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8/7/2003

Array BioPharma reports drop in earnings for quarter, fiscal year

The Daily Times-Call

BOULDER — Array BioPharma this week reported a drop in revenue for the most recent quarter and the fiscal year.

Array’s revenue for the fourth quarter of fiscal 2003 was $7.1 million, compared with $10 million during the same quarter the previous year. Net loss for the quarter was $9.4 million, or 33 cents per share, compared with a net loss of $845,000, or 3 cents per share, for the same period in fiscal year 2002.

Despite the most recent quarter, Bob Conway, the drug discovery company’s chief executive officer, is optimistic about the future.

“There’s a tremendous demand for high-quality drug candidates, and as a result we are increasing the investment in our own proprietary research,” Conway said during a conference call with investors, adding that money devoted to research for the most recent quarter was $3.7 million, compared with $1.8 million during the same quarter last year.

Revenue for fiscal year 2003 was $35.1 million, compared with $35.08 million for the previous fiscal year.

Net loss for the fiscal year was $19.6 million, or 70 cents per share, compared with a net loss of $4.5 million, or 18 cents per share, during fiscal year 2002.