SANTA CLARA, Calif., Feb. 10 /PRNewswire/ -- Applied Imaging Corp.
(Nasdaq: AICX) today announced results for the fourth quarter and year ended
December 31, 1997.
For the year, the Company reported revenues of $13.1 million resulting
from sales of cytogenetic products and services, an increase of 10.2 percent
over revenues of $11.9 million in 1996. The net loss for the year was
$7.5 million, or $1.03 per share (diluted) calculated on 7.3 million weighted
average shares outstanding, compared with a net loss of $2.9 million, or a net
loss per share (diluted) of $1.29 on 2.2 million weighted average shares
outstanding in 1996.* The increased loss was primarily attributable to
planned increases in research and development, regulatory, and clinical site
expenditures associated with the Company's fetal cell screening program and
increased administrative costs associated with costs related to public company
reporting requirements and management infrastructure in anticipation of future
growth.
For the fourth quarter, revenues were $3.5 million compared to
$3.2 million in the fourth quarter of 1996. The net loss for the quarter was
$2.3 million, or $0.29 per share (diluted) calculated on 7.7 million weighted
average shares outstanding, compared to a net loss of $1.0 million, or a net
loss per share (diluted) of $0.15 per share on 6.2 million weighted average
shares outstanding in 1996.*
"We are extremely pleased with our year to year growth for 1997 and
continue to see opportunities for our core business," said Jack Goldstein,
Ph.D., President and CEO.
"Additionally, we continue to make progress in the performance of our
fetal cell program. Further optimization of our reagents and procedures has
resulted in the ability of our external pre-clinical investigators to isolate
fetal cells from 100 percent of maternal blood samples taken after a chorionic
villus sampling (post-CVS) procedure. Also, the number of fetal cells
isolated from each sample has significantly increased. We now intend to
expand pre-clinical testing to include samples taken prior to an invasive
procedure, including those from women carrying fetuses with Down Syndrome,"
continued Goldstein.
Applied Imaging also announced that Mr. Abe Coriat has resigned as
Chairman of the Board of Directors of the Company. Mr. Coriat, who is the
founder of Applied Imaging, will remain as a consultant for a two-year period
and act as an advisor to the Company during this time.
Applied Imaging Corporation, based in Santa Clara, California, develops,
manufactures, and markets automated clinical analysis systems used by
laboratories for prenatal, cancers, and other genetic diseases. The company
markets its products worldwide and has more than 600 customer sites in over
35 countries. For further information on Applied Imaging, visit the Company
web site at http://www.aicorp.com.
The foregoing may contain forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act. Actual results could differ materially from those projected in the
forward-looking statements as a result of a number of factors including the
failure of the Company to successfully develop or commercialize its prenatal
screening system, lack of regulatory approval, and other such factors as set
forth in the Company's Form 10-K for the year ended December 31, 1996 as filed
with the Securities and Exchange Commission.
* Net loss per share amounts for prior periods have been restated to
reflect new rule changes regarding per share computations prescribed by the
Financial Accounting Standards Board. In 1997, net loss per share is less
than the 1996 amount because of the increase of shares used to calculate the
1997 per share amount as compared to 1996.
For further information on Applied Imaging via fax, please dial
800-PRO-INFO, or 908-544-2850 outside of the U.S., code AICX.
APPLIED IMAGING CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three months ended Year ended
December 31, December 31,
1997 1996 1997 1996
Revenues $3,493 $3,220 $13,134 $11,922
Cost of revenues 1,818 1,530 6,284 5,974
Gross profit 1,675 1,690 6,850 5,948
Research and development 1,862 1,131 7,381 3,667
Sales and marketing 973 838 3,740 3,088
General and administrative 1,231 686 3,639 2,088
Total operating expenses 4,066 2,655 14,760 8,843
Other income (expense), net 140 8 398 14
Net loss ($2,251) ($957) ($7,512) ($2,881)
Net loss per share - Basic ($0.29) ($0.16) ($1.03) ($1.42)
Net loss per share - Diluted ($0.29) ($0.15) ($1.03) ($1.29)
Weighted average shares
outstanding used to
calculate Basic loss
per share 7,660 6,144 7,324 2,024
Weighted average shares
outstanding used to
calculate Diluted loss
per share 7,660 6,242 7,324 2,234
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
1997 1996
ASSETS
Cash and marketable securities $8,079 $12,318
Other current assets 4,475 2,621
Property and equipment, net 1,793 1,234
Other assets, net 68 300
Total Assets $14,415 $16,473
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: $5,383 $4,239
Other liabilities 89 229
Stockholders' equity 8,943 12,005
Total Liabilities and Stockholders' Equity $14,415 $16,473
SOURCE Applied Imaging Corp.
 back to top
Related links:
http://www.aicorp.com
CONTACT:
Mike Braden, Corporate Controller, or Donna
Dickinson, Investor Relations, of Applied Imaging Corp.,
408-562-0250; or general information, Ann Trunko, or analyst,
Kate Rajeck, of The Financial Relations Board, 415-986-1591, for
Applied Imaging
|
