SANTA CLARA, Calif., Oct. 30 /PRNewswire-FirstCall/ --
Applied Imaging Corp. (Nasdaq: AICX) today reported its highest-ever sales and
profit quarter. Net income for the third quarter of 2002 was $307,000 or
$0.02 per share, compared with a net loss of $932,000, or $0.06 loss per
share, in the third quarter of 2001. This was the Company's third profitable
quarter, resulting from continued favorable trends in sales, gross margins and
operating expenses.
Sales for the third quarter ending September 30, 2002 amounted to $5.8
million, a 20% increase over last year's third quarter sales of $4.8 million
and 9% ahead of second quarter 2002 sales.
"I am delighted to report to our shareholders that we have achieved our
second consecutive profitable quarter. This is in line with our guidance that
2002 is forecast to be our first full year of profitability," commented Carl
Hull, Applied Imaging CEO. "This is also our seventh consecutive quarter of
record revenues versus the prior year quarter."
"We met a key operational milestone in the quarter with the successful
introduction of our Ariol(TM) clinical imaging system," continued Mr. Hull.
"The Ariol system adds significantly to the range of products available within
our OncoPath(TM) product line, including the SPOT(TM) system released in May
this year. I am very positive about the outlook for these exciting new
technologies based on feedback from customers and potential customers who have
used or previewed the systems. Ariol and SPOT are expected to add to our
growth in the fourth quarter and beyond."
Net income for the first nine months of 2002 was $41,000. Excluding the
impact of $328,000 in restructuring and other non-recurring costs in the first
quarter of 2002, net income for the first nine months was $369,000 compared
with a net loss of $3.6 million in the first nine months of 2001. Revenues in
the first nine months of 2002 were $16.1 million, an increase of 21% over the
$13.3 million recorded in the first nine months of 2001.
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 results of the third quarter and first nine
months of 2002. The teleconference can be accessed by dialing 703-871-3795 or
888-413-4411 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 online through the
Company's website for 30 days. Additionally, a replay of the call will be
available through November 6, 2002, by dialing 703-925-2435, passcode 6246467.
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
Ariol(TM), MDS(TM), SPOT(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 trends and forecasts, as well as the
anticipated growth resulting from the Ariol and SPOT systems. 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, as amended. The forward-looking
statements are made as of October 30, 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 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,
2002 2001 2002 2001
Revenues $5,780 $4,827 $16,098 $13,285
Cost of revenues 2,174 1,968 6,060 5,704
Gross profit 3,606 2,859 10,038 7,581
Operating expenses:
Research and
development 832 1,110 2,510 3,074
Sales and marketing 1,848 1,856 5,176 5,694
General and
administrative 584 674 1,915 2,125
Amortization of
intangibles -- 76 -- 231
Restructuring costs (2) -- 220 --
Other non-recurring
costs -- -- 108 --
Total operating
expenses 3,262 3,716 9,929 11,124
Operating income (loss) 344 (857) 109 (3,543)
Other income (expense),
net (37) (75) (68) (19)
Net Income (loss) $307 $(932) $41 $(3,562)
Net income (loss) per
share
- basic $0.02 $(0.06) $0.00 $(0.23)
- diluted $0.02 $(0.06) $0.00 $(0.23)
Weighted average shares
outstanding
- basic 15,885 15,203 15,788 15,179
- diluted 16,140 15,203 16,084 15,179
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
2002 2001
(Unaudited)
ASSETS
Cash, restricted cash and
marketable securities $3,146 $3,435
Other current assets 9,017 7,241
Property and equipment, net 1,018 1,021
Other assets, net 2,420 2,400
Total assets $15,601 $14,097
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $8,200 $7,642
Other liabilities 269 396
Stockholders' equity 7,132 6,059
Total liabilities and stockholders' equity $15,601 $14,097
SOURCE Applied Imaging Corp.
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CONTACT:
Barry Hotchkies, CFO of Applied Imaging
Corp., +1-408-562-0250; or James Hoyne of FRB|Weber Shandwick,
+1-310-407-6555, for Applied Imaging Corp.
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