Exhibit 99.1
Investor Contact | Media Contact | |
Geoffrey Helliwell | Thomas Anderson | |
Treasurer | Vice President | |
(978) 715 - 1041 | Corporate Communications | |
(800) 225 - 3384 | (978) 715 - 1043 | |
Geoffrey_Helliwell@Millipore.com | (800) 225 - 3384 | |
Thomas_Anderson@Millipore.com |
Millipore Revenues Up 12 Percent in First Quarter
Billerica, Massachusetts, April 21, 2005 – Millipore Corporation (NYSE/MIL) announced today that its first quarter sales were $250 million, up 12 percent from the same period of 2004. In constant currency, quarterly revenue growth was 10 percent for the quarter.
First quarter earnings were $0.64 per share, compared to $0.55 per share in the same quarter of last year, a 16 percent increase. Included in the results for the quarter were pretax expenses of $4.5 million related to CEO transition costs and $3.8 million in employee severance related costs. Pro forma earnings for the quarter, excluding these items, were $0.77 per share, a 40 percent increase compared to the same period last year.
Millipore’s strong revenue growth in the first quarter was largely driven by sales of consumables and services for biotechnology process development and production in North America. Martin Madaus, Millipore’s Chairman and CEO, noted: “Several of our key biotech accounts advanced the timing of orders to the first quarter, boosting our performance. Our prospects in biotechnology remain promising, short term and long term, although the timing of orders will continue to vary.”
Millipore’s first quarter revenue growth by market area was as follows(in millions):
Revenues by Market Area | Q1 2005 | Q1 2004 | % Growth | ||||||
Biotechnology | $ | 83 | $ | 70 | 18 | % | |||
Life science | 30 | 30 | — | ||||||
Other bioscience | 109 | 103 | 7 | % | |||||
Total net sales in constant currencies | 222 | 203 | 10 | % | |||||
Foreign exchange impact | 28 | 19 | |||||||
Total net sales in U.S. dollars | $ | 250 | $ | 222 | 12 | % | |||
Millipore’s first quarter revenue growth by geography was as follows(in millions):
Revenues by Geographic Area | Q1 2005 | Q1 2004 | % Growth U.S. Dollars | % Growth Constant Currency | ||||||||
Americas | $ | 103 | $ | 89 | 16 | % | 16 | % | ||||
Europe | 103 | 90 | 13 | % | 7 | % | ||||||
Asia/Pacific | 44 | 43 | 3 | % | 1 | % | ||||||
Total net sales in U.S. dollars | $ | 250 | $ | 222 | 12 | % | 10 | % | ||||
Use of Non-GAAP Financial Measures
In addition to analyzing U.S. GAAP financial results, management also analyzes “non-GAAP” and “pro forma” financial measures as we believe these measures may allow for a better understanding of the underlying business trends. “Constant currency” is a non-GAAP measure whereby foreign currency balances are translated, in all periods presented, at Millipore’s predetermined budgeted exchange rates for 2005, thus excluding the impact of fluctuations in the actual foreign currency rates. Pro forma basis financial results reflect U.S. GAAP results, translated at actual rates of exchange and adjusted for unusual or non-operating items.
Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings call today, April 21, 2005 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, bioscience 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
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended | ||||||||
April 2, 2005 | April 3, 2004 | |||||||
Net sales | $ | 250,178 | $ | 222,469 | ||||
Cost of sales | 114,103 | 100,910 | ||||||
Gross profit | 136,075 | 121,559 | ||||||
Selling, general and administrative expenses | 77,433 | 67,782 | ||||||
Research and development expenses | 16,073 | 15,997 | ||||||
Operating income | 42,569 | 37,780 | ||||||
Interest income | 675 | 416 | ||||||
Interest expense | (1,834 | ) | (2,878 | ) | ||||
Income before income taxes | 41,410 | 35,318 | ||||||
Provision for income taxes | 9,110 | 8,123 | ||||||
Net income | $ | 32,300 | $ | 27,195 | ||||
Diluted income per share | $ | 0.64 | $ | 0.55 | ||||
Diluted weighted average shares outstanding | 50,327 | 49,889 |
Geoffrey E. Helliwell
Treasurer
(800) 225-3384 or (978) 715-1041
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
April 2, 2005 | December 31, 2004 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 141,330 | $ | 152,144 | ||
Accounts receivable, net | 198,644 | 181,911 | ||||
Inventories | 139,125 | 143,714 | ||||
Deferred income taxes | 45,315 | 54,247 | ||||
Other current assets | 10,164 | 8,840 | ||||
Total current assets | 534,578 | 540,856 | ||||
Property, plant and equipment, net | 343,478 | 351,004 | ||||
Deferred income taxes | 91,740 | 85,197 | ||||
Intangible assets, net | 18,887 | 19,584 | ||||
Goodwill | 9,433 | 9,433 | ||||
Other assets | 7,352 | 7,745 | ||||
Total assets | $ | 1,005,468 | $ | 1,013,819 | ||
Liabilities and shareholders’ equity | ||||||
Accounts payable | $ | 62,915 | $ | 66,970 | ||
Other current liabilities | 86,829 | 96,040 | ||||
Total current liabilities | 149,744 | 163,010 | ||||
Long-term debt | 133,000 | 147,000 | ||||
Other liabilities | 63,592 | 64,959 | ||||
Shareholders’ equity | 659,132 | 638,850 | ||||
Total liabilities and shareholders’ equity | $ | 1,005,468 | $ | 1,013,819 | ||
Geoffrey E. Helliwell
Treasurer
(800) 225-3384 or (978) 715-1041