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ABI Q1 Revenues Down, While Net Income Nearly Doubles

NEW YORK, Oct. 22 (GenomeWeb News) - Applied Biosystems this morning reported net revenues of $382.7 million for the first fiscal quarter ending Sept. 30, down $13.2 million compared to the same quarter of 2002.

 

Despite this drop in revenues, the company reported an increase in net income year-over-year: Net income rose  to $33.4 million for the quarter, compared to $17.8 million for the year-ago period. This rise in net income reflects the fact that the company recorded a loss of $16.4 million from discontinued operations the same period last year.

 

Broken down by sector, the company's DNA sequencing revenues dropped to $124.8 million, compared to $149.3 million in the first fiscal quarter of 2003; SDS and other applied genomics revenues increased to $94.3 million, from $83.5 million in the same period last year; mass spectrometry revenues were nearly flat at $82.4 million, compared to $84.2 million in the year-ago quarter; core DNA synthesis and PCR revenues increased slightly to $51.2 million, from $49.0 million in the same period last year; and other product lines were flat at $30.0 million, compared to $29.9 million in the same period last year.

 

The company recorded research and development expenses of $59.6 million, compared to $61 million for the same quarter in 2002. 

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