HBIO » Topics » Nine months ended September 30, 2006 compared to nine months ended September 30, 2005:

These excerpts taken from the HBIO 10-K filed Mar 12, 2008.

Year Ended December 31, 2006 Compared to Year Ended December 31, 2005

Revenues.     Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006 compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines. During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

Cost of product revenues.     Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of our Anthos products, which was sold at lower gross profit margins.

General and administrative expenses.     General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and administrative expenses is primarily due to approximately $1.8 million of stock compensation expense recognized under SFAS No. 123(R) and an increase in bonus expense of approximately $1.1 million. These increases were partially offset by restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Sales and marketing expenses.     Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

Research and development expenses.     Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0 million for the year ended December 31, 2005.

Amortization of intangible assets.     Amortization of intangibles was $1.7 million in the years ended December 31, 2006 and 2005.

Other expense, net.     Other expense, net was $0.3 million and $0.8 million for the year ended December 31, 2006 and 2005, respectively. Net interest expense was $0.2 million and $0.7 million for the year ended December 31, 2006 and 2005, respectively. The decrease in net interest expense was primarily the result of lower average long-term debt balances in the 2006 compared to 2005. Other expense, net also included foreign exchange gains of $33,000 for the year ended December 31, 2006 compared to foreign exchange losses of $55,000 for the same period in 2005. These exchange gains and losses were primarily the result of currency fluctuations on intercompany transactions between our subsidiaries.

Income taxes.     Income tax expense from continuing operations was $1.8 million for the year ended December 31, 2006 compared to $0.9 million for the year ended December 31, 2005. The effective income tax rate for continuing operations was 21.1% for the year ended December 31, 2006, compared with 12.6% for the same period in 2005. The increase in the effective income tax rate is principally due to the realization of tax benefits of $0.3 million in the third quarter of 2005.

 

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Discontinued Operations.     During the quarter ended September 30, 2005, we announced plans to divest our Capital Equipment Business segment. The decision to divest this business segment was based on the fact that market conditions for the Capital Equipment Business have been such that this business has not met our expectations and the decision to focus Company resources on the Apparatus and Instrumentation Business segment. As a result, we began reporting the Capital Equipment Business segment as a discontinued operation in the third quarter of 2005. The loss from discontinued operations, net of tax was approximately $9.0 million for year ended December 31, 2006 compared to a loss of $38.1 million for the same period in 2005. Included in the loss from discontinued operations, net of tax were asset impairment charges of $3.9 million and $28.7 million in 2006 and 2005, respectively.

Year Ended December 31, 2006 Compared to Year Ended December 31, 2005

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Revenues.     Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006
compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand
for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines.
During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Cost of product revenues.     Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year
ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The
increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of
our Anthos products, which was sold at lower gross profit margins.

General and administrative expenses.    
General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and
administrative expenses is primarily due to approximately $1.8 million of stock compensation expense recognized under SFAS No. 123(R) and an increase in bonus expense of approximately $1.1 million. These increases were partially offset by
restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Sales and marketing
expenses
.     Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase
is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

FACE="Times New Roman" SIZE="2">Research and development expenses.     Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0
million for the year ended December 31, 2005.

Amortization of intangible assets.     Amortization of
intangibles was $1.7 million in the years ended December 31, 2006 and 2005.

Other expense, net.    
Other expense, net was $0.3 million and $0.8 million for the year ended December 31, 2006 and 2005, respectively. Net interest expense was $0.2 million and $0.7 million for the year ended December 31, 2006 and 2005, respectively. The
decrease in net interest expense was primarily the result of lower average long-term debt balances in the 2006 compared to 2005. Other expense, net also included foreign exchange gains of $33,000 for the year ended December 31, 2006 compared to
foreign exchange losses of $55,000 for the same period in 2005. These exchange gains and losses were primarily the result of currency fluctuations on intercompany transactions between our subsidiaries.

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Income taxes.     Income tax expense from continuing operations was $1.8 million for the year ended December 31,
2006 compared to $0.9 million for the year ended December 31, 2005. The effective income tax rate for continuing operations was 21.1% for the year ended December 31, 2006, compared with 12.6% for the same period in 2005. The increase in
the effective income tax rate is principally due to the realization of tax benefits of $0.3 million in the third quarter of 2005.

 


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Discontinued Operations.     During the quarter ended September 30, 2005,
we announced plans to divest our Capital Equipment Business segment. The decision to divest this business segment was based on the fact that market conditions for the Capital Equipment Business have been such that this business has not met our
expectations and the decision to focus Company resources on the Apparatus and Instrumentation Business segment. As a result, we began reporting the Capital Equipment Business segment as a discontinued operation in the third quarter of 2005. The loss
from discontinued operations, net of tax was approximately $9.0 million for year ended December 31, 2006 compared to a loss of $38.1 million for the same period in 2005. Included in the loss from discontinued operations, net of tax were asset
impairment charges of $3.9 million and $28.7 million in 2006 and 2005, respectively.

These excerpts taken from the HBIO 10-K filed Mar 11, 2008.

Year Ended December 31, 2006 Compared to Year Ended December 31, 2005

Revenues.     Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006 compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines. During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

Cost of product revenues.     Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of our Anthos products, which was sold at lower gross profit margins.

General and administrative expenses.     General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and administrative expenses is primarily due to approximately $1.8 million of stock compensation expense recognized under SFAS No. 123(R) and an increase in bonus expense of approximately $1.1 million. These increases were partially offset by restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Sales and marketing expenses.     Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

Research and development expenses.     Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0 million for the year ended December 31, 2005.

Amortization of intangible assets.     Amortization of intangibles was $1.7 million in the years ended December 31, 2006 and 2005.

Other expense, net.     Other expense, net was $0.3 million and $0.8 million for the year ended December 31, 2006 and 2005, respectively. Net interest expense was $0.2 million and $0.7 million for the year ended December 31, 2006 and 2005, respectively. The decrease in net interest expense was primarily the result of lower average long-term debt balances in the 2006 compared to 2005. Other expense, net also included foreign exchange gains of $33,000 for the year ended December 31, 2006 compared to foreign exchange losses of $55,000 for the same period in 2005. These exchange gains and losses were primarily the result of currency fluctuations on intercompany transactions between our subsidiaries.

Income taxes.     Income tax expense from continuing operations was $1.8 million for the year ended December 31, 2006 compared to $0.9 million for the year ended December 31, 2005. The effective income tax rate for continuing operations was 21.1% for the year ended December 31, 2006, compared with 12.6% for the same period in 2005. The increase in the effective income tax rate is principally due to the realization of tax benefits of $0.3 million in the third quarter of 2005.

 

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Discontinued Operations.     During the quarter ended September 30, 2005, we announced plans to divest our Capital Equipment Business segment. The decision to divest this business segment was based on the fact that market conditions for the Capital Equipment Business have been such that this business has not met our expectations and the decision to focus Company resources on the Apparatus and Instrumentation Business segment. As a result, we began reporting the Capital Equipment Business segment as a discontinued operation in the third quarter of 2005. The loss from discontinued operations, net of tax was approximately $9.0 million for year ended December 31, 2006 compared to a loss of $38.1 million for the same period in 2005. Included in the loss from discontinued operations, net of tax were asset impairment charges of $3.9 million and $28.7 million in 2006 and 2005, respectively.

Year Ended December 31, 2006 Compared to Year Ended December 31, 2005

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Revenues.     Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006
compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand
for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines.
During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Cost of product revenues.     Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year
ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The
increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of
our Anthos products, which was sold at lower gross profit margins.

General and administrative expenses.    
General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and
administrative expenses is primarily due to approximately $1.8 million of stock compensation expense recognized under SFAS No. 123(R) and an increase in bonus expense of approximately $1.1 million. These increases were partially offset by
restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Sales and marketing
expenses
.     Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase
is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

FACE="Times New Roman" SIZE="2">Research and development expenses.     Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0
million for the year ended December 31, 2005.

Amortization of intangible assets.     Amortization of
intangibles was $1.7 million in the years ended December 31, 2006 and 2005.

Other expense, net.    
Other expense, net was $0.3 million and $0.8 million for the year ended December 31, 2006 and 2005, respectively. Net interest expense was $0.2 million and $0.7 million for the year ended December 31, 2006 and 2005, respectively. The
decrease in net interest expense was primarily the result of lower average long-term debt balances in the 2006 compared to 2005. Other expense, net also included foreign exchange gains of $33,000 for the year ended December 31, 2006 compared to
foreign exchange losses of $55,000 for the same period in 2005. These exchange gains and losses were primarily the result of currency fluctuations on intercompany transactions between our subsidiaries.

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Income taxes.     Income tax expense from continuing operations was $1.8 million for the year ended December 31,
2006 compared to $0.9 million for the year ended December 31, 2005. The effective income tax rate for continuing operations was 21.1% for the year ended December 31, 2006, compared with 12.6% for the same period in 2005. The increase in
the effective income tax rate is principally due to the realization of tax benefits of $0.3 million in the third quarter of 2005.

 


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Discontinued Operations.     During the quarter ended September 30, 2005,
we announced plans to divest our Capital Equipment Business segment. The decision to divest this business segment was based on the fact that market conditions for the Capital Equipment Business have been such that this business has not met our
expectations and the decision to focus Company resources on the Apparatus and Instrumentation Business segment. As a result, we began reporting the Capital Equipment Business segment as a discontinued operation in the third quarter of 2005. The loss
from discontinued operations, net of tax was approximately $9.0 million for year ended December 31, 2006 compared to a loss of $38.1 million for the same period in 2005. Included in the loss from discontinued operations, net of tax were asset
impairment charges of $3.9 million and $28.7 million in 2006 and 2005, respectively.

This excerpt taken from the HBIO 10-K filed Mar 15, 2007.

Year Ended December 31, 2006 Compared to Year Ended December 31, 2005

Revenues.    Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006 compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines. During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

Cost of product revenues.    Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of our Anthos products, which was sold at lower gross profit margins.

General and administrative expenses.    General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and administrative expenses is primarily due to approximately $1.8 million of stock compensation expense recognized under SFAS No. 123(R) and an increase in bonus expense of approximately $1.1 million. These increases were partially offset by restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Sales and marketing expenses.    Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

Research and development expenses.    Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0 million for the year ended December 31, 2005.

Amortization of intangible assets.    Amortization of intangibles was $1.7 million in the years ended December 31, 2006 and 2005.

 

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Other expense, net.    Other expense, net was $0.3 million and $0.8 million for the year ended December 31, 2006 and 2005, respectively. Net interest expense was $0.2 million and $0.7 million for the year ended December 31, 2006 and 2005, respectively. The decrease in net interest expense was primarily the result of lower average long-term debt balances in the 2006 compared to 2005. Other expense, net also included foreign exchange gains of $33,000 for the year ended December 31, 2006 compared to foreign exchange losses of $55,000 for the same period in 2005. These exchange gains and losses were primarily the result of currency fluctuations on intercompany transactions between our subsidiaries.

Income taxes.    Income tax expense from continuing operations was $1.8 million for the year ended December 31, 2006 compared to $0.9 million for the year ended December 31, 2005. The effective income tax rate for continuing operations was 21.1% for the year ended December 31, 2006, compared with 12.6% for the same period in 2005. The increase in the effective income tax rate is principally due to the realization of tax benefits of $0.3 million in the third quarter of 2005.

Discontinued Operations.    During the quarter ended September 30, 2005, we announced plans to divest our Capital Equipment Business segment. The decision to divest this business segment was based on the fact that market conditions for the Capital Equipment Business have been such that this business has not met our expectations and the decision to focus Company resources on the Apparatus and Instrumentation Business segment. As a result, we began reporting the Capital Equipment Business segment as a discontinued operation in the third quarter of 2005. The loss from discontinued operations, net of tax was approximately $9.0 million for year ended December 31, 2006 compared to a loss of $38.1 million for the same period in 2005. Included in the loss from discontinued operations, net of tax were asset impairment charges of $3.9 million and $28.7 million in 2006 and 2005, respectively.

This excerpt taken from the HBIO 8-K filed Mar 1, 2007.

Year ended December 31, 2006 compared to year ended December 31, 2005:

Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006 compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines. During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of our Anthos products which were sold at lower gross profit margins.

Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

 

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General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and administrative expenses is primarily due to approximately $1.9 million, or $0.06 per diluted share, of stock compensation expense recognized under SFAS No. 123(R) and an increase in bonus expense of approximately $1.1 million. Offsetting this increase were restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0 million for the year ended December 31, 2005.

This excerpt taken from the HBIO 10-Q filed Nov 8, 2006.

Nine months ended September 30, 2006 compared to nine months ended September 30, 2005:

 

     Nine months ended September 30,             
     2006     2005     Dollar
Change
   %
Change
 
     (dollars in thousands, unaudited)  
           As Restated             

Revenues

   $ 54,498     $ 49,591     $ 4,907    9.9 %

Cost of product revenues

     27,013       25,434       1,579    6.2 %

Gross margin percentage

     50.4 %     48.7 %     

Sales and marketing expenses

     6,824       5,956       868    14.6 %

General and administrative expenses

     10,674       9,277       1,397    15.1 %

Research and development expenses

     2,334       2,250       84    3.7 %
This excerpt taken from the HBIO 8-K filed Nov 1, 2006.

Nine months ended September 30, 2006 compared to nine months ended September 30, 2005:

Revenues increased $4.9 million, or 9.9%, to $54.5 million for the nine months ended September 30, 2006 compared to $49.6 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $5.0 million, or 10.0%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines. Offsetting the increase in revenues during the nine months ended September 30, 2006 was a negative foreign exchange impact on sales denominated in foreign currencies of approximately $0.1 million, or 0.1%.

Cost of product revenues increased $1.6 million, or 6.2%, to $27.0 million for the nine months ended September 30, 2006 from $25.4 million for the nine months ended September 30, 2005. Gross profit as a percentage of revenues increased to 50.4% for the nine months ended September 30, 2006 compared with 48.7% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions.

Sales and marketing expenses increased $0.8 million, or 14.6%, to $6.8 million for the nine months ended September 30, 2006 compared to $6.0 million for the nine months ended September 30, 2005. This increase is primarily due to investments in direct marketing initiatives we began during the second half of 2005.

General and administrative expenses were $10.7 million, an increase of $1.4 million, or 15.0%, for the nine months ended September 30, 2006 compared to $9.3 million for the nine months ended September 30, 2005. The increase in general and administrative expenses is primarily due to approximately $1.3 million, or $0.04 per diluted share, of stock compensation expense recognized under SFAS 123R and an increase in bonus expense of approximately $0.5 million. Offsetting this increase were restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Research and development expenses were $2.3 million for the nine months ended September 30, 2006 and 2005.

This excerpt taken from the HBIO 10-Q filed Aug 9, 2006.

Six months ended June 30, 2006 compared to six months ended June 30, 2005:

 

     Six Months Ended June 30,              
     2006     2005     Dollar
Change
    %
Change
 
     (dollars in thousands, unaudited)  

Revenues

   $ 35,557     $ 32,412     $ 3,145     9.7 %

Cost of product revenues

     17,435       16,760       675     4.0 %

Gross margin percentage

     51.0 %     48.3 %    

Sales and marketing expenses

     4,637       4,091       546     13.3 %

General and administrative expenses

     6,600       6,110       490     8.0 %

Research and development expenses

     1,524       1,574       (50 )   -3.2 %
This excerpt taken from the HBIO 8-K filed Aug 3, 2006.

Six months ended June 30, 2006 compared to six months ended June 30, 2005:

Revenues increased $3.2 million, or 9.7%, to $35.6 million for the six months ended June 30, 2006 compared to $32.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $3.7 million, or 11.5%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for our pre-clinical testing products, new spectrophotometer products, and amino acid analyzers. Offsetting the increase in revenues during the six months ended June 30, 2006 was a negative foreign exchange impact on sales denominated in foreign currencies of approximately $0.6 million, or 1.8%.

Cost of product revenues increased $0.6 million, or 4.0%, to $17.4 million for the six months ended June 30, 2006 from $16.8 million for the six months ended June 30, 2005. Gross profit as a percentage of revenues increased to 51.0% for the six months ended June 30, 2006 compared with 48.3% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix, higher margins on certain new product introductions and a decrease in certain fixed costs.

Sales and marketing expenses increased $0.5 million, or 13.4%, to $4.6 million for the six months ended June 30, 2006 compared to $4.1 million for the six months ended June 30, 2005. This increase is primarily due to investments in direct marketing initiatives we began during the second half of 2005.

General and administrative expenses were $6.6 million, an increase of $0.5 million, or 8.0%, for the six months ended June 30, 2006 compared to $6.1 million for the six months ended June 30, 2005. The increase in general and administrative expenses is primarily due to approximately $0.8 million, or $0.02 per diluted share, of stock compensation expense recognized upon the adoption of SFAS 123R. Offsetting this increase were restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Research and development expenses were $1.5 million and $1.6 million for the six months ended June 30, 2006 and 2005, respectively.

 

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This excerpt taken from the HBIO 10-Q filed May 9, 2006.

Three months ended March 31, 2006 compared to three months ended March 31, 2005:

 

     Three months ended March 31,  
     2006     2005     Dollar
Change
    %
Change
 
     (in thousands, unaudited)  

Revenues

   $ 17,370     $ 16,135     $ 1,235     7.7 %

Cost of product revenues

     8,490       8,477       13     0.2 %

Gross margin percentage

     51.1 %     47.5 %    

Sales and marketing expenses

     2,281       2,050       231     11.3 %

General and administrative expenses

     3,195       2,794       401     14.4 %

Research and development expenses

     751       870       (119 )   -13.7 %
This excerpt taken from the HBIO 8-K filed May 4, 2006.

Three months ended March 31, 2006 compared to three months ended March 31, 2005:

Revenues increased $1.3 million, or 7.7%, to $17.4 million for the three months ended March 31, 2006 compared to $16.1 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $1.9 million, or 11.9%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for our pre-clinical testing products. Offsetting the increase in revenues during the first quarter of 2006 was a negative foreign exchange impact on sales denominated in foreign currencies of approximately $0.7 million, or 4.2%.

Cost of product revenues were $8.5 million for the three months ended March 31, 2006 and 2005, respectively. Gross profit as a percentage of revenues increased to 51.1% for the three months ended March 31, 2006 compared with 47.5% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix, higher margins on certain new product introductions and a decrease in certain fixed costs.

Sales and marketing expenses increased $0.2 million, or 11.3%, to $2.3 million for the three months ended March 31, 2006 compared to $2.1 million for the three months ended March 31, 2005.

General and administrative expenses were $3.2 million, an increase of $0.4 million, or 14.4%, for the three months ended March 31, 2006 compared to $2.8 million for the three months ended March 31, 2005. The increase in general and administrative expenses is primarily due to approximately $0.4 million, or $0.01 per diluted share, of stock compensation expense recognized upon the adoption of SFAS 123R.

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