Three news releases today
Illumina board approves 2-for-1 stock split
Tuesday July 22, 5:32 pm ET
Illumina's board of directors approves 2-for-1 stock split, plans vote in September
SAN DIEGO (AP) -- Genetic analysis company Illumina Inc. said Tuesday its board approved a two-for-one stock split on the company's common shares, but shareholders will have to vote on the measure.
The stock split will be distributed in the form of a dividend. If approved by shareholders, the company expects that each shareholder of record on Sept. 10 will receive on addition share for every share already held on Sept. 22.
The company said the split is subject to approval of a proposed amendment to increase the number of authorized shares to 500 million from 120 million. A vote is tentatively scheduled on Sept. 9 for shareholders of record as of July 28.
Illumina shares jumped $3.50, or 4.2 percent, to $87.60 in after-hours trading. The stock rose 6 cents to close at $84.10 during the regular trading session.
Illumina buys company for $25 million upfront
Tuesday July 22, 5:30 pm ET
Illumina buys privately held Avantome for $25 million upfront, adds 2 new executives
SAN DIEGO (AP) -- Genetic analysis company Illumina Inc. said Tuesday it will buy privately held Avantome Inc. for $25 million upfront in order to boost its genetic sequencing technologies.
Illumina said it will make a $25 million cash payment and contingent payments up to $35 million for the company. Avantome's principal founders, Mostafa Ronaghi and Helmy Eltoukhy, will join Illumina's management.
Ronaghi will become senior vice president and chief technical officer and Eltoukhy will become director of Avantome sequencing development.
The deal is expected to close in the next few weeks.
Illumina's 2Q profit surges on sales boost
Tuesday July 22, 5:19 pm ET
Illumina's 2nd-quarter profit jumps 66 percent on sharp rise in genetic analysis system sales
SAN DIEGO (AP) -- Genetic analysis company Illumina Inc. said Tuesday its second-quarter profit rose 66 percent on a surge in product sales, prompting the company to boost its third-quarter and full-year outlooks.
Shares jumped on the announcement, gaining $3.93, or 4.7 percent, to $88.03 in after-hours trading. The stock rose 6 cents to close at $84.10 during the regular trading session.
The company earned $15.4 million, or 23 cents per share, compared with profit of $9.3 million, or 16 cents per share, during the corresponding period a year prior. The per-share results reflect a 5.5 percent increase in the number of outstanding shares in the 2008 quarter.
Revenue rose 66 percent to $140.2 million from $84.5 million last year.
Excluding stock compensation expenses, a manufacturing equipment write-off and other charges, the company said it earned 44 cents per share.
Analysts polled by Thomson Financial expected profit of 28 cents per share on revenue of $130 million.
The majority of the company's revenue came from product sales, accounting for $128.6 million, while service and other lines contributed $11.6 million.
Looking ahead, the company said it expects third-quarter profit between 42 cents and 45 cents per share, on revenue between $142 million and $147 million. Analysts forecast third-quarter profit of 31 cents per share on revenue of $136.7 million.
For the full year, Illumina expects profit between $1.65 and $1.75 per share on revenue between $550 million and $560 million, while analysts expect $1.21 per share on revenue of $535.5 million.
The full-year outlook includes buyout of privately held Avantome Inc. for $25 million upfront, with future contingent payments up to $35 million. |
