- Selling, general and administrative expenses for the quarter ended June 30, 2005, were $2.0 million, as compared to $1.1 million for the quarter ended June 30, 2004. The increase in expenses was partially a result of the addition of personnel to comply with public company requirements and in an effort to expand the company's Enzyme Business into new markets.
Professional fees of $393,000 in connection with the company's transition to a public company and an increase in insurance premiums of $78,000 for directors and officers insurance also impacted the company's results.
- Cash and cash equivalents were $14.4 million as of June 30, 2005, as compared to $1.1 million at June 30, 2004. The Company anticipates that the rate at which it has used cash to fund its operations in the first two quarters of 2005 will likely decrease in the near term.
- Revenue for the six-months ended June 30, 2005 was approximately $7.7 million, as compared to approximately $8.4 million for the comparable period ended June 30, 2004. The decline in revenue was primarily a result of the continued, although decreasing concentration of the company's sales to the textiles market, adverse effects of competition in the textiles market and the inability of the company to expand its sales staff prior to raising capital in the latter half of 2004.
- Net loss for the six-months ended June 30, 2005, was $5.4 million, or $0.25 per share, as compared to a $2.1 million net loss, or $0.14 per share, for the six-months ended June 30, 2004.
marketing@alchempro.com
