MDCC Molecular Devices (MM)

Molecular Devices Reports Record Revenues and Earnings for First Quarter of 2005 SUNNYVALE, Calif., April 28 /PRNewswire-FirstCall/ -- Molecular Devices Corporation (NASDAQ:MDCC) today announced record revenues and earnings for the quarter ended March 31, 2005. Revenues for the quarter were a record $39.1 million, or an increase of 43% compared to the same period last year. Operating income for the first quarter of 2005 was $3.5 million, or an increase of 61% compared to the same period last year. Fully diluted earnings per share for the first quarter of 2005 were $0.13, or an increase of 30% compared with the same period last year. "We are encouraged by our first quarter results, as we saw organic growth in both our life sciences and drug discovery product families," stated Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer. "In life sciences, we continued to see strong demand for our SpectraMax(R) M5 bench-top reader, introduced in the fourth quarter of 2004, as well as the Meta series of cellular imaging products. In drug discovery, we saw excellent growth in high-content cellular imaging and our FLIPR(R) family of products. In addition, results in our high-throughput electrophysiology family significantly exceeded our expectations as a result of strong demand for our recently introduced IonWorks(R) Quattro(TM). Finally, we continue to believe that our life sciences and drug discovery markets will remain stable in the near-term." The Company also established guidance for the second quarter of 2005 and reaffirmed its guidance for the full year 2005. For the second quarter of 2005, the Company anticipates revenues of $44 to $46 million and fully diluted GAAP earnings per share of $0.21 to $0.23. For the full year 2005, the Company anticipates revenues of $180 to $190 million and fully diluted GAAP earnings per share of $0.85 to $0.95. Conference Call Information An earnings announcement conference call is scheduled for Friday, April 29, 2005 at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate in the call by dialing 800-289-0743 (domestic) or 913-981-5546 (international). Replay dial-in numbers are 888-203-1112 (domestic) and 719- 457-0820 (international), and the access code for the replay is 1554631. Investors can also access a live web-cast of the call through a link posted on the investor page on Molecular Devices' website (http://www.moleculardevices.com/). A replay of the web-cast will be available at this location from April 29, 2005 to such time as the company reports its financial results for the second quarter of 2005. About Molecular Devices Corporation Molecular Devices Corporation is a leading supplier of high-performance bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research. The Company's systems and consumables enable pharmaceutical and biotechnology companies to leverage advances in genomics, proteomics and parallel chemistry to facilitate the high-throughput and cost-effective identification and evaluation of drug candidates. The Company's solutions are based on its advanced core technologies that integrate its expertise in engineering, molecular and cell biology and chemistry. Molecular Devices enables its customers to improve research productivity and effectiveness, which ultimately accelerates the complex process of discovering and developing new drugs. This press release contains "forward-looking" statements, including statements related to future revenues and earnings. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of Molecular Devices Corporation to differ materially from those indicated by these forward-looking statements, including, among others, risks related to variations in the amount of time that it takes for the Company to sell its products and collect accounts receivable, the timing of customer orders and our dependence on orders that are shipped in the same quarter, which give the Company limited visibility of future product shipments, risks related to increased competition, risks associated with the Company's need to develop new and enhanced products and other risks detailed from time to time in the Company's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2004. Molecular Devices Corporation does not undertake any obligation to update forward-looking statements. MOLECULAR DEVICES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) Three Months Ended March 31, 2005 2004 (unaudited) REVENUES $39,064 $27,337 COST OF REVENUES 15,046 10,242 GROSS PROFIT 24,018 17,095 OPERATING EXPENSES: Research and development 6,226 4,017 Selling, general and administrative 14,313 10,920 Total operating expenses 20,539 14,937 INCOME FROM OPERATIONS 3,479 2,158 Interest and other income, net 35 36 INCOME BEFORE TAXES 3,514 2,194 Income tax provision (1,335) (764) NET INCOME $2,179 $1,430 BASIC NET INCOME PER SHARE $0.13 $0.10 DILUTED NET INCOME PER SHARE $0.13 $0.10 SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE 17,041 14,588 SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE 17,361 14,791 MOLECULAR DEVICES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2005 2004 ASSETS (unaudited) Current assets: Cash and cash equivalents $8,326 $30,175 Accounts receivable, net 35,614 36,995 Inventories, net 26,298 25,785 Deferred tax assets 9,756 9,654 Prepaids and other current assets 2,394 2,780 Total current assets 82,388 105,389 Equipment and leasehold improvements, net 11,115 11,762 Other assets 149,025 138,078 $242,528 $255,229 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $6,740 $7,085 Accrued liabilities 24,178 30,748 Total current liabilities 30,918 37,833 Long-term liabilities: Other long-term liabilities 1,374 1,452 Deferred tax liabilities 5,312 5,324 Total long-term liabilities 6,686 6,776 Stockholders' equity 204,924 210,620 $242,528 $255,229 DATASOURCE: Molecular Devices Corporation CONTACT: Tim Harkness of Molecular Devices Corporation, +1-408-747-3533 Web site: http://www.moleculardevices.com/

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