Harvard Bioscience Inc. announced that its Board of Directors has appointed David Green, the company's President and member of the Board since 1996, as interim Chief Executive Officer following the retirement and resignation of Chane Graziano as Chief Executive Officer and a Director of the company. The Board of Directors will immediately commence a search to hire a new Chief Executive Officer.

Harvard Bioscience Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $96,000 or $0.00 per basic and diluted share, loss from continuing operations of $84,000 or $0.00 per basic and diluted share, loss from continuing operations before income taxes of $253,000 and operating loss of $158,000 on revenues of $26,086,000 compared to net income of $529,000 or $0.02 per basic and diluted share, income from continuing operations of $529,000 or $0.02 per basic and diluted share, income from continuing operations before income taxes of $844,000 and operating income of $1,229,000 on revenues of $28,322,000 for the same period a year ago. Net cash provided by operating activities was $576,000 compared to $1,605,000 for the same period a year ago. Non-GAAP adjusted operating income was $1,160,000 compared to $2,790,000 for the same period a year ago. Non-GAAP adjusted net income from continuing operations was $753,000 or $0.03 per diluted share compared to $1,892,000 or $0.06 per diluted share for the same period a year ago. The company does not expect to see a decline in revenues for the full year of 2013 in core business and is expected to see an increase in operating profits for the year based on the operational improvements it made. As moving to complete the separation of HART from HBIO, they are once again actively pursuing its acquisition strategy to acquire product lines or companies that are complementary to its base business and leverage its infrastructure, which will be key to achieving its long-term goal of growing revenues and profits by 15% to 20% per year.

Harvard Bioscience Inc., Q1 2013 Earnings Call, May 02, 2013