BioSource’s Net Sales Rise 8% in 1st Quarter

BioSource International in Camarillo reported net sales of $7.9 million for the first quarter ended March 31, an increase of 8% from the $7.3 million recorded for the first quarter of 1999.

If the foreign currency exchange rates had been the same as for the first quarter of 1999, net sales for the most recent first quarter would have been $8.3 million, a 13% increase from the previous year. However, European sales were lower by $400,000 or 5% in the first quarter of this year because of changes in foreign currency rates.

Net income for the quarter was $784,000, compared with $820,000 for the first quarter of 1999. However, shares suffered a loss of 5 cents, compared with earnings of 11 cents per share a year earlier, due to non-cash preferred stock dividends of $1.2 million or 15 cents per share associated with the Genstar Capital equity transaction.

“In February, we added a valuable partner to our team in Genstar Capital,” said James H. Chamberlain, president and chief executive officer. “Genstar’s ability to aid in our growth strategy and bring a significant financial market presence to BioSource will assist us in implementing our company strategy and achieving our goals.”

BioSource develops immunological reagents, test kits and other products used in biomedical research. The company focuses its sales efforts on academic, industrial and governmental laboratories.