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Orchid Cellmark Reports First Quarter 2008 Financial Results
Date:5/8/2008

ested by a competitor.

Operating loss for the first quarter of 2008 was $2.9 million compared to an operating loss of $1.6 million for the first quarter of 2007. The increase in operating loss in the first quarter of 2008 was principally due to increased general and administrative expenses and a decrease in gross margin. Gross margin for the U.S. business increased for the first quarter 2008 compared to the first quarter of 2007 largely as a result of a 21% increase in U.S. revenues due in great part to the ReliaGene acquisition but also due to strong improvement in our other U.S. operations. This increase was offset by the decrease in gross margin associated with the U.K. operations. U.K. gross margin during the quarter was adversely impacted by lower DNA testing volumes and the buildup of capacity in the U.K. related to the North West/South West and Wales regional forensic services tender.

Orchid Cellmark reported a net loss of $2.3 million, or $(0.08) per share, for the first quarter of 2008 compared to a net loss of $1.7 million, or $(0.06) per share, for the first quarter of 2007. Net loss for the first quarter of 2008 and 2007 includes charges of $1.2 million and $1.1 million, respectively, for depreciation and amortization.

At March 31, 2008, cash and cash equivalents were $19.1 million and restricted cash was $958 thousand.

Thomas Bologna, President and Chief Executive Officer of Orchid Cellmark, commented, "We believe our first quarter results reflect a truth about our business -- DNA identity testing has a degree of workflow 'lumpiness' that can result in short-term fluctuations that primarily reflect timing rather than changes in the underlying demand for our services. We believe this was apparent in the first quarter, when important areas of strength were obscured by a few areas of weakness related to the timing of work, especially in our forensic casework businesses in the U.S. and U.K. These shortfalls impacted both our top-
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SOURCE Orchid Cellmark Inc.
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