EXHIBIT 99.1
[LUMINEX]
LUMINEX CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2003 RESULTS: REVENUES
UP 113% OVER Q4 2002.
Austin, TX - February 4 /PRNewswire-FirstCall/ -- Luminex Corporation (Nasdaq:
LMNX) today announced its financial results for the fourth quarter and year
ended December 31, 2003.
Revenue for the fourth quarter of 2003 was $8.4 million, compared with $4.0
million in the fourth quarter of 2002. Net loss for the fourth quarter was
$643,000 or $0.02 per share, compared with $6.4 million or $0.22 per share in
the fourth quarter of 2002. The cash and cash equivalents balance at December
31, 2003 was $39.5 million, a reduction of $1.0 million from the December 31,
2002 balance of $40.5 million.
Revenue for the fourth quarter of 2003 consisted of $5.1 million from the sale
of 214 Luminex systems, $1.7 million from the sale of consumables, $496,000 of
royalties and $1.2 million of other revenues. This compares to $1.9 million from
the sale of 91 Luminex systems, $1.3 million from the sale of consumables,
$205,000 of royalties and $521,000 of other revenues in the fourth quarter of
2002. Other revenues include training revenue, shipping revenue, miscellaneous
part sales, amortized license fees and other special project revenue.
Revenue for the year ended December 31, 2003 was $26.3 million, compared with
$13.0 million for the year ended December 31, 2002. Net loss for the year ended
December 31, 2003 was $4.2 million, or $0.14 per share, compared with $24.9
million, or $0.85 per share, for the year ended December 31, 2002.
"Overall, 2003 was a good year for Luminex. With our focus on executing against
the results of the strategic study, we hope to see continued progress during
2004 in both our operating results and the acceptance of our technology in the
marketplace," said G. Walter Loewenbaum, Chairman of the Board.
Luminex will host a conference call to discuss the results for the fourth
quarter and year ended December 31, 2003 at 5:00 p.m. Eastern Standard Time on
February 4, 2004. The call will be available via webcast 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(R) 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 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 recent evaluation of its business
and continued 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
Chief Financial Officer
(512) 219-8020
-see attached tables-
LUMINEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31, DECEMBER 31,
2003 2002
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents ..................... $ 39,480 $ 40,482
Accounts receivable, net ...................... 5,227 2,460
Inventory, net ................................ 5,178 6,764
Other ......................................... 839 773
--------- ---------
Total current assets ......................... 50,724 50,479
Property and equipment, net .................... 1,657 2,397
Other .......................................... 913 747
--------- ---------
Total assets ................................. $ 53,294 $ 53,623
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities ...... $ 3,895 $ 4,187
Deferred revenue .............................. 1,307 971
--------- ---------
Total current liabilities .................... 5,202 5,158
Deferred revenue ............................... 3,257 2,894
--------- ---------
Total liabilities ............................ 8,459 8,052
--------- ---------
Stockholders' equity:
Common stock .................................. 30 29
Additional paid-in capital .................... 125,169 121,702
Accumulated other comprehensive loss .......... (74) (79)
Accumulated deficit ........................... (80,290) (76,081)
--------- ---------
Total stockholders' equity ................... 44,835 45,571
--------- ---------
Total liabilities and stockholders' equity ... $ 53,294 $ 53,623
========= =========
LUMINEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED FISCAL YEAR ENDED
DECEMBER 31, DECEMBER 31,
---------------------- ----------------------
2003 2002 2003 2002
-------- -------- -------- --------
(unaudited)
Revenue .................................. $ 8,429 $ 3,962 $ 26,292 $ 13,008
Cost of revenue .......................... 4,860 2,713 16,462 10,325
-------- -------- -------- --------
Gross profit ........................... 3,569 1,249 9,830 2,683
Operating expenses:
Research and development ............... 807 798 3,207 6,181
Selling, general and administrative .... 3,532 3,127 13,098 18,290
Restructuring Charges .................. -- 2,329 -- 2,329
-------- -------- -------- --------
Total operating expenses .............. 4,339 6,254 16,305 26,800
-------- -------- -------- --------
Loss from operations ..................... (770) (5,005) (6,475) (24,117)
Other income, net ...................... 127 165 426 735
Settlement of litigation ............... -- -- 1,840 --
Impairment of asset .................... -- (1,552) -- (1,552)
-------- -------- -------- --------
Net loss ................................. $ (643) $ (6,392) $ (4,209) $(24,934)
======== ======== ======== ========
Net loss per share, basic and diluted .... $ (0.02) $ (0.22) $ (0.14) $ (0.85)
======== ======== ======== ========
Shares used in computing net loss
per share, basic and diluted ........ 30,241 29,452 29,814 29,275