Bruker Corporation (NASDAQ: BRKR) today reported financial
results for the first quarter ended March 31, 2009.
First Quarter 2009
Snapshot
- GAAP Revenue decreased 3.3%
- FX-Adjusted Revenue increased
4.5%
- GAAP Net Income $8.4 million,
EPS $0.05 per diluted share
Financial Results
In the first quarter of 2009, revenue was $230.5 million, a
decrease of 3.3% compared to revenue of $238.3 in the first quarter
of 2008. Excluding the effects of foreign currency translation,
first quarter 2009 revenue increased by 4.5% year-over-year.
GAAP net income for the first quarter of 2009 was $8.4 million,
or $0.05 per diluted share, compared to a net loss of ($0.8)
million, or ($0.00) per diluted share, in the first quarter of
2008.
Free cash flow for the first quarter of 2009 was $9.2 million,
compared to $8.9 million in the first quarter of 2008. During the
first quarter of 2009, Bruker repaid $20.2 million of debt and
ended the quarter with cash and cash equivalents of $149.9 million,
and net debt of $53.7 million.
Comment and Outlook
Frank Laukien, President and CEO, commented: �We are pleased
with our first quarter 2009 results, given the challenges in the
marketplace today. During the first quarter, while we saw softness
in our industrial and pharma/biotech orders, we recorded healthy
orders from academic, medical school, government and other
non-profit customers, which typically account for about two-thirds
of Bruker�s revenue. While we continue to be below our gross margin
and operating margin goals, we have started to see the effects of
our cost-cutting initiatives and we expect to realize further
savings in 2009. We continue to rationalize our cost structure, but
we also are investing in new opportunities, and have introduced a
record number of important new products so far in 2009.�
Dr. Laukien continued with an update on the outlook for 2009:
�While certain industrial and pharma market segments this year are
even more challenging than we had expected, our non-profit,
governmental and other healthcare orders remain strong. For
example, we are excited about our double-digit order growth in
life-science mass spectrometry, driven by the compelling
capabilities of our high-performance products. We also see positive
signs as a result of the various international government stimulus
packages, which in our opinion will particularly benefit high-end
research equipment. In Japan, we have already seen additional
orders and revenue, while elsewhere we have experienced a
significant increase in requests for proposals and assistance with
grant writing. We are hopeful that global stimulus funding for
academic, medical and government research will result in additional
business for Bruker in the second half of 2009 and into 2010.�
Bruker�s CFO, Bill Knight, added: �The downturn in the global
economy is challenging to navigate and revenue was negatively
affected by foreign currency headwinds in the first quarter. We
continue to explore additional cost savings opportunities, while
improving our operational efficiency through product design,
production process improvements and enhanced balance sheet
management.�
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 10:00 a.m. Eastern Daylight Time on Thursday,
April 30, 2009. To listen to the webcast, investors can go to
http://ir.bruker.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 888-419-5570, or +1-617-896-9871
outside the US and Canada. Investors should refer to the Bruker
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 +1-617-801-6888 outside the
US and Canada, and then entering replay pass code 71318410. For
more information, please visit http://ir.bruker.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 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, changes in governmental regulations,
intellectual property rights, litigation, and exposure to foreign
currency fluctuations. 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, 2008, 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 other than as
required by law.
Bruker Corporation
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in millions, except per share
data)
� �
Three�Months�Ended�March�31,
2009 2008 � Product revenue $ 202.2 $ 208.3 Service
revenue 26.9 28.7 Other revenue 1.4 � 1.3 Total revenue 230.5 238.3
� Cost of product revenue 111.7 105.2 Cost of service revenue 16.1
� 19.1 Total cost of revenue 127.8 � 124.3 Gross profit 102.7 114.0
� Operating Expenses: Sales and marketing 42.6 44.4 General and
administrative 16.7 16.8 Research and development 29.1 31.2
Acquisition related charges - � 5.8 Total operating expenses 88.4 �
98.2 Operating income 14.3 15.8 � Foreign exchange gains (losses),
net 1.1 (12.2) Interest and other income (expense), net (1.0) � - �
Income before income tax provision
and noncontrolling interest in consolidated subsidiaries
14.4 3.6 Income tax provision 5.8 � 4.2 � Net income (loss) 8.6
(0.6) Net income (loss) attributable to noncontrolling interests
0.2 � 0.2 Net income (loss) attributable to Bruker Corporation $
8.4 � $ (0.8) � Net income (loss) per common share attributable to:
Bruker Corporation shareholders: Basic $ 0.05 � $ (0.00) Diluted $
0.05 � $ (0.00) � Weighted average shares outstanding: Basic 163.3
� 162.3 Diluted 164.3 � 162.3
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in millions)
� �
March 31, December 31, 2009 2008
ASSETS
�
Current assets: Cash, short-term investments and restricted cash $
149.9 $ 167.7 Accounts receivable, net 142.9 171.9 Inventories
420.4 425.1 Other current assets 61.1 56.0 Total current assets
774.3 820.7 � Property and equipment, net 208.6 221.3 Intangible
and other assets 76.2 74.3 � Total assets $ 1,059.1 $ 1,116.3 �
LIABILITIES AND SHAREHOLDERS' EQUITY � Current liabilities:
Short-term borrowings $ 30.9 $ 41.0 Accounts payable 47.5 43.3
Customer deposits 197.7 199.6 Other current liabilities 215.8 235.8
Total current liabilities 491.9 519.7 � Long-term debt 172.7 182.8
Other long-term liabilities 96.7 101.1 � Total shareholders' equity
297.8 312.7 � Total liabilities and shareholders' equity $ 1,059.1
$ 1,116.3
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