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Millipore Sales Up 19 Percent for First Quarter; Earnings per Share Up 67 Percent to $0.90.

BEDFORD, Mass.--(BUSINESS WIRE)-- April 19, 1995--Millipore Corporation (NYSE/MIL) announced today that sales were up 19 percent for the first quarter of 1995 from $119M to $141M. Earnings were $0.90 per share, up 67 percent from $0.54 per share in the first quarter of last year. The Company also noted that it had repurchased 568,100 of its shares on the open market and that the shares outstanding at the end of the quarter totaled 22,582,000.

John Gilmartin, Millipore's Chairman and CEO, said: "First quarter results were driven by exceptionally strong growth in sales to electronics/industrial customers worldwide and were also augmented by a weaker dollar. We also had solid growth in sales to our pharmaceutical/biotechnology customers and continued to make significant gains in the Asia/Pacific region."

Gilmartin continued: "Millipore's top priority in 1995 is sales growth; and while first quarter results are indicative of the success of our efforts, we continue to make the investments necessary to achieve that priority. Microelectronics is certainly a major opportunity for us this year Q and for the remainder of the decade. Demand is up; new markets are developing; and we are well-positioned in the industry. Our largest market Q pharmaceutical/biotechnology Q is undergoing fundamental changes. We have the technologies needed for the growth segments of that industry, and we have a product offering that can assist customers in streamlining their operations and in making them more efficient.

"At the same time we are pursuing top-line sales growth," Gilmartin noted, "we are continuing our efforts to enhance shareholder value. We repurchased $30 million more of our shares in the first quarter. We expect, as we go forward, to deliver the kind of earnings and sales growth needed to increase shareholder value."

Millipore's first-quarter performance by geographic region, market and product application is summarized as follows:
Growth by
Geographic region Q1 '94 Q1 '95 % Growth

Americas $44.6M $49.6M 11%
Europe $38.4M $45.0M 17%
Asia/Pacific $36.0M $46.8M 30%

Currency effects contributed approximately 7 percent to Millipore's
first quarter sales growth rate.

Growth by market Q1 '94 Q1 '95 % Growth

 Biotechnology $60.8M $65.7M 8%
Electronics/Industrial $32.6M $50.0M 53%
University/Government $17.3M $18.0M 4%
Medical/Health Care $ 8.3M $ 7.7M (7%)

Millipore's electronics/industrial market had exceptional growth in
the first quarter.

Growth by product
 application Q1 '94 Q1 '95 % Growth

Lab/Research $56.0M $60.0M 8%
Manufacturing/Process $63.0M $81.4M 29%

Manufacturing/process product applications of Millipore products
grew faster than lab/research product applications in the first

Millipore is a multinational, high technology company that applies its purification technologies to critical research and manufacturing problems in global growth markets, including the pharmaceutical/biotechnology, electronics/industrial, university/government and medical/health care markets. Results for the first quarter are as follows:
Millipore Corporation
Consolidated Statements of Income
(In thousands except per share data)

Three Months Ended March 31 1995 1994

Net Sales $ 141,427 $ 118,959
Cost of Sales 58,509 51,265
 Gross Profit 82,918 67,694
Selling, General & Administrative Expenses 45,795 38,109
Research & Development Expenses 8,513 8,558
 Operating Income 28,610 21,027
Interest Income 386 565
Interest Expense (2,318) (1,858)
 Income before income taxes 26,678 19,734
Provision for Income Taxes 6,003 4,440
Net Income $ 20,675 $ 15,294
Net Income per Common Share $ 0.90 $ 0.54
Cash Dividends per Common Share $ 0.15 $ 0.14
Weighted Average Common Shares Outstanding 22,980 28,123


Millipore Corporation
Consolidated Balance Sheets
(In thousands)

 March 31, 1995 Dec. 31, 1994


Cash $ 2,240 $ 2,898
Short-term investments 23,855 27,338
Accounts receivable, net 147,471 136,944
Inventories 76,598 71,209
Other current assets 7,622 5,351
Receivables arising from
 sale of businesses 10,206 15,064

 Total current assets 267,992 258,804

Property, plant & equipment, net 195,081 187,525
Intangible assets 5,090 5,177
Deferred income taxes 57,580 58,123
Other assets 29,732 27,351

Total assets $ 555,475 $ 536,980


Millipore Corporation
Consolidated Balance Sheets
(In thousands)

 March 31, 1995 Dec. 31, 1994

Liabilities & Shareholders' Equity

Notes payable and current
 portion of long-term debt $ 93,316 $ 56,289
Accounts payable and accrued
 expenses 66,628 63,860
Accrued divestiture costs 4,102 16,470
Dividends payable 3,467 3,500
Accrued retirement plan
 contributions 3,180 5,987
Accrued and deferred income taxes 8,179 12,049

 Total current liabilities 178,872 158,155

Long-term debt 117,956 109,558
Other liabilities 20,576 18,990
Accrued divestiture costs 27,000 29,000

Shareholders' equity:
 Common stock, par value $1.00 per
 share, 80,000 shares authorized
 28,494 shares issued as of
 March 31, 1995 and Dec. 31, 1994,
 respectively 28,494 28,494
 Additional paid-in capital 23,603 23,603
 Retained earnings 473,133 458,579
 Translation adjustments 9,698 5,147
 ----- -----
 534,928 515,823

 Less: Treasury stock at cost, 5,912
 and 5,361 shares as of
 March 31, 1995 and Dec. 31, 1994,
 respectively (323,857) (294,546)

Total shareholders' equity 211,071 221,277

Total liabilities &
 shareholders' equity $ 555,475 $ 536,980

-(a) Certain reclassifications have been made to the December 31,
1994 balance sheet to conform to the 1995 presentation.

CONTACT: Millipore Corp., Bedford

Geoffrey E. Helliwell, 800/225-3384 or 617/533-2032
COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Apr 19, 1995
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