GTC Biotherapeutics Announces EPS Of $0.12

Earlier today, GTC Biotherapeutics, Inc. (GTCB.PK) today reported its financial results for the third fiscal quarter ended September 30, 2010. We reported net income for the third quarter of 2010 of $3.5 million, or $0.12 per share, primarily as a result of the recognition of approximately $8.7 million of (non-cash) revenue during the quarter. This revenue had previously been classified as deferred revenue, but was recognized this quarter in connection with our (previously announced) signing of a definitive agreement with Lundbeck in July 2010, whereby we regained commercialization rights to ATryn in the U.S. and terminated our collaboration with Lundbeck. This compares to a net loss of $5.1 million, or $0.48 per share, for the third quarter of 2009.