Life Technologies profits rose 20% in 1st quarter

April 13, 1995|By a Sun Staff Writer

Life Technologies Inc. yesterday reported net income of $5.6 million in the first quarter of 1995, the most successful quarterly period in the Gaithersburg company's history and a 20 percent gain from the comparable period last year.

The report sent the company's stock up $1.50 a share to a 52-week high of $21.75.

Life Tech, which makes or supplies more than 3,000 products to the life sciences research industry, said revenues for the period that ended March 31 were $66.2 million, an increase of 14 percent over last year.

"In the first quarter of 1995, we achieved our goal of growing earnings faster than sales," said J. Stark Thompson, president and chief executive. "We expect these trends to continue in 1995 while making additional investments that will allow us to provide the products and services our customers expected from us."

The company credited an expanded sales network for part of the growth in the company's results. It said earnings increased thanks partly to higher gross margins and cited its new sales offices in Sweden, Italy, Taiwan and Australia.

For the three months, earnings equaled 37 cents a share compared with net income of $4.7 million, or 31 cents a share, last year.

Tuesday, Life Tech announced that Kathleen Burdett had been elected to its board of directors for a three-year term. She was recently named vice president and chief financial officer of the Dexter Corp., a specialty materials company based in Windsor Locks, Conn. Dexter owns 54.5 percent of Life Tech.

Life Tech also declared on Tuesday a quarterly cash dividend of five cents a share.

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