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Currency Translation Hits Orchid Cellmark's Top Line

NEW YORK (GenomeWeb News) – Orchid Cellmark today reported that its second-quarter revenues declined 3 percent year over year, but excluding the negative impact of currency translation its revenues were up 9 percent.

The Princeton, NJ-based DNA testing services firm brought in total revenues of $14.7 million for the three-month period ended June 30 compared to $15.2 million for the second quarter of 2008. It said that its UK revenues for the quarter rose 35 percent due to an increase in UK forensic casework. US revenues declined 11 percent, as an increase in forensic casework was offset by a significant decrease in the firm's CODIS business, which it believes is temporary.

Orchid Cellmark's net loss for the period was halved to $603,000, or $.02 per share, from $1.2 million, or $.04 per share.

The company's R&D spending for the quarter decreased slightly to $192,000 from $206,000, and its SG&A expenses fell 17 percent to $4.9 million from $5.9 million.

Orchid Cellmark finished the quarter with $16.6 million in cash and cash equivalents.

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