- Integration and streamlining of manufacturing and sales facilities and staff to reduce annualized operating expenses in excess of $6 million; improved product mix at Enzo Life Sciences to increase margins; additional benefits from realignment program to occur over balance of 2013 fiscal year.
- Operating improvements to begin in fiscal 2013 first quarter for period ending October 31, 2012, as the Company expects at least a 70% improvement in EBITDA over prior year to $1.2 million at Enzo Life Sciences. Enzo Clinical Labs also expected to generate revenue growth and improved EBITDA in fiscal first quarter compared to previous year; reduction in corporate SG&A to enhance results.
- Fourth quarter one-time non-cash charge involving goodwill, as a result of a decline in Enzo’s market capitalization, lower Life Sciences revenues and other intangibles, including trademarks, in the amount of $24.5 million (excluding a $2.1 million tax benefit).
- Fourth quarter results reflected double digit revenue growth at Enzo Clinical Labs, and improved gross margins at Enzo Life Sciences, despite reduced revenues stemming from product rationalization.
- For the final three months of fiscal 2012, revenues and the net operating loss, before one-time charges, approximated those in the corresponding year-ago period.
Enzo Biochem Reports Fourth Quarter Results And Announces Realignment Program Expected To Reduce Annualized Costs $6 Million Commencing With Fiscal First Quarter
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