HBIO Reports Second Quarter 2010 Revenue Growth Of 44% Over Second Quarter 2009
The Company ended the second quarter of 2010 with cash and cash equivalents of $15.7 million compared to $16.6 million at December 31, 2009. As of June 30, 2010 and December 31, 2009, the Company had borrowings of $11.2 million and $13.3 million, respectively, outstanding under its credit facility. The borrowings under the credit facility are related to our acquisition of Denville Scientific and stock repurchase activity. Total cash and equivalents, net of debt, was $4.6 million and $3.3 million at June 30, 2010 and December 31, 2009, respectively.
Trade receivables were $13.9 million and inventories were $14.6 million as of June 30, 2010 compared to trade receivables of $11.3 million and inventories of $13.5 million as of June 30, 2009. Trade receivable and inventory balances increased year-to-year primarily due to the acquisition of Denville Scientific. Outstanding days of sales, or DSO, were 49 days for the three months ended June 30, 2010 and 58 days for the three months ended June 30, 2009. Inventory turns were 3.9 times for the three months ended June 30, 2010 compared with 2.8 times for the same period of 2009.
The Company spent $1.8 million to repurchase approximately 497,000 shares of its common stock during the six months ended June 30, 2010 and spent $2.4 million to repurchase approximately 812,000 shares of its common stock during the six months ended June 30, 2009.Restructuring During the quarter ended March 31, 2009, the management of Harvard Bioscience developed a plan to relocate the Scie-Plas operation to Hoefer's San Francisco location and exit the Scie-Plas general fabrication business as part of our ongoing business improvement initiative. During the year ended December 31, 2009, we recorded restructuring charges in our Scie-Plas, Biochrom and Hoefer businesses related to the 2009 restructuring plan of approximately $0.7 million. These charges were comprised of $0.3 million in severance payments, $0.2 million in inventory impairment charges related to the discontinuance of certain product lines (included in cost of product revenues) and $0.2 million in various other costs.
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