Molecular Devices Q4 Revenues Rise 10 Percent; Profit Slides 60 Percent

NEW YORK, Feb. 8 (GenomeWeb News) - Molecular Devices yesterday reported a 10-percent increase in revenues as net income dropped 60 percent.

Revenues for the three months ended Dec. 31 increased 10 percent to $52.5 million. The company said that, eliminating the effects of foreign currency translation, actual revenues for the quarter grew 14 percent over the prior year.

R&D spending for the quarter dipped slightly to $6.3 million from $6.9 million in the year-ago period.

Fourth-quarter profit fell 60 percent to $5.7 million from $14.7 million year over year. This is because Molecular Devices included an $18-million gain on sale of equity for the fourth quarter of 2004.

Molecular Devices had around $28.9 million in cash and cash equivalents as of Dec. 31.