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Here's the PR...it does seem like a pretty good report.
Alpha Innotech Reports Record 32% Revenue Growth and Continuing Profitability in Third Quarter
Monday November 10, 8:01 pm ET
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Alpha Innotech Corp. (OTCBB:APNO - News), a leading provider of bioanalytical systems for drug discovery and life science research, today reported financial results for the quarter ending September 30, 2008.
Third quarter revenues increased 32% to $4.9 million from the $3.7 million reported in the same period in 2007. The Company continued reporting profitability with net income for the third quarter of 2008 increasing to $21,859, or less than $0.01 per share, from a net loss of $289,555, or $0.03 per share, for the third quarter of 2007.
Excluding interest, depreciation and stock-based compensation, on a non-GAAP basis, the Company had net income of $448,591 for the third quarter of 2008 compared to $16,702 for the third quarter of 2007. The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled “Non-GAAP Calculation of Net Income (Loss)”.
“We enjoyed strong growth in all our markets in the third quarter,” said Ron Bissinger, Chief Executive Officer of Alpha Innotech. “So far this year we’ve launched FluorChem® Q, redTM, AlphaImager® Mini, AlphaSpecTM, and AlphaPart11ViewTM software, while continuing to expand our sales channels internationally.”
For the nine months ended September 30, 2008, total revenue was $12.8 million, an increase of 18% from $10.8 million for the comparable 2007 nine month period.
Net income for the first nine months of 2008 was $43,001 or less than $0.01 per share, an increase from a net loss of $627,617 or $.06 per share in the first nine months of 2007.
Excluding interest, depreciation and stock-based compensation, on a non-GAAP basis, the Company had net income of $1.2 million for the first nine months of 2008 compared to net income of $252,937 for the same period of 2007. The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled “Non-GAAP Calculation of Net Income (Loss)”.
Additional Third Quarter 2008 Achievements
Entered into a five year strategic supplier alliance agreement with GE Healthcare. This is a continuation and expansion of the previous OEM agreement signed in April of 2005. The Company will continue to develop, manufacture and supply a full line of proprietary imaging systems for sale under the GE Healthcare brand.
Closed a new debt facility with Bridge Bank intended to provide working capital for growth, particularly for the Company’s rapid expansion in Asia, while reducing the Company’s overall cost of capital.
More information on Alpha Innotech can be found at the Company’s website www.alphainnotech.com.
Nice spread. .35/.94 3 x 1. Guess our patience with this one was for naught. Jim
NITE now the high bidder at .77. Can't remember the last time NITE was bidding APNO. Hopefully, this is a good sign. I will take any sign at this point. 4 years and waiting (holding).
Nice commission for Snider. Nice work if you can get it. At least the loan does not include dilution. Jim
APNO also filed 8-K - new loan - Snider milks some more cash out of Company...
APNO has a seller out there selling at .80. Probably not good, but at least someone is buying. Jim
Here's the PR. I totally missed it yesterday.
Alpha Innotech and GE Healthcare Announce a Strategic Alliance Partnership
Tuesday September 2, 9:19 pm ET
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Alpha Innotech Corp. (OTCBB:APNO - News) today announced that it has entered into a five year Strategic Supplier Alliance Agreement with GE Healthcare (NYSE:GE - News). This agreement is a continuation and expansion of the previous OEM Agreement signed between the two companies in April of 2005.
Under the terms of the agreement, Alpha Innotech will continue to develop, manufacture and supply a full line of proprietary imaging systems to GE Healthcare. The products will be sold exclusively worldwide under the GE brand in the life science research and drug discovery markets.
“Over the past three years we have built a very strong relationship with GE Healthcare and are pleased to extend our partnership in commercializing life sciences imaging systems,” stated Sia Ghazvini, Vice President for Marketing and Business Development at Alpha Innotech. “Combining GE Healthcare’s worldwide reach and expertise in biological applications with Alpha Innotech’s expertise in imaging technologies will provide researchers with completely integrated products for their research.”
“We are happy to extend our partnership with Alpha Innotech and to work closely with them providing leading edge scientific imaging systems and developing next generation products. Our partnership with Alpha Innotech expands our imaging portfolio and provides researchers with a broad choice of imaging modalities,” said Ron Alves, Purchase Family Leader, GE Healthcare. “Alpha Innotech continues to be our partner because their commitment to company values and product performance complements our own.”
GE Healthcare re-upped - wish they had just bought APNO instead - at this point I'd accept a low valuation!
yeah, APNO game plan still a mystery to me - real expensive to be a little public company with no ability to use stock for M&A or attract new investors to enhance valuation - nice they are making some progress, but I hope they find a way to get to a higher level soon or just sell...
I stand corrected. I guess a simple google search would have helped me out. Now I'm even more happy to have some fresh blood in there. I wouldn't mind getting acquired by IMA! :)
don't pull any punches, dog!
BTW CTEC and HEM were apparently acquired by Inverness in '07...
From the PR...
Mr. Henighan brings valuable experience from his work at other publicly-traded biotechnology companies. Prior to joining the Company as Corporate Controller in May of 2008, Mr. Henighan was Vice President and Corporate Controller at HemoSense, Inc. (AMEX:HEM - News) and Corporate Controller at Cholestech Corp. (Nasdaq:CTEC - News). He also held senior management positions with Applied Biosystems, Solectron and Motorola.
I don't know where they get those tickers from, but according to yahoo, those companies are not public.
With that said, I'm glad to get some new fresh blood in at APNO. In my opinion, Ron Bissinger is an idiot that has no idea how to run a business and is only worried about his own paycheck and cares nothing about his shareholders.
Here's the PR on the new CFO...
Alpha Innotech Appoints Michael Henighan Chief Financial Officer
Thursday August 21, 10:34 am ET
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Alpha Innotech Corp. (OTCBB:APNO - News), a leading provider of bioanalytical systems for drug discovery and life science research, announced that Michael Henighan has been appointed Chief Financial Officer and Principal Accounting Officer effective immediately.
Mr. Henighan brings valuable experience from his work at other publicly-traded biotechnology companies. Prior to joining the Company as Corporate Controller in May of 2008, Mr. Henighan was Vice President and Corporate Controller at HemoSense, Inc. (AMEX:HEM - News) and Corporate Controller at Cholestech Corp. (Nasdaq:CTEC - News). He also held senior management positions with Applied Biosystems, Solectron and Motorola.
“I am honored to be offered this leadership role at Alpha Innotech. I’m looking forward to working with the many talented professionals in our Company to increase our profitability and add to our shareholders’ value,” said Mr. Henighan.
“In the few short months Michael has been with us he’s already been a great asset as we continue building profitable growth momentum,” said Ron Bissinger, Alpha Innotech’s CEO. “We’re delighted to appoint Michael as our top financial executive.”
New CFO - guess its good news APNO beleives it has the cash flow now to pay him...
yeah, I'll take the progress - APNO is in a great space, maybe they can accelerate growth with their more stable finances - but earning a penny? that's crazy talk!
That's a little better. SG&A down and revenues up nicely. Now come on Ron...let's keep this up. Maybe we could earn a whole penny one of these days!
Alpha Innotech Reports Second Quarter Profit on 17% Revenue Growth
Tuesday August 12, 8:51 pm ET
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Alpha Innotech Corp. (OTCBB:APNO - News), a leading provider of bioanalytical systems for drug discovery and life science research, today reported financial results for the quarter ending June 30, 2008.
Second quarter revenues were $4.2 million and increased 17% from the $3.6 million reported in the same period in 2007.
Alpha Innotech reported a gross profit of $2.4 million, or 56% of total revenue, compared with a gross profit of $2.0 million, or 55% of total revenue, for the 2007 second quarter. The 20% improvement from the prior period was due primarily to increased sales volume and continued process efficiencies.
Operating expenses for the quarter were $2.2 million, down 3% from $2.3 million for the second quarter of 2007. Interest expense increased to $175,000 from $67,000 due to interest paid and amortization of loan costs relating to the new debt facility with Agility Capital, LLC and Montage Capital, LLC.
Net income for the second quarter of 2008 increased to $23,000, or less than $0.01 per share, from a net loss of $337,000, or $0.03 per share, for the second quarter of 2007.
Excluding interest, depreciation and stock-based compensation, on a non-GAAP basis, the Company had net income of $443,000 for the second quarter of 2008 compared to a net loss of $44,000 for the second quarter of 2007. The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled “Non-GAAP Calculation of Net Income (Loss)”.
“We are very pleased with our strong growth in both our Asia and North America markets,” said Ron Bissinger, Chief Executive Officer of Alpha Innotech. “We’re also looking forward to sales of our new FluorChem® Q significantly contributing to our revenues for the remainder of 2008 and beyond.”
Year-to-Date Financial Results
For the six months ended June 30, 2008, total revenue was $7.9 million, an increase of 11% from $7.2 million for the comparable 2007 six month period.
Gross profit for the first half of 2008 was $4.5 million, a 13% increase from the gross profit of $4.0 million for the first half of 2007. Operating expenses in the first half of 2008 were $4.3 million, a 4% increase from $4.2 million in the comparable 2007 period.
Net income for the first half of fiscal 2008 was $21,000 or less than $0.01 per share, an increase from a net loss of $338,000 or $.03 per share in the first half of 2007.
Interest expense for the first half of fiscal 2008 increased to $258,000 from $149,000 due to interest paid and amortization of loan costs relating to the new debt facility with Agility Capital, LLC and Montage Capital, LLC.
Additional Second Quarter 2008 Achievements
Began shipping FluorChem® Q, a unique imager that rivals laser-based scanners for quantitative chemiluminescent and fluorescent Western blot imaging.
Began shipping AlphaSpec™, a compact UV/Visible spectrophotometer that uses an in-tip detection design allowing users to measure and recover biological samples.
Closed a new debt facility with Agility Capital, LLC and Montage Capital, LLC intended to provide working capital for growth, particularly for the Company’s rapid expansion in Asia, while reducing the Company’s overall cost of capital.
More information on Alpha Innotech can be found at the Company’s website www.alphainnotech.com.
Alpha Innotech Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Revenue $4,243 $3,612 $7,912 $7,159
Cost of Goods Sold 1,857 1,620 3,414 3,195
Gross profit 2,386 1,992 4,498 3,964
Operating expenses:
Sales and Marketing 1,313 1,163 2,498 2,217
Research and Development 273 344 648 648
General and Administrative 603 753 1,170 1,285
Total operating expenses 2,189 2,260 4,316 4,150
Income (loss) from operations 197 (268) 182 (186)
Interest expense (175) (66) (258) (149)
Other income (expense), net 1 (3) (3) (3)
Sale of patents — — 100 —
Net Income (loss) applicable to common stockholders 23 (337) 21 (338)
Net Income (loss) per share:
Basic $0.00 ($0.03) $0.00 ($0.03)
Diluted $0.00 ($0.03) $0.00 ($0.03)
Weighted average shares outstanding:
Basic 10,874 10,421 10,694 10,290
Diluted 11,281 10,421 10,898 10,290
Alpha Innotech Corp
Condensed Consolidated Balance Sheet
30-Jun-08
(in thousands)
June 30, December 31,
2008 2007
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $749 $168
Restricted cash 50 50
Accounts receivable, net 2,331 2,230
Inventory, net 1,137 1,006
Prepaid expenses and other current assets 165 219
Total current assets 4,432 3,673
Property and equipment, net 884 914
Loan Fees, net 110 —
Other assets 90 90
Total assets
$5,516 $4,677
Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable $1,452 $1,786
Accrued liabilities 849 1,330
Current portion of debt 2,247 1,407
Deferred revenue 1,093 1,027
Other liabilities 247 265
Total current liabilities 5,888 5,815
Debt, net of current portion 148 308
Total Stockholders’ deficit (520) (1)
Total liabilities and stockholders’ deficit $5,516 $4,677
Alpha Innotech Corp.
Non-GAAP Calculation of Net Income (Loss)
(Unaudited)
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
GAAP net income (loss) $ 23 $ (337) $ 21 $ (338)
Interest 175 67 258 149
Depreciation 108 131 245 275
Stock-based compensation 137 95 257 150
Non-GAAP basis income (loss) $443 ($44) $781 $236
Contact:
Alpha Innotech Corp.
Ron Bissinger, CEO, 510-483-9620
Several directors and officers issued stock options this week as reported after the bell. They all have an excercise price of .98. I am glad to see they are paying to get these shares. Also glad to to the .98 which was probably tied to the price of the last few days. This beats the .80 and .65 that APNO has had the few weeks before. Jim
He still has 175000 shares. Maybe he needed a few bucks to pay for his adjustable mortgage. Not really a biggie. Still hoping for a buyout. Don't see this one moving with current market conditions unless its a buyout. Jim
Insider selling...VP of Marketing sold 12,000 shares last week. Another reason to hate this stock!
pinky MM's quotes have no real relationship to reality, and otc bb only have to show minimum number of shares, and then they just show 2500 under a buck 500 over.
kind of figured getting the lower price was due to offers not shown due to low quantity. But had the same thing happen today on a subpenny. I tried to get one that only had .0001 sales all day, but the current ask was .0002. I tried to jump start it with a million at .0002 and they filled me at .0001. I had to just laugh. Even when I wanted to overpay, they would not let it go to .0002. Anyway, I now have a sizable investment in APNO and hope that I can sell some this year for a profit. Just can't see selling any at current levels. Jim
hey - re your note - I agree and have been doing similar, picking up shares here and there. At some point, they will want to push the stock, there's been nothing of significance by way of volume. Both the XTRN people and the current management will have incentive to have the stock higher and will have to explain operations in a better fashion to reach a broader audience in my opinion.
Re the spread, don't forget that they only show orders of 2500 shares under a buck and you can pick up shares less than the ask. Shares are there, they don't have to show them on level 1 or 2.
1Q earnings a shrug - as far as the Company goes, I don't know exactly what was supposed to happen post reverse merger but it sure didn't - despite getting some cash in deal, capital constraints have really limited progress for a while - and being a public entity in here is useless with the small size of the Company and the depressed stock price - my base case for stock valuation is $1.50 (coincidentally where it traded at XTRN deal time) - it should be worth more to a strategic buyer but I can't say it makes sense for management to sell yet paricularly given positive industry - between a rock and a hard place...
Anaylyzing the quarter...
I just wonder why the stupid stock based compensation is more than double last year's levels. It must be because they are doing "such a great job."
I also think that the COGS may be artificially low because they built inventory in the quarter.
Don't forget other than options, the original people seem to be sitting stuckholders also and have a strong motivation to move this one way or another. I think that's why there was that spike. If you go back to the original proxy materials, the info indicates a much higher value assumption and I doubt they are going to be satisfied just treading water.
Is it going to be a takeover? They are close to GAAP profit. But, they don't seem to be able to put out anything that creates any buzz. Probably relates to the inherent esoteric nature of the business LOL..
As much as I hate this stock...I still think it's cheap. I still believe it's probably worth somewhere in the $1.25-$1.75 range.
If we use the multiples that MDS used to acquire Molecular devices (~1.5x sales and ~12x EBITDA) and annualize the 1Q numbers ($3.67 million and $338k), then I get a value of $1.74 based on price to sales and $1.28 based on Price to EBITDA.
Alpha Innotech Reports Strong First Quarter International Revenue Growth
Wednesday May 14, 9:23 pm ET
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Alpha Innotech Corp. (OTCBB:APNO - News), a leading provider of bioanalytical systems for drug discovery and life science research, today reported financial results for the quarter ending March 31, 2008.
First quarter revenues of $3.668 million increased 3.4% from the $3.547 million reported in the same period in 2007.
The Company posted a net loss of $2,000 in the first quarter ending March 31, 2008 as compared to a $1,000 net loss in the comparable period of 2007.
Excluding stock-based compensation, interest, and depreciation on a non-GAAP basis, the Company had net income of $338,000 for the first quarter of 2008 compared to $280,000 for the first quarter of 2007. The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled “Non-GAAP Calculation of Net Income (Loss)”.
“Our focus on the rapidly growing Pacific Rim markets contributed to first quarter international revenues increasing nearly 33% from a year ago,” said Ron Bissinger, Chief Executive Officer of Alpha Innotech. “We’re also looking forward to introducing additional products in our second quarter that will continue our growth momentum.”
Additional First Quarter 2008 Achievements
-- Posted seventh consecutive quarter with positive cash flows from operating activities
-- Began shipping red™, our personal gel imager combining touch screen controls with advanced imaging technology and an integrated onboard computer, all in a uniquely compact footprint
-- Added sales personnel in Shanghai and Singapore to strengthen the Company’s presence in the rapidly growing Pacific Rim region
More information on Alpha Innotech can be found at the Company’s website www.alphainnotech.com.
Alpha Innotech Corp.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
2008 2007
Revenue 3,668 3,547
Cost of goods sold 1,557 1,575
Gross profit 2,111 1,972
Operating expenses:
Sales and marketing 1,185 1,055
Research and development 375 304
General and administrative 567 532
Total operating expenses 2,127 1,891
Profit (loss) from operations (16 ) 81
Interest expense (83 ) (82 )
Other income (expense), net 97 0
Net profit (loss) applicable to common stockholders (2 ) (1 )
Profit (loss) per common share - basic and diluted $ (0.00 ) $ (0.00 )
Weighted average shares outstanding - basic and diluted 10,536,390 10,343,383
Alpha Innotech Corp.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, 2008
December 31, 2007
(Unaudited)
Assets
Current assets:
Cash and cash equivalents 214 168
Restricted cash 50 50
Accounts receivable, net 2,071 2,230
Inventory, net 1,248 1,006
Prepaid expenses and other
current assets 144 219
Total current assets 3,727 3,673
Property and equipment, net 854 914
Other assets 90 90
Total assets 4,671 4,677
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable 1,768 1,786
Accrued liabilities 1,278 1,330
Current portion of debt 1,128 1,407
Deferred revenue 1,013 1,027
Other liabilities 287 265
Total current liabilities 5,474 5,815
Debt, net of current portion 313 308
Total stockholders' deficit (1,116 ) (1,446 )
Total liabilities and stockholders'
deficit 4,671 4,677
Alpha Innotech Corp.
Non-GAAP Calculation of Net Income (Loss)
(Unaudited)
(in thousands)
Three Months Ended March 31,
2008 2007
Non-GAAP calculation of net income (loss) :
GAAP net loss (2 ) (1 )
Interest 83 82
Depreciation 137 144
Stock-based compensation 120 55
Non- GAAP basis income (loss) $ 338 $ 280
Contact:
Alpha Innotech Corp.
Ron Bissinger, CEO, 510-483-9620
APNO shareholder meeting...
I just voted my shares. I'm not afraid to say that I voted against all of the directors. I think this company is poorly run and could do much better with a new management team.
FYI - 8K filed yesterday - another bandaid financing (loan with warrants) involving insiders...
Maybe a IOMI type merger could happen to APNO. IOMI was less than a buck a few months back. Now it is being bought for $6.60.
Mon May 12, 2008 6:54pm EDT
WASHINGTON (Reuters) - Austrian vaccine maker Intercell (ICEL.VI) said on Monday it was acquiring Maryland- based Iomai Corp (IOMI), a small biotechnology company trying to develop needle-free vaccines.
"The deal creates a leading traveler's vaccine portfolio by combining Intercell's Japanese encephalitis vaccine with Iomai's needle-free travelers' diarrhea vaccine," the company said in a statement.
"The Travelers' diarrhea vaccine is planned to enter pivotal Phase III trials in the first half of 2009 and is based on the only advanced needle-free vaccine patch technology in the industry. Through the transaction Intercell gains access to a further product generating technology platform."
Intercell said it would accomplish the deal through a share/cash transaction for $6.60 per share of Iomai's common stock representing a fully diluted equity value of Iomai of $189 million (EUR 122 million).
FYI some potential related M&A activity at ABI going on as SAC Capital pushing for measures including sale of ABG...
good question but maybe they're trolling for a partner (I'm not sure what the audience is but I would assume its M&A oriented not micro cap investors) or maybe they'll just delist - I can't see management diluting themselves by doing an equity financing with the stock down here and given the poor share liquidity and little effort on investor relations, management isn't trying to improve the market pricing either so....
good question but maybe they're trolling for a partner (I'm not sure what the audience is but I would assume its M&A oriented not micro cap investors) or maybe they'll just delist - I can't see management diluting themselves by doing an equity financing with the stock down here and given the poor share liquidity and little effort on investor relations, management isn't trying to improve the market pricing either so....
Hope you are wrong about APNO going private. If they were thinking of that, then why make this presentation? Jim
the inclusion of the detailed cap table is also interesting - inviting a re-cap...
If they go private it will kill us shareholders. It will not be good for us. They already own something like 80% of the company and therefore they have nothing to worry about from the shareholders.
the bullet point on Business Strategy page re reducing expenses of being a public company is interesting to me - APNO could go private simply by de-listing the stock or by insiders/investor taking out the stock at a low number instead of selling the company...the lack of communication with public shareholders leads me to believe they are not very interested in getting the stock to trade up...
Houlihan Lokey is in that business of putting together mergers and financial partners. The whole presentation looks to be a promotion of the company. Could be only financing, but I think a partner is more likely. Jim
Where do you get that they are looking for a merger partner or to sell the company? I don't see anything about that in the presentation.
Very promising news today. 8k out after bell tonight. Includes the presentation given at the Houlihan Lokey 7th Annual Healthcare Conference today. Presentation was very professional. Looks like our boys our looking for a merger partner or maybe even to sell the company. I am excited about this one for the first time in a long time.
Jim
8k - http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5615913
Houlihan Lokey - http://www.hlhz.com/main.asp?p=corp_home
Conference info - http://www.hl.com/conference/hc2008/registration/info.asp
RED(TM) Personal Gel Imager Now Available from Alpha Innotech
Tuesday April 8, 5:42 pm ET
SAN LEANDRO, Calif.--(BUSINESS WIRE)--Alpha Innotech (OTCBB:APNO - News), a leading provider of innovative bioimaging solutions for the life science research market, announced today that it has begun shipment of RED™, its newest gel imaging system.
Designed to take advantage of the burgeoning global market for personal laboratory instruments, the RED personal gel imager combines touch screen controls with advanced imaging technology and an integrated onboard computer, all in a uniquely compact footprint.
RED’s scientific-grade sensor and innovative optical design provides the flexibility critical to imaging the growing list of fluorescent labels found in a typical laboratory. RED’s integrated transillumination and epi illumination sources combined with its three position filter wheel are designed for exciting and imaging a wide variety of UV fluorescent labels commonly used in stained DNA and protein gels, such as Ethidium Bromide, SYBR® Green, SYBR® Safe and Hoechst Blue. RED also excels at imaging white light applications such as coomassie and silver stained protein gels. Images can be saved to a USB memory stick or printed directly to a digital thermal printer for archiving in the user’s lab notebook.
RED was designed for maximum ease of use. From its simple installation to its intuitive user interface, this system is plug-and-play. “Most gel imaging systems on the market require a company representative to perform the installation and provide individual training,” commented Lawreen Asuncion, Associate Product Manager. “With RED, the user can simply pull the instrument out of the box, plug in the power cord, turn it on and start imaging. With all imaging controls at their fingertips, users can quickly acquire an image with just a few taps on the touch screen. The instrument is so easy to use that no training is needed for broad gel based applications.”
“Alpha Innotech has long been a market leader in high end chemiluminescence and fluorescence imaging workstations,” stated Sia Ghazvini, Vice President of Marketing and Business Development. “With RED, we have taken our advanced technology and made it simple and intuitive to use and integrated all system components into a compact footprint. RED provides a powerful yet cost effective solution that we believe will enable more labs worldwide to adopt digital gel documentation systems.”
For more information on RED please visit www.alphainnotech.com. The instrument and supporting reagents and consumables are also available for purchase online at Alpha Innotech’s website.
Wow! Amazing!
Best b/a in quite a while. Now .85/.90. There's hope yet. Jim
yeah, certainly more incremental progress - it has taken some time though - would be nice to hear management's plan - the stock is pretty washed out and, given the low valuation, really can't be used to do any strategic M&A to add new products to the mix - management releases little info so the stock isn't likely to go up much any time soon - wouldn't think they'd sell it at this stage - but the cost of APNO being public and just sitting here isn't worth it either - not clear to me where they're heading...
If the overall market does not continue to tank, APNO should do well this year. Jim
That's the most positive thing coming out of APNO-at least since last year's 4Q report-and maybe since they reverse merged with XTRN!
Alpha Innotech Reports 20% Fourth Quarter Revenue Growth
5:51 PM EDT March 31, 2008
SAN LEANDRO, Calif.--(BUSINESS WIRE)--
Alpha Innotech Corp. (OTCBB:APNO), a leading provider of bioanalytical systems for drug discovery and life science research, today reported financial results for the fourth quarter and year ending December 31, 2007.
Fourth quarter 2007 revenues of $4.483 million were 20% higher than the $3.748 million reported in the same period in 2006 and were 22% higher than third quarter 2007 revenues. Revenues for the year ending December 31, 2007 were $15.322 million, a 16% increase from the $13.254 million reported for the same period in 2006. The net loss for the fourth quarter 2007 was $34,000 compared to a profit of $41,000 in the same period of 2006. The net loss for the year ending December 31, 2007 was reduced 34% to $0.662 million from the $0.998 million loss reported for 2006.
On a non-GAAP basis, the Company's net income increased $0.840 million to $1.024 million for the year ending December 31, 2007 from $0.184 million for the same period of 2006. The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled "Non-GAAP Calculation of Net Income (Loss)".
"We are pleased with our results for 2007. Our revenues grew over twice the rate of what we believe was the worldwide growth rate for our industry; our gross margins improved by nearly 3 points, and we continued to build our new product pipeline. Without the expense of the Founders Bonus Plan which terminated on December 31, 2007, we also would have been profitable in the fourth quarter and had an operating profit for the full year," commented Ron Bissinger, Chief Executive Officer of Alpha Innotech.
"In 2008 we plan to launch new products which will leverage our direct U.S. sales force and expand our international revenue base," Mr. Bissinger continued.
2007 In Review -- Full year revenues increased 16% -- Non-GAAP income grew to $1.024 million -- U.S. sales channel restructured to primarily a direct sales model -- Signed a product development and OEM supply agreement with R&C Biogenius for a new bioimaging instrument optimized for their proprietary assay for multianalyte single well ELISA tests -- Added to our Board of Directors Joe Keegan, former CEO of Molecular Devices, and Gus Davis, former Chief Operating Officer of BioSource International -- Appointed Mark Allen, a veteran of Molecular Devices, as our new Vice President of Operations
More information on Alpha Innotech can be found at the Company's website www.alphainnotech.com.
About Alpha Innotech Corp.
Founded in 1992 and with over 10,000 systems sold worldwide, Alpha Innotech is a leading developer, manufacturer and marketer of digital imaging and analysis systems for the life science research and drug discovery markets. Our goal is to combine instruments, reagents and bioinformatics software to offer integrated modular technology platforms for functional genomics, proteomics and cell analysis markets. Our customers include pharmaceutical and biotechnology companies as well as universities, medical centers, government research institutes and agencies worldwide.
Use of Non-GAAP Financial Measures
To supplement the Company's financial statements presented in accordance with GAAP, the Company is also providing non-GAAP financial information. The presentation of non-GAAP financial information should be considered in addition to the Company's GAAP results and is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with GAAP. The Company believes that both management and investors benefit from referring to non-GAAP financial information that excludes certain expenses in their assessment of the Company's performance. The Company also believes that investors benefit from increased transparency into supplemental information used by management in its financial and operational decision making.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. These forward-looking statements involve a number of risks and uncertainties that include, but are not limited to, the Company's ability to obtain additional financing if needed, the timing of the introduction and success of new products, and the Company's growth prospects, that could cause actual results to differ materially from those anticipated or planned by these forward-looking statements. Please also refer to the risk factors described in our filings with the Securities and Exchange Commission, including our recent Form 10-KSB and Forms 10-QSB filed with the Securities and Exchange Commission. We do not intend to update the forward-looking information contained in this news release except as required by law.
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