Exhibit 99.1
NEWS RELEASE
For more information contact:
FEI Company
Jason Willey
Investor Relations Director
jason.willey@fei.com
(503) 726-2533
FEI Reports Second-Quarter Results
Bookings of $259.0 Million and Revenue of $237.0 Million
GAAP EPS of $0.59 and Non-GAAP EPS of $0.70
HILLSBORO, Ore., July 30, 2014 -- FEI Company (Nasdaq:FEIC) reported results for second quarter of 2014. Bookings of $259.0 million were the highest for any quarter in the company’s history and revenue was the highest ever for a second quarter.
Revenue of $237.0 million was up 6.5% compared to $222.5 million in the second quarter of 2013 and up 4.7% compared to $226.3 million in the first quarter of 2014.
Diluted earnings per share computed on the basis of accounting principles generally accepted in the United States ("GAAP") were $0.59, compared with $0.72 in the second quarter of 2013 and $0.59 in the first quarter of 2014. Net income for the quarter was $24.9 million, compared with $30.0 million in the second quarter of 2013 and $25.1 million in the first quarter of 2014.
Diluted earnings per share computed on a non-GAAP basis were $0.70, compared with $0.72 in the second quarter of 2013 and $0.61 in the first quarter of 2014. Non-GAAP net income for the quarter was $29.7 million, compared with $30.3 million in the second quarter of 2013 and $26.2 million in the first quarter of 2014.
Bookings in the second quarter were at record levels for the company at $259.0 million, up 9.0% compared with bookings of $237.7 million in the second quarter of 2013 and up 4.7% from $247.3 million in the first quarter of 2014. The book-to-bill ratio in the quarter was 1.09-to-1 and the backlog at the end of the quarter was $516.7 million, an increase of $43.1 million since the beginning of 2014.
The gross margin in the second quarter was 46.4%, compared with 48.0% in the second quarter of 2013 and 47.0% in the first quarter of 2014.
“We had another strong quarter of bookings,” commented Don Kania, president and CEO, “with a significant recovery and a record total in the Science Group, offset by bookings weakness from Industry customers. Revenue from semiconductor customers in our Industry Group was at record levels, and revenue and earnings overall were within our guidance ranges.
“Looking forward, we expect third quarter revenue similar to the second quarter. Recent bookings momentum and a healthy backlog position the company for a strong fourth quarter.”
Total cash, investments and restricted cash at the end of the quarter was $510.2 million, a decrease of $38.5 million from the end of the first quarter. Cash flow provided by operating activities was $16.0 million. During the quarter, the company spent $30.5 million to repurchase 374,000 shares of its common stock, paid cash dividends of $5.1 million and spent $19.0 million on plant and equipment, principally to complete the new leased facility in the Czech Republic.
Outlook
For the third quarter of 2014, revenue is expected to be in the range of $228.0 million to $243.0 million. GAAP earnings per share are expected to be in the range of $0.35 to $0.45. GAAP earnings guidance for the third quarter includes restructuring and costs related to the move to the company’s new leased facility in the Czech Republic of approximately $13.0 million to $13.6 million. Non-GAAP earnings per share are expected to be in the range of $0.60 to $0.70. The effective tax rate is expected to be approximately 19%.
Revenue for the full year is now expected to be 5% to 7% greater than 2013.
Non-GAAP Financial Measures
This press release reports FEI's results on a GAAP basis as well as on a non-GAAP basis. Non-GAAP net income, diluted earnings per share, operating expenses, operating income, cost of sales and gross margin exclude certain costs for asset impairments, inventory write-downs and severance related to the company’s facilities consolidation and relocation efforts, acceleration of an acquisition-related earn-out provision and related tax impacts. A reconciliation of these charges and benefits along with their impact on net income and earnings per share is included in a table attached to this press release, along with GAAP statements of operations, balance sheets, additional supplementary information and summary cash flow information.
FEI's management uses these non-GAAP financial measures because they exclude items that are generally not directly related to the performance of the company's core business operations and therefore provides useful supplemental information to management and investors regarding the performance of the company's business operations, facilitates comparisons to the company's historical operating results and enhances investors' ability to review FEI's business from the same perspective as FEI's management.
These non-GAAP financial measures are not intended to be used in isolation and should not be considered a substitute for any other performance measure determined in accordance with GAAP. Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool, including that other companies may calculate similar non-GAAP financial measures differently, limiting their usefulness as a comparative tool. The company compensates for these limitations by providing specific information regarding the GAAP amounts included in or excluded from the non-GAAP financial measures. The company further compensates for the limitations of its use of non-GAAP financial measures by presenting comparable GAAP measures more prominently. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures included with this press release with our GAAP net income and net income per diluted share.
Investor Conference Call -- 2:00 p.m. Pacific time, Wednesday, July 30, 2014
Parties interested in listening to FEI's quarterly conference call may do so by dialing 1-888-510-1785 (U.S., toll-free) or +1-719-325-2177 (international and toll), with the conference title: FEI Second Quarter Earnings Call, Conference ID 5370708. A telephone replay of the call will be available at 1-888-203-1112 (U.S., toll-free) or +1-719-457-0820 (international and toll) with the passcode: 5370708. The call can also be accessed via the web by going to FEI's Investor Relations page at www.fei.com, where the webcast will also be archived.
Safe Harbor Statement
This news release contains forward-looking statements that include guidance for revenue and earnings per share for the third quarter of 2014, revenue growth expectations for 2014 compared with 2013, the impact of certain items on our results for the quarter, and assumptions about tax rates. Forward-looking statements may also be identified by words and phrases that refer to future expectations, such as "guidance", "guiding", "forecast", "toward", "plan", "expect", "expects", "are expected", "is expected", "will", "projecting", "looking forward" and other similar words and phrases. Factors that could affect these forward-looking statements include, but are not limited to: the global economic environment; lower than expected customer orders, including for recently-introduced products; potential weakness of the Science and Industry market segments; potential disruption in manufacturing or unexpected additional costs due to the transition from older to newer products; potential delayed or reduced governmental spending to support expected orders; potential disruption in the company's operations due to organizational changes; cyclical changes in the semiconductor industry, which is a major component of Industry market segment revenue; the relative mix of higher-margin and lower-margin products; potential for increased volatility resulting from larger sales transactions; risks associated with a high percentage of the company's revenue coming from "turns" business, when the order for a product is placed by the customer in the same quarter as the planned shipment, and risks associated with building and shipping a high percentage of the company’s quarterly revenue in the last month of the quarter; delays in meeting all accounting requirements for revenue recognition; fluctuations in foreign exchange rates, which can affect margins or the competitive pricing of our products; additional costs related to future merger and acquisition activity; failure of the company to achieve anticipated benefits of acquisitions and collaborations, including failure to achieve financial goals and integrate acquisitions successfully; reduced profitability due to failure to achieve or sustain margin improvement in service or product manufacturing; failure to achieve improved operational efficiency and other benefits from infrastructure investments and restructuring activities; changes to current restructuring activities, including greater than estimated costs, or potential additional restructurings and reorganizations; potential customer cancellations or requests to defer planned shipments; changes in backlog and the timing of shipments from backlog; inability to deploy products as expected or delays in shipping products due to technical problems or barriers, especially with regard to recently introduced TEM products; potential shipment or supply chain disruptions; and additional selling, general and administrative or research and development expenses. Please also refer to our Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission for additional information on these factors and other factors that could cause actual results to differ materially from the forward-looking statements. FEI assumes no duty to update forward-looking statements.
About FEI
FEI Company (Nasdaq: FEIC) designs, manufactures and supports a broad range of high-performance microscopy workflow solutions that provide images and answers at the micro-, nano- and picometer scales. Its innovation and leadership enable customers in industry and science to increase productivity and make breakthrough discoveries. Headquartered in Hillsboro, Ore., USA, FEI has over 2,600 employees and sales and service operations in more than 50 countries around the world. More information can be found at: www.fei.com.
FEI Company and Subsidiaries
Consolidated Balance Sheets
(In thousands)
(Unaudited)
| June 29, 2014 | March 30, 2014 | December 31, 2013 | |||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash and cash equivalents | $ | 272,372 | $ | 317,666 | $ | 384,170 | |||||
| Short-term investments in marketable securities | 125,945 | 120,832 | 108,191 | ||||||||
| Short-term restricted cash | 19,176 | 14,926 | 18,798 | ||||||||
| Receivables, net | 225,174 | 206,906 | 194,418 | ||||||||
| Inventories, net | 195,712 | 192,551 | 181,725 | ||||||||
| Deferred tax assets | 10,670 | 9,884 | 15,114 | ||||||||
| Other current assets | 35,913 | 30,089 | 28,324 | ||||||||
| Total current assets | 884,962 | 892,854 | 930,740 | ||||||||
| Non-current investments in marketable securities | 57,643 | 60,740 | 47,278 | ||||||||
| Long-term restricted cash | 35,075 | 34,589 | 32,718 | ||||||||
| Non-current inventories | 57,326 | 59,295 | 62,104 | ||||||||
| Property plant and equipment, net | 171,937 | 163,447 | 157,829 | ||||||||
| Intangible assets, net | 65,121 | 67,637 | 47,197 | ||||||||
| Goodwill | 184,994 | 184,260 | 136,152 | ||||||||
| Deferred tax assets | 7,528 | 4,261 | 1,751 | ||||||||
| Other assets, net | 13,668 | 10,517 | 10,315 | ||||||||
| TOTAL | $ | 1,478,254 | $ | 1,477,600 | $ | 1,426,084 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Accounts payable | $ | 87,975 | $ | 94,311 | $ | 73,247 | |||||
| Accrued liabilities | 53,743 | 47,802 | 57,851 | ||||||||
| Deferred revenue | 91,033 | 93,098 | 91,563 | ||||||||
| Income taxes payable | 8,651 | 3,135 | 4,579 | ||||||||
| Accrued restructuring, reorganization and relocation | 1,398 | 897 | 50 | ||||||||
| Other current liabilities | 52,331 | 51,208 | 46,324 | ||||||||
| Total current liabilities | 295,131 | 290,451 | 273,614 | ||||||||
| Other liabilities | 83,703 | 80,648 | 74,902 | ||||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||
| Preferred stock - 500 shares authorized; none issued and outstanding | — | — | — | ||||||||
| Common stock - 70,000 shares authorized; 41,961, 42,255 and 42,136 shares issued and outstanding at June 29, 2014, March 30, 2014 and December 31, 2013 | 626,814 | 646,531 | 637,482 | ||||||||
| Retained earnings | 427,307 | 412,938 | 392,958 | ||||||||
| Accumulated other comprehensive income | 45,299 | 47,032 | 47,128 | ||||||||
| Total shareholders’ equity | 1,099,420 | 1,106,501 | 1,077,568 | ||||||||
| TOTAL | $ | 1,478,254 | $ | 1,477,600 | $ | 1,426,084 | |||||
FEI Company and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||||
| June 29, 2014 | March 30, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | |||||||||||||||
| NET SALES: | |||||||||||||||||||
| Products | $ | 179,030 | $ | 169,298 | $ | 170,337 | $ | 348,328 | $ | 339,832 | |||||||||
| Service | 57,925 | 56,966 | 52,141 | 114,892 | 103,835 | ||||||||||||||
| Total net sales | 236,955 | 226,264 | 222,478 | 463,220 | 443,667 | ||||||||||||||
| COST OF SALES: | |||||||||||||||||||
| Products | 92,077 | 86,595 | 82,680 | 178,673 | 167,863 | ||||||||||||||
| Service | 35,027 | 33,345 | 32,901 | 68,371 | 66,356 | ||||||||||||||
| Total cost of sales | 127,104 | 119,940 | 115,581 | 247,044 | 234,219 | ||||||||||||||
| Gross margin | 109,851 | 106,324 | 106,897 | 216,176 | 209,448 | ||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||
| Research and development | 26,221 | 25,646 | 25,413 | 51,866 | 50,222 | ||||||||||||||
| Selling, general and administrative | 50,587 | 48,462 | 42,639 | 99,050 | 86,163 | ||||||||||||||
| Restructuring, reorganization and relocation | 2,228 | 1,331 | 395 | 3,559 | 1,090 | ||||||||||||||
| Total operating expenses | 79,036 | 75,439 | 68,447 | 154,475 | 137,475 | ||||||||||||||
| OPERATING INCOME | 30,815 | 30,885 | 38,450 | 61,701 | 71,973 | ||||||||||||||
| OTHER EXPENSE, NET | (806 | ) | (270 | ) | (1,452 | ) | (1,076 | ) | (2,957 | ) | |||||||||
| INCOME BEFORE TAXES | 30,009 | 30,615 | 36,998 | 60,625 | 69,016 | ||||||||||||||
| INCOME TAX EXPENSE | 5,061 | 5,537 | 7,005 | 10,599 | 12,222 | ||||||||||||||
| NET INCOME | $ | 24,948 | $ | 25,078 | $ | 29,993 | $ | 50,026 | $ | 56,794 | |||||||||
| BASIC NET INCOME PER SHARE DATA | $ | 0.59 | $ | 0.59 | $ | 0.76 | $ | 1.19 | $ | 1.46 | |||||||||
| DILUTED NET INCOME PER SHARE DATA | $ | 0.59 | $ | 0.59 | $ | 0.72 | $ | 1.17 | $ | 1.36 | |||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING: | |||||||||||||||||||
| Basic | 42,080 | 42,191 | 39,496 | 42,135 | 39,012 | ||||||||||||||
| Diluted | 42,627 | 42,772 | 42,281 | 42,701 | 42,227 | ||||||||||||||
FEI Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Thirteen Weeks Ended (1) | Twenty-Six Weeks Ended (1) | |||||||||||||
| June 29, 2014 | March 30, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | ||||||||||
| NET SALES: | ||||||||||||||
| Products | 75.6 | % | 74.8 | % | 76.6 | % | 75.2 | % | 76.6 | % | ||||
| Service | 24.4 | 25.2 | 23.4 | 24.8 | 23.4 | |||||||||
| Total net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||
| COST OF SALES: | ||||||||||||||
| Products | 38.9 | % | 38.3 | % | 37.2 | % | 38.6 | % | 37.8 | % | ||||
| Service | 14.8 | 14.7 | 14.8 | 14.8 | 15.0 | |||||||||
| Total cost of sales | 53.6 | % | 53.0 | % | 52.0 | % | 53.3 | % | 52.8 | % | ||||
| GROSS MARGIN: | ||||||||||||||
| Products | 48.6 | % | 48.9 | % | 51.5 | % | 48.7 | % | 50.6 | % | ||||
| Service | 39.5 | 41.5 | 36.9 | 40.5 | 36.1 | |||||||||
| Gross margin | 46.4 | 47.0 | 48.0 | 46.7 | 47.2 | |||||||||
| OPERATING EXPENSES: | ||||||||||||||
| Research and development | 11.1 | % | 11.3 | % | 11.4 | % | 11.2 | % | 11.3 | % | ||||
| Selling, general and administrative | 21.3 | 21.4 | 19.2 | 21.4 | 19.4 | |||||||||
| Restructuring, reorganization and relocation | 0.9 | 0.6 | 0.2 | 0.8 | 0.2 | |||||||||
| Total operating expenses | 33.4 | % | 33.3 | % | 30.8 | % | 33.3 | % | 31.0 | % | ||||
| OPERATING INCOME | 13.0 | % | 13.6 | % | 17.3 | % | 13.3 | % | 16.2 | % | ||||
| OTHER EXPENSE, NET | (0.3 | )% | (0.1 | )% | (0.7 | )% | (0.2 | )% | (0.7 | )% | ||||
| INCOME BEFORE TAXES | 12.7 | % | 13.5 | % | 16.6 | % | 13.1 | % | 15.6 | % | ||||
| INCOME TAX EXPENSE | 2.1 | % | 2.4 | % | 3.1 | % | 2.3 | % | 2.8 | % | ||||
| NET INCOME | 10.5 | % | 11.1 | % | 13.5 | % | 10.8 | % | 12.8 | % | ||||
(1) | Percentages may not add due to rounding. |
FEI Company and Subsidiaries
Non-GAAP Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Thirteen Weeks Ended (2) | Twenty-Six Weeks Ended (2) | ||||||||||||||||||
| June 29, 2014 | March 30, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | |||||||||||||||
| GAAP Gross Margin | $ | 109,851 | $ | 106,324 | $ | 106,897 | $ | 216,176 | $ | 209,448 | |||||||||
| Adjustment for: | |||||||||||||||||||
| Inventory write-off | 755 | — | — | 755 | — | ||||||||||||||
| Non-GAAP Gross Margin | $ | 110,606 | $ | 106,324 | $ | 106,897 | $ | 216,931 | $ | 209,448 | |||||||||
| GAAP Operating Expenses | $ | 79,036 | $ | 75,439 | $ | 68,447 | $ | 154,475 | $ | 137,475 | |||||||||
| Adjustment for: | |||||||||||||||||||
| Acceleration of acquisition-related earn-out | (2,500 | ) | — | — | (2,500 | ) | — | ||||||||||||
| Impairment and other asset write-offs | (466 | ) | — | — | (466 | ) | — | ||||||||||||
| Restructuring activities | (2,228 | ) | (1,331 | ) | (395 | ) | (3,559 | ) | (1,090 | ) | |||||||||
| Non-GAAP Operating Expenses | $ | 73,842 | $ | 74,108 | $ | 68,052 | $ | 147,950 | $ | 136,385 | |||||||||
| GAAP Operating Income | $ | 30,815 | $ | 30,885 | $ | 38,450 | $ | 61,701 | $ | 71,973 | |||||||||
| Adjustment for: | |||||||||||||||||||
| Inventory write-off | 755 | — | — | 755 | — | ||||||||||||||
| Acceleration of acquisition-related earn-out | 2,500 | — | — | 2,500 | — | ||||||||||||||
| Impairment and other asset write-offs | 466 | — | — | 466 | — | ||||||||||||||
| Restructuring activities | 2,228 | 1,331 | 395 | 3,559 | 1,090 | ||||||||||||||
| Non-GAAP Operating Income | $ | 36,764 | $ | 32,216 | $ | 38,845 | $ | 68,981 | $ | 73,063 | |||||||||
| GAAP Net Income | $ | 24,948 | $ | 25,078 | $ | 29,993 | $ | 50,026 | $ | 56,794 | |||||||||
| Adjustment for: | |||||||||||||||||||
| Inventory write-off, net of tax | 607 | — | — | 607 | — | ||||||||||||||
| Acceleration of acquisition-related earn-out, net of tax | 2,011 | — | — | 2,011 | — | ||||||||||||||
| Impairment and other asset write-offs, net of tax | 375 | — | — | 375 | — | ||||||||||||||
| Restructuring activities, net of tax | 1,792 | 1,081 | 317 | 2,863 | 874 | ||||||||||||||
| Non-GAAP Net Income | $ | 29,733 | $ | 26,159 | $ | 30,310 | $ | 55,882 | $ | 57,668 | |||||||||
| GAAP Diluted Net Income Per Share | $ | 0.59 | $ | 0.59 | $ | 0.72 | $ | 1.17 | $ | 1.36 | |||||||||
| Adjustment for: | |||||||||||||||||||
| Inventory write-off | 0.01 | — | — | 0.01 | — | ||||||||||||||
| Acceleration of acquisition-related earn-out | 0.05 | — | — | 0.05 | — | ||||||||||||||
| Impairment and other asset write-offs | 0.01 | — | — | 0.01 | — | ||||||||||||||
| Restructuring activities | 0.04 | 0.03 | 0.01 | 0.07 | 0.02 | ||||||||||||||
| Non-GAAP Diluted Net Income Per Share | $ | 0.70 | $ | 0.61 | $ | 0.72 | $ | 1.31 | $ | 1.38 | |||||||||
(2) Diluted net income per share amounts may not add due to rounding.
FEI Company and Subsidiaries
Reconciliation of Forward-Looking Non-GAAP Information
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended September 28, 2014 | |||||||
| Low Range Guidance | High Range Guidance | ||||||
| GAAP Net Income | $ | 15,000 | $ | 19,000 | |||
| Adjustment for: | |||||||
Restructuring, reorganization and relocation (3) | 10,000 | 10,300 | |||||
| Move and other costs for new facility in Czech Republic | 3,000 | 3,300 | |||||
| Income tax effect of above adjustments | (2,470 | ) | (2,584 | ) | |||
| Non-GAAP Net Income | $ | 25,530 | $ | 30,016 | |||
| GAAP Net Income Per Share | $ | 0.35 | $ | 0.45 | |||
| Non-GAAP Net Income Per Share | $ | 0.60 | $ | 0.70 | |||
| Shares Used in Above Calculations | 42,600 | 42,600 | |||||
(3) Principally severance costs.
FEI Company and Subsidiaries
Consolidated Summary of Cash Flows
(In thousands)
(Unaudited)
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
| June 29, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | ||||||||||||
| Net Income | $ | 24,948 | $ | 29,993 | $ | 50,026 | $ | 56,794 | |||||||
| Depreciation | 7,574 | 5,640 | 14,640 | 11,451 | |||||||||||
| Amortization | 3,667 | 2,691 | 6,864 | 5,248 | |||||||||||
| Stock-based compensation | 5,823 | 4,348 | 10,961 | 8,712 | |||||||||||
| Other changes in working capital | (26,036 | ) | 14,042 | (38,067 | ) | 9,323 | |||||||||
| Net cash provided by operating activities | 15,976 | 56,714 | 44,424 | 91,528 | |||||||||||
| Acquisition of property, plant and equipment | (18,986 | ) | (37,522 | ) | (23,322 | ) | (42,566 | ) | |||||||
| Payments for acquisitions, net of cash acquired | (434 | ) | — | (65,049 | ) | — | |||||||||
| Other investing activities | (7,512 | ) | 9,094 | (31,599 | ) | (11,347 | ) | ||||||||
| Net cash used in investing activities | (26,932 | ) | (28,428 | ) | (119,970 | ) | (53,913 | ) | |||||||
| Dividends paid on common stock | (5,071 | ) | (3,085 | ) | (10,129 | ) | (6,164 | ) | |||||||
| Repurchases of common stock | (30,479 | ) | — | (30,479 | ) | — | |||||||||
| Other financing activities | 2,145 | 3,005 | 8,560 | 7,373 | |||||||||||
| Net cash (used in) provided by financing activities | (33,405 | ) | (80 | ) | (32,048 | ) | 1,209 | ||||||||
| Effect of exchange rate changes | (933 | ) | 4,189 | (4,204 | ) | (1,056 | ) | ||||||||
| (Decrease) increase in cash and cash equivalents | $ | (45,294 | ) | $ | 32,395 | $ | (111,798 | ) | $ | 37,768 | |||||
| SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||
| Cash paid for income taxes, net | $ | 6,172 | $ | 3,548 | $ | 9,883 | $ | 6,204 | |||||||
| Accrued purchases of plant and equipment | 4,619 | — | 4,619 | — | |||||||||||
FEI Company and Subsidiaries
Supplemental Data Table
($ in millions, except per share amounts)
(Unaudited)
| Q2 Ended June 29, 2014 | Q1 Ended March 30, 2014 | Q2 Ended June 30, 2013 | Twenty-Six Weeks Ended June 29, 2014 | Twenty-Six Weeks Ended June 30, 2013 | ||||||||||||
| Income Statement Highlights | ||||||||||||||||
| Consolidated sales | $ | 237.0 | $ | 226.3 | $ | 222.5 | $ | 463.2 | $ | 443.7 | ||||||
| Gross margin | 46.4 | % | 47.0 | % | 48.0 | % | 46.7 | % | 47.2 | % | ||||||
| Net income | $ | 24.9 | $ | 25.1 | $ | 30.0 | $ | 50.0 | $ | 56.8 | ||||||
| Diluted net income per share | $ | 0.59 | $ | 0.59 | $ | 0.72 | $ | 1.17 | $ | 1.36 | ||||||
| Sales and Bookings Highlights | ||||||||||||||||
| Sales by Segment | ||||||||||||||||
| Industry Group | $ | 127.2 | $ | 106.5 | $ | 103.7 | $ | 233.7 | $ | 202.8 | ||||||
| Science Group | 109.8 | 119.8 | 118.8 | 229.5 | 240.9 | |||||||||||
| Sales by Geography | ||||||||||||||||
| USA & Canada | $ | 80.5 | $ | 72.3 | $ | 61.5 | $ | 152.7 | $ | 130.2 | ||||||
| Europe | 63.6 | 67.0 | 70.5 | 130.6 | 136.2 | |||||||||||
| Asia-Pacific and Rest of World | 92.9 | 87.0 | 90.5 | 179.9 | 177.3 | |||||||||||
| Gross Margin by Segment | ||||||||||||||||
| Industry Group | 50.4 | % | 52.7 | % | 51.9 | % | 51.5 | % | 51.4 | % | ||||||
| Science Group | 41.7 | 41.9 | 44.7 | 41.8 | 43.6 | |||||||||||
| Bookings and Backlog | ||||||||||||||||
| Bookings - Total | $ | 259.0 | $ | 247.3 | $ | 237.7 | $ | 506.3 | $ | 468.4 | ||||||
| Book-to-bill Ratio | 1.09 | 1.09 | 1.07 | 1.09 | 1.06 | |||||||||||
| Backlog - Total | $ | 516.7 | $ | 494.6 | $ | 449.5 | $ | 516.7 | $ | 449.5 | ||||||
| Backlog - Service | 143.5 | 133.0 | 120.5 | 143.5 | 120.5 | |||||||||||
| Bookings by Segment | ||||||||||||||||
| Industry Group | $ | 109.9 | $ | 123.2 | $ | 106.9 | $ | 233.1 | $ | 211.4 | ||||||
| Science Group | 149.1 | 124.1 | 130.8 | 273.2 | 257.0 | |||||||||||
| Bookings by Geography | ||||||||||||||||
| USA & Canada | $ | 86.4 | $ | 58.1 | $ | 79.2 | $ | 144.5 | $ | 134.7 | ||||||
| Europe | 73.3 | 92.7 | 59.1 | 166.0 | 123.1 | |||||||||||
| Asia-Pacific and Rest of World | 99.3 | 96.5 | 99.4 | 195.8 | 210.6 | |||||||||||
| Balance Sheet and Other Highlights | ||||||||||||||||
| Cash, equivalents, investments, restricted cash | $ | 510.2 | $ | 548.8 | $ | 464.3 | $ | 510.2 | $ | 464.3 | ||||||
| Days sales outstanding (DSO) | 87 | 83 | 81 | 87 | 81 | |||||||||||
| Days in inventory | 181 | 189 | 197 | 181 | 197 | |||||||||||
| Days in payables (DPO) | 63 | 72 | 46 | 63 | 46 | |||||||||||
| Cash Cycle (DSO + Days in Inv - DPO) | 205 | 200 | 232 | 205 | 232 | |||||||||||
| Working capital | $ | 589.8 | $ | 602.4 | $ | 614.5 | $ | 589.8 | $ | 614.5 | ||||||
| Headcount (permanent and temporary) | 2,689 | 2,636 | 2,568 | 2,689 | 2,568 | |||||||||||
| Euro average rate | 1.37 | 1.37 | 1.30 | 1.37 | 1.31 | |||||||||||
| Euro ending rate | 1.36 | 1.37 | 1.31 | 1.36 | 1.31 | |||||||||||
| Yen average rate | 102.18 | 102.74 | 98.76 | 102.46 | 95.27 | |||||||||||
| Yen ending rate | 101.37 | 102.33 | 99.03 | 101.37 | 99.03 | |||||||||||