Carrington Sees Eighth Consecutive Quarter of Increased Revenues

Carrington Sees Eighth Consecutive Quarter of Increased Revenues

IRVING, TexasCarrington Laboratories Inc. (NASDAQ:CARN) reported its eighth consecutive quarter of increased revenues over the corresponding quarters in the previous year.

In the first quarter of 2004, revenues increased from 6.3 percent to $7.34 million from $6.9 million in the corresponding quarter of 2003. Net loss for the quarter was $245,000, or $0.02 lost per diluted share, compared to a net loss of $298,000, or $0.03 lost per share, for the same period in 2003. Gross margin for the quarter decreased slightly from 37.7 percent to 37.2 percent.

The company recorded a profit of $608,000 for DelSite Biotechnologies Inc., the companys research and development subsidiary dedicated to the development of its drug delivery platforms, compared to a profit of $413,000 related to DelSite in 2003.

Revenues in 2004 for Carringtons Consumer Services Division, formerly Caraloe Inc., decreased 9.3 percent to $2 million from $4.04 million the previous year.

The companys Medical Services Division posted revenues of $2.89 million for the first three months of 2004 as compared to $2.86 million for the comparable period last year. We continue to focus on the development of new business in the Consumer Services Division while bolstering our existing business through new product innovations, and stabilizing and growing our Medical Services revenues, said Carlton Turner, Ph.D., president and chief executive officer.