Protein Design Posts Lower Earnings and Revenue - TheStreet

Protein Design Labs

(PDLI) - Get Report

, still smarting from the resignation of its CEO last week, on Thursday reported lower first-quarter profits on falling revenue.

The Fremont, Calif.-based biotech firm posted net income of $1.9 million, or 2 cents a share, compared with net income of $6.6 million, or 8 cents a share, in the year-ago quarter.

However, PDL's results exceeded the consensus Wall Street estimate by a penny, according to Thomson Financial/First Call.

First-quarter revenue fell 18% to $21.5 million, compared with one year ago. Included in this figure is $14.3 million in first-quarter revenue derived from drug technology licensing deals with other biotech firms -- down from $16.7 million in the first quarter of 2001.

Last week, PDL announced the

resignation of the company's CEO and head of research and development, following a series of clinical disappointments. The company is searching for a new, full-time CEO.

Looking forward, the company said it expects to post net loss in the range of 17 cents to 26 cents a share in 2002, compared with net income of 3 cents a share in 2001. Total revenue for 2002 is expected to fall by 10% to 15% compared with 2001 revenue of $79.5 million.

Shares of PDL closed Thursday down 81 cents, or 6%, to $12.30.