SANTA CLARA, Calif., May 17 /PRNewswire-FirstCall/ -- Applied Imaging
Corp. (Nasdaq: AICX) today announced financial results for the first quarter
ended March 31, 2004.
Revenues in the first quarter of 2004 were $4.8 million, a decrease of
10% from the record $5.4 million in revenues reported in the first quarter of
2003. Gross Profit was $3.0 million, compared with $3.3 million in the
year-ago period. As a percentage of revenue, gross profit increased to 62% in
the first quarter of 2004 from the 60% reported for the first quarter of 2003.
Net loss for the first quarter of 2004 was $671,000 or $0.04 loss per share,
compared with a net loss of $268,000, or $0.02 loss per share, in the first
quarter of 2003.
The Company generated cash from operations totaling $599,000 in the first
quarter of 2004 compared to consuming $213,000 in cash during the first
quarter of 2003 due primarily to effective management of working capital.
"This was a challenging quarter," said Carl Hull, Applied Imaging Chief
Executive Officer. "We were not able to match last year's record first quarter
sales due primarily to weakness in some of our overseas markets. However, our
domestic business was strong and we shipped one of the largest single orders
in our history at over $500,000. We continued to be successful in selling our
OncoPath(TM) systems to the pharmaceutical, research and international markets
with eight OncoPath(TM) placements in the quarter."
"We have made substantial progress on several key operational milestones,"
continued Mr. Hull. "We raised over $4 million of new capital in April. These
funds strengthen our financial position and will allow accelerated development
of our OncoPath(TM) systems and related products. In the first quarter, we
received FDA clearances to market three more of our Ariol(TM) applications.
Finally, we generated a strong gross profit percent of 62% in the quarter,
above our target for 2004."
First Quarter Earnings Conference Call Information
Applied Imaging management will hold a conference call today at 8:00 A.M.
PDT/11:00 A.M. EDT to present an overview of the Company's first quarter 2004
results. The teleconference can be accessed by calling 800-219-6110 or
303-262-2125 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 24, 2004, by dialing 800-405-2236 or 303-590-3000,
passcode 579941. 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 3,500 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 first quarter of
2004, and anticipated accelerated development of our OncoPath(TM) systems and
related products 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 financial results, as
discussed in this release, are 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, 2003. The forward-looking statements in this news release are
made as of May 17, 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
March 31,
2004 2003
Revenues $4,849 $5,415
Cost of revenues 1,840 2,164
Gross profit 3,009 3,251
Operating expenses:
Research and development 891 847
Sales and marketing 1,707 1,855
General and administrative 1,037 813
Total operating expenses 3,635 3,515
Operating loss (626) (264)
Other expense, net (45) (4)
Net loss $(671) $(268)
Net loss per share
- basic and diluted $(0.04) $(0.02)
Weighted average shares outstanding
- basic and diluted 15,962 15,913
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
March 31, December 31,
2004 2003
ASSETS
Cash, cash equivalents and
restricted cash $2,028 $2,225
Other current assets 7,091 7,996
Property and equipment, net 818 812
Other assets 2,416 2,382
Total assets $12,353 $13,415
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,294 $8,650
Other liabilities 430 467
Stockholders' equity 3,629 4,298
Total liabilities and stockholders' equity $12,353 $13,415
SOURCE Applied Imaging Corp.
 back to top
Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., +1-408-562-0250; or Tricia Ross of Financial Relations
Board, +1-310-407-6540, for Applied Imaging Corp.
|
