SANTA CLARA, Calif., Feb. 19 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) announced today that it has achieved its
first ever quarterly profit and its fourth consecutive quarter of record
revenues. Net income for the quarter was $30,000 compared to a net loss of
$1.4 million in the fourth quarter of 2000. The improvement to a profit
position was due primarily to increased sales and gross margins, and reduced
operating expenses. Sales for the fourth quarter of $5.25 million were 13%
ahead of last year's fourth quarter sales of $4.65 million. Gross margins
were 62% compared to 50% in the fourth quarter of 2000, reflecting the impact
of favorable costs and product mix.
Sales in 2001 amounted to $18.5 million, an increase of 11% over the
$16.7 million recorded in 2000. The net loss for the year was cut to $3.5
million ($0.23 per share) from the net loss of $4.2 million ($0.31 per share)
recorded in 2000.
"I am excited to report that the company has achieved its first profitable
quarter. This reflects consistent sales and margin growth throughout the year
combined with a concerted effort to control costs," commented Carl Hull,
Applied Imaging CEO. "We had a positive cash flow in the quarter of
$57,000 before financing uses of $195,000, resulting in a cash and investments
position of $3.4 million at the end of the year. Since then, we have
strengthened our cash position with the recently announced private placement
of shares that raised approximately $1 million."
"Our team achieved another strong sales quarter, in spite of the weak
economic environment in major markets," continued Mr. Hull. "We are
particularly pleased with the continued market acceptance of our MDS(TM)
system, which resulted in record revenues of $0.5 million in the fourth
quarter. In addition, we have recently announced a strategic alliance with US
LABS, Inc. that is expected to generate sales of over $1 million of MDS
systems in the first half of 2002."
Applied Imaging Fourth Quarter Earnings Conference Call
A conference call will be held tomorrow, Wednesday, February 20, at 11:00
A.M. EST, during which senior management of Applied Imaging will present an
overview of the results of 2001 and outlook for 2002. To listen to the call,
please dial 888-792-1093 or 703-871-3597 at least five minutes before the
start time. Interested parties will have the opportunity to listen to the
conference call live on the Internet at http://www.shareholder.com or the Investor
Relations portion of Applied Imaging's Website at http://www.aicorp.com. A replay of
the Webcast will be available for 30 days. Additionally, a replay of the call
will be available through February 27, 2002 by dialing 703-925-2435, code
#5778220.
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
MDS?, 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 35 countries.
This press release contains forward looking statements as defined in the
Private Securities Litigation Reform Act of 1995, regarding, among other
matters, the Company's current and future financial performance, continuation
of profitable operations and the future sales performance of the MDS system.
Forward looking statements address matters that are subject to a number of
risks, uncertainties and other factors that could cause actual results to
differ materially, as discussed in the Company's filings with the Securities
and Exchange Commission, including the form 10-K for the year ended December
31, 2000.
For additional information on Applied Imaging via fax, please dial
1-800-PRO-INFO, (732-544-2850 outside of the U.S.), code AICX, or visit the
Company's web site at http://www.aicorp.com .
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three months ended Year ended
December 31, December 31,
2001 2000 2001 2000
Revenues $5,252 $4,647 $18,537 $16,689
Cost of revenues 2,022 2,334 7,726 7,564
Gross profit 3,230 2,313 10,811 9,125
Operating expenses
Research and development 825 926 3,899 3,525
Sales and marketing 1,763 1,853 7,457 6,409
General and administrative 537 819 2,662 2,964
Amortization of intangibles 76 77 307 280
Total cost and expenses 3,201 3,675 14,325 13,178
Operating income/(loss) 29 (1,362) (3,514) (4,053)
Other income (expense), net 1 (60) (18) (140)
Net income/(loss) $30 $(1,422) $(3,532) $(4,193)
Net income/(loss) per share
- basic $0.00 $(0.10) $(0.23) $(0.31)
- diluted $0.00 $(0.10) $(0.23) $(0.31)
Weighted average shares
outstanding
- basic 15,228 14,086 15,191 13,594
- diluted 15,489 14,086 15,191 13,594
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2001 2000
(Unaudited)
ASSETS
Cash, restricted cash and
marketable securities $3,435 $7,012
Other current assets 7,241 8,598
Property and equipment, net 1,021 1,127
Other assets, net 2,400 2,705
Total Assets $14,097 $19,442
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $7,642 $9,105
Other liabilities 396 854
Stockholders' equity 6,059 9,483
Total Liabilities and Stockholders'
Equity $14,097 $19,442
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 investors/media, Liz Saghi, or
general, Pam Roberts, both of FRB/Weber Shandwick,
+1-415-986-1591, for Applied Imaging Corp.
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