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In a release dated February 26, the company stated:
- Revenues for the fourth quarter increased 2 percent to $7.0 million, compared to $6.9 million for the third quarter of 2008, and decreased 3 percent compared to $7.3 million in the fourth quarter of 2007. Revenues for the fourth quarter of 2008 were positively impacted by a 260 percent increase in sales of Genomic Antibody Technology (GAT) products over the comparable prior quarter. The Food Pathogen and Water and Environmental Product business units showed year-over-year declines in revenues of 2 percent and 22 percent, respectively, for the quarter. The Ag-GMO business unit showed a 12 percent increase over the comparable prior quarter
- Full year revenues increased 2 percent to $27.7 million, compared to $27.2 million for 2007. Revenues were positively impacted by a 155 percent increase in GAT services, a 20 percent year-over-year increase in Food Pathogen products, as well as a 2 percent increase in Water and Environmental products. There was a 6 percent decline in Ag-GMO revenues from 2007 to 2008.
Francis DiNuzzo, the company's Chief Executive Officer, said, "SDI exhibited solid fourth quarter results in the midst of a discouraging economic climate. The fourth quarter demonstrated SDI's continued success in penetrating the life science marketplace, especially with the key GAT technology. We were pleased with our Ag-GMO business, which delivered a modest 2 percent increase in overall revenue on a sequential basis, while economic challenges have adversely affected the markets served by our Food and Water businesses, resulting in a slowdown in revenue growth. Noteworthy also was a $600,000 improvement in operating income excluding the goodwill impairment charge this quarter as compared to the third quarter of 2008, demonstrating our commitment to bringing SDI back to profitability even in challenging market conditions. Despite being faced with considerable one-time expenses in 2008, we continued to take significant steps towards long-term sustainable growth and profit. We have made substantial strides over the course of this past year to strengthen the company's strategic focus, operations and leadership. I look forward to continuing to develop our core technology platforms and business units to penetrate life sciences markets, improve our margins and drive shareholder value. We at SDI have remained proactive in making significant investments in the life science market and transformations in our management team to best position the company for success in 2009."
- Gross profit (defined as total revenues less manufacturing expenses) for the quarter ended December 31, totaled $3.8 million, as compared to $4.4 million for the same period in 2007. Gross margins were 54 percent for the fourth quarter of 2008 compared to 60 percent for the same period in 2007. Margins were negatively impacted by inventory write-offs in antibody and Ag-GMO products as well as by underutilized capacity in the antibody business.
- Selling, general and administrative (SG&A) expenses rose to $3.6 million for the fourth quarter of 2008 from $3.3 million for the fourth quarter of 2007. As a percentage of sales in these periods, SG&A expenses were 51 percent of revenues compared to 46 percent for the prior year. This increase is largely driven by one-time costs associated with recruiting fees for management changes and additional ongoing investments to strengthen the company's entry into the life sciences markets.
- Research and development expenses in the fourth quarter of 2008 were consistent with the same period in 2007, at approximately $750,000.
- The company's loss from ongoing operations excluding goodwill impairment for the fourth quarter was $530,000, marking an improvement of approximately $569,000 when compared to the third quarter of 2008. Including goodwill impairment, pre-tax loss for the fourth quarter of 2008 was $4.7 million compared to pre-tax income of $409,000 for the prior year's fourth quarter. Net loss for the fourth quarter of 2008 was $12.5 million, or ($0.62) per diluted share, compared to net income of $166,000, or $0.01 per diluted share, for the fourth quarter last year.
- For the year ended December 31, gross margins were 53 percent, compared to 60 percent for 2007. Research and development expenses for the full year 2008 were 13 percent of revenues, compared to 11 percent for 2007. SG&A expenses for the full year 2008 were 52 percent of revenues, compared to 44 percent for 2007. As previously mentioned, SG&A expenses were adversely affected by one-time costs associated with changes to the company's management team. Pre-tax loss for the year ended December 31, was $7.4 million, compared to pretax income of $1.8 million in 2007. Net loss for the year ended December 31, was $15.8 million, or ($0.78) per diluted share, compared to $860,000, or $0.04 per diluted share for the prior year. Diluted shares of 20.3 million and 20.6 million were used in the computations for the years 2008 and 2007, respectively.
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