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Author: PalmersTwin One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 242  
Subject: Financial Results... Date: 2/17/2000 4:10 PM
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Quidel Reports Financial Results for the Three and Nine Months
Ended December 31, 1999 - New Fiscal Year End

SAN DIEGO, Feb. 17 /PRNewswire/ -- Quidel Corporation (Nasdaq: QDEL) announced today its financial results for the quarter ended December 31, 1999. The net income for the quarter was $397,000, or $.02 per share, on net sales of $16.8 million, compared to a net income of $946,000, or $.04 per share, on net sales of $13.7 million, for the quarter ended December 31, 1998. As previously announced, the company's quarterly results in 1999 were impacted by investment decisions made to set the stage for expected growth in the coming years. These changes included the market launch of the QuickVue(R) Influenza Test, the acquisition of a urinalysis business from Dade Behring, and the increase in staffing associated with the ramp up of production to a 24 hour, 7 days per week shift operation to meet increased product demand. In addition, the company incurred a one-time mortgage prepayment penalty of approximately $900,000 associated with the sale and leaseback of its corporate facility during the quarter.

"As previously announced, Quidel has changed its fiscal year-end to a calendar year-end. As a result, we are reporting actual operating data for the nine-month period ended December 31, 1999 and 1998, as well as proforma operating data for the twelve-month period ended December 31, 1999 and 1998," said Andre de Bruin, Vice Chairman, President and CEO. "We look forward to seeing the returns of our investments made during 1999 in the upcoming years, and we believe these decisions will increase our competitive position in the point-of-care diagnostics market."

"We expanded our manufacturing capabilities to respond to increased demand for our products. Moving to a 7/24 operation was the most efficient route available to us, and we moved quickly to build capacity for this opportunity," de Bruin added.

For the nine months ended December 31, 1999, the company incurred a net loss of $1,536,000, or $.06 per share, on net sales of $38.9 million, compared to a net income of $248,000, or $.01 per share, on net sales of $33.9 million, for the same period in 1998. In addition to the items addressed above for the current quarter of 1999, the company also had a one-time charge of $820,000 during the quarter ended September 30, 1999, related to the write off of acquired in-process research and development as a part of the acquisition of Metra Biosystems, Inc.

Income before taxes was $1.3 million for both the three months ended December 31, 1999 and 1998. The company incurred a loss before taxes for the nine months ended December 31, 1999 of $645,000 compared to an income before taxes of $556,000 for the nine months ended December 31, 1998.

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