SAN FRANCISCO, May 6 - Qiagen today reported a 12 percent increase in sales.
Net sales for the first quarter ended March 31 came in at $70.5 million compared with $63.1 million one year ago. The company's $2 million in sales to Xeragon, which it acquired in April, are not included in the sales figures, according to Qiagen.
Net income for the quarter, excluding the effects of the Xeragon acquisition, increased to $10.5 million, or $.07 diluted earnings per share, compared with $8 million, or $0.6 per share, for the year-ago period, according to the company. With the results of the acquisition included for both periods, the company reported a rise in net income to $9.5 million for the first quarter, or diluted earnings per share of $.07, compared with $6 million, or $.04 per share, for the year-ago period.
R&D spending decreased slightly to $6.4 million compared to $6.7 million for the first quarter in 2001.
Qiagen said it had roughly $43 million in cash and cash equivalents as of March 31.