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Lion Posts Decreased Revenues, Losses for Q3

NEW YORK, Feb. 27 (GenomeWeb News) - Lion Bioscience today reported decreased revenues and losses for the third quarter of its current fiscal year, which ended Dec. 31.


Revenues fell to €5.8 million ($7.2 million), from €8.7 million during the same quarter a year ago.


Lion's net loss for the quarter narrowed to €6.3 million, from €21.8 million in the same period in 2002.


As of Dec. 31, Lion had cash, cash equivalents, and marketable securities of €48.1 million.


Differences from its preliminary earnings figures, published on Feb. 4, result mainly from currency fluctuation effects, according to the company.


Lion also restated its results for prior fiscal years, reflecting a change in revenue recognition. Under its new accounting practice, the company recognizes revenue from software licenses ratably over the term of the contract, rather than upon delivery of the software.


Click here for the full earnings report.