NEW YORK (GenomeWeb News) – Australian fluorescence and protein detection technologies firm Fluorotechnics, which is undergoing a restructuring, reported that revenues for the second half of 2010 fell 32 percent year over year to A$1.3 million ($1.3 million) from A$1.8 million.
For the six months ended Dec. 31, 2010, sales to external customers shrank to A$1.2 million, a 33 percent drop-off from $1.8 million a year ago, while other revenues nearly doubled to A$144,341 from A$73,040.
The company reduced its R&D costs to A$241,544 from A$269,652 last year, a 10 percent decrease. Marketing, business development, corporate, and administration costs were cut nearly in half to A$810,871 from A$1.6 million.
Its net loss for the six-month period dropped 29 percent to A$1.5 million, or A$.03 per share, from A$2.1 million, A$.07 per share, a year ago.
As of Dec. 31, Fluorotechnics said it had A$356,225 in cash and cash equivalents, down from A$899,639 as of June 30, 2010.
The company is in the middle of a turnaround effort, which has included the sale of its US subsidiary Gel Company for $150,000 in October, as well as its gel and High Performance Electrophoresis, or HPE, Tower technology to Serva Electrophoresis for €150,000 in cash in December.
In a letter accompanying the release of its second-half 2010 earnings results, Richard Trevillion, chairman of Fluorotechnic's board, said that while the second half of last year had been one of "initial great expectations for sales growth," it was followed "by a sad realization that those sales expectations would not be met."
Trevillion joined the board and became its chairman in late December after four other board members had resigned.
Fluorotechnics continues to manufacture gels through its German subsidiary and owns its protein dye technology. Since late last year, though, its focus moving head is on acquiring technologies, and "[t]hrough its enhanced networks, the company is well-positioned to maximize shareholder value through strategic acquisitions," Trevillion said. "The board has received strong investor support regarding this new strategic direction," he added, and noted that an update on its new direction is upcoming.