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Bio-Rad s Q2 Revenues Climb 11.8 Percent, Profit Slides 9.3 Percent

NEW YORK, Aug. 5 (GenomeWeb News) - Bio-Rad Laboratories yesterday reported increased revenues and a drop in earnings for the second quarter of 2005.

 

Revenues for the quarter totaled $291.3 million, up 11.8 percent over last year's $260.5 million during the same period. This increase was due to strong sales in the areas of diabetes monitoring, blood virus screening, quality controls, protein expression analysis, and amplification products. This latter category grew in part because of Bio-Rad's acquisition of MJ Research.

 

Research and development costs increased to $28.5 million from $25.5 million during the same quarter a year ago.

 

Bio-Rad's net income for the quarter fell 9.3 percent to $18.4 million, or $.71 per share, from $22.9 million, or $.79 per share, during last year's second quarter. The company attributed this decrease to its continuing investment in systems and infrastructure and increased interest expenses associated with the sale of bonds at the end of last year.

 

As of June 30, Bio-Rad had $252.1 million in cash and cash equivalents, $35.6 million in restricted cash, and $91.3 million in short-term investments.