HOUSTON--(BUSINESS WIRE)--March 30, 2004--Lark Technologies Inc. (OTCBB:LRKT - News) reported record revenue and net income of $9,028,382 and $1,422,343 or $0.39 per share for the twelve months ending December 31, 2003 as compared to revenue and net income of $6,692,305 and $724,949 or $0.20 per share for the same period in 2002.
Revenue and net income for the quarter ended December 31, 2003 increased 31% and 196%, respectively to $2,269,894 and $229,378 or $0.06 per share, compared to revenue of $1,728,619 and net income of $77,522 or $0.02 per share for the same period in 2002. The revenue growth during the quarter over the comparable period in 2002 was the result of increased sales in most product lines, including areas relating to genomic DNA sequencing, with the fastest growth occurring in the UK custom sequencing. "In spite of the fact that we no longer had available federal net operating tax loss carryforwards, coupled with significant expenses associated with the pending merger with Genaissance Pharmaceuticals Inc., we posted a very solid fourth quarter," said Chief Executive Carl W. Balezentis, Ph.D.
Commenting on the overall results of 2003 and outlook for 2004, Lark Technologies Inc. Chief Executive Officer Carl W. Balezentis, Ph.D. said, "I am extremely pleased with the progress we have made over the past two and one half years in terms of fiscal stability and revenue growth. We are reporting our ninth consecutive profitable quarter, concluding with record revenue and net income for the year. We look forward to the opportunities and challenges we face in 2004 as we look to aggressively grow the service business following our merger with Genaissance."
Lark Technologies Inc., based in Houston, Texas, offers genomic services for use in pharmaceutical, diagnostic and agricultural product research and development. These services include genomic data management, microarray support, quantitative PCR, differential display, genotyping, genetically-modified organism testing, and a battery of other molecular biology services which support researchers in the pharmaceutical, biotechnology and academic sectors in their attempt to understand the mechanisms of disease and to discover and develop new drugs. Lark's stock is quoted on the OTC Bulletin Board under the symbol "LRKT.OB" On December 18th, 2003, the Company agreed to merge with a subsidiary of Genaissance Pharmaceuticals Inc., subject to shareholder approval at a meeting set for April 1, 2004.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements speak only as of the date hereof. Lark disclaims any intent or obligation to update these forward-looking statements.
Lark Technologies Inc., Houston Carl W. Balezentis, Ph.D., 713-779-3663
Source: Lark Technologies Inc.