SEATTLE, Feb. 12 /PRNewswire-FirstCall/ -- Pacific Biomarkers, Inc. , a leading provider of specialized biomarker and contract research services, today announced its operating results for the second quarter and first half of FY2010.
Revenue for the six months ended December 31, 2009 decreased 12% to $4,415,170, compared with $5,035,955 during the corresponding period of the previous fiscal year. Operating loss was $520,745 in the first half of FY2010, versus an operating income of $341,133 in the same period last year. Net loss for the six months ended December 31, 2009 totaled $730,799, or $0.04 per share, compared with net income of $970,934, or $0.05 per share, for the comparable six-month period in FY2008.
Characterizing the present time in the drug development marketplace as “a time of both challenge and opportunity” for Pacific Biomarkers, Mr. Helm continued, “The Company’s exceptional result last year showed that our strategy of broadening our biomarker services offering was a sound move. The current market conditions may challenge us for a time and we are taking appropriate measures to control costs and realign our business to enhance our support of our clients. We believe we will be positioned appropriately as the market improves. Despite our operating loss, we still ended the quarter with a strong balance sheet. Cash and cash equivalents totaled $3,264,024 as of December 31, 2009 and we have an additional $502,237 in short term investments, which totals $3,766,261.
For additional information, see Pacific Biomarkers’ annual report filed with the SEC on Form 10-K for the fiscal year ended June 30, 2009 and the quarterly report filed with the SEC on Form 10-Q for the fiscal quarter ended December 31, 2009.
Pacific Biomarkers, Inc. has scheduled an investor conference call to discuss its operating results for the second quarter and first half of FY2010, along with other relevant subjects.
About Pacific Biomarkers, Inc. (PBI)
PBI is headquartered in Seattle, Washington, and its common stock trades on the OTC Bulletin Board under the symbol “PBME”. For more information about PBI, visit the company’s web site at www.pacbio.com.
This press release includes forward-looking statements including, but not limited to, the following: growth in revenues and backlog; results of business development activities; financial results; future growth; and the viability and acceptance of its established and new services, including the Company’s biomarker services. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the following: the Company’s ability to enter into contracts for its laboratory testing or biomarker services; client changes or early terminations of studies; variability in backlog; the success of marketing and business development efforts, and competitive factors; the Company’s ability to manage growth; and other risks and uncertainties set forth in periodic filings with the U.S. Securities and Exchange Commission (including Form 10-K for the year ended June 30, 2009).
CONTACT: Ron Helm, CEO of Pacific Biomarkers, Inc., +1-206-298-0068; or RJ
Falkner & Company, Inc., Investor Relations, 1-800-377-9893,
info@rjfalkner.com
Web site: http://www.pacbio.com/
