Invitrogen s Q1 Revenues Up 10 Percent, Earnings Quadruple Thanks to Dynal Purchase

NEW YORK, April 29 (GenomeWeb News) - Invitrogen yesterday reported a 10-percent increase in revenues and quadrupled earnings for the first quarter of 2005.

Revenues for the quarter totaled $277.1 million, up from $251.3 million during the year-ago period. Both Invitrogen's BioDiscovery and BioProduction segments contributed to this increase.

Research and development expenses increased to $21.2 million from $15.7 million during the first quarter of 2004.

The company's net income increased to $47.1 million, or $.82 per share, from $10.5 million, or $.19 per share, during last year's first quarter. Included in this quarter's income is a gain of $21 million related to the hedging activity associated with Invitrogen's acquisition of Dynal.

As of March 31, Invitrogen had $1 billion in cash and investments.