Bruker Daltonics Reports Product Revenue Growth in Second Quarter 2000.Business/Technology Editors BILLERICA, Mass.--(BUSINESS WIRE)--Aug. 11, 2000 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 results for its second quarter 2000 and the six months ended June 30, 2000. For the three months ended June 30, 2000, Bruker Daltonics reported product revenues of $17.1 million compared to $14.1 million for the comparable period in 1999, including unfavorable currency effects. Second quarter product revenue growth before currency effects would have been 34% over the prior year. When compared to adjusted revenue of $10.1 million for the second quarter 1999, which does not include a one-time substance detection production contract for the U.S. Department of Defense (DoD), the product revenue growth for the second quarter 2000 was 69%, including currency effects. Operating EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). , including grant revenue, for the second quarter 2000 was at $0.45 million compared to $0.47 million for the comparable period in 1999. Operating EBIT, not including grant revenue, for the second quarter 2000 was at breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations compared to negative operating EBIT of $1.2 million for the comparable period in 1999. Net 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 , after provision for taxes, for the quarter was $0.12 million as compared to $0.14 million for the comparable period in 1999. The increase in revenues is principally due to the strong demand for our life science products with new and existing customers. Life science product revenue and substance detection product revenue as a percentage of product revenues were 70.2% and 29.8%, respectively for the three months ended June 30, 2000, as compared to 25.7% and 74.3% in the comparable period in 1999, respectively. For the six months ended June 30, 2000, Bruker Daltonics reported product revenues of $31.1 million compared to $24.9 million for the comparable period in 1999, including unfavorable currency effects. Six months product revenue growth before currency effects would have been 34% over the prior year. When compared to adjusted revenue of $20.2 million for the first six months of 1999, which does not include the same one-time substance detection production contract for the DoD, the product revenue growth for the first six months was 54%, including currency effects. Operating EBIT, including grant revenue, for the first six months of 2000 was at $0.90 million compared to $0.37 million for the comparable period in 1999. Operating EBIT, not including grant revenue, for the first six months of 2000 was a negative EBIT of $0.12 million compared to a negative EBIT of $2.3 million for the comparable period in 1999. Net income from continuing operations, after provision for taxes, for the six months ended June 30, 2000 was $0.26 million as compared to $0.03 million for the comparable period in 1999. Frank H. Laukien, Ph.D., President and Chief Executive Officer, said: "As anticipated, our product revenue in the second quarter 2000, as well as for the first six months of this year, continued to grow strongly. We are particularly pleased with the rapid growth of our life science systems product revenue. Despite our already considerable and growing investment in research and development of new products and applications, and our growing marketing and sales expenses in conjunction with our continuing investment in worldwide distribution, we are pleased to report that we again were profitable in each of the first two quarters of 2000. Moreover, our life science new order bookings growth in both quarters was robust." NOTE: At this time, Bruker Daltonics is still in the 25 day post-IPO quiet period imposed by the U.S. Securities and Exchange Commission. Accordingly, for the second quarter 2000 Bruker Daltonics will not be hosting a conference call in conjunction with its earnings release. Bruker Daltonics is a leading developer and provider of innovative life science tools based on 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. . Its substantial investment in research and development allows it to design, manufacture and market a broad array of products intended to meet the rapidly growing needs of a diverse customer base, including pharmaceutical companies, biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. , agricultural biotechnology companies, molecular diagnostics companies, academic institutions and government agencies. Bruker Daltonics has diverse technology platforms which integrate automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. sample preparation and clean-up, advanced front-end AnchorChip MALDI MALDI Matrix-Assisted Laser Desorption/Ionization targets and API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. source technology with cutting-edge proprietary MALDI-TOF MALDI-TOF Matrix Assisted Laser Desorption Ionization - Time of Flight , ESI-TOF, 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 and FTMS See Fusion FTMS. mass analyzers, as well as analysis and bioinformatics Using computers in biological research to analyze or predict the composition of molecules (nucleic acids, proteins, etc.) and model biologic systems. Bioinformatics is most prominent in the Human Genome Project, which has recorded the three billion chemical base pairs that make up the software. Bruker Daltonics is also a worldwide leader in supplying mass spectrometry-based systems for substance detection and pathogen Pathogen Any agent capable of causing disease. The term pathogen is usually restricted to living agents, which include viruses, rickettsia, bacteria, fungi, yeasts, protozoa, helminths, and certain insect larval stages. identification in security and defense applications. All statements in this press release that are not historical are forward- looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding Bruker Daltonics' "expectations," "beliefs," "hopes," "intentions," "strategies" or the like. 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. are subject to risks and uncertainties that could cause actual results to differ materially for Bruker Daltonics from those projected, including, but 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 or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Bruker Daltonics' expectations with regard thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or any change in events, conditions, or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statements are based.
Bruker Daltonics Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
(Unaudited) (Unaudited)
Product revenues $17,069 $14,062 $31,104 $24,941
Other revenues 454 1,625 1,018 2,644
Net revenues 17,523 15,687 32,122 27,585
Costs and operating expenses
Cost of product revenue 7,756 7,538 14,330 13,035
Sales and marketing 3,175 2,510 5,739 4,766
General and administrative 1,128 1,154 2,236 1,772
Research and development 5,016 4,020 8,616 7,108
Patent litigation costs -- -- 303 538
Total cost and
operating expenses 17,075 15,222 31,224 27,219
Operating income from
continuing operations 448 465 898 366
Other income (expenses) 87 (25) 62 115
Interest expense, net (283) (148) (386) (415)
Income from continuing
operations before provision
for income taxes 252 292 574 66
Provision for income taxes 134 155 319 35
Income from continuing
operations 118 137 255 31
Income from discontinued
operations, net of income
taxes 95 101 132 191
Net income $213 $238 $387 $222
Net income per share -
basic and diluted
Income from
continuing operations $0.01 $0.01 $0.01 $0.00
Income from discontinued
operations, net of income
taxes 0.00 0.00 0.00 0.01
Net income $0.01 $0.01 $0.01 $0.01
Shares used in computing
net income per share -
basic and diluted 45,500 45,500 45,500 45,500
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands)
June 30, Dec. 31,
2000 1999
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,272 $ 2,443
Accounts receivable, net 9,645 12,204
Inventories 32,166 25,442
Other assets 3,826 1,431
Total current assets 47,909 41,520
Property, plant and equipment, net 23,130 25,351
Intangible and other assets 333 438
Total assets $71,372 $67,309
Liabilities and stockholders' equity
Current liabilities:
Short-term bank borrowings $ 4,833 $ 2,496
Accounts payable and accrued expenses 11,594 13,704
Other liabilities 20,098 13,240
Total current liabilities 36,525 29,440
Long-term debt 12,169 12,844
Other long term liabilities 12,807 14,967
Total stockholders' equity 9,871 10,058
Total liabilities and stockholders' equity $71,372 $67,309
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