Bruker BioSciences Corporation (NASDAQ: BRKR) today reported its financial results for the three and nine months ended September 30, 2007.
BILLERICA, Mass. (Business Wire EON) October 29, 2007 -- For the third quarter of 2007, revenue increased by 25% to $131.6 million, compared to revenue of $104.9 million in the third quarter of 2006. Excluding the effects of foreign currency translation, third quarter 2007 revenue increased by 20% year-over-year. Net income in the third quarter of 2007 was $8.7 million, or $0.08 per diluted share, compared to net income of $3.0 million, or $0.03 per diluted share, in the third quarter of 2006. Included in third quarter of 2007 net income was a one-time tax benefit of $2.4 million, or $0.02 per diluted share, related to the revaluation of the Company's deferred tax assets and liabilities as a result of a tax law change in Germany enacted in the third quarter of 2007 which will decrease the statutory German corporate income tax rate beginning in 2008.
During the nine months ended September 30, 2007, revenue increased by 21% to $363.8 million, compared to revenue of $300.2 million during the nine months ended September 30, 2006. Excluding the effects of foreign currency translation, revenue for the nine months ended September 30, 2007 increased by 16% year-over-year. Net income during the nine months ended September 30, 2007 was $17.5 million, or $0.16 per diluted share, compared to net income of $8.8 million, or $0.09 per diluted share, during the nine months ended September 30, 2006.
Commenting on the third quarter, Frank Laukien, President and CEO, said: "We are pleased with our top-line performance in the third quarter, with all three operating divisions delivering double digit growth year-over-year. Moreover, we continue to improve gross profit margins and leverage our operating expenses, resulting in year-over-year improvements to our operating income margin."
EARNINGS CONFERENCE CALL
Bruker BioSciences will host an operator-assisted earnings conference call at 10 a.m. Eastern Time on Monday, October 29, 2007. 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 72671589.
ABOUT BRUKER BIOSCIENCES
Bruker BioSciences Corporation in Billerica, Massachusetts is the parent company of Bruker AXS Inc., Bruker Daltonics Inc. and Bruker Optics, Inc. Bruker AXS is a leading provider of life science, materials research and industrial X-ray analysis and spark-OES tools. Bruker Daltonics is a leading provider of innovative life science tools based on mass spectrometry, and also offers a broad line of chemical, biological, radiological and nuclear (CBRN) detection products for homeland security. Bruker Optics is a leading provider of research, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technology. 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 BioSciences Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2007 2006 2007 2006
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Product revenue $115,235 $ 91,928 $317,243 $264,104
Service revenue 16,163 12,625 46,113 34,895
Other revenue 245 317 477 1,210
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Total revenue 131,643 104,870 363,833 300,209
Cost of product revenue 59,924 50,659 166,525 143,414
Cost of service revenue 9,886 8,028 29,816 20,633
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Total cost of revenue 69,810 58,687 196,341 164,047
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Gross profit margin 61,833 46,183 167,492 136,162
Operating Expenses:
Sales and marketing 27,057 19,063 74,909 58,795
General and administrative 8,556 7,239 24,036 20,319
Research and development 14,763 11,936 42,302 36,495
Acquisition related charges 961 5,829
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Total operating expenses 50,376 39,199 141,247 121,438
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Operating income 11,457 6,984 26,245 14,724
Interest and other income
(expense), net (619) (491) (825) 3,522
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Income before income tax
provision and minority
interest in consolidated
subsidiaries 10,838 6,493 25,420 18,246
Income tax provision 2,065 3,535 7,655 9,398
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Income before minority interest
in consolidated subsidiaries 8,773 2,958 17,765 8,848
Minority interest in
consolidated subsidiaries 109 (18) 255 75
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Net income $ 8,664 $ 2,976 $ 17,510 $ 8,773
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Net income per share:
Basic $ 0.08 $ 0.03 $ 0.17 $ 0.09
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Diluted $ 0.08 $ 0.03 $ 0.16 $ 0.09
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Weighted average shares
outstanding:
Basic 104,372 102,038 103,802 101,635
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Diluted 106,674 102,704 106,480 102,090
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Bruker BioSciences Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2007 2006
------------- ------------
(unaudited)
ASSETS
Current assets:
Cash and short-term investments $ 38,904 $ 52,147
Accounts receivable, net 85,840 79,604
Due from affiliated companies 6,366 9,028
Inventories 184,248 134,504
Other current assets 28,082 19,461
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Total current assets 343,440 294,744
Property and equipment, net 101,015 90,349
Intangible and other assets 53,909 48,094
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Total assets $ 498,364 $ 433,187
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 21,014 $ 21,857
Accounts payable 31,102 23,102
Due to affiliated companies 7,526 5,901
Other current liabilities 150,807 144,268
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Total current liabilities 210,449 195,128
Long-term debt 18,078 22,863
Other long-term liabilities 30,861 23,491
Minority interest in subsidiaries 460 239
Total shareholders' equity 238,516 191,466
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Total liabilities and shareholders'
equity $ 498,364 $ 433,187
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