SANTA CLARA, Calif., Oct. 10 /PRNewswire/ --
Applied Imaging Corp. (Nasdaq: AICX) announced today that it has achieved a
third consecutive quarter of record revenues. Preliminary sales for the third
quarter at $4.8 million are 20% ahead of last year's third quarter sales of
$4.0 million and 7% ahead of this year's second quarter sales of $4.5 million.
The Company also announced that it has established a new loan facility
with Silicon Valley Bank. This new agreement provides the Company with a
$2 million borrowing capability based on the level of the Company's trade
receivables and inventory. The interest rate on the loan is prime plus
2 percent.
"We are very pleased by the company's continued strong sales performance.
Sales of our market-leading genetic testing systems were further enhanced by
solid revenues from our MDS(TM) system with six new placements in the
quarter," commented Carl Hull, Applied Imaging CEO. "The new loan agreement
with Silicon Valley Bank also provides us with additional financial security
in these uncertain times. I look forward to discussing our third quarter
performance in detail during our quarterly conference call scheduled for
October 31 at 11 a.m. (EDT)."
Applied Imaging 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.
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 ability to expand into scanning and imaging
applications. Forward looking statements address matters that are subject to
a number of risks, uncertainties and other factors that could cause actual
results to differ materially, as discussed in the Company's filings with the
Securities and Exchange Commission, including the form 10-K for the year ended
December 31, 2000.
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 .
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 investors/media, Liz Saghi, or
general, Pam Roberts, +1-415-986-1591, both of the Financial
Relations Board, for Applied Imaging Corp.
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