Genetic Technologies Achieves Operating Cash Milestone
July 27 2007 - 5:14PM
Business Wire
Genetic Technologies Limited (NASDAQ:GENE)(ASX:GTG) is pleased to
announce that, for the first time in the Company�s history, GTG has
generated positive net cash flows from operating activities in
respect of the financial year ended June 30, 2007. The total cash
receipts from operations and interest for the 2007 year exceeded
$15 million, with consolidated net cash inflows from operations of
approximately $2.6 million. These figures compare favourably to
those for the previous financial year which delivered total cash
receipts of $8.5 million and a net cash deficit from operations of
almost $6.0 million. This significant turnaround was driven by a
70% increase in revenue from licensing activities and a 23%
increase in revenue from the Company�s genetic testing operations,
whilst operating cash costs incurred during the year were
materially lower than for the previous year. It should be noted
that the following figures have been prepared in accordance with
accounting standards applicable in Australia, have been rounded to
the nearest $10,000 and are yet to be audited and may therefore be
subject to change. 2007 (unaudited) 2006 (actual) Change from prior
year � Revenue from licensing activities $11,340,000 $6,685,248
Increase of 70% � Revenue from genetic testing activities
$3,120,000 $2,550,221 Increase of 23% � Net cash flows from
operations $2,620,000 $(5,957,322) Increase of $8.6 million � Cash
reserves $13,780,000 $11,885,247 Increase of 16% The Company
believes that the positive results for the 2007 financial year just
ended validate the strategies now being pursued by GTG and provide
a sound platform for further growth and expansion in the 2008
financial year. Further detailed financial information will be
contained in the upcoming ASX Appendix 4C for the quarter ended 30
June 2007, and the ASX Appendix 4E which will be released in late
August 2007.
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