Affymetrix posts penny profit in 3Q; cuts expenses
Affymetrix Inc., which makes genetic testing technology, said Wednesday it posted a profit in the third quarter despite lower revenue, as cost-cutting helped it turn around from a loss a year earlier.
Net income was $968,000, or 1 cent per share. In the same period last year, Affymetrix's net loss was $8.8 million, or 13 cents per share. The latest result was better than Wall Street's expectations. Analysts forecast a loss of 5 cents per share, according to a Thomson Reuters poll.
Revenue decreased 5 percent to $74 million from $78.2 million in the year-ago quarter. The result was slightly more than the $73.4 million analysts predicted.
Kevin M. King, president and CEO, said in a statement that the company continued to move "toward profitability through the adoption of new products," as well as through improvements in margins and operating expenses.
Costs and expenses fell 11 percent to $76 million.
Affymetrix also reported a $4.1 million gain on the repurchase of convertible notes.