Flamel Technologies (FLML), Wednesday said its fourth -quarter loss narrowed from the comparable quarter a year ago as costs and expenses declined.
The Venissieux, France-based company's net loss for the fourth quarter narrowed to $2.726 million or $0.11 per share from $5.937 million or $0.25 per share in the comparable quarter a year ago as cost and expenses declined.
Cost of goods and services sold for the fourth quarter was down at $2.358 million from $4.890 million in the corresponding quarter a year ago. Research and development expenses for the fourth quarter decreased to $9.711 million from $9.891 million, while selling, general and administrative expenses for the fourth quarter decreased to $2.252 million from $3.839 million in the comparable quarter last year.
Loss from operations narrowed to $4.915 million from $8.059 million in the fourth quarter of last year.
Total revenues for the fourth quarter, however, decreased to $9.466 million from $10.561 million, primarily hurt by a decline in Product sales and services as well as a decline in other revenues.
For the full year 2008, net loss narrowed to $12.084 million or $1.57 per share from $12.084 million or $0.50 per share a year ago.
Revenues for the full year increased to $38.619 million from $36.654 million last year.
FLML closed Wednesday's trading session at $5.33, up $0.57 or 11.97% on a volume of 52k shares on the Nasdaq.
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