Bruker Daltonics.

Broker Daltonics announced first quarter revenue of $34.1 million, marking a 32.2% increase and an 18.8% jump excluding currency benefits. Operating income rose 5.3% to $1.4 million before costs related to the Bruker AXS merger (see IBO 4/15/03). Including a merger-related charge of $1.9 million, the company posted a loss of $0.5 million.

Bruker Daltonics generates approximately 55% of its revenue in Europe and approximately 70% of company costs are in Europe. Currency effects added about $4 million to top-line growth this quarter.

Life Science Systems accounted for 76% of total revenue, Substance Detection Systems accounted for 6% and Aftermarket revenue represented 18% of total company sales. New order bookings grew 19%.

The company noted that during the quarter it received a good number of orders from US pharmaceutical and biotech companies and reported reasonably strong sales in Asia as well. It reported strong sales across all Life Science mass spectrometry product lines, particularly for TOF-MS. The Detection business also showed steady growth, but will grow slower than last year.

Year-end estimates for earnings per share remain around$0.00-$0.14 per share before merger-related charges, and Bruker vows to make any additional cost-cutting measures to meet those estimates. The company also plans to be cash flow positive by year end. The merger with Bruker AXS is expected to be complete in July, with more merger-related charges expected in the second and third quarters.

First Quarter Ended March 31, 2003

             20O3   2002     %
($USD M)      1Q     1Q     Chg.

Rev.         34.1   25.8   32.1%
Op. Profit    1.4    1.3    5.3%