| Press Release | Contact: | Tim Harkness |
| Molecular Devices Corporation | ||
| (408) 747-3533 |
MOLECULAR DEVICES REPORTS REVENUES AND EARNINGS
FOR FOURTH QUARTER OF 2003
Sunnyvale, Calif., February 05, 2004 - Molecular Devices Corporation (Nasdaq: MDCC) today announced its revenues and earnings for the quarter and year ended December 31, 2003.
Revenues and earnings per share for the quarter and year were within management’s previously stated guidance and exceeded consensus analyst expectations. Revenues for the fourth quarter of 2003 were a record $33.3 million, an increase of 10% compared to the same period last year. Revenues for the full year were $115.6 million, an increase of 13% over full year 2002 revenues. Operating income for the fourth quarter of 2003 was $4.0 million, an increase of 24% compared to the same period last year. Operating income for the full year increased to $10.2 million, an increase of 25% compared to the same period last year. Fully diluted earnings per share for the fourth quarter of 2003 were $0.20, an increase of 18% compared with the same period last year. Fully diluted earnings per share for the year ended December 31, 2003 were $0.51, an increase of 16% compared with the same period last year.
“We are pleased to report record revenues for the seventh consecutive quarter, resulting in our highest quarterly and annual revenue totals ever,” stated Joseph D. Keegan, Ph.D., Molecular Devices’ President and Chief Executive Officer. “Life Sciences Research products were the primary growth drivers during the quarter, led by the recently introduced SpectraMax® M2 bench-top reader, and Universal Imaging’s Meta Imaging Series™ suite of software products.”
The Company also established guidance for the first quarter of 2004 and reaffirmed guidance for the full year 2004. For the first quarter of 2004, the Company anticipates revenues of $26 to $28 million and fully diluted earnings per share of $0.07 to $0.09. For the full year 2004, the Company anticipates revenues of $125 to $135 million and fully diluted earnings per share of $0.65 to $0.75.
Conference Call Information
An earnings announcement conference call is scheduled for Friday, February 6, 2004 at 8:00 a.m. PST (11:00 a.m. EST). Interested parties can participate in the call by dialing 800-289-0496 (domestic) or 913-981-5519 (international). A taped replay of this call will be available through February 13, 2004. Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international) and the access code for the replay is 590658.
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 February 13, 2004.
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 and its quarterly report on Form 10-Q for the quarter ended September 30, 2003. Molecular Devices Corporation does not undertake any obligation to update forward-looking statements.
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MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2003 | 2002 | |||||||||||
| TOTAL REVENUES | $ | 33,250 | $ | 30,184 | $ | 115,581 | $ | 102,157 | ||||||
| TOTAL COST OF REVENUES | 12,380 | 11,682 | 43,256 | 40,561 | ||||||||||
| GROSS PROFIT | 20,870 | 18,502 | 72,325 | 61,596 | ||||||||||
| OPERATING EXPENSES: | ||||||||||||||
| Research and development | 4,552 | 4,901 | 18,679 | 18,002 | ||||||||||
| Selling, general and administrative | 12,321 | 10,372 | 43,457 | 35,435 | ||||||||||
| Total operating expenses | 16,873 | 15,273 | 62,136 | 53,437 | ||||||||||
| INCOME FROM OPERATIONS | 3,997 | 3,229 | 10,189 | 8,159 | ||||||||||
| Other income, net | 233 | 318 | 872 | 1,562 | ||||||||||
| INCOME BEFORE TAXES | 4,230 | 3,547 | 11,061 | 9,721 | ||||||||||
| Income tax provision | (1,269 | ) | (940 | ) | (3,319 | ) | (2,916 | ) | ||||||
| NET INCOME | $ | 2,961 | $ | 2,607 | $ | 7,742 | $ | 6,805 | ||||||
| BASIC NET INCOME PER SHARE | $ | 0.20 | 0.17 | 0.51 | $ | 0.44 | ||||||||
| DILUTED NET INCOME PER SHARE | $ | 0.20 | 0.17 | 0.51 | $ | 0.44 | ||||||||
| SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE | 14,836 | 15,318 | 15,067 | 15,348 | ||||||||||
| SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE | 15,035 | 15,416 | 15,179 | 15,457 | ||||||||||
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
| December 31, 2003 | December 31, 2002 | |||||||
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 50,260 | $ | 43,733 | ||||
| Short-term investments | 8,114 | 10,050 | ||||||
| Accounts receivable, net | 26,209 | 26,443 | ||||||
| Inventories, net | 17,025 | 17,722 | ||||||
| Deferred tax assets | 4,202 | 5,230 | ||||||
| Other current assets | 1,849 | 1,770 | ||||||
| Total current assets | 107,659 | 104,948 | ||||||
| Long-term investments | 1,736 | -- | ||||||
| Equipment and leasehold improvements, net | 9,706 | 10,943 | ||||||
| Other assets | 47,812 | 47,010 | ||||||
| $ | 166,913 | $ | 162,901 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,019 | $ | 2,863 | ||||
| Accrued liabilities | 17,356 | 17,234 | ||||||
| Total current liabilities | 21,375 | 20,097 | ||||||
| Stockholders' equity | 145,538 | 142,804 | ||||||
| $ | 166,913 | $ | 162,901 | |||||