AMRI 1st-Q profit takes a hit
Albany Molecular Research Inc. reported a drop in net income for the first quarter.
The Albany, New York-based drug discovery firm had net income for the three months of $66,000, or less than a penny a share. That includes expenses from AMRI’s February purchase of Excelsyn Ltd, a chemical development company in Wales. Without those costs, first quarter income would have been $641,000, or 2 cents a share.
In the first quarter of 2009, AMRI had net income of $1.9 million, or 6 cents a share.
Revenue for the first quarter was $49.3 million, down from $54.0 million a year earlier. Contract revenue declined 10 percent, and recurring royalties from sales of the prescription antihistimine Allegra, and some generic forms of that drug, dipped 3 percent.
Mark Frost, chief financial officer of AMRI (Nasdaq: AMRI) said the company expects second quarter contract revenue to be up 11 percent from a year ago, to about $43 million. He put second quarter revenue at between $7 million and $8 million.
Frost expects the company to report a second quarter loss of between 3 cents and 7 cents a share.