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Orchid Cellmark Reports Fourth Quarter and Full Year 2008 Financial Results
Date:3/16/2009

enue gain was partially offset by lower revenues from the company's forensic casework and CODIS businesses. In addition to the impact of adverse exchange rates, the decrease in U.K.-based revenues for the full year 2008 compared to a year ago was due to lower volumes in the company's scrapie susceptibility testing, forensics and immigration businesses.

Excluding cost of service revenue, operating expenses for the quarter declined to $5.3 million from $5.8 million for the fourth quarter of 2007 as a result of continued management focus on reducing general and administrative and marketing and sales expenses. For the full year 2008, these operating expenses were $24.7 million compared to $24.2 million in 2007.

Operating loss for the fourth quarter of 2008 was $1.5 million compared to a $1.3 million loss for the fourth quarter of 2007. The operating loss increase was principally due to a decrease in gross profit as a result of lower revenues, primarily in the U.K. The company's gross margin percentage was 30% for both fourth quarters of 2008 and 2007.

Operating loss for the full year 2008 was $7.4 million compared to a $4.1 million loss for 2007. The operating loss increase was principally due to a decrease in gross margin in the U.K. and an increase in general and administrative expenses. Gross margin for the U.K. business in 2008 was adversely impacted by decreased volumes in scrapie susceptibility testing and lower margin revenues replacing the DNA testing volumes related to the loss of former LGC business and the buildup of casework management capabilities in the U.K. to service the business the company won under the North West/South West and Wales regional forensics services tender.

Orchid Cellmark reported net income of $473 thousand, or $0.02 per share, for the fourth quarter of 2008, compared to a net income of $168 thousand, or $0.01 per share, for the fourth quarter of 2007. The net loss for
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SOURCE Orchid Cellmark Inc.
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