Harvard Bio Shares Slide 10.82 Percent as Revenue Inches Higher and Loss Turns to Profit

NEW YORK, May 6 (GenomeWeb News) -- Shares of Harvard Bioscience were down 10.82 percent, or $.42, at $3.46 in mid-afternoon trading after the company yesterday reported a 1-percent increase in revenues and a small net profit for the first quarter of 2005.

Revenues for the quarter were $22.4 million, up from $22.2 million during the same period last year. HBIO's Genomic Solutions subsidiary "continued to show improvement," according to the company. "As we have stated last quarter, we believe we have turned the corner at Genomic Solutions and are now focused on growing its revenues and profits," said CEO Chane Graziano in a company statement.

Research and development expenses were $1.9 million for the quarter, up from $1.7 million for the same period in 2004.

Net income was $200,000, or $.01 per share, compared to a net loss of $50,000, or $0 per share, during the first quarter of 2004.

As of March 31, HBIO had $12.4 million in cash and cash equivalents.