Bruker Corporation (NASDAQ: BRKR) today reported financial
results for the fourth quarter and year ended December 31,
2010.
Fourth Quarter and Full Year 2010 Highlights
- Fourth quarter Bruker currency-adjusted
revenue grew by 17% year-over year to $416.1 million
- Fourth quarter adjusted operating
margin for the Bruker Scientific Instruments (BSI) segment was
16.8%
- Fourth quarter adjusted EPS for BSI was
$0.28 (above our October 2010 guidance of greater than $0.21)
- Closed acquisition of new Bruker Nano
Surfaces (BNS) division from Veeco in the fourth quarter: BNS is
forecasted to contribute revenue greater than $130 million and
adjusted operating margin greater than 15% in 2011.
- Full year Bruker currency-adjusted
revenue grew by 18% to $1.305 billion (exceeding our 2010 goal of
currency-adjusted revenue growth greater than 5%)
- Full year BSI adjusted operating margin
was 14.8%, an increase of 190 basis points compared to 2009 BSI
adjusted operating margin of 12.9% (exceeding our 2010 goal of BSI
adjusted operating margin expansion by greater than 125 basis
points)
- Full year adjusted EPS for BSI was
$0.76, an increase of 49% over 2009 BSI adjusted EPS of $0.51
(exceeding our 2010 goal to grow BSI EPS by greater than 15%)
- Full year currency-adjusted Bruker
Energy & Supercon Technologies (BEST) segment revenue grew 59%
(exceeding our 2010 goal of greater than 25% BEST revenue
growth)
- Full year BEST adjusted operating loss
was $2.3 million (better than our goal of 2010 BEST operating loss
of $7-8 million)
- For the full year 2010, BEST achieved
approximately EBITDA break-even
- Full year Bruker operating cash flow
was $156.1 million, and free cash flow was $124.2 million
- Full year BSI Return on Invested
Capital (RoIC) was 32.6% (defined below in section ‘Use of Non-GAAP
Measures’)
Financial Results
In the fourth quarter of 2010, Bruker’s GAAP revenue increased
by 13% to $416.1 million, compared to revenue of $366.4 million in
the fourth quarter of 2009. Excluding the effects of foreign
currency translation, Bruker’s fourth quarter revenue increased by
17% year-over-year. In the fourth quarter of 2010,
currency-adjusted revenue increased by 15% year-over-year for the
BSI segment, and by 33% for the BEST segment.
Adjusted Bruker net income for the fourth quarter of 2010 was
$45.3 million, or $0.27 per diluted share, compared to adjusted net
income of $40.2 million, or $0.24 per diluted share, in the fourth
quarter of 2009. In the fourth quarter of 2010, BSI contributed
adjusted EPS of $0.28, and BEST had a net loss per share of
($0.01).
For the year 2010, Bruker’s GAAP revenue increased by 17% to
$1.305 billion, compared to revenue of $1.115 billion for the year
2009. Excluding the effects of foreign currency translation,
Bruker’s full year 2010 revenue increased by 18% year-over-year.
For the year 2010, currency-adjusted revenue increased by 16%
year-over-year for BSI, and by 59% for BEST.
Adjusted operating income for BSI in 2010 was $181.8 million, or
14.8% of revenue, compared to $136.6 million, or 12.9% of revenue
in 2009. For the year 2010, BEST adjusted operating loss was $2.3
million, compared to an adjusted operating loss of $5.7 million in
2009.
Bruker’s adjusted net income for the year 2010 was $118.7
million, or $0.72 per diluted share, compared to adjusted net
income of $78.5 million, or $0.47 per diluted share, for the year
2009, an increase of 53%. For the full year 2010, BSI contributed
adjusted earnings of $0.76 per diluted share, compared to $0.51 in
2009. For each of the years 2010 and 2009, BEST contributed an
adjusted net loss of ($0.04) per diluted share.
Bruker’s cash flow from operations for the full year 2010 was
$156.1 million, compared to $149.8 million in 2009. As of December
31, 2010, Bruker had cash, cash equivalents and restricted cash of
$233.3 million and net debt of $67.7 million.
Comment and Outlook
“Bruker celebrated its 50th anniversary in 2010, as we continued
to strengthen our market position by remaining true to our core
competencies of delivering innovative, high performance and
customer-focused life-science and analytical instruments,” said
Frank Laukien, President and CEO of Bruker. “Our emphasis on
product innovation, organic growth, disciplined acquisitions and
operational excellence enabled us to deliver record revenues,
operating income and earnings per share, significantly exceeding
our full-year 2010 financial goals.”
He continued: “We see positive signs globally regarding spending
by our industrial, biopharma, clinical and applied markets
customers, and we remain confident that academic and government
research budgets in most key countries will be stable or will grow
in 2011. With encouraging signs in our end markets, strong order
momentum, record backlog and a continued focus on margin expansion
and operational excellence, we expect to generate further
improvements in our financial performance in 2011 and beyond.”
Financial Goals 2011
Bruker’s financial goals for the full year 2011 are:
- Currency-adjusted Bruker revenue growth
of greater than 18%, to reach Bruker revenue of $1.55 billion to
$1.57 billion,
- BSI adjusted operating margin
improvement of greater than 75 basis points,
- BSI adjusted EPS of approximately $0.90
to $0.93,
- BSI $0.46 of working capital per
revenue dollar in 2011, a further improvement compared to $0.49 in
2010, and
- maintaining a BSI RoIC of greater than
30% in 2011.
Medium-Term Financial Goals 2014
Our previous medium-term financial goals, which we had adopted
in early 2009, targeted a 15% BSI adjusted operating margin by
2012. As we now anticipate that BSI will exceed its 15% target one
year earlier in 2011, we are establishing new medium-term financial
targets for the full year 2014:
- Currency-adjusted revenue CAGR of
greater than 10% in the years 2012 to 2014, to reach a Bruker
revenue target of greater than $2 billion in 2014, and
- Average annual BSI adjusted operating
margin expansion by 75-100 bps in the years 2012-2014, with a BSI
adjusted operating margin target of greater than 18% in 2014.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), we use
certain non-GAAP financial measures, including adjusted EPS,
adjusted operating income and adjusted operating margin, which
exclude acquisition-related and restructuring and other charges. We
exclude the above items because they are outside of our normal
operations and/or, in certain cases, are difficult to forecast
accurately for future periods. We believe that the use of non-GAAP
measures 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.
For example:
We exclude certain acquisition-related charges or credits and
associated tax effects, including charges for the sale of
inventories revalued at the date of acquisition, significant
transaction costs such as legal fees and credits associated with
bargain purchases. We exclude these costs because we do not believe
they are indicative of our normal operating costs.
We exclude charges and tax effects associated with restructuring
and business divestiture activities, such as reducing overhead and
consolidating facilities. We believe that the costs related to
these restructuring and business divestiture activities are not
indicative of our normal operating costs.
We exclude the expense and tax effects associated with the
amortization of acquisition-related intangible assets because a
significant portion of the purchase price for acquisitions may be
allocated to intangible assets that have lives of 3 to 10 years.
Exclusion of these non-cash amortization expenses allows
comparisons of operating results that are consistent over time for
both our newly acquired and long-held businesses.
We exclude certain gains/losses associated with significant tax
audits or events which cannot be expected to occur with regularity
or predictability and that we believe are not indicative of typical
gains and losses.
We discuss the metric Return on Invested Capital (RoIC), which
we deem important because RoIC is a measure which provides
management with a means to analyze and improve our business by
measuring profitability in relation to capital investments. We
calculate RoIC using adjusted operating income after tax, divided
by average invested capital, which is the average of equity plus
net debt, at the beginning and end of year.
Bruker’s management uses these non-GAAP measures, in addition to
GAAP financial measures, as the basis for measuring the company’s
core operating performance and comparing such performance to that
of prior periods and to the performance of our competitors. Such
measures are also used by management in their financial and
operating decision-making and for compensation purposes.
The non-GAAP financial measures of Bruker’s results of
operations included in this press release are not meant to be
considered superior to or a substitute for Bruker’s results of
operations prepared in accordance with GAAP. Reconciliations of
such non-GAAP financial measures to the most directly comparable
GAAP financial measures are set forth in the accompanying
tables.
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 9:00 a.m. Eastern Time on Wednesday, February
23, 2011. 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 24610364. For
more information, please visit http://ir.bruker.com
CAUTIONARY STATEMENT OF BRUKER CORPORATION
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 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.
CAUTIONARY STATEMENT OF BEST
This press release contains forward-looking statements. All
statements other than statements of historical facts contained in
this press release, including statements regarding our future
results of operations and financial position, business strategy and
plans and objectives of management for future operations, are
forward-looking statements. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expect," "plan," "anticipate," "could," "intend,"
"target," "project," "contemplate," "believe," "estimate,"
"predict," "potential," "continue" or other similar words.
These forward-looking statements are predictions, not
guarantees. These statements relate to future events or our future
financial performance and involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, levels of activity, performance or achievements to
materially differ from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. Risks and uncertainties that could
cause actual results to differ materially from those projected,
include, but are not limited to, the integration of businesses we
have acquired or may acquire in the future, changing technologies,
product development, 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. Because forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified, you should not rely on these
forward-looking statements as guarantees of future events.
The forward-looking statements in this press release represent
our views as of the date of this press release. We anticipate that
subsequent events and developments may cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing our views as of any date subsequent to
the date of this press release.
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (unaudited)
Three Months Ended Twelve
Months Ended (in millions, except per share amounts)
December 31, December 31, 2010
2009 2010 2009
Revenues $ 416.1 $ 366.4 $ 1,304.9 $ 1,114.5 Cost of
revenues 219.0 180.9 698.9
595.9 Gross profit 197.1 185.5 606.0 518.6
Operating Expenses: Selling, general and administrative 95.4
73.2 297.3 253.3 Research and development 44.9 34.6 141.4 126.4
Amortization of acquisition-related intangible assets 3.7 0.5 5.8
1.8 Other charges, net 1.5 1.0 5.8
0.4 Total operating expenses 145.5
109.3 450.3 381.9
Operating income 51.6 76.2 155.7 136.7 Interest and other
income (expense), net - (3.0 ) (5.6 )
(7.6 )
Income before income taxes and
noncontrolling interest in consolidated subsidiaries
51.6 73.2 150.1 129.1 Income tax provision 21.6 29.6
53.3 48.1 Consolidated
net income 30.0 43.6 96.8 81.0
Net income (loss) attributable to
noncontrolling interests in consolidated subsidiaries
0.7 0.1 1.4 (0.2 ) Net
income attributable to Bruker Corporation $ 29.3 $ 43.5 $
95.4 $ 81.2
Net income per common share attributable
to Bruker Corporation shareholders:
Basic $ 0.18 $ 0.27 $ 0.58 $ 0.50 Diluted $
0.18 $ 0.26 $ 0.58 $ 0.49 Weighted
average common shares outstanding: Basic 164.7 163.8
164.4 163.5 Diluted 166.1
165.2 165.7 164.9
Reconciliation of adjusted operating
income, net income and earnings per share for
the three and twelve months ended
December 31, 2010 and 2009 (unaudited) (a) (b)
(in millions, except per share
amounts) Three Months Ended Twelve Months Ended
December 31, December 31, 2010
2009 2010
2009 Reconciliation of Adjusted Operating
Income GAAP operating income (a) $ 51.6 $ 76.2 $ 155.7 $ 136.7
Cost of revenues charges/(credits) (c) 5.5 (6.7 ) 7.2 (6.7 )
Amortization of acquisition-related intangible assets (d) 3.7 0.5
5.8 1.8 Other charges (e) 4.3 1.0
8.6 0.4 Adjusted operating income $
65.1 $ 71.0 $ 177.3 $ 132.2 Adjusted
operating margins 15.6 % 19.4 % 13.6 % 11.9 %
Reconciliation of Adjusted Net Income GAAP net income (a) $
29.3 $ 43.5 $ 95.4 $ 81.2 Cost of revenues charges/(credits) (c)
5.3 (4.7 ) 6.9 (4.7 ) Amortization of acquisition-related
intangible assets (d) 3.4 0.4 5.3 1.6 Other charges (e) 7.3
1.0 11.1 0.4
Adjusted net income $ 45.3 $ 40.2 $ 118.7 $
78.5
Reconciliation of Adjusted Earnings
Per Share GAAP earnings per share (a) $ 0.18 $ 0.26 $ 0.58 $
0.49 Cost of revenues charges/(credits) (c) 0.03 (0.03 ) 0.04 (0.03
) Amortization of acquisition-related intangible assets (d) 0.02 -
0.03 0.01 Other charges (e) 0.04 0.01
0.07 - Adjusted earnings per share $
0.27 $ 0.24 $ 0.72 $ 0.47
(a) “GAAP” (reported) results were determined in accordance with
U.S. generally accepted accounting principles (GAAP)
(b) Adjusted results are non-GAAP measures and for income
measures exclude certain charges to cost of revenues (see note c
for details); amortization of acquisition-related intangible assets
(see note d for details); restructuring and other charges (see note
e for details); and the tax consequences of the preceding items
(c) Reported results in 2010 include charges for the sale of
inventories revalued at the date of acquisition. Reported results
in 2009 contain a favorable impact for the recognition of a system
in which a majority of costs were expensed in historical periods
through research and development expense.
(d) Reported results in 2010 and 2009 include charges for the
amortization of acquisition-related intangible assets
(e) Reported results within other charges in 2010 include $7.4
million of various costs incurred in connection with acquisitions,
$1.0 million of charges associated with the divestiture of a
manufacturing facility and $0.2 million of restructuring costs. Of
these costs, approximately $4.3 million were incurred in the fourth
quarter of 2010. Reported results within other charges in 2009
included a net loss of $0.2 million incurred in connection with the
acquisition of ACCEL Instruments and $0.2 million of restructuring
costs. Approximately $0.8 million of the acquisition charges and
$0.2 million of the restructuring charges were incurred in the
fourth quarter of 2009.
The charges described in notes c, d and e have been tax effected
using enacted tax rates in the jurisdiction in which the charge was
recorded. In addition, Reported results in the fourth quarter and
full year 2010 included charges of $3.1 million associated with
income taxes for historical periods under audit.
Reconciliation of BSI and BEST
reportable segments to the consolidated results of Bruker
Corporation for the three and twelve
months ended December 31, 2010 and 2009
(unaudited) (a) (b)
Segment Data Bruker (in millions, except
per share amounts) Bruker Energy &
Corporate, Consolidated Scientific
Supercon Adjustments Bruker Three Months
Ended December 31, 2010: Instruments Technologies
& Eliminations Corporation Revenue $ 389.4
$ 29.3 $ (2.6 ) $ 416.1 Gross profit - GAAP $ 191.7 $ 6.2 $
(0.8 ) $ 197.1 Cost of revenues charges (c) 5.5
- - 5.5 Gross profit -
adjusted $ 197.2 $ 6.2 $ (0.8 ) $ 202.6 Gross profit margin -
adjusted 50.6 % 21.2 % 48.7 % Operating income (loss) - GAAP
$ 52.0 $ 0.4 $ (0.8 ) $ 51.6 Cost of revenues charges (c) 5.5 - -
5.5 Amortization of acquisition-related intangible assets (d) 3.7 -
- 3.7 Other charges (e) 4.3 - -
4.3 Operating income (loss) - adjusted $ 65.5
$ 0.4 $ (0.8 ) $ 65.1 Operating margin - adjusted 16.8 % 1.4 % 15.6
%
Net income (loss) attributable to Bruker
Corporation - GAAP
$ 31.7 $ (1.9 ) $ (0.5 ) $ 29.3 Cost of revenues charges (c) 5.3 -
- 5.3 Amortization of acquisition-related intangible assets (d) 3.4
- - 3.4 Other charges (e) 7.3 -
- 7.3
Net income (loss) attributable to Bruker
Corporation - adjusted
$ 47.7 $ (1.9 ) $ (0.5 ) $ 45.3
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP
$ 0.19 $ (0.01 ) $ (0.00 ) $ 0.18 Cost of revenues charges (c) 0.03
- - 0.03 Amortization of acquisition-related intangible assets (d)
0.02 - - 0.02 Other charges (e) 0.04 -
- 0.04
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted
$ 0.28 $ (0.01 ) $ (0.00 ) $ 0.27 Weighted average shares
outstanding: 166.1 164.7 164.7 166.1
Three Months Ended
December 31, 2009: Revenue $ 346.2 $ 23.8 $ (3.6 ) $
366.4 Gross profit - GAAP $ 183.0 $ 2.8 $ (0.3 ) $ 185.5
Cost of revenues credits (c) (6.7 ) - -
(6.7 ) Gross profit - adjusted $ 176.3 $ 2.8 $ (0.3 )
$ 178.8 Gross profit margin - adjusted 50.9 % 11.8 % 48.8 %
Operating income (loss) - GAAP $ 78.3 $ (2.0 ) $ (0.1 ) $ 76.2 Cost
of revenues credits (c) (6.7 ) - - (6.7 ) Amortization of
acquisition-related intangible assets (d) 0.4 0.1 - 0.5 Other
charges, net (e) 0.2 0.8 -
1.0 Operating income (loss) - adjusted $ 72.2
$ (1.1 ) $ (0.1 ) $ 71.0 Operating margin - adjusted 20.9 % (4.6 %)
19.4 %
Net income (loss) attributable to Bruker
Corporation - GAAP
$ 45.5 $ (1.9 ) $ (0.1 ) $ 43.5 Cost of revenues credits (c) (4.7 )
- - (4.7 ) Amortization of acquisition-related intangible assets
(d) 0.3 0.1 - 0.4 Other charges, net (e) 0.2
0.8 - 1.0
Net income (loss) attributable to Bruker
Corporation - adjusted
$ 41.3 $ (1.0 ) $ (0.1 ) $ 40.2
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP
$ 0.27 $ (0.01 ) $ (0.00 ) $ 0.26 Cost of revenues credits (c)
(0.03 ) - - (0.03 ) Amortization of acquisition-related intangible
assets (d) - - - - Other charges, net (e) -
0.01 - 0.01
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted
$ 0.24 $ (0.00 ) $ (0.00 ) $ 0.24 Weighted average shares
outstanding: 165.2 163.8 163.8 165.2
Segment Data Bruker (in millions, except
per share amounts) Bruker Energy &
Corporate, Consolidated Scientific
Supercon Adjustments Bruker Twelve Months
Ended December 31, 2010: Instruments Technologies
& Eliminations Corporation Revenue $
1,225.1 $ 90.5 $ (10.7 ) $ 1,304.9 Gross profit - GAAP $
591.7 $ 16.6 $ (2.3 ) $ 606.0 Cost of revenues charges (c)
7.2 - - 7.2 Gross
profit - adjusted $ 598.9 $ 16.6 $ (2.3 ) $ 613.2 Gross profit
margin - adjusted 48.9 % 18.3 % 47.0 % Operating income
(loss) - GAAP $ 160.5 $ (2.6 ) $ (2.2 ) $ 155.7 Cost of revenues
charges (c) 7.2 - - 7.2 Amortization of acquisition-related
intangible assets (d) 5.5 0.3 - 5.8 Other charges (e) 8.6
- - 8.6 Operating
income (loss) - adjusted $ 181.8 $ (2.3 ) $ (2.2 ) $ 177.3
Operating margin - adjusted 14.8 % (2.5 %) 13.6 %
Net income (loss) attributable to Bruker
Corporation - GAAP
$ 103.4 $ (6.4 ) $ (1.6 ) $ 95.4 Cost of revenues charges (c) 6.9 -
- 6.9 Amortization of acquisition-related intangible assets (d) 5.0
0.3 - 5.3 Other charges (e) 11.1 -
- 11.1
Net income (loss) attributable to Bruker
Corporation - adjusted
$ 126.4 $ (6.1 ) $ (1.6 ) $ 118.7
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP
$ 0.62 $ (0.04 ) $ (0.00 ) $ 0.58 Cost of revenues charges (c) 0.04
- - 0.04 Amortization of acquisition-related intangible assets (d)
0.03 - - 0.03 Other charges (e) 0.07 -
- 0.07
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted
$ 0.76 $ (0.04 ) $ (0.00 ) $ 0.72 Weighted average shares
outstanding: 165.7 164.4 164.4 165.7
Twelve Months Ended
December 31, 2009: Revenue $ 1,062.7 $ 59.8 $ (8.0 ) $
1,114.5 Gross profit - GAAP $ 508.9 $ 8.6 $ 1.1 $ 518.6 Cost
of revenues credits (c) (6.7 ) - -
(6.7 ) Gross profit - adjusted $ 502.2 $ 8.6 $ 1.1 $
511.9 Gross profit margin - adjusted 47.3 % 14.4 % 45.9 %
Operating income (loss) - GAAP $ 141.7 $ (6.3 ) $ 1.3 $ 136.7 Cost
of revenues credits (c) (6.7 ) - - (6.7 ) Amortization of
acquisition-related intangible assets (d) 1.4 0.4 - 1.8 Other
charges, net (e) 0.2 0.2 -
0.4 Operating income (loss) - adjusted $ 136.6
$ (5.7 ) $ 1.3 $ 132.2 Operating margin - adjusted 12.9 % (9.5 %)
11.9 %
Net income (loss) attributable to Bruker
Corporation - GAAP
$ 87.2 $ (6.9 ) $ 0.9 $ 81.2 Cost of revenues credits (c) (4.7 ) -
- (4.7 ) Amortization of acquisition-related intangible assets (d)
1.2 0.4 - 1.6 Other charges, net (e) 0.2 0.2
- 0.4
Net income (loss) attributable to Bruker
Corporation - adjusted
$ 83.9 $ (6.3 ) $ 0.9 $ 78.5
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP
$ 0.53 $ (0.04 ) $ - $ 0.49 Cost of revenues credits (c) (0.03 ) -
- (0.03 ) Amortization of acquisition-related intangible assets (d)
0.01 - - 0.01 Other charges, net (e) - -
- -
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted
$ 0.51 $ (0.04 ) $ - $ 0.47 Weighted average shares
outstanding: 164.9 163.5 164.9 164.9
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) December 31, December
31, 2010 2009 ASSETS
Current assets: Cash, cash equivalents and restricted cash $
233.3 $ 209.1 Accounts receivable, net 232.9 184.1 Inventories
511.0 422.8 Other current assets 73.9 57.8 Total
current assets 1,051.1 873.8 Property, plant and equipment,
net 233.7 223.4 Intangible and other long-term assets 265.0
75.1 Total assets $ 1,549.8 $ 1,172.3
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities:
Short-term borrowings, including current
portion of long-term debt
$ 214.4 $ 22.0 Accounts payable 64.0 49.8 Customer advances 242.2
219.2 Other current liabilities 310.9 249.5 Total
current liabilities 831.5 540.5 Long-term debt 86.6 115.7
Other long-term liabilities 104.3 97.3 Total shareholders'
equity 527.4 418.8 Total liabilities and
shareholders' equity $ 1,549.8 $ 1,172.3
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