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Qiagen Posts Increased Revenues, Earnings in Q4; Changes Ticker Symbol

NEW YORK, Feb. 14 (GenomeWeb News) - Qiagen reported today fourth-quarter revenues of $95.5 million, up slightly from $95.1 million in the year-ago quarter.


Qiagen's net earning in the quarter rose 76 percent, to $15.8 million from $9 million in the fourth quarter of 2003.


The company said that the Q4 2004 income figures include expenses related to the relocation of its American marketing and sales operations from Valencia, Calif., to Germantown, Md. Excluding these costs, Qiagen's net income climbed 26 percent to $16.4 million in the fourth quarter 2004 from $13 million in the same period a year earlier.


Qiagen spent $9.5 million on R&D in the fourth quarter of 2004, up from $9.1 million in the year-ago quarter.


The company had $196.4 million in cash and cash equivalents as of Dec. 31, 2004.


Separately, Qiagen said that effective Feb. 15 it will trade on Nasdaq under a new ticker symbol, QGEN. The Netherlands-based company previously traded under the symbol QGENF in compliance with Nasdaq requirements for foreign private issuers to append the letter "F" to their trading symbols. Nasdaq lifted the requirement last year.


In a statement, Qiagen said that the change of its trading symbol "is in the best interests of Qiagen and its shareholders" because the company generates around half of its revenues in the US, and 30-40 percent of the company's shareholders are located in the US.


Qiagen said detailed financial information for the fourth quarter will be provided during a conference call to be held at 9:30 a.m. EDT on Feb. 15.

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