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MDS Reports Q4 and FY2005 Results

NEW YORK, Dec. 14 (GenomeWeb News) - Despite an 8 percent growth in quarterly revenues, MDS reported today a loss for the fourth quarter, and a decline in total income for the full year.


MDS said fiscal year 2005 revenues increased by 1 percent from fiscal year 2004 to CA$1.5 billion, or US $1.3 billion. Total revenues for the fourth quarter ended Oct. 31 was CA$390 million, US$339 million, for the fourth quarter, up 4 percent year-over-year.


Weaknesses in currency impacted revenues for the Life Sciences segment by CA$16 million, the company said. The segment reported quarterly revenues of CA$304 million, up 8 percent over the same quarter last year, and full year revenues of CA$1.2 billion, up 1 percent from 2004. All three groups within the life sciences division reported revenue growth, with the pharmaceutical research services reporting $135 million in revenue for the quarter, a 3 percent growth from the previous year.


During the fourth quarter, research and development expenses was CA$7 million, a decline of CA$4 million from the prior year. The majority of the spending was related to new analytical instruments and the Equinox therapy system, the company said.


MDS reported quarterly net loss of CA$48 million, a sheer drop from the previous year's income of CA$9 million.


"We move into 2006 with positive revenue momentum and a more streamlined cost structure," said MDS's president and chief executive officer, Stephen DeFalco, in a statement.


Restructuring and other charges in the quarter was CA$83 million. The company divested its interest in Source Medical, is discussing the sale of its interest in Calgary Laboratory Services, and has reduced its workforce by 700 employees. MDS also paid a quarterly cash dividend of C$.0325 per share.


MDS has a facility in New Orleans that was damaged by Hurricane Katrina, the company said. The company expects to reopen the site by mid-fiscal 2006.


As of Oct. 31, 2005, MDS reported CA$265 million in cash and cash equivalents.

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