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ABI Reports Q4 Revenue Rise; Slumping Sales Causes Income to Dip

NEW YORK, July 25 - Applied Biosystems today reported that fourth-quarter earnings slid as customers scaled back spending on its genome sequencers.
Revenue in the period ended June 30 rose three percent to $417 million from $405 million one year ago, ABI said.

The company explained that while sales of its genome sequencers rose four percent to $191.4 million, sales of less expensive disposable tools fell three percent to $152.9 million. Revenue from service contracts, royalties, and out-sourced research, meanwhile, rose 17 percent to $64.7 million.

R&D spending costs jumped 19 percent, the company said. As a result, the company's fourth-quarter net income fell to $38.2 million, or $.18 per share, from $47.6 million, or $.22 per share, in the year-ago period.
Looking forward, the Applera unit reaffirmed expectations that revenue will grow in the "high single digits to low teens" rate in 2003, and that earnings per share will be between $.85 and $.95 per share. Earnings in the fiscal first and second quarters will be flat compared with previous quarters because of increased research and development spending, ABI said.

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