Affymetrix Inc. (AFFX)

[mlkrborn]

Affymetrix swings to $1M Q3 profit
Silicon Valley / San Jose Business Journal
Date: Wednesday, October 27, 2010, 4:07pm PDT

Affymetrix Inc. on Wednesday reported third quarter net income of $1 million, or a penny a share, compared to a loss in the same period last year of $8.8 million, or 13 cents a share.

Santa Clara-based Affymetrix (NASDAQ:AFFX) had revenue of $74 million, down from the year-ago quarter's $78.2 million.

Product revenue was $67.3 million, service revenue was $4.9 million, and royalties and other revenue were $1.8 million. This compares to third quarter 2009 product revenue of $66.2 million, service revenue of $9.9 million, and royalties and other revenue of $2.1 million.

“We continue to move the business toward profitability through the adoption of new products, improvements in gross margins and by lowering operating expenses. During the third quarter we strengthened our balance sheet and significantly reduced future interest payments through the repurchase of approximately $72 million of our 3.50 percent senior convertible notes. Through the first nine months of 2010, we generated approximately $25 million in cash-flow from operations,” said CEO Kevin M. King.


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