- Year end cash position improved through non core divestitures -
- Caliper signs extension of $25 million credit facility through November 2010 -
- Non-cash restructuring and goodwill impairment charge of $45.3 million recognized -
HOPKINTON, Mass., March 12 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP), today reported its fourth quarter and full year financial results for 2008. Fourth quarter revenues were $36.7 million, a decline of 8.8%, from $40.3 million in the same period in 2007. This represents an organic decline of 2.0% after excluding the effects of product line divestitures (4.4%) and unfavorable effects of foreign currency translation (2.4%) within the fourth quarter. Caliper's GAAP net loss for the fourth quarter was $46.3 million ($0.95 per share), which includes $45.3 million ($0.93 per share) of non-cash goodwill impairment and other restructuring charges. This compares to a net loss of $5.7 million ($0.12 per share) in the same quarter of 2007. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, net loss per share in the fourth quarter of 2008 was $0.02 compared to a net loss per share of $0.05 in the fourth quarter of 2007.
On March 6, 2009, Caliper entered into a $25 million amended credit facility agreement with Silicon Valley Bank, which is effective through November 30, 2010. As of December 31, 2008, Caliper reported cash and investments of $26.7 million and outstanding borrowings under this credit facility of $14.9 million.
"We were pleased to achieve the high end of our revenue guidance for the quarter and establish positive momentum in cash-based earnings. We achieved these results in spite of severe market conditions and earnings loss from the divested businesses," said Kevin Hrusovsky
|SOURCE Caliper Life Sciences, Inc.|
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