HemaCare reports $7.0 million revenue for fourth quarter 2010

HemaCare Corporation (OTCBB:HEMA) announced today that the Company generated fourth quarter revenue of $7.0 million and a net loss of $197,000, or $0.02/share, compared to fourth quarter 2009 revenue of $8.2 million and net income of $195,000, or $0.02/share. The Company generated $30.3 million of revenue in 2010, with a net loss of $796,000 or $0.08/share, compared to $36.4 million in revenue in 2009, with $855,000 in net income or $0.09/share. The 2010 net loss included $321,000 in expenses related to the closure of an unprofitable facility in Maine and the write off of impaired assets, as well as $184,000 in severance expenses paid to the Company's former Chief Executive Officer and Chief Financial Officer in the first quarter.

Commenting on the results, HemaCare's Chief Executive Officer, Pete van der Wal, stated, "While we were disappointed in our results for 2010, actions taken by management were able to produce higher gross profits and smaller operating losses in the fourth quarter compared to the third quarter. These actions included expense reductions beyond those achieved earlier in the year, as well as intensified focus on our more profitable activities. These include our blood collection services provided on behalf of biotechnology companies producing novel cell therapy products, such as Dendreon's Provenge, as well as on behalf of biotechnology companies in support of their human clinical trials. While we see no immediate improvement in the difficult pricing environment for our core blood products business, we expect to see growing impact from our specialized cell collection activities in 2011 and beyond."

SOURCE HemaCare Corporation