Bruker Daltonics Reports Continued Strong Revenue and EPS Growth at End of Third Quarter; Company on Track for 25% Revenue and 50% EPS Growth in 2001.Business Editors and Health/Medical Writer BIOWIRE2K BILLERICA Billerica (bĭlrĭ`kə), town (1990 pop. 37,609), Middlesex co., NE Mass., on the Concord River; settled 1637, inc. 1655. An important high-tech center, its manufactures include computer hardware and software, precision instruments, and , Mass.--(BW HealthWire)--Nov. 5, 2001 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. 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 : BDAL BDAL Battle Doll Angelic Layer (game) ) today reported financial results for its third quarter 2001 and the nine months ended September September: see month. 30, 2001. THIRD QUARTER 2001 For the three months ended September 30, 2001, Bruker Daltonics reported product revenue of $23.6 million, compared to adjusted product revenue of $20.2 million for the third quarter 2000, which excludes $2.0 million of non-recurring ion trap ion trap n. A device, such as a magnet, used to prevent ions in an electron beam from striking other apparatus. ion trap 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. sales in Germany. Adjusted product revenue growth for the third quarter was 19.4% before unfavorable currency effects, or 16.8% after currency effects. Compared to the third quarter 2000, 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. increased $1.0 million, or 9.2%, to $11.6 million. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was $0.9 million, or $0.02 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 with $0.6 million, or $0.01 per diluted share, for the third quarter 2000. NINE MONTHS ENDED SEPTEMBER 30, 2001 For the nine months ended September 30, 2001, Bruker Daltonics reported product revenue of $67.6 million, compared to adjusted product revenue of $51.3 million for the comparable period in 2000. Adjusted product revenue growth for the first nine months was 37.9% before currency effects, or 31.9% after currency effects. Compared to the first nine months of 2000, operating expenses increased $6.2 million, or 22.5% to $33.7 million. As a percentage of product revenue, operating expenses for the nine months ended September 30, 2001 were 49.8% as compared to 51.6% for the comparable period in 2000. Income from continuing operations for the first nine months of 2001 was $2.7 million, or $0.05 per diluted share, compared with $0.8 million, or $0.02 per diluted share, for the comparable period in 2000. Life science systems revenue, substance detection systems revenue and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. revenue as a percentage of product revenue were 75%, 7% and 18%, respectively, for the nine months ended September 30, 2001, as compared to 62%, 28% and 10%, respectively, in 2000. COMMENT AND OUTLOOK "Our financial performance in the third quarter has been robust, and we have again met the consensus expectations, despite the disruptions after September 11," commented John Hulburt, Chief Financial Officer. "We continue to expect top-line revenue growth of 25%, 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. growth of 50% for the full year 2001." 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 have met all of our targets even under the challenging conditions of the third quarter. Our new order bookings for life-science systems in the first nine months of 2001 have increased more than 25% compared to the comparable period in 2000, giving us additional visibility for the remainder of the year, and into 2002." "Moreover, we believe there is potential upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside to our guidance due to the excellent customer feedback which we have received so far on our new UltraFlex TOF/TOF, as well as additional government budgets that we expect for our chemical and biological agent detection equipment. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that in 2002 Bruker Daltonics will continue to grow its revenue rapidly, with further accelerating profitability." EARNINGS CALL The Company will host a live streaming-audio webcast of its third quarter 2001 financial results conference call at 11:00 a.m. Eastern Time on Monday, November 5, 2001. To listen to the webcast, investors should go to www.bdal.com, select Investor Relations Investor relations The process by which the corporation communicates with its investors. , and then click on the live web broadcast. The webcast will remain on the Company web site for 30 days. Investors can also listen by telephone by calling 1-888-280-4063 in the U.S., or 706-679-3484 outside the U.S., and should refer to the conference call led by Bruker Daltonics President and CEO, Frank Laukien. A toll-free replay will be available by dialing 1-800-642-1687 in the U.S., or 706-645-9291 outside the U.S. with the access code 2245007. ABOUT BRUKER DALTONICS Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry. For more information about Bruker Daltonics, please visit www.bdal.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 technological approaches, product development, manufacturing, market acceptance, cost and pricing of Bruker Daltonics' 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 Daltonics' reports or filings with the Securities and Exchange Commission. Bruker Daltonics expressly disclaims any obligation to update the information contained herein.
Bruker Daltonics Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Product revenues $23,556 $22,169 $67,605 $53,273
Other revenues 233 521 403 1,539
Net revenues 23,789 22,690 68,008 54,812
Costs and operating expenses:
Cost of product revenue 11,249 11,524 32,132 25,854
Selling, general and
administrative 7,083 4,654 19,890 12,629
Research and development 4,841 5,935 14,128 14,551
Provision for loss
on contract 1,513 -- 1,513 --
Patent litigation
costs (credit) (1,869) -- (1,869) 303
Total costs and
operating expenses 22,817 22,113 65,794 53,337
Operating income
from continuing operations 972 577 2,214 1,475
Interest and other
income, net 522 613 2,264 289
Income from continuing
operations before provision
for income taxes 1,494 1,190 4,478 1,764
Provision for income taxes 569 609 1,775 928
Income from
continuing operations 925 581 2,703 836
Income from discontinued
operations, net of
income taxes -- 52 -- 184
Net income $ 925 $ 633 $ 2,703 $ 1,020
Net income per share - basic
and diluted
Income from
continuing operations $ 0.02 $ 0.01 $ 0.05 $ 0.02
Income from discontinued
operations, net of
income taxes 0.00 0.00 0.00 0.00
Net income $ 0.02 $ 0.01 $ 0.05 $ 0.02
Shares used in computing net
income per share - basic 51,261 54,809 47,434 54,842
Shares used in computing net
income per share - diluted 55,161 51,889 55,158 48,062
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands)
September 30, December 31,
2001 2000
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 8,262 $ 21,735
Short-term investments 69,719 72,894
Accounts receivable, net 15,232 12,332
Inventories 46,670 36,780
Other assets 4,527 3,680
Total current assets 144,410 147,421
Property, plant and equipment, net 31,232 25,528
Intangible and other assets 12,182 11,605
Total assets $187,824 $184,554
Liabilities and stockholders' equity
Current liabilities:
Short-term bank borrowings $ 4,762 $ --
Accounts payable and accrued expenses 15,475 13,138
Other liabilities 17,708 23,229
Total current liabilities 37,945 36,367
Long-term debt 11,627 12,037
Other long term liabilities 11,542 11,978
Total stockholders' equity 126,710 124,172
Total liabilities and stockholders' equity $187,824 $184,554
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