SAN LEANDRO, Calif.--(Business Wire)--
Alpha Innotech Corp. (OTCBB:APNO), a leading provider of
bioanalytical systems for drug discovery and life science research,
today reported financial results for the quarter ending June 30, 2008.
-- Second quarter revenues were $4.2 million and increased 17%
from the $3.6 million reported in the same period in 2007.
-- Alpha Innotech reported a gross profit of $2.4 million, or 56%
of total revenue, compared with a gross profit of $2.0
million, or 55% of total revenue, for the 2007 second quarter.
The 20% improvement from the prior period was due primarily to
increased sales volume and continued process efficiencies.
-- Operating expenses for the quarter were $2.2 million, down 3%
from $2.3 million for the second quarter of 2007. Interest
expense increased to $175,000 from $67,000 due to interest
paid and amortization of loan costs relating to the new debt
facility with Agility Capital, LLC and Montage Capital, LLC.
-- Net income for the second quarter of 2008 increased to
$23,000, or less than $0.01 per share, from a net loss of
$337,000, or $0.03 per share, for the second quarter of 2007.
Excluding interest, depreciation and stock-based compensation, on
a non-GAAP basis, the Company had net income of $443,000 for the
second quarter of 2008 compared to a net loss of $44,000 for the
second quarter of 2007. The non-GAAP net income (loss) is reconciled
to comparable GAAP net income (loss) in the table entitled "Non-GAAP
Calculation of Net Income (Loss)".
"We are very pleased with our strong growth in both our Asia and
North America markets," said Ron Bissinger, Chief Executive Officer of
Alpha Innotech. "We're also looking forward to sales of our new
FluorChem(R) Q significantly contributing to our revenues for the
remainder of 2008 and beyond."
Year-to-Date Financial Results
For the six months ended June 30, 2008, total revenue was $7.9
million, an increase of 11% from $7.2 million for the comparable 2007
six month period.
Gross profit for the first half of 2008 was $4.5 million, a 13%
increase from the gross profit of $4.0 million for the first half of
2007. Operating expenses in the first half of 2008 were $4.3 million,
a 4% increase from $4.2 million in the comparable 2007 period.
Net income for the first half of fiscal 2008 was $21,000 or less
than $0.01 per share, an increase from a net loss of $338,000 or $.03
per share in the first half of 2007.
Interest expense for the first half of fiscal 2008 increased to
$258,000 from $149,000 due to interest paid and amortization of loan
costs relating to the new debt facility with Agility Capital, LLC and
Montage Capital, LLC.
Additional Second Quarter 2008 Achievements
-- Began shipping FluorChem(R) Q, a unique imager that rivals
laser-based scanners for quantitative chemiluminescent and
fluorescent Western blot imaging.
-- Began shipping AlphaSpec(TM), a compact UV/Visible
spectrophotometer that uses an in-tip detection design
allowing users to measure and recover biological samples.
-- Closed a new debt facility with Agility Capital, LLC and
Montage Capital, LLC intended to provide working capital for
growth, particularly for the Company's rapid expansion in
Asia, while reducing the Company's overall cost of capital.
More information on Alpha Innotech can be found at the Company's
website www.alphainnotech.com.
About Alpha Innotech Corp.
Founded in 1992 and with over 10,000 systems sold worldwide, Alpha
Innotech is a leading developer, manufacturer and marketer of digital
imaging and analysis systems for the life science research and drug
discovery markets. Our goal is to combine instruments, reagents and
bioinformatics software to offer integrated modular technology
platforms for functional genomics, proteomics and cell analysis
markets. Our customers include pharmaceutical and biotechnology
companies as well as universities, medical centers, government
research institutes and agencies worldwide.
Use of Non-GAAP Financial Measures
To supplement the Company's financial statements presented in
accordance with GAAP, the Company is also providing non-GAAP financial
information. The presentation of non-GAAP financial information should
be considered in addition to the Company's GAAP results and is not
intended to be considered in isolation or as a substitute for
financial information prepared and presented in accordance with GAAP.
The Company believes that both management and investors benefit from
referring to non-GAAP financial information that excludes certain
expenses in their assessment of the Company's performance. The Company
also believes that investors benefit from increased transparency into
supplemental information used by management in its financial and
operational decision making.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934 and is subject to the safe
harbor created by those sections. These forward-looking statements
involve a number of risks and uncertainties that include, but are not
limited to, the Company's ability to obtain additional financing if
needed, the timing of the introduction and success of new products,
and the Company's growth prospects, that could cause actual results to
differ materially from those anticipated or planned by these
forward-looking statements. Please also refer to the risk factors
described in our filings with the Securities and Exchange Commission,
including our recent Form 10-KSB and Forms 10-Q filed with the
Securities and Exchange Commission. We do not intend to update the
forward-looking information contained in this news release except as
required by law.
-0-
*T
Alpha Innotech Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2008 2007 2008 2007
---------- ------- -------- -------
Revenue $4,243 $3,612 $7,912 $7,159
Cost of Goods Sold 1,857 1,620 3,414 3,195
---------- ------- -------- -------
Gross profit 2,386 1,992 4,498 3,964
Operating expenses:
Sales and Marketing 1,313 1,163 2,498 2,217
Research and Development 273 344 648 648
General and Administrative 603 753 1,170 1,285
---------- ------- -------- -------
Total operating expenses 2,189 2,260 4,316 4,150
---------- ------- -------- -------
Income (loss) from operations 197 (268) 182 (186)
Interest expense (175) (66) (258) (149)
Other income (expense), net 1 (3) (3) (3)
Sale of patents -- -- 100 --
---------- ------- -------- -------
Net Income (loss) applicable to
common stockholders 23 (337) 21 (338)
---------- ------- -------- -------
Net Income (loss) per share:
Basic $0.00 ($0.03) $0.00 ($0.03)
Diluted $0.00 ($0.03) $0.00 ($0.03)
Weighted average shares
outstanding:
Basic 10,874 10,421 10,694 10,290
Diluted 11,281 10,421 10,898 10,290
*T
-0-
*T
Alpha Innotech Corp
Condensed Consolidated Balance Sheet
30-Jun-08
(in thousands)
June 30, December 31,
2008 2007
----------- ------------
(Unaudited)
Assets
---------------------------------------------
Current assets:
Cash and cash equivalents $749 $168
Restricted cash 50 50
Accounts receivable, net 2,331 2,230
Inventory, net 1,137 1,006
Prepaid expenses and other current assets 165 219
----------- ------------
Total current assets 4,432 3,673
Property and equipment, net 884 914
Loan Fees, net 110 --
Other assets 90 90
----------- ------------
Total assets $5,516 $4,677
=========== ============
Liabilities and stockholders' deficit
---------------------------------------------
Current liabilities:
Accounts payable $1,452 $1,786
Accrued liabilities 849 1,330
Current portion of debt 2,247 1,407
Deferred revenue 1,093 1,027
Other liabilities 247 265
----------- ------------
Total current liabilities 5,888 5,815
Debt, net of current portion 148 308
Total Stockholders' deficit (520) (1)
----------- ------------
Total liabilities and stockholders'
deficit $5,516 $4,677
=========== ============
*T
-0-
*T
Alpha Innotech Corp.
Non-GAAP Calculation of Net Income (Loss)
(Unaudited)
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ----------------
2008 2007 2008 2007
----------- ------ --------- ------
GAAP net income (loss) $23 $(337) $21 $(338)
Interest 175 67 258 149
Depreciation 108 131 245 275
Stock-based compensation 137 95 257 150
----------- ------ --------- ------
Non-GAAP basis income (loss) $443 ($44) $781 $236
=========== ====== ========= ======
*T
Alpha Innotech Corp.
Ron Bissinger, CEO, 510-483-9620
Copyright Business Wire 2008
