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Invitrogen Reports $10.2 Million in Income for Q4

NEW YORK, Feb. 14 - Invitrogen yesterday reported its second-straight profitable quarter, bolstered by a slight revenue increase and continued expense cutting.

 

For the period ended Dec. 31, the company's revenues totaled $161.8 million, compared to $153.3 million for the year-ago period. At the same time, R&D expenditures increased slightly to $9.7 million, from $9.5 million in the fourth quarter of 2001, while overall operating expenses decreased to $80.7 million, from $118.3 million year over year.

 

The company earned a net income of $10.2 million, or $.20 per share in the fourth quarter, compared to losses of $35.6 million, or $.67 per share for the year-ago quarter. As it said last quarter, Invitrogen again reported that the single largest factor contributing to its move into the black was the implementation of an accounting rule, SFAS No. 142, which no longer allows the amortization of goodwill.

 

As of December 31, 2002, the company had $537.8 million in cash and cash equivalents, compared to $878.2 million at the end of the fourth quarter of 2001. (The company's short-term investments increased, however, to $184.2 million, from $99.6 million as of December 31, 2001.)