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Immucor Announces Record Fiscal First Quarter Revenues
Date:10/3/2007

NORCROSS, Ga., Oct. 3 /PRNewswire-FirstCall/ -- Immucor, Inc. (Nasdaq: BLUD), a global leader in providing automated instrument-reagent systems to the blood transfusion industry, today reported financial results for the fiscal first quarter ended August 31, 2007.

Revenue for the fiscal first quarter was a record $63.6 million, up 25% from $51.0 million in the same period last year. Of the $12.6 million total increase in revenues, approximately $1.5 million came from volume increases including instrument, warranty and service revenue in the United States, approximately $8.7 million came from price increases in the United States, approximately $1.6 million came from sales increases including instrument revenues outside the United States, and the effect of the change in the Euro, Japanese Yen and Canadian dollar exchange rates increased sales by approximately $0.8 million. Gross margin improved during the quarter to 72.1% up from 67.7% in the prior year quarter.

Net income for the first quarter was $17.8 million, up 39% from $12.7 million for the same quarter last year. Diluted earnings per share totaled $0.25 on 71.1 million weighted average shares outstanding, up from $0.18 on 70.2 million weighted average shares outstanding for the same period last year.

Sales of instruments were $5.1 million in the first quarter of fiscal 2008, an increase from $3.3 million in the fiscal 2007 first quarter. Most instrument sales in the United States are recognized over the life of the underlying reagent contract, which is usually 5 years. In the quarter ended August 31, 2007 approximately $2.9 million of instrument sales were deferred in this manner. As of August 31, 2007, deferred instrument revenues, including deferred service revenues, totaled $21.4 million. Reagent gross margin grew to 80.6% during the first quarter of fiscal 2008 compared to 75.3% in the same period last year. The previously mentioned price increases were responsible for this improveme
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SOURCE Immucor, Inc.
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