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Strong Sales Help Move Invitrogen Into the Black in Q2

SAN FRANCISCO, July 25 - Invitrogen yesterday reported an increase in second-quarter revenue and income as sales of its tool kits rose and R&D spending was trimmed back.

 

Revenue for the period ended June 30 rose to $164.3 million compared to $159.3 million one year ago.

 

Molecular-biology product lines with the strongest sales in the second quarter 2002 were cloning and gene expression, separations and analysis, and amplification products, which enjoyed 19 percent revenue growth year over year. However, the company's oligos and custom-services products fell 30 percent during in the same one-year period, Invitrogen said.

 

R&D spending in the current second quarter fell to $7.7 million from $9.8 million in the year-ago period.

 

Net income rose to $8.1 million, or $.15 per share, compared to a net loss of $35.1 million, or $.67 per share, for the second quarter 2001.

 

Invitrogen said it had $745 million in cash and cash equivalents as of June 30.

 

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