Diagnostic Products Corporation Announces Record Quarterly Revenue.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Diagnostic Products Corporation (NYSE NYSESee: New York Stock Exchange :DP) today reported first quarter sales of $129.6 million, a 14% increase over the first quarter of 2005. Earnings were $18.0 million, or $.60 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, an increase of 12% from $16.1 million or $.54 reported for the first quarter of 2005. The 2006 results included $1.4 million in compensation expense related to stock options in accordance with the adoption of FAS 123(R), "Share-based Payment." The Euro weakened and the Brazilian Real The real (IPA: [xe'aw] or [ʁe'aɫ], symbol: R$, ISO 4217 code: BRL, plural: reais) is the currency of Brazil. It is also the name of the earliest Brazilian currency (see from the Colonial period to 1942. strengthened relative to the dollar, and the net effect of foreign currency movements was a 2% decrease in sales. International sales increased 12% to $90.7 million while domestic sales increased 18% to $38.9 million. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]Sales of IMMULITE products grew 15% over the first quarter of 2005. IMMULITE product line sales reached $119.1 million for the quarter, 92% of the total sales of the Company. IMMULITE reagent reagent /re·a·gent/ (re-a´jent) a substance used to produce a chemical reaction so as to detect, measure, produce, etc., other substances. re·a·gent n. sales increased 11% this quarter over the first quarter of 2005 to $101.3 million, while IMMULITE instrument and service revenue increased by 42% to $17.9 million. Sales of RIA (Rich Internet Application) A Web-based application that approaches the speed and elegance of a local application. An RIA may refer to a browser-based application that uses AJAX or another enhanced coding technique. products were $5.2 million, a 7% decline from last year's first quarter. Sales of other products were $5.3 million, up from $4.8 million in the same period last year. E[acute accent]"We were very pleased with our revenue levels, as well as the number of instruments we shipped," said Michael Ziering, 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 DPC DPC Department of Premier and Cabinet (Victoria, Australia) DPC Dutch Power Cows DPC Deferred Procedure Calls (Microsoft Windows NT 4. . The Company shipped a total of 231 IMMULITE Instruments in the first quarter including 175 IMMULITE 2000s and 2500s. The total number of IMMULITEs shipped is now over 11,000. E[acute accent]About Diagnostic Products Corporation E[acute accent]Diagnostic Products Corporation, founded in 1971, is a leader in the global in vitro diagnostics In vitro diagnostic (IVD) tests are medical tests conducted in a test tube, or more generally in a controlled environment outside a living organism. In vitro means in glass in Latin. market. DPC's product offering includes the widely accepted IMMULITE(R) series of immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. systems, more than 75 immunoassays and an expanding menu of essential specific allergens and allergy allergy, hypersensitive reaction of the body tissues of certain individuals to certain substances that, in similar amounts and circumstances, are innocuous to other persons. Allergens, or allergy-causing substances, can be airborne substances (e.g. panels that are run just like other immunoassays. DPC also designs and manufactures automated laboratory instrumentation and automation solutions that provide fast, accurate results while enabling our customers to do "more with less" in a leaner laboratory. DPC's combined chemistry and immunoassay menu is one of the largest and most diversified available, covering most laboratory tests requested. DPC sells its products to hospitals, clinics and laboratories in more than 100 countries. Additional Company information can be found on DPC's website at www.dpcweb.com. E[acute accent]Except for the historical information contained herein, this press release contains 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. that involve risks and uncertainties that could cause actual results to differ materially. These factors include governmental or other action relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's Chinese affiliate; the rate of customer demand for the Company's products; the Company's ability to successfully market new and existing products; its dependence on certain suppliers; domestic and foreign government regulation; its ability to keep abreast Verb 1. keep abreast - keep informed; "He kept up on his country's foreign policies" keep up, follow trace, follow - follow, discover, or ascertain the course of development of something; "We must follow closely the economic development is Cuba" ; "trace the of technological innovations and to translate them into new products; competition; political and economic instability in certain markets including the movements of foreign currencies relative to the dollar; and other risks and uncertainties disclosed from time to time in the Company's SEC reports and filings.
DIAGNOSTIC PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Amounts in Thousands, Except Per Share Data) Three Months Ended
March 31,
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2006 2005
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SALES:
Non-Affiliated Customers $119,206 $106,703
Unconsolidated Affiliates 10,417 7,123
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Total Sales 129,623 113,826
COST OF SALES 57,454 48,470
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Gross Profit 72,169 65,356
OPERATING EXPENSES:
Selling 22,294 19,800
Research and Development 13,686 12,266
General and Administrative 13,176 12,556
Equity in Income of Affiliates (2,990) (2,553)
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OPERATING EXPENSES-NET 46,166 42,069
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OPERATING INCOME 26,003 23,287
Interest/Other Income -Net 2,133 180
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INCOME BEFORE INCOME TAXES AND MINORITY
INTEREST 28,136 23,467
PROVISION FOR INCOME TAXES 9,299 6,993
MINORITY INTEREST 807 340
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NET INCOME $ 18,030 $ 16,134
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EARNINGS PER SHARE:
BASIC $ 0.61 $ 0.55
DILUTED $ 0.60 $ 0.54
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC 29,558 29,274
DILUTED 30,111 30,105
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