EXHIBIT 99.1
| Press Release | Contact: | Tim Harkness Molecular Devices Corporation (408) 747-3533 |
MOLECULAR DEVICES REPORTS REVENUES AND EARNINGS
FOR FIRST QUARTER OF 2003
Sunnyvale, Calif., April 24, 2003 –Molecular Devices Corporation (Nasdaq: MDCC) today announced its revenues and earnings for the quarter ended March 31, 2003.
Revenues and earnings per share for the quarter were within management’s previously stated guidance and met consensus analyst expectations. Revenues for the first quarter of 2003 were a record $24.7 million, or an increase of 20% compared to the same period last year. Fully diluted earnings per share were flat compared to the same period last year at $0.05 for the quarter.
“We are pleased that we were able to meet our financial and strategic objectives during the quarter, even in this difficult economic environment.” stated Joseph D. Keegan, Ph.D., Molecular Devices’ President and Chief Executive Officer. “A number of our product lines posted good growth during the quarter; however, we continued to see weakness in capital spending by our pharmaceutical and biotechnology customers. While we continue to believe in the long term growth prospects in drug discovery and life science research, we will remain cautious in the near term given the persisting economic uncertainty and negative capital spending environment.”
The Company also updated guidance for 2003. The Company now expects revenues of $110 to $120 million and fully diluted earnings per share of $0.45-$0.55 for the full year 2003. In addition, the Company provided guidance for the second quarter of 2003. The Company anticipates revenues of $27 to $29 million and fully diluted EPS of $0.10 to $0.12 for the second quarter of 2003.
Conference Call Information
An earnings announcement conference call is scheduled for Friday, April 25, 2003 at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate in the call by dialing 800-406-5356 (domestic) or 913-981-5572 (international). A taped replay of this call will be available through May 1, 2003. Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international) and the access code for the replay is 534874.
Investors can also access a live web-cast of the call through a link posted on the investor page on Molecular Devices’ website (www.moleculardevices.com). A replay of the web cast will remain at this location through May 1, 2003.
About Molecular Devices Corporation
Molecular Devices Corporation is a leading supplier of high-performance bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research. The Company’s systems and consumables enable pharmaceutical and biotechnology companies to leverage advances in genomics, proteomics and combinatorial chemistry by facilitating the high-throughput and cost-effective identification and evaluation of drug candidates. The Company’s solutions are based on its advanced core technologies that integrate its expertise in engineering, molecular and cell biology and chemistry.
Molecular Devices enables its customers to improve research productivity and effectiveness, which ultimately accelerates the complex process of discovering and developing new drugs.
This press release contains “forward-looking” statements, including statements related to future revenues and earnings. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of Molecular Devices Corporation to differ materially from those indicated by these forward-looking statements, including, among others, risks detailed from time to time in the Company’s SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2002. Molecular Devices Corporation does not undertake any obligation to update forward-looking statements
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MOLECULAR DEVICES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| Three Months Ended | ||||||||||
| March 31, | ||||||||||
| 2003 | 2002 | |||||||||
| (unaudited) | ||||||||||
| TOTAL REVENUES | $ | 24,700 | $ | 20,625 | ||||||
| TOTAL COST OF REVENUES | 9,631 | 8,050 | ||||||||
| GROSS PROFIT | 15,069 | 12,575 | ||||||||
| OPERATING EXPENSES: | ||||||||||
| Research and development | 4,659 | 4,121 | ||||||||
| Selling, general and administrative | 9,640 | 7,584 | ||||||||
| Total operating expenses | 14,299 | 11,705 | ||||||||
| INCOME FROM OPERATIONS | 770 | 870 | ||||||||
| Other income, net | 306 | 296 | ||||||||
| INCOME BEFORE TAXES | 1,076 | 1,166 | ||||||||
| Income tax provision | (323 | ) | (443 | ) | ||||||
| NET INCOME | $ | 753 | $ | 723 | ||||||
| BASIC NET INCOME PER SHARE | $ | 0.05 | $ | 0.05 | ||||||
| DILUTED NET INCOME PER SHARE | $ | 0.05 | $ | 0.05 | ||||||
| SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE | 15,343 | 15,432 | ||||||||
| SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE | 15,402 | 15,576 | ||||||||
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| March 31, | December 31, | |||||||||||
| 2003 | 2002 | |||||||||||
| (unaudited) | ||||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 46,090 | $ | 43,733 | ||||||||
| Short-term investments | 9,218 | 10,050 | ||||||||||
| Accounts receivable, net | 23,224 | 26,443 | ||||||||||
| Inventories | 17,113 | 17,722 | ||||||||||
| Deferred tax assets | 4,943 | 5,230 | ||||||||||
| Other current assets | 2,155 | 1,770 | ||||||||||
| Total current assets | 102,743 | 104,948 | ||||||||||
| Equipment and leasehold improvements, net | 10,803 | 10,943 | ||||||||||
| Other assets | 46,523 | 47,010 | ||||||||||
| $ | 160,069 | $ | 162,901 | |||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 2,414 | $ | 2,863 | ||||||||
| Accrued liabilities | 11,671 | 17,234 | ||||||||||
| Total current liabilities | 14,085 | 20,097 | ||||||||||
| Stockholders’ equity | 145,984 | 142,804 | ||||||||||
| $ | 160,069 | $ | 162,901 | |||||||||