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 9 Percent in Second Quarter, 11 Percent for First Half of 2005

 

Billerica, Massachusetts, July 19, 2005 – Millipore Corporation (NYSE/MIL) announced today that its second quarter revenues were $245 million, up 9 percent from the same period of 2004. In constant currency, revenue growth was 6 percent. For the first half of the year, revenues were $495 million, up 11 percent. In constant currency, growth was 8 percent for the first half of the year.

 

Second quarter earnings were $0.47 per share, compared with $0.57 per share last year. Included in the results for the quarter were pretax expenses of $3.8 million related to executive transition agreements, $3.2 million of division reorganization costs and manufacturing consolidation costs of $2.6 million. Excluding these items, non-GAAP earnings for the quarter would have been $0.59 per share. Included in the results for the second quarter of 2004 were $1.7 million related to executive transition agreements. Excluding these costs non-GAAP earnings for the second quarter of 2004 would have been $0.59 per share.

 

Martin D. Madaus, Millipore’s Chairman and CEO, commented. “We are very pleased with the progress made in delivering another solid quarter, completely in line with our expectations and projections.”

 

He added: “Our prospects are excellent. We are implementing the new growth strategy for Millipore that we presented to analysts and investors on June 29th. Since that meeting we have announced two acquisitions that strengthen our position in the bioprocess market with new services and new product offerings. We are also continuing efforts to consolidate our manufacturing plants and accelerate R&D innovation. We’re off to a great start.”


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

 

Revenues by Geographic Area


   Q2 2005

   Q2 2004

   % Growth

    % Growth
Local Currency


 

Americas

   $ 104    $ 97    7 %   5 %

Europe

     98      88    13 %   8 %

Asia/Pacific

     43      40    7 %   4 %
    

  

            

Total

   $ 245    $ 225    9 %   6 %
    

  

            

 

Millipore’s second quarter revenue growth by division was as follows ($’s in millions):

 

Revenues by Division


   Q2 2005

   Q2 2004

   % Growth

    % Growth
Local Currency


 

Bioscience

   $ 97    $ 91    6 %   3 %

Bioprocess

     148      134    11 %   8 %
    

  

            

Total

   $ 245    $ 225    9 %   6 %
    

  

            

 

Use of Non-GAAP Financial Measures

 

In addition to analyzing U.S. GAAP financial results, management also analyzes “non-GAAP” 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. Non-GAAP earnings per share 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, July 19, 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 leading bioprocess and bioscience products and services company, organized into two divisions. The Bioprocess division offers solutions that optimize development and manufacturing of biologics. The Bioscience division provides high performance products and application insights that improve laboratory productivity. Millipore has a deep understanding of its customers’ research and manufacturing process needs, and offers reliable and innovative tools, technologies and services. The Company employs approximately 4,500 people worldwide and posted revenues of $883 million in 2004.

 

For additional information on Millipore Corporation, please visit its website at: www.millipore.com

 

Forward Looking Statements:

 

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 and bioprocess 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

Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended

    Six Months Ended

 
     July 2,
2005


    July 3,
2004


    July 2,
2005


    July 3,
2004


 

Net sales

   $ 244,964     $ 224,668     $ 495,142     $ 447,137  

Cost of sales

     116,125       103,241       230,228       204,151  
    


 


 


 


Gross profit

     128,839       121,427       264,914       242,986  

Selling, general and administrative expenses

     80,550       66,976       157,983       134,758  

Research and development expenses

     17,341       16,037       33,414       32,034  
    


 


 


 


Operating income

     30,948       38,414       73,517       76,194  

Interest income

     633       225       1,308       641  

Interest expense

     (1,755 )     (2,101 )     (3,589 )     (4,979 )
    


 


 


 


Income before income taxes

     29,826       36,538       71,236       71,856  

Provision for income taxes

     5,849       8,044       14,959       16,167  
    


 


 


 


Net income

   $ 23,977     $ 28,494     $ 56,277     $ 55,689  
    


 


 


 


Diluted income per share

   $ 0.47     $ 0.57     $ 1.11     $ 1.11  
    


 


 


 


Diluted weighted average shares outstanding

     50,707       50,305       50,525       50,092  

 

Geoffrey E. Helliwell

Treasurer

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


Millipore Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

    

July 2,

2005


   December 31,
2004


Assets

             

Cash and cash equivalents

   $ 167,080    $ 152,144

Accounts receivable, net

     188,140      181,911

Inventories

     135,174      143,714

Deferred income taxes

     45,520      54,247

Other current assets

     10,511      8,840
    

  

Total current assets

     546,425      540,856

Property, plant and equipment, net

     342,417      351,004

Deferred income taxes

     96,521      85,197

Intangible assets, net

     18,218      19,584

Goodwill

     9,433      9,433

Other assets

     6,661      7,745
    

  

Total assets

   $ 1,019,675    $ 1,013,819
    

  

Liabilities and shareholders’ equity

             

Accounts payable

   $ 62,443    $ 66,970

Other current liabilities

     103,068      96,040
    

  

Total current liabilities

     165,511      163,010

Long-term debt

     105,000      147,000

Other liabilities

     59,864      64,959

Shareholders’ equity

     689,300      638,850
    

  

Total liabilities and shareholders’ equity

   $ 1,019,675    $ 1,013,819
    

  

 

Geoffrey E. Helliwell

Treasurer

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