Bruker BioSciences Reports Revenue Growth of 10% to $75 Million, Operating Income of $2.5 Million and Net Income of $0.4 Million for the First Quarter 2005.BILLERICA, Mass. -- Bruker BioSciences Corporation Bruker Biosciences Corporation is a Massachusetts-based company formed in 2003 which develops and manufactures scientific instrumentation for academic research and industrial use. (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 : BRKR BRKR Breaker ) today reported first quarter 2005 revenue of $74.9 million, a 9.9% increase from revenue of $68.2 million in the first quarter of 2004. Revenue during the first quarter of 2005 included favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. foreign currency effects Foreign Currency Effects The extent to which the changes in a foreign currency affects the return on a foreign investment. Notes: Foreign investments are complicated by the currency fluctuation and conversion between countries. of approximately 3.6%, compared to the first quarter in 2004. First quarter 2005 operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $2.5 million, compared to operating income of $1.4 million in the first quarter of 2004. Net income in the first quarter of 2005 was $0.4 million, or $0.00 per diluted share, compared to net income of $0.5 million, or $0.01 per diluted share, in the first quarter of 2004. Commenting on the quarter, Frank Laukien, 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. said: "We are pleased to report another quarter of solid top-line growth and sequential improvements in our bottom-line performance. Continued improvements in our profitability remain our top priority. Revenue growth at both of our operating businesses was robust and reflects our strong product portfolio. Moreover, market reaction to many of our new products recently introduced at Pittcon in March 2005 has been very favorable. Although we have recently seen a modest slow-down in certain markets we serve, we believe that we can continue our above industry-average top-line organic growth momentum throughout 2005 due to our competitive offerings and healthy backlog." William Knight William Knight may refer to:
Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of approximately $5 million during the first quarter of 2005. I am also encouraged that in the first quarter of 2005 our gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improved by 1.7% year-over-year. We anticipate that our above average growth, continued gross margin improvements and disciplined expense control, as well as gradual reductions in our interest expense and effective tax rate, will bring us to industry-standard profitability over the next several years." Mr. Knight continued: "As we are in a capital equipment business and typically sell 'big ticket' items, we occasionally experience fluctuations in our quarterly results, but we remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we will achieve our management targets for revenue growth and profitability for the full year 2005." OPERATING BUSINESSES Set forth below is selected financial information for Bruker BioSciences' two operating businesses: Bruker Daltonics Bruker Daltonics is a global scientific instrument manufacturer. The company is a part of Bruker Biosciences Corporation (Nasdaq:BRKR) and specializes in mass spectrometry. The Bruker Daltonics headquarters are in Billerica, MA - USA and Bremen, Germany. (life-science mass spectrometry mass spectrometry or mass spectroscopy Analytic technique by which chemical substances are identified by sorting gaseous ions by mass using electric and magnetic fields. and NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. detection business) and 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. (x-ray analysis business): BRUKER DALTONICS In the first quarter of 2005, revenue for the Bruker Daltonics business increased 10% to $42.6 million, from $38.8 million in the first quarter of 2004. Bruker Daltonics' revenue was derived 70% from life-science mass spectrometry systems, 10% from substance detection systems, and 20% from after-market sales. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was $4.3 million for the first quarter of 2005, compared to $3.2 million for the first quarter of 2004. BRUKER AXS In the first quarter of 2005, revenue for the Bruker AXS business increased 11% to $32.5 million, from $29.3 million in the first quarter of 2004. Bruker AXS' revenue was derived 74% from x-ray systems sales and 26% from after-market sales. EBITDA was $2.1 million in the first quarter of 2005, compared to $0.9 million in the first quarter of 2004. USE OF NON-GAAP FINANCIAL MEASURES In addition to the financial measures prepared in accordance with 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 (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), we use the non-GAAP measure of EBITDA. EBITDA is defined as US GAAP operating income (loss) excluding depreciation and amortization expense. We believe that the inclusion of this non-GAAP measure helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods or forecasts. However, the non-GAAP financial measure included in this press release is not meant to be a better presentation or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measures are set forth in the accompanying tables. EARNINGS CONFERENCE CALL Bruker BioSciences will host an operator-assisted earnings conference call at 5 p.m. Eastern Time on Thursday, May 5, 2005. To listen to the webcast, investors can go to www.bruker-biosciences.com and click on the live web broadcast symbol. The webcast will be available through the Company web site for 30 days. Investors can also listen and participate on the telephone in the US and Canada by calling 888-339-2688, or 617-847-3007 outside the US and Canada. Investors should refer to the Bruker BioSciences Quarterly Earnings Call. A telephone replay of the conference call will be available one hour after the conference call by dialing 888-286-8010 in the US and Canada, or 617-801-6888 outside the US and Canada, and then entering replay pass code 31669862. ABOUT BRUKER BIOSCIENCES Bruker BioSciences Corporation, headquartered in Billerica, Massachusetts Billerica (IPA: [bɪl.'ɹɪ.kə]) is a town in Middlesex County, Massachusetts, United States. The population was 38,981 at the 2000 census. Its name is pronounced "bill-RICK-a", rather than rhyming with America. , is the publicly traded parent company of Bruker Daltonics Inc. and Bruker AXS Inc. Bruker AXS is a leading 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. Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry. Bruker Daltonics also offers a broad line of nuclear, biological and chemical (NBC) detection products for defense and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States . For more information, please visit www.bruker-biosciences.com CAUTIONARY 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 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 the Company's reorganization strategies, integration risks, failure of conditions, technological approaches, product development, market acceptance, cost and pricing of the Company's products, exposure to currency fluctuations, changes in governmental regulations, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. and government funding policies, 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. . These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our respective annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004, our most recent quarterly reports on Form 10-Q Form 10-Q See 10-Q. , and our current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any intent or obligation to update these forward-looking statements. 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, operating business information, and balance sheets follow for Bruker BioSciences Corporation.
Bruker BioSciences Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
-----------------------------
2005 2004
-------------- -------------
Product sales $66,824 $59,037
Service sales 7,755 8,865
Other sales 332 252
-------------- -------------
Total sales 74,911 68,154
Cost of product sales 38,265 34,783
Cost of service sales 5,267 6,052
-------------- -------------
Total cost of sales 43,532 40,835
-------------- -------------
Gross Profit Margin 31,379 27,319
Operating Expenses:
Sales and marketing 12,152 11,828
General and administrative 5,668 4,143
Research and development 11,020 9,940
-------------- -------------
Total Operating Expenses 28,840 25,911
-------------- -------------
Operating income 2,539 1,408
Interest and other income (expense),
net (130) 99
-------------- -------------
Income before income tax provision and
minority interest in consolidated
subsidiaries 2,409 1,507
Provision for income taxes 1,925 1,020
-------------- -------------
Income before minority interest 484 487
Minority interest in consolidated
subsidiaries 67 11
-------------- -------------
Net income $417 $476
============== =============
Net income per share:
Basic $0.00 $0.01
============== =============
Diluted $0.00 $0.01
============== =============
Weighted average shares outstanding:
Basic 89,471 86,463
============== =============
Diluted 89,581 86,793
============== =============
Bruker BioSciences Corporation
BRUKER DALTONICS SELECTED OPERATING BUSINESS INFORMATION
(in thousands)
Three Months Ended March 31,
----------------------------------
2005 2004
---------------- -----------------
Sales $42,644 $38,827
================ =================
Operating income $2,975 $1,778
Depreciation and amortization 1,347 1,386
---------------- -----------------
EBITDA $4,322 $3,164
================ =================
Bruker BioSciences Corporation
BRUKER AXS SELECTED OPERATING BUSINESS INFORMATION
(in thousands)
Three Months Ended March 31,
----------------------------------
2005 2004
---------------- -----------------
Sales $32,514 $29,327
================ =================
Operating income (loss) $822 $(170)
Depreciation and amortization 1,301 1,022
---------------- -----------------
EBITDA $2,123 $852
================ =================
Bruker BioSciences Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2005 2004
--------------- --------------
(unaudited)
ASSETS
Current assets:
Cash and short-term investments $84,822 $77,691
Accounts receivable, net 57,091 57,792
Due from affiliated companies 9,973 9,530
Inventories 103,444 107,748
Other current assets 16,936 18,530
--------------- --------------
Total current assets 272,266 271,291
Property and equipment, net 80,033 84,990
Intangible and other assets 15,149 15,266
--------------- --------------
Total assets $367,448 $371,547
=============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
liabilities:
Short-term borrowings $15,740 $12,205
Accounts payable 16,585 22,652
Due to affiliated companies 6,757 3,026
Other current liabilities 72,622 73,277
--------------- --------------
Total current liabilities 111,704 111,160
Long-term debt 26,263 27,763
Other long-term liabilities 16,774 15,156
Minority interest in subsidiaries 260 193
Total shareholders' equity 212,447 217,275
--------------- --------------
Total liabilities and
shareholders' equity $367,448 $371,547
=============== ==============
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