NEW YORK, March 9 (GenomeWeb News) - Shares of Orchid Technologies rallied today on news that the company has replaced its CEO but despite news that Orchid has cut its 2005 revenue forecast and has delayed its earnings release.
Orchid was up 9.58 percent, or $.59, at $6.75 in afternoon trade after the company this morning said it fired CEO Paul Kelly and appointed Thomas Bologna to take his place on April 3, or until the company files its 2005 earnings report, according to documents filed today with the US Securities and Exchange Commission. The shares had been declining steadily since mid-January.
In terms of the fourth-quarter earnings, Orchid said they will be late this year due to a delay in completing its 2005 due to a delay in the completion of the audit of its 2005 financial statements. The company plans to release the results on March 30.
Orchid today cut its 2005 total revenue forecast to between $61 million and $62 million from about $64 million, primarily due to lower-than-expected production capacity in its