HOLLISTON, Mass., Nov. 1, 2012 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (HBIO), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial results for the three and nine months ended September 30, 2012.

Third Quarter Reported Results

Revenues for the three months ended September 30, 2012 were $26.1 million, a decrease of $0.3 million, or 1.0% compared to revenues of $26.4 million for the three months ended September 30, 2011. Currency exchange rates had a negative 1.4% effect on revenues in the third quarter of 2012 compared with the third quarter of 2011. Our acquisition of AHN Biotechnologie GmbH ("AHN") in February 2012 had a positive 1.6% effect on revenues. Excluding the effects of currency changes and acquisitions, our third quarter revenues decreased 1.2% from the same period last year.

Net (loss) income, as measured under U.S. generally accepted accounting principles ("GAAP"), was a $133,000 loss, or $0.00 per diluted share for the three months ended September 30, 2012 compared to a $28,000 income, or $0.00 per diluted share, for the same period in 2011. The unfavorable year-to-year quarterly GAAP earnings comparison was primarily due to increased spending of $0.7 million (pre-tax) in our development-stage Regenerative Medicine Device ("RMD") business.

On a non-GAAP adjusted basis, earnings per share for our core Life Science Research Tools ("LSRT") business for the three months ended September 30, 2012 was $0.08 per diluted share, compared with $0.07 per diluted share for the same period in 2011. Non-GAAP adjusted earnings per share for our RMD business for the third quarter of 2012 was a loss of $0.04 per diluted share, compared with a loss of $0.02 per diluted share for the third quarter of 2011, and reflected greater activities in developing this initiative. Our total non-GAAP adjusted earnings per share, reflecting LSRT and RMD combined, was $0.04 per diluted share for the third quarter of 2012 compared with $0.05 per diluted share for the third quarter of 2011.

Year to Date Reported Results

Revenues for the nine months ended September 30, 2012 were $82.9 million, an increase of $3.1 million, or 3.9% compared to revenues of $79.8 million for the nine months ended September 30, 2011. Currency exchange rates had a negative 1.5% effect on revenues for the nine months ended September 30, 2012, compared with the same period in the previous year. Our acquisitions of CMA Microdialysis AB ("CMA") in July 2011 and AHN in February 2012 had a positive 3.7% effect on revenues. Excluding the effects of currency changes and acquisitions, our organic revenue growth for the nine months ended September 30, 2012 was 1.7% over the same period in the previous year.

Net income, as measured under GAAP, was $1.2 million, or $0.04 per diluted share for the nine months ended September 30, 2012 compared to $3.1 million, or $0.10 per diluted share, for the same period in 2011. The unfavorable year-to-year quarterly GAAP earnings comparison was primarily due to increased activity and spending in our development-stage RMD business.

On a non-GAAP adjusted basis, earnings per share for our core LSRT business for the nine months ended September 30, 2012 was $0.28 per diluted share, compared with $0.25 per diluted share for the same period in 2011. Non-GAAP adjusted earnings per share for our RMD business for the nine months ended September 30, 2012 was a loss of $0.11 per diluted share, compared with a loss of $0.05 per diluted share for the same period in 2011, and reflected greater activities in developing this initiative. Our total non-GAAP adjusted earnings per share, reflecting LSRT and RMD combined, were $0.17 per diluted share for nine months ended September 30, 2012 compared with $0.20 per diluted share for the same period in 2011.

Commenting on the Company's performance, Chane Graziano, CEO, stated, "In the month of September, we saw a decrease in demand for our products primarily in the university/government research market. It is apparent the researchers were conserving their current budgets due to the uncertainty of the level of future funding in this political/economic environment. This had an impact on our third quarter performance."

See the article here:
HBIO Reports Third Quarter 2012 Results

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