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Affymetrix Hits GAAP Profitability for FY 03

NEW YORK, Jan. 28 (GenomeWeb News) - Affymetrix today reported total revenues of $300 million for fiscal year 2003 and marked its first year of positive cash flow from operations.

The company recorded $89 million in total revenue for the fourth quarter, compared to $78 million for the year-ago period. Of that, $1.5 million was from sales of products and wafers to Perlegen Sciences for the quarter, compared to $5.1 million for the same quarter in 2002. Product and product-related revenue was $85.3 million for the fourth quarter, compared to $70 million for the fourth quarter in 2002. Net income for the quarter was $16 million and $14 million for the year, compared to $3 million for the year-ago quarter, and a loss of $1.6 million for 2002.

The firm, regarded as the leader in the pre-printed microarray market, reported cash and cash equivalents of $276 million on hand as of Dec. 31, 2003, compared to $68 million at the end of the year-ago quarter.

Affymetrix said it spent $17 million on research and development in the quarter, compared to $19 million for the year-ago quarter.

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