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PerkinElmer s Q1 Revenues Decline Despite 2-Percent Organic Growth

NEW YORK, April 28 (GenomeWeb News) - PerkinElmer today reported a 2-percent increase in first-quarter organic revenues, although the company's overall revenues declined slightly. 

 

Revenue for the quarter ended April 2 dipped to $355.5 million from $358.2 million in the first quarter of 2005. Excluding the impact of foreign exchange and acquisitions, however, first-quarter revenue grew 2 percent year over year.

 

Revenues for PerkinElmer's Life and Analytical Sciences segment also fell slightly, to $261.9 million for the first quarter of 2006 from $264.8 million in the first quarter of 2005. The company said that organic revenues for this business unit also grew 2 percent compared to the prior-year period.

 

This increase "was driven by strong revenue growth in the company's genetic screening and service businesses, partially offset by a decrease in the biopharma business," PerkinElmer said in a statement.

 

Sales were nearly flat in the company's Optoelectronics business unit, which reported revenue of $93.5 million compared to $93.4 million in the first quarter 2005.

 

PerkinElmer's R&D spending rose slightly to $22.8 million from $22.6 million in the first quarter of 2005.

 

Net income increased 19 percent to $23.6 million from $19.8 million in the prior-year period.

 

PerkinElmer had $321.8 million in cash and cash equivalents as of April 2.

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