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Stratagene Stock Sinks 9.6 Percent on Lowered 05 Profit Outlook

NEW YORK, Aug. 10 (GenomeWeb News) - Shares in Stratagene were down 9.61, or $.98, at $9.22 in mid-afternoon trading today after the company revised its profit outlook for the remainder of the year

 

Stratagene said that net earnings would likely be lower by $.06 per share than earlier expected. The company is now predicting earning between $.33 and $.37 per share for 2005 instead of the $.39 to $.43 earnings per share it had earlier predicted.

 

In its news release, Stratagene said the "expected impact from legal costs associated with two pending patent litigation matters" had caused it to make the adjustment.

 

As GenomeWeb News reported, revenues for the quarter grew 26 percent to $24.9 million from $19.7 million for the year-ago period. The company saw growth across its life science and diagnostics businesses, with quantitative PCR being the fastest growing product line in life sciences.

 

R&D expenses were flat at $2.9 million, compared to $2.8 million during the year-ago period.

 

The company's net income for the quarter was $2.1 million, or $.1 per share, up 40 percent over last year's income of $1.5 million, or $.08 per share, during the same period. Net income this quarter was positivley impacted by lower interest expenses due to a reduction in outstanding debt.

 

As of June 30, Stratagene had $5.7 million in cash, cash equivalents, and marketable securities.

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