Transgenomic, Inc. Reports Fourth Quarter and Fiscal Year 20...( OMAHA Neb. March 18 /- Transgenomic I...)

OMAHA, Neb., March 18 /PRNewswire-FirstCall/ -- Transgenomic, Inc. (OTC Bulletin Board: TBIO) today announced financial results for the fourth quarter and year ended December 31, 2008. The Company's financial results are presented in the tables that follow.

Fourth Quarter 2008

The Company reported a net loss of $219,000 or $0.00 per share for the fourth quarter of 2008 as compared to a net income of $212,000 or $0.00 per share for the fourth quarter of 2007.

Net sales from continuing operations were $6.1 million during the fourth quarter 2008, compared to $6.5 million during the comparable period of 2007. Gross profit from continuing operations was $3.4 million or 55 percent during the fourth quarter of 2008 compared to $3.9 million or 60 percent during the comparable period of 2007. Operating expenses from continuing operations were $3.4 million during the fourth quarter of 2008 compared to $3.7 million during the same period of 2007. The $3.4 million in operating expenses included a $638,000 goodwill impairment charge and income from foreign currency revaluation of $0.5 million. Cash and cash equivalents totaled $4.8 million at December 31, 2008.

Year Ended December 31, 2008

The Company reported a net loss of $495,000 or $0.01 per share for the year ended December 31, 2008, compared to a net loss of $2.1 million or $0.04 per share for the year ended December 31, 2007. The 2007 net loss was comprised of a loss from continuing operations of $2.2 million or $0.04 per share and an income from discontinued operations of $67,000.

Net sales from continuing operations were $24.0 million for the year ended December 31, 2008, compared to $23.2
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