Unilife 2Q loss widens on charges, revenue decline
Medical safety product maker Unilife Corp. on Tuesday posted a wider loss second-quarter loss than a year earlier as it faced the cost of moving its operations to Pennsylvania from Australia while its revenue fell.
For the 2009's final three months, the company's net loss was $5.9 million, or 13 cents per share, more than six times the loss it reported for 2008's fourth quarter, of $861,000, or 3 cents per share.
Excluding costs related to the move, listing on the Nasdaq Stock Exchange, share-based compensation and other one-time items, the company said its loss was $3.2 million, or 7 cents per share.
Its revenue dropped 44 percent to $3.2 million, from $5.8 million a year earlier, while its operating expenses climbed 53 percent.
Unilife said it recently started commercial manufacturing of its Unitract safety syringes and donated its first shipment to the relief effort in Haiti following the Jan. 12 earthquake.
Construction of the company's new, 165,000-square-foot plant in York, Pa., is on schedule, CEO Alan Shortall said in a statement. The building is to be completed late this year.
Unilife shares closed up 48 cents, or 7.6 percent, at $6.80 on Tuesday.
The lightly traded stock saw more than double its normal trading volume during the session ahead of the earnings release.
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