Bruker BioSciences Corporation (NASDAQ: BRKR) today reported second
quarter 2005 revenue of $71.4 million, an 11.3% increase from
revenue of $64.1 million in the second quarter of 2004. For the six
months ended June 30, 2005, revenue increased 10.6% to $146.3
million, compared to $132.3 million for the same period last year.
Revenue growth during the three and six months ended June 30, 2005
included favorable foreign currency effects of 3.3% and 3.5%,
respectively. Second quarter 2005 operating income was $0.9
million, compared to an operating loss of ($5.0) million in the
second quarter of 2004. Net income in the second quarter of 2005
was $0.3 million, or $0.00 per diluted share, compared to a net
loss of ($4.4) million, or ($0.05) per diluted share, in the second
quarter of 2004. For the six months ended June 30, 2005, operating
income was $3.5 million, and net income was $0.7 million, or $0.01
per diluted share, compared to an operating loss of ($3.6) million,
and a net loss of ($3.9) million, or ($0.04) per diluted share for
the first half of 2004. During the second quarter 2005, positive
operating cash flow of $18.8 million increased our cash position to
$92.0 million, while short-term borrowings declined to $9.3 million
from $12.2 million at December 31, 2004. Commenting on the quarter,
Frank Laukien, President and CEO said: "Over the last year, we have
made steady progress in controlling our expenses, returning to
profitability, and strengthening our cash flows and balance sheet.
We will continue to focus on higher profitability through various
ongoing gross margin improvement initiatives, continued strict
expense control, reduction in our interest expenses and gradual
improvements in our effective tax rate." Dr. Laukien continued:
"Our organic revenue growth in the first half of 2005 has been
above industry average, despite weaker than expected demand in
several of our market segments. In the first half of this year, we
have introduced several important new technologies, and a
remarkable number of innovative products that are receiving strong
customer interest. We believe that our proven ability to generate
innovations and rapid organic growth will enable us to become an
even more significant driver within our markets, and will allow us
over time to leverage our continued R&D and distribution
investments to reach industry-standard profitability." William
Knight, Chief Financial Officer, commented: "Improvements in our
profitability continue to be our top priority and these efforts
have steadily improved our operating and net income. Our gross
profit margins improved both year-over-year and sequentially,
reflecting some initial success from our gross profit margin
improvement programs. In addition, the spending control and
productivity programs announced during the second half of 2004 have
contributed to our operating expenses as a percentage of revenue
being more in-line with industry averages. Overall I am pleased
with the progress we have made to date, but realize more remains to
be done. We are also very pleased with our positive operating cash
flows of almost $24 million during the first half of 2005."
OPERATING BUSINESSES Set forth below is selected financial
information for Bruker BioSciences' two operating businesses:
Bruker Daltonics (life-science mass spectrometry and NBC detection
business) and Bruker AXS (x-ray analysis business): BRUKER
DALTONICS In the second quarter of 2005, revenue for the Bruker
Daltonics business increased 7.1% to $37.4 million, from $34.9
million in the second quarter of 2004. For the six months ended
June 30, 2005, revenue for the Bruker Daltonics business increased
8.5% to $80.0 million, from $73.7 million for the same period last
year. For the six months ended June 30, 2005, Bruker Daltonics'
revenue was derived 70% from life-science mass spectrometry
systems, 11% from substance detection systems, and 19% from
after-market sales. EBITDA was $2.3 million for the second quarter
of 2005, compared to ($0.2) million for the second quarter of 2004.
EBITDA was $6.6 million for the six months ended June 30, 2005,
compared to $3.0 million for the same period last year. BRUKER AXS
In the second quarter of 2005, revenue for the Bruker AXS business
increased 16.4% to $34.1 million, from $29.3 million in the second
quarter of 2004. For the six months ended June 30, 2005, revenue
for the Bruker AXS business increased 13.6% to $66.6 million, from
$58.6 million for the same period last year. For the six months
ended June 30, 2005, Bruker AXS' revenue was derived 75% from x-ray
systems sales and 25% from after-market sales. EBITDA was $1.3
million in the second quarter of 2005, compared to ($1.7) million
in the second quarter of 2004. EBITDA was $3.0 million for the six
months ended June 30, 2005, compared to $(0.8) million for the same
period last year. USE OF NON-GAAP FINANCIAL MEASURES In addition to
the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), we use the non-GAAP measure
of EBITDA. EBITDA is defined as US GAAP operating income (loss)
excluding depreciation and amortization expense. We believe that
the inclusion of this non-GAAP measure 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 forecasts. However, the non-GAAP financial
measure included in this press release is not meant to be a better
presentation or a substitute for results of operations prepared in
accordance with GAAP. Reconciliations of this non-GAAP financial
measure to the most directly comparable GAAP financial measures are
set forth in the accompanying tables. EARNINGS CONFERENCE CALL
Bruker BioSciences will host an operator-assisted earnings
conference call at 10 a.m. Eastern Daylight Time on Wednesday,
August 3, 2005. 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 27000303. ABOUT BRUKER BIOSCIENCES Bruker BioSciences
Corporation, headquartered in Billerica, Massachusetts, is the
publicly traded parent company of Bruker Daltonics Inc. and Bruker
AXS Inc. Bruker AXS is a leading developer and provider of life
science and advanced materials research tools based on x-ray
technology. Bruker Daltonics is a leading developer and provider of
innovative life science tools based on mass spectrometry. Bruker
Daltonics also offers a broad line of nuclear, biological and
chemical (NBC) detection products for defense and homeland
security. 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 Company's
reorganization strategies, integration risks, failure of
conditions, technological approaches, product development, market
acceptance, cost and pricing of the Company's products, exposure to
currency fluctuations, changes in governmental regulations, capital
spending and government funding policies, FDA and other regulatory
approvals to the extent applicable, competition, the intellectual
property of others, patent protection and litigation. These and
other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our respective
annual reports on Form 10-K for the year ended December 31, 2004,
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. Condensed consolidated statements
of operations, operating business information, and balance sheets
follow for Bruker BioSciences Corporation. -0- *T Bruker
BioSciences Corporation CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data) Three Months Ended
Six Months Ended June 30, June 30,
------------------------------------- 2005 2004 2005 2004 -------
------- -------- -------- Product revenue $60,723 $56,182 $127,547
$115,219 Service revenue 9,977 7,635 17,732 16,500 Other revenue
668 330 1,000 582 ------- ------- -------- -------- Total revenue
71,368 64,147 146,279 132,301 Cost of product revenue 34,275 35,116
72,540 69,055 Cost of service revenue 6,548 5,383 11,815 11,435
------- ------- -------- -------- Total cost of revenue 40,823
40,499 84,355 80,490 ------- ------- -------- -------- Gross profit
margin 30,545 23,648 61,924 51,811 Operating Expenses: Sales and
marketing 13,385 13,192 25,537 25,864 General and administrative
5,287 5,115 10,955 9,258 Research and development 10,962 10,327
21,982 20,267 ------- ------- -------- -------- Total operating
expenses 29,634 28,634 58,474 55,389 ------- ------- --------
-------- Operating income (loss) 911 (4,986) 3,450 (3,578) Interest
and other income (expense), net 554 (965) 424 (866) ------- -------
-------- -------- Income (loss) before income tax provision
(benefit) and minority interest in consolidated subsidiaries 1,465
(5,951) 3,874 (4,444) Provision (benefit) for income taxes 1,145
(1,580) 3,070 (560) ------- ------- -------- -------- Income (loss)
before minority interest 320 (4,371) 804 (3,884) Minority interest
in consolidated subsidiaries 36 19 103 30 ------- ------- --------
-------- Net income (loss) $ 284 $(4,390) $ 701 $ (3,914) =======
======= ======== ======== Net income (loss) per share: Basic $ 0.00
$ (0.05) $ 0.01 $ (0.04) ======= ======= ======== ======== Diluted
$ 0.00 $ (0.05) $ 0.01 $ (0.04) ======= ======= ======== ========
Weighted average shares outstanding: Basic 89,472 88,558 89,471
87,505 ======= ======= ======== ======== Diluted 89,599 88,558
89,591 87,505 ======= ======= ======== ======== Bruker BioSciences
Corporation BRUKER DALTONICS SELECTED OPERATING BUSINESS
INFORMATION (in thousands) Three Months Ended Six Months Ended June
30, June 30, -------------------------------------- 2005 2004 2005
2004 --------- -------- -------- -------- Total revenue $ 37,361 $
34,882 $ 80,005 $ 73,709 ========= ======== ======== ========
Operating income (loss) $ 973 $ (1,526)$ 3,948 $ 252 Depreciation
and amortization 1,314 1,322 2,661 2,708
-------------------------------------- EBITDA $ 2,287 $ (204)$
6,609 $ 2,960 ========= ======== ======== ======== Bruker
BioSciences Corporation BRUKER AXS SELECTED OPERATING BUSINESS
INFORMATION (in thousands) Three Months Ended Six Months Ended June
30, June 30, -------------------------------------- 2005 2004 2005
2004 -------- -------- -------- -------- Total revenue $ 34,068 $
29,265 $ 66,582 $ 58,592 ======== ======== ======== ========
Operating income (loss) $ 419 $ (2,597) $ 1,241 $ (2,767)
Depreciation and amortization 870 935 1,792 1,957
-------------------------------------- EBITDA $ 1,289 $ (1,662) $
3,033 $ (810) ======== ======== ======== ======== Bruker
BioSciences Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) June 30, December 31, 2005 2004 ---------- ----------
(unaudited) ASSETS Current assets: Cash and short-term investments
$ 92,038 $ 77,691 Accounts receivable, net 47,222 57,792 Due from
affiliated companies 10,306 9,530 Inventories 98,355 107,748 Other
current assets 12,473 18,530 ---------- ---------- Total current
assets 260,394 271,291 Property and equipment, net 74,654 84,990
Intangible and other assets 14,993 15,266 ---------- ----------
Total assets $ 350,041 $ 371,547 ========== ========== LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings
$ 9,274 $ 12,205 Accounts payable 15,698 22,652 Due to affiliated
companies 6,473 3,026 Other current liabilities 72,412 73,277
---------- ---------- Total current liabilities 103,857 111,160
Long-term debt 23,910 27,763 Other long-term liabilities 15,625
15,156 Minority interest in subsidiaries 372 193 Total
shareholders' equity 206,277 217,275 ---------- ---------- Total
liabilities and shareholders' equity $ 350,041 $ 371,547 ==========
========== *T
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