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

the full year of 2008 was $4.5 million, or $(0.15) per share, compared to a net loss of $3.0 million, or $(0.10) per share in 2007. The fourth quarters of 2008 and 2007 include proceeds from the sale of state net operating losses of $1.5 million and $1.1 million, respectively, which are reflected as reductions of income tax expense in the respective quarters and which positively impacted our net results. Net income for the fourth quarter of 2008 and 2007 and net loss for the full years 2008 and 2007 includes charges of $1.0 million and $1.2 million, and $4.5 million and $4.7 million, respectively, for depreciation and amortization.

At December 31, 2008, cash and cash equivalents were $15.0 million.

Thomas Bologna, president and chief executive officer of Orchid Cellmark commented, "Our results for the fourth quarter continue to reflect a challenging industry environment where adverse foreign exchange rates, pricing pressures, and, what we believe are temporary declines in U.S. CODIS volume, all contributed to the overall revenue decline despite increases in forensics casework volume."

Mr. Bologna added, "For the year, we did achieve important gains in core business segments including U.S. paternity, U.S. forensic casework serviced from our Dallas facility, and our important win of a significant portion of the UK North West/Southwest and Wales regional tender. Largely as a result of our win in the NW/SW and Wales regional tender, and the scale-up for that business which started in the second quarter of 2008, along with other U.K. business we secured, our U.K. forensics crime revenue grew by 14% in the fourth quarter over the third quarter of this year before accounting for exchange rates. By the end of the fourth quarter of 2008, we believe we have made up completely for the loss of the LGC-related business despite the significantly adverse foreign exchange rates. This is a considerable achievement given that the
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SOURCE Orchid Cellmark Inc.
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