Gene Logic revenue down for first quarter; previous guidance confirmed

By Lisa Kerner

Erie, Pa., April 21 - Gene Logic Inc. saw a $6.9 million decline in total revenue for the first quarter of 2006 at $12.8 million from $19.7 million for the same period last year.

The Genomics Division experienced a decline as well, at $8.7 million for the period, down $4.5 million over the same quarter last year. Preclinical Division revenue of $4 million was $2.4 million below the first quarter of 2005.

For the first quarter of 2006, the total consolidated net loss was $11.8 million, or $0.37 per share, compared with $4.1 million, or $0.13 per share, for the first quarter of 2005.

The losses reflect the revenue shortfall in the Genomics Division due in part to the non-signing of anticipated perpetual license agreements, the company said.

Total cash, cash equivalents and marketable securities available for sale on March 31 totaled $63.9 million, compared with $82.1 million on Dec. 31.

While the variability of the first quarter was greater than the company anticipated, Gene Logic confirmed its previously announced guidance of profitability in 2007.

Gene Logic is a pharmaceutical research and development company based in Gaithersburg, Md.

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