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Enzo Biochem Reports Fiscal Second Quarter Results

Segment Quarterly Results:

Clinical Labs was affected during the early part of the quarter as a result of the storm, although there has since been a pickup in activity. Revenues were $13.2 million, compared with $14.1 million a year ago, a 6% decline, mostly due to the storm’s impact. Gross profit decreased $1.5 million, to $3.9 million due to the decreased revenues and higher lab costs. Operating expenses, including a 5% reduction in the segment’s SG&A, declined $0.2 million to $6.3 million, from $6.5 million, with the result that the operating loss amounted to $2.4 million, compared with $1.1 million year over year.

Life Sciences’ continued to benefit from its transformation to a more centralized operating and marketing segment, narrower and more profitable product lines, reduced distributorships and lower payroll expenses from personnel staff reduction. However, lower funding for life science activities amidst macroeconomic concerns is having an industry-wide effect, particularly on product sales. Excluding royalty income, which was $1.0 million, product revenues were $7.9 million as compared to $9.5 million in the prior period. Total gross margin was $4.7 million, and as a percentage of sales was 53%, as compared with 57% a year ago. Total operating expenses declined 13%, to $4.8 million, reflecting cost-cutting, and the operating loss was $57,000, compared to operating income of $0.7 million a year ago. Life Sciences’ EBITDA was $0.9 million, a decrease of $.2 million from $1.1 million in the year ago period.

Year-to–Date Summary

For the six months ended January 31, 2013, revenue declined by $2.9 million to $47.8 million, from $50.7 million in the first half of 2012. Clinical Labs’ revenues increased 1%, negatively affected by approximately $2.9 million from the storm while Life Sciences’ product revenues declined 15% and royalty and licensing revenues declined $0.1 million. Gross margins were $20.4 million, $3 million less than a year ago. Operating expenses, including R&D, SG&A, legal and provision for uncollectible accounts decreased by 4%, largely due to reduced SG&A and R&D expenses. Net loss was $(9.4) million, compared with $(8.7) million in the year ago period.

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