NEW YORK (GenomeWeb News) - Stratagene yesterday said first-quarter revenues were steady as R&D spending dipped nearly 10 percent and profit increased 25 percent.
Total receipts for the three months ended March 31, 2007, rose slightly to $24.4 million from $24.3 million year over year.
R&D spending fell slightly to $3.1 million from $3.4 million.
The company said net income rose to $1.4 million from $1.1 million in the year-ago period.
Stratagene had $20.3 million in unrestricted cash and equivalents and $12.6 million in restricted cash at the end of the first quarter.
Stratagene did not offer revenue projections for the remainder of 2007.
Last month, Stratagene agreed to be acquired by Agilent Technologies for $264 million. Stratagene said its board has approved that deal and it now expects it to close in early June.