0001104659-13-011542.txt : 20130219 0001104659-13-011542.hdr.sgml : 20130219 20130219072152 ACCESSION NUMBER: 0001104659-13-011542 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20130212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130219 DATE AS OF CHANGE: 20130219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRUKER CORP CENTRAL INDEX KEY: 0001109354 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 043110160 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30833 FILM NUMBER: 13621454 BUSINESS ADDRESS: STREET 1: 40 MANNING RD CITY: BILLERICA STATE: MA ZIP: 01821 BUSINESS PHONE: 978663-3660 MAIL ADDRESS: STREET 1: 40 MANNING RD CITY: BILLERICA STATE: MA ZIP: 01821 FORMER COMPANY: FORMER CONFORMED NAME: BRUKER BIOSCIENCES CORP DATE OF NAME CHANGE: 20030721 FORMER COMPANY: FORMER CONFORMED NAME: BRUKER DALTONICS INC DATE OF NAME CHANGE: 20000315 8-K 1 a13-5424_18k.htm 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

 


 

Date of Report (Date of earliest event reported): February 12, 2013

 

BRUKER CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-30833

 

04-3110160

(State or other jurisdiction
of incorporation)

 

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

40 Manning Road

Billerica, MA 01821

(Address of principal executive offices)(Zip Code)

 

Registrant’s telephone number, including area code: (978) 663-3660

 


 

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the reporting obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 of the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Section 2 — Financial Information

 

Item 2.02.  Results of Operations and Financial Condition

 

On February 19, 2013, Bruker Corporation issued a press release announcing combined financial results as of and for the three and twelve months ended December 31, 2012.  A copy of the press release is attached hereto as Exhibit 99.1.

 

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

Section 5 — Corporate Governance and Management

 

Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(d)         Election of New Director

 

On February 12, 2013, the Company’s Board of Directors elected Marc A Kastner, Ph.D., to fill one of two vacancies on the Board, effective immediately.  Dr. Kastner will serve as a Class II director for a term expiring at the Company’s 2014 Annual Meeting of Stockholders.

 

Dr. Kastner currently serves as Donner Professor of Science at Massachusetts Institute of Technology (“MIT”), a position he has held since 1989, and, since 2007, as Dean of the MIT School of Science. Since joining the MIT Department of Physics in 1973, Dr. Kastner has served in a variety of senior faculty and leadership roles, including as Head of the MIT Department of Physics from 1988 to 2000, Director of MIT’s Center for Materials Science and Engineering from 1993 to 1998 and as Associate Director of MIT’s Consortium for Superconducting Electronics from 1989 to 1992.  Dr. Kastner has received numerous awards for his scientific research and scholarship and currently serves on a number of research and scientific advisory boards. Dr. Kastner holds a Ph.D. in Physics from the University of Chicago.

 

Dr. Kastner’s compensation for his services as a director will be consistent with that of the other non-employee directors at the Company, as described in the Company’s definitive proxy statement with respect to its 2012 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 13, 2012. There are no other arrangements or understandings between Dr. Kastner and any other person pursuant to which he was elected as a director, and Dr. Kastner is not a party to any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K.

 

A copy of the press release announcing Dr. Kastner’s election is attached to this report as Exhibit 99.2.

 

Section 9 — Financial Statements and Exhibits

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)         Exhibits

 

Number

 

 

 

 

 

99.1

 

Press release entitled “Bruker Corporation Reports Fourth Quarter and Full Year 2012 Financial Results” dated February 19, 2013.

 

2



 

99.2

 

Press release entitled “Dean of MIT School of Science Joins Bruker Board of Directors” dated February 19, 2013.

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

BRUKER CORPORATION

 

(Registrant)

 

 

 Date: February 19, 2013

By:

/s/ CHARLES F. WAGNER, JR.

 

 

Charles F. Wagner, Jr.

 

 

Executive Vice President and

 

 

Chief Financial Officer

 

4



 

Exhibit Index

 

Exhibit
Number

 

Exhibit Name

 

Location

 

 

 

 

 

99.1

 

Press release entitled “Bruker Corporation Reports Fourth Quarter and Full Year 2012 Financial Results” dated February 19, 2013.

 

Furnished herewith*

99.2

 

Press release entitled “Dean of MIT School of Science Joins Bruker Board of Directors” dated February 19, 2013.

 

Filed herewith

 


*        Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

5


EX-99.1 2 a13-5424_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

Bruker Corporation Reports Fourth

Quarter and Full Year 2012 Financial Results

 

Company delivers year-over-year organic revenue growth of 10 percent

and non-GAAP operating income growth of 20 percent in the fourth quarter 2012

 

BILLERICA, Mass.February 19, 2013 — Bruker Corporation (NASDAQ: BRKR) today reported financial results for its fourth quarter and full year ended December 31, 2012.

 

Revenues for the fourth quarter 2012 grew 8.9 percent to $517.3 million from $475.1 million in Q4 2011.  Excluding a 2.1 percent negative effect from changes in foreign exchange rates and a 0.8 percent net contribution from acquisitions and divestitures, Bruker generated year-over-year organic revenue growth of approximately 10.2 percent in the fourth quarter of 2012.

 

Bruker reported fourth quarter 2012 GAAP operating income of $39.2 million, or 7.6% of revenues, compared to $53.7 million, or 11.3% of revenues in the fourth quarter 2011.  Fourth quarter 2012 GAAP earnings per diluted share (EPS) were $0.08, compared to EPS of $0.23 in the fourth quarter of 2011.  Included in the fourth quarter 2012 results were approximately $22 million of charges related to intangible and fixed asset impairments, as well as a write-down of goodwill at Bruker’s Chemical & Applied Markets (CAM) division and $2 million of charges in Bruker’s BEST business relating to fixed asset impairments and restructuring charges.

 

On a non-GAAP basis, Bruker reported fourth quarter 2012 non-GAAP operating income of $73.0 million, or 14.1% of revenues, compared to $60.6 million, or 12.8% of revenues, in Q4 of 2011.  Fourth quarter 2012 non-GAAP EPS were $0.28, compared to $0.30 in the fourth quarter of 2011.  A reconciliation of GAAP to non-GAAP financial measures is provided in the Company’s financial tables accompanying this press release.

 

For the full year 2012, Bruker’s revenues grew 8.5 percent to $1.79 billion, compared to $1.65 billion in 2011.  Excluding a 4.6 percent unfavorable impact from changes in foreign exchange rates and a 1.2 percent net contribution from acquisitions and divestitures, the Company generated 11.9 percent organic revenue growth in 2012.

 

Bruker reported full year 2012 GAAP operating income of $156.0 million, or 8.7% of revenues, compared to $155.6 million, or 9.4% of revenues, in 2011.  The Company’s 2012 GAAP EPS were $0.46, compared to $0.55 in 2011.

 

On a non-GAAP basis, Bruker reported full year 2012 operating income of $219.0 million, or 12.2% of revenues, compared to $196.8 million, or 11.9% of revenues, in 2011.  Non-GAAP 2012 EPS were $0.83, compared to $0.82 for the year 2011.

 

“Despite the challenges posed by weaker European economies, softness in U.S. academic markets, and the slowing of several industrial and applied market segments, Bruker’s innovation engine generated excellent top-line growth throughout 2012,” commented Frank Laukien, President and CEO of Bruker.  “This performance is a testament to the strength of our customer relationships and our focus on addressing their needs.  We are also pleased with our improving margins in the second half of 2012, and we recognize that we need to translate more of our healthy revenue growth into higher profits and cash flow.”

 



 

2012 Business Highlights

 

·                  Launched over 30 new products, including several breakthrough innovations.

 

·                  Increased 2012 non-GAAP operating margin by 30 basis points to 12.2%, compared to 11.9% in 2011.

 

·                  Acquired SkyScan microCT business and Carestream’s preclinical in vivo imaging portfolio to provide Bruker with the broadest preclinical imaging product line in the industry.

 

·                  Continued the rapid growth of MALDI Biotyper platform for clinical and non-clinical microbiology.

 

·                  Organized 10 operating divisions of the Bruker Scientific Instruments (BSI) segment into three Groups.

 

·                  Strengthened executive leadership with appointments of a new CFO and two new Group Presidents.

 

·                  Strengthened operational leadership and initiated new outsourcing programs and other productivity improvement efforts.

 

“As Bruker enters 2013, we are analyzing and implementing various initiatives to drive increased profitability and cash flow.  In addition to ongoing improvements in operational processes and systems, we are taking targeted actions to optimize the cost structure of certain businesses,” said Charles Wagner, Chief Financial Officer of Bruker.  “For the full year 2013, the Company expects year-over-year reported revenue growth of 4 to 5 percent and non-GAAP EPS growth of 6 to 10 percent.”

 

Quarterly Earnings Call

 

Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters at 8:30 a.m. Eastern Standard Time today. To listen to the webcast, investors can go to http://ir.bruker.com and click on the live webcast symbol.  A slide presentation that will be referenced during the webcast will be posted to the Company’s website shortly before the webcast begins.  Investors can also listen to the earnings webcast via telephone by dialing 1-866-900-5380 or +1-706-758-6539, and referencing conference code:  94808591.  A telephone replay of the conference call will be available for two days, beginning approximately one hour after the conference call concludes, and can be accessed by dialing   1-855-859-2056 or +1-404-537-3406, and then entering replay passcode 94808591.

 

Use of Non-GAAP Financial Measures

 

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including organic revenue growth, non-GAAP EPS, non-GAAP operating income, adjusted net income and adjusted operating margin, which exclude acquisition-related and restructuring and other charges. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We believe that the use of non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such results to previous periods or guidance.

 

We exclude certain acquisition-related charges or credits and associated tax effects, including charges for the sale of inventories revalued at the date of acquisition, significant transaction costs such as legal fees and credits associated with bargain purchases. We exclude these costs because we do not believe they are indicative of our normal operating costs.

 

We exclude charges, impairments, and tax effects associated with restructuring and business divestiture activities, such as reducing overhead and consolidating facilities. We believe that the costs related to these restructuring and business divestiture activities are not indicative of our normal operating costs.

 

We exclude the expense and tax effects associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that

 



 

have lives of 3 to 12 years. Exclusion of these non-cash amortization expenses allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses.

 

Bruker’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods and to the performance of our competitors.  Such measures are also used by management in their financial and operating decision-making and for compensation purposes.

 

The non-GAAP financial measures of Bruker’s results of operations included in this press release are not meant to be considered superior to, or a substitute for, Bruker’s results of operations prepared in accordance with GAAP.  Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

 

Forward Looking Statements

 

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 risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, risks and uncertainties relating to adverse changes in conditions in the global economy and volatility in the capital markets, 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, the outcome of any actions that may be taken by government agencies in connection with FCPA compliance matters we have disclosed to them, changes in governmental regulations, realization of anticipated benefits from economic stimulus programs, intellectual property rights, litigation, and exposure to foreign currency fluctuations and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission. 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, 2011, our most recent quarterly report on Form 10-Q and our current reports on Form 8-K. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.

 

-tables follow-

 

Contacts:

Joshua Young

Vice President, Investor Relations

Bruker Corporation

(978) 667 — 9580, ext. 1479

joshua.young@Bruker.com

 



 

Bruker Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

(in millions, except per share amounts)

 

2012

 

2011

 

2012

 

2011

 

Revenues

 

$

517.3

 

$

475.1

 

$

1,791.4

 

$

1,651.7

 

Cost of revenues

 

275.1

 

257.4

 

960.0

 

899.2

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

242.2

 

217.7

 

831.4

 

752.5

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

124.5

 

117.0

 

442.4

 

406.6

 

Research and development

 

50.3

 

44.7

 

195.3

 

177.2

 

Impairment charges

 

23.8

 

 

23.8

 

 

Write-off of deferred offering costs

 

 

 

 

3.4

 

Other charges, net

 

4.4

 

2.3

 

13.9

 

9.7

 

Total operating expenses

 

203.0

 

164.0

 

675.4

 

596.9

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

39.2

 

53.7

 

156.0

 

155.6

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

(4.7

)

(1.3

)

(17.7

)

(10.1

)

 

 

 

 

 

 

 

 

 

 

Income before income taxes and noncontrolling interest in consolidated subsidiaries

 

34.5

 

52.4

 

138.3

 

145.5

 

Income tax provision

 

21.2

 

12.8

 

60.1

 

51.5

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

13.3

 

39.6

 

78.2

 

94.0

 

Net income attributable to noncontrolling interests in consolidated subsidiaries

 

0.5

 

0.5

 

0.7

 

1.7

 

Net income attributable to Bruker Corporation

 

$

12.8

 

$

39.1

 

$

77.5

 

$

92.3

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Bruker Corporation shareholders:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

$

0.24

 

$

0.47

 

$

0.56

 

Diluted

 

$

0.08

 

$

0.23

 

$

0.46

 

$

0.55

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

166.2

 

165.6

 

166.0

 

165.4

 

Diluted

 

167.7

 

166.7

 

167.4

 

166.9

 

 



 

Reconciliation of BSI and BEST reportable segments to the consolidated results of

Bruker Corporation for the three months ended December 31, 2012 and 2011

(unaudited) (a)(b)

 

 

 

 

 

Bruker

 

 

 

 

 

 

 

Bruker

 

Energy &

 

Corporate,

 

Consolidated

 

Segment Data

 

Scientific

 

Supercon

 

Adjustments

 

Bruker

 

(in millions, except per share amounts)

 

Instruments

 

Technologies

 

& Eliminations

 

Corporation

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

482.1

 

$

37.8

 

$

(2.6

)

$

517.3

 

 

 

 

 

 

 

 

 

 

 

Gross profit - GAAP (a)

 

$

232.8

 

$

8.4

 

$

1.0

 

$

242.2

 

Cost of revenues charges (c)

 

(0.2

)

 

 

(0.2

)

Amortization of acquisition-related intangible assets (d)

 

4.9

 

 

 

4.9

 

Gross profit - adjusted (b)

 

$

237.5

 

$

8.4

 

$

1.0

 

$

246.9

 

Gross profit margin - adjusted (b)

 

49.3

%

22.2

%

 

 

47.7

%

 

 

 

 

 

 

 

 

 

 

Operating income (loss) - GAAP (a)

 

$

34.5

 

$

(0.6

)

$

5.3

 

$

39.2

 

Cost of revenues charges (c)

 

(0.2

)

 

 

(0.2

)

Amortization of acquisition-related intangible assets (d)

 

5.8

 

 

 

5.8

 

Impairment charges (e)

 

22.6

 

1.2

 

 

23.8

 

Other charges (f)

 

3.4

 

1.0

 

 

4.4

 

Operating income (loss) - adjusted (b)

 

$

66.1

 

$

1.6

 

$

5.3

 

$

73.0

 

Operating margin - adjusted (b)

 

13.7

%

4.2

%

 

 

14.1

%

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Bruker Corporation - GAAP (a)

 

$

10.0

 

$

(2.3

)

$

5.1

 

$

12.8

 

Cost of revenues charges (c)

 

 

 

 

 

Amortization of acquisition-related intangible assets (d)

 

5.7

 

 

 

5.7

 

Impairment charges (e)

 

22.6

 

1.2

 

 

23.8

 

Other charges (f)

 

3.4

 

1.0

 

 

4.4

 

Net income (loss) attributable to Bruker Corporation - adjusted (b)

 

$

41.7

 

$

(0.1

)

$

5.1

 

$

46.7

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per common share attributable to Bruker Corporation - GAAP (a)

 

$

0.06

 

$

(0.01

)

$

0.03

 

$

0.08

 

Cost of revenues charges (c)

 

 

 

 

 

Amortization of acquisition-related intangible assets (d)

 

0.03

 

 

 

0.03

 

Impairment charges (e)

 

0.13

 

0.01

 

 

0.14

 

Other charges (f)

 

0.03

 

 

 

0.03

 

Diluted net income (loss) per common share attributable to Bruker Corporation - adjusted (b)

 

$

0.25

 

$

 

$

0.03

 

$

0.28

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

167.7

 

167.7

 

167.7

 

167.7

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

445.8

 

$

33.6

 

$

(4.3

)

$

475.1

 

 

 

 

 

 

 

 

 

 

 

Gross profit - GAAP (a)

 

$

212.2

 

$

6.9

 

$

(1.4

)

$

217.7

 

Cost of revenues charges (c)

 

(1.1

)

 

 

(1.1

)

Amortization of acquisition-related intangible assets (d)

 

4.1

 

 

 

4.1

 

Gross profit - adjusted (b)

 

$

215.2

 

$

6.9

 

$

(1.4

)

$

220.7

 

Gross profit margin - adjusted (b)

 

48.3

%

20.5

%

 

 

46.5

%

 

 

 

 

 

 

 

 

 

 

Operating income (loss) - GAAP (a)

 

$

55.5

 

$

(0.5

)

$

(1.3

)

$

53.7

 

Cost of revenues charges (c)

 

(1.1

)

 

 

(1.1

)

Amortization of acquisition-related intangible assets (d)

 

5.0

 

 

 

5.0

 

Other charges (f)

 

3.0

 

 

 

3.0

 

Operating income (loss) - adjusted (b)

 

$

62.4

 

$

(0.5

)

$

(1.3

)

$

60.6

 

Operating margin - adjusted (b)

 

14.0

%

(1.5

)%

 

 

12.8

%

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Bruker Corporation - GAAP (a)

 

$

41.9

 

$

(1.7

)

$

(1.1

)

$

39.1

 

Cost of revenues charges (c)

 

(0.7

)

 

 

(0.7

)

Amortization of acquisition-related intangible assets (d)

 

4.9

 

 

 

4.9

 

Other charges (f)

 

6.0

 

 

 

6.0

 

Net income (loss) attributable to Bruker Corporation - adjusted (b)

 

$

52.1

 

$

(1.7

)

$

(1.1

)

$

49.3

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per common share attributable to Bruker Corporation - GAAP (a)

 

$

0.25

 

$

(0.01

)

$

(0.01

)

$

0.23

 

Cost of revenues charges (c)

 

 

 

 

 

Amortization of acquisition-related intangible assets (d)

 

0.03

 

 

 

0.03

 

Other charges (f)

 

0.04

 

 

 

0.04

 

Diluted net income (loss) per common share attributable to Bruker Corporation - adjusted (b)

 

$

0.32

 

$

(0.01

)

$

(0.01

)

$

0.30

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

166.7

 

166.7

 

166.7

 

166.7

 

 



 

Reconciliation of BSI and BEST reportable segments to the consolidated results of

Bruker Corporation for the twelve months ended December 31, 2012 and 2011

(unaudited) (a)(b)

 

 

 

 

 

Bruker

 

 

 

 

 

 

 

Bruker

 

Energy &

 

Corporate,

 

Consolidated

 

Segment Data 

 

Scientific

 

Supercon

 

Adjustments

 

Bruker

 

(in millions, except per share amounts)

 

Instruments

 

Technologies

 

& Eliminations

 

Corporation

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,666.1

 

$

136.2

 

$

(10.9

)

$

1,791.4

 

 

 

 

 

 

 

 

 

 

 

Gross profit - GAAP (a)

 

$

790.9

 

$

42.5

 

$

(2.0

)

$

831.4

 

Cost of revenues charges (c)

 

3.3

 

 

 

3.3

 

Amortization of acquisition-related intangible assets (d)

 

18.4

 

0.2

 

 

18.6

 

Gross profit - adjusted (b)

 

$

812.6

 

$

42.7

 

$

(2.0

)

$

853.3

 

Gross profit margin - adjusted (b)

 

48.8

%

31.4

%

 

 

47.6

%

 

 

 

 

 

 

 

 

 

 

Operating income (loss) - GAAP (a)

 

$

140.8

 

$

12.8

 

$

2.4

 

$

156.0

 

Cost of revenues charges (c)

 

3.3

 

 

 

3.3

 

Amortization of acquisition-related intangible assets (d)

 

21.8

 

0.2

 

 

22.0

 

Impairment charges (e)

 

22.6

 

1.2

 

 

23.8

 

Other charges (f)

 

11.5

 

2.4

 

 

13.9

 

Operating income (loss) - adjusted (b)

 

$

200.0

 

$

16.6

 

$

2.4

 

$

219.0

 

Operating margin - adjusted (b)

 

12.0

%

12.2

%

 

 

12.2

%

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Bruker Corporation - GAAP (a)

 

$

68.2

 

$

6.6

 

$

2.7

 

$

77.5

 

Cost of revenues charges (c)

 

3.3

 

 

 

3.3

 

Amortization of acquisition-related intangible assets (d)

 

21.1

 

0.2

 

 

21.3

 

Impairment charges (e)

 

22.6

 

1.2

 

 

23.8

 

Other charges (f)

 

10.0

 

2.4

 

 

12.4

 

Net income (loss) attributable to Bruker Corporation - adjusted (b)

 

$

125.2

 

$

10.4

 

$

2.7

 

$

138.3

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per common share attributable to Bruker Corporation - GAAP (a)

 

$

0.41

 

$

0.04

 

$

0.01

 

$

0.46

 

Cost of revenues charges (c)

 

0.02

 

 

 

0.02

 

Amortization of acquisition-related intangible assets (d)

 

0.13

 

 

 

0.13

 

Impairment charges (e)

 

0.13

 

0.01

 

 

0.14

 

Other charges (f)

 

0.07

 

0.01

 

 

0.08

 

Diluted net income (loss) per common share attributable to Bruker Corporation - adjusted (b)

 

$

0.76

 

$

0.06

 

$

0.01

 

$

0.83

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

167.4

 

167.4

 

167.4

 

167.4

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31, 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

1,554.1

 

$

113.4

 

$

(15.8

)

$

1,651.7

 

 

 

 

 

 

 

 

 

 

 

Gross profit - GAAP (a)

 

$

733.3

 

$

22.4

 

$

(3.2

)

$

752.5

 

Cost of revenues charges (c)

 

9.3

 

 

 

9.3

 

Amortization of acquisition-related intangible assets (d)

 

14.8

 

0.3

 

 

15.1

 

Gross profit - adjusted (b)

 

$

757.4

 

$

22.7

 

$

(3.2

)

$

776.9

 

Gross profit margin - adjusted (b)

 

48.7

%

20.0

%

 

 

47.0

%

 

 

 

 

 

 

 

 

 

 

Operating income (loss) - GAAP (a)

 

$

162.8

 

$

(4.1

)

$

(3.1

)

$

155.6

 

Cost of revenues charges (c)

 

9.3

 

 

 

9.3

 

Amortization of acquisition-related intangible assets (d)

 

17.8

 

0.3

 

 

18.1

 

Other charges (f)

 

10.4

 

3.4

 

 

13.8

 

Operating income (loss) - adjusted (b)

 

$

200.3

 

$

(0.4

)

$

(3.1

)

$

196.8

 

Operating margin - adjusted (b)

 

12.9

%

(0.4

)%

 

 

11.9

%

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Bruker Corporation - GAAP (a)

 

$

104.1

 

$

(8.9

)

$

(2.9

)

$

92.3

 

Cost of revenues charges (c)

 

7.9

 

 

 

7.9

 

Amortization of acquisition-related intangible assets (d)

 

17.1

 

0.3

 

 

17.4

 

Other charges (f)

 

16.0

 

3.4

 

 

19.4

 

Net income (loss) attributable to Bruker Corporation - adjusted (b)

 

$

145.1

 

$

(5.2

)

$

(2.9

)

$

137.0

 

 

 

 

 

 

 

 

 

 

 

Diluted net income (loss) per common share attributable to Bruker Corporation - GAAP (a)

 

$

0.62

 

$

(0.05

)

$

(0.02

)

$

0.55

 

Cost of revenues charges (c)

 

0.05

 

 

 

0.05

 

Amortization of acquisition-related intangible assets (d)

 

0.10

 

 

 

0.10

 

Other charges (f)

 

0.10

 

0.02

 

 

0.12

 

Diluted net income (loss) per common share attributable to Bruker Corporation - adjusted (b)

 

$

0.87

 

$

(0.03

)

$

(0.02

)

$

0.82

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

166.9

 

166.9

 

166.9

 

166.9

 

 



 

Reconciliation of BSI and BEST reportable segments to the consolidated results of Bruker Corporation

for the three and twelve months ended December 31, 2012 and 2011

 

(a)      “GAAP” (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP).

 

(b)      Adjusted results are non-GAAP measures and for income measures exclude certain charges to cost of revenues (see note c for details); amortization of acquisition-related intangible assets and stock-based compensation (see note d for details); impairment charges (see note e for details); restructuring and other charges (see note f for details); and the tax consequences of the preceding items.

 

(c)      Reported results in the three and twelve month periods ended December 31, 2012 and 2011 include charges for the sale of inventories and the depreciation of property, plant and equipment revalued at the date of acquisition, charges to cost of goods sold related to certain restructuring programs as well as charges attributable to manufacturing engineering modifications associated with certain specialty magnets.

 

(d)      Reported results in the three and twelve month periods ended December 31, 2012 and 2011 include non-cash charges for the amortization of acquisition-related intangible assets.

 

(e)      Reported results in the three and twelve month periods ended December 31, 2012 include goodwill, definite-lived intangible asset and other long-lived asset impairment charges.

 

(f)       Reported results in the three and twelve month periods ended December 31, 2012 and 2011 include certain fees associated with legal compliance and examinations, acquisition-related costs and other costs associated with the restructuring and relocation of certain operations. The twelve months ended December 31, 2012 also includes a gain on sale of a business.  The twelve month period ended December 31, 2011 also includes deferred BEST public offering costs that were expensed.

 

The charges described in notes c, d, e and f have been tax effected using enacted tax rates in the jurisdiction in which the charge was recorded. In addition, reported results for the three and twelve month periods ended December 31, 2011, include $3.3 million and $5.8 million, respectively, of provisions for income tax related to historical tax periods under audit.

 



 

Bruker Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

December 31,

 

December 31,

 

(in millions)

 

2012

 

2011

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

310.6

 

$

246.0

 

Accounts receivable, net

 

289.3

 

282.8

 

Inventories

 

611.5

 

576.2

 

Other current assets

 

98.3

 

89.1

 

Total current assets

 

1,309.7

 

1,194.1

 

 

 

 

 

 

 

Property, plant and equipment, net

 

283.6

 

249.0

 

Intangible and other long-term assets

 

263.1

 

267.4

 

 

 

 

 

 

 

Total assets

 

$

1,856.4

 

$

1,710.5

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Short-term borrowings, including current portion of long-term debt

 

$

1.3

 

$

83.7

 

Accounts payable

 

69.6

 

72.3

 

Customer advances

 

267.3

 

268.6

 

Other current liabilities

 

343.7

 

331.2

 

Total current liabilities

 

681.9

 

755.8

 

 

 

 

 

 

 

Long-term debt

 

335.9

 

219.4

 

Other long-term liabilities

 

129.0

 

110.4

 

 

 

 

 

 

 

Total shareholders’ equity

 

709.6

 

624.9

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,856.4

 

$

1,710.5

 

 


EX-99.2 3 a13-5424_1ex99d2.htm EX-99.2

Exhibit 99.2

 

Dean of MIT School of Science Joins Bruker Board of Directors

 

BILLERICA, Massachusetts, February 19, 2013 (BUSINESS WIRE) - Bruker Corporation (NASDAQ: BRKR) today announced the election of Dr. Marc Kastner to its Board of Directors, replacing Mr. Charles F. Wagner, Jr., who stepped down from the Board in the summer of 2012 in order to become Bruker’s new Chief Financial Officer.

 

Dr. Kastner is Donner Professor of Physics and Dean of the School of Science at the Massachusetts Institute of Technology.  He received his Bachelor’s in Chemistry and his PhD in Physics, both from the University of Chicago, and in 1973 he joined the MIT Department of Physics.  In 1993, Marc was appointed director of the Center for Materials Science and Engineering at MIT, which became the largest NSF U.S. Materials Research Science and Engineering Center.  In 1998, he became Head of the MIT Department of Physics, and he became Dean of the MIT School of Science in 2007.

 

Marc Kastner has served as Chair of the Solid State Sciences Committee and as Chair of the Board on Physics and Astronomy of the National Research Council.  He has also served on committees of the Department of Energy’s Basic Research Advisory Committee and on the Science Advisory Board of the National Cancer Institute.  Kastner is a member of the National Academy of Sciences; a member of the American Academy of Arts and Sciences; a fellow of the American Physical Society; a fellow of the American Association for the Advancement of Science, and has been honored with several scientific awards and prizes.

 

 

Frank Laukien, Bruker’s President and CEO, stated: “I am delighted that Dr. Marc Kastner has agreed to join our Board of Directors.  He brings to Bruker’s Board an incredible breadth and depth of insight into the ever-changing frontiers of scientific research, and their technological and healthcare ramifications.  Moreover, Marc is very knowledgable about the latest trends in science policy and scientific research funding priorities.  Finally, Marc has extensive leadership and management experience at a truly eminent and global academic institution.  We believe Marc will further enhance our Board and will make many valuable contributions to Bruker.”

 



 

Dr. Kastner commented: “The progress in science has always been enabled by the invention and improvement of measurement techniques.  I am therefore excited to join the Board of Bruker, a company at the forefront of the development of innovative scientific instruments and novel applications.  I am also looking forward to contributing to the further profitable growth and shareholder value creation at Bruker.

 

ABOUT BRUKER CORPORATION

For more information about Bruker Corporation, please visit www.bruker.com.

 

FOR FURTHER INFORMATION:

 

Joshua Young

 

 

VP, Investor Relations

 

 

Tel: +1 (978) 663-3660, ext. 1479

 

 

Email: joshua.young@bruker.com

 


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