NEW YORK, Nov. 4 (GenomeWeb News) - Harvard Bioscience yesterday reported a 4-percent increase in third-quarter revenues and a 31-percent drop in net income.
For the quarter ended Sept. 30, the company's apparatus and instrumentation unit, which it is retaining, brought in revenue of $17.2 million for the quarter, up from $16.5 million in the prior-year period.
Harvard Bio did not disclose revenue for its capital equipment segment, which it plans to divest and has classified as discontinued operations held for sale.
The company posted net income of $661,000 for the third quarter, down from $957,000 in the year-ago period.
Research and development expenses fell by 14 percent to $700,000 for the quarter from $800,000 in the same period of 2004.
The company ended the quarter with cash and cash equivalents of $11.3 million.