Heska expects first-ever quarterly profit

FORT COLLINS — Based on preliminary financial results, company officials at Heska Corp. (Nasdaq: HSKA) expect to report positive net income for the fourth quarter 2002, marking the company’s first positive quarter ever. Detailed figures will be released Feb. 10 during the company’s regular earnings release.

Heska develops, manufactures and markets veterinary products focusing on products for dogs and cats.

“Obviously it’s a very important milestone for us as a company,´ said chief financial officer Jason Napolitano. “It’s something we’ve been striving to do since the founding of the company.”

Napolitano said that Heska experienced record sales for several of its products over the last quarter. That combined with a watchful eye on corporate expenses led to the profit, he said.

Last year marked several highs and lows for the company. In August, Heska was named as the sixth most innovative company on Inc. Magazine’s Innovation 50 list, and in October Deloitte and Touche ranked Heska No. 40 on its Colorado Technology Fast 50 list.

But in September, the company moved to the Nasdaq SmallCap Market after failing to meet the $1 share price requirement necessary to remain on the national market.

Napolitano said the company has no near-term goals to move back to the national market. “I really don’t see much difference between the Nasdaq National and the SmallCap markets,” he said. “In fact, expenses are lower on the SmallCap. As CFO, I like that.”

At midday trading today, Heska shares were up 10 cents, trading at 47 cents.

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