LongmontFYI Logo
LongmontFYI Home
 
Business Logo


LongmontFYI
Business Archive

 

 
back to archive

2/6/2003

Array and Horizon see growth

The Daily Times-Call

BOULDER — Array BioPharma credits new and expanded collaborations — with company’s such as Amgen and Eli Lilly — as the primary driver behind its reported 14 percent rise in revenue during the most recent fiscal quarter.

Revenue in the second quarter of fiscal 2003 was $9.5 million, compared with $8.4 million during the second quarter of fiscal 2002.

Bob Conway, the company’s chief executive officer, said that Array’s net loss per share for the quarter was in line with revised guidance the company issued in December.

Net loss for the most recent quarter was $2.9 million, or 10 cents per share, compared with a net loss of $1.3 million, or 5 cents per share, for the same quarter the prior year.

For the first two quarters of the fiscal year, Array reported revenue of $20 million, compared with $15.6 million during the same period the prior fiscal year — a 29 percent rise. But the net loss for the six-month period was $4.1 million, or 15 cents per share, compared with a net loss of $2.8 million, or 12 cents per share, during the same period in the previous fiscal year.

BOULDER — Horizon Organic Holding Corp. reported double-digit growth for both the most recent quarter and all of 2002.

Horizon reported Wednesday sales of $53 million, a 21 percent increase from the same quarter the previous year, when sales were $43.7 million.

Earnings from continuing operations for the quarter were $1.4 million, or 13 cents per diluted share, compared with $1.3 million, or 12 cents per share, in the fourth quarter of 2001.

Chuck Marcy, Horizon’s president and CEO, said that during the quarter, the company put out “significant marketing expense to capitalize on the new (U.S. Department of Agriculture) organic certification,” which became effective in October.

For 2002, Horizon reported net sales of $187.5 million, an increase of 18 percent from the prior year’s sales of $158.9 million.

Horizon earned $3.6 million, or 34 cents per diluted share, during 2002. In 2001, earnings were $1.7 million, or 16 cents per share.

Marcy cited two factors that helped drive the sales increase, including the introduction of single-serve milk in the United States and the company’s completion of the acquisition of Rachel’s Organic in the United Kingdom, which was already a well-established organic brand in that country.

During a conference call with investors, Marcy also announced a deal his company struck with Nabisco — to produce all of Horizon’s bulk cheese products — and hinted at the introduction of another, nondairy-related line of organic food products in the near future.

FREDERICK — UQM Technologies, which relocated its headquarters from Golden to Frederick during the past calendar year, reported revenue of $3.7 million for the third quarter of fiscal 2003, compared with $5.16 million for the third quarter of fiscal 2002.

The company’s net loss for its most recent quarter was $1.3 million, or 7 cents per share, compared with its loss during the same quarter the previous year of $580,000, or 3 cents per share.

UQM develops and manufactures electric motors, generators and electronic inverters. Among the company’s products are hybrid-electric motors being tested by the U.S. military.

For the first nine months of the fiscal year, the company reported total revenue of $12.5 million, or a loss from continuing operations of $2.6 million, or 14 cents per common share.

For the first three quarters of fiscal 2002, UQM reported total revenue of $16.9 million, resulting in a net loss of $1.5 million, or 9 cents per share.