Bruker BioSciences Corporation (NASDAQ: BRKR) today reported first
quarter 2005 revenue of $74.9 million, a 9.9% increase from revenue
of $68.2 million in the first quarter of 2004. Revenue during the
first quarter of 2005 included favorable foreign currency effects
of approximately 3.6%, compared to the first quarter in 2004. First
quarter 2005 operating income was $2.5 million, compared to
operating income of $1.4 million in the first quarter of 2004. Net
income in the first quarter of 2005 was $0.4 million, or $0.00 per
diluted share, compared to net income of $0.5 million, or $0.01 per
diluted share, in the first quarter of 2004. Commenting on the
quarter, Frank Laukien, President and CEO said: "We are pleased to
report another quarter of solid top-line growth and sequential
improvements in our bottom-line performance. Continued improvements
in our profitability remain our top priority. Revenue growth at
both of our operating businesses was robust and reflects our strong
product portfolio. Moreover, market reaction to many of our new
products recently introduced at Pittcon in March 2005 has been very
favorable. Although we have recently seen a modest slow-down in
certain markets we serve, we believe that we can continue our above
industry-average top-line organic growth momentum throughout 2005
due to our competitive offerings and healthy backlog." William
Knight, Chief Financial Officer, commented: "We continue to make
progress with our spending control and productivity programs, and
over the last several quarters these efforts have steadily improved
our operating and net income. In addition, we generated positive
operating cash flow of approximately $5 million during the first
quarter of 2005. I am also encouraged that in the first quarter of
2005 our gross profit margins improved by 1.7% year-over-year. We
anticipate that our above average growth, continued gross margin
improvements and disciplined expense control, as well as gradual
reductions in our interest expense and effective tax rate, will
bring us to industry-standard profitability over the next several
years." Mr. Knight continued: "As we are in a capital equipment
business and typically sell 'big ticket' items, we occasionally
experience fluctuations in our quarterly results, but we remain
optimistic that we will achieve our management targets for revenue
growth and profitability for the full year 2005." OPERATING
BUSINESSES Set forth below is selected financial information for
Bruker BioSciences' two operating businesses: Bruker Daltonics
(life-science mass spectrometry and NBC detection business) and
Bruker AXS (x-ray analysis business): BRUKER DALTONICS In the first
quarter of 2005, revenue for the Bruker Daltonics business
increased 10% to $42.6 million, from $38.8 million in the first
quarter of 2004. Bruker Daltonics' revenue was derived 70% from
life-science mass spectrometry systems, 10% from substance
detection systems, and 20% from after-market sales. EBITDA was $4.3
million for the first quarter of 2005, compared to $3.2 million for
the first quarter of 2004. BRUKER AXS In the first quarter of 2005,
revenue for the Bruker AXS business increased 11% to $32.5 million,
from $29.3 million in the first quarter of 2004. Bruker AXS'
revenue was derived 74% from x-ray systems sales and 26% from
after-market sales. EBITDA was $2.1 million in the first quarter of
2005, compared to $0.9 million in the first quarter of 2004. USE OF
NON-GAAP FINANCIAL MEASURES In addition to the financial measures
prepared in accordance with generally accepted accounting
principles (GAAP), we use the non-GAAP measure of EBITDA. EBITDA is
defined as US GAAP operating income (loss) excluding depreciation
and amortization expense. We believe that the inclusion of this
non-GAAP measure helps investors to gain a better understanding of
our core operating results and future prospects, consistent with
how management measures and forecasts the Company's performance,
especially when comparing such results to previous periods or
forecasts. However, the non-GAAP financial measure included in this
press release is not meant to be a better presentation or a
substitute for results of operations prepared in accordance with
GAAP. Reconciliations of this non-GAAP financial measure to the
most directly comparable GAAP financial measures are set forth in
the accompanying tables. EARNINGS CONFERENCE CALL Bruker
BioSciences will host an operator-assisted earnings conference call
at 5 p.m. Eastern Time on Thursday, May 5, 2005. To listen to the
webcast, investors can go to www.bruker-biosciences.com and click
on the live web broadcast symbol. The webcast will be available
through the Company web site for 30 days. Investors can also listen
and participate on the telephone in the US and Canada by calling
888-339-2688, or 617-847-3007 outside the US and Canada. Investors
should refer to the Bruker BioSciences Quarterly Earnings Call. A
telephone replay of the conference call will be available one hour
after the conference call by dialing 888-286-8010 in the US and
Canada, or 617-801-6888 outside the US and Canada, and then
entering replay pass code 31669862. ABOUT BRUKER BIOSCIENCES Bruker
BioSciences Corporation, headquartered in Billerica, Massachusetts,
is the publicly traded parent company of Bruker Daltonics Inc. and
Bruker AXS Inc. Bruker AXS is a leading developer and provider of
life science and advanced materials research tools based on x-ray
technology. Bruker Daltonics is a leading developer and provider of
innovative life science tools based on mass spectrometry. Bruker
Daltonics also offers a broad line of nuclear, biological and
chemical (NBC) detection products for defense and homeland
security. For more information, please visit
www.bruker-biosciences.com CAUTIONARY STATEMENT Any statements
contained in this press release that do not describe historical
facts may constitute forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Any forward-looking statements contained herein are based on
current expectations, but are subject to a number of risks and
uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the Company's
reorganization strategies, integration risks, failure of
conditions, technological approaches, product development, market
acceptance, cost and pricing of the Company's products, exposure to
currency fluctuations, changes in governmental regulations, capital
spending and government funding policies, FDA and other regulatory
approvals to the extent applicable, competition, the intellectual
property of others, patent protection and litigation. These and
other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our respective
annual reports on Form 10-K for the year ended December 31, 2004,
our most recent quarterly reports on Form 10-Q, and our current
reports on Form 8-K. We disclaim any intent or obligation to update
these forward-looking statements. Condensed consolidated statements
of operations, operating business information, and balance sheets
follow for Bruker BioSciences Corporation. -0- *T Bruker
BioSciences Corporation CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) Three Months Ended
March 31, ----------------------------- 2005 2004 --------------
------------- Product sales $66,824 $59,037 Service sales 7,755
8,865 Other sales 332 252 -------------- ------------- Total sales
74,911 68,154 Cost of product sales 38,265 34,783 Cost of service
sales 5,267 6,052 -------------- ------------- Total cost of sales
43,532 40,835 -------------- ------------- Gross Profit Margin
31,379 27,319 Operating Expenses: Sales and marketing 12,152 11,828
General and administrative 5,668 4,143 Research and development
11,020 9,940 -------------- ------------- Total Operating Expenses
28,840 25,911 -------------- ------------- Operating income 2,539
1,408 Interest and other income (expense), net (130) 99
-------------- ------------- Income before income tax provision and
minority interest in consolidated subsidiaries 2,409 1,507
Provision for income taxes 1,925 1,020 -------------- -------------
Income before minority interest 484 487 Minority interest in
consolidated subsidiaries 67 11 -------------- ------------- Net
income $417 $476 ============== ============= Net income per share:
Basic $0.00 $0.01 ============== ============= Diluted $0.00 $0.01
============== ============= Weighted average shares outstanding:
Basic 89,471 86,463 ============== ============= Diluted 89,581
86,793 ============== ============= Bruker BioSciences Corporation
BRUKER DALTONICS SELECTED OPERATING BUSINESS INFORMATION (in
thousands) Three Months Ended March 31,
---------------------------------- 2005 2004 ----------------
----------------- Sales $42,644 $38,827 ================
================= Operating income $2,975 $1,778 Depreciation and
amortization 1,347 1,386 ---------------- ----------------- EBITDA
$4,322 $3,164 ================ ================= Bruker BioSciences
Corporation BRUKER AXS SELECTED OPERATING BUSINESS INFORMATION (in
thousands) Three Months Ended March 31,
---------------------------------- 2005 2004 ----------------
----------------- Sales $32,514 $29,327 ================
================= Operating income (loss) $822 $(170) Depreciation
and amortization 1,301 1,022 ---------------- -----------------
EBITDA $2,123 $852 ================ ================= Bruker
BioSciences Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) March 31, December 31, 2005 2004 ---------------
-------------- (unaudited) ASSETS Current assets: Cash and
short-term investments $84,822 $77,691 Accounts receivable, net
57,091 57,792 Due from affiliated companies 9,973 9,530 Inventories
103,444 107,748 Other current assets 16,936 18,530 ---------------
-------------- Total current assets 272,266 271,291 Property and
equipment, net 80,033 84,990 Intangible and other assets 15,149
15,266 --------------- -------------- Total assets $367,448
$371,547 =============== ============== LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings
$15,740 $12,205 Accounts payable 16,585 22,652 Due to affiliated
companies 6,757 3,026 Other current liabilities 72,622 73,277
--------------- -------------- Total current liabilities 111,704
111,160 Long-term debt 26,263 27,763 Other long-term liabilities
16,774 15,156 Minority interest in subsidiaries 260 193 Total
shareholders' equity 212,447 217,275 --------------- --------------
Total liabilities and shareholders' equity $367,448 $371,547
=============== ============== *T
Bruker (NASDAQ:BRKR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bruker (NASDAQ:BRKR)
Historical Stock Chart
From Jul 2023 to Jul 2024