Wednesday July 22, 6:05 pm Eastern Time
Company Press Release
SOURCE: Lark Technologies, Inc.
Lark Announces Second Quarter Estimated Results
HOUSTON, July 22 /PRNewswire/ -- Lark Technologies, Inc. (OTC Bulletin Board: LDNA - news) announced revenue and earnings estimates for the second
quarter ended June 30, 1998. Estimated revenues were $998,244 compared to $1,191,497 in the second quarter of 1997. Although revenues were lower than
expected, the Company maintained profitability by controlling overhead costs for the second quarter. Estimated net income for the second quarter of 1998 was
$9,000 as compared to $64,076 for the same period in 1997.
For the first half of 1998, Lark announced estimated revenues of $2,376,590 compared to $2,301,167 for the first half of 1997. Estimated net income for the first
half of 1998 was $210,634 compared to $213,108 for the first half of 1997. The additional costs in 1998 were primarily related to product development and the
initial costs incurred to start a lab in Lark's UK facility.
''Looking forward, Lark's primary mission is managed, accelerated growth in revenues,'' stated Vince Kazmer, Lark's President. ''Our assessment of outside
market factors including trends in genomics, functional genomics and pharmacogenomics tells us that our business model and current service and skill base puts us in
the right place at the right time. Lark's core business remains viable and expandable. Therefore, to respond to the near term genomics opportunity and take
advantage of Lark's pharmaceutical customer base, Lark will be investing in additional product development efforts and business operations. This investment will
result in short term increases in expenses to generate long term revenue growth. The impact of the decision to implement these additional programs and incur their
related startup expenses will likely result in lower earnings for 1998 at approximately a break-even level.
''Lark plans to respond to this opportunity and expand its platform of genomic-based services to significantly improve the product development timelines for its
clients. With the recent additions to the senior management team, the establishment of a European operating platform and the current gene- based GLP services, we
believe Lark is well-positioned to move forward,'' added Mr. Kazmer.
Lark Technologies, Inc., based in Houston, Texas, is a leading molecular biology contract research organization (CRO) serving the rapidly growing genomics
industry. The company was founded in 1989 by BCM Technologies, Inc., the wholly-owned venture, technology transfer subsidiary of Baylor College of Medicine.
Lark's stock is quoted on the OTC Bulletin Board under the symbol ''LDNA''.
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, Inc. |
