EX-99.1 2 a07-12810_1ex99d1.htm EX-99.1

Exhibit 99.1

Bruker BioSciences Reports First Quarter 2007 Year-over-Year Pooled Revenue Growth of 16% and Strong Operating Income Growth

BILLERICA, Mass., May 1, 2007 (BUSINESS WIRE)  —  Bruker BioSciences Corporation (NASDAQ: BRKR) today reported financial results for the three months ended March 31, 2007.

On July 1, 2006, Bruker BioSciences completed its acquisition of Bruker Optics Inc., which was accounted for as a pooling of interests.  As a result of this required GAAP accounting treatment, all historical financials have been pooled as if the companies had always been combined.

For the first quarter of 2007, revenue increased by 16.5% to $110.5 million, compared to pooled revenue of $94.9 million in the first quarter of 2006.  Excluding the effects of foreign currency translation, first quarter 2007 revenue increased by 10.6% year-over-year.

Net income in the first quarter of 2007 was $3.9 million, or $0.04 per diluted share, compared to pooled net income of $3.3 million, or $0.03 per diluted share, in the first quarter of 2006.

Operating income in the first quarter of 2007 was $7.8 million, up 59.5% compared to operating income of $4.9 million in the first quarter of 2006.  Excluding acquisition related charges of $1.2 million in Q1 2006, operating income increased 28.4% year-over-year.

Commenting on the first quarter, Frank Laukien, President and CEO, said: “I am very pleased that we started 2007 with strong year-over-year growth and solid improvements in our gross margins and operating income.  We believe the combination of our competitive product offerings, healthy backlog and strong end-markets position us well for continued success throughout 2007.”

EARNINGS CONFERENCE CALL

Bruker BioSciences will host an operator-assisted earnings conference call at 8 a.m. Eastern Time on Tuesday, May 1, 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 16589667.




 

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 developer and provider of life science, materials research and industrial X-ray analysis and spark-OES tools.  Bruker Daltonics is a leading developer and 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 developer, manufacturer and 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 our reorganization strategies, risks related to the integration of businesses we have acquired or may acquire in the future,  technological approaches, product development, market acceptance, cost and pricing of our products, changes in governmental regulations, capital spending and government funding policies, FDA and other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation. 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.

Condensed consolidated statements of operations and balance sheets follow for Bruker BioSciences Corporation.

2




Bruker BioSciences Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

 

2007

 

2006

 

Product revenue

 

$

95,362

 

$

83,841

 

Service revenue

 

14,991

 

10,371

 

Other revenue

 

154

 

644

 

Total revenue

 

110,507

 

94,856

 

 

 

 

 

 

 

Cost of product revenue

 

47,811

 

44,713

 

Cost of service revenue

 

10,068

 

6,387

 

Total cost of revenue

 

57,879

 

51,100

 

 

 

 

 

 

 

Gross profit margin

 

52,628

 

43,756

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Sales and marketing

 

23,764

 

18,832

 

General and administrative

 

7,492

 

6,607

 

Research and development

 

13,613

 

12,275

 

Acquisition related charges

 

 

1,176

 

Total operating expenses

 

44,869

 

38,890

 

 

 

 

 

 

 

Operating income

 

7,759

 

4,866

 

 

 

 

 

 

 

Interest and other income (expense), net

 

(525

)

1,681

 

 

 

 

 

 

 

Income before income tax provision and minority
interest in consolidated subsidiaries

 

7,234

 

6,547

 

Income tax provision

 

3,267

 

3,240

 

 

 

 

 

 

 

Income before minority interest in consolidated
subsidiaries

 

3,967

 

3,307

 

Minority interest in consolidated subsidiaries

 

86

 

48

 

Net income

 

$

3,881

 

$

3,259

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

Basic

 

$

0.04

 

$

0.03

 

Diluted

 

$

0.04

 

$

0.03

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

Basic

 

102,820

 

101,186

 

Diluted

 

105,361

 

101,480

 

 

3




 

Bruker BioSciences Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

 

 

March 31,

 

December 31,

 

 

 

2007

 

2006

 

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and short-term investments

 

$

55,692

 

$

52,147

 

Accounts receivable, net

 

75,110

 

79,604

 

Due from affiliated companies

 

7,536

 

9,028

 

Inventories

 

157,616

 

134,504

 

Other current assets

 

23,121

 

19,461

 

Total current assets

 

319,075

 

294,744

 

 

 

 

 

 

 

Property and equipment, net

 

91,410

 

90,349

 

Intangible and other assets

 

52,609

 

48,094

 

 

 

 

 

 

 

Total assets

 

$

463,094

 

$

433,187

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Short-term borrowings

 

$

11,601

 

$

21,857

 

Accounts payable

 

26,370

 

23,102

 

Due to affiliated companies

 

9,916

 

5,901

 

Other current liabilities

 

151,824

 

144,268

 

Total current liabilities

 

199,711

 

195,128

 

 

 

 

 

 

 

Long-term debt

 

22,782

 

22,863

 

Other long-term liabilities

 

25,698

 

23,491

 

Minority interest in subsidiaries

 

325

 

239

 

 

 

 

 

 

 

Total shareholders’ equity

 

214,578

 

191,466

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

463,094

 

$

433,187

 

 

4




 

FOR FURTHER INFORMATION:

 

Michael Willett, Investor Relations Officer

 

 

Tel: (978) 663-3660, ext. 1411

 

 

Email: Michael.Willett@Bruker.com

 

5