Beckman Coulter Announces First Quarter 2000 Results.Business Editors/Health and Medical Writers FULLERTON Fullerton, city (1990 pop. 114,144), Orange co., S Calif., SE of Los Angeles; founded 1887, inc. 1904. The city is named for George H. Fullerton, head of a land company, who arranged to route the San Diego–Los Angeles–Santa Fe RR through the settlement in , Calif.--(BW HealthWire)--May 1, 2000 Beckman Coulter This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Inc. (NYSE NYSE See: New York Stock Exchange : BEC) announced today first quarter results for the period ending March 31, 2000.
First Quarter Results 2000 1999 % Chg
Sales $434.4M $405.1M 7.2%
Net Earnings $21.0M $17.1M 22.8%
Per Diluted
Share $0.70 $0.58 20.7%
-- Pretax profit was $30.4 million, or 7.0% of sales, up
21.1% compared to $25.1 million, or 6.2% of sales, in the
first quarter of 1999.
-- In the first quarter compared to the same period in the
prior year, worldwide clinical diagnostics sales grew 8.1%
to $353.1 million, while life science research sales grew
3.6% to $81.3 million.
-- On a geographic basis, sales grew 10.2% in the Americas,
1.4% in Europe and 7.3% in Asia.
-- When stated in 1999 currency rates, first quarter sales
grew 9.2%. After adjustments for currency and a one-time
clinical chemistry asset sale in Spain to a third-party
distributor, sales grew 5.7%.
First Quarter Discussion Sales in the Americas were up 10.2%, led by continued strong sales of the SYNCHRON(R) LX20 Clinical system, CEQ CEQ Council On Environmental Quality CEQ Course Experience Questionnaire (higher education) CEQ Centrale de l'Enseignement du Québec CEQ Cinema Equalizer (TM) 2000 DNA Analysis DNA analysis Any technique used to analyze genes and DNA. See Chromosome walking, DNA fingerprinting, Footprinting, In situ hybridization, Jeffries' probe, Jumping libraries, PCR, RFLP analysis, Southern blot hybridization. system, Sagian(R) Core system and other robotic ro·bot·ic adj. Relating to, characteristic of, or employing robots. automation systems. In fact, sales in the robotic automation / genetic analysis product lines for the quarter were up 29.6% over prior year. Although European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales were up 1.4% as reported, after adjustments for currency and the one-time sale of assets, year-to-year first quarter sales were down 1.5%. Asia had sales growth of 7.3%, flat from year to year in constant currency. The following new product introductions and announcements were made during the quarter: -- The new Biomek(R)FX Laboratory Automation Workstation was introduced at the Lab Automation 2000 show and the Pittsburgh Conference. -- The Access(R) Hybritech(R) PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. and free PSA free PSA Urology PSA in the circulation that is unbound to its usual carrier molecules, the protease inhibitors; free PSA is used to distinguish prostate CA from BPH, etc; free PSA levels are measured in Pts with a total PSA level between 4 and 10 ng/mL and tests for automation on the Access(R) Immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. system were cleared by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and began shipping. -- A collaborative agreement with ThermoQuest Corporation resulted in a new product combining capillary capillary (kăp`əlĕr'ē), microscopic blood vessel, smallest unit of the circulatory system. Capillaries form a network of tiny tubes throughout the body, connecting arterioles (smallest arteries) and venules (smallest veins). electrophoresis electrophoresis (ĭlĕk'trōfərē`sĭs): see colloid. electrophoresis Movement of electrically charged particles in a fluid under the influence of an electric field. with mass spectrometry mass spectrometry or mass spectroscopy Analytic technique by which chemical substances are identified by sorting gaseous ions by mass using electric and magnetic fields. for analysis of basic pharmaceuticals and proteomics-related research and development. -- A collaborative agreement with Amersham Pharmacia Biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. will result in further development activities in DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. sequencing. John P. Wareham, chairman, president and chief executive officer said, "Our exciting line of products and automation solutions for clinical laboratories, genomics research and drug discovery are fueling our growth and allowing us to take market share. The first quarter was solid in terms of both sales and earnings. These results indicate that we are in good shape to achieve our previously stated objectives for the year of 4 to 5% sales growth and approximately 13% net earnings growth. " This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding sales and earnings growth during 2000. Actual sales and earnings results could differ from those anticipated by these forward-looking statements as a result of a number of factors. Among other things, these factors include the impact of economic conditions in Europe and Asia, government cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. initiatives, reduction in potential markets as a result of consolidation among customers, delays in introducing new products, introduction of competitive systems or products, and potential cost and interest rate increases. Beckman Coulter, Inc. is a leading provider of instrument systems and complementary products that simplify and automate To turn a set of manual steps into an operation that goes by itself. See automation. processes in life science and clinical laboratories. The company's products are used throughout the world in all phases of the battle against disease, from pioneering medical research and drug discovery to diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease that aids in patient treatment. Annual sales for the company totaled $1.8 billion in 1999, with approximately half of this amount generated outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
BECKMAN COULTER INC.
FIRST QUARTER REPORT
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in Millions, Except Amounts Per Share)
Unaudited
Three Months Ended
March 31,
2000 1999
Sales $434.4 $405.1
Cost of sales 231.5 211.2
Gross profit 202.9 193.9
Operating costs and expenses:
Selling, general and administrative 115.2 111.8
Research and development 40.9 38.8
Total operating cost and expenses 156.1 150.6
Operating income 46.8 43.3
Nonoperating (income) and expense:
Interest income (1.4) (2.0)
Interest expense 18.6 18.2
Other, net (0.8) 2.0
Total nonoperating expense 16.4 18.2
Earnings before income taxes 30.4 25.1
Income taxes 9.4 8.0
Net earnings $ 21.0 $ 17.1
Basic earnings per share $ 0.72 $ 0.60
Weighted average number of shares
outstanding (in thousands) 29,096 28,460
Diluted earnings per share $ 0.70 $ 0.58
Weighted average number of shares and
dilutive shares outstanding
(in thousands) 30,181 29,558
Dividends declared per share $ 0.16 $ 0.16
BECKMAN COULTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Millions, Except Amounts per Share)
March 31, December 31,
2000 1999
Unaudited
Assets
Current assets:
Cash and equivalents $ 9.2 $ 34.4
Trade and other receivables 516.5 566.4
Inventories 346.5 313.1
Other current assets 55.0 52.5
Total current assets 927.2 966.4
Property, plant and equipment, net 295.7 305.9
Goodwill, less accumulated amortization
of $29.0 and $26.3 at March 31, 2000
and December 31, 1999, respectively 342.0 $ 344.7
Other intangibles, less accumulated
amortization of $51.6 and $46.8 at
March 31, 2000 and December 31, 1999
respectively 395.1 $ 399.9
Other assets 69.2 93.9
Total assets $2,029.2 $2,110.8
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable and current maturities
of long-term debt $ 47.8 $ 50.0
Accounts payable, accrued expenses
and other liabilities 402.4 474.1
Income taxes 54.9 51.8
Total current liabilities 505.1 575.9
Long-term debt, less current maturities 958.1 980.7
Other liabilities 324.4 326.3
Total liabilities 1,787.6 1,882.9
Stockholders' equity:
Preferred stock, $0.10 par value;
authorized 10.0 shares; none issued -- --
Common stock, $0.10 par value;
authorized 75.0 shares; shares issued
29.3 and 29.1 at March 31, 2000 and
December 31, 1999, repectively; shares
outstanding 29.3 and 29.0 at March 31,
2000 and Decmember 31, 1999,
respectively 2.9 2.9
Additional paid-in capital 135.0 134.5
Retained earnings 139.3 123.0
Accumulated other comprehensive loss:
Cumulative foreign currency translation
adjustment (35.6) (24.3)
Treasury stock, at cost -- (8.2)
Total stockholders' equity 241.6 227.9
Total liabilities and stockholders'
equity $ 2,029.2 $ 2,110.8
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