Bruker Corporation (NASDAQ: BRKR) today reported financial
results for the first quarter ended March 31, 2010.
Q1 GAAP Highlights
Q1-2010
Q1-2009
Growth
Revenue
$
277.7M
$
230.5M
+20.5%
Operating Income
$
26.9M
$
14.3M
+88.1%
EPS
$
0.10
$
0.05
+100%
Financial Results
In the first quarter of 2010, Bruker’s revenue was $277.7
million, an increase of 20.5% compared to revenue of $230.5 in the
first quarter of 2009. Excluding the effects of foreign currency
translation, first quarter 2010 revenue increased by 12.4%
year-over-year. In the first quarter of 2010, GAAP revenue
increased by 16.4% year-over-year for the Bruker Scientific
Instruments (BSI) segment, and by 156% year-over-year for the
Bruker Energy & Supercon Technologies (BEST) segment.
Bruker’s operating income in the first quarter of 2010 was $26.9
million, compared to $14.3 million in the first quarter of 2009.
GAAP operating margin for the BSI segment in the first quarter of
2010 was 10.6%, compared to 7.2% in the first quarter of 2009.
Bruker’s GAAP net income for the first quarter of 2010 was $16.1
million, or $0.10 per diluted share, compared to net income of $8.4
million, or $0.05 per diluted share, in the first quarter of 2009.
Included in Bruker’s earnings per share (EPS) for the first quarter
2010 was non-cash stock-based compensation expense of ($0.01) per
diluted share, the same as in the first quarter of 2009. EPS for
the BSI segment in the first quarter of 2010 was $0.10, compared to
$0.06 in the first quarter of 2009. EPS for the first quarter of
2010 for the BEST segment was $0.00, compared to a loss of ($0.02)
in the first quarter of 2009.
Bruker cash flow from operations for the first quarter 2010 was
$5.5 million, compared to $13.1 million in the first quarter of
2009. Bruker ended the first quarter of 2010 with cash, cash
equivalents and restricted cash of $206.6 million, and net cash of
$73.4 million.
Comment and Outlook
Frank Laukien, President and CEO, commented: “We are very
pleased with our first quarter 2010 results, with strong
year-over-year revenue growth and significant improvements in gross
and operating margins. All four operating divisions in our BSI
segment delivered double-digit growth year-over-year, and our BEST
segment had triple-digit growth for the second quarter in a row.
The industrial and applied markets continued to improve gradually
during the first quarter, and overall we recorded healthy new order
bookings, including more than $10 million in additional U.S.
stimulus orders, all of which contributed to strong backlog at the
end of the first quarter.”
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 9:00 a.m. Eastern Daylight Time on Thursday,
April 29, 2010. 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 800-688-0796, or +1-617-614-4070
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 62891829. For
more information, please visit http://ir.bruker.com.
CAUTIONARY STATEMENT
Any statements contained in this presentation 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 risks and
uncertainties that could cause actual results to differ materially
from those projected, including, but 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, realization of
anticipated benefits from economic stimulus programs, intellectual
property rights, litigation, and exposure to foreign currency
fluctuations and other risk factors discussed from time to time in
our filings with the Securities and Exchange Commission. 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, 2009, our most
recent quarterly reports on Form 10-Q and our current reports on
Form 8-K. We expressly disclaim any intent or obligation to update
these forward-looking statements other than as required by law.
Bruker Corporation
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended March 31,
2010 2009 Product revenue $
244.0 $ 202.2 Service revenue 31.5 26.9 Other revenue 2.2
1.4 Total revenue 277.7 230.5 Cost of product
revenue 134.2 111.7 Cost of service revenue 17.2
16.1 Total cost of revenue 151.4 127.8
Gross profit 126.3 102.7 Operating Expenses: Sales
and marketing 49.1 42.6 General and administrative 17.0 16.3
Research and development 32.8 29.1 Restructuring and
acquisition-related charges 0.5 0.4 Total
operating expenses 99.4 88.4 Operating
income 26.9 14.3 Interest and other income (expense), net
(0.3 ) 0.1 Income before income taxes and
noncontrolling interest in consolidated subsidiaries 26.6 14.4
Income tax provision 10.6 5.8
Consolidated net income 16.0 8.6 Net income (loss) attributable to
noncontrolling interests in consolidated subsidiaries (0.1 )
0.2 Net income attributable to Bruker Corporation $ 16.1
$ 8.4 Net income per common share attributable to
Bruker Corporation shareholders: Basic and diluted $ 0.10 $
0.05 Weighted average common shares outstanding: Basic
164.1 163.3 Diluted 165.6
164.3
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in millions)
March 31, December 31,
2010 2009 ASSETS
Current assets: Cash, cash equivalents and restricted cash $ 206.6
$ 209.1 Accounts receivable, net 174.9 184.1 Inventories 431.2
422.8 Other current assets 61.6 57.5 Total current
assets 874.3 873.5 Property, plant and equipment, net 212.0
223.4 Intangible and other long-term assets 73.3 75.1
Total assets $ 1,159.6 $ 1,172.0
LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Short-term
borrowings $ 23.6 $ 22.0 Accounts payable 53.7 49.8 Customer
advances 218.3 219.2 Other current liabilities 248.4
249.2 Total current liabilities 544.0 540.2 Long-term debt
109.6 114.6 Other long-term liabilities 88.1 98.4 Total
shareholders' equity 417.9 418.8 Total
liabilities and shareholders' equity $ 1,159.6 $ 1,172.0
Reconciliation of BSI and BEST
reportable segments to the consolidated results of Bruker
Corporation for the quarters
ended March 31, 2010 and 2009 (unaudited)
(in millions, except per share
data)
Bruker Bruker Energy
& Corporate, Consolidated Scientific
Supercon Adjustments Bruker March 31,
2010: Instruments Technologies &
Eliminations Corporation Revenue $ 260.3 $ 20.7 $
(3.3 ) $ 277.7 Gross profit 122.5 4.1 (0.3 ) 126.3 Gross
profit margin 47.1 % 19.8 % 45.5 % Operating income (loss)
27.7 (0.5 ) (0.3 ) 26.9 Operating margin 10.6 % (2.4 %) 9.7 %
Net income (loss) attributable to Bruker Corporation 17.2
(0.8 ) (0.3 ) 16.1 Diluted net income (loss) per common
share attributable to Bruker Corporation $ 0.10 $ (0.00 ) $ 0.10
Weighted average shares outstanding: 165.6 164.1 165.6
March 31, 2009: Revenue $ 223.6 $ 8.1 $ (1.2 )
$ 230.5 Gross profit 101.4 0.7 0.6 102.7 Gross profit margin
45.3 % 8.6 % 44.6 % Operating income (loss) 16.1 (2.4 ) 0.6
14.3 Operating margin 7.2 % (29.6 %) 6.2 % Net income (loss)
attributable to Bruker Corporation 10.2 (2.6 ) 0.8 8.4
Diluted net income (loss) per common share attributable to Bruker
Corporation $ 0.06 $ (0.02 ) $ 0.05 Weighted average shares
outstanding: 164.3 163.3 164.3
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