Catalytica Reports Third-Quarter Financial Results
Catalytica Inc. (Mountain View, CA) has reported financial results for the third quarter and nine months ended September 30, 2000. For the third quarter, total revenues were $77,224,000 compared with $98,465,000 reported in the same period of the prior year. The decline in revenues for the quarter was primarily related to the scheduled step-down in product sales to Glaxo Wellcome. Continued growth in research revenues during the third quarter partially offset the decline in product sales.
Research revenues grew to $9,616,000, an increase of 49 percent over research revenues of $6,434,000 reported during the same period last year. The company experienced a net loss of $775,000, or a loss of $0.01 per diluted share, for the third quarter ended September 30, 2000, compared with a net income of $1,438,000, or $0.02 per diluted share, in the corresponding period last year.
Ricardo B. Levy, president and CEO of Catalytica Inc., commented, "We believe that this quarter is an anomaly and that new business will contribute more significantly to next quarter's revenues. In this respect, we are very pleased with the progress that we are making. At the same time though, we are reviewing all our operations to identify areas where we can improve and streamline our business. As a result of this review, we expect to implement cost-saving measures in the near future."