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Affymetrix Acquisition Target eBioscience Posts 9 Percent Revenue Increase, $9.6M Profit in 2011

NEW YORK (GenomeWeb News) – eBioscience recorded $70.9 million in revenues during 2011, leading to a profit of $9.6 million, Affymetrix disclosed in a regulatory filing today.

Waiting to complete its $315 million buy of the San Diego-based flow cytometry and immunoassay reagents firm, Affy today said in a document filed with the US Securities and Exchange Commission that eBioscience's 2011 revenues increased 9 percent over 2010 revenues of $65.3 million.

eBioscience's R&D costs for 2011 increased to $7.5 million, up 32 percent from $5.7 million a year ago. Its SG&A costs rose 4 percent to $27.4 million from $26.4 million, while acquisition, integration, restructuring, and litigation costs went down 19 percent to $2.1 million from $2.6 million.

The firm had net income of $9.6 million, a 60 percent improvement over $6.0 million in 2010.

Through the first three months of 2012, eBioscience posted $18.8 million in revenues, up 6 percent from $17.8 million in the year-ago period.

Its R&D expenses increased 6 percent year over year to $1.9 million from $1.8, and SG&A costs rose 13 percent to $7.0 million from $6.2 million. Spending associated with acquisition, integration, restructuring, and litigation during the quarter dropped to $221,000 from $539,000 a year ago, down 59 percent.

The firm increased its profit 50 percent year over year to $2.7 million in the quarter from $1.8 million a year ago.

eBioscience had cash and cash equivalents of $16.8 million as of March 31.

Affymetrix also said in its SEC filing that it has amended its commitment letter for the eBioscience purchase with General Electric Capital and Silicon Valley Bank. The principal amount of the senior secured credit facilities committed to by the lenders have increased to an aggregate of $100 million, comprised of $85 million under a five-year loan facility and $15 million under a five-year revolving credit facility.

Previously, the aggregate amount of the facilities was $90 million.

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