NEW YORK, April 25-Applied Biosystems said today that its earnings per share in the third quarter of fiscal 2002 had slid amidst slowed demand for sequencing products and equipment.
Net income for the Applied Biosystems Group was $49.1 million in the third quarter, ended March 31, as compared to $57.7 million in the equivalent quarter last year. Earnings per share slid from $0.26 in the 2001 third quarter to $0.23 in the third quarter this year.
Much of that weakness, said Applied Biosystems president Michael Hunkapiller in a statement, was attributable to slowed demand for DNA sequencers. For the first nine months of the fiscal year, sales of DNA sequencing products slipped from $550 million in 2001 to $455 million in 2002.
Applera CEO Tony White blamed National Institutes of Health funding delays and weakness in the pharmaceutical market.
Celera's net loss in the quarter widened from $29.1 million, or 48 cents per share, one year ago to $49.5 million, or 72 cents per share.
Revenues for the group rose from $23.4 million one year ago to $30.5 million in the equivalent quarter this year.