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Jul 27 2006, 7:00 AM EST

Celera Genomics Reports Fourth Quarter and Fiscal 2006 Results

News source: Business Wire

Celera Genomics Group (NYSE:CRA), an Applera Corporation business, today reported a net loss of $5.3 million, or $0.07 per share, for the fourth quarter of fiscal 2006 ended June 30, 2006, compared to a net loss of $16.4 million, or $0.22 per share, for the fourth quarter of fiscal 2005. The fourth quarter 2006 results included a $5.3 million pre-tax charge for restructuring costs associated with the previously announced decision to partner or sell the small molecule drug discovery and development programs and the integration of Celera Diagnostics into Celera Genomics. The fourth quarter 2006 results also included a pre-tax gain of $8.6 million from the sale of certain small molecule drug discovery and development programs. Results for the fourth quarter of fiscal 2005 included a pre-tax favorable adjustment of $3.6 million associated with the sale of Celera's Rockville, MD facility, a tax benefit of $2.2 million related to additional U.S. R&D credits, and a $3.4 million pre-tax charge for severance and asset impairments related to the discontinuation of the Online/Information Business. All per share amounts refer to Applera Corporation-Celera Genomics Group Common Stock.

"With the completion of the partnering efforts and the planned exit from small molecule development, Celera's transformation allows us to focus on the growing field of molecular diagnostics while providing a more rapid path toward profitability," said Tony L. White, Chairman, President and Chief Executive Officer of Applera Corporation.

"We're pleased with the substantial progress we've made this last quarter, including achievements in our alliance with Abbott. We're particularly pleased with the adoption of the m2000(TM) system in the European markets," said Kathy Ordonez, President of Celera Genomics. "We advanced discoveries through our proteomics work and entered into a collaboration with Medarex, and our genetic discoveries continue to move through clinical utility studies and towards commercialization, as demonstrated by the licensing agreement with Specialty Laboratories."

For fiscal year 2006, Celera Genomics reported a net loss of $62.7 million, or $0.83 per share, compared to a net loss of $77.1 million, or $1.05 per share, for fiscal 2005. Fiscal 2006 results included $26.2 million of pre-tax charges for restructuring costs associated with the previously announced decision to partner or sell the small molecule drug discovery and development programs and the integration of Celera Diagnostics into Celera Genomics. Fiscal 2006 results also included a pre-tax gain of $8.6 million from the sale of certain small molecule drug discovery and development programs, as well as $7.6 million of pre-tax gains from the sale of investments. Fiscal 2005 results included the favorable adjustment associated with the sale of the Rockville, MD facility, the tax benefit related to additional U.S. R&D credits, and the pre-tax charge related to the discontinuation of the Online/Information Business mentioned above. In addition, results for fiscal 2005 included a $4.5 million pre-tax charge related to the discontinuation of most of the operations of Paracel.

Financial Highlights

    --  Reported revenues for the fourth quarter of fiscal 2006 were
        $17.8 million, compared to $14.4 million for the fourth
        quarter of fiscal 2005. Fourth quarter 2006 reported revenues
        were primarily comprised of diagnostic-related revenues
        (previously reported as Celera Diagnostics' revenues in the
        prior year period) and revenues from the sale of certain small
        molecule drug discovery and development programs. Excluding
        the pre-tax gain of $8.6 million from the sale of the small
        molecule programs, reported revenues declined over the prior
        year quarter due to the discontinuation of both the
        On




	
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