LDNA This is a very underfollowed bio tech co. Does work with genes. Just had good earnings report out. Is just starting to react to the news. Small float on this one and spread is big right now but that should tighten up as it starts moving.
Lark Announces Quarterly Earnings
Record Revenues in First Quarter 1998
Earnings Increase 35%
HOUSTON--(BUSINESS WIRE)--May 8, 1998--Lark Technologies, Inc. (OTC
BB:LDNA - news) announced record revenues and earnings for the quarter
ended March 31, 1998. Revenues rose to their highest quarterly levels
as Lark's contract molecular biology services to major pharmaceutical
companies increased during 1998. As a result, revenues increased 24%
to $1,378,347 in the first quarter of 1998 from $1,109,671 in the
first quarter of 1997. Net income for the first quarter of 1998 was
$201,196 or $0.06 per share, as compared to $149,032 or $0.04 per
share for the first quarter of 1997. This represents an increase in
net income of 35%.
The improved results for the first quarter of 1998 were the outcome of
increases in Lark's automated DNA sequencing services and continued
operating efficiencies. As noted by Vincent Kazmer, Lark's president,
''During the first quarter of 1998, Lark's automated sequencing
service business increased for both large-scale and Quick Turnaround
services. The market demand for these and other molecular biology
services continues to increase in both the US and Europe.''
Total costs and expenses increased 21% in the first quarter of 1998 as
compared to the first quarter of 1997. Mr. Kazmer stated, ''Lark's
business is growing and development of new products continues.
Operational efficiencies for existing products are good and
efficiencies are improving for new products. Our challenge is to
continue the growth of the company, continue to improve efficiencies
and continue new product development.''
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 NASD's OTC Bulletin Board under the symbol ''LDNA''. Company
information is located at its website (www.lark.com).
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.
-Tables to follow-
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ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ LARK TECHNOLOGIES, INC.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Financial Highlights
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Condensed Statements of Operations
ÿÿÿÿÿÿÿÿÿÿ (In Thousands, except per share data and ratios)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (Unaudited)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Quarter Ended
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ March 31,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -----------------------
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1998ÿÿÿÿÿÿÿ 1997
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -------ÿÿÿÿ -------
Revenues:ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $1,378ÿÿÿÿÿ $1,109
Costs and expenses:
ÿÿÿÿÿÿÿÿÿ Cost of servicesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 542ÿÿÿÿÿÿÿÿ 436
ÿÿÿÿÿÿÿÿÿ Research & developmentÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 30ÿÿÿÿÿÿÿÿÿ 63
ÿÿÿÿÿÿÿÿÿ Sales, general & administrativeÿÿÿÿÿÿÿÿÿÿÿÿ 594ÿÿÿÿÿÿÿÿ 461
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ----------- -----------
ÿÿÿÿÿÿÿÿÿ Total costs and expensesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1,166ÿÿÿÿÿÿÿÿ 960
Income from operationsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 212ÿÿÿÿÿÿÿÿ 149
Interest and other (expense) income, netÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (2)ÿÿÿÿÿÿÿÿÿ 0
Income Taxÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 9ÿÿÿÿÿÿÿÿÿÿ 0
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ----------- -----------
Net incomeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $201ÿÿÿÿÿÿÿ $149
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ =========== ===========
Earnings per share:
Basic earnings per shareÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $0.06ÿÿÿÿÿÿ $0.04
Diluted earnings per shareÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $0.06ÿÿÿÿÿÿ $0.04
Shares used in calculation of:
Weighted average common shares outstandingÿÿÿÿÿ 3,324,046ÿÿ 3,326,511
Weighted average common shares outstanding
ÿ assuming full dilutionÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 3,344,374ÿÿ 3,348,951
Net Cash provided by operating activitiesÿÿÿÿÿÿÿÿÿÿÿÿ 277ÿÿÿÿÿÿÿÿÿ 80
Current ratioÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1.90ÿÿÿÿÿÿÿ 1.64
Total debt to equityÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 0.76ÿÿÿÿÿÿÿ 0.91
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ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ LARK TECHNOLOGIES, INC.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Condensed Consolidated Balance Sheets
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (In Thousands)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (Unaudited)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ March 31,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -----------------------
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1998ÿÿÿÿÿÿÿ 1997
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ---------ÿÿÿ ---------
Assets
ÿÿÿÿÿÿÿÿÿ Cash and equivalentsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $875ÿÿÿÿÿÿÿ $687
ÿÿÿÿÿÿÿÿÿ Accounts receivableÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 925ÿÿÿÿÿÿÿÿ 972
ÿÿÿÿÿÿÿÿÿ Inventoriesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 14ÿÿÿÿÿÿÿÿÿ 51
ÿÿÿÿÿÿÿÿÿ Other assetsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 79ÿÿÿÿÿÿÿÿÿ 68
ÿÿÿÿÿÿÿÿÿ Property and equipment, netÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 695ÿÿÿÿÿÿÿÿ 454
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ----------- -----------
ÿÿÿÿÿÿÿÿÿ TOTAL ASSETS:ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $2,588ÿÿÿÿÿ $2,232
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ =========== ===========
Liabilities and Stockholders' Equity
ÿÿÿÿÿÿÿÿÿ Current liabilitiesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 989ÿÿÿÿÿÿ 1,065
ÿÿÿÿÿÿÿÿÿ Capital lease obligation,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ net of current portionÿÿÿÿÿÿÿÿÿÿÿÿÿ 124ÿÿÿÿÿÿÿÿÿÿ 0
ÿÿÿÿÿÿÿÿÿ Stockholders' equityÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1,475ÿÿÿÿÿÿ 1,167
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ----------- -----------
ÿÿÿÿÿÿÿÿÿ TOTAL LIABILITIES AND
ÿÿÿÿÿÿÿÿÿ STOCKHOLDERS' EQUITY:ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $2,588ÿÿÿÿÿ $2,232
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ =========== ===========
Contact:
ÿÿÿÿ Lark Technologies, Inc., Houston
ÿÿÿÿ Bethany J. Pimentel, 713/464-7488
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