SANTA CLARA, Calif., Oct. 30 /PRNewswire/ --
Applied Imaging Corp. (Nasdaq: AICX) announced today that it has achieved a
third consecutive quarter of record revenues. Sales for the third quarter of
2001 were $4.8 million, 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.
Sales for the nine months ending September 30, 2001 were $13.3 million,
representing a 10% increase over the first nine months of 2000.
The net loss for the quarter was $932,000, a decrease on a per share basis
to a loss of $0.06 from a loss of $0.07 share last year. For the first nine
months of 2001, the net loss was $3.6 million ($0.23 per share) compared to
$2.8 million ($0.21 per share) in 2000. The increase in the net loss for the
first nine months is due primarily to increased investment in sales and
research in support of the MDS(TM) multiparameter cellular analysis system.
Operating cash burn was reduced by $0.4 million (27%) in the third quarter and
$1 million (27%) in the first nine months, reflecting the effectiveness of the
company's ongoing working capital management program.
"We are very pleased by the company's continued strong performance in the
third quarter in spite of difficult market conditions," commented Carl Hull,
Applied Imaging CEO. "Sales growth was strong in both North America and the
rest of the world. Our gross profit margins improved to 59% in the third
quarter versus 56% in last year's third quarter. As a result, our gross profit
for the quarter increased by 28% to $2.9 million from last year's third
quarter level of $2.2 million. The loss from operations was $0.9 million,
6 cents per share, and keeps us on track to meet our guidance for the year."
"Our MDS(TM) system continues to be accepted as the standard for automated
image analysis with its unique capabilities in brightfield and fluorescence
microscopy. As announced earlier, we had six new MDS(TM) placements in the
quarter," continued Mr. Hull.
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
Applied Imaging Third Quarter Earnings Conference Call
A conference call will be held tomorrow, Wednesday October 31, at
11:00 a.m. EST, during which senior management of Applied Imaging will present
an overview of results for the quarter and guidance for the rest of the year.
To listen to the call, please dial 888-806-9467 or 703-871-3627 at least five
minutes before the start time. Interested parties will have the opportunity to
listen to the conference call live on the Internet at http://www.streetevents.com or
the Investor Relations portion of Applied Imaging's Website at http://www.aicorp.com.
A replay of the Webcast will be available for 90 days. Additionally, a replay
of the call will be available through November 7, 2001 by dialing
703-925-2435, code #5625348.
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 future financial performance, the Company's ability to
meet year-end guidance, and the continued acceptance of the MDS(TM) system.
Forward looking statements address matters that are subject to a number of
risks and uncertainties that could cause actual results to differ materially,
including the uncertainty of future financial and sales performance and other
factors as are set forth in the Company's form 10-K for the year ended
December 31, 2000 as filed with the Securities and Exchange Commission
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 .
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
Three months Nine months
ended ended
September 30, September 30,
2001 2000 2001 2000
Revenues $4,827 $4,006 $13,285 $12,042
Cost of revenues 1,968 1,780 5,704 5,230
Gross profit 2,859 2,226 7,581 6,812
Operating expenses
Research and development 1,110 743 3,074 2,599
Sales and marketing 1,856 1,568 5,694 4,556
General and administrative 674 777 2,125 2,145
Amortization of intangibles 76 77 231 203
Total cost and expenses 3,716 3,165 11,124 9,503
Operating Loss (857) (939) (3,543) (2,691)
Other income (expense), net (75) (7) (19) (80)
Net loss $(932) $(946) $(3,562) $(2,771)
Net loss per share
- basic and diluted $(0.06) $(0.07) $(0.23) $(0.21)
Weighted average shares outstanding 15,203 13,762 15,179 13,428
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
2001 2000
(Unaudited)
ASSETS
Cash, restricted cash and
marketable securities $3,573 $7,012
Other current assets 7,468 8,598
Property and equipment, net 1,165 1,127
Other assets, net 2,477 2,705
Total Assets $14,683 $19,442
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,194 $9,105
Other liabilities 516 854
Stockholders' equity 5,973 9,483
Total Liabilities and Stockholders'
Equity $14,683 $19,442
SOURCE Applied Imaging Corp.
 back to top
Related links:
http://www.aicorp.com
CONTACT:
Barry Hotchkies, CFO of Applied Imaging Corp,
investors/media, Liz Saghi, general, Pam Roberts, both of
FRB/Weber Shandwick, +1-408-562-0250
|
