SANTA CLARA, Calif., May 13 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) today announced it had achieved record
revenues of $5.4 million in the first quarter of 2003, an increase of 12% over
the $4.8 million reported in 2002. This increase was driven primarily by the
growth in sales of the Company's new OncoPath(TM) products, SPOT(TM) and
Ariol(TM).
The Company's net loss was reduced by 46% to $268,000 in the first quarter
of 2003, or a loss of $0.02 per share, from the $492,000 net loss reported in
2002, or a loss per share of $0.03. Cash used in operations was reduced to
$213,000 in the quarter, down by 69% from the $688,000 reported in the first
quarter of 2002.
"We are pleased to report another quarter of solid performance driven by a
sales increase of 12% over the same quarter last year," said Carl Hull,
Applied Imaging President and Chief Executive Officer. "First quarter sales of
our OncoPath products increased by 100% to $1.4 million in the quarter
compared to $0.7 million in last year's first quarter, which reinforces our
belief in the potential of this key strategic opportunity. We continue to
target 2003 sales in the range of $24 to $27 million and profit for the year
to be between $1.2 and $1.8 million."
"We also met a key operational milestone by signing an agreement with the
Wellcome Trust Sanger Institute to be their sole imaging development partner
in the Atlas of Gene Expression project," continued Mr. Hull. "We will have
the exclusive worldwide commercial rights to sell the various Ariol
applications developed under the agreement. We believe that these new
applications will further expand the capabilities of our Ariol system and lead
to promising new market opportunities that will drive our long-term growth."
Applied Imaging First Quarter Earnings Conference Call
Applied Imaging management will hold a conference call today at 11:00 a.m.
EDT to present an overview of the first quarter results. The teleconference
can be accessed by calling 303-262-2050 or 800-240-2134 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 May 20, 2003, by dialing
303-590-3000 or 800-405-2236, passcode 538247. 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 first quarter 2003 financial results and
2003 sales and profit forecasts, and the potential for new opportunities
resulting from the Company's collaboration with the Sanger Institute 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 quarterly 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, its
business, its financial results and its forecasts 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, 2002
filed with the Securities and Exchange Commission. The forward-looking
statements are made as of May 13, 2003 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
March 31,
2003 2002
Revenues $ 5,415 $ 4,847
Cost of revenues 2,164 1,805
Gross profit 3,251 3,042
Operating expenses:
Research and development 847 822
Sales and marketing 1,855 1,736
General and administrative 813 697
Restructuring costs -- 222
Total operating expenses 3,515 3,477
Operating loss (264) (435)
Other income (expense), net (4) (57)
Net loss $ (268) $ (492)
Net loss per share
-- basic and diluted $ (0.02) $ (0.03)
Weighted average shares outstanding
-- basic and diluted 15,913 15,627
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2003 2002
(Unaudited)
ASSETS
Cash, restricted cash and cash equivalents $ 2,017 $ 3,053
Other current assets 8,223 9,203
Property and equipment, net 980 1,014
Other assets 2,426 2,426
Total assets $ 13,646 $ 15,696
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 7,266 $ 8,989
Other liabilities 274 333
Stockholders' equity 6,106 6,374
Total liabilities and stockholders' equity $ 13,646 $ 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 James Hoyne of FRB/Weber Shandwick,
+1-310-407-6555, for Applied Imaging Corp.
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