SANTA CLARA, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Applied Imaging
Corp. (Nasdaq: AICX) today announced that revenues were $4.8 million in the
third quarter of 2003, relatively unchanged from the second quarter of 2003,
and a decrease of 13% from the $5.5 million reported in the third quarter of
2002. Sales in the first nine months of 2003 were $15.1 million, a decrease of
4% from the $15.7 million reported in the first nine months of 2002.
The Company posted a net loss of $797,000 in the third quarter of 2003, or
a loss of $0.05 per share, compared with net income of $131,000, or $0.01 per
share, in the third quarter of 2002. For the first nine months of 2003, the
net loss was $1.4 million ($0.09 per share) versus a net loss of $211,000
($0.01 per share) for the comparable period in 2002. The Company generated
cash from operations totaling $614,000 in the first nine months of 2003
compared to consuming $929,000 in cash during the first nine months of 2002.
"Although we did not execute our overall sales plan in the quarter, I am
pleased that our OncoPath sales were over $1.3 million in the third quarter
and have exceeded $1.0 million in each of the first three quarters this year.
We continue to be successful in selling our Ariol(TM) systems to the
pharmaceutical, research and international markets," said Carl Hull, Applied
Imaging President and Chief Executive Officer. "We are establishing a strong
base for sales in the fourth quarter having already closed a number of
significant customer orders in October that slipped from the end of our third
quarter."
"We achieved an important milestone for the Company with the release of a
new version of our CytoVision(R) system in the third quarter that enhances our
customers' productivity, particularly for new multi-parameter DNA probe
assays," continued Mr. Hull. "We continue to make progress on other
operational milestones, with the initiation of clinical trials for two cancer
markers on the Ariol in the third quarter. We also received our fifth U.S.
patent for the detection of objects of interest through the analysis of
multiple microscopic images."
Applied Imaging Third Quarter Earnings Conference Call
Applied Imaging management will hold a conference call today at 11:00 a.m.
EST to present an overview of the third quarter and first nine months results.
The teleconference can be accessed by calling 303-262-2171 or 800-240-6709 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
November 5, 2003, by dialing 303-590-3000 or 800-405-2236, passcode 556545. 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 financial results for the third and fourth
quarters of 2003, sales forecasts and the timing and success of the Company's
new product launches and clinical trials 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 preliminary and
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, 2002. The
forward-looking statements are made as of October 29, 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 Nine months ended
September 30, September 30,
2003 2002 2003 2002
Revenues $4,833 $5,541 $15,063 $15,733
Cost of revenues 2,147 2,111 6,312 5,947
Gross profit 2,686 3,430 8,751 9,786
Operating expenses:
Research and development 980 832 2,761 2,510
Sales and marketing 1,793 1,848 5,438 5,284
General and administrative 709 584 1,978 1,915
Restructuring -- (2) -- 220
Total operating expenses 3,482 3,262 10,177 9,929
Operating income (loss) (796) 168 (1,426) (143)
Other income (expense), net (1) (37) 30 (68)
Net income (loss) $(797) $131 $(1,396) $(211)
Net income (loss) per share
-- basic $(0.05) $0.01 $(0.09) $(0.01)
-- diluted $(0.05) $0.01 $(0.09) $(0.01)
Weighted average shares
outstanding
-- basic 15,961 15,885 15,938 15,788
-- diluted 15,961 16,140 15,938 15,788
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
2003 2002
(Unaudited)
ASSETS
Cash, restricted cash and
cash equivalents $2,284 $3,053
Other current assets 6,808 9,203
Property and equipment, net 806 1,014
Other assets 2,425 2,426
Total assets $12,323 $15,696
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $6,988 $8,989
Other liabilities 301 333
Stockholders' equity 5,034 6,374
Total liabilities and
stockholders' equity $12,323 $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 Jocelyn Hunter of FRB/Weber Shandwick,
+1-415-248-3433, for Applied Imaging Corp.
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