Strategic Diagnostics Inc. (SDIX, Financial) filed Quarterly Report for the period ended 2009-03-31.
Strategic Diagnostics Inc. develops manufactures and markets immunoassay-based test kits for rapid and inexpensive detection of a wide variety of substances in the food safety and water quality markets. Through its Strategic BioSolutions division the Company also provides antibody andimmunoreagent research and development production services. Strategic Diagnostics Inc. has a market cap of $26.3 million; its shares were traded at around $1.28 with and P/S ratio of 1.
Food safety revenues decreased 9% to $2.0 million for the first quarter of 2009 compared to $2.2 million in the first quarter of 2008. Food pathogen sales increased 7% in the first quarter of 2009 as compared to the first quarter of 2008. The Company continues to see revenue gains with its RapidChek® SELECT™ for Salmonella products. Ag-GMO product sales were down $285,000, or 31%, for the first quarter of 2009 as compared to the first quarter of 2008. This decrease is primarily attributable to decreased demand for the Company s testing products in Brazil and reduced demand for products that detect the StarlinkTM trait in grains.
Net loss in the first quarter of 2009 was $561,000, or $0.03 per diluted share, compared to a net loss of $12,000, or $0.00 per diluted share, for the same period in 2008. Diluted shares utilized in these computations were 20.0 million and 20.4 million for the first quarters of 2009 and 2008, respectively.
The Company s working capital, current assets less current liabilities, decreased $117,000 to $14.1 million at March 31, 2009 from $14.2 million at December 31, 2008.
As under the existing policy, non-employee directors will continue to receive under the new policy, upon their election to the Board, a non-statutory option to purchase, at the fair market value, which is equal to the greater of $1.50 and the closing price of the Common Stock on the date of grant, shares of Common Stock with an aggregate value of $30,000. This option is immediately vested with respect to one-third of the option shares, with the remaining shares vesting in a series of two (2) successive equal annual installments upon the optionee s completion of each year of service as a Board member.
Each non-employee Board member shall also receive an annual base retainer in cash of $25,000, an increase from the $14,000 annual base retainer which had been payable in restricted shares of Common Stock. Directors will no longer receive payments for meeting attendance; previously directors had received $1,000 for each Board meeting attended and $500 for each committee meeting attended.
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Strategic Diagnostics Inc. develops manufactures and markets immunoassay-based test kits for rapid and inexpensive detection of a wide variety of substances in the food safety and water quality markets. Through its Strategic BioSolutions division the Company also provides antibody andimmunoreagent research and development production services. Strategic Diagnostics Inc. has a market cap of $26.3 million; its shares were traded at around $1.28 with and P/S ratio of 1.
Highlight of Business Operations:
Antibody revenues decreased 4% to $3.7 million for the first quarter of 2009, compared to $3.8 million for the same quarter in 2008. The Company recorded a significant increase in sales of products utilizing its GAT ™ platform of 47% to $350,000 and an increase of 20% to $1.2 million in sales of its bulk antibody offerings. These increases were offset by decreased sales of custom monoclonal products of 38% to $678,000 and custom polyclonal products of 6% to $1.4 million. These decreased sales are primarily the result of a reduced number of completed monoclonal projects and a reduced number of polyclonal orders received during the three months ended March 31, 2009.Food safety revenues decreased 9% to $2.0 million for the first quarter of 2009 compared to $2.2 million in the first quarter of 2008. Food pathogen sales increased 7% in the first quarter of 2009 as compared to the first quarter of 2008. The Company continues to see revenue gains with its RapidChek® SELECT™ for Salmonella products. Ag-GMO product sales were down $285,000, or 31%, for the first quarter of 2009 as compared to the first quarter of 2008. This decrease is primarily attributable to decreased demand for the Company s testing products in Brazil and reduced demand for products that detect the StarlinkTM trait in grains.
Net loss in the first quarter of 2009 was $561,000, or $0.03 per diluted share, compared to a net loss of $12,000, or $0.00 per diluted share, for the same period in 2008. Diluted shares utilized in these computations were 20.0 million and 20.4 million for the first quarters of 2009 and 2008, respectively.
The Company s working capital, current assets less current liabilities, decreased $117,000 to $14.1 million at March 31, 2009 from $14.2 million at December 31, 2008.
As under the existing policy, non-employee directors will continue to receive under the new policy, upon their election to the Board, a non-statutory option to purchase, at the fair market value, which is equal to the greater of $1.50 and the closing price of the Common Stock on the date of grant, shares of Common Stock with an aggregate value of $30,000. This option is immediately vested with respect to one-third of the option shares, with the remaining shares vesting in a series of two (2) successive equal annual installments upon the optionee s completion of each year of service as a Board member.
Each non-employee Board member shall also receive an annual base retainer in cash of $25,000, an increase from the $14,000 annual base retainer which had been payable in restricted shares of Common Stock. Directors will no longer receive payments for meeting attendance; previously directors had received $1,000 for each Board meeting attended and $500 for each committee meeting attended.
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