Bruker AXS Announces Profitable First Quarter 2002 With 26% Revenue Increase.Business Editors MADISON, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--May 9, 2002 Bruker AXS Bruker AXS is an international instrument manufacturer and supplier. The company is part of Bruker and specialized on Analytical X-Ray Systems. The main parts are the X-Ray diffraction and the X-Ray spectrometry. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BAXS), a leading global provider of advanced X-ray X-ray Electromagnetic radiation of extremely short wavelength (100 nanometres to 0.001 nanometre) produced by the deceleration of charged particles or the transitions of electrons in atoms. solutions for the life and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, sciences, today reported its financial results for the first quarter 2002. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three months ended March 31, 2002 increased 26% to $23.8 million, compared to $18.8 million for the three months ended March 31, 2001. After elimination of unfavorable currency effects, revenue growth was 31%. Net income for the first quarter of 2002 was $0.3 million, or $0.01 per share, compared to $0.00 per share for the first quarter of 2001. Cash and cash equivalents totaled $53.1 million as of March 31, 2002. Highlights for the quarter include: Bruker AXS entered into a joint venture for research, development, and production of next generation X-ray optics X-ray optics By analogy with the science of optics, those aspects of x-ray physics in which x-rays exhibit properties similar to those of light waves. based on innovative coating technologies with INCOATEC and holds a 51% interest in this joint venture. The Company unveiled the new S2 RANGER Ranger Any of a series of unmanned probes launched from 1961 to 1965 by NASA. The project was NASA's earliest attempt to explore the Moon's surface. Ranger 4 (1962) became the first U.S. spacecraft to hit the Moon, crash-landing on its surface as planned. (TM) at PITTCON PITTCON Pittsburgh Conference 2002, an attractive bench-top system that is expected to gain market share in elemental analysis Elemental analysis is a process where a sample of some material (e.g., soil, waste or drinking water, bodily fluids, minerals, chemical compounds) is analyzed for its elemental and sometimes isotopic composition. . In April 2002, the Company signed an agreement to acquire MAC Science Ltd., a Japanese company focused on X-ray analysis instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. . The acquisition is expected to close in the second quarter, and to add approximately $2 million to quarterly revenue beginning in Q4 2002. ANALYSIS AND COMMENT: Dr. Martin Haase, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated: "We are very pleased to announce another successful quarter of growth and operating improvements. We exceeded our expectations this quarter for both revenue growth and EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). . "Later this year we anticipate several new product introductions targeted at the life-science market that should further contribute to our growth objectives," added Dr. Haase. "Furthermore, the recently announced acquisition of MAC Science strengthens our position in the large Japanese market, which is estimated to account for more than 25% of the world X-ray analysis market. With the integration of MAC Science's excellent compact X-ray source technology, we expect to gain market share in this very important region." "Our healthy backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. provides good top-line visibility for the second quarter and into the third quarter of 2002," said Laura Francis, Chief Financial Officer. "In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with previous guidance for the year 2002, we expect robust organic revenue growth of greater than 15%, and earnings per share of $0.03, after the effects of the MAC Science acquisition." EARNINGS CALL: The Company will host a live streaming-audio webcast of its first quarter 2002 earnings call at 11:00 a.m. Eastern Time on Friday, May 10, 2002. To listen to the webcast, investors should go to www.bruker-axs.com, select (Investor Info), and then click on the WebCast button. The webcast will remain on the Company web site for 30 days. Investors can also listen by telephone by calling 1-888-565-5146 in the U.S. and Canada, or 1-706-679-5344 outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Investors should refer to the conference call led by CFO See Chief Financial Officer. Laura Francis. A toll-free replay will be available by dialing 1-800-642-1687, or 706-645-9291 outside the U.S., with the conference ID access code of 3915804. About Bruker AXS Bruker AXS is a leading worldwide developer and provider of advanced X-ray systems which provide solutions for molecular and elemental analysis by X-ray crystallography X-ray crystallography, the study of crystal structures through X-ray diffraction techniques. When an X-ray beam bombards a crystalline lattice in a given orientation, the beam is scattered in a definite manner characterized by the atomic structure of the lattice. , X-ray diffraction and X-ray fluorescence X-ray fluorescence (XRF) is the emission of characteristic "secondary" (or fluorescent) X-rays from a material that has been excited by bombarding with high-energy X-rays or gamma rays. . Its integrated systems, which have particular application in the drug discovery and materials science materials science Study of the properties of solid materials and how those properties are determined by the material's composition and structure, both macroscopic and microscopic. fields, provide customers with high throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. capabilities to determine the structure of specific molecules, such as proteins, and to characterize and determine the composition of materials. Bruker AXS' substantial investment in research and development allows it to design, manufacture and market technologically innovative, integrated solutions to meet the rapidly growing needs of a diverse customer base, including biotechnology and pharmaceutical companies, semiconductor companies, raw materials manufacturers, chemical companies, academic institutions and other businesses involved in materials analysis. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a high degree of risk and uncertainty that exist in the Company's operations and business environment. Such statements are predictions only and actual events or results may differ materially from those projected in such 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. . Factors that could affect actual events or results include risks associated with performance under the Company's agreements with third parties, research and development progress, competitive products and the strength of the Company's patent portfolio. For more information, please contact: Laura Francis Chief Financial Officer Tel. 608 276 3000 lfrancis@bruker-axs.com Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations and balance sheets follow.
Bruker AXS Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
2002 2001
-------------------------------
(Unaudited)
Net sales $ 23,795,561 $ 18,845,484
Cost of sales 14,677,617 11,713,114
-------------------------------
Gross Profit 9,117,944 7,132,370
Operating expenses:
Research and development 2,113,199 1,669,086
General and administrative 1,598,113 968,934
Marketing and selling 4,668,153 3,715,934
-------------------------------
Total operating expenses 8,379,465 6,353,954
Operating income 738,479 778,416
Other expense 406,720 265,862
Interest income, net (171,769) (33,417)
-------------------------------
Income before income taxes and
minority interest in subsidiary loss 503,528 545,971
Income tax expense 194,841 281,532
-------------------------------
Income before minority interest in
subsidiary loss 308,687 264,439
Minority interest in subsidiary loss 860 -
-------------------------------
Net income 309,547 264,439
Preferred stock dividends - 369,862
-------------------------------
Net income (loss) available to common
shareholders $309,547 ($105,423)
Earnings per share:
Basic $0.01 $0.00
Diluted $0.01 $0.00
Weighted average shares outstanding
-basic 56,030,338 38,752,500
Weighted average shares outstanding
-diluted 56,473,840 38,752,500
Bruker AXS Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2002 2001
-------------------------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $53,070,570 $48,787,026
Accounts receivable, net 18,828,227 17,206,783
Inventories 27,638,926 26,768,962
Prepaid expenses 988,691 809,303
Other assets 1,115,915 951,625
Deferred income taxes 896,535 886,365
-------------------------------
Total current assets 102,538,864 95,410,064
Property and equipment, net 15,749,527 8,150,910
Restricted cash 105,860 108,074
Other 979,180 1,053,620
Intangible assets - trademarks and
tradenames, net 250,250 250,250
Goodwill, net 3,099,314 3,099,314
Investments in other companies 2,000,000 2,000,000
Deferred income taxes 2,020,599 2,018,314
-------------------------------
Total assets $126,743,594 $112,090,546
===============================
Liabilities and shareholders' equity
Current liabilities:
Short-term borrowings $2,138,264 $241,957
Related party - current 225,716 229,180
Accounts payable 10,515,328 7,415,956
Other current liabilities 17,673,756 20,995,538
-------------------------------
Total current liabilities 30,553,064 28,882,631
Long-term debt 6,722,048 2,200,000
Accrued pension 3,540,108 3,437,058
Minority interest in consolidated
subsidiary 20,247 -
-------------------------------
Total shareholders' equity 85,908,127 77,570,857
-------------------------------
Total liabilities and shareholders'
equity $126,743,594 $112,090,546
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