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
"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
"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.
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SOURCE Accelr8 Technology Corporation