Molecular Devices Reports Record Revenues and Earnings for Second Quarter of 2005
27 July 2005 - 7:20AM
PR Newswire (US)
Molecular Devices Reports Record Revenues and Earnings for Second
Quarter of 2005 SUNNYVALE, Calif., July 26 /PRNewswire-FirstCall/
-- Molecular Devices Corporation (NASDAQ:MDCC) today announced
record revenues and earnings for the quarter ended June 30, 2005.
Revenues for the quarter were a record $44.5 million, or an
increase of 38% compared to the same period last year. Operating
income for the second quarter of 2005 was $6.0 million, or an
increase of 59% compared to the same period last year. Fully
diluted earnings per share for the second quarter of 2005 were
$0.22, or an increase of 29% compared with the same period last
year. "We are encouraged by our second 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. In drug discovery, we saw excellent growth in both our
high-content cellular imaging and our high-throughput
electrophysiology product lines. 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 third quarter of 2005 and updated its guidance for the full
year 2005. For the third quarter of 2005, the Company anticipates
revenues of $44 to $46 million and fully diluted GAAP earnings per
share of $0.22 to $0.24. For the full year 2005, the Company
anticipates revenues of $181 to $185 million and fully diluted
earnings per share of $0.92 to $0.96. Conference Call Information
An earnings announcement conference call is scheduled for
Wednesday, July 27, 2005 at 8:00 a.m. PDT (11:00 a.m. EDT).
Interested parties can participate in the call by dialing
877-704-5385 (domestic) or 913-312-1303 (international). Replay
dial-in numbers are 888-203-1112 (domestic) and 719-457-0820
(international), and the access code for the replay is 8417181.
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 July 27, 2005 to such time as
the company reports its financial results for the third 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 the
Company's dependence on orders that are shipped in the same
quarter, which gives 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 Quarterly Report on Form 10-Q
for the quarter ended March 31, 2005. 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 Six Months Ended June 30, June 30, 2005 2004 2005 2004
(unaudited) (unaudited) REVENUES $44,537 $32,205 $83,602 $59,542
COST OF REVENUES 17,600 12,075 32,647 22,318 GROSS PROFIT 26,937
20,130 50,955 37,224 OPERATING EXPENSES: Research and development
6,309 4,709 12,535 8,726 Selling, general and administrative 14,593
11,616 28,907 22,536 Total operating expenses 20,902 16,325 41,442
31,262 INCOME FROM OPERATIONS 6,035 3,805 9,513 5,962 Interest and
other income (expense), net (62) 49 (26) 85 INCOME BEFORE TAXES
5,973 3,854 9,487 6,047 Income tax provision (2,270) (1,349)
(3,605) (2,113) NET INCOME $3,703 $2,505 $5,882 $3,934 BASIC NET
INCOME PER SHARE $0.22 $0.18 $0.35 $0.27 DILUTED NET INCOME PER
SHARE $0.22 $0.17 $0.34 $0.27 SHARES USED IN COMPUTING BASIC NET
INCOME PER SHARE 16,872 14,246 16,989 14,414 SHARES USED IN
COMPUTING DILUTED NET INCOME PER SHARE 17,135 14,394 17,261 14,588
MOLECULAR DEVICES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) June 30, December 31, 2005 2004 ASSETS (unaudited)
Current assets: Cash and cash equivalents $12,465 $30,175 Accounts
receivable, net 35,061 36,995 Inventories, net 24,837 25,785
Deferred tax assets 8,438 9,654 Prepaids and other current assets
2,736 2,780 Total current assets 83,537 105,389 Equipment and
leasehold improvements, net 10,790 11,762 Other assets 148,000
138,078 $242,327 $255,229 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $6,924 $7,085 Accrued
liabilities 23,775 30,748 Total current liabilities 30,699 37,833
Long-term liabilities: Other long-term liabilities 1,128 1,452
Deferred tax liabilities 5,251 5,324 Total long-term liabilities
6,379 6,776 Stockholders' equity 205,249 210,620 $242,327 $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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