Bruker AXS Reports Financial Results For the Year and the Fourth Quarter 2001.Business Editors/Health & Medical Writers MADISON Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , 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)--March 7, 2002 Revenue Increase of 21% to $82.6 Million and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. , excluding non-recurring items, of $0.02 Meet Consensus Expectations 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: BAXS) today reported its financial results for the year 2001 and the fourth quarter ended December December: see month. 31, 2001. YEAR ENDED DECEMBER 31, 2001 For the year ended December 31, 2001, Bruker AXS reported revenue of $82.6 million, an increase of 21% compared to revenue of $68.1 million for the year 2000. After elimination of unfavorable currency effects, revenue growth in local currency was 25%. Gross margins continued to improve, increasing from 36.5% in 2000 to 38.2% in 2001. Net loss for 2001 was $1.4 million, compared to net income of $0.7 million for 2000. Excluding the non-recurring, non-cash items described in detail below, 2001 net income was $0.7 million, and EPS was $0.02. FOURTH QUARTER 2001 For the three months ended December 31, 2001, Bruker AXS reported revenues of $22.3 million, an increase of 32% compared to $17.0 million for the fourth quarter 2000. After elimination of unfavorable currency effects, revenue growth was 35%. Net income for the fourth quarter of 2001 was $0.2 million, compared to net income of $0.4 million for same period in 2000. NON-RECURRING, NON-CASH ITEMS In the second quarter of 2001, Bruker AXS acquired the Nonius No´ni`us n. 1. A vernier. business in Delft Delft (dĕlft), city (1994 pop. 91,941), South Holland prov., W Netherlands. It has varied industries and is noted for its ceramics (china, tiles, and pottery) known as delftware. Founded in the 11th cent. , Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. and took a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for in-process research and development (IPR&D) of $3.6 million ($2.1 million after tax). Prior to becoming a public company in December 2001, Bruker AXS recorded a non-cash $0.8 million accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the for its Series A convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , as described in more detail in the Company's registration statement on Form S-1 on file with the Securities and Exchange Commission. When the Series A stock was converted to common stock upon the Company's initial public offering, Bruker AXS recorded a one-time non-cash $5.2 million beneficial conversion charge. Although neither the accretion nor the beneficial conversion had a cash impact and neither will be reoccurring in the future, both amounts were recorded as a charge against additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements and as a reduction from the net income available to common stockholders. Including these three non-cash non-recurring items, for the full year 2001, EPS was ($0.19), and for the fourth quarter 2001 EPS was ($0.13). ANALYSIS AND COMMENT 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, "The year 2001 was an exciting year for Bruker AXS, as we clearly met or exceeded our own financial objectives as well as the consensus estimates for 2001. We raised more than $85 million in private and public equity which provides us with the capital resources to further grow our business. Our markets in structural proteomics pro·te·o·mics n. The analysis of the expression, localization, functions, and interactions of the proteins produced by the genes of an organism. 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, research remain strong. Additionally, in 2001, we acquired and fully integrated the Nonius business, which strengthened our position in the emerging structural proteomics market significantly. We have remained profitable on a cash earnings basis, despite our increased research and development investment, the establishment of four additional sales subsidiaries, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. related to our initial public offering in the fourth quarter of 2001 and integration costs associated with the Nonius acquisition. Finally, our increasingly strong 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. position provides good top-line visibility for the first two quarters of 2002. With our full pipeline of new products, as well as a good funding climate in structural proteomics and advanced materials research, we are reaffirming the Street expectations of approximately 15% revenue growth and strong earnings growth in 2002." EARNINGS CALL The Company will host a live streaming-audio webcast of its fourth quarter 2001 financial results conference call at 11:00 a.m. Eastern Time on Friday, March 8, 2002. To listen to the webcast, investors should go to www.bruker-axs.com, select News, then select 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., or 706-679-5344 outside the U.S., and should refer to the conference call led by President and CEO, Martin Haase. 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 3392686. Bruker AXS is a leading worldwide developer and 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. systems which provide solutions for molecular and 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. 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. 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. 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 Year Ended
December 31, December 31,
2001 2000 2001 2000
----------------------------------------------------
Net sales $ 22,341,985 $ 16,987,973 $ 82,587,569 $ 68,104,607
Cost of sales 13,416,747 9,512,555 51,062,780 43,251,673
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Gross profit 8,925,238 7,475,418 31,524,789 24,852,934
Operating expenses:
Research and
development 2,303,986 1,678,570 11,333,836 5,916,256
General and
administrative 1,576,743 917,087 5,298,356 2,722,805
Marketing and
selling 4,388,039 4,042,197 16,792,047 14,110,512
----------------------------------------------------
Total operating
expenses 8,268,768 6,637,854 33,424,239 22,749,573
Operating
income (loss) 656,470 837,564 (1,899,450) 2,103,361
Other expense (income) 395,751 13,768 313,739 (58,167)
Interest expense, net 51,124 229,460 132,746 916,248
----------------------------------------------------
Income (loss) before
income taxes 209,595 594,336 (2,345,935) 1,245,280
Income tax expense
(benefit) 53,560 171,243 (969,492) 515,747
Net income (loss) 156,035 423,093 (1,376,443) 729,533
Convertible preferred
stock accretion 359,847 - 833,129 -
Beneficial
conversion feature 5,192,308 - 5,192,308 -
----------------------------------------------------
Net (loss) income
available to common
shareholders ($5,396,120) $423,093 ($7,401,880) $729,533
Earnings (loss) per share:
Basic ($0.13) $0.01 ($0.19) $0.02
Diluted ($0.13) $0.01 ($0.19) $0.02
Weighted average
shares outstanding
-basic 42,108,826 39,612,644 38,752,500 38,752,500
Weighted average
shares outstanding
-diluted 47,478,097 38,998,738 45,188,960 38,814,060
Bruker AXS Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2001 2000
---- ----
Assets
Current assets:
Cash and cash equivalents $ 48,787,026 $ 2,460,457
Accounts receivable, net 17,206,783 12,007,061
Inventories 26,768,962 20,141,275
Prepaid expenses 809,303 345,943
Other assets 1,378,095 496,243
Deferred income taxes 722,101 318,612
-------------------------
Total current assets 95,672,270 35,769,591
Property and equipment, net 8,150,910 6,715,761
Restricted cash 108,074 -
Other 1,053,620 121,304
Intangible assets - trademarks
and tradenames, net 250,250 -
Goodwill, net 3,099,314 -
Investments in other companies 2,000,000 -
Deferred income taxes 1,756,108 365,592
-------------------------
Total assets $112,090,546 $ 42,972,248
=========================
Liabilities and stockholders' equity
Current liabilities:
Short-term borrowings $ 241,957 $ 2,983,438
Related party debt - current 229,180 1,794,743
Accounts payable 7,415,956 5,327,842
Other current liabilities 20,995,538 13,947,918
-------------------------
Total current liabilities 28,882,631 24,053,941
Long-term debt 2,200,000 5,054,543
Related party debt - non current - 7,792,330
Accrued pension 3,437,058 3,070,774
-------------------------
Total stockholders' equity 77,570,857 3,000,660
-------------------------
Total liabilities and
stockholders' equity $112,090,546 $ 42,972,248
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