LONDON (Thomson Financial) - UTEK Corporation. slipped to a first-quarter
net loss on lower revenue from operations.
The intellectual property company posted a net loss of about $400,000 for
the three months to end-March compared with a net profit of $2.2 million in the
year-ago period. Total revenue reduced to $3.7 million from $7.9 million.
The company said the decreased revenues were attributable to the extra time
needed to close technology transfers with larger clients, as these transactions
are subject to due diligence. Because of this, there were fewer executed
technology transfers in the first quarter of 2008 compared to the year earlier.
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