NEW YORK, April 28 - Gene Logic today reported a seven percent year-over-year increase in first-quarter earnings accompanied by narrowed net losses.
Revenue for the first quarter ended March 31, 2003, was $12.7 million, compared to $11.8 million in the first quarter of 2002. Gene Logic credited the increase in total revenue to higher sales for its GeneExpress products and services.
Operating expenses for the quarter decreased to $18.7 million from $20.0 million for the comparable period of 2002. R&D expenses decreased to $597,000 from $779,000 in the year-ago period. The company said the decrease in operating expenses was partly due to "more focused content selection and database growth."
Gene Logic posted a net loss of $5.8 million for the quarter, or $0.21 per share, compared to a net loss of $7.5 million, or $0.28 per share, for the same period of 2002.
The company noted that its quarterly earnings do not reflect the acquisition of TherImmune, which occurred after the end of the quarter.
As of March 31, 2003 (and prior to the funding of the acquisition of TherImmune), Gene Logic had approximately $157.3 million in cash, cash equivalents, and marketable securities. On April 2, Gene Logic paid TherImmune shareholders approximately $30.9 million in cash, and issued 4 million shares of common stock, with a value of approximately $21.2 million, based on the closing price of its stock.