-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AZaVxMsDjQM6s2BkJJy+Gl6jjSL7MSVzwvetDEjm5jmYzYPjkQIMMs+MuoyqRquq 3b/q3K5TbyPosYZZZyOoDQ== 0001170918-07-000172.txt : 20070308 0001170918-07-000172.hdr.sgml : 20070308 20070307201204 ACCESSION NUMBER: 0001170918-07-000172 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070305 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070308 DATE AS OF CHANGE: 20070307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALPHA INNOTECH CORP CENTRAL INDEX KEY: 0000830736 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 581729436 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14257 FILM NUMBER: 07679077 BUSINESS ADDRESS: STREET 1: 2401 MERCED ST. CITY: SAN LEANDRO STATE: CA ZIP: 94577 BUSINESS PHONE: 5104839620 MAIL ADDRESS: STREET 1: 2401 MERCED ST. CITY: SAN LEANDRO STATE: CA ZIP: 94577 FORMER COMPANY: FORMER CONFORMED NAME: XTRANA INC DATE OF NAME CHANGE: 20010702 FORMER COMPANY: FORMER CONFORMED NAME: BIOPOOL INTERNATIONAL INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CYTRX BIOPOOL LTD DATE OF NAME CHANGE: 19890716 8-K 1 fm8k-030507.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): MARCH 5, 2007 ALPHA INNOTECH CORP. (Exact name of registrant as specified in its charter) DELAWARE 1-14257 58-1729436 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 2401 MERCED STREET, SAN LEANDRO, CALIFORNIA 94577 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (510) 483-9620 N/A - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (SEE General Instruction A.2. below): [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(B)) [_] Pre-commencement communications pursuant to Rule 13e-4(c)) under the Exchange Act (17 CFR 240.13e-4c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On March 5, 2007, Alpha Innotech Corp. (the "Company") issued a press release announcing its earnings for the fiscal quarter and the full year ended December 31, 2006, the text of which is attached hereto as Exhibit 99.1. The information in this Item 2.02 of the Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in the Item 2.02 of the Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (c) EXHIBITS 99.1 Press Release dated March 5, 2007 announcing earnings for the fiscal quarter and the full year ended December 31, 2006 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALPHA INNOTECH CORP. Date: March 7, 2007 By: /S/ RON BISSINGER --------------------------------- Ron Bissinger Chief Executive Officer and Chief Financial Officer 3 EXHIBIT INDEX 99.1 Press Release dated March 5, 2007 announcing earnings for the fiscal quarter and the full year ended December 31, 2006 4 EX-99 2 ex99-1i.txt EX-99.1 EXHIBIT 99.1 ALPHA INNOTECH POSTS PROFIT IN FOURTH QUARTER AND IMPROVED OPERATING PERFORMANCE IN 2006 March 5, 2007 - 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 the fourth quarter and year ending December 31, 2006. The Company swung to a net profit of $41,000 for the fourth quarter ending December 31, 2006 compared to a $84,000 loss reported in the comparable period of 2005. Revenues for the year ending December 31, 2006 were $13.254 million, a 10% increase from the $12.051 million reported for the same period in 2005. Fourth quarter 2006 revenues of $3.748 million were 4% lower than the $3.892 million reported in the same period in 2005 but were 12% higher than third quarter 2006 revenues. The net loss for the year ending December 31, 2006 was reduced 60% to $0.998 million from the $2.495 million loss reported for 2005. On a non-GAAP basis, the Company had net income of $688,000 for the second half of 2006 compared to a net loss of $505,000 for the first half of 2006. The non-GAAP net income (loss) is reconciled to comparable GAAP net income (loss) in the table entitled "Non-GAAP Calculation of Net Income (Loss)". "In 2006 we believe we turned an important corner by achieving great improvements to both revenue and operating profitability. We built our revenue stream while decreasing our operating expenses, and significantly increased our cash flow. Our strategy of diversifying our revenues was validated when the strength in our international and strategic partner businesses partially offset the fourth quarter industry-wide softness in the U.S. market," commented Ron Bissinger, Chief Executive Officer of Alpha Innotech. "With our strong focus on execution we envision continuing organic growth in our domestic, international, and strategic partner businesses in 2007." 2006 In Review o Full year sales increased 10% to $13.254 million o In the third and fourth quarters of 2006 the Company reported consecutive increases in profitability from operations and EBITDA. o In the fourth quarter of 2006 the Company appointed Jeff Whitmore, a sales veteran of Molecular Devices Corp. and Bio-Rad Laboratories, as Vice President of Global Sales. o The Company was ranked number 92 on Deloitte and Touche LLP's 2006 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage revenue growth over five years. o In the third quarter of 2006 the Company began shipping FAST Transcription Factor Microplate Assay kits that employ an innovative approach of binding unique DNA probes to activated transcription factors in a biological sample. 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 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 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 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 ability to obtain 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 Forms 10-QSB filed with the Securities and Exchange Commission. We do not intend to update the forward-looking information contained in this news release except as required by law. CONTACT: ALPHA INNOTECH CORP. RON BISSINGER, CEO TEL: 510-483-9620 2 ALPHA INNOTECH CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share amounts)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, -------------------------- -------------------------- 2006 2005 2006 2005 ----------- ----------- ----------- ----------- REVENUE ............................................... $ 3,748 $ 3,892 $ 13,254 $ 12,051 COST OF GOODS SOLD .................................... 1,794 1,921 6,314 6,410 ----------- ----------- ----------- ----------- GROSS PROFIT .......................................... 1,954 1,971 6,940 5,641 ----------- ----------- ----------- ----------- OPERATING EXPENSES: SALES AND MARKETING .............................. 991 1,170 4,064 4,732 RESEARCH AND DEVELOPMENT ......................... 244 407 1,227 1,573 GENERAL AND ADMINISTRATIVE ....................... 630 427 2,382 1,537 ----------- ----------- ----------- ----------- TOTAL OPERATING EXPENSES .............................. 1,865 2,004 7,673 7,842 ----------- ----------- ----------- ----------- PROFIT (LOSS) FROM OPERATIONS ......................... 89 (33) (733) (2,201) INTEREST EXPENSE ...................................... (82) (65) (318) (307) OTHER INCOME (EXPENSE), NET ........................... 34 14 53 13 ----------- ----------- ----------- ----------- NET PROFIT (LOSS) ..................................... 41 (84) (998) (2,495) ACCRETIONS ON REDEEMABLE CONVERTIBLE PREFERRED STOCK .. -- -- -- (631) ----------- ----------- ----------- ----------- NET PROFIT (LOSS) APPLICABLE TO COMMON STOCKHOLDERS ... $ 41 $ (84) $ (998) $ (3,126) =========== =========== =========== =========== PROFIT (LOSS) PER COMMON SHARE - BASIC AND DILUTED .... $ 0.00 $ (0.01) $ (0.10) $ (0.80) =========== =========== =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED 9,783,878 7,738,433 9,820,551 3,888,451 =========== =========== =========== ===========
3 ALPHA INNOTECH CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) DECEMBER 31, DECEMBER 31, 2006 2005 ---------- ---------- (unaudited) ASSETS CURRENT ASSETS: CASH AND CASH EQUIVALENTS .................. $ 446 $ 546 ACCOUNTS RECEIVABLE, NET ................... 2,189 2,411 INVENTORY, NET ............................. 633 952 PREPAID EXPENSES AND OTHER CURRENT ASSETS .......................... 190 212 ---------- ---------- TOTAL CURRENT ASSETS ....................... 3,458 4,121 PROPERTY AND EQUIPMENT, NET ........................ 1,049 1,171 OTHER ASSETS ....................................... 91 76 ---------- ---------- TOTAL ASSETS ............................... $ 4,598 $ 5,368 ========== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: ACCOUNTS PAYABLE ........................... $ 1,608 $ 1,497 ACCRUED LIABILITIES ........................ 976 1,084 CURRENT PORTION OF DEBT .................... 1,883 1,556 DEFERRED REVENUE ........................... 896 775 OTHER LIABILITIES .......................... 210 230 ---------- ---------- TOTAL CURRENT LIABILITIES .................. 5,573 5,142 DEBT, NET OF CURRENT PORTION ....................... 200 800 ---------- ---------- TOTAL STOCKHOLDERS' DEFICIT ........................ (1,175) (574) ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT ................................. $ 4,598 $ 5,368 ========== ========== 4 ALPHA INNOTECH CORP. NON-GAAP CALCULATION OF NET INCOME (LOSS) (Unaudited) (in thousands) 12 MONTHS 6 MONTHS 6 MONTHS ENDED ENDED ENDED DECEMBER 31, DECEMBER 31, JUNE 30, 2006 2006 2006 ---------- ---------- ---------- NON-GAAP CALCULATION OF NET INCOME (LOSS): GAAP NET LOSS ................... $ (998) $ (7) $ (991) INTEREST ........................ 318 160 158 DEPRECIATION .................... 566 286 280 STOCK-BASED COMPENSATION ........ 297 249 48 ---------- ---------- ---------- NON-GAAP BASIS INCOME (LOSS) ......... $ 183 $ 688 $ (505) ========== ========== ========== 5 -----END PRIVACY-ENHANCED MESSAGE-----