Invitrogen reports third-quarter net loss of $130 million

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Invitrogen Corp.'s third quarter revenues rose 7% to $311 million, from $290 million in the third-quarter 2005. Net loss for the third quarter was $130 million compared to a net income of $24 million for the same quarter in 2005.

The company reported a GAAP loss per share of $2.53, compared to a gain of $0.42 per share in the third quarter of 2005.

Pro forma net income for the quarter was down slightly at $46 million, or $0.87 per share, from $47 million, or $0.80 per share.

Cash and investments on Sept. 30, 2006 totaled $513 million, a decline of $239 million from Dec. 31, 2005. The decrease was the result of the company's stock repurchase program under which approximately 4.7 million shares of common stock were repurchased at a cost of $287 million.

For the first nine months of 2006, Invitrogen revenues were up 7% at $934 million, from $873 million for the year-ago period.

Pro forma net income for the nine-month period was $144 million, or $2.67 earnings per share, compared with $148 million, or $2.56 earnings per share for the same period in 2005.

"After three consecutive years of double-digit revenue and earnings growth, we had expectations to achieve similar results this year," chairman and chief executive officer Greg Lucier said in a news release.

The Carlsbad, Calif., life science technology company is now executing plans to focus on improving its go-to-market strategy in regional markets to grow sales and reducing its cost structure.

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