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Tripos s Revenues Slide 16 Percent, Earnings Increase in Q2

NEW YORK, July 28 (GenomeWeb News) - Tripos yesterday reported a drop in revenues amidst increased earnings for the second quarter of 2005.

 

Tripos' revenues were $13.4 million, down 16 percent from last year's $15.9 million during the same period. This decrease was "primarily due to the anticipated decline for the current stage of our Pfizer chemical file enrichment contract," said president and CEO John McAlister in a statement.

 

Research and development costs fell to $2 million, down from $2.5 million during the year-ago period.

 

Net income for the quarter was $1.7 million, or $.17 per share, up from $156,000, or $.02 per share, during last year's second quarter. Most of these earnings came from an income tax benefit of nearly $2 million.

 

As of June 30, Tripos had $6.2 million in cash and cash equivalents.

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