Bruker AXS Reports Growing Revenue of $24 Million and EPS of $0.01 for the Second Quarter of 2002.Business Editors 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)--Aug. 12, 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 materials sciences 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. , today reported its financial results for the three- and six-month periods ended June June: see month. 30, 2002. THREE MONTHS ENDED JUNE 30, 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 June 30, 2002 increased 19% to $24.0 million, compared to $20.2 million for the three months ended June 30, 2001. The net sales increase was primarily driven by continued strong demand for our systems, particularly in the materials sciences. Excluding favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. currency effects, second quarter 2002 net sales increased 15% year-over-year. Net income for the second quarter 2002 was $0.6 million, or $0.01 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net loss of $1.8 million, or $(0.04) per diluted share, for the second quarter 2001. In the second quarter of 2001, the Company recorded an IPR&D expense of $2.2 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. related to its acquisition of Nonius. Cash and cash equivalents totaled $50.7 million as of June 30, 2002. SIX MONTHS ENDED JUNE 30, 2002 Net sales for the six months ended June 30, 2002 increased 22% to $47.8 million, compared to $39.1 million for the six months ended June 30, 2001. Currency effects did not significantly impact reported revenues during this six-month period. Net income for the first six months of 2002 was $0.9 million, or $0.02 per diluted share, compared to a net loss of $1.6 million, or $(0.04) per diluted share, for the comparable period in 2001. COMMENT AND OUTLOOK 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 again pleased to report a successful quarter of revenue growth and operating improvements. In addition, our new order bookings were healthy in Q2, and our 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. remains strong. Further, we are off to a fast start in Japan after the acquisition of MAC Science. These factors, as well as last week's launch of our new X8 Series of life science products, provide improved visibility for Q3 and Q4. Therefore, we are increasing our revenue guidance to $99 - $101 million for the year, or revenue growth greater than 20% compared to last year." Laura Francis, Chief Financial Officer, added: "We are pleased that we continue to meet our revenue objectives. We also see opportunities to accelerate the growth of our bottom-line. The rapid expansion of our business via strong organic growth, and two complementary acquisitions in 15 months, now allows us to focus on productivity improvements. Therefore, we are implementing a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiative to reduce costs and improve productivity by eliminating redundant positions, streamlining production and reducing operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . This restructuring will result in a charge of $1.5 - $2.5 million during Q3, and subsequent annual cost savings of $2.0 - $3.0 million." She continued: "In addition, the Company tested goodwill with a total value of $3.1 million for impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. pursuant to SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142, which will result in a non-cash goodwill impairment charge. Accordingly, we are providing 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. guidance for the full year 2002 between $0.01 and $0.03 per share. EPS, excluding the after-tax effects of the restructuring and goodwill impairment charges, is expected to be $0.04 - $0.06 per share for the full year 2002. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to our previous EPS guidance of $0.03 per share for the year." EARNINGS CALL: The Company will host a live streaming-audio webcast of its second quarter 2002 earnings call at 11:00 a.m. Eastern Time on Tuesday, August 13, 2002. To listen to the webcast, investors should go to www.bruker-axs.com, select News, 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 4874911. 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 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 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.
Condensed consolidated statements of operations and balance sheets
follow.
Bruker AXS Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------------------------
2002 2001 2002 2001
---------------------------------------------------
(Unaudited) (Unaudited)
Net sales $24,034,862 $20,208,053 $47,830,423 $39,053,537
Cost of sales 14,659,919 12,449,269 29,337,536 24,162,383
----------------------------------------------------
Gross profit 9,374,943 7,758,784 18,492,887 14,891,154
Operating expenses:
Research and
development 2,801,804 1,913,458 4,915,003 3,582,544
In-process research
and development - 3,590,000 - 3,590,000
General and
administrative 2,013,585 1,293,824 3,611,698 2,262,758
Marketing and
selling 5,058,168 4,251,301 9,726,321 7,967,235
---------------------------------------------------
Total operating
expenses 9,873,557 11,048,583 18,253,022 17,402,537
---------------------------------------------------
Operating (loss)
income (498,614) (3,289,799) 239,865 (2,511,383)
Other (income)
expense, net (1,391,318) (245,321) (984,598) 20,541
Interest (income)
expense, net (118,829) 60,441 (290,598) 27,024
---------------------------------------------------
Income (loss) before income
taxes and minority
interest in subsidiary
loss 1,011,533 (3,104,919) 1,515,061 (2,558,948)
Income tax expense
(benefit) 403,597 (1,267,929) 598,438 (986,397)
---------------------------------------------------
Income (loss) before minority
interest in subsidiary
loss 607,936 (1,836,990) 916,623 (1,572,551)
Minority interest in
subsidiary loss 648 - 1,508 -
---------------------------------------------------
Net income (loss) 608,584 (1,836,990) 918,131 (1,572,551)
Preferred stock
dividends - (369,862) - -
Preferred stock
accretion - 166,881 - 166,881
---------------------------------------------------
Net income (loss) available
to common
shareholders $608,584 $(1,634,009) $918,131 $(1,739,432)
===================================================
Earnings (loss) per share:
Basic $0.01 $(0.04) $0.02 $(0.04)
Diluted $0.01 $(0.04) $0.02 $(0.04)
Weighted average shares
outstanding
-basic 56,180,338 38,753,416 56,105,338 38,752,960
Weighted average shares
outstanding
-diluted 56,360,319 38,753,416 56,417,080 38,752,960
Bruker AXS Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2002 2001
-----------------------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $50,672,561 $48,787,026
Accounts receivable, net 21,198,530 17,206,783
Inventories 34,532,499 26,768,962
Prepaid expenses 1,677,448 809,303
Other assets 1,391,016 951,625
Deferred income taxes 1,036,796 886,365
-------------------------------
Total current assets 110,508,850 95,410,064
Property and equipment, net 18,300,233 8,150,910
Restricted cash 121,169 108,074
Other 334,865 1,053,620
Intangible assets - trademarks and
tradenames, net 250,250 250,250
Goodwill, net 4,077,111 3,099,314
Investments in other companies 2,000,000 2,000,000
Deferred income taxes 2,186,511 2,018,314
-------------------------------
Total assets $137,778,989 $112,090,546
=================================
Liabilities and shareholders' equity
Current liabilities:
Short-term borrowings $1,956,765 $241,957
Current portion of long-term debt 573,549 -
Related party debt - current 253,036 229,180
Accounts payable 9,095,646 7,415,956
Other current liabilities 24,940,213 20,995,538
---------------------------------
Total current liabilities 36,819,209 28,882,631
Long-term debt 9,055,037 2,200,000
Accrued pension 4,250,594 3,437,058
Minority interest in consolidated
subsidiary 19,599 -
Total shareholders' equity 87,634,550 77,570,857
--------------------------------
Total liabilities and shareholders'
equity $137,778,989 $112,090,546
==================================
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