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
