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Harvard Bio Reports 2-Percent Increase in Q4 Revenues, Earnings Shortfall

NEW YORK, March 9 (GenomeWeb News) - Harvard Bioscience yesterday reported a slight increase in revenues but a cut in earnings for the fourth quarter of 2004.

 

The company booked $24.7 million in revenues for the quarter, up 2 percent from $24.2 million during the same quarter in 2003.

 

R&D expenses amounted to $1.9 million for the quarter, up from $1.6 million for the same period a year ago.

 

HBIO's net income for the quarter was $1.1 million, or $.04 per share, down from $1.8 million, or $.06 per share, during the year-ago quarter. However, for the full year 2004, earnings fell by nearly half to $2.3 million, or $.08 per share, from $4.3 million, or $.14 per share, year over year. The primary cause for this decline was a shortfall in revenues at HBIO's Genomic Solutions subsidiary, CEO Chane Graziano said in a statement.

 

"However, we believe that we have turned the corner," he said. "In looking forward to 2005, we remain encouraged by the improved performance at Genomic Solutions for the fourth quarter, the strong performance of our recent acquisitions and continued strengthening in the life sciences market."

 

As of Dec. 31, 2004, HBIO had $13.9 million in cash and cash equivalents.