Alpha Innotech Corp. (Alpha Innotech) has reported revenues of $17.6 million for the year-end 2008, up 15%, compared with the revenues of $15.3 million in the previous year-end. It has also reported a net income applicable to common stockholders of $67,576, or $0.01 per share, for the year-end 2008, compared with the net loss applicable to common stockholders of $0.66 million, or $0.06 loss per share, in the previous year-end.
Excluding interest, depreciation and stock-based compensation, on a non-GAAP basis, the Company’s net income increased by over $1 million to $1.7 million for the year 2008 compared to net income of $625,638 for the same period of 2007.
For the fourth quarter ended December 31, 2008, revenues increased 8% to $4.8 million from the $4.5 million reported in the same period in 2007. The company continued reporting profitability for the third consecutive quarter with net income for the fourth quarter of 2008 increasing to $24,575, or less than $0.01 per share, from a net loss of $34,120, or less than $0.01 per share, for the fourth quarter of 2007.
Excluding interest, depreciation and stock-based compensation, on a non-GAAP basis, the company had net income of $437,387 for the fourth quarter of 2008 compared to a net income of $372,702 for the fourth quarter of 2007.
“Our company achieved yet another milestone in 2008 by posting a profit for the full year while increasing our non-GAAP net income to $1.7 million. Our revenues for the year grew almost four times as fast as our operating expenses, demonstrating our ability to control and leverage our cost structure,” stated Ron Bissinger, Alpha Innotech’s CEO.
“In 2008 we enjoyed continuing growth in all of our worldwide regions. Commitments we made in previous years to build a direct sales force in the U.S. and expand our footprint in Asia were key to our sustained growth in 2008 as was our ability to introduce innovative new products throughout the year,” added Bissinger.
2008 in Review
Launched new products including, FluorChem Q, red, AlphaImager Mini, AlphaSpec, and AlphaPart11View software.
Continued expansion of the company’s international sales channels by adding direct sales personnel in Shanghai and Singapore, and signing new distributors in Romania, Bulgaria, France, China, Japan, Mexico, Brazil, Chile, and Argentina.
Strengthened the company’s executive team by appointing Michael Henighan as chief financial officer and principal accounting officer.
Entered into a five year strategic supplier alliance agreement with GE Healthcare. This is a continuation and expansion of the previous OEM agreement signed in April of 2005. The company will continue to develop, manufacture and supply a full line of proprietary imaging systems for sale under the GE Healthcare brand. Although sales to GE Healthcare have become a smaller percentage of our overall revenues, they remain an important customer and we are pleased to continue this relationship.
Closed a new debt facility with Bridge Bank, Agility Capital, and Montage Capital intended to provide working capital for growth, particularly for the company’s expansion in Asia, while reducing the company’s overall cost of capital. The company will need to extend or find alternatives to these loans as they mature in September and October 2009.
Alpha Innotech is a US-based manufacturer of analytical laboratory instruments, software and consumables for life science research laboratories.