CRS Robotics Continues Record Setting Pace.Business Editors & Health/Medical Writers BIOWIRE2K BURLINGTON, Ontario--(BW HealthWire)--Nov. 8, 2001 CRS Robotics CRS Robotics Corporation (now Thermo CRS Limited) was a robotics company based out of Burlington, Ontario, Canada. CRS Robotics designed, manufactured, distributed, and serviced human scale robots and laboratory automation systems. Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ROB.), a leading global manufacturer of laboratory automation technology, has announced a 68 per cent increase in sales and a 131 per cent jump in net income prior to goodwill amortization for the first nine months of 2001 compared to a year earlier. "Despite the general economic downturn, we continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. as a result of accelerated pharmaceutical research and development worldwide," said Ralph Steedman, President & 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. of CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist . Founded in 1981, CRS' robotic equipment and software solutions allow pharmaceutical and 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. to enhance productivity, cut costs, and reduce time to market. More than 90 per cent of CRS' sales are outside Canada, and its customers include some of the largest pharmaceutical, biotechnology and proteomics companies in the world. Sales for the nine months ended September 30 2001, were $21,582,000 compared to $12,829,000 in the similar year-earlier period. Net income before amortization of goodwill was $1,006,000 compared to $436,000. Earnings per share before amortization of goodwill improved to $0.10 from $0.05. For the three months ended September 30, 2001, sales were $7,687,000 compared with $4,701,000 in the similar year-earlier period. Net income before amortization of goodwill was $295,000 compared to $252,000. Earnings per share before amortization of goodwill increased to $0.03 from $0.02. Steedman said the third quarter results surpassed company expectations. The company is achieving an organic growth rate of 22 percent per year, well above the projected industry average of 15 per cent. CRS is now ramping up for the introduction of Dimension4(TM), a radically new lab automation technology that will change the face of drug discovery when it is launched early next year Gross profit for the quarter increased 58 per cent to $3,209,000 from $2,025,000. On a year-to-date basis, gross profit increased 68 per cent to $9,753,000 from $5,791,000. Margin levels, on a percentage of sales basis, slipped slightly to 41.7 per cent for the quarter due to a mix in product sales. "We expect this will rebound in the next quarter as sales return to a more normal pattern," Steedman said. Year-to-date margins are at 45.2 per cent, similar to the 45.1 per cent achieved last year. Third-quarter 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. as a percentage of sales decreased to 28.2 per cent from 28.6 per cent in Q3 2000. Sales increases for the third quarter were reached in all regions. Canadian sales increased by 65 per cent, U.S. sales rose 55 per cent, European sales climbed 67 per cent; and Asian sales also grew. Core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . CRS is headquartered in Burlington, Ontario Burlington (2006 population 164,415) is a city located in the Golden Horseshoe, across Lake Ontario and Burlington Bay harbour from Hamilton, in Halton Region, Ontario, Canada. and has subsidiaries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe. Further information can be found on the company's web site at www.crsrobotics.com. Some of the matters discussed in this news release involve risks and uncertainties, which include, but are not limited to, risks and uncertainties regarding the Company's ability to generate high growth sales rates and uncertainties related to economic conditions, markets, products, competition, intellectual property, services and prices, key employees and future capital needs that the company depends on. Additional information on these and other potential factors that could affect the Company's financial results are detailed in documents filed from time to time with the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. . The Company undertakes no responsibility to update 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. if circumstances or management's projections, beliefs or opinions change.
A summary of results are set out below (unaudited, 000's except
per share amounts):
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Three Months Nine Months
Ended September 30 Ended September 30
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% %
2001 2000 Change 2001 2000 Change
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Revenue $ 7,687 $ 4,701 63 $21,582 $ 12,829 68
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Net Income before
Goodwill Amortization $ 295 $ 252 17 $ 1,006 $ 436 131
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Earnings Per Share
before Goodwill
Amortization $ 0.03 $ 0.02 50 $ 0.10 $ 0.05 100
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Goodwill Amortization $ 279 $ 6 $ 949 $ 18
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Net Earnings $ 16 $ 246 $ 57 $ 418
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Earnings Per Share
after Goodwill
Amortization $ 0.00 $ 0.02 $ 0.01 $ 0.05
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Basic Weighted
Average Shares
Outstanding 9,789 8,445 16 9,955 8,443 18
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