NEW YORK (GenomeWeb News) – Fluorotechnics last week reported that second-quarter revenues from customers had dropped to A$119,189 ($129,151), down from A$1.9 million ($2.1 million) a year ago.
For the quarter ended June 30, R&D expenses were sliced to A$9,425 from $264,231 a yaer ago, while SG&A spending dropped to A$1,169 from A$354,777.
Net operating cash flows came in at a loss of A$87,601, down from a loss of A$1.6 million in the second quarter of 2010.
As of June 30, the Australian fluorescence and protein detection technologies firm had A$189,278 in cash.
The company is in the midst of a restructuring effort that includes the scaling back of its operations and sale of certain of its assets. Ian Gilmour, Fluorotechnic's secretary, said in a note that the company is continuing the process "for the orderly sale of the remaining operations and assets."
He added that the company "is continuing to review new investment opportunities."