Accelr8 Posts Loss of $.02 per Share for 1st Quarter Fiscal Year 2003
DENVER, Dec. 17 /PRNewswire-FirstCall/ -- Accelr8 Technology Corporation (OTC Bulletin Board: ACLY) announced financial results for the first quarter ending October 31, 2002, for Fiscal Year 2003. Revenues for the quarter ended October 31, 2002 were $190,463, an increase of $98,431 or 107% as compared to the quarter ended October 31, 2001. Software product license and customer support fees were $30,412 for the quarter ended October 31, 2002 vs. $29,758 for the quarter ended October 31, 2001. Revenues from the resale of purchased software and customer support for the quarter ended October 31, 2002 were $154,677, an increase of $92,403 or 148% as compared to $62,274 for the quarter ended October 31, 2001. Other revenues for the quarter ended October 31, 2002 were $5,374, as compared to zero revenues for the quarter ended October 31, 2001, and represented 2.8% of revenues. Other revenue represents sales of Accelr8 microarray slides being sold to end user companies that are evaluating the OptiChem(TM) surface chemistry for various DNA/RNA and protein array applications. As a result of these factors net loss for the quarter ended October 31, 2002 was $223,104 or $(.02) per share loss, a decrease of $22,379, or 9.1% as compared to $245,483, or $(.03) per share loss for the quarter ended October 31, 2001. "While not a positive earnings result yet, we are optimistic that we have reached a turning point in the market's acceptance of our new surface chemistry offering," according to Thomas Geimer, CEO of Accelr8 Technology. "This quarter marks the first repeat sales of our new microarray slides featuring OptiChem(TM), which the company acquired in January 2001, from DDx Corporation. "This quarter also includes a small amount of revenues from customers who are now moving beyond the sample and evaluation stage. Our scientists have listened carefully to key customers and responded quickly with product improvements and optimized application protocols." Mr. Geimer said, "I am very optimistic about our future, because demand is increasing for surfaces that provide consistent results and our customers have been able to prove our product claims for themselves in their own testing protocols. "We've added new people to support our in-house manufacturing operations and to develop our chemistry and instrument technologies for additional new product lines. We've expanded our pilot cleanroom facility for increased production capacity which currently stands at about 4,000 slides per month. We've also made significant progress in outsourcing slide production to two large-scale laboratory products manufacturers, should higher production volumes become necessary. "The long-term outlook for microarrays as the platform for early diagnosis of illness and disease continues to be encouraging," according to Geimer. Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statement, including those detailed in the company's filings with the Securities and Exchange Commission. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X72185782
SOURCE Accelr8 Technology Corporation
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