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Immucor Announces Record Fiscal Third Quarter Results
Date:4/1/2008

NORCROSS, Ga., April 1, 2008 /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 third quarter ended February 29, 2008.

Revenue for the fiscal third quarter was $67.0 million, up 17% from $57.1 million in the same period last year. Of the $9.9 million total increase in revenues, approximately $4.6 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 approximately $2.1 million of the increase is due to the effect of the change in the Euro, Japanese Yen and Canadian dollar exchange rates. Volume increases in the United States totaled $1.6 million as instruments contributed $1.8 million and reagents $0.8 million, partially offset by a $1.0 million reduction in collagen sales resulting from our previously announced decision to cease collagen production. Gross margin improved to 72.1% in the quarter compared to 70.7% in the prior year quarter.

Net income for the third quarter was $19.3 million, up 28% from $15.0 million for the same quarter last year. Diluted earnings per share totaled $0.27 on 71.1 million weighted average shares outstanding, up from $0.21 on 71.0 million weighted average shares outstanding for the same period last year.

Sales of instruments were $7.1 million in the third quarter of fiscal 2008, an increase from $4.4 million in the fiscal 2007 third quarter. Most instrument sales are recognized over the life of the underlying reagent contract, which is usually 5 years. In the quarter ended February 29, 2008 approximately $4.1 million of ins
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SOURCE Immucor, Inc.
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