SANTA CLARA, Calif., Feb. 3 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) today announced that it expects revenues
for fiscal year 2002, ended December 31, 2002, will be in the range of $21.0
million to $21.5 million and that it will report a loss for the year in the
range of $300,000 to $700,000, or a loss per share of $0.02 to $0.04. The
Company is currently reviewing a limited number of sales in 2001 and 2002 to
certain distributors to assure their compliance with the Company's revenue
recognition policies. The final revenue and net loss results are subject to
review and approval by the Company's outside auditors.
Applied Imaging expects to issue a press release with final results for
2002 on Friday, February 28, 2003 to be followed by a conference call in which
management will present an overview of the results of 2002. Information on
the teleconference and Internet access will be provided later in February.
The Company also announced that, effective at the opening of the market on
Tuesday, February 4, 2003, Applied Imaging's common stock listing will
transfer from The Nasdaq National Market to The Nasdaq SmallCap Market and
will continue trading under its current symbol: AICX. The Nasdaq SmallCap
Market is fully automated, and provides real-time trade reporting and a
marketplace for more than 800 companies. With the introduction of the Nasdaq
SuperMontage(SM) trading system in 2002, securities listed on both the Nasdaq
National Market and Nasdaq SmallCap Market share a unified, more liquid and
transparent order entry system.
"We believe moving to The Nasdaq SmallCap Market will not cause any
disruption to the trading of the Company's shares or to the Company's
shareholders. This transfer allows us to maintain the Company's stock symbol
on an automated, liquid and transparent trading system," said Carl Hull,
Applied Imaging CEO. "Although we have not finalized the revenue numbers for
the year, our current estimates represent growth of 13-16% over 2001. This is
slightly below our guidance for the year."
About Applied Imaging
Applied Imaging Corp., based in Santa Clara, California, is the leading
supplier of automated imaging systems utilized in genetics and pathology
laboratories for the analysis of chromosomes in cancer and prenatal disorders.
The Company markets a range of clinical and research imaging systems for
fluorescence and brightfield microscopy applications, including the Company's
Ariol(TM), MDS(TM), SPOT(TM), CytoVision(R), PowerGene(R) and QUIPS(R) product
lines. Applied Imaging has installed in excess of 2,500 systems in over 1,000
laboratories in more than 60 countries.
This press release contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. Specifically,
statements concerning the Company's fiscal year 2002 financial results are
forward-looking statements within the meaning of the Safe Harbor. These
statements are based on management's current expectations and are subject to
certain risks and uncertainties that could cause actual results to differ
materially. The Company's year-end financial results, as discussed above, are
preliminary and unaudited, and involve risks and uncertainties related to
normal quarter and year-end accounting adjustments, as well as the revenue
recognition review currently underway. As a result, actual year-end results
may differ materially from the preliminary results announced in this press
release. Further information on potential risk factors that could affect the
Company, its business and its financial results are detailed in the Company's
periodic filings with the Securities and Exchange Commission, including, but
not limited to, those risks and uncertainties listed in the section entitled
"Management's Discussion and Analysis of Financial Condition and Results of
Operations - Factors Affecting Future Results," in Applied Imaging's annual
report on Form 10-K for the year ended December 31, 2001, as amended, filed
with the Securities and Exchange Commission. The Company undertakes no
obligation to release publicly any revisions to any forward-looking statements
contained herein to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
For additional information on Applied Imaging visit the Company's website
at http://www.aicorp.com .
SOURCE Applied Imaging Corp.
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Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., +1-408-562-0250; or James Hoyne of FRB/Weber Shandwick,
+1-310-407-6555, for Applied Imaging Corp.
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