Orchid Cellmark Reports First Quarter 2008 Financi...(line revenues and ourmargins which are s...),Health

Date:5/8/2008

line revenues and our margins, which are sensitive to changes in DNA testing volume. One-time legal costs related to a very sizeable paternity bid that we won that was protested by a competitor also adversely impacted our first quarter results. Were it not for these one-time legal costs, our net loss would have been $(0.06) per share as opposed to the reported net loss of $(0.08) per share."

Mr. Bologna continued, "During the first quarter we believe we made significant progress both in the U.S. and U.K. that will position the company for future growth. Specifically, the integration of the ReliaGene acquisition in the U.S. is proceeding very well and ahead of our expectations. We expect to eliminate duplicate costs associated with capacity from that acquisition by the end of the second quarter of this year. We fully expect the acquisition of ReliaGene to be accretive in the second half of this year. In addition, we ended the quarter with a large influx of new casework into our Dallas facility, which is now operating at a very high throughput rate. We also are encouraged by the recent federal government announcement that it is moving ahead with the implementation of an all-arrestee DNA testing policy for federal offenders and illegal immigrant detainees. These new proposed regulations can potentially expand federal DNA testing needs dramatically."

"We are particularly pleased with the size and scope of new business we recently won in the form of multi-year contracts to our U.K. operations as a result of our winning bid in the North West/South West and Wales regional forensic services tender in the U.K.," Mr. Bologna continued. "We believe the multi-year contracts we were awarded will have a potential value of $10 million annually. This award expands our business presence in the U.K. market. Importantly, it also suggests we are well positioned to capitalize on other upcoming major U.K. forensic services bidding opportunities, namely the tendering of the
'/>"/>

SOURCE Orchid Cellmark Inc. Copyright©2008 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9
Related medicine news :

1. Orchid Cellmark to Open a New Forensic Facility in the United Kingdom to Meet Increasing Demand for Its Services
2. Orchid Cellmark Reports Fourth Quarter and Full Year 2007 Financial Results
3. Orchid Cellmark to Announce Fourth Quarter and Full Year 2007 Financial Results on March 6, 2008
4. Orchid Cellmark Appoints William J. Thomas Vice President and General Counsel
5. Orchid Cellmark Reports Third Quarter 2007 Financial Results
6. Neurotechnology Industry Reports Record Global Growth of $130.5 Billion in 2007
7. Micromet, Inc. Reports First Quarter 2008 Financial Results
8. Labopharm Reports Results for First Quarter Fiscal 2008
9. Caliper Life Sciences Reports First Quarter 2008 Results
10. US Oncology Reports First Quarter 2008 Results
11. The Ensign Group, Inc. Reports First Quarter 2008 Earnings