EXHIBIT 99.1
LUMINEX
LUMINEX CORPORATION REPORTS 2003 SECOND QUARTER RESULTS
Austin, TX - July 23 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq:
LMNX) today announced its financial results for the quarter ended June 30, 2003.
Revenue for the second quarter of 2003 was $5.6 million, compared with $3.2
million in the second quarter of 2002. Net loss for the second quarter was $1.9
million or $0.06 per share, compared with $6.2 million, or $0.21 per share in
the second quarter of 2002.
Revenue for the second quarter of 2003 consisted of $3.5 million from the sale
of 140 Luminex systems, $1.2 million from the sale of consumables, $285,000 of
royalties and $641,000 of other revenues. This compares to $1.6 million from the
sale of 60 Luminex systems, $1.0 million from the sale of consumables, $186,000
of royalties and $400,000 of other revenues in the second quarter of 2002.
"We remain encouraged by our continuing sequential improvement in operating
results," said Tom Erickson, Interim President and CEO. "We believe that our
moves to restructure the company and focus our efforts are resulting in improved
margin performance."
Luminex will host a conference call to discuss the results for the second
quarter of 2003 at 8:30 a.m. Eastern Daylight Time on July 24, 2003. The call
will be available via Web cast live at http://www.luminexcorp.com. Simply log on
to the web at the address above and access the Investor Relations link.
Luminex Corporation develops, manufactures and markets proprietary biological
testing technologies with applications throughout the life sciences industry.
The Company's xMAP(TM) system is an open-architecture, multi-analyte technology
platform that delivers fast, accurate and cost-effective bioassay results to
markets as diverse as pharmaceutical drug discovery, clinical diagnostics and
biomedical research, including the genomics and proteomics research markets. The
Company's xMAP technology is sold worldwide and is already in use in leading
research laboratories as well as major pharmaceutical, diagnostic and
biotechnology companies. Further information on Luminex Corporation or xMAP can
be obtained on the Internet at http://www.luminexcorp.com.
Statements made in this earnings release that express Luminex's or management's
intentions, plans, beliefs, expectations or predictions of future events are
forward-looking statements. The words "believe," "expect," "intend," "estimate,"
"anticipate," "will" and similar expressions are intended to further identify
such forward-looking statements. It is important to note that the Company's
actual results or performance could differ materially from those anticipated or
projected in such forward-looking statements. Factors that could cause Luminex's
actual results or performance to differ materially include risks and
uncertainties relating to, among others, market demand and acceptance of
Luminex's products, the Company's dependence on strategic partners for
development, commercialization and distribution of products, fluctuations in
quarterly results due to a lengthy and unpredictable sales cycle, Luminex's
ability to scale
manufacturing operations, potential shortages of components, competition, the
timing of regulatory approvals and any modification of the Company's operating
plan in response to its ongoing evaluation of its business and search for a new
chief executive officer, as well as the risks discussed under the heading
"Factors That May Affect Future Results" in Luminex's Annual Report on Form 10-K
for the year ended December 31, 2002, as filed with the Securities and Exchange
Commission. The forward-looking statements contained herein represent the
judgment of Luminex as of the date of this press release, and Luminex expressly
disclaims any intent, obligation or undertaking to release publicly any updates
or revisions to any forward-looking statements to reflect any change in
Luminex's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statements are based.
Contact: Harriss T. Currie
Acting Chief Financial Officer
(512) 219-8020
-see attached tables-
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
ASSETS
JUNE 30, DECEMBER 31,
2003 2002
--------- -----------
(unaudited)
Current assets:
Cash and cash equivalents .................... $ 38,696 $ 40,482
Accounts receivable, net ..................... 3,092 2,460
Inventory .................................... 4,648 6,764
Other ........................................ 1,258 773
--------- ---------
Total current assets ..................... 47,694 50,479
Property and equipment, net ........................ 1,951 2,397
Other .............................................. 933 747
--------- ---------
Total assets ............................. $ 50,578 $ 53,623
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities ..... $ 3,567 $ 4,187
Deferred revenue ............................. 793 971
--------- ---------
Total current liabilities ................ 4,360 5,158
Deferred revenue ................................... 2,852 2,894
--------- ---------
Total liabilities ........................ 7,212 8,052
--------- ---------
Stockholders' equity:
Common stock ................................. 30 29
Additional paid-in capital ................... 122,385 121,702
Accumulated other comprehensive loss ......... (163) (79)
Accumulated deficit .......................... (78,886) (76,081)
--------- ---------
Total stockholders' equity ............... 43,366 45,571
--------- ---------
Total liabilities and stockholders' equity $ 50,578 $ 53,623
========= =========
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------- ----------------------
2003 2002 2003 2002
-------- -------- -------- --------
(unaudited) (unaudited)
Revenue ......................................... $ 5,642 $ 3,177 $ 10,744 $ 5,464
Cost of revenue ................................. 3,705 2,648 7,327 4,643
-------- -------- -------- --------
Gross profit ...................... 1,937 529 3,417 821
Operating expenses:
Research and development .......... 881 2,144 1,712 4,138
Selling, general and administrative 3,051 4,809 6,556 9,951
-------- -------- -------- --------
Total operating expenses ...... 3,932 6,953 8,268 14,089
-------- -------- -------- --------
Loss from operations ............................ (1,995) (6,424) (4,851) (13,268)
Other income, net ................. 96 182 206 402
Settlement of litigation .......... -- -- 1,840 --
-------- -------- -------- --------
Net loss ........................................ $ (1,899) $ (6,242) $ (2,805) $(12,866)
======== ======== ======== ========
Net loss per share, basic and diluted ........... (0.06) (0.21) (0.09) (0.44)
======== ======== ======== ========
Shares used in computing net loss
per share, basic and diluted ............... 29,642 29,293 29,590 29,123