Lark Technologies Inc
Last Update: 1:29:00 PM ET Jul 17, 2003
Lark Technologies Inc. Reports Record Six Month and Second Quarter Performance
HOUSTON, Jul 17, 2003 (BUSINESS WIRE) -- Lark Technologies Inc. (LDNA.OB) announced today record income and revenues for the first six months of 2003. Net income for the six months ended June 30, 2003 was $969,946 or $0.27 per share, compared to $493,720, or $0.14 per share, for the same period in 2002. This reflects a six month increase in income of over 97%. Revenues for the first six months of 2003 were $4,401,136, up from revenues of $3,392,065 in the first six months of 2002, reflecting a six month year to year increase of 30%.
Net income for the quarter ended June 30, 2003 was $533,208 or $0.14 per share, up from record revenue of $397,494, or $0.11 per share, for the same period in 2002. Revenues for the second quarter 2003 were $2,284,038, compared to revenues of $1,911,066 in the second quarter of 2002. All quarterly numbers reflect 3,683,616 weighted average common shares outstanding as of June 30, 2003. The increase in revenue during the quarter over the comparable period in 2002 was the result of increased sales in most services with the largest growth occurring in our quick turnaround and high throughput sequencing services. "Our performance thus far for 2003 is a significant achievement, especially in light of today's market. While we realized tax savings as a result of accumulated net operating losses through the second quarter, which we won't benefit from in the future, we expect to continue to report significant increases in revenue and profit over 2002. Going forward we also hope to realize some benefit by the end of this year from our merger and acquisition activity with Southwest Securities Inc.," said Chief Executive Officer Carl W. Balezentis, Ph.D.
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.
SOURCE: Lark Technologies
Lark Technologies, Houston Carl W. Balezentis, Ph.D., 713-779-3663 Ext. 134
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