"This is the largest case ever brought under the
nationwide VCIT
program, and it has made the streets of Columbus that much
safer.
Contact:
Fred
Alverson
U.S. Kelly continued, "Our outlook for 2005 reflects our intensified
efforts to
capture additional market share and enter into new and profitable
growth areas, and to leverage our
highly scalable operational infrastructure. Wasserman is an
internationally known expert
in criminal justice science and
technology and is currently chief executive officer of the
consulting
firm The Gordon Wasserman Group, LLC.
-- Orchid expects slightly higher
total general and administrative, sales
and marketing and research and development expenses
for the full year
of 2005 primarily due to an increase in sales and marketing
expenditures.orchid.
Orchid BioSciences, Inc.
genotyping nonviolent
U.1 million
for the fourth quarter of
2004, compared to $15.9 million for depreciation and amortization.5 million
, or a loss of
$2.
-- Orchid expects to achieve positive operating income for the full year
of 2005.
-- Orchid expects capital expenditures of between $3.comprehensively forensics
S."
"We know
that more than half the homicides nationally are committed by
someone with a prior record of violent
crime," Lockhart said. "We want to
focus on keeping guns out of the hands of violent or repeat offenders
as a way
to make our communities safer. criminal justice system in
the future and believe that
this represents a substantial market opportunity
for laboratories like Orchid.
In addition, our
efforts to recruit a chief financial officer are well
underway and we look forward to reporting our
progress on that appointment
soon.5 million and $4.04) $(0.subcommittee forensics
"
Gross margin for the fourth
quarter of 2004 was 48 percent, compared to
gross margin of 44 percent in the fourth quarter of 2003
.K.
"An important initiative at the beginning of 2004 was the capital
restructuring we completed
in the first quarter, which fortified our balance
sheet and gave us a solid foundation for accelerated
and profitable growth,"
said Dr. In a separate
announcement today, Orchid launched a
new scrapie susceptibility kit
designed for customers with lower-throughput testing requirements
who
want to benefit from Orchid's highly accurate and robust proprietary
genotyping
assay when conducting sheep genotyping in their own
laboratories.
Management
-- Orchid strengthened its Board of Directors with the director
appointments of Mr. Beery
has more than 30 years experience as a lawyer in international
business and corporate
transactions and is currently Senior Of Counsel
to the law firm Covington + Burling.03
$(0.
saliva abbreviation
"We believe that these arrests will have a ripple effect
and reduce the overall
crime in the community.J.9 million for depreciation and amortization, as
compared to $12.
At December 31, 2004, cash and cash equivalents and short-term investments
were $30. "During the
year, we recorded two important firsts for Orchid
-- a quarterly operating profit and a quarterly
positive operating cash flow.S. More information on Orchid can be found at
http://www. Orchid expressly
disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward
-looking statements contained herein to reflect any change in Orchid's
expectations with regard thereto
or any change in events, conditions, or
circumstances on which any such statements are based, except
as may be
required by law.howstuffworks nij
Roundup part of effort to combat violent crime in Columbus
COLUMBUS, Ohio, Teams of Columbus Police officers,
agents of the Bureau of Alcohol, Tobacco
, Firearms and Explosives, Deputy U.
The investigation is part of a nationwide initiative by federal
, state and
local law enforcement agencies to reduce violent crimes in communities through
Violent
Crime Impact Teams (VCIT).
An indictment is merely an accusation. (Nasdaq: ORCH), a leading worldwide
provider of identity DNA testing
services, today reported financial results for the fourth quarter
of 2004 and
year ended December 31, 2004.
Orchid reported income from continuing operations
of $0.9 million for the year ended December 31, 2004, which
includes charges of $5. Orchid's strong
market positions in these
segments leverage the Company's accredited laboratories in the U.com .
Such statements are
subject to the risks and uncertainties that could cause actual results to
differ
materially from those projected, including, but not limited to,
uncertainties relating to technologies
, product development, manufacturing,
market acceptance, cost and pricing of Orchid products and services
,
dependence on collaborations and partners, regulatory approvals, competition,
intellectual property
of others, patent protection, litigation and Orchid's
ability to obtain additional financing.There
may however be cases where DNA from other sources is under examination.
fingerprinting deoxyribonucleic
All but four
defendants face
mandatory minimum sentences of at least five years in federal
custody, if convicted. Marshals Service
, the Ohio Bureau of Criminal Identification
and Investigation in Attorney General Jim Petro's Office
, and the Ohio Adult
Parole Authority.S. The company incurred Sarbanes Oxley compliance and audit
costs of $1.14 per share, for 2003.
While we did incur higher than expected Sarbanes Oxley compliance
and audit
costs particularly in the fourth quarter which negatively impacted our
operating results
for the full year, we are pleased with both our quarterly
and full year results for 2004 as they
clearly reflect our progress in
increasing revenues and controlling expenses in our operations.
Financial
-- In the first quarter of 2004, Orchid embarked on a capital
restructuring
effort which included a reverse stock split of 1-for-5,
the conversion of all of its outstanding
Series A convertible
preferred stock, and a common stock private equity financing that
raised gross proceeds of $30.
-- Orchid expects an average gross margin of approximately
46 percent for
the full year of 2005.5
million for the full year of 2005. The
webcast will be archived for 90
days.5 million and $4.46) $(2.14)
Shares used in per
share data
computations:
Basic 23,038 15,724 21,828
12,831
Diluted 23,657 15,724 21,828 12,831
Orchid BioSciences, Inc.felonies comprehensively
The Columbus VCIT effort began in June 2004
with a focus on removing crime
guns from the streets. Service
revenue gross margin for the fourth
quarter of 2004 was 45 percent, compared
to service revenue gross margin of 39 percent in the fourth
quarter of 2003.5 million for the full year of 2004.0 million, or
$0. tax payment and by an increase
in accounts
receivable primarily attributable to increased sales activity in the latter
half of
the quarter. Meltzer, Esq. Meltzer brings to Orchid nearly 20 years of
legal experience,
including almost a decade at publicly-traded
companies.com. and U. criminal justice system
in the future and that this represents a
substantial market opportunity for laboratories like Orchid;
Orchid's
expectation that it expects to continue to be a major service provider to the
U.referal comprehensively
Some
of the charges carry a potential term of life imprisonment.S.
Marshal, Southern District of Ohio;
Franklin County Prosecutor Ron O'Brien;
and Columbus Police Chief James G.
At least 20 individuals
are charged with use of a firearm in a drug
trafficking crime, which carries a penalty of at least
five years imprisonment
and up to 25 years for each count, depending on the defendant's prior criminal
record."
"The VCIT initiative has had real success here in Columbus," Director
Truscott
said. All defendants are presumed
innocent until and unless proven guilty in court.Orchid BioSciences
Reports Fourth Quarter and Full Year 2004 Financial Results
5 million for the year ended December
31, 2004, up 23 percent from the
year ended December 31, 2003. Kelly, M.K. Orchid proposed this
new application of DNA forensic
analysis in the U. Mr.arising subcommittee
"
"The cooperation demonstrated
between these agencies is encouraging,"
Chief Jackson said.6 million for the fourth quarter of 2004
, an
increase of 29 percent from the fourth quarter of 2003."
Dr.'s largest police forces and
its largest non-metropolitan
police force.
-- Orchid continued to enter into new
agriculture markets.
and Subsidiaries
Condensed
Consolidated Balance Sheets
December 31, 2004 and December 31, 2003
(In thousands)
(unaudited)
December 31, December 31,
Assets:
2004 2003
Current Assets
Cash and cash equivalents
$24,487 $9,938
Short-term Investments
5,999 -
Restricted cash 251
953
Accounts receivable, net 14,099 9,976
Inventory
1,358 1,172
Prepaid and other current assets
1,296 2,583
Assets of a business component
held for sale
- 4,595
Total current assets
47,490 29,217
Fixed assets, net 9
,977 11,071
Other assets
Goodwill, net
2,789 2,686
Intangible assets, net 13,285 14
,942
Restricted cash 1,736 1,113
Other
assets 114 400
Total other assets
17,924 19,141
Total assets
$75,391 $59,429
Liabilities and Stockholders' Equity:
Accounts
payable $2,603 $4,768
Accrued expenses
8,273 7,520
Income Taxes Payable
1,982 2,451
Current portion of long-term debt 371 1
,889
Deferred revenue 983 1,812
Liabilities
of a business component
held for sale - 3
,156
Total current liabilities 14,212 21,596
Long
Term Liabilities
Long term debt - 415
Long term portion of
restructuring 1,029
782
Other liabilities 1,900 1,592
Total
long term liabilities 2,929 2,789
Redeemable Convertible Preferred
Stock (a) - 3,897
Total
stockholders' equity 58,250 31,147
Total Liabilities and Stockholders
'
Equity $75,391 $59,429
(a) All
oustanding shares have been converted into common stock subsequent
to December 31, 2003.courtroom felonies
"Today, thanks to the hard work of dozens of dedicated professionals in
the VCIT program, we closed
down a virtual criminal corner store," said Deputy
Attorney General James Comey. and
in our family
relationship testing in the U.03 per share, for the fourth quarter of 2004, compared to a net
loss
allocable to common stockholders of $7.42 per share, for the
year ended December 31, 2003. government
as part of its National
Scrapie Plan.D.codis instigation
70 Indicted on Federal Gun Drug Charges
Prior to today's arrests, the team had made more than 450 arrests on state
charges and caught more
than 60 fugitives wanted on felony charges.S., Orchid BioSciences,
Inc.6 million for depreciation
and amortization, as compared to a loss of $1.3 million
for depreciation and amortization.
Orchid reported net income allocable to common stockholders of $0.42 per share allocable to common
stockholders, for the year ended December
31, 2004, compared to a loss of $14.
-- Orchid
fortified its management team with the appointments of Nicholas
Conti, Ph. Mr.
Conference Call Information
A conference call with Orchid management will be held on Thursday
, March
10, 2005 at 10:00 am ET.01) $(0.72)
Basic and diluted net income (loss)
per
share allocable to
common stockholders $0.nij subcommittee
Attorney's Office
(614
) 469-2057 ext 1604
Patrick Berarducci
Senior Special Agent, ATF
(614) 496
-4518
Sgt.4 million for the fourth quarter of 2004, which includes charges of
$1.3 million
, or a loss of $0.46 per share, for the year ended December 31, 2004, compared to
a net loss allocable
to common stockholders of $27. During the year, Orchid
successfully developed the assay
technology and completed high
throughput genotyping services for the pilot phase of the program
., to the newly
created position of vice president of legal affairs and general
counsel. These risks and other additional
factors affecting Orchid's business are discussed under
the headings "Risks
Related to Our Business," "Risks Related to the Biotechnology Industry" and
"Risks Associated with Our Common Stock" in Orchid's Annual Report on Form
10-K for the year ended
December 31, 2003, as filed with the Securities and
Exchange Commission, and in other filings made
by Orchid with the Securities
and Exchange Commission from time to time.repeat howstuffworks
Magistrate Judge for their
initial appearance on the charges. Teams of law enforcement officers, federal and state
prosecutors
meet regularly to review cases involving firearms. and U.
Total operating expenses were $17.0
million, which was negatively impacted by pay down of accrued
liabilities including a U. Mr.
In the forensic community, this term generally refers to human DNA obtained from biological evidence
.
felonies repeat
The goal of the teams is to identify and
arrest the most violent offenders in the city.
Other
participating agencies include Franklin County Sheriff Jim Karnes's
Office, the U. Total revenues
were
$62. Our overall goal
for 2004 was to build upon our previous restructuring activities,
position the
company for further growth and cement our leadership position in our DNA
testing
markets," said Paul J."
Dr.9
million for the fourth quarter of 2003, which includes charges
of $1. in
both casework and CODIS testing areas. Orchid was awarded an
exclusive
$2.
-- Orchid continued to increase its U. Orchid was
selected by Maple Leaf Foods
to be the exclusive provider of high
throughput DNA testing for a large-scale Canadian pork
traceability
program that represents the first commercial application of DNA
technology
for pork traceability. Conti most recently served as vice president, research
and development
and business operations of a new unit at Becton
Dickinson + Company.,
its innovative genetic
analysis technologies and expertise, and the
world-renowned Cellmark and GeneScreen brands that have
been associated with
exceptional quality, reliability, innovation and customer service for nearly
two decades.
All statements in this press release that are not historical are
forward
-looking statements within the meaning of Private Securities Litigation
Reform Act of 1995, including
statements regarding Orchid's expectation that
the President's DNA Initiative will be a catalyst
for broad-based DNA testing
in the U.21) $(0.
DNA is an abbreviation of DeoxyriboNucleic Acid
.
forensic forensics
S. Deputy Attorney General James Comey; Carl J. Marshals Service and appear
before a U.
"2004
was a pivotal and transitional year for Orchid.S.4 million for the fourth quarter of 2003, an increase
of
11 percent.8 million, or
$0.3 million, or $1. To listen to the conference call, please dial
1-719-457-2659 and ask for the Orchid Conference Call.
DNA typing is often applied to Human
Identification
which has also been called DNA Fingerprinting.
arising nonviolent
Those
arrested will be placed
in the custody of the U. - Achieves Annual Revenue Growth of 24 Percent -
- Achieves Second Quarter of Positive Operating Income -
PRINCETON, N.46 per
share
, for the fourth quarter of 2003. Also, Orchid was awarded an exclusive,
multi-million dollar
one-year contract to test more than 100,000
felons for the State of Illinois for inclusion
in the national CODIS
database.K.
-- The U. Dr.
Financial Outlook
Orchid provided the following financial guidance:
-- Orchid expects top-line revenues of
between $75 million and $78
million for the full year of 2005, which represents an increase
of 20
to 24 percent over 2004. To listen to the live
or archived webcast via the Internet
, please visit the Investors section of
Orchid's web site, http://www.orchid.
About Orchid
BioSciences
Orchid BioSciences is a leading provider of identity genetics services for
the
forensic and paternity DNA testing markets and for public health and
animal DNA testing for food
safety.S.dolan subcommittee
"As of March 21, VCIT members have arrested 465 individuals
allegedly involved in criminal
incidents, and have recovered 443 firearms., which includes
direct-to-consumer private paternity
and our new IDSecure(TM) security
service.0 million. The contract is the largest state CODIS contract
to date
and was awarded following a competitive bid process. forensics DNA testing market
share with the addition of an exclusive three-year multi-million
dollar contract
to provide services to Thames Valley Police, one of
the U.
-- Orchid entered into
new private human identification and family
relationship testing segments. In addition to
new agreements to
provide DNA testing for immigration and adoption applications, Orchid
launched its IDSecure service designed to ensure that workers on high
risk assignments
can be accurately identified in the event of an
emergency or accident.04 $(0.
This
category contains information about forensic biology; more specifically, the genotyping or genetic
typing of DNA.
arising fingerprinting
The individuals are charged with firearm crimes and drug trafficking.S.
Total
revenues were $17., chief executive officer of Orchid.0 million, or $0.7 million for the year ended
December 31, 2003, which includes
charges of $5.
-- Orchid helped the innovative New York
City Police Department (NYPD)
Biotracks pilot program identify its first burglary suspect
by
matching DNA from crime scene evidence to DNA databases of convicted
criminals
. Gordon Wasserman.5 million for the full year of 2005.
and Subsidiaries
Condensed Consolidated Statements of Operations
Three and Twelve months ended
December 31, 2004 and December 31, 2003
(In thousands, except per share data
)
(unaudited)
Three
months ended Twelve months ended
Dec 31,
Dec 31,
2004 2003 2004 2003
Revenues:
Service revenues $16,489 $12,599 $60,970 $49,140
Other revenues
1,138 1,093 1,529 1,487
Total revenues
17,627 13,692 62,499 50,627
Operating expenses:
Cost of service revenues
9,148 7,651 34,963 29,014
Research and development 335
209 1,632 3,215
Marketing and sales 1,662 1,395 7,041 6,087
General and administrative 5,100 5,447 22,360 23,495
Impairment
393 - 393 837
Restructuring
- 231 1,130 76
Amortization of intangible assets 433 447
1,785 1,807
Total operating expenses 17,071 15,380 69,304 64,531
Operating income (loss) 556 (1,688) (6,805) (13,904)
Total other
income
(expense), net (168) (228) (103) 1,218
Income (loss) from
continuing operations
before income taxes
388 (1,916) (6,908) (12,686)
Income tax benefit (expense) 457
(36) (1,121) (1,645)
Income (loss) from
continuing operations
845 (1,952) (8,029) (14,331)
Discontinued operations:
Loss from operations of
a business
held for sale (177) (4,027) (783) (9,237)
Net income (loss) 668 (5,979) (8,812) (23,568)
Dividends to Series A
Preferred
Shareholders - (94) (14) (534)
Accretion
of Series A Preferred Stock
discount - (1,217) (1,129)
(2,645)
Beneficial conversion feature of
redeemable preferred stock -
- - (744)
Net income (loss) allocable
to common
stockholders $668 $(7,290) $(9,955) $(27,491)
Basic and diluted income (loss) from
continuing operations
per share allocable to common
stockholders
$0.referal biostatistics
Marshals, and officers of the Ohio Adult Parole Authority today began
arresting
70 people named in 23 indictments returned by a federal grand jury
here. We expanded each area of
our business, particularly in forensics testing in both the U.21 per share, for the fourth
quarter
of 2003.
Orchid reported a net loss allocable to common stockholders of $10.0
million, or
$0. Orchid has already partnered with a number of
undisclosed firms to provide its IDSecure
service.K.26) $(0.46) $(0.abbreviation nij
"
In Columbus, the Columbus Division of Police and the Franklin County
Prosecutor are leading this initiative for local agencies in the area.S. Decisions are
made jointly
on whether to prosecute a criminal through the state or federal
system, depending on the evidence
and on which system could provide the
harsher punishment.
"We grew revenues by more than 20 percent
for the full year by capturing
increasing amounts of federal funding, by expanding our market share
in select
core market areas, and by entering into new markets.K. Kelly continued, "A key legislative
event during the fourth quarter of
2004 was the Congressional enactment of the President's DNA Initiative
, which
provides significantly increased funding to process DNA backlogs and further
populate convicted
felon databases. The increase in operating expenses was primarily due to an
increase in cost of
service revenue related to the corresponding increase in
service revenue.04 per share allocable to
common stockholders, for the fourth quarter of
2004, compared to a loss of $2.7 million three-year
contract by the Los Angeles Police
Department to conduct forensic DNA analysis for new cases
as well as
testing for backlogged cases. The contract was awarded through Orchid's strategic
partner Forensic Alliance.howstuffworks codis
S.
That's 443 firearms out of the hands of criminals and no
longer a threat to
this community. Brent Mull or Sherry Mercurio
Columbus Division of Police
(614) 645-4593
0 million royalty. Cash used in operations in the fourth quarter
of
2004 was $3.K.S.forensic instigation
Jackson announced the indictments today.D.7
million, or $0."
2004
Company Highlights
Business Operations
-- Orchid continued to increase its forensics
business in the U. based on its successful experience supporting a
similar program in the
U.3 million.
It is the genetic 'blueprint' of all life on this planet.
comprehensively obtained
Lockhart,
United
States Attorney for the Southern District of Ohio; James Wahlrab, U. The revenue growth for the fourth
quarter and
full year of 2004 was primarily driven by an increase in testing volume,
particularly
in forensics as well as private human identification and family
relationship testing. We expect
that this initiative will be a
catalyst for broad-based DNA testing in the U. Orchid's loss from
continuing operations before
income taxes was $6. Kelly. government renewed Orchid's scrapie genotyping
contract for
an additional two years, and the company expects to continue to be a
major service provider to the U. James Beery and Mr., to the newly created position of vice president
of
corporate development and Warren T.K. government as part of its National Scrapie Plan;
Orchid's expectation of
achieving top-line revenues of between $75 million and $78 million for the
full year of 2005; Orchid's expectation of achieving average gross margin of
approximately 46
percent for the full year of 2005; Orchid's expectation of
achieving slightly higher total general
and administrative, sales and
marketing and research and development expenses for the full year of
2005;
Orchid's expectation of achieving positive operating income for the full year
of 2005; and
Orchid's expectation of having capital expenditures of between
$3.42)
Basic and diluted loss
from
discontinued operations
per share $(0.dna referal
Truscott, Director
of
the Bureau of Alcohol, Tobacco, Firearms and Explosives; Gregory G.
The charges are the
result of an investigation by Columbus Police and ATF
agents into drug and violent crimes in west
Columbus neighborhoods. Gross margin for
the fourth quarters of 2004 and 2003 includes a $1. The
income from continuing operations before income taxes
was $0.
Orchid reported a loss from
continuing operations of $8.5 million, and the short and long-term portion of restricted cash was
approximately
$2.S.K. In 2004, Orchid passed the one million mark in the
number of sheep analyzed for
its customers since 2001.K.42) $(1.nij howstuffworks
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