Exhibit 99.1
Investor Contact | Media Contact | |
Geoffrey Helliwell Treasurer (978) 715-1041 (800) 225-3384 Geoffrey_Helliwell@Millipore.com | Thomas Anderson VP, Corporate Communications (978) 715-1043 (800) 225-3384 Thomas_Anderson@Millipore.com |
Millipore Revenues Up 19 Percent in First Quarter
Billerica, Massachusetts, April 20, 2004 – Millipore Corporation (NYSE/MIL) announced today that its first quarter sales were $222 million, up 19 percent from the same period of 2003. In local currency, revenue growth was 10 percent.
First quarter earnings were $0.55 per share, up 25 percent from $0.44 per share in the first quarter of last year.
Fran Lunger, Millipore’s CEO, said: “We had very good revenue growth across our markets and geographic areas in the first quarter, and delivered strong earnings performance. Both of our higher growth opportunities had double digit local currency revenue growth: Biotechnology sales were up 15 percent and life science research sales were up 13 percent. Of particular note were our sales of chromatographic media for purifying biotech drugs and our sales of drug discovery consumables for life science research. In other bioscience, revenues were up 7 percent, a strong performance for this market.”
Millipore’s first quarter revenue growth by geography was as follows($’s in millions):
Q1, 2004 | Q1, 2003 | % Growth | % Growth Local Currency | |||||||||
Americas | $ | 89 | $ | 78 | 14 | % | 13 | % | ||||
Europe | 90 | 74 | 22 | % | 6 | % | ||||||
Asia/Pacific | 43 | 35 | 23 | % | 12 | % | ||||||
Total | $ | 222 | $ | 187 | 19 | % | 10 | % | ||||
Use of Non-GAAP Financial Measures
All references to “local currencies” represent the foreign currency balances translated, in all periods presented, at Millipore’s predetermined budgeted exchange rates for 2004, thus excluding the impact of fluctuations in the actual foreign currency rates. In addition to analyzing financial results at actual rates of exchange, management uses this presentation because we believe that the local currency results provide a clearer presentation of underlying business trends separate from the impact of foreign currency. The U.S. dollar results represent the foreign currency balances translated at actual exchange rates.
Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings call today, April 20, 2004 at 5:30 p.m., Eastern Time. Please visit the Millipore web site atwww.millipore.com for details about this event. The replay of the webcast will be available online the day after the event.
About Millipore
Millipore is a multinational, high technology company that provides technologies, tools and services for the development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information about Millipore visitwww.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 and their ultimate commercial success; 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.
Millipore Corporation
Consolidated Statements of Income
(In thousands, except per share data)
Unaudited Quarter Ended March 31, | ||||||||
2004 | 2003 | |||||||
Net sales | $ | 222,469 | $ | 187,452 | ||||
Cost of sales | 100,910 | 82,325 | ||||||
Gross profit | 121,559 | 105,127 | ||||||
Selling, general and administrative expenses | 67,782 | 60,025 | ||||||
Research and development expenses | 15,997 | 13,809 | ||||||
Operating income | 37,780 | 31,293 | ||||||
Interest income | 416 | 385 | ||||||
Interest expense | (2,878 | ) | (4,148 | ) | ||||
Income before income taxes | 35,318 | 27,530 | ||||||
Provision for income taxes | 8,123 | 6,194 | ||||||
Net Income | $ | 27,195 | $ | 21,336 | ||||
Diluted income per share | $ | 0.55 | $ | 0.44 | ||||
Diluted weighted average shares outstanding | 49,889 | 48,537 |
Geoffrey Helliwell
Treasurer
(800) 225-3384 or (978) 715-1041
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2004 | December 31, 2003 | ||||||
Assets | (Unaudited | ) | |||||
Cash and cash equivalents | $ | 53,853 | $ | 147,027 | |||
Accounts receivable, net | 187,487 | 174,979 | |||||
Inventories | 138,790 | 137,757 | |||||
Deferred income taxes | 51,092 | 51,092 | |||||
Other current assets | 5,481 | 5,507 | |||||
Total current assets | 436,703 | 516,362 | |||||
Property, plant and equipment, net | 316,400 | 316,890 | |||||
Deferred income taxes | 77,226 | 77,226 | |||||
Intangible assets, net | 24,416 | 25,348 | |||||
Goodwill | 9,433 | 9,433 | |||||
Other assets | 6,000 | 6,014 | |||||
Total assets | $ | 870,178 | $ | 951,273 | |||
Liabilities and shareholders’ equity | |||||||
Current portion of long-term debt | $ | — | $ | 75,000 | |||
Accounts payable | 52,980 | 60,836 | |||||
Accrued expenses | 62,158 | 69,819 | |||||
Accrued retirement plan contributions | 5,348 | 9,443 | |||||
Accrued income taxes payable | 9,877 | 7,294 | |||||
Total current liabilities | 130,363 | 222,392 | |||||
Long-term debt | 195,000 | 216,000 | |||||
Other liabilities | 53,098 | 51,840 | |||||
Shareholders’ equity | 491,717 | 461,041 | |||||
Total liabilities and shareholders’ equity | $ | 870,178 | $ | 951,273 | |||
Geoffrey Helliwell
Treasurer
(800) 225-3384 or (978) 715-1041