EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

ALPHA INNOTECH REPORTS STRONG FIRST QUARTER

INTERNATIONAL REVENUE GROWTH

May 14, 2008 – 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 quarter ending March 31, 2008.

First quarter revenues of $3.668 million increased 3.4% from the $3.547 million reported in the same period in 2007.

The Company posted a net loss of $2,000 in the first quarter ending March 31, 2008 as compared to a $1,000 net loss in the comparable period of 2007.

Excluding stock-based compensation, interest, and depreciation on a non-GAAP basis, the Company had net income of $338,000 for the first quarter of 2008 compared to $280,000 for the first quarter of 2007. 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)”.

“Our focus on the rapidly growing Pacific Rim markets contributed to first quarter international revenues increasing nearly 33% from a year ago,” said Ron Bissinger, Chief Executive Officer of Alpha Innotech. “We’re also looking forward to introducing additional products in our second quarter that will continue our growth momentum.”

Additional First Quarter 2008 Achievements

 

   

Posted seventh consecutive quarter with positive cash flows from operating activities

 

   

Began shipping red™, our personal gel imager combining touch screen controls with advanced imaging technology and an integrated onboard computer, all in a uniquely compact footprint

 

   

Added sales personnel in Shanghai and Singapore to strengthen the Company’s presence in the rapidly growing Pacific Rim region

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 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 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 if needed, 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


Alpha Innotech Corp.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

     Three Months Ended
March 31,
 
     2008     2007  

Revenue

     3,668       3,547  

Cost of goods sold

     1,557       1,575  
                

Gross profit

     2,111       1,972  
                

Operating expenses:

    

Sales and marketing

     1,185       1,055  

Research and development

     375       304  

General and administrative

     567       532  
                

Total operating expenses

     2,127       1,891  
                

Profit (loss) from operations

     (16 )     81  

Interest expense

     (83 )     (82 )

Other income (expense), net

     97       0  
                

Net profit (loss) applicable to common stockholders

     (2 )     (1 )
                

Profit (loss) per common share - basic and diluted

   $ (0.00 )   $ (0.00 )
                

Weighted average shares outstanding - basic and diluted

     10,536,390       10,343,383  
                


Alpha Innotech Corp.

Condensed Consolidated Balance Sheets

(in thousands)

 

     March 31,
2008
    December 31,
2007
 
     (Unaudited)        

Assets

    

Current assets:

    

Cash and cash equivalents

   214     168  

Restricted cash

   50     50  

Accounts receivable, net

   2,071     2,230  

Inventory, net

   1,248     1,006  

Prepaid expenses and other current assets

   144     219  
            

Total current assets

   3,727     3,673  

Property and equipment, net

   854     914  

Other assets

   90     90  
            

Total assets

   4,671     4,677  
            

Liabilities and Stockholders’ Deficit

    

Current liabilities:

    

Accounts payable

   1,768     1,786  

Accrued liabilities

   1,278     1,330  

Current portion of debt

   1,128     1,407  

Deferred revenue

   1,013     1,027  

Other liabilities

   287     265  
            

Total current liabilities

   5,474     5,815  

Debt, net of current portion

   313     308  
            

Total stockholders’ deficit

   (1,116 )   (1,446 )
            

Total liabilities and stockholders’ deficit

   4,671     4,677  
            


Alpha Innotech Corp.

Non-GAAP Calculation of Net Income (Loss)

(Unaudited)

(in thousands)

 

     Three Months Ended
March 31,
 
     2008     2007  

Non-GAAP calculation of net income (loss) :

    

GAAP net loss

     (2 )     (1 )

Interest

     83       82  

Depreciation

     137       144  

Stock-based compensation

     120       55  
                

Non- GAAP basis income (loss)

   $ 338     $ 280