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Packard Reports Flat 3Q Revenues, Predicts Profitability in 2001

NEW YORK, Nov 7 – Saddled with declining sales from instrumentation, Packard Biosciences reported Monday that its third quarter 2000 revenues had jumped a mere four percent from 1999..

But the company predicted increased revenues in the coming year due to a projected 50 percent growth in its new subsidiary Packard Biochip technologies and other growing divisions, and said it would be aiming for earnings of 20 cents per share in 2001.

“We believe we will finish 2000 with pro forma revenues for the year in excess of $178 million, inclusive of our microarray scanning business,” CEO Emery Olcott said in a statement. “The steps we have taken during this year should generate a revenue growth rate in excess of 15 percent for 2001, and in excess of 20 percent in 2002 and beyond.”

Packard’s net sales were $115.4 million, up from $112.4 million for the year-ago quarter. The company reported that BioSignal Packard, its molecular biology subsidiary, grew 150 percent in the quarter, while sales of Packard’s scintillation-based instruments, its legacy products, decreased 18 percent.

These figures did not include revenue from Canberra industries, a maker of instruments used to detect radioactive materials for the nuclear industry, which Packard Biosciences announced it was selling Oct. 31 in an effort to focus more strongly on the life sciences. The company separately reported revenue from this company as a discontinued operation, with net revenues of $954,000 from the sale, and said it expects to close the deal within three months.

Packard’s third-quarter revenue also excluded revenues from GSI Lumonics' Life Sciences Division, which it acquired during the quarter. In acquiring this division, Packard formed a new microarray subsidiary, Packard BioChip Technologies, to develop and market its biochip substrates and arrayer.

Packard also reported increased investments in research & development and sales efforts. R & D expenses rose to $20 million, up from 16.7 million in the third quarter of 1999, while sales and administrative expenses increased to $39.3 million from $29.4 million in the year-ago quarter.

Losses for the quarter were $5.4 million, or 10 cents per share, excluding the sale of Canberra; and $4.5 million, or 8 cents per share, including this revenue.

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