This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

HBIO Reports Third Quarter 2010 Revenue Growth Of 26% Over Third Quarter 2009

HOLLISTON, Mass., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial highlights for the three and nine months ended September 30, 2010.

Third Quarter Reported Results

Revenues for the three months ended September 30, 2010 were $26.5 million, an increase of $5.5 million, or 26.0%, compared to revenues of $21.0 million for the three months ended September 30, 2009. Currency exchange rates had a negative 3.3% effect on revenues in the third quarter of 2010 compared with the third quarter of 2009. The Company's acquisitions of Denville Scientific in September 2009 and Coulbourn Instruments in August 2010 had a positive 24.7% effect on revenues in the third quarter of 2010 compared to the third quarter of 2009. Excluding the effects of currency exchange rates and acquisitions, the Company's organic revenue growth for the third quarter of 2010 was 4.6% over the same period in the previous year.

Net income, as measured under U.S. generally accepted accounting principles ("GAAP"), was $12.7 million, or $0.44 per diluted share, for the three months ended September 30, 2010 compared to $1.3 million, or $0.04 per diluted share, for the same period in 2009. Net income for the third quarter includes $11.2 million, or $0.39 per diluted share benefit from income taxes. This income tax benefit reflects an $11.3 million, or $0.39 per diluted share benefit from the reversal of valuation allowances on certain deferred income tax assets as management currently believes that it is more likely than not that the Company will be able to realize these benefits.   

Non-GAAP adjusted net income was $2.4 million for the third quarter of 2010 compared to $2.3 million for the third quarter of 2009, which represented a 3.1% year-to-year increase. Non-GAAP adjusted diluted earnings per share were $0.08 for the third quarter of 2010 and the third quarter of 2009. The favorable year-to-year third quarter non-GAAP adjusted earnings impact from the acquisition of Denville Scientific and Coulbourn Instruments, and organic growth in the base business was offset by softer conditions in the Hoefer and Harvard Apparatus Spain subsidiaries, the effect of a tax credit recognized in the third quarter of 2009 and a negative impact from currency exchange rates.           

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,654.52 -18.08 -0.10%
S&P 500 2,052.74 +0.92 0.04%
NASDAQ 4,763.6120 +5.7330 0.12%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs