Exhibit 99.1
Diagnostic Products Corporation Announces First Quarter Earnings
LOS ANGELES--(BUSINESS WIRE)--April 23, 2003--Diagnostic Products
Corporation (NYSE:DP) today reported first quarter sales of $86.9
million, a 16.4% increase over the first quarter of 2002. Earnings
were $12.7 million, or $.43 per diluted share, an increase of 17.6%
from $10.8 million or $.37 reported for the first quarter of 2002. The
Euro strengthened relative to the dollar while the Brazilian Real
weakened, and the net effect of foreign currency movements was a 5.6%
increase in sales. International sales increased 15.6% to $62.4
million while domestic sales increased 18.4% to $24.5 million.
Sales of IMMULITE products continued to be strong, growing 21%
over the first quarter of 2002. IMMULITE product line sales reached
$75.7 million for the quarter, 87% of the total sales of the Company.
IMMULITE reagents sales increased 31% this quarter over the first
quarter of 2002. Sales of RIA products were $6.8 million, a 14%
decline from last year's first quarter. Sales of other products were
$4.4 million, down from $4.5 million in the same period last year.
"Our IMMULITE business continues to do very well," said Michael
Ziering, President and CEO of DPC. "We were particularly pleased with
the level of reagent sales and our performance in the United States
this quarter."
The Company shipped a total of 216 IMMULITE Instruments in the
first quarter including 141 IMMULITE 2000s. The total number of
IMMULITEs shipped is now over 8,000.
Founded in 1971, Diagnostic Products Corporation (DPC) is the
global leader dedicated exclusively to immunodiagnostic testing. The
Company's product menu includes over 400 tests to measure
microorganisms, hormones, drugs and other medically important
substances present at infinitesimal concentrations in body fluids and
tissues. DPC also designs and manufactures automated laboratory
instrumentation which provides fast, accurate results while reducing
labor and reagent costs. DPC sells its products to hospitals, clinics
and laboratories domestically and in over 100 international countries.
Additional Company information can be found on the Company's web site
at www.dpcweb.com.
Except for the historical information contained herein, this press
release contains forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially.
These factors include the effects of governmental or other actions
relating to the Company's Chinese subsidiary; the rate of customer
demand for the Company's products; the Company's ability to
successfully market new and existing products; its dependence on
certain suppliers; domestic and foreign government regulation; its
ability to keep abreast of technological innovations and to translate
them into new products; competition; political and economic
instability in certain markets including the movements of foreign
currencies relative to the dollar; and other risks and uncertainties
disclosed from time to time in the Company's SEC reports and filings.
Diagnostic Products Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited - In thousands except per share data)
Three Months Ended
March 31,
2003 2002
SALES:
Non-Affiliated Customers $80,247 $67,451
Unconsolidated Affiliates 6,633 7,189
Total Sales 86,880 74,640
COST OF SALES 36,556 30,670
Gross Profit 50,324 43,970
OPERATING EXPENSES:
Selling 15,433 13,150
Research and Development 10,003 8,711
General and Administrative 8,599 6,657
Equity in Income of Affiliates (1,458) (712)
OPERATING EXPENSES - NET 32,577 27,806
OPERATING INCOME 17,747 16,164
Interest/Other Income (Expense) - Net 29 (179)
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 17,776 15,985
PROVISION FOR INCOME TAXES 5,155 4,955
MINORITY INTEREST (86) 223
NET INCOME $12,707 $10,807
EARNINGS PER SHARE:
BASIC $.44 $.38
DILUTED $.43 $.37
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC 28,622 28,360
DILUTED 29,544 29,517
CONTACT: Diagnostic Products Corporation, Los Angeles
James L. Brill, 310/645-8200