Enzo Biochem 4Q loss widens on costs

Enzo Biochem's fiscal 4th-quarter loss widens on higher general, administrative costs

• On 6:09 pm EDT, Wednesday October 14, 2009

NEW YORK (AP) -- Biotechnology company Enzo Biochem Inc. said Wednesday its fiscal fourth-quarter loss widened on a rise in general and administrative costs.

For the three months ended July 31, the company lost $5.3 million, or 14 cents per share, compared with a loss of $3.3 million, or 9 cents per share, a year ago. Revenue rose 16 percent to $24.5 million from $21.2 million.

The company provides diagnostic services and makes research products and medical tools.

Enzo said higher selling, general and administrative expenses amounted to 48 percent of net operating revenues, compared with 42 percent a year ago. The higher expenses were due in part to costs from the Assay Designs acquisition, accounting reviews and a provision for uncollectable accounts receivable, the company said.

For the full year, the company said it lost $23.6 million, or 63 cents per share, compared with a loss of $10.7 million, or 29 cents per share, a year prior. Revenue rose 15 percent to $89.6 million from $77.8 million.

Enzo shares rose 31 cents to close at $7.66 in the regular session. After hours, when the earnings report was issued, the stock fell 41 cents, or 5.4 percent, to $7.25.