Exhibit 99.1
Diagnostic Products Corporation Announces Third Quarter Results
LOS ANGELES--(BUSINESS WIRE)--Oct. 23, 2003--Diagnostic Products
Corporation (NYSE:DP) today reported sales of $93.7 million for its
third quarter, an 18.0% increase over the third quarter of 2002.
Earnings were $17.0 million, or $.57 per diluted share, an increase of
72% from $9.9 million or $.34 for the third quarter of 2002. The
dollar weakened in the third quarter of 2003 which had a 6.8% positive
impact on sales. The Company also recognized a gain in operating
income of $4.2 million or $.10 per diluted share related to the sale
of its Pathodx product line. International sales were $66.2 million
and domestic sales were $27.5 million.
Sales of IMMULITE products continued to be very strong, growing
22% over the third quarter of 2002. Immulite product line sales were
$82.8 million for the quarter, 88% of the total sales of the Company.
IMMULITE reagent sales increased 28% this quarter over the third
quarter of 2002. Sales of RIA products were $6.6 million, a 10%
decline from last year's third quarter. Sales of other products were
$4.3 million, up from $4.0 million in the same period last year.
The Company shipped a total of 198 IMMULITE Instruments in the
third quarter including 113 IMMULITE 2000s. The total number of
IMMULITEs shipped is now over 8,700. "Our Immulite business continues
to do very well," said Michael Ziering, President and CEO of DPC. "We
were particularly pleased with the level of Immulite 2000 reagent
sales which reached $45 million for the quarter, an increase of 42%
over last year."
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 and other actions
relating to the Company's Chinese subsidiary; the rate of customer
demand for the Company's products; 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
September 30,
2003 2002
SALES:
Non-Affiliated Customers $87,483 $72,227
Unconsolidated Affiliates 6,254 7,185
Total Sales 93,737 79,412
COST OF SALES 41,335 34,229
Gross Profit 52,402 45,183
OPERATING EXPENSES:
Selling 15,649 13,165
Research and Development 10,037 9,326
General and Administrative 8,401 7,240
Sale of Product Line (4,218) -
Equity in Income of Affiliates (1,280) (604)
OPERATING EXPENSES -NET 28,589 29,127
OPERATING INCOME 23,813 16,056
Interest/Other Income (Expense) - Net 283 (2,352)
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 24,096 13,704
PROVISION FOR INCOME TAXES 6,988 4,248
MINORITY INTEREST 143 (450)
NET INCOME $16,965 $9,906
EARNINGS PER SHARE:
BASIC $.59 $.35
DILUTED $.57 $.34
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC 28,760 28,540
DILUTED 29,697 29,506
CONTACT: Diagnostic Products Corporation
James L. Brill, 310-645-8200