Bruker AXS Reports Record Revenues of $104.3 Million in 2002; Revenues of $29.6 Million and Cash from Operations of $4.7 Million in the Fourth 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)--Feb. 27, 2003 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 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 fourth quarter and year ended December December: see month. 31, 2002. FOURTH 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 December 31, 2002 increased 33% to $29.6 million, compared to $22.3 million for the three months ended December 31, 2001. Excluding favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. currency effects, fourth quarter 2002 net sales increased 25% year-over-year. Gross margins continued to improve, increasing to 41.4% in the fourth quarter of 2002 compared to 39.9% in the same period in 2001. During the quarter, the Company took a special 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. of $1.3 million to write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. investments in two unaffiliated 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. companies. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, the net loss for the fourth quarter 2002 was $(0.4) 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 $(5.4) million or $(0.13) per diluted share for the fourth quarter 2001. Net income before special charges for the fourth quarter 2002, which excludes the non-cash write-down of investments, was $0.9 million or $0.02 per diluted share. This compares to net income before special charges of $0.2 million or $0.00 per diluted share for the fourth quarter 2001, excluding one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. non-cash charges for preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. 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 and beneficial conversion of $5.6 million. Cash and cash equivalents totaled $52.7 million as of December 31, 2002. During the fourth quarter 2002, the Company generated cash from operations of $4.7 million and free cash flow of $2.9 million. YEAR ENDED DECEMBER 31, 2002 Net sales for the year ended December 31, 2002 increased 26% to $104.3 million, compared to $82.6 million for the year 2001. Excluding favorable currency effects, 2002 net sales increased 22% compared to the prior year. The MAC Science acquisition contributed $4.7 million of net sales in 2002. The net sales increase was driven by strong demand for the Company's systems, particularly in materials research and industrial process control. Gross margins improved for the year as well, increasing to 39.5% in 2002 from 38.2% in 2001. On a GAAP basis, the net loss was $(0.9) million or $(0.02) per diluted share for 2002, compared to a net loss of $(7.4) million or $(0.19) per diluted share for 2001. Net income before special charges was $2.1 million or $0.04 per diluted share for 2002, compared to net income of $0.7 million or $0.02 per diluted share for 2001. The use of "net income before special charges" and "earnings per share before special charges" in this press release refers to amounts calculated by removing certain expenses including the write-down of investments, write-down of goodwill, and 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). costs in 2002, and in-process research and development expense, preferred stock accretion, and beneficial conversion charges for 2001. In addition, the Company computed free cash flow as cash from operations less purchases of property and equipment. These measures are not 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, or an alternative for, generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and may be different from non-GAAP measures used by other companies. Except as expressly noted in this press release, all numbers are presented in accordance with U.S. GAAP. FINANCIAL OUTLOOK FOR 2003 The Company expects to achieve continued organic revenue growth of greater than 15% on a constant currency basis in 2003. Earnings per share for the full year 2003 is expected to be in the range of $0.07 to $0.09 per diluted share. ANALYSIS AND COMMENT Dr. Martin Haase Haase may refer to:
apex of lung the rounded upper extremity of either lung. lines for life science applications, the new D8 DISCOVER series with a 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. screening system for combinatorial analysis, and the 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. table-top spectrometer spectrometer Device for detecting and analyzing wavelengths of electromagnetic radiation, commonly used for molecular spectroscopy; more broadly, any of various instruments in which an emission (as of electromagnetic radiation or particles) is spread out according to some for QA/QC QA/QC Quality Assurance/Quality Control applications. Our continued strong investment in core technologies and new product development has generated a full pipeline of new products that will be launched in 2003. Finally, we are particularly pleased with our acquisition of MAC Science, which is now opening the opportunity for our products in the Japanese market." Laura Francis, Chief Financial Officer, added: "We are encouraged by our operating and financial performance in 2002. In our first year as a public company, we met or exceeded expectations in every quarter. The Company exhibited strong revenue growth this year, despite weakness in the overall market. The Company doubled earnings per share before special charges between 2001 and 2002. And, the Company generated significant cash from operations and free cash flow in the fourth quarter of 2002. After a period of investment, the Company is beginning to reap benefits from those investments. We believe our performance in 2002 shows that we are positioned for sustainable, profitable growth in 2003 and beyond." EARNINGS CALL On Thursday, February 27, 2003, the Company will host a live streaming-audio webcast of its earnings call at 2:00 p.m. Eastern time. To listen to the webcast, investors should go to www.bruker-axs.com, select Investor Relations Investor relations The process by which the corporation communicates with its investors. , and then click on the Webcast registration button. 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 1-706-645-9291 outside the U.S., with the conference ID access code of 8326576. The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investors center at www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com). About Bruker AXS Bruker AXS is a leading worldwide developer and provider of life science 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 tools based on X-ray technology. For more information about Bruker AXS, please visit www.bruker-axs.com. 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 Any statements contained in this press release that do not describe historical facts may constitute 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. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Any forward-looking statements contained herein, including the Financial Outlook for 2003, are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc product development, manufacturing, market acceptance, cost and pricing of Bruker AXS' products, dependence on collaborative partners, suppliers, 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 other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risk factors discussed from time to time in Bruker AXS' reports or filings with the Securities and Exchange Commission. Bruker AXS expressly disclaims any obligations to update the information contained herein.
Bruker AXS Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------ ------------------
2002 2001 2002 2001
-------- -------- -------- --------
Net sales $ 29,604 $ 22,342 $104,290 $ 82,588
Cost of sales 17,355 13,417 63,114 51,063
-------- -------- -------- --------
Gross profit 12,249 8,925 41,176 31,525
-------- -------- -------- --------
Operating expenses:
Research and development 2,448 2,304 9,903 7,744
In-process research and
development - - - 3,590
General and administrative 2,630 1,577 8,265 5,298
Marketing and selling 6,170 4,388 21,340 16,792
Restructuring charge - - 1,767 -
-------- -------- -------- --------
Total operating expenses 11,248 8,269 41,275 33,424
-------- -------- -------- --------
Operating income (loss) 1,001 656 (99) (1,899)
Other (income) expense:
Interest income (198) (122) (785) (504)
Interest expense -
third party 168 108 477 378
Interest expense -
related party - 65 2 259
Other (income) expense (460) 396 (1,614) 314
Write-down of investments in
other companies 1,300 - 1,300 -
-------- -------- -------- --------
Income (loss) before income
taxes, minority interest in
subsidiary and cumulative
effect of change in
accounting principle 191 209 521 (2,346)
Income tax expense (benefit) 603 53 718 (969)
-------- -------- -------- --------
(Loss) income before minority
interest in subsidiary and
cumulative effect of change in
accounting principle (412) 156 (197) (1,377)
Minority interest in subsidiary 6 - 59 -
-------- -------- -------- --------
(Loss) income before cumulative
effect of change in
accounting principle (418) 156 (256) (1,377)
Cumulative effect of change in
accounting principle, net
of taxes - - (617) -
-------- -------- -------- --------
Net (loss) income (418) 156 (873) (1,377)
Convertible preferred stock
accretion - 360 - 833
Beneficial conversion feature - 5,192 - 5,192
-------- -------- -------- --------
Net loss available to common
shareholders $ (418) $ (5,396) $ (873) $ (7,402)
========= ========= ========= =========
Basic and diluted earnings (loss) per share:
(Loss) income before cumulative
effect of change in accounting
principle, net of taxes $ (0.01) $ (0.13) $ (0.01) $ (0.19)
Cumulative effect of change
in accounting principle,
net of taxes - - (0.01) -
-------- -------- -------- --------
Net loss available to common
shareholders $ (0.01) $ (0.13) $ (0.02) $ (0.19)
========= ========= ========= =========
Weighted average shares
outstanding - basic 55,773 42,109 56,028 39,613
Weighted average shares
outstanding - diluted 55,887 42,109 56,216 39,613
Bruker AXS Inc.
RECONCILIATION FROM GAAP NET LOSS TO NET INCOME BEFORE SPECIAL CHARGES
(in thousands, except per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
------------------ -------------------
2002 2001 2002 2001
-------- -------- -------- --------
GAAP net loss $ (418) $ (5,396) $ (873) $ (7,402)
Adjustments, net of tax:
In-process research and
development 2,118
Restructuring charge 1,071
Write-down of investments in
other companies 1,300 1,300
Cumulative effect
(write-down of goodwill) 617
Convertible preferred stock
accretion 360 833
Beneficial conversion feature 5,192 5,192
-------- -------- -------- --------
Net income before special
charges $ 882 $ 156 $ 2,115 $ 741
======== ======== ======== ========
Earnings per share before
special charges $ 0.02 $ 0.00 $ 0.04 $ 0.02
======== ======== ======== ========
Weighted average shares
outstanding - diluted 55,887 42,109 56,216 39,613
Net income before special charges presented above is used by the
Company to measure performance against prior periods and is not in
accordance with generally accepted accounting principles. The above
reconciliation identifies those activities and transactions excluded
by management. The Company believes these activities or transactions
may not be indicative of understanding the performance of the business
or its future results.
Bruker AXS Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(Unaudited)
December 31,
2002 2001
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 52,651 $ 48,787
Accounts receivable, net 20,803 17,207
Inventories 34,130 26,769
Prepaid expenses 1,028 809
Other current assets 876 952
Deferred income taxes 1,601 886
-------- --------
Total current assets 111,089 95,410
Property and equipment, net 20,706 8,151
Restricted cash 128 108
Goodwill, net 3,093 3,099
Intangible assets-trademarks and tradenames, net 250 250
Investments in other companies 700 2,000
Other assets 756 1,054
Deferred income taxes 2,329 2,018
-------- --------
Total assets $139,051 $112,090
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 1,813 $ 242
Current portion of long-term debt 726 -
Related party debt - current - 229
Accounts payable 11,073 7,416
Other current liabilities 24,587 20,901
-------- --------
Total current liabilities 38,199 28,788
Other long-term liabilities 517 95
Long-term debt 9,834 2,200
Accrued pension 4,858 3,437
Minority interest in consolidated subsidiary 80 -
Shareholders' equity:
Preferred stock, $.01 par value, 5,000,000
authorized, none issued and outstanding at
December 31, 2002 and 2001 - -
Common stock, $.01 par value, 100,000,000
shares authorized, 56,180,338 and 54,830,338
shares issued at December 31, 2002 and 2001,
respectively 562 548
Additional paid-in capital 87,169 79,135
Accumulated deficit (2,448) (1,575)
Treasury stock, at cost, 457,700 shares and
0 shares at December 31, 2002 and 2001,
respectively (1,096) 0
Accumulated other comprehensive income (loss) 1,376 (538)
--------- ---------
Total shareholders' equity 85,563 77,570
--------- ---------
Total liabilities and shareholders' equity $139,051 $112,090
========= =========
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