Bruker Corporation (NASDAQ: BRKR) today reported financial results
for the fourth quarter and full year ended December 31, 2007. The
financial information included herein does not include the results
of the Bruker BioSpin Group, which was acquired on February 26,
2008, but only the financial results of the standalone Bruker
BioSciences Corporation, as it legally existed on December 31,
2007. On February 26, 2008, Bruker BioSciences Corporation closed
its acquisition of the Bruker BioSpin Group, and renamed itself
Bruker Corporation. Under US GAAP, this transaction will be
accounted for as an acquisition of businesses under common control,
and as a result all one-time transaction costs are expensed in the
period in which they are incurred, rather than being added to
goodwill. In addition, after the closing of the transaction all
historical consolidated balance sheets, statements of operations,
statements of cash flows and notes to the consolidated financial
statements in future filings with the Securities and Exchange
Commission will be restated by combining the historical
consolidated financial statements of Bruker BioSciences Corporation
with those of the Bruker BioSpin Group. The Bruker BioSpin Group
standalone financial results, as well as combined financial results
for Bruker Corporation, are expected to be released in mid-March
2008. At that time, the newly combined Company will also provide an
update on its financial goals for the year 2008. Financial Results
of Bruker BioSciences (excluding the Bruker BioSpin Group) For the
fourth quarter of 2007, revenue increased by 35% to $183.7 million,
compared to revenue of $135.6 million in the fourth quarter of
2006. Excluding the effects of foreign currency translation, fourth
quarter 2007 revenue increased organically by 26% year-over-year.
Net income in the fourth quarter of 2007 increased 44% to $14.0
million, or $0.13 per diluted share, compared to net income of $9.7
million, or $0.09 per diluted share, in the fourth quarter of 2006.
Included in GAAP net income for the fourth quarter of 2007 were
after-tax charges of $4.3 million, or $0.04 per diluted share, for
expenses related to the acquisition of the Bruker BioSpin Group.
For the full year 2007, revenue increased by 26% to $547.6 million,
compared to revenue of $435.8 million for the full year 2006.
Excluding the effects of foreign currency translation, full year
2007 revenue increased by 19% year-over-year, including 17% organic
growth and 2% growth from acquisitions. Net income for the full
year 2007 increased 70% to $31.5 million, or $0.30 per diluted
share, compared to net income of $18.5 million, or $0.18 per
diluted share, during the full year 2006. Included in GAAP net
income for the full year 2007 were after-tax charges of $4.7
million, or $0.04 per diluted share, for expenses related to the
acquisition of the Bruker BioSpin Group. For comparison, included
in GAAP net income for the year 2006 were after-tax charges of $5.0
million, or $0.05 per diluted share, for expenses related to the
acquisition of Bruker Optics. During the fourth quarter of 2007,
cash flow from operations was $36.4 million and free cash flow,
defined as operating cash flow less capital expenditures, was $34.3
million. During the full year 2007, cash flow from operations was
$26.3 million and free cash flow was $10.8 million. As of December
31, 2007, the Company had $72.9 million in cash and cash
equivalents, and $38.1 million in outstanding debt. Commenting on
the Company's financial performance, Frank Laukien, President and
CEO, said: "We had an outstanding fourth quarter, and we are very
pleased that during 2007 we have achieved excellent top-line
growth, with all three operating divisions delivering
currency-adjusted double digit growth year-over-year. Even more
importantly, our rapid growth, our continued operating margin
expansion and our decreasing effective tax rate contributed to
significantly improved bottom-line performance year-over-year, as
well as to solid operating and free cash flow." He continued:
"Bruker BioSciences has made very good progress over the last three
years. We will continue to strive for fast growth and further
margin improvements in order to reach industry-standard
profitability, and we will put a significant focus on balance sheet
management and cash flow generation. We are optimistic that the
renamed Bruker Corporation, which as of two days ago includes the
Bruker BioSpin Group, is well positioned to serve our customers and
markets with high-performance products and solutions. Despite the
uncertainty in the macro-economic outlook, at this point the
Company expects significant further financial improvements in the
year 2008." EARNINGS CONFERENCE CALL Bruker Corporation will host
an operator-assisted earnings conference call at 9 a.m. Eastern
Time on Thursday, February 28, 2008. 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 Corporation 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 11927586. ABOUT BRUKER CORPORATION As of
February 26, 2008, the renamed Bruker Corporation (NASDAQ: BRKR)
has become the parent company of the entire Bruker group of
companies. After the closing of the acquisition of the Bruker
BioSpin Group, Bruker Corporation now operates in two segments, the
life science and analytical (LSA) systems segment, and the
international advanced superconductor (IAS) segment. 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 integration of businesses we have
acquired or may acquire in the future, changing technologies,
product development and market acceptance of our products, the cost
and pricing of our products, manufacturing, competition, dependence
on collaborative partners and key suppliers, capital spending and
government funding policies, changes in governmental regulations,
intellectual property rights, litigation, and exposure to foreign
currency fluctuations. These and other factors are identified and
described in more detail in our filings with the SEC, including,
without limitation, our annual report on Form 10-K for the year
ended December 31, 2006, 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 other than as
required by law. -0- *T Bruker Corporation (excluding the Bruker
BioSpin Group) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share data) Three Months Ended Twelve Months
Ended December 31, December 31, ---------------------
--------------------- 2007 2006 2007 2006 ---------- ----------
---------- ---------- Product revenue $ 164,910 $ 120,444 $ 482,153
$ 384,548 Service revenue 18,384 14,960 64,553 49,930 Other revenue
449 221 870 1,356 ---------- ---------- ---------- ---------- Total
revenue 183,743 135,625 547,576 435,834 Cost of product revenue
85,605 63,214 252,130 206,628 Cost of service revenue 12,492 9,239
42,308 29,872 ---------- ---------- ---------- ---------- Total
cost of revenue 98,097 72,453 294,438 236,500 ---------- ----------
---------- ---------- Gross profit margin 85,646 63,172 253,138
199,334 Operating Expenses: Sales and marketing 31,074 25,212
105,983 84,007 General and administrative 10,392 8,663 34,058
28,982 Research and development 16,164 13,464 58,466 49,959
Acquisition related charges 4,294 (105) 4,664 5,724 ----------
---------- ---------- ---------- Total operating expenses 61,924
47,234 203,171 168,672 ---------- ---------- ---------- ----------
Operating income 23,722 15,938 49,967 30,662 Interest and other
income (expense), net (530) 236 (1,355) 3,758 ---------- ----------
---------- ---------- Income before income tax provision and
minority interest in consolidated subsidiaries 23,192 16,174 48,612
34,420 Income tax provision 9,129 6,533 16,784 15,931 ----------
---------- ---------- ---------- Income before minority interest in
consolidated subsidiaries 14,063 9,641 31,828 18,489 Minority
interest in consolidated subsidiaries 44 (67) 299 8 ----------
---------- ---------- ---------- Net income $ 14,019 $ 9,708 $
31,529 $ 18,481 ========== ========== ========== ========== Net
income per share: Basic $ 0.13 $ 0.10 $ 0.30 $ 0.18 ==========
========== ========== ========== Diluted $ 0.13 $ 0.09 $ 0.30 $
0.18 ========== ========== ========== ========== Weighted average
shares outstanding: Basic 104,508 101,501 103,702 101,512
========== ========== ========== ========== Diluted 107,180 103,370
106,769 102,561 ========== ========== ========== ========== *T -0-
*T Bruker Corporation (excluding the Bruker BioSpin Group)
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December
December 31, 31, 2007 2006 -------- -------- ASSETS Current assets:
Cash and short-term investments $ 72,876 $ 52,147 Accounts
receivable, net 114,938 79,604 Due from affiliated companies 7,203
9,028 Inventories 171,332 134,504 Other current assets 29,281
19,461 -------- -------- Total current assets 395,630 294,744
Property and equipment, net 103,100 90,349 Intangible and other
assets 54,483 48,094 -------- -------- Total assets $553,213
$433,187 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities: Short-term borrowings $ 31,716 $ 21,857
Accounts payable 32,584 23,102 Due to affiliated companies 8,326
5,901 Other current liabilities 180,327 144,268 -------- --------
Total current liabilities 252,953 195,128 Long-term debt 6,394
22,863 Other long-term liabilities 34,702 23,491 Minority interest
in subsidiaries 505 239 Total shareholders' equity 258,659 191,466
-------- -------- Total liabilities and shareholders' equity
$553,213 $433,187 ======== ======== *T Bruker Corporation (NASDAQ:
BRKR) today reported financial results for the fourth quarter and
full year ended December 31, 2007. The financial information
included herein does not include the results of the Bruker BioSpin
Group, which was acquired on February 26, 2008, but only the
financial results of the standalone Bruker BioSciences Corporation,
as it legally existed on December 31, 2007. On February 26, 2008,
Bruker BioSciences Corporation closed its acquisition of the Bruker
BioSpin Group, and renamed itself Bruker Corporation. Under US
GAAP, this transaction will be accounted for as an acquisition of
businesses under common control, and as a result all one-time
transaction costs are expensed in the period in which they are
incurred, rather than being added to goodwill. In addition, after
the closing of the transaction all historical consolidated balance
sheets, statements of operations, statements of cash flows and
notes to the consolidated financial statements in future filings
with the Securities and Exchange Commission will be restated by
combining the historical consolidated financial statements of
Bruker BioSciences Corporation with those of the Bruker BioSpin
Group. The Bruker BioSpin Group standalone financial results, as
well as combined financial results for Bruker Corporation, are
expected to be released in mid-March 2008. At that time, the newly
combined Company will also provide an update on its financial goals
for the year 2008. Financial Results of Bruker BioSciences
(excluding the Bruker BioSpin Group) For the fourth quarter of
2007, revenue increased by 35% to $183.7 million, compared to
revenue of $135.6 million in the fourth quarter of 2006. Excluding
the effects of foreign currency translation, fourth quarter 2007
revenue increased organically by 26% year-over-year. Net income in
the fourth quarter of 2007 increased 44% to $14.0 million, or $0.13
per diluted share, compared to net income of $9.7 million, or $0.09
per diluted share, in the fourth quarter of 2006. Included in GAAP
net income for the fourth quarter of 2007 were after-tax charges of
$4.3 million, or $0.04 per diluted share, for expenses related to
the acquisition of the Bruker BioSpin Group. For the full year
2007, revenue increased by 26% to $547.6 million, compared to
revenue of $435.8 million for the full year 2006. Excluding the
effects of foreign currency translation, full year 2007 revenue
increased by 19% year-over-year, including 17% organic growth and
2% growth from acquisitions. Net income for the full year 2007
increased 70% to $31.5 million, or $0.30 per diluted share,
compared to net income of $18.5 million, or $0.18 per diluted
share, during the full year 2006. Included in GAAP net income for
the full year 2007 were after-tax charges of $4.7 million, or $0.04
per diluted share, for expenses related to the acquisition of the
Bruker BioSpin Group. For comparison, included in GAAP net income
for the year 2006 were after-tax charges of $5.0 million, or $0.05
per diluted share, for expenses related to the acquisition of
Bruker Optics. During the fourth quarter of 2007, cash flow from
operations was $36.4 million and free cash flow, defined as
operating cash flow less capital expenditures, was $34.3 million.
During the full year 2007, cash flow from operations was $26.3
million and free cash flow was $10.8 million. As of December 31,
2007, the Company had $72.9 million in cash and cash equivalents,
and $38.1 million in outstanding debt. Commenting on the Company�s
financial performance, Frank Laukien, President and CEO, said: �We
had an outstanding fourth quarter, and we are very pleased that
during 2007 we have achieved excellent top-line growth, with all
three operating divisions delivering currency-adjusted double digit
growth year-over-year. Even more importantly, our rapid growth, our
continued operating margin expansion and our decreasing effective
tax rate contributed to significantly improved bottom-line
performance year-over-year, as well as to solid operating and free
cash flow.� He continued: �Bruker BioSciences has made very good
progress over the last three years. We will continue to strive for
fast growth and further margin improvements in order to reach
industry-standard profitability, and we will put a significant
focus on balance sheet management and cash flow generation. We are
optimistic that the renamed Bruker Corporation, which as of two
days ago includes the Bruker BioSpin Group, is well positioned to
serve our customers and markets with high-performance products and
solutions. Despite the uncertainty in the macro-economic outlook,
at this point the Company expects significant further financial
improvements in the year 2008.� EARNINGS CONFERENCE CALL Bruker
Corporation will host an operator-assisted earnings conference call
at 9 a.m. Eastern Time on Thursday, February 28, 2008. 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 Corporation 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 11927586. ABOUT BRUKER CORPORATION As of
February 26, 2008, the renamed Bruker Corporation (NASDAQ: BRKR)
has become the parent company of the entire Bruker group of
companies. After the closing of the acquisition of the Bruker
BioSpin Group, Bruker Corporation now operates in two segments, the
life science and analytical (LSA) systems segment, and the
international advanced superconductor (IAS) segment. 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 integration of businesses we have
acquired or may acquire in the future, changing technologies,
product development and market acceptance of our products, the cost
and pricing of our products, manufacturing, competition, dependence
on collaborative partners and key suppliers, capital spending and
government funding policies, changes in governmental regulations,
intellectual property rights, litigation, and exposure to foreign
currency fluctuations. These and other factors are identified and
described in more detail in our filings with the SEC, including,
without limitation, our annual report on Form 10-K for the year
ended December 31, 2006, 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 other than as
required by law. Bruker Corporation (excluding the Bruker BioSpin
Group) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share data) � � � � � � Three�Months Ended
December 31, Twelve Months Ended December 31, 2007 2006 2007 2006 �
Product revenue $ 164,910 $ 120,444 $ 482,153 $ 384,548 Service
revenue 18,384 14,960 64,553 49,930 Other revenue � 449 � � 221 � �
870 � � 1,356 Total revenue 183,743 135,625 547,576 435,834 � Cost
of product revenue 85,605 63,214 252,130 206,628 Cost of service
revenue � 12,492 � � 9,239 � � 42,308 � � 29,872 Total cost of
revenue � 98,097 � � 72,453 � � 294,438 � � 236,500 � Gross profit
margin 85,646 63,172 253,138 199,334 Operating Expenses: Sales and
marketing 31,074 25,212 105,983 84,007 General and administrative
10,392 8,663 34,058 28,982 Research and development 16,164 13,464
58,466 49,959 Acquisition related charges � 4,294 � � (105 ) �
4,664 � � 5,724 Total operating expenses � 61,924 � � 47,234 � �
203,171 � � 168,672 � Operating income 23,722 15,938 49,967 30,662
� Interest and other income (expense), net � (530 ) � 236 � �
(1,355 ) � 3,758 � � Income before income tax provision and
minority interest in consolidated subsidiaries 23,192 16,174 48,612
34,420 Income tax provision � 9,129 � � 6,533 � � 16,784 � � 15,931
� � Income before minority interest in consolidated subsidiaries
14,063 9,641 31,828 18,489 Minority interest in consolidated
subsidiaries � 44 � � (67 ) � 299 � � 8 Net income $ 14,019 � $
9,708 � $ 31,529 � $ 18,481 � Net income per share: Basic $ 0.13 �
$ 0.10 � $ 0.30 � $ 0.18 Diluted $ 0.13 � $ 0.09 � $ 0.30 � $ 0.18
� Weighted average shares outstanding: Basic � 104,508 � � 101,501
� � 103,702 � � 101,512 Diluted � 107,180 � � 103,370 � � 106,769 �
� 102,561 Bruker Corporation (excluding the Bruker BioSpin Group)
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) � � � �
December 31, December 31, 2007 2006 ASSETS � Current assets: Cash
and short-term investments $ 72,876 $ 52,147 Accounts receivable,
net 114,938 79,604 Due from affiliated companies 7,203 9,028
Inventories 171,332 134,504 Other current assets � 29,281 � 19,461
Total current assets 395,630 294,744 � Property and equipment, net
103,100 90,349 Intangible and other assets � 54,483 � 48,094 �
Total assets $ 553,213 $ 433,187 LIABILITIES AND SHAREHOLDERS'
EQUITY � Current liabilities: Short-term borrowings $ 31,716 $
21,857 Accounts payable 32,584 23,102 Due to affiliated companies
8,326 5,901 Other current liabilities � 180,327 � 144,268 Total
current liabilities 252,953 195,128 � Long-term debt 6,394 22,863
Other long-term liabilities 34,702 23,491 Minority interest in
subsidiaries 505 239 � Total shareholders' equity � 258,659 �
191,466 � Total liabilities and shareholders' equity $ 553,213 $
433,187
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