EX-99.1 2 ex99_1.htm EARNINGS RELEASE ex99_1.htm
Exhibit 99.1

 
 
ALPHA INNOTECH REPORTS FIRST QUARTER 2009 RESULTS
 
May 12, 2009 – Alpha Innotech Corp., San Leandro, California
 
Alpha Innotech Corp. (OTCBB:APNO), a leading provider of bioanalytical systems for drug discovery and life science research, today reported financial results for their first quarter ending March 31, 2009.
 
First quarter revenues of $3.69 million increased 1% from the $3.67 million reported in the same period in 2008.
 
The Company posted a net loss of $218,963 in the first quarter ending March 31, 2009 as compared to a $2,057 net loss in the comparable period of 2008.
 
Excluding interest, depreciation and stock-based compensation on a non-GAAP basis, the Company had net income of $203,698 for the first quarter of 2009 compared to $338,310 for the first quarter of 2008.  The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled “Non-GAAP Calculation of Net Income”.
 
“Our 1% revenue increase does not reflect the fact that our new orders increased 17% in the first quarter of 2009 compared to the first quarter of 2008.  By comparison, our first quarter of 2008 benefitted from a significantly larger beginning backlog as well as a one-time gain from a patent sale,” said Ron Bissinger, Chief Executive Officer of Alpha Innotech.
 
Recent Highlights
 
--    Launched SpectraPlex™, a multicolor fluorescent Western blotting kit optimized for use on the Company's FluorChem® Q imager
 
--    Added sales personnel in China and India to continue building revenue-generating capabilities in the rapidly growing Asia region
 
--    Launched a portfolio of new service products allowing customers to choose from a variety of service and support options
 
More information on Alpha Innotech can be found at the Company’s website www.alphainnotech.com.
 

About Alpha Innotech Corp.
 
With over 10,000 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 software to offer integrated modular technology platforms for functional genomics, proteomics and cell analysis markets. Our customers include pharmaceutical and biotechnology companies as well as universities, medical centers, government research institutes and agencies worldwide.
 
Use of Non-GAAP Financial Measures
 
To supplement the Company’s financial statements presented in accordance with GAAP, the Company is also providing non-GAAP financial information. The presentation of non-GAAP financial information should be considered in addition to the Company’s GAAP results and is not intended to be considered in isolation or as a substitute for financial information prepared and presented in accordance with GAAP. The Company believes that both management and investors benefit from referring to non-GAAP financial information that excludes certain expenses in their assessment of the Company’s performance. The Company also believes that investors benefit from increased transparency into supplemental information used by management in its financial and operational decision making.
 
Cautionary Note Regarding Forward-Looking Statements
 
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements related to the continued expansion of our international sales channels, our continued development, manufacture and supply of new products, and the ability to control our expenses, and is subject to the safe harbor created by those sections. Words such as “will,” “expect,” “believe,” “suggest,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the Company’s current expectations. These forward-looking statements involve a number of risks and uncertainties that include, but are not limited to, changing worldwide economic conditions, current volatility and disruption in the capital and credit markets, and the Company’s ability to obtain additional financing if needed, 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 under “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 filed with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to update the forward-looking statements contained in this news release except as required by law.
 
Contact:
 
Alpha Innotech Corp.
Michael P. Henighan, CFO
Tel: 510-483-5610


Alpha Innotech Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)

 
Three Months Ended March 31,
 
 
2009
   
2008
 
Revenue
$
 3,691
   
$
3,668
 
Cost of Goods Sold
 
1,688
     
1,557
 
Gross profit
 
2,003
     
2,111
 
Operating expenses:
             
Sales and Marketing
 
1,185
     
1,185
 
Research and Development
 
313
     
375
 
General and Administrative
 
584
     
567
 
Total operating expenses
 
2,082
     
2,127
 
Loss from operations
 
(79
)
   
(16
)
Other income (expense):
             
Interest expense
 
(132
)
   
(83
)
Other income (expense), net
 
(8
)
   
(3
)
Sale of patents
 
       —
     
    100
 
Net loss applicable to common stockholders
$
(219
)
 
$
(2
)
Net loss per share:
             
Basic  and Diluted
$
(0.02
)
 
$
(0.00
)
Weighted average shares outstanding:
             
Basic  and Diluted
 
10,925,224
     
10,536,390
 

 


 
Alpha Innotech Corp.
Condensed Consolidated Balance Sheets
As of March 31, 2009 and December 31, 2008
(in thousands)

 
2009
   
2008
 
Assets
             
Current assets:
             
Cash and cash equivalents
$
382
   
$
649
 
Restricted cash
 
100
     
50
 
Accounts receivable, net
 
2,062
     
3,033
 
Inventory, net
 
1,764
     
1,464
 
Prepaid expenses and other current assets
 
155
     
155
 
Total current assets
 
4,463
     
5,351
 
Property and equipment, net
 
795
     
790
 
Loan costs, net
 
81
     
119
 
Other assets
 
        105
     
        91
 
Total assets
$
5,444
   
$
6,351
 
Liabilities and shareholdersdeficit
             
Current liabilities:
             
Accounts payable
$
1,086
   
$
880
 
Accrued liabilities
 
1,005
     
1,110
 
Current portion of debt
 
2,064
     
2,936
 
Deferred revenue
 
1,173
     
1,217
 
Other liabilities
 
    128
     
    152
 
Total current liabilities
 
5,456
     
6,295
 
Debt, net of current portion
 
154
     
152
 
Total shareholders’ deficit
 
(166
)
   
(96
)
Total liabilities and shareholders’ deficit
$
5,444
   
$
6,351
 

 

 


 
Alpha Innotech Corp.
Non-GAAP Calculation of Net Income
(Unaudited)
(in thousands)

   
Three Months Ended March 31,
 
   
2009
   
2008
 
GAAP net loss
 
$
(219
)
 
$
(2
)
Interest
   
132
     
83
 
Depreciation
   
143
     
137
 
Stock-based compensation
   
148
     
120
 
Non-GAAP basis income
 
$
 204
   
$
338