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

To: tuck who wrote (773)	7/31/2001 11:19:32 AM
From: tuck	Respond to of 1784

DPII beats estimates of -0.05 by a penny: >>SAN DIEGO--(BUSINESS WIRE)--July 31, 2001--Discovery Partners International Inc. (Nasdaq:DPII - news) today announced financial results for the second quarter and six months ended June 30, 2001. Revenues for the second quarter were $11.1 million, an increase of 16 percent compared to $9.5 million for the second quarter 2000. Net loss for the second quarter ended June 30, 2001 was $888,000 or $0.04 per share, compared to a net loss of $9.3 million, or $0.55 per share on a pro forma basis for the second quarter 2000, which contained a one-time write-off of $9.0 million of in-process R&D related to the acquisition of Axys Advanced Technologies Inc. The reported net loss for the second quarter 2001 included $1.7 million of amortization expenses related to stock-based compensation, goodwill and other intangibles associated with earlier acquisitions. EBITDA (Earnings before interest, taxes, depreciation, and amortization expenses) was a positive $1.6 million or $0.07 per share for the second quarter 2001. Total revenues for the six months ended June 30, 2001 were $20.6 million compared to $14.7 million for the same period in 2000. Net loss for the six months ended June 30, 2001 was $3.1 million, or $0.13 per share, compared to a loss of $10.9 million, or $0.88 per share on a pro forma basis for the same period in 2000. The pro forma per share numbers assume the conversion of redeemable preferred stock into common stock as of the initial date of issuance. All redeemable preferred stock converted into common stock at the closing of the company's initial public offering in July 2000. ``During the second quarter, Discovery Partners accelerated efforts to efficiently integrate its recent acquisitions,'' said Riccardo Pigliucci, chief executive officer and president of Discovery Partners. ``As a result, our efforts have yielded a reduction in R&D expenses since first quarter 2001. Through the acquisition of Xenometrix, we expanded our drug discovery product offerings to include gene profiling capabilities. We now offer our customers a fully integrated range of drug discovery platforms, services and information. In addition, we are continuing to develop Micro Arrayed Compound Screening (uARCS) technology, an ultra high throughput screening technology we acquired from Abbott Laboratories in January 2001. We are on track to offer our proprietary uARCS technology for use by our customers in the first quarter of 2002.'' ``Although Discovery Partners is not immune to the difficult market conditions several of our competitors recently experienced,'' Pigliucci continued. ``Our fundamental business remains relatively healthy. During 2001, we signed over a dozen new collaborative agreements with both existing customers and new customers, including large national and international pharmaceutical and biopharmaceutical companies.'' A conference call discussing second quarter 2001 financial results as well as financial guidance for the remainder of fiscal 2001 will be publicly available via the company's Web site, www.discoverypartners.com. The live webcast will begin at 11:00 a.m. Eastern Time, on Tuesday, July 31, 2001. In addition to the live Web cast, replays will be available to the public on DPII's Web site and by calling 800/428-6051, access code: 201519 through Thursday, Aug. 2, 2001. For local or international callers, replays will be available by calling 973/709-2089, access code: 201519 through Thursday, Aug. 2, 2001.<< snip Cheers, Tuck