Harvard Bio reports slight revenue, income drop
Harvard Bioscience said winter weather dragged down first-quarter revenue slightly, as the life sciences manufacturer brought in $25.9 million, down 0.7 percent from $26.1 million in the first quarter of 2013.
The Holliston-based company eked out net profits of $700,000, or 2 cents per share, down slightly from $900,000 (3 cents per share) in the same quarter last year, the company reported. Harvard Bio blamed part of the drop on higher restructuring charges and higher interest expense.
Part of the restructuring during the quarter was the filling of several key management positions in the U.S. and China, the company said.
"Revenue-wise we are right where we expected to be this quarter and we are on track to meet our guidance for 2014,” CEO Jeffrey A. Duchemin said in a statement. “Collectively, we are focused on increasing our presence in existing and new markets and we've been strengthening our team to accomplish this mission."
WBJ Web Partners
Most Recent
Most Recent
0 Comments