<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
TO
FORM 10-QSB/A
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1996 Commission File Number. 000-21930.
BIOSOURCE INTERNATIONAL, INC.
(Exact name of Small Business Issuer as specified in its charter)
DELAWARE 77-0340829
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
820 FLYNN ROAD, CAMARILLO, CALIFORNIA 93012
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (805)987-0086
None
(Former name, former address, and former fiscal year if changed since
last report)
Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act during the past 12 months (or for
such shorter period that the issuer was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No .
--- ---
<TABLE>
<S> <C>
Number of common shares of issuer
Outstanding at May 9, 1996 5,878,774
</TABLE>
1
<PAGE> 2
BIOSOURCE INTERNATIONAL, INC.
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
ITEM Description PAGE
<S> <C>
PART I FINANCIAL INFORMATION
1. Financial Statements
Consolidated Balance Sheet as of March 31, 1996............. 3
Consolidated Statements of Operations for the three
months ended March 31, 1996 and 1995...................... 4
Consolidated Statements of Cash Flows for the three
months ended March 31, 1996 and 1995...................... 5
Notes to Consolidated Financial Statements.................. 6-10
2. Management's Discussion and Analysis of Financial
Condition and Results of Operations....................... 11-13
PART II OTHER INFORMATION
1-6 Other Information, Exhibits and Reports on
Form 8-K.................................................. 14
SIGNATURES.................................................. 15
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
ITEM I - FINANCIAL STATEMENTS
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
MARCH 31, 1996
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 1,301,488
Accounts receivable, less
allowance for doubtful accounts of $29,000 1,464,221
Inventories 3,384,222
Prepaid expenses and other current assets 373,993
Deferred income taxes 91,000
-----------
Total current assets 6,614,924
-----------
Property and equipment, net 2,439,013
Other assets 366,455
-----------
$ 9,420,392
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of notes payable $ 665,489
Accounts payable 831,545
Accrued expenses 190,304
Income taxes payable 237,369
-----------
Total current liabilities 1,924,707
-----------
Notes payable, less current maturities 785,289
Deferred income taxes 65,000
Stockholders' equity:
Preferred stock, $.001 par value. Authorized
1,000,000 shares; none issued --
Common stock, $0.001 par value. Authorized
20,000,000 shares; issued and outstanding
5,862,565 shares 5,863
Additional paid-in capital 9,566,806
Accumulated deficit (2,927,273)
-----------
Net stockholders' equity 6,645,396
-----------
$ 9,420,392
===========
</TABLE>
See accompanying notes to consolidated financial statements 3
<PAGE> 4
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Revenue $2,518,557 $1,924,502
Cost of goods sold 849,031 857,705
---------- ----------
Gross profit 1,669,526 1,066,797
---------- ----------
Operating expenses:
Research and development 244,019 287,764
Sales and marketing 323,442 309,756
General and administrative 373,540 351,571
---------- ----------
Total operating expenses 941,001 949,091
---------- ----------
Operating income 728,525 117,706
---------- ----------
Other income, net 61,416 19,470
---------- ----------
Income before income taxes 789,941 137,176
Provision for income taxes 270,193 21,982
---------- ----------
Net income $ 519,748 $ 115,194
========== ==========
Income per share:
Net income per share $ 0.09 $ 0.02
========== ==========
Weighted average number of
common shares outstanding 5,957,285 5,816,817
========== ==========
</TABLE>
See accompanying notes to consolidated financial statements 4
<PAGE> 5
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995
----------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 519,748 $ 115,194
----------- ---------
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 55,385 39,159
Changes in assets and liabilities:
Accounts receivable (74,361) (79,347)
Inventories (83,014) (3,274)
Prepaid expenses and other current assets (34,672) (90,586)
Other assets (218,940) (11,638)
Accounts payable 104,914 88,195
Accrued expenses (140,849) (24,119)
----------- ---------
Net cash provided by operating activities 128,211 33,584
----------- ---------
Cash flows from investing activities:
Purchase of property and equipment (1,571,790) (84,325)
----------- ---------
Cash flows from financing activities:
Proceeds from the exercise of options 31,340 10,171
Borrowings from bank 1,341,000 28,000
Repayments to bank (10,715) (15,068)
Payments of capital lease obligations (9,650) (8,579)
----------- ---------
Net cash provided by financing activities 1,351,975 14,524
----------- ---------
Net decrease in cash and cash
equivalents (91,604) (36,217)
Cash and cash eqivalents at beginning
of period 1,393,092 883,760
----------- ---------
Cash and cash equivalents at end
of period $ 1,301,488 $ 847,543
=========== =========
</TABLE>
See accompanying notes to consolidated financial statements 5
<PAGE> 6
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The unaudited financial statements as of March 31, 1996 and for the three month
periods ended March 31, 1996 and 1995 included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations. However, the Company believes that the disclosures are adequate to
prevent the information presented from being misleading. These financial
statements should be read in conjunction with the financial statements and the
notes thereto included in the Company's Form 10-KSB, which contains financial
information for the year ended December 31, 1995.
The information provided in this report reflects all adjustments that are, in
the opinion of management, necessary to present fairly the results of operations
for these periods. The results of these periods are not necessarily indicative
of the results to be expected for the full year.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The consolidated financial statements include the accounts of BioSource
International, Inc. and its wholly owned subsidiary. All significant
intercompany accounts and transactions have been eliminated.
The Company is engaged in the licensing, development, manufacture,
marketing and distribution of immunological reagents, test kits and
oligonucleotides used in biomedical research. The types of products
supplied by the Company include a range of bioactive proteins, enzymes,
substrates, antibodies, human and murine cytokines, growth factors and a
variety of assay systems for the detection of biological molecules. These
products focus on areas of research such as immunology, AIDS and cancer.
The Company focuses its sales efforts on academic, industrial and
governmental laboratories.
Cash and Cash Equivalents
Cash and cash equivalents includes all cash balances and highly liquid
investments with an original maturity of three months or less.
Inventories
Inventories are stated at the lower of cost (first-in, first-out) or
market (net realizable value) for raw materials and work in process and
the average-cost method for finished goods.
Property and Equipment
Property and equipment are stated at cost. Depreciation is provided using
the straight-line method over the estimated useful lives which range from
three to seven years. Leasehold improvements are amortized using the
straight-line method over the estimated useful life or the lease term,
whichever is shorter.
6
<PAGE> 7
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
License Agreements
License agreements are recorded at cost and are amortized using the
straight-line method over the shorter of the estimated useful lives of
the license or the license term (generally five to ten years). These
costs are included with other assets in the accompanying consolidated
balance sheet.
Income Taxes
The Company accounts for income taxes under Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes." Statement
109 requires the use of the asset and liability method of accounting for
income taxes. Under the asset and liability method of Statement 109,
deferred income taxes are recognized for the future tax consequences
attributable to differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled. Under
Statement 109, the effect on deferred taxes of a change in tax rates is
recognized in income in the period that includes the enacted date.
Long Lived Assets
In March 1995, Statement of Financial Accounting Standards No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of," was issued. This statement provides guidelines
for recognition of impairment losses related to long-term assets.
Effective January 1, 1996, the Company adopted Statement No. 121.
The adoption of this new standard did not have a material effect on
the Company's consolidated financial statements.
Accounting for Stock Options
In October 1995, Statement of Financial Accounting Standards No. 123,
"Accounting for Stock-Based Compensation" ("Statement No. 123"), was
issued. This statement encourages, but does not require a fair value
based method of accounting for employee stock options. The Company will
continue to measure compensation costs pursuant to APB Opinion No. 25,
"Accounting for Stock Issued to Employees" and comply with the pro forma
disclosure requirements of Statement No. 123. Effective January 1, 1996,
the Company adopted Statement No. 123 which had no impact on the
Company's consolidated financial statements.
Net Income per Share
Net income per share has been computed using the weighted average number
of common shares outstanding each quarter. The Company's common share
equivalents associated with dilutive stock options and warrants are
immaterial, and accordingly, primary and fully diluted net income per
share are approximately the same.
7
<PAGE> 8
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. INVENTORIES
Inventories are summarized as follows:
<TABLE>
<CAPTION>
March 31,
1996
-----------
<S> <C>
Raw materials $ 27,581
Work in process 1,778,899
Finished goods 1,577,742
-----------
$ 3,384,222
===========
</TABLE>
3. PROPERTY AND EQUIPMENT
Property and equipment are summarized as follows:
<TABLE>
<CAPTION>
March 31,
1996
-----------
<S> <C>
Land $ 270,000
Building and improvements 1,510,769
Leasehold improvements 7,423
Computer equipment 265,262
Office furniture and fixtures 190,694
Machinery and equipment 995,646
-----------
3,239,794
Less accumulated depreciation
and amortization 800,781
-----------
$ 2,439,013
===========
</TABLE>
8
<PAGE> 9
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. NOTES PAYABLE
On March 31, 1996 the Company had a credit agreement with a bank
providing for borrowings of up to $1,000,000 under a revolving line of
credit limited to 75% of eligible accounts receivable, as defined per the
borrowing agreement. Interest on the revolving line of credit is payable
monthly at prime plus .75%. Included under the credit agreement is a
$150,000 installment note payable with interest at prime plus 1.375%
through June 30, 1998. Borrowings under the credit agreement are secured
by all Company assets.
On March 29, 1996, the Company purchased its existing executive offices
and manufacturing facilities, consisting of approximately 27,000 square
feet located on 63,162 square feet of land in Camarillo, California.
These offices and manufacturing facilities, leased by the Company prior
to the purchase date, are subject to a first trust deed mortgage (the
"First Mortgage") which was made by the lender pursuant to the Small
Business Administration's Loan Guarantee Program. At March 31, 1996, the
First Mortgage had an outstanding balance of $745,000 with unpaid
principal due on April 1, 2006. The principal amount of the loan is being
amortized over twenty years. Pursuant to the First Mortgage, the Company
is obligated to make monthly payments of $6,895, which include interest
at 9.4% per annum. The property is also subject to a second trust deed
loan (the "Second Mortgage") with the California Statewide Development
Corp. with an outstanding principal balance of $616,000 as of the date of
sale of the debenture which is scheduled for funding by June 1, 1996. The
second mortgage is subject to a fixed rate of approximately 7.75% per
annum, payable and amortized over twenty years, due approximately June 1,
2016, with estimated monthly payments of principle and interest of
$5,057. As of March 31, 1996 there is a bridge loan in the amount of
$596,000 payable to the holder of the First Mortgage which is subject to
a fixed rate of 9.75%. The bridge loan will be funded upon the sale of
the debenture underlying the Second Mortgage by the California Statewide
Certified Development Corporation. Payments by the Company under the
First Mortgage and the Second Mortgage are unconditionally guaranteed by
James H. Chamberlain, Chief Executive Officer and President of the
Company.
At March 31, 1996 the estimated minimum payments on these notes are as
follows:
<TABLE>
<S> <C>
1996 $ 637,987
1997 57,106
1998 37,076
1999 17,183
2000 18,870
Thereafter 669,206
-----------
$ 1,437,428
===========
</TABLE>
9
<PAGE> 10
BIOSOURCE INTERNATIONAL, INC.
AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. COMMON STOCK WARRANTS
The Company has entered into an agreement in principle to acquire
certain assets and selected liabilities of Medgenix Diagnostics, S.A.
related to its in vitro diagnostic business (the "Medgenix
acquisition").
On February 1, 1996, the Company granted a warrant to purchase 100,000
shares of the Company's common stock to Nordion International Inc.
("Nordion"), the ultimate parent of Medgenix Diagnostics, S.A., with
an exercise price equal to the lesser of (i) $7.50 per share, or
(ii) 115% of the closing sale price of the common stock on the date of
closing of the Medgenix acquisition. The warrant was fully vested on
the date of grant and expires on February 1, 2001.
The warrant was issued to provide incentive for Nordion to sign a formal
letter of intent to sell the Medgenix business to the Company. The fair
value of the warrant will be considered a component of the purchase
price upon closing of the acquisition. The fair value of the warrant
of $197,000 was estimated on the date of grant using the Black-Scholes
option pricing model and has been included as a component of "prepaid
expenses and other current assets" and "additional paid-in capital"
in the consolidated balance sheet as of March 31, 1996.
6. LEASE COMMITMENTS
The Company leases manufacturing premises for its wholly owned subsidiary
under an operating lease expiring on April 30, 1998 and renewable for a
three-year period upon expiration of the initial term.
The subsidiary also leases approximately $104,000 of certain equipment
under a capital lease. The capital lease obligation is payable in monthly
installments through June 1996, including interest at approximately
11.8%.
At March 31, 1996 the estimated future minimum payments under these
leases are as follows:
<TABLE>
<CAPTION>
Capital Operating
leases leases
----------- ----------
<S> <C> <C>
1996 $ 13,350 $ 9,587
1997 -- 13,479
1998 -- 4,592
----------- ----------
$ 13,350 $ 27,658
=========== ==========
</TABLE>
7. INCOME TAXES
Income taxes for the interim periods were computed using the effective tax rate
estimated to be applicable for the full fiscal year, which is subject to ongoing
review by management.
10
<PAGE> 11
ITEM 2
BIOSOURCE INTERNATIONAL, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read together with the
financial statements and the notes thereto included elsewhere herein.
OVERVIEW
BioSource develops, manufactures, markets and distributes products which
are widely used in biomedical research and are instrumental in the development
of new medical diagnostic methods and pharmaceutical products. The Company's
products enable scientists to understand better the biochemistry, immunology and
cell biology of the human body, aging and certain diseases such as cancer,
arthritis and other inflammatory diseases, AIDs and certain other sexually
transmitted diseases. The Company's products include immunological reagents,
including bioactive proteins (cytokines, growth factors and adhesion molecules)
and monoclonal and polyclonal antibodies. The Company also develops,
manufactures, markets and distributes oligonucleotides and ELISA test kits, and
uses recombinant DNA technology to produce cytokines and other proteins. Because
the Company's products are sold only for research, the Company is not subject to
regulation by the FDA, and therefore undertakes none of the risks associated
with the research and development of new drugs.
The Company maintains laboratory facilities at its executive offices in
Camarillo, California, manufactures oligonucleotides at laboratory facilities
located in Menlo Park, California, and has direct access to animal facilities in
Northern California which are used to produce antibodies.
Since 1993, BioSource focused on internal new product development, and
currently offers more than 800 products to more than 1,700 medical laboratories
and research centers in universities, government institutions and pharmaceutical
and biotechnology firms. The Company's CYTOscreen line of ELISA test kits is its
fastest growing product line. The Company's products are marketed and sold
domestically by its own sales force and throughout the world by international
distributors.
The Company's growth has also been stimulated by acquisitions. On November
21, 1995, the Company acquired Keystone, located in Menlo Park, California,
which manufactures and sells oligonucleotides. Oligonucleotides are used in the
study and research of cellular and molecular biology. This acquisition provided
a captive source of supply for needed oligonucleotides, enhanced the Company's
ability to clone specific genes into bacterial cell lines, provided an expanded
product line and customer base and resulted in the contribution of additional
revenue from Keystone's existing product line. The acquisition has also given
the Company the ability to develop and produce internally the oligonucleotides
it uses in the production of cytokines and in turn in its ELISA test kits. Thus,
the Company has become less dependent on certain suppliers and has been able to
reduce cost of goods sold for various products, thereby increasing its gross
margins.
11
<PAGE> 12
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1996
Revenue. Revenue for the three months ended March 31, 1996 increased
$594,055, or 31%, to $2,518,557 from $1,924,502 when compared to the three
months ended March 31, 1995. The primary factors contributing to revenue
growth were the continued demand for BioSource products both domestically and
internationally across all product lines, and the introduction of new
ELISA test kits, cytokines, growth factors, antibodies, oligonucleotides and
other biomedical reagents supplied by the Company.
Cost of Goods Sold. Cost of goods sold of $849,031 decreased for the three
months ended March 31, 1996 by $8,674, or 1%, when compared to $857,705 for the
three months ended March 31, 1995. The decrease was due to efficiencies in
production which were created by manufacturing larger volumes of products and
their components, thereby recognizing greater economies of scale.
Research and Development Expenses. Research and development expenses were
$244,019 for the three months ended March 31, 1996 and decreased by $43,745,
or 15%, as compared to $287,764 for the three months ended March 31, 1995.
The decrease resulted from the favorable comparison to the comparable period in
1995 when the Company incurred higher research and development expenses in
connection with the expansion of its research and development efforts. The
Company has continued to maintain productive research and development efforts
while implementing expense controls. The Company believes its protein
recombinant rat IL-6, introduced in the first quarter of 1996, was the first to
be commercially available. The research department also produced other
biologically active proteins which are replacements for outsourced raw
materials used in ELISA development. In the same period, the Company introduced
five new ELISA test kits and two replacement kits using internally developed
components. The Company continues its focus on producing new proteins for
commercial sale and for use in new ELISA kits and other products used in
biomedical research.
Sales and Marketing Expenses. Sales and marketing expenses for the three
months ended March 31, 1996 were $323,442, an increase of 4%, or $13,686, as
compared to $309,756 for the three months ended March 31, 1995. As a
percentage of revenue, these expenses decreased to 13% in 1996 as compared to
16% in 1995. The increase in absolute dollars is the net effect of increased
salaries for the new fiscal year and related personnel expenses against
decreased expenditures in catalog printing, direct mail and advertising. The
level of increase is a result of management's effectiveness in controlling
expenses while not sacrificing market penetration or sales growth.
General and Administrative Expenses. General and administrative expenses
for the three months ended March 31, 1996 were $373,540, an increase of
$21,969, or 6%, as compared to $351,571 for the three months ended March 31,
1995. As a percentage of revenue, these expenses decreased to 15% in 1996 as
compared to 18% in 1995. The increase in expenditures in absolute dollars was
due primarily to the addition of new personnel, increased salaries for the
new fiscal year and related personnel expenses. Other general and
administrative expenses remained relatively stable.
Provision for Income Taxes. The provision for income taxes for the three
months ended March 31, 1996 of $270,193 increased by $248,211, when compared to
$21,982 for the three months ended March 31, 1995. The increase resulted from
the increase in income before taxes.
12
<PAGE> 13
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 1996 the Company's current ratio was 3.4 to 1 compared to 4.8
to 1 at December 31, 1995. The decrease was due to a short-term bridge loan
provided by Heller Financial, Inc., Small Business Lending Division, which
partially funded the Company's March 28, 1996 purchase of the Company's
executive offices and manufacturing facilities in Camarillo, California and is
due on June 26, 1996. The principal amount of the bridge loan is $596,000,
subject to a fixed rate of 9.75%. The bridge loan will be replaced by a 20
year mortgage funded by the California Statewide Development Corporation
("CDC") prior to June 26, 1996. Cash generated from operating activities
increased to $128,211 for the three months ended March 31, 1996 as compared
to $33,584 for the three months ended March 31, 1995. At March 31, 1996, total
cash and cash equivalents on hand amounted to $1.3 million as compared to
$1.4 million at December 31, 1995. The significant use of cash during the
first quarter of 1995 was the down payment and closing costs of $173,223
used in connection with the purchase of the Company's facilities.
Capital expenditures for the three months ended March 31, 1996 were $1.6
million as compared to $84,325 for the three months ended March 31, 1995. The
major purchase as stated earlier was the purchase of the Company's facilities
for a total price of $1.5 million; the remaining purchases were manufacturing
equipment and computers.
The Company's revolving line of credit with Silicon Valley Bank provides
for borrowings of up to $1.0 million limited to 75% of eligible accounts
receivable. The credit line expires on December 31, 1996. Interest on the
revolving line of credit is payable monthly at prime plus .75%. The Company
also has a $150,000 installment note payable to Silicon Valley Bank payable
in monthly installments of principal and interest of prime plus 1.375%
through June 30, 1998.
On March 28, 1996 the Company purchased its corporate facilities for a
total purchase price of $1.5 million dollars plus closing costs. These offices
and manufacturing facilities, leased by the Company prior to the purchase date,
are subject to a first trust deed (the "First Mortgage") payable to Heller
Financial, Inc. The principal amount of the First Mortgage is $745,000, payable
in monthly installments of $6,895 which includes principal and interest at a
rate of 9.4% per annum. The First Mortgage is due on April 1, 2006. The
principal amount of the First Mortgage is being amortized over 20 years. The
property is subject to a second trust deed loan (the "Second Mortgage") which is
currently funded by Heller Financial, Inc. via a short term bridge loan which
becomes due on June 26, 1996 subject to interest of 9.75% per annum. Prior to
that date the Second Mortgage will be replaced by a 20 year mortgage payable to
the CDC upon the sale of the underlying debenture which is scheduled for
funding by June 1, 1996. The Second Mortgage, funded by the CDC, will bear an
interest rate of approximately 7.75% with a monthly installment of principal
and interest of approximately $5,057. Payments by the Company under the First
and Second Mortgages are unconditionally guaranteed by James H. Chamberlain,
Chairman of the Board and President of the Company.
Management believes that its working capital and amounts available under
its line of credit, together with internally generated funds, will provide
sufficient liquidity to enable the Company to meet its current operating and
capital needs for the next 12 months.
13
<PAGE> 14
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
Registrant's report on Form 8-K filed February 12, 1996, item 2 event.
Registrant's report on Form 8-K filed April 4, 1996, item 5 event.
14
<PAGE> 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amended report to be signed on its behalf by
the undersigned thereunto duly authorized.
BIOSOURCE INTERNATIONAL, INC.
By: /s/ Anna Anderson
-------------------------------------
Anna Anderson
May 23, 1996 Executive Vice President-Finance
and Chief Financial Officer
/s/ James H. Chamberlain
------------------------------------------
James H. Chamberlain
May 23, 1996 President and Chief Executive Officer
15
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 1,301,488
<SECURITIES> 0
<RECEIVABLES> 1,493,221
<ALLOWANCES> 29,000
<INVENTORY> 3,384,222
<CURRENT-ASSETS> 6,614,924
<PP&E> 3,239,794
<DEPRECIATION> 800,781
<TOTAL-ASSETS> 9,420,392
<CURRENT-LIABILITIES> 1,924,707
<BONDS> 785,289
0
0
<COMMON> 5,863
<OTHER-SE> 6,442,533
<TOTAL-LIABILITY-AND-EQUITY> 9,420,392
<SALES> 2,518,557
<TOTAL-REVENUES> 2,518,557
<CGS> 849,031
<TOTAL-COSTS> 941,001
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,131
<INCOME-PRETAX> 789,941
<INCOME-TAX> 270,193
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 519,748
<EPS-PRIMARY> .09
<EPS-DILUTED> .09
</TABLE>
