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HBIO Reports 26% Revenue Growth

Stocks in this article: HBIO

HOLLISTON, Mass., Feb. 25, 2011 (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 fourth quarter and full year ended December 31, 2010.

Fourth Quarter Reported Results

Revenues from the Company's continuing operations for the three months ended December 31, 2010 were $29.5 million, an increase of $1.9 million, or 6.8%, compared to revenues of $27.6 million for the three months ended December 31, 2009. Currency exchange rates had a negative 2.3% effect on revenues in the fourth quarter of 2010 compared with the fourth quarter of 2009. The Company's acquisition of Coulbourn Instruments in August 2010 had a positive 2.3% effect on revenues in the fourth quarter of 2010 compared to the fourth quarter of 2009. Excluding the effects of currency exchange rates and acquisitions, the Company's organic revenue growth for the fourth quarter of 2010 was 6.8% over the same period in the previous year.

Income from continuing operations, as measured under U.S. generally accepted accounting principles ("GAAP"), was $2.2 million, or $0.08 per diluted share for the three months ended December 31, 2010 compared to $3.7 million, or $0.12 per diluted share, for the same period in 2009. GAAP income from continuing operations for the fourth quarter of 2009 included a $2.6 million, or $0.09 per diluted share gain from adjustment of contingent consideration related to our Denville Scientific acquisition.

Non-GAAP adjusted income from continuing operations was $3.2 million, or $0.11 per diluted share, for the fourth quarter of 2010 compared to $3.0 million, or $0.10 per diluted share, for the fourth quarter of 2009, which represented a 10% year-to-year increase in non-GAAP adjusted diluted earnings per share. The year-to-year increase in the non-GAAP adjusted net income from continuing operations is due to the organic growth in the Harvard Apparatus, Hoefer and Biochrom businesses in the fourth quarter of 2010 over the same period in the previous year.

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