BioSource Shows Net Loss; Stock, Staff Moves Cited

BioSource International Inc. in Camarillo said third-quarter net sales increased $680,000 or 9.1% to $8.2 million for the three months that ended Sept. 30.

However, the company reported a net loss of $2.9 million, or 35 cents per share. BioSource incurred charges of 28 cents per share for the conversion of preferred stock to common stock, and 13 cents per share in the transition to a new senior management team. Those charges included severance costs of $900,000, stock compensation charges of $600,000 and professional fees of $200,000.

When adjusting for the nonrecurring items, net income for the quarter would have been 6 cents per share, compared with 12 cents per share for the same quarter last year.

BioSource develops biological reagent systems used in pharmaceutical and biomedical research.