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Affymetrix Posts 11-Percent Rise in Q2 Profit; Reiterates Q3 Closing for ParAllele Acquisition

NEW YORK, July 21 (GenomeWeb News) - Affymetrix today reported a 5 percent year-over-year increase in revenues and an 11 percent increase in net income for the second quarter of 2005.

 

Total revenue rose to $84.1 million from $79.8 million in the second quarter of 2004. Of the company's total revenues, $1.9 million was attributed to the sale of products to Perlegen Sciences in the current quarter, compared to $1.4 million in sales to Perlegen in the year-ago period.

 

Affymetrix reported an increase in net income to $7.8 million, or $.12 per diluted share, from $7.0 million, or $.11 per diluted share, in the prior-year period.

 

The company did not meet analyst earnings estimates of $.17 per share for the quarter, however.

 

Affymetrix increased quarterly R&D spending to $20.8 million from $17.8 million in the second quarter of 2004.

 

The company had cash and cash equivalents of $27 million on hand as of June 30.

 

Affymetrix reiterated its plans to close its acquisition of ParAllele in the third quarter. As a result, the company expects to incur merger-related charges for in-process R&D of $15 million and operational charges of $7 million in the third quarter.

 

For the third quarter, Affymetrix has forecast total revenue of $95 million and a net loss per share of $.06 - below analyst estimates of net income of net income of $.29 per share.

 

Affymetrix reiterated its previous guidance of $405 million in total revenues for the full year.

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