SANTA CLARA, Calif., March 19 /PRNewswire-FirstCall/ -- Applied Imaging
Corp. (Nasdaq: AICX) today announced that revenues in the fourth quarter of
2003 were $5.1 million, a decrease of 7% from the $5.5 million reported in the
fourth quarter of 2002. Net loss for the fourth quarter of 2003 was $736,000
or $0.05 per share, compared with a net loss of $284,000, or $0.02 loss per
share, in the fourth quarter of 2002.
The Company had gross product sales of $0.5 million in the fourth quarter
that were deferred to 2004 pending the establishment of fair value for certain
applications that were included in the sales and that were under development
at the end of the quarter.
Revenues for the full year 2003 were $20.2 million, a decrease of 5% from
the $21.2 million reported in 2002. For the full year 2003, the net loss was
$2.1 million (a loss of $0.13 per share) compared to a net loss of $495,000 (a
loss of $0.03 per share) in 2002. The Company reduced its operating cash burn
by over 90% to $70,000 in 2003 from $1.1 million in 2002, due primarily to
effective management of accounts receivable and inventories.
"Although we are disappointed that we did not achieve our financial
objectives for the year, I am pleased to report continued growth in our
OncoPath(TM) systems. Gross OncoPath shipments were again over $1.3 million in
the quarter, representing an increase of 78% from last year's fourth quarter.
We have been successful in selling our Ariol(TM) systems to the
pharmaceutical, research and international markets. Additionally, although our
net loss for the year increased from 2002, we reduced our working capital
requirements significantly to reach an operating cash flow breakeven
position," said Carl Hull, Applied Imaging's Chief Executive Officer.
"We continue to make progress on a number of important operational
objectives for the Company. In the fourth quarter we announced the
establishment of imaging collaborations with The University of Texas M. D.
Anderson Cancer Center and the Cleveland Clinic Foundation," continued Mr.
Hull. "In January this year we received FDA clearance to market our Ariol(TM)
HerSight(TM) application to assist in detecting overexpression of the HER2
protein in breast cancer patients. HER2 protein overexpression, or gene
amplification, affects about 25% of breast cancer patients and results in a
more aggressive form of the disease."
Fourth Quarter Earnings Conference Call Information
Applied Imaging management will hold a conference call today at 8:00 A.M.
PST/11:00 A.M. EST to present an overview of the Company's fourth quarter and
full year 2003 results. The teleconference can be accessed by calling
800-218-0204 or 303-262-2140 at least five minutes prior to the beginning of
the call. The webcast will be available live on the Internet at the Company's
Web site, http://www.aicorp.com, under Investor Relations. A replay of the call will
be available through March 26, 2004, by dialing 800-405-2236 or 303-590-3000,
passcode 574161. A replay of the webcast will be available online through the
Company's Web site for 30 days.
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 throughout the world for the analysis of chromosomes in cancer
and prenatal disorders. The Company markets a range of 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 3,000 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 financial results for the fourth quarter
of 2003, sales forecasts and the development of additional applications for
the Company's Ariol system and possible submissions and clearances by the FDA
are forward-looking statements within the meaning of the Safe Harbor.
Forward-looking statements are based on management's current, preliminary,
expectations and are subject to risks and uncertainties, which may cause the
Company's actual results to differ materially from the statements contained
herein. The Company's quarterly and annual financial results, as discussed in
this release, are preliminary and unaudited, and subject to adjustment.
Further information on potential risk factors that could affect the Company's
business and its financial results are detailed in the Company's filings with
the Securities and Exchange Commission, including the form 10-K for the year
ended December 31, 2002. The forward-looking statements in this news release
are made as of March 19, 2004 and Applied Imaging is under no obligation to
revise or update the forward-looking statements.
For additional information on Applied Imaging visit the Company's website
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 Twelve months ended
December 31, December 31,
2003 2002 2003 2002
Revenues $5,130 $5,501 $20,193 $21,234
Cost of revenues 2,523 2,324 8,835 8,271
Gross profit 2,607 3,177 11,358 12,963
Operating expenses:
Research and
development 928 906 3,689 3,416
Sales and marketing 1,830 1,907 7,268 7,191
General and
administrative 561 652 2,539 2,567
Restructuring -- -- -- 220
Total operating
expenses 3,319 3,465 13,496 13,394
Operating loss (712) (288) (2,138) (431)
Other income (expense),
net (24) 4 6 (64)
Net loss $(736) $(284) $(2,132) $(495)
Net loss per share
- basic and diluted $(0.05) $(0.02) $(0.13) $(0.03)
Weighted average shares
outstanding
- basic and diluted 15,961 15,903 15,944 15,817
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2003 2002
(Unaudited)
ASSETS
Cash, restricted cash and
cash equivalents $2,225 $3,053
Other current assets 7,996 9,203
Property and equipment, net 812 1,014
Other assets 2,382 2,426
Total assets $13,415 $15,696
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,650 $8,989
Other liabilities 467 333
Stockholders' equity 4,298 6,374
Total liabilities and stockholders'
equity $13,415 $15,696
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 Jocelyn Hunter of Financial Relations Board,
+1-415-248-3433, for Applied Imaging Corp.
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