Albany Molecular Research Inc. (AMRI), a provider of contract services to pharmaceutical and biotechnology companies, Monday reported fourth-quarter profit compared to a loss in the prior year, helped by 19% growth in revenues.
The Albany, New York-based company posted quarterly net income of $3.14 million or $0.10 per share, compared to net loss of $844 thousand or $0.03 per share in the previous year.
On average, two analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 19% to $56.39 million from $47.22 million in the earlier year. Analysts expected the company to report revenues of $54.29 million for the quarter.
Income from operations was $3.91 million, compared to a loss from operations of $1.25 million in the preceding year.
Total costs and expenses increased to $52.48 million from $48.47 million a year ago.
For the full year, Albany posted net income of $20.56 million or $0.65 per share, compared to $8.94 million or $0.27 per share in the previous year. Analysts anticipated earnings of $0.57 per share for the year.
Total revenues for the year increased to $229.26 million from $192.51 million in the prior year. Street analysts expected revenues of $227.16 million for the year.
Looking ahead to the first quarter the company expects contract revenue in the range of $40 million-$42 million with a loss $0.01 - profit $0.02 per share. Analysts currently expect the company to earn $0.11 per share for the quarter.
Further, for the full year 2009, the company anticipates contract revenue to range from $197 million to $207 million, with earnings of $0.40 to $0.46 per share. Analysts currently expect the company to earn $0.44 per share for the full year.
"Looking forward, while the current economic environment and capital markets will likely impact our 2009 growth, we remain optimistic about the long term opportunity in the outsourcing market." Thomas D'Ambra, chairman, president and chief executive officer said.
AMRI is currently trading at $12.12, up $2.48 or 25.73% on a volume of 149K shares.
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