Mettler-Toledo International Inc. Reports First Quarter 2000 Results.Business Editors GREIFENSEE, Switzerland--(BUSINESS WIRE)--April 27, 2000 HIGHLIGHTS: -- 16% Sales Growth in Local Currency -- -- 23% Increase in Operating Profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. -- -- 27% Increase in EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. -- Mettler-Toledo International Inc. (NYSE NYSE See: New York Stock Exchange :MTD MTD Mounted MTD Maximum Tolerated Dose MTD Memory Technology Device MTD Month To-Date MTD Methadone (drug screening) MTD motion to dismiss (legal) MtD Mountain Dew MTD Memory Technology Driver ) today announced another quarter of record results with net earnings of $11.8 million, or $0.28 per share on a 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. basis, for the quarter ended March 31, 2000. This represents a 27% increase over first quarter 1999 net earnings of $0.22 per share before non-recurring items. Sales for the quarter were $259.1 million, compared with $235.7 million for the previous year quarter. This represents a 16% increase in local currency sales, partially offset by unfavorable exchange rates. The Company's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 23% to $27.1 million, or 10.5% of sales, compared with $22.1 million, or 9.4% of sales, in the same period of 1999. Robert F. Spoerry, Chairman of the Board, President and Chief Executive Officer, stated, "Our outstanding first quarter results were driven by strong organic sales growth, as we continue to benefit from our broad geographic, product line and end-market diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. ." Spoerry continued, "We continue to redefine Verb 1. redefine - give a new or different definition to; "She redefined his duties" define, delimit, delimitate, delineate, specify - determine the essential quality of 2. our industry through innovation. Our new solutions allow customers to gain time to market, be more efficient and produce higher-quality products. Our expanded array of 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. solutions for the drug discovery market highlights this approach. We recently unveiled a high-throughput multiple-vessel lab reactor Reactor (electricity) A device for introducing an inductive reactance into a circuit. Inductive reactance x is a function of the product of frequency f and inductance L; thus, x = 2πfL. , MultiMax, which integrates our proprietary state-of-the-art FTIR FTIR Fourier Transform Infrared (spectroscopy) FTIR Frustrated Total Internal Reflection FTIR Fourier Transfer Ir (Fourier transform Fourier transform In mathematical analysis, an integral transform useful in solving certain types of partial differential equations. A function's Fourier transform is derived by integrating the product of the function and a kernel function (an exponential function raised to infrared An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. ) and laboratory reactor technologies. MultiMax enables scientists to both perform and analyze multiple chemical reactions This is the 18th episode of television drama Men in Trees. It originally aired on June 25, 2007 on the TV2 network in New Zealand as a continuation of season 1. Recap Marin and Cash have a stew cook off, she admits his is better than hers. simultaneously thereby accelerating the process development cycle and allowing pharmaceutical customers to bring new drugs to market faster. We also introduced ALLEX, an automated liquid phase extraction system which, when used in the synthesis phase of the drug discovery process, eliminates the need for time-consuming manual extractions, provides more reliable data and alerts the scientist to potential bottlenecks in the separation process." Spoerry also commented on the Company's heightened focus on introducing solutions that have a significant software component and/or exploit the power and flexibility of the 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 . "We recently announced the launch of our JagXtreme industrial terminal featuring an embedded Inserted into. See embedded system. Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. , which enables the user to visualize weighing processes, thus allowing remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a and diagnostics. The JagXtreme's unique ability to predict equipment failures is particularly appealing to our customers because it minimizes manufacturing downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. . On the laboratory side, our powerful new AX analytical balance analytical balance n. A balance for chemical analysis. Noun 1. analytical balance - a beam balance of great precision used in quantitative chemical analysis chemical balance combines extensive automation features such as advanced software capabilities, sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. doors and an Internet connection. The AX balance allows the user to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. applications and carry out remote monitoring, calibration calibration /cal·i·bra·tion/ (kal?i-bra´shun) determination of the accuracy of an instrument, usually by measurement of its variation from a standard, to ascertain necessary correction factors. and documentation. We believe these features will be especially well received by customers with large research departments such as the pharmaceutical and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. industries. We will continue to enhance our leadership position in the industry by providing these innovative solutions to our global customer base." For the period ended March 31, 2000, the Company reported local currency sales growth of 22% in Europe, 6% in the Americas and 26% in Asia and the Rest of World. METTLER TOLEDO Mettler-Toledo is a manufacturer of scales and analytical instruments. It is the combination of two companies: Mettler, based in Switzerland, and Toledo Scale, based in Columbus, Ohio, USA. is a leading global supplier of precision instruments and is the world's largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. The Company also is a leading supplier of several related analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. and measurement technologies. METTLER TOLEDO services a worldwide customer base in more than 100 countries. Sales in 1999 were $1.1 billion. Additional information about METTLER TOLEDO can be found on the World Wide Web at "www.mt.com." Statements in this discussion which are not historical facts may be considered "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. For a discussion of these risks and uncertainties, which could cause actual events or results to differ from those contained in the forward-looking statements, see Exhibit 99.1 to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the most recently ended fiscal year.
METTLER-TOLEDO INTERNATIONAL INC.
ADJUSTED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except per share data)
Three months ended Three months ended
March 31, 2000 March 31, 1999
(unaudited) % (unaudited) %
Net sales $259,116 100.0 $235,715 100.0
Cost of sales 144,875 55.9 130,488 55.4
-------- ----- -------- -----
Gross profit 114,241 44.1 105,227 44.6
Research and development 13,373 5.1 12,755 5.4
Selling, general and
administrative 73,777 28.5 70,384 29.9
-------- ----- -------- -----
Adjusted operating income 27,091 10.5 22,088 9.4
Amortization 2,865 1.1 2,535 1.1
Interest expense 5,390 2.1 5,576 2.4
Other charges, net 738 0.3 92 0.0
-------- ----- -------- -----
Earnings before taxes,
minority interest and
non-recurring item 18,098 7.0 13,885 5.9
Provision for taxes 6,334 2.5 4,860 2.0
Minority interest 10 0.0 135 0.1
-------- ----- -------- -----
Earnings before non-recurring
item 11,754 4.5 8,890 3.8
Non-recurring item - - 825 0.4
-------- ----- -------- -----
Net earnings $11,754 4.5 $8,065 3.4
-------- ----- -------- -----
-------- ----- -------- -----
Diluted earnings per common share:
Earnings before
non-recurring item $0.28 $0.22
Non-recurring item - 0.02
---------- ----------
Net earnings $0.28 $0.20
---------- ----------
---------- ----------
Weighted average number
of common shares 41,902,580 41,082,017
The Consolidated Statements of Operations to be included in the
Company's Form 10-Q for the quarter ending March 31, 2000 is included
on the following page.
METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except per share data)
As Reported As Reported
----------- -----------
Three months ended Three months ended
March 31, 2000 March 31, 1999
(unaudited) (unaudited)
Net sales $259,116 $235,715
Cost of sales 144,875 130,488
-------- --------
Gross profit 114,241 105,227
Research and development 13,373 12,755
Selling, general and
administrative 73,777 70,384
Amortization 2,865 2,535
Interest expense 5,390 5,576
Other charges, net 738 917 (a)
-------- --------
Earnings before taxes and
minority interest 18,098 13,060
Provision for taxes 6,334 4,860
Minority interest 10 135
-------- --------
Net earnings $11,754 $8,065
-------- --------
-------- --------
Basic earnings per common share:
Net earnings $0.30 $0.21
Weighted average number of
common shares 38,712,272 38,400,363
Diluted earnings per common share:
Net earnings $0.28 $0.20
Weighted average number of
common shares 41,902,580 41,082,017
Note:
(a) Includes $825 of expenses incurred on behalf of certain selling
shareholders regarding the secondary offering completed in February
1999. In the Adjusted Consolidated Statements of Operations, as
presented on the previous page, this charge is reflected as a
non-recurring item.
METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AND CASH FLOW STATISTICS
(Amounts in thousands except financial ratios)
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2000 1999
---- ----
(unaudited)
Cash and cash equivalents $ 18,378 $ 17,179
Accounts receivable, net 192,169 203,750
Inventories, net 124,828 123,901
Other current assets 30,142 43,115
--------- ---------
Total current assets 365,517 387,945
Property, plant and equipment, net 191,313 199,723
Other non-current assets 237,228 233,305
--------- ---------
Total assets $794,058 $820,973
--------- ---------
--------- ---------
Short-term debt $ 46,971 $ 46,879
Accounts payable 58,286 81,234
Accrued and other current
liabilities 198,370 208,062
--------- ---------
Total current liabilities 303,627 336,175
Long-term debt 252,876 249,721
Other non-current liabilities 120,777 123,062
--------- ---------
Total liabilities 677,280 708,958
Shareholders' equity 116,778 112,015
--------- ---------
Total liabilities and
shareholders' equity $794,058 $820,973
--------- ---------
--------- ---------
CASH FLOW STATISTICS LTM LTM
March 31, March 31,
2000 (a) 1999 (a)
---- ----
(unaudited) (unaudited)
Net debt / EBITDA (b)(c) 1.8 2.6
EBITDA / interest expense (c)(d) 7.2 5.9
Notes:
(a) LTM represents last twelve months.
(b) Net debt represents gross debt less cash.
(c) EBITDA represents Adjusted Operating Income plus depreciation.
(d) Interest expense represents interest expense less amortization
of financing costs.
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