Orchid Cellmark Inc. (ORCH, Financial) filed Quarterly Report for the period ended 2011-06-30.
Orchid Cellmark Inc. has a market cap of $82.23 million; its shares were traded at around $2.75 with and P/S ratio of 1.29.
General and administrative expenses for the three months ended June 30, 2011 and 2010 were $5.0 million and $3.3 million, respectively. The increase in general and administrative expenses is primarily due to increased legal and professional fees, including approximately $1.3 million in legal fees incurred in connection with the negotiation and execution of the Merger Agreement, as amended, defending the securities derivative lawsuits filed against us in connection with the proposed acquisition, and cooperating with the FTC to obtain clearance of the proposed acquisition under the HSR Act. We expect general and administrative costs to continue to be significant over the next few months as a result of the costs incurred in connection with our proposed acquisition by LabCorp.
For the three months ended June 30, 2011, we reported a net loss of $2.7 million, which represents an increase of $1.1 million compared to a net loss of $1.6 million for the three months ended June 30, 2010.
General and administrative expenses for the six months ended June 30, 2011 and 2010 were $9.8 million and $7.1 million, respectively. The increase in general and administrative expenses in 2011 was primarily due to the $750 thousand to settle the litigation with Genetic Technologies Limited in the first quarter of 2011, as well as increased legal and professional fees, including approximately $1.7 million in legal fees incurred in connection with the negotiation and execution of the Merger Agreement, as amended, defending the securities derivative lawsuits filed against us in connection with the proposed acquisition, and cooperating with the FTC to obtain clearance of the proposed acquisition under the HSR Act.
For the six months ended June 30, 2011, we reported a net loss of $4.9 million, which represents an increase of $1.3 million compared to a net loss of $3.6 million for the six months ended June 30, 2010.
As of June 30, 2011, we had $16.3 million in cash, cash equivalents and available-for-sale securities, as compared to $19.8 million as of December 31, 2010. Working capital decreased to $19.1 million at June 30, 2011 from $22.2 million at December 31, 2010. The decrease in cash was primarily a result of the increased net loss incurred during the first six months of 2011, as well as an increase in our accounts receivable in the first six months of 2011.
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Orchid Cellmark Inc. has a market cap of $82.23 million; its shares were traded at around $2.75 with and P/S ratio of 1.29.
Highlight of Business Operations:
Marketing and sales expenses for the three months ended June 30, 2011 and 2010 were $1.5 million and $1.5 million, respectively. The $74 thousand increase in marketing and sales expenses in 2011 was due to increased program costs and increased customer service expenses in the UK.General and administrative expenses for the three months ended June 30, 2011 and 2010 were $5.0 million and $3.3 million, respectively. The increase in general and administrative expenses is primarily due to increased legal and professional fees, including approximately $1.3 million in legal fees incurred in connection with the negotiation and execution of the Merger Agreement, as amended, defending the securities derivative lawsuits filed against us in connection with the proposed acquisition, and cooperating with the FTC to obtain clearance of the proposed acquisition under the HSR Act. We expect general and administrative costs to continue to be significant over the next few months as a result of the costs incurred in connection with our proposed acquisition by LabCorp.
For the three months ended June 30, 2011, we reported a net loss of $2.7 million, which represents an increase of $1.1 million compared to a net loss of $1.6 million for the three months ended June 30, 2010.
General and administrative expenses for the six months ended June 30, 2011 and 2010 were $9.8 million and $7.1 million, respectively. The increase in general and administrative expenses in 2011 was primarily due to the $750 thousand to settle the litigation with Genetic Technologies Limited in the first quarter of 2011, as well as increased legal and professional fees, including approximately $1.7 million in legal fees incurred in connection with the negotiation and execution of the Merger Agreement, as amended, defending the securities derivative lawsuits filed against us in connection with the proposed acquisition, and cooperating with the FTC to obtain clearance of the proposed acquisition under the HSR Act.
For the six months ended June 30, 2011, we reported a net loss of $4.9 million, which represents an increase of $1.3 million compared to a net loss of $3.6 million for the six months ended June 30, 2010.
As of June 30, 2011, we had $16.3 million in cash, cash equivalents and available-for-sale securities, as compared to $19.8 million as of December 31, 2010. Working capital decreased to $19.1 million at June 30, 2011 from $22.2 million at December 31, 2010. The decrease in cash was primarily a result of the increased net loss incurred during the first six months of 2011, as well as an increase in our accounts receivable in the first six months of 2011.
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