Revenue and Net Loss Ahead of Expectations
SANTA CLARA, Calif., May 7 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) announced today that it has achieved its
fifth consecutive quarter of record revenues versus the prior year quarter and
significantly reduced its net loss. Sales for the quarter ending
March 31, 2002 amounted to $5.0 million, a 27% increase over last year's
first quarter sales of $3.9 million. The Company also achieved record sales
of $0.7 million for its MDS(TM) genetic testing systems.
The net loss for the quarter was $381,000 ($0.02 per share) compared to a
net loss of $1.8 million ($0.12 per share) in the first quarter of 2001. The
reduction in net loss was due primarily to increased sales and gross margins,
and reduced operating expenses. Excluding the impact of $330,000 in
restructuring and other non-recurring costs, the net loss in the quarter
amounted to $51,000, approaching breakeven.
Gross margins were 63% in the quarter compared to 51% in the first quarter
of 2001, reflecting the impact of favorable costs and product mix.
"We are very pleased to report another quarter of significant progress on
the key operating metrics of sales growth, gross margin expansion and expense
control that resulted in meaningful bottom line improvement. We are reporting
sales and net loss ahead of both our internal targets and analyst
expectations," commented Carl Hull, Applied Imaging CEO.
"We are re-affirming our guidance outlined earlier in the year for fiscal
2002," continued Mr. Hull. "We are forecasting sales for the year to be in
the $22 to $25 million range. We are also looking forward to our first full
year of profitability with net income in the range of $0.06 to
$0.09 per share."
Applied Imaging First Quarter Earnings Conference Call
A conference call will be held tomorrow, Wednesday May 8, at
11:00 A.M. EDT, during which senior management of Applied Imaging will present
an overview of the results of the first quarter of 2002. To listen to the
call, please dial 888-413-4411 or 703-871-3795 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 May 15, 2002 by dialing 703-925-2435, code #5966123.
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(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 as defined in the
Private Securities Litigation Reform Act of 1995, regarding, among other
matters, the Company's sales and profit forecasts. The Company's actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a number of risks, uncertainties and
other factors, including, but not limited to, those discussed in the Company's
filings with the Securities and Exchange Commission, including the form 10-K
for the year ended December 31, 2001. The forward-looking statements are made
as of May 7, 2002 and the Company is under no obligation to revise or update
the forward-looking statements.
For additional information on Applied Imaging 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
March 31,
2002 2001
Revenues $4,999 $3,930
Cost of revenues 1,846 1,943
Gross profit 3,153 1,987
Operating expenses:
Research and development 822 935
Sales and marketing 1,628 2,026
General and administrative 697 759
Amortization of intangibles -- 78
Restructuring costs 222 --
Other non-recurring costs 108 --
Total cost and expenses 3,477 3,798
Operating loss (324) (1,811)
Other income (expense), net (57) 49
Net loss $(381) $(1,762)
Net loss per share - basic and diluted $(0.02) $(0.12)
Weighted average shares outstanding 15,627 15,150
Condensed Consolidated Balance Sheets
(In thousands)
March 31, Dec. 31,
2002 2001
(Unaudited)
ASSETS
Cash, restricted cash and marketable securities $3,830 $3,435
Other current assets 7,980 7,241
Property and equipment, net 949 1,021
Other assets, net 2,408 2,400
Total assets $15,167 $14,097
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,174 $7,642
Other liabilities 331 396
Stockholders' equity 6,662 6,059
Total liabilities and stockholders' equity $15,167 $14,097
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, (Investor/Media), or Pam
Roberts (General), +1-415-986-1591, both of FRB/Weber Shandwick,
for Applied Imaging Corp.
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