Bruker Corporation (NASDAQ: BRKR) today reported financial
results for the three and six months ended June 30, 2011.
Second Quarter 2011 Highlights:
- Revenue increased by 33% year-over-year
(y-o-y) to $401.2 million, or by 21% y-o-y excluding the effects of
foreign currency translation
- GAAP operating income was $38.7
million, and adjusted operating income increased by 23% y-o-y to
$52.2 million
- GAAP EPS was $0.13, and adjusted EPS
grew 25% y-o-y to $0.20
- Opened new Centers of Excellence in
Singapore and Shanghai
- Moved GC-MS factory within California,
and moved ICP-MS factory from Australia to new Bruker CAM division
factory in Fremont, California
- Acquired liquid chromatography and ion
source technology company Michrom
- Launched compelling new NMR,
preclinical MRI, AFM, mass spectrometry, microbiology,
crystallography and hyperspectral FTIR imaging products
First Half Year 2011 Financial Highlights:
- Revenue increased by 31% y-o-y to
$758.2 million, or by 24% excluding the effects of foreign currency
translation
- GAAP operating income was $64.4
million, and adjusted operating income increased by 25% y-o-y to
$89.8 million
- GAAP EPS was $0.20, and adjusted EPS
grew 26% y-o-y to $0.34
- Ended first half of 2011 with all-time
record backlog
Adjusted operating income and margin and adjusted EPS are
non-GAAP measures that exclude certain items detailed later in this
press release under the heading “Use of Non-GAAP Financial
Measures.”
Financial Results
In the second quarter of 2011, revenue was $401.2 million, an
increase of 33% compared to revenue of $300.9 million in the second
quarter of 2010. Currency-adjusted revenue growth year-over-year
was 21%, with 8% organic growth. GAAP operating income in the
second quarter of 2011 was $38.7 million, compared to $37.9 million
in the second quarter of 2010. GAAP net income for the second
quarter of 2011 was $22.1 million, or $0.13 per diluted share,
compared to GAAP net income of $22.6 million, or $0.14 per diluted
share, in the second quarter of 2010.
Adjusted operating income in the second quarter of 2011 was
$52.2 million, compared to $42.4 million in the second quarter of
2010. Adjusted net income for the second quarter of 2011 was $33.9
million, or $0.20 per diluted share, compared to adjusted net
income of $26.5 million, or $0.16 per diluted share, in the second
quarter of 2010.
For the six months ended June 30, 2011, revenue was $758.2
million, an increase of 31% compared to revenue of $578.6 million
in the first half of 2010. Currency-adjusted revenue growth
year-over-year was 24%, with 6% organic growth. GAAP operating
income for the first six months of 2011 was $64.4 million, compared
to $64.8 million during the first six months of 2010. GAAP net
income for the first six months of 2011 was $33.4 million, or $0.20
per diluted share, compared to GAAP net income of $38.7 million, or
$0.23 per diluted share, for the first six months of 2010.
Adjusted operating income for the first six months of 2011 was
$89.8 million, or 11.8% of revenue, compared to $71.9 million, or
12.4% of revenue for the first six months of 2010. Adjusted net
income for the first six months of 2011 was $56.5 million, or $0.34
per diluted share, compared to adjusted net income of $44.7
million, or $0.27 per diluted share, for the first six months of
2010.
Comment and Outlook
Frank Laukien, President and CEO, commented: “We continue to see
strong demand, particularly from our industrial, clinical, homeland
security and applied markets, and our major product introductions
in the last eighteen months have given us very good growth and
gross margin momentum. As a result, in the first half of 2011 our
revenue increased by 31%, and our bookings increased by more than
50% year-over-year. Moreover, we are pleased that during the first
half of 2011 our adjusted gross margins improved by 230 basis
points, and our adjusted operating income and adjusted EPS grew 25%
year-over-year. Our strong revenue, bookings, backlog and gross
margin growth shows that our fundamental strategy with a focus on
innovation, fast organic growth and disciplined acquisitions has
excellent momentum.”
He continued: “However, with our faster than expected bookings
growth, we also saw faster expense growth in the first half of
2011, and we are not satisfied with our adjusted operating margin
trends year-to-date. Accordingly, in the second quarter we began to
implement various expense control measures which are expected to
have a positive effect on our second half 2011 operating margins.
With current foreign exchange rates and our strong bookings and
record backlog, we now expect to exceed the high end of our 2011
revenue goal of $1.57 billion by $30-$50 million. Moreover, we
expect sequentially stronger adjusted operating margin performance
in the second half of 2011, and we are committed to achieving our
BSI segment adjusted EPS goal of $0.90 to $0.93 for the full
year.”
Bruker Scientific Instruments (BSI) Segment
In the second quarter of 2011, BSI revenue was $377.9 million,
an increase of 33% compared to revenue of $284.9 in the second
quarter of 2010. Adjusted operating margin for the BSI segment in
the second quarter of 2011 was 13.7%, compared to 15.7% in the
second quarter of 2010. Adjusted EPS for the BSI segment in the
second quarter of 2011 was $0.20, compared to $0.17 in the second
quarter of 2010.
For the six months ended June 30, 2011, BSI revenue was $713.7
million, an increase of 31% compared to revenue of $545.2 million
in the first half of 2010. Adjusted operating margin for the BSI
segment for the first six months of 2011 was 12.8%, compared to
13.7% for the first six months of 2010. Adjusted EPS for the BSI
Segment for the first six months of 2011 was $0.36 per diluted
share, compared to $0.29 per diluted share for the first six months
of 2010.
Bruker Energy & Supercon Technologies (BEST)
Segment
In the second quarter of 2011, BEST revenue was $28.1 million,
an increase of 55% compared to revenue of $18.1 million for the
second quarter of 2010. Adjusted loss per diluted share for the
BEST segment in the second quarter of 2011 was ($0.00), compared to
$(0.01) in the second quarter of 2010.
For the six months ended June 30, 2011, revenue for BEST was
$52.1 million, an increase of 34% compared to revenue of $38.8
million in the first half of 2010. Adjusted loss per diluted share
for the BEST segment for the first six months of 2011 was ($0.01),
compared to ($0.02) for the first six months of 2010.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), we use
certain non-GAAP financial measures, including adjusted EPS,
adjusted operating income, adjusted operating margin and adjusted
net income, which exclude acquisition-related and restructuring and
other charges. We exclude the above items because they are outside
our normal operations and/or, in certain cases, are difficult to
forecast accurately for future periods. We believe that the use of
non-GAAP measures 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.
For example:
We exclude certain acquisition-related charges or credits and
associated tax effects, including charges for the sale of
inventories revalued at the date of acquisition, significant
transaction costs such as legal fees and credits associated with
bargain purchases. We exclude these costs because we do not believe
they are indicative of our normal operating costs.
We exclude charges and tax effects associated with restructuring
and business divestiture activities, such as reducing overhead and
consolidating facilities. We believe that the costs related to
these restructuring and business divestiture activities are not
indicative of our normal operating costs.
We exclude the expense and tax effects associated with the
amortization of acquisition-related intangible assets because a
significant portion of the purchase price for acquisitions may be
allocated to intangible assets that have lives of 3 to 10 years. We
also exclude charges for non-cash stock-based compensation.
Exclusion of these non-cash expenses allows comparisons of
operating results that are consistent over time for both our newly
acquired and long-held businesses.
We exclude certain charges to the income statement associated
with legal compliance examinations, manufacturing engineering
modifications and significant tax audits or events which cannot be
expected to occur with regularity or predictability and that we
believe are not indicative of typical gains and losses.
Bruker’s management uses these non-GAAP measures, in addition to
GAAP financial measures, as the basis for measuring the company’s
core operating performance and comparing such performance to that
of prior periods and to the performance of our competitors. Such
measures are also used by management in their financial and
operating decision-making and for compensation purposes.
The non-GAAP financial measures of Bruker’s results of
operations included in this press release are not meant to be
considered superior to or a substitute for Bruker’s results of
operations prepared in accordance with GAAP. Reconciliations of
such non-GAAP financial measures to the most directly comparable
GAAP financial measures are set forth in the accompanying
tables.
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 9:00 a.m. Eastern Daylight Time on Wednesday,
August 3, 2011. To listen to the webcast, investors can go to
http://ir.bruker.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 800-688-0796, or +1-617-614-4070
outside the US and Canada. Investors should refer to the Bruker
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 +1-617-801-6888 outside the
US and Canada, and then entering replay pass code 10326148. For
more information, please visit http://ir.bruker.com.
CAUTIONARY STATEMENT
Any statements contained in this presentation 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 risks and
uncertainties that could cause actual results to differ materially
from those projected, including, but not limited to, risks and
uncertainties relating to adverse changes in conditions in the
global economy and volatility in the capital markets, 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, realization of
anticipated benefits from economic stimulus programs, intellectual
property rights, litigation, and exposure to foreign currency
fluctuations and other risk factors discussed from time to time in
our filings with the Securities and Exchange Commission. 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, 2010, our most
recent quarterly reports on Form 10-Q and our current reports on
Form 8-K. We expressly disclaim any intent or obligation to update
these forward-looking statements other than as required by law.
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (unaudited)
Three Months Ended Six Months Ended
(in millions, except per share amounts) June 30,
June 30, 2011 2010
2011 2010
Revenues $ 401.2 $ 300.9 $ 758.2 $ 578.6 Cost of revenues
217.6 165.6 412.8
317.2 Gross profit 183.6 135.3 345.4 261.4
Operating Expenses: Selling, general and administrative 97.5 64.0
186.2 129.7 Research and development 44.3 31.2 89.0 64.0
Amortization of acquisition-related intangible assets 0.7 0.3 1.3
0.5 Other charges, net 2.4 1.9
4.5 2.4 Total operating expenses 144.9
97.4 281.0 196.6
Operating income 38.7 37.9 64.4 64.8 Interest and
other income (expense), net (5.7 ) (4.2 )
(10.7 ) (4.5 ) Income before income taxes and
noncontrolling interest in consolidated subsidiaries 33.0 33.7 53.7
60.3 Income tax provision 10.4 10.8
19.4 21.4 Consolidated net
income 22.6 22.9 34.3 38.9 Net income (loss) attributable to
noncontrolling interests in consolidated subsidiaries 0.5
0.3 0.9 0.2 Net
income attributable to Bruker Corporation $ 22.1 $ 22.6
$ 33.4 $ 38.7 Net income per common
share attributable to Bruker Corporation shareholders: Basic $ 0.13
$ 0.14 $ 0.20 $ 0.24 Diluted $ 0.13
$ 0.14 $ 0.20 $ 0.23 Weighted
average common shares outstanding: Basic 165.4
164.3 165.3 164.2 Diluted
167.3 165.8 167.0 165.7
Reconciliation of adjusted operating
income, net income and earnings per share forthe three and
six months ended June 30, 2011 and 2010 (unaudited) (a) (b)
(in millions, except per share amounts) Three
Months Ended Six Months Ended June 30,
June 30, 2011 2010
2011 2010
Reconciliation of Adjusted Operating Income GAAP operating
income (a) $ 38.7 $ 37.9 $ 64.4 $ 64.8 Cost of revenues
charges/(credits) (c) 5.0 0.2 9.1 0.2 Stock-based compensation
expense (d) 1.9 1.7 3.7 3.3 Amortization of acquisition-related
intangible assets (d) 4.2 0.7 8.1 1.2 Other charges (e) 2.4
1.9 4.5 2.4
Adjusted operating income $ 52.2 $ 42.4 $ 89.8
$ 71.9 Adjusted operating margins 13.0 % 14.1 % 11.8 % 12.4
%
Reconciliation of Adjusted Net Income GAAP net
income (a) $ 22.1 $ 22.6 $ 33.4 $ 38.7 Cost of revenues
charges/(credits) (c) 3.6 0.2 7.7 0.2 Stock-based compensation
expense (d) 1.7 1.5 3.2 2.8 Amortization of acquisition-related
intangible assets (d) 4.1 0.6 7.6 1.0 Other charges (e) 2.4
1.6 4.6 2.0
Adjusted net income $ 33.9 $ 26.5 $ 56.5 $
44.7
Reconciliation of Adjusted Earnings
Per Share GAAP earnings per share (a) $ 0.13 $ 0.14 $ 0.20 $
0.23 Cost of revenues charges/(credits) (c) 0.02 - 0.05 -
Stock-based compensation expense (d) 0.01 0.01 0.02 0.02
Amortization of acquisition-related intangible assets (d) 0.02 -
0.04 0.01 Other charges (e) 0.02 0.01
0.03 0.01 Adjusted earnings per share $
0.20 $ 0.16 $ 0.34 $ 0.27 (a)
“GAAP” (reported) results were determined in accordance with U.S.
generally accepted accounting principles (GAAP) (b) Adjusted
results are non-GAAP measures and for income measures exclude
certain charges to cost of revenues (see note c for details);
amortization of acquisition-related intangible assets and
stock-based compensation (see note d for details); restructuring
and other charges (see note e for details); and the tax
consequences of the preceding items (c) Reported results in 2011
include charges for the sale of inventories revalued at the date of
acquisition as well as a charge to cost of goods sold of $4.9
million attributable to a manufacturing engineering modification
associated with certain specialty magnets. (d) Reported results in
2011 and 2010 include non-cash charges for the amortization of
acquisition-related intangible assets and stock-based compensation
(e) Reported results for the three months ended June 30, 2011
include $1.2 million of costs incurred in connection with acquired
businesses and $1.2 million of fees associated with legal
compliance examinations. In the six months ended June 30, 2011,
reported results include $3.3 million of costs incurred in
connection with the acquired businesses and $1.2 million of fees
associated with legal compliance examinations. Reported results for
the three months ended June 30, 2010 include $1.0 million of
charges associated with the divestiture of a manufacturing facility
and $0.9 million of costs incurred in connection with acquisitions.
In the six months ended June 30, 2010, reported results include
$1.4 million of costs incurred in connection with acquisitions and
$1.0 million of charges associated with the divestiture of a
manufacturing facility.
The charges described in notes c, d and e have been tax effected
using enacted tax rates in the jurisdiction in which the charge was
recorded.
Reconciliation of BSI and BEST
reportable segments to the consolidated results of
BrukerCorporation for the three and six months ended June
30, 2011 and 2010 (unaudited) (a) (b)
Segment Data Bruker
(in millions, except per share amounts) Bruker
Energy & Corporate, Consolidated
Scientific Supercon Adjustments Bruker
Three Months Ended June 30, 2011: Instruments
Technologies & Eliminations Corporation
Revenue $ 377.9 $ 28.1 $ (4.8 ) $ 401.2 Gross profit
- GAAP $ 178.3 $ 5.3 $ - $ 183.6 Cost of revenues charges (c) 5.0 -
- 5.0 Stock-based compensation expense (d) 0.3 - - 0.3 Amortization
of acquisition-related intangible assets (d) 3.4
0.1 - 3.5 Gross profit -
adjusted $ 187.0 $ 5.4 $ - $ 192.4 Gross profit margin - adjusted
49.5 % 19.2 % 48.0 % Operating income (loss) - GAAP $ 38.3 $
0.4 $ - $ 38.7 Cost of revenues charges (c) 5.0 - - 5.0 Stock-based
compensation expense (d) 1.8 0.1 - 1.9 Amortization of
acquisition-related intangible assets (d) 4.1 0.1 - 4.2 Other
charges (e) 2.4 - -
2.4 Operating income (loss) - adjusted $ 51.6 $ 0.6 $
- $ 52.2 Operating margin - adjusted 13.7 % 2.1 % 13.0 % Net
income (loss) attributable to Bruker Corporation - GAAP $ 22.4 $
(0.6 ) $ 0.3 $ 22.1 Cost of revenues charges (c) 3.6 - - 3.6
Stock-based compensation expense (d) 1.6 0.1 - 1.7 Amortization of
acquisition-related intangible assets (d) 4.0 0.1 - 4.1 Other
charges (e) 2.4 - -
2.4 Net income (loss) attributable to Bruker
Corporation - adjusted $ 34.0 $ (0.4 ) $ 0.3 $ 33.9 Diluted
net income (loss) per common share attributable to Bruker
Corporation - GAAP $ 0.13 $ - $ - $ 0.13 Cost of revenues charges
(c) 0.02 - - 0.02 Stock-based compensation expense (d) 0.01 - -
0.01 Amortization of acquisition-related intangible assets (d) 0.02
- - 0.02 Other charges (e) 0.02 -
- 0.02 Diluted net income (loss) per
common share attributable to Bruker Corporation - adjusted $ 0.20 $
- $ - $ 0.20 Weighted average shares outstanding: 167.3
165.4 167.3 167.3
Three Months Ended June 30, 2010:
Revenue $ 284.9 $ 18.1 $ (2.1 ) $ 300.9 Gross profit
- GAAP $ 133.1 $ 3.0 $ (0.8 ) $ 135.3 Cost of revenues charges (c)
0.2 - - 0.2 Stock-based compensation expense (d) 0.2 - - 0.2
Amortization of acquisition-related intangible assets (d)
0.3 0.1 - 0.4
Gross profit - adjusted $ 133.8 $ 3.1 $ (0.8 ) $ 136.1 Gross profit
margin - adjusted 47.0 % 17.1 % 45.2 % Operating income
(loss) - GAAP $ 40.4 $ (1.7 ) $ (0.8 ) $ 37.9 Cost of revenues
charges (c) 0.2 - - 0.2 Stock-based compensation expense (d) 1.6
0.1 - 1.7 Amortization of acquisition-related intangible assets (d)
0.6 0.1 - 0.7 Other charges, net (e) 1.9 -
- 1.9 Operating income (loss) -
adjusted $ 44.7 $ (1.5 ) $ (0.8 ) $ 42.4 Operating margin -
adjusted 15.7 % (8.3 %) 14.1 % Net income (loss)
attributable to Bruker Corporation - GAAP $ 25.1 $ (2.0 ) $ (0.5 )
$ 22.6 Cost of revenues charges (c) 0.2 - - 0.2 Stock-based
compensation expense (d) 1.4 0.1 - 1.5 Amortization of
acquisition-related intangible assets (d) 0.5 0.1 - 0.6 Other
charges, net (e) 1.6 - -
1.6 Net income (loss) attributable to Bruker
Corporation - adjusted $ 28.8 $ (1.8 ) $ (0.5 ) $ 26.5
Diluted net income (loss) per common share attributable to Bruker
Corporation - GAAP $ 0.15 $ (0.01 ) $ - $ 0.14 Cost of revenues
charges (c) - - - - Stock-based compensation expense (d) 0.01 - -
0.01 Amortization of acquisition-related intangible assets (d) - -
- - Other charges, net (e) 0.01 -
- 0.01 Diluted net income (loss) per
common share attributable to Bruker Corporation - adjusted $ 0.17 $
(0.01 ) $ - $ 0.16 Weighted average shares outstanding:
165.8 164.3 164.3 165.8
Segment Data
Bruker (in millions, except per share
amounts) Bruker Energy & Corporate,
Consolidated Scientific Supercon
Adjustments Bruker Six Months Ended June 30,
2011: Instruments Technologies &
Eliminations Corporation Revenue $ 713.7 $ 52.1 $
(7.6 ) $ 758.2 Gross profit - GAAP $ 336.6 $ 10.1 $ (1.3 ) $
345.4 Cost of revenues charges (c) 9.1 - - 9.1 Stock-based
compensation expense (d) 0.6 - - 0.6 Amortization of
acquisition-related intangible assets (d) 6.6
0.2 - 6.8 Gross profit -
adjusted $ 352.9 $ 10.3 $ (1.3 ) $ 361.9 Gross profit margin -
adjusted 49.4 % 19.8 % 47.7 % Operating income (loss) - GAAP
$ 66.0 $ (0.3 ) $ (1.3 ) $ 64.4 Cost of revenues charges (c) 9.1 -
- 9.1 Stock-based compensation expense (d) 3.5 0.2 - 3.7
Amortization of acquisition-related intangible assets (d) 7.9 0.2 -
8.1 Other charges (e) 4.5 - -
4.5 Operating income (loss) - adjusted $ 91.0
$ 0.1 $ (1.3 ) $ 89.8 Operating margin - adjusted 12.8 % 0.2 % 11.8
% Net income (loss) attributable to Bruker Corporation -
GAAP $ 36.5 $ (2.4 ) $ (0.7 ) $ 33.4 Cost of revenues charges (c)
7.7 - - 7.7 Stock-based compensation expense (d) 3.0 0.2 - 3.2
Amortization of acquisition-related intangible assets (d) 7.4 0.2 -
7.6 Other charges (e) 4.6 - -
4.6 Net income (loss) attributable to Bruker
Corporation - adjusted $ 59.2 $ (2.0 ) $ (0.7 ) $ 56.5
Diluted net income (loss) per common share attributable to Bruker
Corporation - GAAP $ 0.22 $ (0.01 ) $ (0.01 ) $ 0.20 Cost of
revenues charges (c) 0.05 - - 0.05 Stock-based compensation expense
(d) 0.02 - - 0.02 Amortization of acquisition-related intangible
assets (d) 0.04 - - 0.04 Other charges (e) 0.03
- - 0.03 Diluted net
income (loss) per common share attributable to Bruker Corporation -
adjusted $ 0.36 $ (0.01 ) $ (0.01 ) $ 0.34 Weighted average
shares outstanding: 167.0 165.3 165.3 167.0
Six Months
Ended June 30, 2010: Revenue $ 545.2 $ 38.8 $ (5.4 ) $
578.6 Gross profit - GAAP $ 255.5 $ 7.0 $ (1.1 ) $ 261.4
Cost of revenues charges (c) 0.2 - - 0.2 Stock-based compensation
expense (d) 0.4 - - 0.4 Amortization of acquisition-related
intangible assets (d) 0.4 0.2 -
0.6 Gross profit - adjusted $ 256.5 $ 7.2 $
(1.1 ) $ 262.6 Gross profit margin - adjusted 47.0 % 18.6 % 45.4 %
Operating income (loss) - GAAP $ 68.1 $ (2.2 ) $ (1.1 ) $
64.8 Cost of revenues charges (c) 0.2 - - 0.2 Stock-based
compensation expense (d) 3.1 0.2 - 3.3 Amortization of
acquisition-related intangible assets (d) 1.0 0.2 - 1.2 Other
charges, net (e) 2.4 - -
2.4 Operating income (loss) - adjusted $ 74.8 $ (1.8
) $ (1.1 ) $ 71.9 Operating margin - adjusted 13.7 % (4.6 %) 12.4 %
Net income (loss) attributable to Bruker Corporation - GAAP
$ 42.3 $ (2.8 ) $ (0.8 ) $ 38.7 Cost of revenues charges (c) 0.2 -
- 0.2 Stock-based compensation expense (d) 2.6 0.2 - 2.8
Amortization of acquisition-related intangible assets (d) 0.9 0.1 -
1.0 Other charges, net (e) 2.0 -
- 2.0 Net income (loss) attributable to Bruker
Corporation - adjusted $ 48.0 $ (2.5 ) $ (0.8 ) $ 44.7
Diluted net income (loss) per common share attributable to Bruker
Corporation - GAAP $ 0.25 $ (0.02 ) $ - $ 0.23 Cost of revenues
charges (c) - - - - Stock-based compensation expense (d) 0.02 - -
0.02 Amortization of acquisition-related intangible assets (d) 0.01
- - 0.01 Other charges, net (e) 0.01 -
- 0.01 Diluted net income (loss) per
common share attributable to Bruker Corporation - adjusted $ 0.29 $
(0.02 ) $ - $ 0.27 Weighted average shares outstanding:
165.7 164.2 164.2 165.7
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) June 30, December
31, 2011 2010 ASSETS Current
assets: Cash, cash equivalents and restricted cash $ 173.1 $ 233.3
Accounts receivable, net 273.7 232.9 Inventories 618.7 511.0 Other
current assets 101.6 73.9 Total current assets
1,167.1 1,051.1 Property, plant and equipment, net 265.9
233.7 Intangible and other long-term assets 266.9
265.0 Total assets $ 1,699.9 $ 1,549.8
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Short-term
borrowings, including current portion of long-term debt $ 227.6 $
214.4 Accounts payable 82.0 64.0 Customer advances 259.3 242.2
Other current liabilities 332.8 310.9 Total current
liabilities 901.7 831.5 Long-term debt 60.2 86.6 Other
long-term liabilities 107.2 104.3 Total shareholders' equity
630.8 527.4 Total liabilities and
shareholders' equity $ 1,699.9 $ 1,549.8
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