Celera Reports Fiscal Third Quarter 2002 Results.Business Editors & Health/Medical Writers BIOWIRE2K ROCKVILLE Rockville, city (1990 pop. 44,835), seat of Montgomery co., W central Md., a NW suburb of Washington, D.C.; settled c.1760s, inc. as a city 1860. It has several scientific research and technology laboratories that focus on the aerospace, electronics, nuclear energy, , Md.--(BW HealthWire)--April 25, 2002 Celera Genomics ge·no·mics n. The study of all of the nucleotide sequences, including structural genes, regulatory sequences, and noncoding DNA segments, in the chromosomes of an organism. Group (NYSE NYSE See: New York Stock Exchange : CRA See Community Reinvestment Act. ), an Applera Applera Corporation of Norwalk, Connecticut, at #874 on the 2007 Fortune 1000 list, is one of the largest international biotechnology companies based in the United States. It is the successor company to what was the Life Sciences Division of Perkin-Elmer Corporation. Corporation business, today reported results for its third quarter of fiscal 2002 ended March 31, 2002. All per share amounts refer to per share of Applera Corporation-Celera Genomics Group Common Stock. For the quarter ended March 31, 2002, Celera reported revenues of $30.5 million, up from $23.4 million for the same quarter in fiscal 2001. The increase in revenues was primarily due to new subscription agreements with commercial and academic customers signed over the past 12 months. Online/Information business revenues for this period were $18.5 million, compared to $12.4 million in the year earlier period. The balance of Celera's revenues was mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to contract services such as sequencing grants and genotyping Genotyping refers to the process of determining the genotype of an individual with a biological assay. Current methods of doing this include PCR, DNA sequencing, and hybridization to DNA microarrays or beads. , and to Paracel. Included in the quarter's results are $25.9 million of non-recurring special charges related to the Paracel business. These charges are comprised of $23.0 million related primarily to the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of all remaining goodwill and other intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. , and an accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for excess lease space included in other special charges, and a $2.9 million write down of inventory included in cost of sales. The Group's net loss before non-recurring charges was $28.5 million, or $0.42 per share, compared with $29.1 million, or $0.48 per share, for the same quarter in fiscal 2001. The lower net loss was attributable primarily to continued growth in subscription revenues and lower R&D expenditures and amortization of goodwill. Higher development expenses within the Celera Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler joint venture with Applied Biosystems Applied Biosystems, Inc. (formerly NASDAQ: ABIO) is the original name of a pioneer biotechnology company founded in 1981 in Foster City, California, among the Silicon Valley cities of the southern San Francisco Bay Area. and lower interest income partially offset these factors. The reported net loss for the quarter was $49.5 million, or $0.72 per share, including the special charges. At the end of March 2002, the Group had cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $909 million. For the nine months ended March 31, 2002, Celera Genomics reported a net loss before special charges of $63.0 million, or $0.97 per share, compared to a net loss of $84.5 million, or $1.40 per share, for the comparable period in fiscal 2001. The special charges during this period included a $99.0 million non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. related to the acquired in-process R&D associated with the Axys acquisition, and the Paracel-related charges described above. Including the special charges, the reported net loss for this period was $183.0 million, or $2.82 per share. Total revenues for this period were $92.8 million, compared to $62.0 million for the same period last year. Online/Information business revenues were $52.8 million, compared to $34.3 million for the same period in fiscal 2001. Tony L. White, Applera's Chief Executive Officer, said, "When I took on the role of interim President of Celera Genomics three months ago, my goal was to speed the transformation of Celera into a drug discovery and development business with sustainable competitive advantage, and to build a management structure to accomplish this. I believe the recently announced appointment of Kathy Kathy is a feminine first name. It may refer to: In sports:
Recent Developments -- Fiscal 2002 Revenue: Consistent with Celera Genomics' transformation into a drug discovery business, management believes that revenues for the remainder of the fiscal year attributable to low-margin services and collaborations will be lower than previously anticipated. As a result, revenues for the fiscal fourth quarter of 2002 are expected to be between $27 and $29 million, including approximately $20 million in Online/Information business revenues. Total revenues for fiscal 2002 are expected to be between $119 and $121 million, including approximately $73 million in Online/Information business revenues. -- Fiscal 2002 Expenses: The Group expects R&D expenses to be in the range of $135 to $140 million. The outlook for SG&A expenses has been lowered to a range of $50 to $55 million. Pre-tax losses related to the Celera Diagnostics joint venture are now expected to be approximately $50 million. -- Fiscal 2002 Cash Burn: Celera Genomics' fiscal 2002 net cash use expectation has been reduced by at least $35 million since its last update, to between $110 and $120 million. The lower expected cash use is primarily due to lower R&D expenses and related capital expenditures, lower development expenses within Celera Diagnostics, and higher than anticipated cash receipts from the exercise of stock options. -- Fiscal 2003 Revenue: Revenue for CDS subscriptions and for Knowledge Business royalties for fiscal 2003 is expected to be between $75 and $80 million. Celera Genomics anticipates total revenues between $85 and $95 million, based upon its new focus on cash flow and the decision not to pursue new service business. Online/Information Business -- Fiscal 2002 Revenue: Consistent with Celera Genomics' transformation into a drug discovery business, management believes that revenues for the remainder of the fiscal year attributable to low-margin services and collaborations will be lower than previously anticipated. As a result, revenues for the fiscal fourth quarter of 2002 are expected to be between $27 and $29 million, including approximately $20 million in Online/Information business revenues. Total revenues for fiscal 2002 are expected to be between $119 and $121 million, including approximately $73 million in Online/Information business revenues. -- Fiscal 2002 Expenses: The Group expects R&D expenses to be in the range of $135 to $140 million. The outlook for SG&A expenses has been lowered to a range of $50 to $55 million. Pre-tax losses related to the Celera Diagnostics joint venture are now expected to be approximately $50 million. -- Fiscal 2002 Cash Burn: Celera Genomics' fiscal 2002 net cash use expectation has been reduced by at least $35 million since its last update, to between $110 and $120 million. The lower expected cash use is primarily due to lower R&D expenses and related capital expenditures, lower development expenses within Celera Diagnostics, and higher than anticipated cash receipts from the exercise of stock options. -- Fiscal 2003 Revenue: Revenue for CDS subscriptions and for Knowledge Business royalties for fiscal 2003 is expected to be between $75 and $80 million. Celera Genomics anticipates total revenues between $85 and $95 million, based upon its new focus on cash flow and the decision not to pursue new service business. Celera Diagnostics Joint Venture -- Fiscal 2002 Revenue: Consistent with Celera Genomics' transformation into a drug discovery business, management believes that revenues for the remainder of the fiscal year attributable to low-margin services and collaborations will be lower than previously anticipated. As a result, revenues for the fiscal fourth quarter of 2002 are expected to be between $27 and $29 million, including approximately $20 million in Online/Information business revenues. Total revenues for fiscal 2002 are expected to be between $119 and $121 million, including approximately $73 million in Online/Information business revenues. -- Fiscal 2002 Expenses: The Group expects R&D expenses to be in the range of $135 to $140 million. The outlook for SG&A expenses has been lowered to a range of $50 to $55 million. Pre-tax losses related to the Celera Diagnostics joint venture are now expected to be approximately $50 million. -- Fiscal 2002 Cash Burn: Celera Genomics' fiscal 2002 net cash use expectation has been reduced by at least $35 million since its last update, to between $110 and $120 million. The lower expected cash use is primarily due to lower R&D expenses and related capital expenditures, lower development expenses within Celera Diagnostics, and higher than anticipated cash receipts from the exercise of stock options. -- Fiscal 2003 Revenue: Revenue for CDS subscriptions and for Knowledge Business royalties for fiscal 2003 is expected to be between $75 and $80 million. Celera Genomics anticipates total revenues between $85 and $95 million, based upon its new focus on cash flow and the decision not to pursue new service business. Financial Outlook -- Fiscal 2002 Revenue: Consistent with Celera Genomics' transformation into a drug discovery business, management believes that revenues for the remainder of the fiscal year attributable to low-margin services and collaborations will be lower than previously anticipated. As a result, revenues for the fiscal fourth quarter of 2002 are expected to be between $27 and $29 million, including approximately $20 million in Online/Information business revenues. Total revenues for fiscal 2002 are expected to be between $119 and $121 million, including approximately $73 million in Online/Information business revenues. -- Fiscal 2002 Expenses: The Group expects R&D expenses to be in the range of $135 to $140 million. The outlook for SG&A expenses has been lowered to a range of $50 to $55 million. Pre-tax losses related to the Celera Diagnostics joint venture are now expected to be approximately $50 million. -- Fiscal 2002 Cash Burn: Celera Genomics' fiscal 2002 net cash use expectation has been reduced by at least $35 million since its last update, to between $110 and $120 million. The lower expected cash use is primarily due to lower R&D expenses and related capital expenditures, lower development expenses within Celera Diagnostics, and higher than anticipated cash receipts from the exercise of stock options. -- Fiscal 2003 Revenue: Revenue for CDS subscriptions and for Knowledge Business royalties for fiscal 2003 is expected to be between $75 and $80 million. Celera Genomics anticipates total revenues between $85 and $95 million, based upon its new focus on cash flow and the decision not to pursue new service business. The comments in the Financial Outlook section reflect management's current outlook. The Company does not have any current intention to update this outlook and plans to revisit re·vis·it tr.v. re·vis·it·ed, re·vis·it·ing, re·vis·its To visit again. n. A second or repeated visit. re the Group's outlook only once each quarter when financial results are announced. Celera plans to update other aspects of its fiscal 2003 financial and therapeutic programs outlook when it announces results for the fiscal fourth quarter 2002. Conference Call & Webcast A conference call with Applera Corporation and Celera Genomics executives will be held today, April 25, at 10:00 a.m. (ET) with investors and media to discuss these results and management's current financial outlook for the Company. Investors, securities analysts, and representatives of the media who would like to participate should dial (+1) 706-634-4992 (code "applera") between 9:45 a.m. and 10:00 a.m. This conference call will also be webcast. Interested parties who wish to listen to the webcast should visit either www.applera.com and go to the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the web site, or www.celera.com and go to the Investor section. A digital recording will be available two hours after the completion of the conference call from April 25 to May 5, 2002. Interested parties should call (706) 645-9291 and enter Conference ID 3609219. About Applera Corporation and Celera Genomics Applera Corporation comprises two operating groups. The Celera Genomics Group, located in Rockville, MD and South San Francisco South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , CA, is engaged principally in integrating advanced technologies to discover and develop new therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. . Celera intends to leverage its genomic genomic pertaining to a genome. genomic clone see clone. genomic DNA the DNA sequences making up the genome of an individual. genomic library see gene bank. and proteomic technology platforms to identify drug targets and diagnostic marker marker /mark·er/ (mahrk´er) something that identifies or that is used to identify. tumor marker candidates and to discover novel therapeutics. Its Celera Discovery System(TM) online platform, to be marketed exclusively through the Knowledge Business of Applied Biosystems, is an integrated source of information based on the human genome The human genome is the genome of Homo sapiens, which is composed of 24 distinct pairs of chromosomes (22 autosomal + X + Y) with a total of approximately 3 billion DNA base pairs containing an estimated 20,000–25,000 genes. and other biological and medical sources. The Applied Biosystems Group (NYSE:ABI Abi (ā`bī) [short for Abijah], in the Bible, King Hezekiah's mother. (Application Binary Interface) A specification for a specific hardware platform combined with the operating system. ) develops and markets instrument-based systems, reagents, software, and contract services to the life science industry and research community. Applied Biosystems is headquartered in Foster City, CA, and reported sales of $1.6 billion during fiscal 2001. Celera Diagnostics, a joint venture between Applied Biosystems and Celera Genomics, is focused on discovery, development, and commercialization of novel diagnostic tests. Information about Applera Corporation, including reports and other information filed by the company with the Securities and Exchange Commission, is available on the World Wide Web at www.applera.com, or by telephoning 800.762.6923. Information about Celera is available on the World Wide Web at www.celera.com. Certain statements in this press release, including the Financial Outlook section, are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . These may be identified by the use of forward-looking words or phrases such as "expect," "intend," "anticipate," "should," and "potential," among others. These 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 based on Applera Corporation's current expectations. 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 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for such forward-looking statements. In order to comply with the terms of the safe harbor, Applera Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Celera Genomics' businesses include but are not limited to (1) expected operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. ; (2) uncertainty of revenue growth; (3) unproven unproven Dubious, nonscientific, not proven, quack, questionable, unscientific adjective Relating to that which has not been validated by reproducible experiments or other scientific methods for determining effect or efficacy use of genomics information to develop or commercialize products; (4) intense competition in the industry in which Celera Genomics operates; (5) dependence on customers in, and the risks that affect, the pharmaceutical and biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. industries; (6) reliance on its strategic relationship with the Applied Biosystems Group; (7) potential product liability claims; (8) potential liabilities related to use of hazardous materials; (9) lengthy sales cycles; (10) dependence on the unique expertise of its scientific and management staff; (11) uncertainty and availability of patent, copyright, and intellectual property protection and the ability to protect trade secrets, and the risk that Celera Genomics may become the subject of infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. claims; (12) dependence on computer hardware, software, and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the applications; (13) the potential adverse effect on Celera Genomics' intellectual property protection and the value of its products and services due to public disclosure of genomics sequence data; (14) Celera Genomics' need for access to biological materials; (15) legal, ethical eth·i·cal adj. 1. Of, relating to, or dealing with ethics. 2. Being in accordance with the accepted principles of right and wrong that govern the conduct of a profession. , and social issues which could affect demand for products; (16) the possibility of disruptions which could be caused by rapid growth of the business; (17) potential for government regulation of Celera Genomics' or its customers' products and services; (18) risks associated with future acquisitions, including that they may be unsuccessful; (19) uncertainty of the outcome of existing stockholder 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. ; (20) the lengthy and uncertain development cycle for therapeutic and diagnostic products, and Celera Genomics' unproven ability to develop or commercialize such products; (21) the risk that the collaborations established by Axys will not be successful and that clinical trials will not proceed as anticipated or may not be successful; (22) Celera Diagnostics' unproven ability to discover, develop, and commercialize novel diagnostic tests and the uncertainty that Celera Diagnostics will become profitable; (23) the successful integration of CDS into the Applied Biosystems' Knowledge Business product offering and market acceptance and adoption of the product offering; and (24) other factors that might be described from time to time in Applera Corporation's filings with the Securities and Exchange Commission. Copyright(c)2002. Applera Corporation. All Rights Reserved. Applied Biosystems, Celera, Celera Diagnostics and Celera Genomics are registered trademarks of Applera Corporation or its subsidiaries in the U.S. and certain other countries.
APPLERA CORPORATION
CELERA GENOMICS GROUP
COMBINED STATEMENTS OF OPERATIONS
(Dollar amounts in millions except per share amounts)
(Unaudited)
Three months ended Nine months ended
March 31, March 31,
2002 2001 2002 2001
--------- --------- --------- ---------
Net revenues $ 30.5 $ 23.4 $ 92.8 $ 62.0
Costs and expenses
Cost of sales 15.4 12.0 45.3 28.2
Research and development 37.6 40.2 96.0 123.5
Selling, general and
administrative 13.7 15.1 40.2 42.5
Amortization of goodwill
and other intangibles 2.6 10.9 4.7 33.0
Other special charges 23.0 23.0
Acquired research and
development 99.0
--------- -------- --------- ---------
Operating loss (61.8) (54.8) (215.4) (165.2)
Interest income, net 6.6 15.2 26.0 49.7
Other expense, net (3.6) (0.2) (5.3) (0.2)
Loss from joint venture (12.3) (30.2)
--------- -------- --------- --------
Loss before income taxes (71.1) (39.8) (224.9) (115.7)
Benefit for income taxes 21.6 10.7 41.9 31.2
--------- -------- --------- ----------
Net loss $ (49.5) $ (29.1) $(183.0) $ (84.5)
========= ======== ========= ==========
Net loss per share
Basic and diluted $ (0.72) $ (0.48) $ (2.82) $ (1.40)
Effect of nonrecurring
items, net of tax,
on diluted loss per share
Inventory write-down $ 0.02 $ - $ 0.03 $ -
Goodwill and intangible
impairment
and excess lease costs $ 0.28 $ - $ 0.30 $ -
Acquired research and
development $ - $ - $ 1.52 $ -
Pro forma diluted loss
per share $ (0.42) $ (0.48) $ (0.97) $ (1.40)
Average common shares
outstanding
Basic and diluted 68,406,000 61,071,000 64,987,000 60,480,000
APPLERA CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2002
(Dollar amounts in millions except per share amounts)
(Unaudited)
Applied Celera
Biosystems Genomics Celera
Group Group Diagnostics Eliminations Consolidated
---------- -------- ----------- ------------ ------------
Net revenues $ 409.0 $ 30.5 $ 2.7 $ (7.7) $ 434.5
Cost of sales 192.6 15.4 1.9 (6.9) 203.0
------- ------ ------ ------ -------
Gross margin 216.4 15.1 0.8 (0.8) 231.5
Selling, general
and
administrative 93.0 13.7 2.0 (0.1) 108.6
Research,
development and
engineering 56.6 37.6 11.1 (1.7) 103.6
Amortization of
goodwill and
other intangibles 2.6 2.6
Other special
charges 23.0 23.0
------- ------ ------ ------ -------
Operating income
(loss) 66.8 (61.8) (12.3) 1.0 (6.3)
Loss on
investments (0.4) (0.4)
Interest income,
net 2.7 6.6 9.3
Other expense,
net (3.6) 0.1 (3.5)
Loss from joint
venture (12.3) 12.3
------- ------ ------ ------ -------
Income (loss)
before income
taxes 69.1 (71.1) (12.3) 13.4 (0.9)
Provision
(benefit) for
income taxes 20.0 (21.6) a 3.6 2.0
------- ------ ------ ------ -------
Net income
(loss) $ 49.1 $ (49.5) $ (12.3) $ 9.8 $ (2.9)
======= ======= ======= ====== =======
Net income (loss)
per share
Basic $ 0.23 $ (0.72)
Diluted $ 0.23 $ (0.72)
a -The tax benefit associated with the operating loss generated
by Celera Diagnostics is recorded by the Celera Genomics group
since the Celera Genomics group has recorded 100% of Celera
Diagnostics' losses.
APPLERA CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2001
(Dollar amounts in millions except per share amounts)
(Unaudited)
Applied Celera
Biosystems Genomics
Group Group Eliminations Consolidated
-------- -------- ------------ ------------
Net revenues $ 439.8 $ 23.4 $ (16.1) $ 447.1
Cost of sales 208.6 12.0 (9.8) 210.8
-------- -------- ------- -------
Gross margin 231.2 11.4 (6.3) 236.3
Selling, general and
administrative 104.1 15.1 0.1 119.3
Research, development
and engineering 47.5 40.2 (6.9) 80.8
Amortization of goodwill
and other intangibles 10.9 10.9
-------- -------- ------- -------
Operating income (loss) 79.6 (54.8) 0.5 25.3
Interest income, net 3.8 15.2 19.0
Other expense, net (1.0) (0.2) (1.2)
-------- -------- ------- -------
Income (loss) before
income taxes 82.4 (39.8) 0.5 43.1
Provision (benefit) for
income taxes 24.7 (10.7) 0.8 14.8
-------- -------- ------- -------
Net income (loss) $ 57.7 $ (29.1) $ (0.3) $ 28.3
======== ======== ======= =======
Net income (loss) per
share
Basic $ 0.27 $ (0.48)
Diluted $ 0.26 $ (0.48)
There is no financial information provided for Celera Diagnostics
for the periods ended March 31, 2001, since the joint venture was
established effective April 1, 2001.
APPLERA CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
For the Nine Months Ended March 31, 2002
(Dollar amounts in millions except per share amounts)
(Unaudited)
Applied Celera
Biosystems Genomics Celera
Group Group Diagnostics Eliminations Consolidated
--------- -------- ----------- ------------ ------------
Net revenues $ 1,186.7 $ 92.8 $ 6.4 $ (26.4) $ 1,259.5
Cost of sales 568.7 45.3 4.5 (22.7) 595.8
--------- -------- -------- ------- ---------
Gross margin 618.0 47.5 1.9 (3.7) 663.7
Selling,
general and
administrative 278.4 40.2 6.5 (0.1) 325.0
Research,
development and
engineering 161.6 96.0 25.6 (6.6) 276.6
Amortization
of goodwill
and other
intangibles 4.7 4.7
Other special
charges 23.0 23.0
Acquired
research and
development 2.2 99.0 101.2
--------- -------- -------- ------- ---------
Operating
income (loss) 175.8 (215.4) (30.2) 3.0 (66.8)
Loss on
investments (0.4) (0.4)
Interest income,
net 9.0 26.0 35.0
Other expense,
net (5.3) 0.1 (5.2)
Loss from joint
venture (30.2) 30.2
--------- -------- -------- ------- --------
Income (loss)
before income
taxes 184.4 (224.9) (30.2) 33.3 (37.4)
Provision
(benefit) for
income taxes 54.1 (41.9) a (2.3) 9.9
--------- -------- -------- ------- --------
Net income
(loss) $ 130.3 $ (183.0) $ (30.2) $ 35.6 $ (47.3)
========= ======== ======== ======= ========
Net income
(loss) per
share
Basic $ 0.62 $ (2.82)
Diluted $ 0.60 $ (2.82)
a -The tax benefit associated with the operating loss generated
by Celera Diagnostics is recorded by the Celera Genomics group
since the Celera Genomics group has recorded 100% of Celera
Diagnostics' losses.
APPLERA CORPORATION
CONSOLIDATING STATEMENTS OF OPERATIONS
For the Nine Months Ended March 31, 2001
(Dollar amounts in millions except per share amounts)
(Unaudited)
Applied Celera
Biosystems Genomics
Group Group Eliminations Consolidated
--------- -------- ------------ ------------
Net revenues $ 1,214.4 $ 62.0 $ (48.6) $ 1,227.8
Cost of sales 576.1 28.2 (24.5) 579.8
---------- --------- -------- ---------
Gross margin 638.3 33.8 (24.1) 648.0
Selling, general
and administrative 288.9 42.5 0.1 331.5
Research,
development and
engineering 135.6 123.5 (24.7) 234.4
Amortization of
goodwill and other
intangibles 33.0 33.0
---------- --------- -------- ---------
Operating income
(loss) 213.8 (165.2) 0.5 49.1
Gain on investments 15.0 15.0
Interest income,
net 11.8 49.7 61.5
Other expense, net (4.1) (0.2) (4.3)
---------- --------- -------- ---------
Income (loss)
before income
taxes 236.5 (115.7) 0.5 121.3
Provision (benefit)
for income taxes 71.7 (31.2) 0.6 41.1
---------- --------- -------- ---------
Net income (loss) $ 164.8 $ (84.5) $ (0.1) $ 80.2
========== ========= ======== =========
Net income (loss)
per share
Basic $ 0.78 $ (1.40)
Diluted $ 0.74 $ (1.40)
There is no financial information provided for Celera Diagnostics for
the periods ended March 31, 2001, since the joint venture was
established effective April 1, 2001.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion