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Enzo Biochem Reports Fourth Quarter Results And Announces Realignment Program Expected To Reduce Annualized Costs $6 Million Commencing With Fiscal First Quarter

Fiscal Fourth Quarter

Total revenues amounted to $26.4 million, compared with $26.8 million in the corresponding year-earlier period. Of the total, revenues from Clinical Labs amounted to $15.9 million, and were 11% greater than a year ago reflecting wholly organic growth. Life Sciences product revenues declined 15% to $8.9 million, but gross profit margins as a percent of revenues advanced to 42%, from 39% last year. Royalty and licensing fee income declined 20% to $1.7 million. Company gross profit margins as a percentage of revenues were 44%, versus 45% a year ago. Cash utilization for the quarter was reduced year over year by $3.2 million to $0.2 million. On a sequential basis, cash utilization also improved more than $3.0 million as well.

Operating loss for the quarter was ($27.1) million, or ($0.69) per share, which includes a $24.5 million non-cash impairment charge for intangibles and goodwill (excluding a $2.1 million tax benefit), as well as incremental non-recurring severance costs of $0.3 million. Last year’s net loss for the quarter was ($4.0) million. EBITDA loss, adjusted for these charges was ($3.1) million, compared with ($3.0) million last year.

Full Year Results

Total revenues increased to $103.1 million, from $102.0 million last year. Gross profit totaled $47.1 million, or 46% as a percentage of revenues, compared with $48.2 million, or 47%, respectively, in fiscal 2011. Enzo Clinical Lab sales for the year advanced to $59.4 million, up 13% from the previous year, and gross margins were $23.1 million, up 10% for the year. Enzo Life Sciences posted product revenues of $37.2 million, against $41.8 million last year; gross profit of $18.1 million declined 8%, but as a percentage of revenues increased to 48%, from 47%. Royalty and licensing fee income declined 20% to $6.0 million. Including the non-cash fourth quarter impairment charges ($22.4 million net of tax benefit), the year’s net loss amounted to ($39.3) million, or ($1.01) per share, compared with ($13.0) million or ($0.34) per share, respectively, in fiscal 2011.

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