0 million in the same period of
1999. Current assets saw a 138% improvement, and are $10 million
as of March 31, 2000, compared to $4.2 million as of December
31, 1999. Cash improved by 179% to $5.3 million as of March 31,
2000, from $1.9 million as of December 31, 1999.
Executive Vice President, David Affeldt, stated,
"Our re-organization and new focus, coupled with our new Business
Development Group has provided a strong launch into 2000. I am
especially pleased at our 79% increase in revenues with only an
8% increase in expenses compared to first quarter 1999; this further
shows that we have instituted a strong infrastructure with good
financial controls. These results are even more impressive considering
the strides we have made in our Biotechnology Division, with the
successful launch of FlyCrackerTM (see March 16, 2000 press release)
and our progress with tagatose for non-food uses (see March 29,
2000 press release)."
The increase between years is the result of successful
business development efforts targeting the pharmaceutical industry
with prescription and over-the-counter product support and customer
relations services. Our Customer Relationship Management (CRM)
solutions help our clients attract new customers and develop long-lasting
relationships with them, an area of growing interest and focus
in many industries. Biospherics' CRM approach couples the Company's
leading edge Information Technology with its experience in customer
and information services. The Company was successful in winning
five (5) new contracts in the first quarter of 2000, one of which
was a primary contributor to the improved results and concluded
early in the second quarter. The Company's first quarter business
has been dynamic due to new initiatives and will continue to be
so. Some commercial contracts are short-term and the Company must
continually replace expiring contracts with new awards. Management
is striving to achieve continued success.
Biospherics reports:
| |
Three Months Ended March 31, |
Revenue
Operating expense
Income (loss) from operations
Net income (loss)
Net income (loss) per share, diluted |
2000
$5,253,517
$4,232,507
$1,021,010
$1,018,377
$ 0.09
|
1999
$2,965,895
$3,893,655
$(927,760)
$(993,814)
$(0.11)
|
Under its motto, "Technologies for Information
and Health," Biospherics' mission is to provide guidance and
products to improve the quality of life. Biospherics offers
biotechnology innovations, information technology solutions,
and information center services.
Certain statements contained herein are "forward
looking" statements as defined in the Private Securities Litigation
Reform Act of 1995. Because such statements include risks and
uncertainties, actual results may differ from those expressed
or implied. Factors that could cause actual results to differ
materially from those expressed or implied include, but are
not limited to, those discussed in filings by the Company with
the Securities and Exchange Commission, including the filing
on Form 8-K made on March 3, 1999.
Our Internet address is: http://www.biospherics.com.
{main}
