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Orchid Cellmark 'Actively Exploring Acquisitions' as ‘06 Reorg Gets Traction

NEW YORK (GenomeWeb News) — Orchid Cellmark is “actively exploring acquisition opportunities" as a reorganization begun in 2006 gains traction, CEO Thomas Bologna said in a statement.
 
Bologna made the remark in a statement disclosing the company’s fourth-quarter financial report, which included a 1.6-percent rise in revenue, a 25-percent decline in R&D spending, and a profit.
 
Total receipts for the three months ended Dec. 31, 2006, increased to $14.9 million from $14.6 million year over year. The company attributed the increase to greater US and UK forensic casework.
 
R&D spending decreased to $318,000 from $426,000 year over year.
 
The company posted a $885,000 profit in the quarter compared with a $3.8-million loss in the year-ago period.
 
In the statement, Bologna said that “the actions we have taken over the last few quarters” — which have included management changes — “have had a positive result impact on the company’s performance.”
 
In a statement today, Bologna said Orchid has “made good progress” in its turnaround and said the company is “well positioned” for future growth.
 
He said Orchid will continue investing in sales and marketing and added that the company is “actively exploring acquisition opportunities.”
 
Orchid said it had around $24.1 million in cash and cash equivalents as of Dec. 31.

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