Huge revenue leap at Evotec OAI

Evotec OAI of Germany says that, during the first nine months of 2001,revenues amounted to 39.6 million euros ($35.6 million), an increase of 304% over the same period last year, and the firm is expecting further growth in the fourth quarter, which is usually the strongest for "revenue recognition in our fiscal year."

Excluding non-cash effects, the firm's operating loss decreased almost 11% to 11.9 million euros, although including these factors (which mainly reflect goodwill amortization from acquisitions), the operating loss was 114.9 million euros. However, this type of charge will no longer be accounted for from January 1, 2002, and beyond, Evotec noted, adding that, excluding these non-cash effects, the net loss was 11.8 million euros.