NEW YORK, Oct. 24 - Invitrogen today said that moderate third-quarter revenue growth atop steep cuts in operating expenses helped the company reach profitability.
For the period ended Sept. 30, Invitrogen reported revenues of $162.6 million, up from $156 million during the same period one year ago. At the same time, R&D spending for the quarter fell to $8.7 million from $9 million in the third quarter 2001 as overall operating expenses in the current quarter shrank to $74.1 million from nearly $126 million one year ago.
The company posted net income of $14.9 million, or $.28 per share, in the current third quarter compared with a net loss of $37.4 million, or $.71 per share, during the same period last year. The company stressed, however, that "the single largest factor" that contributed to the pendulum swing from net loss to net income was the "implementation of FAS No. 142, a rule under which goodwill is no longer amortized."
Invitrogen said it had roughly $626 million cash and cash equivalents as of Sept. 30.
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