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Packard BioScience Reports Jump in Q2 Revenues

NEW YORK, Aug 3 – Packard BioScience said its second-quarter revenues rose 27 percent to $49 million, compared with $38.6 million in the year-ago quarter, as revenues from liquid handling and automated sample preparation technologies rose.

During the quarter, service revenues, which had dropped over the past year, also increased 10 percent compared with the same period one year ago.

"Our revenues and operating profit both exceeded expectations this quarter," Emery Olcott, Packard’s CEO, said in a statement. "Some of the initiatives we took in the second quarter, especially in the area of microarray scanners, are beginning to pay dividends, and our liquid handling and automated sample preparation products continue to grow in excess of 30 percent."

Last month Packard of Meriden, Conn., entered into a deal to be acquired by PerkinElmer. The merger is expected to close in the fourth quarter.

During the quarter, Packard’s research and development expenses fell slightly to $6.9 million, compared with $7.0 million in the year ago period.

Packard posted net earnings to $1.3 million, or two cents a share from continuing and discontinued operations, compared with $2.0 million, or three cents a share from continuing and discontinued operations. A consensus estimate of five analysts polled by First Call/Thomson Financial predicted three cents.

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