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Evotec Q4 Revenues Up 23 Percent Over Last Year

NEW YORK, Feb. 3 (GenomeWeb News) - Evotec OAI's fourth-quarter 2004 revenue jumped 23 percent over the same period in 2003, according to unaudited figures the Germany-based company released today.

 

The company reported preliminary revenue of €25.3 million ($32.8 million) for the quarter ended Dec. 31, 2004, compared to €20.5 million for the same quarter during the previous year.

 

However, revenue for the entire year fell to €72.7 million from €77.2 million one year ago. In a statement, Evotec blamed some of the decrease on cost control policies by pharmaceutical companies, soft financial markets, the weak US dollar, and the strong British pound.

 

Earnings before interest, taxes, depreciation, and amortization for the fourth quarter swelled to €2.6 million from €600,000 for the same quarter in 2003.

 

As of Dec. 31, the company reported cash and marketable securities of €15.3 million and receivables of €16.3 million, which Evotec expects to reduce to historical average and convert into cash in early 2005.

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