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Orchid Cellmark Reports Third Quarter 2008 Financial Results
Date:10/30/2008

r the U.K. business in the quarter was adversely impacted by lower margin forensics 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 a net loss of $1.5 million, or $(0.05) per share, for the third quarter of 2008 compared to a net loss of $707 thousand, or $(0.02) per share, for the third quarter of 2007. Net loss for the third quarter of 2008 and 2007 includes charges of $1.1 million and $1.2 million, respectively, for depreciation and amortization.

At September 30, 2008, cash and cash equivalents were $15.9 million.

Thomas Bologna, president and chief executive officer of Orchid Cellmark commented, "Our results for the third quarter reflect a challenging industry environment where pricing pressures, declining U.K. scrapie orders and adverse foreign exchange rates all contributed to the revenue decline, despite increases in forensics casework volume."

Mr. Bologna added, "We did achieve important gains in core business segments, including U.S. paternity, U.S. forensic casework in the Dallas facility and U.K. police force tender revenues. U.K. forensics crime revenue grew by 6% in the third quarter over the second quarter of this year, and would have made up completely for the loss of the LGC-related business had it not been for adverse foreign exchange rates. This is a considerable achievement given that the LGC business represented approximately 40% of U.K. revenues just a year ago."

Mr. Bologna concluded: "The challenges encountered in the third quarter will continue in the fourth quarter of 2008 and put downward pressure on our previously discussed operating targets. Specifically, the impact of the adverse foreign exchange rate, the timing of sample receipts in the U.S., and the continuing
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SOURCE Orchid Cellmark Inc.
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