Beckman Coulter Reports Second Quarter 1998 Results.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)--July 20, 1998--Beckman Coulter, Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that second quarter 1998 sales were $435 million and first half 1998 sales were $834 million. Compared to the same periods of 1997, this represented growth of 61 percent and 66 percent, respectively, reflecting incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales from the company's October October: see month. 1997 acquisition of Coulter Corporation. Year-to-year changes in currency exchange rates reduced reported second quarter and first half sales growth by 4 percent. Since the acquisition, the company has been achieving its targets for integrating the Beckman Beckman or Beckmann may refer to:
To date, 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. has completed numerous initiatives that support integration, help realize operating synergies and enable debt reduction. These initiatives will contribute to at least $60 million of savings in 1999 and, by the end of 1999, allow further reductions in acquisition debt, improving financial flexibility and strengthening the company's debt profile. They include the following: -- Placement and registration of $400 million of senior notes, allowing prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of bank borrowings and a closer match of debt maturity with expected cash flow. -- The sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. of four U.S. facilities and the sale of equipment leased to customers and lease receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , that provided funds for debt reduction and cash needs. -- Integration of administrative staff functions throughout the company. -- Elimination of some 640 positions worldwide and the closure of a manufacturing plant in the UK. -- Development of detailed plans to combine field sales and service offices of the two companies at subsidiaries around the world. Beckman Coulter focuses on helping customers improve operating efficiency. This is important not only for clinical diagnostic laboratories charged with lowering healthcare costs, but also for pharmaceutical company laboratories who can realize significant returns by accelerating their drug discovery process. In the second quarter, Beckman Coulter introduced a new fully automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. DNA sequencer A DNA sequencer is an instrument used to automate the DNA sequencing process. DNA sequencers have become more important due to large genomics projects and the need to increase productivity. , the 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, specifically configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: for pharmaceutical drug discovery and academic core labs. This sequencer See MIDI sequencer. (music) sequencer - Any system for recording and/or playback of music via a programmable memory which stores music not as audio data, but as some representation of notes. is based on the company's industry leading position in capillary electrophoresis Capillary electrophoresis (CE), also known as capillary zone electrophoresis (CZE), can be used to separate ionic species by their charge and frictional forces. In traditional electrophoresis, electrically charged analytes move in a conductive liquid medium under the and is the only general purpose system that automates denaturing, sample loading, separation, detection and analysis steps. To further enhance utility, the CEQ 2000 uses a 96-well microtiter plate A Microtiter plate or microplate is a flat plate with multiple "wells" used as small test tubes. The microplate has become a standard tool in analytical research and clinical diagnostic testing laboratories. format that allows convenient interfacing with Beckman Coulter's integrated laboratory automation systems for research and development labs. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. T. Rosso For information on a musical group by the same name, please see ROSSO (band) Rosso is the major city of south-western Mauritania and capital of Trarza region. It ia situated on the Senegal River at the head of year-round navigation. , chairman and chief executive officer, said, "We have met early targets for the Coulter acquisition and are maintaining a sharp focus on programs to bring the Beckman and Coulter organizations together. Under the direction of John Wareham, president and COO (Cell Of Origin) See mobile positioning. , our integration teams are building an industry leader that will create value for customers and shareholders." 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 $1.2 billion in 1997, with 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. . 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. concerning the company's expected earnings, and programs for savings from integration, anticipated operating synergies, and future debt restructure. These forward-looking statements are based largely on the company's current expectations and are subject to a number of risks and uncertainties, many of which are beyond the company's control. Actual results could differ from those anticipated by these forward-looking statements as a result of a number of factors, including, among other things, difficulties, delays or failure to effectively integrate worldwide operations, a reduction in sales, the amount and timing of any cost saving measures, synergies or debt reduction programs and as a result of other factors. -0-
BECKMAN COULTER INC.
SECOND QUARTER REPORT
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in Millions, Except Amounts Per Share)
Unaudited
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
Sales $434.7 $270.6 $834.1 $502.5
Operating costs and expenses:
Cost of sales 236.5 130.7 466.3 240.3
Marketing, general and
administrative 123.6 79.7 243.3 154.5
Research and development 42.2 28.6 83.8 52.6
----- ----- ----- -----
402.3 239.0 793.4 447.4
Operating income 32.4 31.6 40.7 55.1
Nonoperating expense:
Interest income (4.0) (0.3) (7.1) (2.2)
Interest expense 22.9 4.3 49.1 7.1
Other, net (0.5) (2.1) (2.9) (1.8)
----- ----- ----- -----
18.4 1.9 39.1 3.1
Earnings before income taxes 14.0 29.7 1.6 52.0
Income taxes 4.5 8.9 0.5 15.6
----- ----- ----- -----
Net earnings $ 9.5 $ 20.8 $ 1.1 $ 36.4
===== ===== ===== =====
Weighted average number of shares
outstanding -(in thousands) 27,892 27,600 27,801 27,751
Basic earnings per share $ 0.34 $ 0.75 $ 0.04 $ 1.31
Weighted average number of shares
and dilutive shares
outstanding -(in thousands) 29,395 28,698 29,126 28,788
Diluted earnings per share $ 0.32 $ 0.72 $ 0.04 $ 1.26
Dividends declared per share $ 0.15 $ 0.15 $ 0.30 $ 0.30
-0-
BECKMAN COULTER INC.
SECOND QUARTER REPORT
EARNINGS RECONCILIATION
(In Millions, Except Amounts Per Share)
Unaudited
Six Months Ended June 31,
1998 1997
Per Share Per Share
Earnings Shares Amount Earnings Shares Amount
Basic EPS
Net Earnings $ 1.1 27.8 $ 0.04 $ 36.4 27.8 $ 1.31
Effect of dilutive
stock options --- 1.3 --- --- 1.0 (0.05)
------ ----- ------ ------- ----- ------
Diluted EPS
Net Earnings $ 1.1 29.1 $ 0.04 $ 36.4 28.8 $ 1.26
-0-
BECKMAN COULTER INC.
SECOND QUARTER REPORT
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Millions, Except Amounts Per Share)
Unaudited
June 30, December 31,
1998 1997
Assets
Current assets:
Cash and equivalents $ 31.0 $ 33.5
Trade receivables and other 483.3 524.6
Inventories 330.9 332.3
Deferred income taxes 53.7 53.0
Other current assets 32.2 33.3
-------- --------
Total current assets 931.1 976.7
Property, plant and equipment, net 305.0 410.9
Intangibles, less accumulated
amortization of $16.2
in 1998 and $10.6 in 1997 439.8 444.9
Goodwill, less accumulated
amortization of $13.2
in 1998 and $6.0 in 1997 402.0 402.8
Other assets 88.2 95.7
-------- --------
Total assets $ 2,166.1 $ 2,331.0
======== ========
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable and current maturities
of long-term debt $ 78.3 $ 68.9
Accounts payable, accrued expenses &
other liabilities 577.5 756.4
Income taxes 60.7 69.6
-------- --------
Total current liabilities 716.5 894.9
Long-term debt, less current maturities 1,052.7 1,181.3
Other liabilities 322.5 173.0
-------- --------
Total liabilities 2,091.7 2,249.2
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
29.1 at 1998 and 1997; Shares outstanding
28.0 at 1998 and 27.6 at 1997 2.9 2.9
Additional paid-in capital 127.0 126.6
Retained earnings 11.7 19.0
Accumulated other comprehensive loss (21.7) (13.8)
Treasury stock, at cost (45.5) (52.9)
Total stockholders' equity 74.4 81.8
Total liabilities and stockholders'
equity $ 2,166.1 $ 2,331.0
======== ========
CONTACT: Beckman Coulter Inc., Fullerton Michael J. Whelan, 714/773-7620 Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. |
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