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Qiagen Reports 26 Percent Jump in Q1 Revenues

NEW YORK, May 7 – Nucleic acid handling company Qiagen said Monday its first quarter revenues rose 26 percent to $63.1 million, compared with $50.2 million in the year ago quarter.

Total operating expenses increased 27 percent to $34.3 million, compared with $27 million in the year ago period, as research and development, sales and marketing, and general and administrative costs rose across the board. Qiagen of Venlo, The Netherlands, also posted expenses totaling $3 million stemming from the acquisition of Japan’s Sawady group of companies.

In April Qiagen acquired Sawady, a Japanese maker of nucleic acids, for $18 million of Qiagen common stock. The Sawady group of Tokyo, comprises three companies, Sawady Technology, Omgen, and a majority holding in Accord, but operates as a single organization employing 40 people. 

Sawady contributed $2.8 million to Qiagen’s net sales in the first quarter of 2001 and $200,000 to the company’s net income.

Excluding the acquisition charges, Qiagen posted first quarter net income of $8.0 million, or six cents a share, compared with $5.7 million, or four cents a share, in the year ago period.

Including the charges, the company recorded net income of $6.0 million, or four cents a share, in the first quarter of 2001.

Qiagen, which employs 1,400 people worldwide, had cash and cash equivalents totaling $20.3 million at the end of March, down from $24 million at the end of the December.

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