AFFX Affymetrix also said an internal probe has uncovered "certain documentation lapses" in its stock options grant processes from 1997 through 1999, including one instance when the option grant date should have been recorded differently. But Affymetrix said the review hasn't indicated a pattern of inappropriate options dating.<<
>>Affymetrix swings to wider-than-expected loss
Carolyn Pritchard, MarketWatch
Last Update: 5:08 PM ET Jul 31, 2006
SAN FRANCISCO (MarketWatch) -- Affymetrix Inc. shares slumped almost 9% in late trade Monday after the maker of genomics tools reported lower revenues and said it swung to a loss in the second quarter, hurt by a spike in costs.
Shares of the Santa Clara, Calif., company fell to $19.68, down $1.89 from its regular session close.
After the closing bell, Affymetrix (AFFX : Affymetrix Inc
AFFX 18.44, -3.13, -14.5%) posted a net loss for the three-month period ended June 30 of $10.05 million, or 15 cents a share. In the same quarter last year, the company made $7.81 million, or 12 cents a share.
Excluding stock options expensing, Affymetrix lost 9 cents a share. The number of shares outstanding stood at 67.3 million vs. 70.2 million at the end of the second quarter in 2005.
Revenue fell to $80.07 million in the latest quarter from $84.05 million. Analysts, on average, had been looking for a per-share loss of a penny on revenue of $89 million, according to Thomson First Call.
The results were hurt by higher selling, general and administrative costs, which rose to $39.48 million from $32.54 million, and the cost of product-related revenue, which surged to $7.41 million from $2.46 million.
Total operating costs and expenses came in at $89.2 million compared with $75.5 million in the second quarter of 2005.
Affymetrix also said an internal probe has uncovered "certain documentation lapses" in its stock options grant processes from 1997 through 1999, including one instance when the option grant date should have been recorded differently. But Affymetrix said the review hasn't indicated a pattern of inappropriate options dating.<< |
