EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

Investor Contact    Media Contact

Geoffrey Helliwell

   Thomas Anderson

Treasurer

   Vice President

(978) 715 - 1041

   Corporate Communications

(800) 225 - 3384

   (978) 715 - 1043

Geoffrey_Helliwell@Millipore.com

   (800) 225 - 3384
     Thomas_Anderson@Millipore.com

 

Millipore Revenues Up 12 Percent in First Quarter

 

Billerica, Massachusetts, April 21, 2005 – Millipore Corporation (NYSE/MIL) announced today that its first quarter sales were $250 million, up 12 percent from the same period of 2004. In constant currency, quarterly revenue growth was 10 percent for the quarter.

 

First quarter earnings were $0.64 per share, compared to $0.55 per share in the same quarter of last year, a 16 percent increase. Included in the results for the quarter were pretax expenses of $4.5 million related to CEO transition costs and $3.8 million in employee severance related costs. Pro forma earnings for the quarter, excluding these items, were $0.77 per share, a 40 percent increase compared to the same period last year.

 

Millipore’s strong revenue growth in the first quarter was largely driven by sales of consumables and services for biotechnology process development and production in North America. Martin Madaus, Millipore’s Chairman and CEO, noted: “Several of our key biotech accounts advanced the timing of orders to the first quarter, boosting our performance. Our prospects in biotechnology remain promising, short term and long term, although the timing of orders will continue to vary.”

 

Millipore’s first quarter revenue growth by market area was as follows (in millions):

 

Revenues by Market Area


   Q1 2005

   Q1 2004

   % Growth

 

Biotechnology

   $ 83    $ 70    18 %

Life science

     30      30    —    

Other bioscience

     109      103    7 %
    

  

      

Total net sales in constant currencies

     222      203    10 %

Foreign exchange impact

     28      19       
    

  

      

Total net sales in U.S. dollars

   $ 250    $ 222    12 %
    

  

      


Millipore’s first quarter revenue growth by geography was as follows (in millions):

 

Revenues by Geographic Area


   Q1 2005

   Q1 2004

  

% Growth

U.S. Dollars


   

% Growth

Constant Currency


 

Americas

   $ 103    $ 89    16 %   16 %

Europe

     103      90    13 %   7 %

Asia/Pacific

     44      43    3 %   1 %
    

  

            

Total net sales in U.S. dollars

   $ 250    $ 222    12 %   10 %
    

  

            

 

Use of Non-GAAP Financial Measures

 

In addition to analyzing U.S. GAAP financial results, management also analyzes “non-GAAP” and “pro forma” financial measures as we believe these measures may allow for a better understanding of the underlying business trends. “Constant currency” is a non-GAAP measure whereby foreign currency balances are translated, in all periods presented, at Millipore’s predetermined budgeted exchange rates for 2005, thus excluding the impact of fluctuations in the actual foreign currency rates. Pro forma basis financial results reflect U.S. GAAP results, translated at actual rates of exchange and adjusted for unusual or non-operating items.

 

Quarterly Earnings Call

 

Millipore will have a Live Webcast Quarterly Earnings call today, April 21, 2005 at 5:30 p.m., Eastern Time. Please visit the Millipore web site at www.millipore.com for details about this event. The replay of the webcast will be available online the day after the event.

 

About Millipore

 

Millipore is a multinational, bioscience company that provides technologies, tools and services for the development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information about Millipore visit www.millipore.com.

 

Millipore Forward Looking Statement Disclaimer

 

The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Potential risks and uncertainties that could affect Millipore’s future operating results include, without limitation, foreign exchange rates; regulatory delay in the approval of new therapeutics and their ultimate commercial


success; further consolidation of drug manufacturers; competitive factors such as new membrane technology; lack of availability of raw materials or component products on a timely basis; inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general and in the bioscience markets in particular; potential environmental liabilities; the inability to utilize technology in current or planned products due to overriding rights by third parties; difficulties inherent in research and development activities; and the risk factors listed from time to time in Millipore’s filings with the SEC.


Millipore Corporation

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended

 
     April 2, 2005

    April 3, 2004

 

Net sales

   $ 250,178     $ 222,469  

Cost of sales

     114,103       100,910  
    


 


Gross profit

     136,075       121,559  

Selling, general and administrative expenses

     77,433       67,782  

Research and development expenses

     16,073       15,997  
    


 


Operating income

     42,569       37,780  

Interest income

     675       416  

Interest expense

     (1,834 )     (2,878 )
    


 


Income before income taxes

     41,410       35,318  

Provision for income taxes

     9,110       8,123  
    


 


Net income

   $ 32,300     $ 27,195  
    


 


Diluted income per share

   $ 0.64     $ 0.55  
    


 


Diluted weighted average shares outstanding

     50,327       49,889  

 

Geoffrey E. Helliwell

Treasurer

(800) 225-3384 or (978) 715-1041


Millipore Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

    

April 2,

2005


  

December 31,

2004


Assets

             

Cash and cash equivalents

   $ 141,330    $ 152,144

Accounts receivable, net

     198,644      181,911

Inventories

     139,125      143,714

Deferred income taxes

     45,315      54,247

Other current assets

     10,164      8,840
    

  

Total current assets

     534,578      540,856

Property, plant and equipment, net

     343,478      351,004

Deferred income taxes

     91,740      85,197

Intangible assets, net

     18,887      19,584

Goodwill

     9,433      9,433

Other assets

     7,352      7,745
    

  

Total assets

   $ 1,005,468    $ 1,013,819
    

  

Liabilities and shareholders’ equity

             

Accounts payable

   $ 62,915    $ 66,970

Other current liabilities

     86,829      96,040
    

  

Total current liabilities

     149,744      163,010

Long-term debt

     133,000      147,000

Other liabilities

     63,592      64,959

Shareholders’ equity

     659,132      638,850
    

  

Total liabilities and shareholders’ equity

   $ 1,005,468    $ 1,013,819
    

  

 

Geoffrey E. Helliwell

Treasurer

(800) 225-3384 or (978) 715-1041