Adjusted earnings per share on a non-GAAP basis, as explained below under the heading "Use of Non-GAAP Financial Measures," was $0.01 compared to $0.03 for third quarter of 2007, reflecting the decrease of an estimated $4.5 million of contribution margin related to the non-recurring contract and license revenues, which was partially offset by cost improvements.
"Caliper's strategic transformation to higher growth, higher profit product lines continues to progress. We have divested two product lines, sharpened our focus, consolidated operations, reduced costs, and strengthened our balance sheet," said Kevin Hrusovsky, President and CEO of Caliper Life Sciences. "These advances, coupled with reconfiguring our resources into three strategic business areas, should accelerate our crossover to profitability."
-- Non-core Product line Divestitures Strengthen Balance Sheet. Earlier today Caliper completed the sale of two non-core product lines in transactions netting approximately $18.8 million in cash proceeds and the assumption by the purchasers of such product lines of approximately $2.0 million of liabilities.
-- In a transaction both announced and completed today, Caliper sold its AutoTrace product line to Dionex Corporation for approximately $5.0 million. The AutoTrace instrument is designed for water sample clean-up by solid phase extraction prior to the analysis of the sample for contaminants, and is generally sold for automating water testing in the environmental market.
-- The previously announced PDQ product line sale to SOTAX Corporation
was completed for $15.8 million, including cash proceeds of approximately
$13.8 million. The parties also intend to enter into a long-term lease
|SOURCE Caliper Life Sciences, Inc.|
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