Molecular Dynamics Reports Second Quarter 1998 Results
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SUNNYVALE, Calif.--(BUSINESS WIRE)--July 23, 1998--Molecular Dynamics, Inc. (Nasdaq:MDYN - news), a leading developer, manufacturer and international marketer of systems that accelerate genetic discovery and analysis, today announced financial results for the second quarter ended June 30, 1998.
Revenue for the second quarter of 1998 was a record $15,218,000, a 10% increase over revenue of $13,880,000 reported in the second quarter of 1997, and an 8% increase over revenue of $14,080,000 in the first quarter of 1998. Net income was $1,281,000, or $.12 per diluted share in the second quarter of 1998, compared to net income of $1,532,000, or $.14 per diluted share in the year-ago period, and net income of $845,000, or $.08 per diluted share in the first quarter of 1998. Weighted average shares outstanding used to compute diluted earnings per share in the second quarter of 1998 were 11.1 million compared to 11.2 million in the year-ago quarter and 11.2 million in the prior quarter.
Jay Flatley, Molecular Dynamics President and CEO said, ''We are very pleased with this quarter's results, which represent record revenues for the Company. During the quarter, we repurchased over 230,000 shares of our stock at a cost of $2.8 million. The Company's balance sheet remains strong, with no debt and cash and investment balances of almost $20 million.''
Continuing, Mr. Flatley stated, ''We are particularly pleased with the increased contribution of the MegaBACE(R)1000 high-throughput sequencing system to our revenue this quarter. The receipt of a large sequencer order from Genset S.A. is a result of our strategy to emphasize accounts with the potential to purchase multiple units of MegaBACE. The recent launch of a second generation separation matrix has significantly improved the read lengths and workflow of the system.'' |
