SANTA CLARA, Calif., July 31 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) announced today that it has achieved its
sixth consecutive quarter of record revenues versus the prior year quarter and
moved into a profitable position, as forecast. Sales for the second quarter
ending June 30, 2002 amounted to $5.3 million, a 17% increase over last year's
second quarter sales of $4.5 million and 6% sequentially ahead of first
quarter sales.
Net income for the second quarter was $115,000 or $0.01 per share,
compared to a net loss of $868,000 ($0.06 loss per share) in the second
quarter of 2001. The achievement of a profit in the quarter was due primarily
to increased sales and gross margins, and reduced operating expenses.
"We are very pleased with our progress in the quarter. Reporting our
second-ever profitable quarter and the highest-ever sales quarter are
significant achievements for the Company," commented Carl Hull, Applied
Imaging CEO. "We also met another key milestone in the quarter with the
successful introduction of our SPOT AX(TM) genetic analysis system. The
SPOT AX(TM) system is positioned to meet the increasing market demand for the
automated analysis of fluorescent-based DNA probe tests."
"Sales and net income for the quarter are in line with our guidance for
the year," 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."
Revenues in the first six months of 2002 were $10.3 million, an increase
of 22% over the $8.5 million recorded in the first six months of 2001. The
net loss for the first half of 2002 was reduced to $266,000 ($0.02 per share)
from the net loss of $2.6 million ($0.17 per share) reported for the first
half of 2001. Excluding the impact of $330,000 in restructuring and other non-
recurring costs in the first quarter, there was a net profit of $64,000 in the
first half of 2002.
Applied Imaging Second Quarter Earnings Conference Call
A conference call will be held tomorrow, Thursday August 1, at 11:00 a.m.
EDT, during which senior management of Applied Imaging will present an
overview of the results of the second quarter and first half of 2002. The
teleconference can be accessed by dialing 877-817-7175 or 703-871-3599 at
least five minutes before the scheduled beginning of the call. Interested
parties can also listen to the conference call live on the Internet at 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 August 8, 2002 by dialing 703-925-2435,
passcode #6114790.
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), SPOT AX(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 July 31, 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 Six months ended
June 30, June 30,
2002 2001 2002 2001
Revenues $5,319 $4,528 $10,318 $8,458
Cost of revenues 2,040 1,793 3,886 3,736
Gross profit 3,279 2,735 6,432 4,722
Operating expenses:
Research and development 856 1,029 1,678 1,964
Sales and marketing 1,700 1,812 3,328 3,838
General and administrative 634 692 1,331 1,451
Amortization of intangibles -- 77 -- 155
Restructuring costs -- -- 222 --
Other non-recurring costs -- -- 108 --
Total cost and expenses 3,190 3,610 6,667 7,408
Operating income (loss) 89 (875) (235) (2,686)
Other income (expense), net 26 7 (31) 56
Net income (loss) $115 $(868) $(266) $(2,630)
Net income (loss) per share
- basic $0.01 $(0.06) $(0.02) $(0.17)
- diluted $0.01 $(0.06) $(0.02) $(0.17)
Weighted average shares
outstanding
- basic 15,851 15,184 15,739 15,167
- diluted 16,229 15,184 15,739 15,167
Condensed Consolidated Balance Sheets
(In thousands)
June 30, Dec. 31,
2002 2001
(Unaudited)
ASSETS
Cash, restricted cash and
marketable securities $3,052 $3,435
Other current assets 9,101 7,241
Property and equipment, net 955 1,021
Other assets, net 2,420 2,400
Total assets $15,528 $14,097
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,347 $7,642
Other liabilities 315 396
Stockholders' equity 6,866 6,059
Total liabilities and
stockholders' equity $15,528 $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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