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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: 2MAR$ who wrote (625)5/14/2001 7:36:12 PM
From: 2MAR$  Read Replies (1) of 762
 
PDLI ( $56 ...?) Profits Top Forecasts

NEW YORK (Reuters) - Biotechnology company Protein Design Labs Inc. (NasdaqNM:PDLI - news) on Monday reported a sharp jump in first-quarter earnings, beating Wall Street expectations as surging revenues outpaced increased costs of research and development.

Protein Design, which specializes in developing antibodies to treat diseases, said it earned $6.6 million, or 14 cents per share, compared with a profit of $770,000, or 2 cents per share a year ago.

Estimates from Wall Street analysts ranged from a profit of 2 cents per share to 11 cents per share, with an average of 7 cents per share.

First-quarter revenues rose 69 percent to $26.2 million, from $15.5 million in the 2000 quarter.

Looking ahead, the company expects to post near break-even results by the end of 2001, despite costs and expenses rising by between 20 percent to 25 percent.
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