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Gene Logic Posts Revenue Boost, Narrowed Net Loss for Fourth Quarter

NEW YORK, Feb. 24 - Gene Logic posted a jump in revenues for the fourth quarter of 2002 today, accompanied by increased R&D expenses and narrowing net losses.

 

The company's revenues for the fourth quarter were $14.8 million, an increase of 6 percent over the $14.0 million reported in the year-ago period. Gene Logic attributed the revenue increase to new and renewed subscriptions for its GeneExpress database.

 

Higher depreciation and amortization expenses, new software and database releases, and tissue acquisition costs drove the company's total operating expenses to $19.4 million, up from $18.5 million year-over-year. Gene Logic posted research and development expenses of $14.7 million for the quarter, up from $14.0 million in the same period of 2001.

 

The company's fourth-quarter 2002 net loss of $5.2 million, or $0.19 per share, shrank slightly compared to its net loss of $6.0 million, or $0.22 per share, for the same period of 2001.

 

As of December 31, 2002, Gene Logic had $107 million in cash and cash equivalents, compared to $128 million in the year-ago period. The company also holds $60 million in marketable securities available for sale, down from $70 million in the fourth quarter of 2001.

 

Full details are available here.

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