Exhibit 99.1
Bruker BioSciences Reports First Quarter 2007 Year-over-Year Pooled Revenue Growth of 16% and Strong Operating Income Growth
BILLERICA, Mass., May 1, 2007 (BUSINESS WIRE) — Bruker BioSciences Corporation (NASDAQ: BRKR) today reported financial results for the three months ended March 31, 2007.
On July 1, 2006, Bruker BioSciences completed its acquisition of Bruker Optics Inc., which was accounted for as a pooling of interests. As a result of this required GAAP accounting treatment, all historical financials have been pooled as if the companies had always been combined.
For the first quarter of 2007, revenue increased by 16.5% to $110.5 million, compared to pooled revenue of $94.9 million in the first quarter of 2006. Excluding the effects of foreign currency translation, first quarter 2007 revenue increased by 10.6% year-over-year.
Net income in the first quarter of 2007 was $3.9 million, or $0.04 per diluted share, compared to pooled net income of $3.3 million, or $0.03 per diluted share, in the first quarter of 2006.
Operating income in the first quarter of 2007 was $7.8 million, up 59.5% compared to operating income of $4.9 million in the first quarter of 2006. Excluding acquisition related charges of $1.2 million in Q1 2006, operating income increased 28.4% year-over-year.
Commenting on the first quarter, Frank Laukien, President and CEO, said: “I am very pleased that we started 2007 with strong year-over-year growth and solid improvements in our gross margins and operating income. We believe the combination of our competitive product offerings, healthy backlog and strong end-markets position us well for continued success throughout 2007.”
EARNINGS CONFERENCE CALL
Bruker BioSciences will host an operator-assisted earnings conference call at 8 a.m. Eastern Time on Tuesday, May 1, 2007. To listen to the webcast, investors can go to www.bruker-biosciences.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 888-339-2688, or 617-847-3007 outside the US and Canada. Investors should refer to the Bruker BioSciences Quarterly 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 617-801-6888 outside the US and Canada, and then entering replay pass code 16589667.
ABOUT BRUKER BIOSCIENCES
Bruker BioSciences Corporation in Billerica, Massachusetts is the parent company of Bruker AXS Inc., Bruker Daltonics Inc. and Bruker Optics, Inc. Bruker AXS is a leading developer and provider of life science, materials research and industrial X-ray analysis and spark-OES tools. Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry, and also offers a broad line of chemical, biological, radiological and nuclear (CBRN) detection products for homeland security. Bruker Optics is a leading developer, manufacturer and provider of research, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technology. For more information, please visit www.bruker-biosciences.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 our reorganization strategies, risks related to the integration of businesses we have acquired or may acquire in the future, technological approaches, product development, market acceptance, cost and pricing of our products, changes in governmental regulations, capital spending and government funding policies, FDA and other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation. 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, 2006, 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.
Condensed consolidated statements of operations and balance sheets follow for Bruker BioSciences Corporation.
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Bruker BioSciences Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| | Three Months Ended March 31, | |
| | 2007 | | 2006 | |
Product revenue | | $ | 95,362 | | $ | 83,841 | |
Service revenue | | 14,991 | | 10,371 | |
Other revenue | | 154 | | 644 | |
Total revenue | | 110,507 | | 94,856 | |
| | | | | |
Cost of product revenue | | 47,811 | | 44,713 | |
Cost of service revenue | | 10,068 | | 6,387 | |
Total cost of revenue | | 57,879 | | 51,100 | |
| | | | | |
Gross profit margin | | 52,628 | | 43,756 | |
| | | | | |
Operating Expenses: | | | | | |
Sales and marketing | | 23,764 | | 18,832 | |
General and administrative | | 7,492 | | 6,607 | |
Research and development | | 13,613 | | 12,275 | |
Acquisition related charges | | — | | 1,176 | |
Total operating expenses | | 44,869 | | 38,890 | |
| | | | | |
Operating income | | 7,759 | | 4,866 | |
| | | | | |
Interest and other income (expense), net | | (525 | ) | 1,681 | |
| | | | | |
Income before income tax provision and minority
interest in consolidated subsidiaries | | 7,234 | | 6,547 | |
Income tax provision | | 3,267 | | 3,240 | |
| | | | | |
Income before minority interest in consolidated
subsidiaries | | 3,967 | | 3,307 | |
Minority interest in consolidated subsidiaries | | 86 | | 48 | |
Net income | | $ | 3,881 | | $ | 3,259 | |
| | | | | |
Net income per share: | | | | | |
Basic | | $ | 0.04 | | $ | 0.03 | |
Diluted | | $ | 0.04 | | $ | 0.03 | |
| | | | | |
Weighted average shares outstanding: | | | | | |
Basic | | 102,820 | | 101,186 | |
Diluted | | 105,361 | | 101,480 | |
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Bruker BioSciences Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| | March 31, | | December 31, | |
| | 2007 | | 2006 | |
| | (unaudited) | |
ASSETS | | | | | |
| | | | | |
Current assets: | | | | | |
Cash and short-term investments | | $ | 55,692 | | $ | 52,147 | |
Accounts receivable, net | | 75,110 | | 79,604 | |
Due from affiliated companies | | 7,536 | | 9,028 | |
Inventories | | 157,616 | | 134,504 | |
Other current assets | | 23,121 | | 19,461 | |
Total current assets | | 319,075 | | 294,744 | |
| | | | | |
Property and equipment, net | | 91,410 | | 90,349 | |
Intangible and other assets | | 52,609 | | 48,094 | |
| | | | | |
Total assets | | $ | 463,094 | | $ | 433,187 | |
| | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | |
| | | | | |
Current liabilities: | | | | | |
Short-term borrowings | | $ | 11,601 | | $ | 21,857 | |
Accounts payable | | 26,370 | | 23,102 | |
Due to affiliated companies | | 9,916 | | 5,901 | |
Other current liabilities | | 151,824 | | 144,268 | |
Total current liabilities | | 199,711 | | 195,128 | |
| | | | | |
Long-term debt | | 22,782 | | 22,863 | |
Other long-term liabilities | | 25,698 | | 23,491 | |
Minority interest in subsidiaries | | 325 | | 239 | |
| | | | | |
Total shareholders’ equity | | 214,578 | | 191,466 | |
| | | | | |
Total liabilities and shareholders’ equity | | $ | 463,094 | | $ | 433,187 | |
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FOR FURTHER INFORMATION: | | Michael Willett, Investor Relations Officer |
| | Tel: (978) 663-3660, ext. 1411 |
| | Email: Michael.Willett@Bruker.com |
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