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HOLLISTON, Mass., May 2, 2013 (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 results for the three months ended March 31, 2013.
First Quarter Reported Results
Revenues from continuing operations for the three months ended March 31, 2013 were $26.1 million, a decrease of $2.2 million, or 7.9%, compared to revenues of $28.3 million for the three months ended March 31, 2012. Currency exchange rates had a negative 0.3% effect on revenues in the first quarter of 2013 compared with the first quarter of 2012. The Company's acquisition of AHN Biotechnologie GmbH ("AHN") in February 2012 had a positive 0.9% effect on revenues. Excluding the effects of currency changes and acquisitions, the Company's organic revenue growth for the first quarter of 2013 was 8.5% below the same period in the previous year.
Net loss from continuing operations, as measured under U.S. generally accepted accounting principles ("GAAP"), was $0.1 million, or approximately $0.00 loss per diluted share for the three months ended March 31, 2013 compared to net income of $0.5 million, or $0.02 earnings per diluted share, for the same period in 2012. The unfavorable year-to-year quarterly GAAP earnings comparison was due to a combination of increased spending in the Company's development-stage Regenerative Medicine Device ("RMD") business and lower revenue in our core Life Science Research Tools ("LSRT") business.
Non-GAAP earnings per share from continuing operations for our core LSRT business for the first quarter of 2013 was $0.08 per diluted share compared with $0.09 per diluted share for the first quarter of 2012. Non-GAAP earnings per share from continuing operations for our RMD business for the first quarter of 2013 was a loss of $0.05 per diluted share, compared with a loss of $0.03 per diluted share for the first quarter of 2012, and reflected greater activities in developing this initiative. The Company's total non-GAAP earnings per share from continuing operations, reflecting LSRT and RMD combined, was $0.03 per diluted share for the first quarter of 2013 compared with $0.06 per diluted share for the first quarter of 2012.