SANTA CLARA, Calif., May 9 /PRNewswire/ -- Applied Imaging Corp.
(Nasdaq: AICX) announced today it had achieved record first quarter 2001
revenues of $3.9 million. These results were achieved despite the unfavorable
impact of the strong U.S. dollar. On a comparable exchange rate basis, sales
growth was 10 percent versus last year's first quarter.
The net loss for the quarter was $1.8 million ($0.12 per share) versus the
$1.3 million ($0.10 per share) loss recorded last year, reflecting increased
investment in sales and research in support of the MDS(TM) multiparameter
cellular analysis system.
"We are very pleased by the company's continued strong performance in the
first quarter in the face of a weak economic environment and a strong U.S.
dollar. Sales growth was consistent with the guidance we provided earlier
this year. We are particularly pleased to see the results of our focus on our
international operations, with sales up 14 percent from the year ago first
quarter on a comparable exchange rate basis," commented Carl Hull, Applied
Imaging CEO. "Sales in North America increased by 6 percent compared to last
year's first quarter."
"We also announced last week that we have signed an exclusive supply
agreement with StemCell Technologies, Inc. for use of their novel
RosetteSep(TM) reagent technology in the isolation of circulating tumor cells
in the blood of cancer patients. Preclinical trials of the combined
RosetteSep(TM)/MDS(TM) method have begun in two major European cancer centers
among separate groups of breast cancer and colorectal cancer patients. This
was an important milestone for the company for the first half of the year,"
concluded Mr. Hull.
Applied Imaging First Quarter Earnings Conference Call
A conference call will follow this release at 2:00 P.M. PDT, during which
senior management of Applied Imaging will present an overview of results for
the quarter and guidance for the rest of the year. Interested parties have
the opportunity to listen to the conference call live on the Internet at
http://www.streetevents.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 90
days. Additionally, a replay of the call will be available through May 16,
2001 by dialing 703-925-2435, code #5190209.
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 is expanding its efforts in scanning and imaging applications in
the cancer pathology field. Applied Imaging has installed over 2000 systems
in 1000 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 future financial performance as well as its research
and development and product development efforts. Forward looking statements
address matters that are subject to a number of risks and uncertainties,
including the uncertainty of clinical studies and regulatory approvals.
Actual results could differ materially from those projected in the forward-
looking statement as a result of a number of factors including the failure of
the Company to successfully develop and commercialize its micrometastasis or
genetic instrument business, and other such factors as set forth in the
Company's form 10-K for the year ended December 31, 2000 as filed with the
Securities and Exchange Commission.
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
March 31,
2001 2000
Revenues $3,930 $3,693
Cost of revenues 1,943 1,786
Gross profit 1,987 1,907
Operating expenses
Research and development 935 880
Sales and marketing 2,026 1,470
General and administrative 759 679
Amortization of intangibles 78 63
Restructuring costs - -
Total cost and expenses 3,798 3,092
Operating Loss (1,811) (1,185)
Other income (expense), net 49 (97)
Net loss $(1,762) $(1,282)
Net loss per share - basic and diluted $(0.12) $(0.10)
Weighted average shares outstanding 15,150 13,189
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2001 2000
(Unaudited)
ASSETS
Cash, restricted cash and $5,275 $7,012
marketable securities
Other current assets 7,305 8,598
Property and equipment, net 1,142 1,127
Other assets, net 2,628 2,705
Total Assets $16,350 $19,442
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $7,655 $9,105
Other liabilities 978 854
Stockholders' equity 7,717 9,483
Total Liabilities and Stockholders'
Equity $16,350 $19,442
SOURCE Applied Imaging Corp.
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Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., 408-562-0250; General, Pam Roberts, or Investors, James
Hoyne, of Financial Relations Board, 415-986-1591
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