BioWhittaker stock drops 8% analysts blame poor market

BY THE NUMBERS

August 25, 1992|By Liz Bowie | Liz Bowie,Staff Writer

BioWhittaker's stock fell 8 percent yesterday after the company reported its third-quarter earnings, but analysts linked the decline to a poor overall market.

The Frederick County biotechnology company said it earned $1.3 million, or 12 cents a share, for the third quarter that ended July 31, 1 cent less than some analysts had projected.

"I would think the selling would be related to overall market weakness rather than the earnings," said Richard Cripps, director of equity marketing at Legg Mason in Baltimore. "We are not talking numbers that were far off."

The stock, which trades on the NASDAQ system, closed at $9.75, down 87 cents from the previous day, pushing the stock to a 12 percent drop in the past five days. The volume of trading was 52,700 shares yesterday compared with an average daily volume of 13,000, according to Bloomberg Business News.

"We are not quite sure what has been going on," said Philip Rohrer, BioWhittaker's chief financial officer. "We thought it was good news. Imagine our surprise."

The company still projects annual earnings of 48 cents a share, which would mean the company would need to earn 15 cents a share in the fourth quarter, historically the most profitable of the year, he said.

Three months ending 7/31/92

.. .. .. Revenue .. .. .. Net .. .. .. Share

'92 . .10,588,000 ... ..1,343,000 ..0.12

'91 . ..7,940,000 ... ..1,438,000 .. --

% change ... +33.0 ... .. .. ..-6.0 .. --

Nine months ending 7/31/92

.. .. .. Revenue .. .. .. Net .. .. .. Share

'92 . ..32,370,000 .. ..3,659,000 ..0.33

'91 . ..23,717,000 .. ..2,768,000 .. . --

change .. . +36.5 .. .. ... +32.2 .. . --

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