Bruker Daltonics Reports Product Revenue Growth in Second Quarter 2000
For the three months ended June 30, 2000, Bruker Daltonics
reported product revenues of $17.1 million compared to $14.1 million for the
comparable period in 1999, including unfavorable currency effects.Second quarter product revenue growth before
currency effects would have been 34% over the prior year.When compared to adjusted revenue of $10.1
million for the second quarter 1999, which does not include a one-time
substance detection production contract for the U.S. Department of Defense
(DoD), the product revenue growth for the second quarter 2000 was 69%,
including currency effects.
Operating EBIT, including grant
revenue, for the second quarter 2000 was at $0.45 million compared to $0.47
million for the comparable period in 1999. Operating EBIT, not including grant
revenue, for the second quarter 2000 was at breakeven compared to negative
operating EBIT of $1.2 million for the comparable period in 1999. Net income
from continuing operations, after provision for taxes, for the quarter was
$0.12 million as compared to $0.14 million for the comparable period in
1999.
The increase in revenues is principally due to the strong
demand for our life science products with new and existing customers.Life science product revenue and substance
detection product revenue as a percentage of product revenues were 70.2% and
29.8%, respectively for the three months ended June 30, 2000, as compared to
25.7% and 74.3% in the comparable period in 1999, respectively.
For the six months ended June 30, 2000, Bruker Daltonics
reported product revenues of $31.1 million compared to $24.9 million for the
comparable period in 1999, including unfavorable currency effects.Six months product revenue growth before
currency effects would have been 34% over the prior year.When compared to adjusted revenue of $20.2
million for the first six months of 1999, which does not include the same
one-time substance detection production contract for the DoD, the product
revenue growth for the first six months was 54%, including currency effects.
Operating EBIT, including grant revenue, for the first six
months of 2000 was at $0.90 million compared to $0.37 million for the
comparable period in 1999. Operating EBIT, not including grant revenue, for the
first six months of 2000 was a negative EBIT of $0.12 million compared to a
negative EBIT of $2.3 million for the comparable period in 1999. Net income
from continuing operations, after provision for taxes, for the six months ended
June 30, 2000 was $0.26 million as compared to $0.03 million for the comparable
period in 1999.
Frank H. Laukien, Ph.D., President and Chief Executive
Officer, said: "As anticipated, our product revenue in the second quarter 2000,
as well as for the first six months of this year, continued to grow strongly.
We are particularly pleased with the rapid growth of our life science systems
product revenue. Despite our already considerable and growing investment in
research and development of new products and applications, and our growing
marketing and sales expenses in conjunction with our continuing investment in
worldwide distribution, we are pleased to report that we again were profitable
in each of the first two quarters of 2000.
Moreover, our life science new order bookings growth in both quarters
was robust."
NOTE:
At this time, Bruker Daltonics is still in the 25 day post-IPO quiet period
imposed by the U.S. Securities and Exchange Commission. Accordingly, for the
second quarter 2000 Bruker Daltonics will not be hosting a conference call in
conjunction with its earnings release.
Bruker
Daltonics is a leading developer and provider of innovative life science tools
based on mass spectrometry. Its substantial investment in research and
development allows it to design, manufacture and market a broad array of
products intended to meet the rapidly growing needs of a diverse customer base,
including pharmaceutical companies, biotechnology companies, agricultural
biotechnology companies, molecular diagnostics companies, academic institutions
and government agencies. Bruker Daltonics has diverse technology platforms
which integrate automated sample preparation and clean-up, advanced front-end
AnchorChip MALDI targets and API source technology with cutting-edge
proprietary MALDI-TOF, ESI-TOF, ion trap and FTMS mass analyzers, as well as
analysis and bioinformatics software. Bruker Daltonics is also a worldwide
leader in supplying mass spectrometry-based systems for substance detection and
pathogen identification in security and defense applications.
All statements in this press
release that are not historical are forward- looking statements within the
meaning of the Securities Exchange Act of 1934, as amended, including, but not
limited to, statements regarding Bruker Daltonics' "expectations,"
"beliefs," "hopes," "intentions,"
"strategies" or the like.Such forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially for Bruker Daltonics from
those projected, including, but not limited to, risks and uncertainties
relating to technological approaches, product development, manufacturing,
market acceptance, cost and pricing of Bruker Daltonics' products, dependence
on collaborative partners, suppliers, FDA and other regulatory approvals to the
extent applicable, competition, the intellectual property of others, patent
protection and litigation and other risk factors discussed from time to time in
Bruker Daltonics' reports or filings with the Securities and Exchange
Commission. Bruker Daltonics expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Bruker Daltonics' expectations with
regard thereto or any change in events, conditions, or circumstances on
which any such statements are based.
Condensed, consolidated
statements of operations and balance sheets follow.
Bruker Daltonics Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share
amounts)
|
|
Three Months Ended
|
Six Months Ended
|
|
|
June 30,
|
June 30,
|
|
|
2000
|
1999
|
2000
|
1999
|
|
(Unaudited)
|
(Unaudited)
|
Product revenues
|
$ 17,069
|
$ 14,062
|
$ 31,104
|
$ 24,941
|
|
Other revenues
|
454
|
1,625
|
1,018
|
2,644
|
|
Net revenues
|
17,523
|
15,687
|
32,122
|
27,585
|
|
|
|
|
|
|
Costs and operating expenses
|
|
|
|
|
|
Cost of product revenue
|
7,756
|
7,538
|
14,330
|
13,035
|
|
Sales and marketing
|
3,175
|
2,510
|
5,739
|
4,766
|
|
General and administrative
|
1,128
|
1,154
|
2,236
|
1,772
|
|
Research and development
|
5,016
|
4,020
|
8,616
|
7,108
|
|
Patent litigation costs
|
-
|
-
|
303
|
538
|
|
Total cost and operating
expenses
|
17,075
|
15,222
|
31,224
|
27,219
|
|
Operating income from
continuing operations
|
448
|
465
|
898
|
366
|
|
Other income (expenses)
|
87
|
(25)
|
62
|
115
|
|
Interest expense, net
|
(283)
|
(148)
|
(386)
|
(415)
|
|
Income from continuing operations before provision for income taxes
|
252
|
292
|
574
|
66
|
|
Provision for income taxes
|
134
|
155
|
319
|
35
|
|
Income from continuing
operations
|
118
|
137
|
255
|
31
|
|
Income from discontinued
operations, net of income taxes
|
95
|
101
|
132
|
191
|
Net income
|
$ 213
|
$ 238
|
$ 387
|
$ 222
|
|
|
|
|
|
|
|
Net income per share - basic and diluted
|
|
|
|
|
|
Income from continuing operations
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.00
|
|
Income from discontinued operations, net of income taxes
|
0.00
|
0.00
|
0.00
|
0.01
|
|
Net income
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
$ 0.01
|
|
Shares used in computing net income per share - basic and diluted
|
45,500
|
45,500
|
45,500
|
45,500
|
Condensed Consolidated
Balance Sheets
(Dollar amounts in thousands)
|
|
|
|
|
|
June
30,
|
December
31,
|
|
|
2000
|
1999
|
|
|
(Unaudited)
|
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash equivalents
|
$ 2,272
|
$ 2,443
|
|
Accounts receivable, net
|
9,645
|
12,204
|
|
Inventories
|
32,166
|
25,442
|
|
Other assets
|
3,826
|
1,431
|
|
Total current assets
|
47,909
|
41,520
|
|
|
|
|
|
Property, plant and
equipment, net
|
23,130
|
25,351
|
|
Intangible and other
assets
|
333
|
438
|
|
|
|
|
Total
assets
|
$ 71,372
|
$ 67,309
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
Current liabilities:
|
|
|
|
Short-term bank borrowings
|
$ 4,833
|
$ 2,496
|
|
Accounts payable and accrued expenses
|
11,594
|
13,704
|
|
Other liabilities
|
20,098
|
13,240
|
|
Total current
liabilities
|
36,525
|
29,440
|
|
|
|
|
|
Long-term debt
|
12,169
|
12,844
|
|
Other long term
liabilities
|
12,807
|
14,967
|
|
|
|
|
Total stockholders' equity
|
9,871
|
10,058
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$ 71,372
|
$ 67,309
|
|
|
|
|
|