LDNA up .13 to 1.33 and rightfully so...huge qtr..going to be a very positive year here...:
B: Lark Technologies Inc. Reports Record Profitability of $0.11
B: Lark Technologies Inc. Reports Record Profitability of $0.11 Per Share for
Second Quarter of 2002
HOUSTON, Jul 26, 2002 (BUSINESS WIRE) -- Lark Technologies Inc. (OTCBB:LDNA)
today reported its highest quarterly net income in the Company's history. Net
income from operations in the second quarter, 2002 was $397,494, or basic income
per share of $0.11, a 216% improvement over the $125,701, or $0.04 per share
earned in the second quarter of 2001. For the first six months of 2002 net
income was $493,720, or $0.14 basic income per share, versus a loss during the
same period in 2001 of $192,813, or ($0.05) per share.
Revenues increased 3% to $1,911,066 in the second quarter of 2002 over revenues
of $1,859,917 in the second quarter of 2001. For the six months ending June 30,
2002, revenues increased 10% to $3,392,065 over revenues of $3,079,792 in the
same period of 2001.
Commenting on the quarter, Lark Technologies Inc. Chief Executive Officer Carl
W. Balezentis, Ph.D. said, "We are obviously very pleased with the results
through the first half of the year. The cost-cutting and productivity-enhancing
measures we have been introducing into the company's laboratory operations over
the past one and one-half years are finally having a significant impact on our
bottom line. The result of these efforts is clearly evident in the 52% gross
profit margin reported in the latest quarter versus the year 2001's gross profit
margin of 34%. Looking forward, we will continue to focus on improving our
processes, reducing our costs, refining our strategies, reinvesting in
state-of-the-art instrumentation and automation, and capitalizing on growth
opportunities."
Also commenting on Lark's latest financial results, Co-Board Chairmen George M.
Britton and David A. Lawson said, "We are very proud of Carl and all of our
employees who have revamped and turned the company's operations around. For the
first time in Lark's twelve-year history, we believe the company is profitably
exploiting the numerous opportunities available to it in the market place. As
large shareholders in the company, we are keenly interested in enhancing
shareholder value which we believe is clearly illustrated by recent financial
results. Illustrative of the company's financial health over the trailing twelve
months ended June 30, 2002 are: (1) basic earnings per share of $0.20, (2) a
return on stockholder equity of 60%, and (3) a greatly improved liquid balance
sheet with very little debt. Moving forward, we believe Lark's next great
challenge will be to significantly grow its revenue base through expanded sales
efforts and by the successful introduction of new laboratory services."
Lark Technologies Inc., based in Houston, Texas, offers genomic services for use
in pharmaceutical, diagnostic and agricultural product research and development.
These services include genomic data management, microarray support, quantitative
PCR, genotyping, genetically-modified organism testing, and a battery of other
molecular biology services which support researchers in the pharmaceutical,
biotechnology and academic sectors in their attempt to understand the mechanisms
of disease and to discover and develop new drugs. Lark's stock is quoted on the
OTC Bulletin Board under the symbol "LDNA.OB".
Except for the historical information contained herein, the matters set forth in
this press release are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially. These forward-looking
statements speak only as of the date hereof. Lark disclaims any intent or
obligation to update these forward-looking statements. |
