Applied Bioscience International Inc. said Tuesday thatearnings per share for the fourth quarter will be about 8 centscompared with analysts' estimates of 11 to 16 cents. Kenneth H.Harper, the Arlington, Va., company's chairman, also said thatApplied Bioscience intends to record restructuring charges ofabout $4 million, equivalent to 9 cents per share. The companywill therefore report a loss of about 1 cent per share for theperiod.
For the year, Harper said, the company anticipates earnings pershare of about 53 cents, compared with 51 cents last year,before costs of restructuring and the company's merger withPharmaco, and about 26 cents after those costs.
Harper said the shortfall from analysts' projections was theresult of lower-than-expected revenue growth in itsEnvironmental Science Group and its Life Sciences Group.
Applied Bioscience's stock (NASDAQ:APBI) dropped $1.63 onTuesday to close at $8.38 in heavy trading.
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