EX-99.1 2 a07-27704_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Bruker BioSciences Reports Financial Results for the Third Quarter of 2007

 

BILLERICA, Mass., October 29, 2007 (BUSINESS WIRE) –  Bruker BioSciences Corporation (NASDAQ: BRKR) today reported its financial results for the three and nine months ended September 30, 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 September 30,

 

Nine Months Ended September 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

 

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

 

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

 

Total cost of revenue

 

69,810

 

58,687

 

196,341

 

164,047

 

 

 

 

 

 

 

 

 

 

 

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

 

Total operating expenses

 

50,376

 

39,199

 

141,247

 

121,438

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

11,457

 

6,984

 

26,245

 

14,724

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

(619

)

(491

)

(825

)

3,522

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Income before minority interest in consolidated subsidiaries

 

8,773

 

2,958

 

17,765

 

8,848

 

Minority interest in consolidated subsidiaries

 

109

 

(18

)

255

 

75

 

Net income

 

$

8,664

 

$

2,976

 

$

17,510

 

$

8,773

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

$

0.03

 

$

0.17

 

$

0.09

 

Diluted

 

$

0.08

 

$

0.03

 

$

0.16

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

104,372

 

102,038

 

103,802

 

101,635

 

Diluted

 

106,674

 

102,704

 

106,480

 

102,090

 

 



 

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

 

Total current assets

 

343,440

 

294,744

 

 

 

 

 

 

 

Property and equipment, net

 

101,015

 

90,349

 

Intangible and other assets

 

53,909

 

48,094

 

 

 

 

 

 

 

Total assets

 

$

498,364

 

$

433,187

 

 

 

 

 

 

 

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

 

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

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

498,364

 

$

433,187

 

 



 

FOR FURTHER INFORMATION:

 

Michael Willett, Investor Relations Officer

 

 

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

 

 

Email:  Michael.Willett@Bruker.com