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Lion s Q4 Revenues Slide; Sale of Bioinformatics Biz Expected by End of Summer

NEW YORK, July 29 (GenomeWeb News) - Lion Bioscience posted a nearly 70-percent decline in quarterly revenues for its fourth fiscal quarter ended March 31, 2005, according to full-year results that the company released today.  


According to these results, receipts fell to around €1.2 million ($1.46 million) for the quarter, from €3.9 million in the year-ago period.


The company reported €10 million in total revenues for its 2004/2005 fiscal year, a decline of nearly 50 percent from €19.7 million in the prior fiscal year, but in line with projected revenues of €8 million to €10 million for the current year.  


Due to the planned sale of its UK-based bioinformatics business, Lion reclassified all revenues and expenses related to this business as discontinued operations, with the prior-year figures adjusted accordingly, the company said.


In line with this reclassification, Lion reported adjusted total revenues of €200,000 for the 12 months ending March 31 compared with €300,000 in adjusted revenues for the prior fiscal year. These figures include only those revenues based on income from Lion's Cambridge, Mass., subsidiary.  


Lion said in a statement that "the sales process of the bioinformatics business started successfully" and that it expects to close a sale "before the summer break."


Lion said it narrowed its net loss for the year to €13.2 million from €20.8 million in the prior fiscal year.


The company had previously projected €10 million to €11 million in net losses for the year ended March 31.


Lion said that it held cash and cash equivalents, including marketable securities, of €25.6 million as of March 31.


Lion also postponed the announcement of its financial results for the period ending June 30 from Aug. 4 to Aug. 12.

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