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Enzo Biochem Reports Fourth Quarter And Fiscal Year Results

Legal costs remained high throughout the year, and are expected to continue above historical levels, due to preparation for next month’s scheduled trial in New York Federal District Court and the successful prosecution of the case against Life Technologies, which nonetheless resulted in additional expenses due to post judgment filings. Finances remain satisfactory, and we regard the overall outlook for Enzo, given our depth and breadth, as well as the stringent staff and cost measures we have taken to strengthen results, as promising.”

Quarterly and Fiscal Year Results

For the quarter, total revenues were $23.3 million, compared with $22.6 million in the preceding quarter and $26.4 million a year ago. Fiscal 2013 revenues totaled $93.7 million, compared with $103.1 million. Net loss for the quarter amounted to $3.1 million, or ($0.08) per share, basic and fully diluted, compared to a net loss of $5.8 million, or ($0.15) per share, basic and fully diluted sequentially and a net loss of $27.1 million, or ($0.69) per share, basic and fully diluted, a year ago (including an impairment charge of $22.4 million). On July 31, 2013, total current assets amounted to $32.6 million, including $9.0 million of cash and cash equivalents. Working capital amounted to $8.7 million .

Sector Results

At Enzo Clinical Labs, despite organic growth, lower reimbursements and policy changes from certain payers, fourth quarter revenues amounted to $14.0 million, compared to $13.4 million in the preceding quarter and $15.9 million a year ago. Gross margin at $4.2 million remained essentially even quarter over quarter, with gross profit percentage equal to 30% in both periods, but declined approximately $2 million year over year, when the gross profit percentage was 40%. The operating loss improved by approximately $0.6 million sequentially, to $1.5 million, and compared to an operating loss a year ago of $0.8 million.

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