BioSource Reports Net Loss for Its 3rd Quarter

BioSource International in Camarillo reported a net loss of $2.7 million, or 37 cents per share, for the third quarter ended Sept. 30, compared with net income of $855,000, or 10 cents per share, for the same quarter last year.

The loss came on revenue of $5.7 million, compared with $5.2 million reported for the same period in 1997.

The company attributed the hike in revenue to increased sales in the United States and Japan. The quarterly loss is blamed on a one-time noncash charge of $4.5 million involving an inventory valuation that included a change of the standard costs of certain products.

“While the inventory reserve we have recorded has a negative impact on third-quarter earnings, it reflects management’s change in approach to utilizing such inventory,” said James H. Chamberlain, chairman, president and CEO. “We firmly believe this approach, coupled with the manufacturing efficiencies we have experienced, will result in a stronger company.”