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Serologicals Reports 26-Percent Rise in Q4 Revenue as Profit Turns to Loss

NEW YORK, Feb. 23 (GenomeWeb News) - Serologicals yesterday said fourth-quarter revenues rose 26 percent to $87.1 million, compared to $69.2 million in the same period last year.

 

The company reported a net loss of $11.7 million, or $.34 per share, versus a net income of $3.5 million, or $.12 per share in the year-ago period.

 

Quarterly results included charges and exiting costs related to the decisions to close facilities in Toronto and not to open a facility in Kansas, as well as to the October 2004 acquisition of Upstate Group, said Serologicals in its filing.

 

The company said it expects to continue "the accelerated integration program" for Upstate and to transfer all Lake Placid, NY operations and research activities to Temecula, Calif., during the second quarter of 2006. The transfer is expected to result in annualized cost savings for the Research segment of approximately $5 million beginning in the second half of 2006.

 

Research and development costs in the fourth quarter were nearly flat at $4 million.

 

The company had around $38 million in cash and short-term investments as of Jan. 2.

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