Life Technologies revenue tops $77 million in 2nd quarter 13% gain pushes figure to record for firm

July 17, 1996|By Mark Guidera | Mark Guidera,SUN STAFF

Life Technologies, a Rockville-based supplier to the biotechnology industry, said yesterday that it had record revenue of $77.6 million for the second quarter of 1996, an increase of 13 percent over the same period last year.

The company, which makes and supplies more than 3,000 biotechnology and medical research products, said it netted more money -- $8.3 million -- during the quarter ended June 30 than in any other quarter in its 12-year history.

Its second-quarter net income represented a 48 percent gain over the $5.6 million Life Technologies reported in the same period last year.

For the first six months of this year, Life Technologies said it posted record revenues of $154.2 million, an increase of $19.1 million, or 14 percent, over the first half of 1995.

During that period, the company netted $14.9 million, a gain of 33 percent over the $11.2 million it posted during the same period in 1995.

Company executives said they are particularly pleased that sales of products other than its leading selling product, fetal bovine serum, showed strong sales gains.

Sales of products other than the serum increased by 17 percent so far this year, compared with the first six months of 1995.

Dr. J. Stark Thompson, Life Technologies president and chief executive officer, said the second quarter results were a continuation of a "trend of strong sales and earnings growth" the company has been seeing.

Life Technologies closed 1995 as a banner year, with sales of more than $272 million -- 16 percent improvement over 1994. Net income increased to $22.3 million, a 22 percent rise over 1994 earnings.

The company, which employs 450 in Maryland and 950 elsewhere, topped off yesterday's good news with an announcement that it planned a 3-for-2 stock split, in the form of a dividend to shareholders of record as of Aug. 9, 1996.

Life Technologies decided to proceed with a split of its 15.5 million shares to give the stock more market liquidity, said Comptroller Eric Winzer.

The company also announced yesterday a quarterly dividend on its common stock of four cents per share, payable Oct. 18, 1996, to stockholders of record at the close of business on Sept. 20.

The quarterly dividend of four cents per share will be paid that same day, after the stock split.

Shares in Life Technologies closed yesterday at $32.125, up 62.5 cents.

Pub Date: 7/17/96

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