Exhibit 99.1
Investor Contact Geoffrey Helliwell Treasurer (978) 715—1041 (800) 225—3384 Geoffrey_Helliwell@Millipore.com | Media Contact Thomas Anderson VP, Corporate Communications (978) 715—1043 (800) 225—3384 Thomas_Anderson@Millipore.com |
Millipore’s First Quarter: $0.44 Earnings Per Share on 13 Percent Revenue Growth
Billerica, Massachusetts, April 15, 2003 – Millipore Corporation (NYSE/MIL) announced today that its first quarter sales were $187 million, up 13 percent from the same period of 2002. In local currency, revenue growth was 4 percent. First quarter earnings from continuing operations were $0.44 per share, compared to $0.40 per share in the first quarter of last year.
Fran Lunger, Millipore’s Chairman, CEO and President, said: “We exceeded our earnings guidance for the first quarter on modest revenue growth in local currency. By market, life sciences revenues were up 4 percent in local currency, biotechnology revenues up 3 percent, and our other bioscience revenues increased 4 percent. Biotechnology growth was limited in the first quarter due to customer delays of custom-engineered systems and associated consumables.”
Lunger continued: “The life science results reflect trends we saw in 2002, namely curbs on research funding and shifts in customer priorities. In our other bioscience business we saw strong sales of pharmaceutical consumables and lab water systems and consumables.”
Millipore’s first quarter revenue growth by geography for continuing operations was as follows($’s in millions):
Revenues by Geographic Area | Q1, 2003 | Q1, 2002 | % Growth | % Growth Local Currency | ||||||||
Americas | $ | 78 | $ | 76 | 3 | % | 3 | % | ||||
Europe |
| 74 |
| 59 | 27 | % | 6 | % | ||||
Asia/Pacific |
| 35 |
| 32 | 9 | % | 0 | % | ||||
Total | $ | 187 | $ | 167 | 13 | % | 4 | % | ||||
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Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings call today, April 15, 2003 at 5:30 p.m., Eastern Time. Please visit the Millipore web site at www.millipore.com for details about this event. A transcript of the completed webcast will be available on the site’s home page on April 16, 2003.
About Millipore
Millipore is a multinational, bioscience company that provides technologies, tools and services for the discovery, development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information about Millipore visit www.millipore.com.
Millipore Forward Looking Statement Disclaimer
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Potential risks and uncertainties that could affect Millipore’s future operating results include, without limitation, foreign exchange rates; regulatory delay in the approval of new therapeutics; further consolidation of drug manufacturers; competitive factors such as new membrane technology; lack of availability of raw materials or component products on a timely basis; inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general and in the bioscience markets in particular; potential environmental liabilities; the inability to utilize technology in current or planned products due to overriding rights by third parties; difficulties inherent in research and development activities; and the risk factors listed from time to time in Millipore’s filings with the SEC.
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Millipore Corporation
Consolidated Statements of Income
(In thousands, except per share data)
Unaudited Three Months Ended March 31, | ||||||||
2003 | 2002 | |||||||
Net sales | $ | 187,452 |
| $ | 166,632 |
| ||
Cost of sales |
| 82,325 |
|
| 69,231 |
| ||
Gross profit |
| 105,127 |
|
| 97,401 |
| ||
Selling, general and administrative expenses |
| 60,025 |
|
| 54,566 |
| ||
Research and development expenses |
| 13,809 |
|
| 12,387 |
| ||
Operating income |
| 31,293 |
|
| 30,448 |
| ||
Interest income |
| 385 |
|
| 240 |
| ||
Interest expense |
| (4,148 | ) |
| (5,483 | ) | ||
Income from continuing operations before income taxes |
| 27,530 |
|
| 25,205 |
| ||
Provision for income taxes |
| 6,194 |
|
| 5,545 |
| ||
Income from continuing operations |
| 21,336 |
|
| 19,660 |
| ||
Income on disposal of discontinued operations, net of taxes |
| — |
|
| 2,900 |
| ||
Net income | $ | 21,336 |
| $ | 22,560 |
| ||
Diluted income per share: | ||||||||
Continuing operations | $ | 0.44 |
| $ | 0.40 |
| ||
Discontinued operations |
| — |
|
| 0.06 |
| ||
Net income | $ | 0.44 |
| $ | 0.46 |
| ||
Diluted weighted average shares outstanding |
| 48,537 |
|
| 48,580 |
|
Geoffrey Helliwell
Treasurer
(800) 225-3384 or (978) 715-1041
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Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2003 | December 31, 2002 | |||||
(Unaudited) | ||||||
Assets | ||||||
Cash and cash equivalents | $ | 102,628 | $ | 101,242 | ||
Accounts receivable, net |
| 174,784 |
| 160,462 | ||
Inventories |
| 118,487 |
| 111,332 | ||
Deferred income taxes |
| 11,694 |
| 11,694 | ||
Other current assets |
| 6,125 |
| 5,481 | ||
Total current assets |
| 413,718 |
| 390,211 | ||
Property, plant and equipment, net |
| 267,811 |
| 262,604 | ||
Deferred income taxes |
| 87,824 |
| 87,824 | ||
Intangible assets, net |
| 27,303 |
| 28,064 | ||
Goodwill |
| 9,646 |
| 9,646 | ||
Other assets |
| 6,986 |
| 7,881 | ||
Total assets | $ | 813,288 | $ | 786,230 | ||
Liabilities and shareholders’ equity | ||||||
Notes payable | $ | 2,647 | $ | 1,500 | ||
Accounts payable |
| 51,326 |
| 57,596 | ||
Accrued expenses |
| 61,898 |
| 58,431 | ||
Accrued retirement plan contributions |
| 4,713 |
| 8,438 | ||
Accrued income taxes payable |
| 12,563 |
| 8,464 | ||
Total current liabilities |
| 133,147 |
| 134,429 | ||
Long-term debt |
| 333,000 |
| 334,000 | ||
Other liabilities |
| 30,748 |
| 30,297 | ||
Shareholders’ equity |
| 316,393 |
| 287,504 | ||
Total liabilities and shareholders’ equity | $ | 813,288 | $ | 786,230 | ||
Geoffrey Helliwell
Treasurer
(800) 225-3384 or (978) 715-1041
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