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11/6/2003

Array loss mounts; sales up at Horizon

The Associated Press

BOULDER — Array BioPharma Inc. this week reported an increased loss-per-share compared to the same quarter the previous fiscal year.

The drug discovery company has reported a net loss of $5.9 million, or 21 cents per share, compared with a net loss of $1.2 million, or 4 cents per share, during the first quarter of fiscal 2004.

Revenue was also down: $7.2 million for the most recent quarter, as compared with $10.5 million during the same quarter the previous year.

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BOULDER — Horizon Organic Holding Corp. has reported an 18 percent increase in sales for its most recent quarter.

The maker of certified organic milk, yogurt and other dairy products has reported net sales for the third quarter of 2003 of $56 million, compared with net sales of $47.6 million during the same period in 2002.

Net income from continuing operations for the most recent quarter was $752,000, or 7 cents per diluted share, compared with $723,000, or 7 cents per diluted share, for the third quarter of last year.

The latest results reflect a charge of $327,000 in transaction costs associated with Horizon’s sale to Dean Foods, which is expected to be completed by the end of the fourth quarter.

Earlier this year, it was announced that Dean would acquire the 87 percent of Horizon stock that it did not already own. The sale price was $24 a share.

For the first nine months of 2003, Horizon reported a 20 percent increase in sales, year-over-year, to $161.8 million.

Sales in the United States were $133.2 million for the period, a 21 percent increase over the first three quarters of last year.