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Biotech / Medical : Trickle Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (591)	5/1/2001 12:09:09 PM
From: tuck	Read Replies (1) \| Respond to of 1784

More evidence the sector is OK. Was I asleep at the computer last Wednesday? APBiotech conference call, HBIO earnings; both got by me until now. >>HOLLISTON, Mass., Apr 25, 2001 /PRNewswire via COMTEX/ -- Harvard Bioscience, Inc. (Nasdaq: HBIO chart, msgs) today reported record revenues for the first quarter of 2001. Financial highlights for the three months ended March 31, 2001 were as follows: Revenues for the first quarter of 2001 grew 29% before unfavorable foreign exchange effects. Including foreign exchange effects revenue for the first quarter was $8,607,000, up 22% from $7,068,000 last year. Although the Company continued to make significant investments in infrastructure and the commercialization of new technologies, pro forma income from operations was $1,463,000. Pro forma net income was $1,156,000 compared to $729,000 for the same quarter last year, an increase of 59%, and on a diluted per share basis $0.05 per share compared to $0.04 per share for the same quarter last year. Pro forma net income excludes stock compensation expense and amortization of goodwill and other intangibles, net of tax effects, for both periods and common stock warrant interest expense incurred in the first quarter of 2000. Chane Graziano, CEO of Harvard Bioscience commented: "Our first quarter growth was largely driven by organic growth in our core business. We continue to strengthen our market position with our expanded product offering, the introduction of new products and commercialization of new technologies. Market demand for our products remains strong overall." Reported net income for the first quarter of 2001 was $272,000, or $0.01 per share, compared to a loss of $4.4 million, or $0.76 per share for the same quarter last year. Reported net income for the first quarter of 2001 included a charge of $761,000 for stock compensation expense and $184,000 for amortization of goodwill and other intangibles while the same quarter last year included $84,000 of stock compensation expense, $132,000 for amortization of goodwill and other intangibles and $4.9 million of common stock warrant interest expense. The common stock warrant interest expense was eliminated in connection with Harvard Bioscience's initial public offering in December 2000. HBIO ended the first quarter of 2001 with cash of $42.4 million. Harvard Bioscience is a global developer, manufacturer and marketer of innovative, enabling tools in drug discovery research at pharmaceutical and biotechnology companies, universities and government laboratories. HBIO sells approximately 10,000 products to thousands of researchers in over 60 countries though its 1,000 page catalog, and through its distributors, the most notable of which is AP Biotech. HBIO has sales and manufacturing operations in the United States, the United Kingdom, and Germany with sales facilities in France and Canada.<< snip That was in line with expectations and the stock hasn't moved much; it is up slightly, but near bottom still. Trickle will listen to the HBIO, CALP, & MCLS calls today and tomorrow (& APBI call if I can find the darn thing). Listening to the snippets of guidance in recent past and near future calls seems to be giving me a glimpse of the overall picture. Cheers, Tuck