BioSource Net Income Drops in 1st Quarter

BioSource International in Camarillo announced first-quarter sales of $5.3 million and net income of $816,169 or 10 cents per diluted share.

A year earlier, BioSource reported revenues of $5.4 million and net income of $862,155 or 10 cents per diluted share.

While sales revenue for the 1998 first quarter was the second highest in the company’s history, net income was affected by a pretax charge of $158,000 or 2 cents per diluted share for moving expenses. This one-time charge was incurred in the relocation of the manufacturing and headquarter offices of BioSource Europe S.A. into a less-costly facility in Nivelles, Belgium.

“We are continuing to strengthen the operating team in the United States and Europe, invest in new product development and use our available capital to increase shareholder value,” said James H. Chamberlain, chairman, president and chief executive officer.

BioSource supplies immunological reagents and test kits used in biomedical research.