NEW YORK, Oct 26 - Applied Biosystems said Thursday a 24 percent increase in revenues fueled a jump in first fiscal quarter 2001 earnings, which beat Wall Street’s expectations by a penny.
The company reported net income of $41.3 million, excluding a $12 million pre-tax gain on the sale of investments, or 19 cents per diluted share, compared with $29.7 million, or 14 cents a share, in the year ago period.
The effects of fluctuations in foreign currency rates led to a $3 million, or one cent per diluted share, reduction in pretax income, the company said. Declines in the value of the euro and British pound were, however, partially offset by the appreciation of the Japanese yen.
Wall street had expected the company to post earnings of 18 cents per share, according to a poll of 12 brokers conducted by First Call/Thomson Financial.
Shares of Applied Biosystems were up 15 3/8, or 16.1 percent, at 110 7/8 in late morning trading.
Applied Biosystems’ net revenues for the fiscal first quarter rose to $363.6 million, compared with $288.8 million in the year-ago period.
During the quarter, sales costs rose to $163.5 million from $132.5 million in the same quarter of 1999, and R&D costs also rose nearly 48 percent, to $83.7 million.
" We are pleased with the gains in revenue and profitability during the first quarter,” Applied Biosystems President Michael Hunkapiller said in a statement.
" Many product lines performed well during the quarter, including our high-end mass spectrometer instruments for proteomics ; the ABI Prism 3700 and ABI Prism 3100 DNA analyzers; Sequence Detection Systems for gene expression and SNP analysis; DNA sequencing consumables; consumables for DNA forensic analysis; and custom oligonucleotide synthesis," he said.
During the first fiscal quarter, Applied Biosystems shipped its first high-throughput MALDI TOF/TOF mass spectrometer to Celera and penned an agreement with Oxford Glycosciences to give OGS priority access to this new mass spectrometer when first deliveries begin in the first half of calendar year 2001.
The company also signed an agreement with Genomica to gain a commercial license to Genomica’s genetic-analysis object model and extended an existing deal with Epoch Biosciences, allowing it to add Epoch’s technology for Applied Biosystems line of reagents.