Alpha Innotech Reports 27% Second Quarter Revenue Growth.SAN LEANDRO San Leandro (săn lēăn`drō), city (1990 pop. 68,223), Alameda co., W Calif., on San Francisco Bay; inc. 1872. Metal, wood, and paper products; chemicals; leather goods; foods and beverages; medical equipment; lighting fixtures; and , Calif. -- Alpha Innotech Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APNO APNO All Purpose Nipple Ointment (nursing mothers) APNO Atomic Pair Natural Orbital APNO APN Outdoor (Australia) ), a leading provider of bioanalytical systems for drug discovery and life science research, today reported financial results for the second quarter ending June June: see month. 30, 2006. Second quarter revenues of $3.193 million increased 27% from the $2.513 million reported in the same period in 2005. The net loss of $576,000 in the second quarter ending June 30, 2006 is a 60% reduction from the $1.449 million loss reported in the comparable period of 2005. "We are pleased to report our fourth consecutive quarter of year over year revenue growth and an increase of 7 percentage points in our gross margins from the second quarter of 2005," stated Haseeb Chaudhry, Chief Executive Officer of Alpha Innotech. "With steps we implemented late in the second quarter to further control our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. we expect to generate positive cash flow perhaps as soon as our current third quarter," Mr. Chaudhry continued. More information on Alpha Innotech can be found at the Company's website www.alphainnotech.com. About Alpha Innotech Corp. Founded in 1992 and with over 8,000 systems sold worldwide, Alpha Innotech is a leading developer, manufacturer and marketer of digital imaging and analysis systems for the life science research and drug discovery markets. Our goal is to combine instruments, reagents and bioinformatics Using computers in biological research to analyze or predict the composition of molecules (nucleic acids, proteins, etc.) and model biologic systems. Bioinformatics is most prominent in the Human Genome Project, which has recorded the three billion chemical base pairs that make up the software to offer integrated modular technology platforms for functional genomics Noun 1. functional genomics - the branch of genomics that determines the biological function of the genes and their products genomics - the branch of genetics that studies organisms in terms of their genomes (their full DNA sequences) , proteomics pro·te·o·mics n. The analysis of the expression, localization, functions, and interactions of the proteins produced by the genes of an organism. and cell analysis markets. Our customers include pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. as well as universities, medical centers, government research institutes and agencies worldwide. Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by those sections. These forward-looking statements involve a number of risks and uncertainties that include, but are not limited to, the Company's need for additional financing, the timing of the introduction and success of new products, and the Company's growth prospects, that could cause actual results to differ materially from those anticipated or planned by these forward-looking statements. Please also refer to the risk factors described in our filings with the Securities and Exchange Commission, including our recent Form 10-KSB and Form 10-QSB filed with the Securities and Exchange Commission. We do not intend to update the forward-looking information contained in this news release.
Alpha Innotech Corp
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2006 2005 2006 2005
---------- ---------- ---------- ----------
Sales $ 3,193 $ 2,513 $ 6,151 $ 5,019
Cost of sales 1,509 1,368 3,017 2,773
---------- ---------- ---------- ----------
Gross profit 1,684 1,145 3,134 2,246
---------- ---------- ---------- ----------
52.7% 45.6% 51.0% 44.7%
Operating expenses:
Sales and
marketing 1,158 1,368 2,140 2,428
Research and
development 410 409 737 807
General and
administrative 608 489 1,112 775
---------- ---------- ---------- ----------
Total operating
expenses 2,176 2,266 3,989 4,010
---------- ---------- ---------- ----------
Income (loss) from
continuing
operations,
before taxes (492) (1,121) (855) (1,764)
Interest expense (74) (119) (158) (162)
Other income
(expense), net (10) 1 21 1
---------- ---------- ---------- ----------
Total other income
(expense) (84) (118) (137) (161)
---------- ---------- ---------- ----------
Income taxes 0 0
Net income
(loss) (576) (1,239) (992) (1,925)
Accretions on
redeemable
convertible
preferred stock --- (210) --- (428)
---------- ---------- ---------- ----------
Net loss
applicable to
common
stockholders $ (576) $ (1,449) $ (992) $ (2,353)
========== ========== ========== ==========
Net income (loss)
per share:
Basic & diluted $ (0.06) $ (0.55) $ (0.10) $ (0.89)
========== ========== ========== ==========
Shares used in
computing net income
(loss) per share:
Basic & diluted 9,804,847 2,649,294 9,765,546 2,649,207
========== ========== ========== ==========
Alpha Innotech Corp
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
2006 2005
------------- -------------
Assets
--------
Current assets:
Cash and cash equivalents $ 366 $ 546
Accounts receivable, net 1,547 2,411
Inventory, net 705 952
Prepaid expenses and other
current assets 99 212
------------- -------------
Total current assets 2,717 4,121
Property and equipment, net 1,182 1,171
Other assets 113 76
------------- -------------
Total assets $ 4,012 $ 5,368
============= =============
Liabilities and Stockholders Equity
-----------------------------------
Current liabilities:
Accounts payable $ 1,577 $ 1,497
Accrued liabilities 1,047 1,084
Short term debt 1,444 1,556
Deferred revenue 770 775
Other current liabilities 192 230
------------- -------------
Total current liabilities 5,030 5,142
Long term debt 500 800
------------- -------------
Total stockholders' equity
(deficit) (1,518) (574)
------------- -------------
Total liabilities and
stockholders'
equity (deficit) $ 4,012 $ 5,368
============= =============
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