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Heska Announces Q4 and Annual 2007 Results
Date:2/26/2008

.6 million in revenue recognized in the first quarter upon receipt of a payment for product previously shipped and "take-or-pay" minimums for 2005 and 2006 which previously had not been paid as part of a now settled dispute with United Vaccines, Inc. ("United"), a former customer.

Research, Development and Other Revenue

Research, development and other revenue was $325 thousand in the fourth quarter of 2007, a decrease of approximately $1.6 million when compared to $1.9 million in the prior year period. The fourth quarter of 2006 result includes approximately $1.5 million in revenue from previously deferred licensing fees recognized upon the completion of the sale of a worldwide patent portfolio covering a number of major allergens and the genes that encode them to Allergopharma Joachim Ganzer KG (the "Allergopharma Portfolio") in December 2006. For 2007, research, development and other revenue was $1.5 million, a decrease of approximately $1.7 million compared to $3.2 million in 2006. For 2006, the Company recognized approximately $2.0 million in licensing revenue related to the Allergopharma Portfolio, including revenue from the amortization of previous upfront payments and other payments from third parties. In 2007, the Company recognized approximately $250 thousand in revenue under a now completed service contract related to the Allergopharma Portfolio.

Income Tax Benefit - Valuation Allowance Adjustment

The Company's domestic net operating loss carryforward ("NOL") has historically been reduced by an equal, offsetting valuation allowance. Based on the Company's profitable operating performance in the United States, in December 2007 the Company concluded that a portion of its domestic NOL was realizable on a more-likely-than-not-basis and reduced the corresponding valuation allowance. This resulted in an income tax benefit of approximately $30 million and a corresponding $30 million net deferred tax asset - equal to the estimated quant
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SOURCE Heska Corporation
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