HOUSTON--(BUSINESS WIRE)--Nov. 5, 2003--Lark Technologies Inc. (OTCBB:LRKT.OB - News) posted third-quarter 2003 revenues that were up 50% percent from a year ago. Net income for the third quarter ended Sept. 30, 2003 increased 58% to $243,019 or $0.07 per share, compared to $153,707, or $0.04 per share, for the same period in 2002 based on 3,663,333 weighted average common shares outstanding. The Company's 2003 third quarter results are after an accrual for federal income tax of $238,689 allocable to the quarter. No tax accrual was reflected in prior 2003 and 2002 quarters due to the availability of federal net operating tax loss carryforwards to offset net income for such quarters.
Net income for the nine months ended Sept. 30, 2003 was $1,212,965 or $0.33 per share, compared to $647,427 or $0.18 per share, for the same period in 2002, an increase of 87%. For the fourth quarter of 2003 management anticipates the accrual for federal income taxes will be approximately 20% of estimated pre-tax income. Furthermore, management fully anticipates continued profitability in 2004 and will accrue for federal income taxes at the appropriate statutory rate.
Revenues increased 50% to $2,357,352 in the third quarter of 2003 from revenues of $1,571,620 in the third quarter of 2002. Revenues increased 36% to $6,758,488 in the first nine months of 2003 from revenues of $4,963,686 in the first nine months of 2002. The increase in revenue during the quarter over the comparable period in 2002 was the result of increased sales in most services, with the largest growth occurring in our quick turnaround sequencing services.
Chief Executive Officer, Carl W. Balezentis, Ph.D., stated that, "All material aspects of our financial performance continue to be very positive. We are maintaining gross margins in excess of 50%. The revenue, operating income, and net income are up significantly over the previous quarter and nine months. The balance sheet, revenues and most importantly, earnings, continue to substantially improve."
Lark Technologies Inc., based in Houston, offers genomic services for use in pharmaceutical, diagnostic and agricultural product research and development. These services include genomic data management, microarray support, quantitative PCR, 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".
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, 713-779-3663 Ext. 134
Source: Lark Technologies Inc.