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EXHIBIT 99.1
THURSDAY APRIL 13, 4:30 PM EASTERN TIME
COMPANY PRESS RELEASE
SOURCE: Molecular Devices Corporation
MOLECULAR DEVICES REPORTS RECORD REVENUES AND EARNINGS FOR FIRST QUARTER 2000
SUNNYVALE, Calif., April 13 /PRNewswire/ - Molecular Devices Corporation
(Nasdaq: MDCC) today announced record revenues and earnings for the first
quarter of 2000.
Revenues for the first quarter of 2000 were $17,068,000, an increase of 26%
compared with $13,507,000 reported in the same period last year. Operating
income in the first quarter increased 38% to $3,847,000 from $2,788,000 reported
in the same period last year. Operating margins increased to 23% in the first
quarter of 2000 as compared to 21% in the first quarter of 1999.
Net income during the period increased 32% to $2,604,000 compared with
$1,974,000 reported in the same period last year. Diluted earnings per share
were $0.25 for the first quarter of 2000 as compared to $0.20 in the first
quarter of 1999.
Commenting on the financial results, Joseph D. Keegan, Ph.D., Molecular Devices'
President and Chief Executive Officer, said, "This was another exceptional
quarter for MDC as we continued to meet both our strategic and financial goals.
We introduced two significant new Maxline products during the quarter, the
SPECTRAmax Gemini XS fluorometric plate reader and the SPECTRAmax PLUS384
spectrophotometer. These two product introductions, along with a record
performance from our FLIPR product line, fueled our top line growth."
Molecular Devices Corporation is a leading developer of high-performance,
bioanalytical measurement systems that accelerate and improve drug discovery and
other life sciences research. The Company's systems enable pharmaceutical and
biotechnology companies to leverage advances in genomics and combinatorial
chemistry by facilitating the high throughput and cost effective identification
and evaluation of drug candidates. The Company's instrument systems are based on
its advanced core technologies which integrate its expertise in engineering,
molecular and cell biology and chemistry and are fundamental tools for drug
discovery and life sciences research.
This press release contains "forward-looking" statements. For this purpose, any
statements contained in this press release that are not statements of historical
fact may be deemed to be forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "will," and similar expressions are intended
to identify forward-looking statements. There are a number of important factors
that could cause the results of Molecular Devices Corporation to differ
materially from those indicated by these forward-looking statements, including,
among others, risks detailed from time to time in the Company's SEC reports,
including its Annual Report on Form 10K for the year ended December 31, 1999.
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MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2000 1999
(unaudited)
TOTAL REVENUES $ 17,068 $ 13,507
TOTAL COST OF REVENUES 6,250 5,264
GROSS MARGIN 10,818 8,243
OPERATING EXPENSES:
Research and development 1,888 1,590
Selling, general and administrative 5,083 3,865
Total operating expenses 6,971 5,455
INCOME FROM OPERATIONS 3,847 2,788
Other income, net 387 421
INCOME BEFORE TAXES 4,234 3,209
Income tax provision (1,630) (1,235)
NET INCOME $ 2,604 $ 1,974
BASIC NET INCOME PER SHARE $ 0.27 $ 0.21
DILUTED NET INCOME PER SHARE $ 0.25 $ 0.20
SHARES USED IN COMPUTING
BASIC NET INCOME PER SHARE 9,706 9,528
SHARES USED IN COMPUTING
DILUTED NET INCOME PER SHARE 10,596 9,963
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MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2000 1999
ASSETS: (unaudited)
Current assets:
Cash and cash equivalents $27,467 $28,192
Accounts receivable, net 18,688 17,416
Inventories 9,632 7,918
Deferred tax asset 2,465 2,465
Other current assets 816 721
Total current assets 59,068 56,712
Equipment and leasehold improvements, net 4,527 2,776
Other assets 6,467 5,263
$70,062 $64,751
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,231 $ 2,624
Accrued liabilities 5,757 5,343
Total current liabilities 9,988 7,967
Stockholders' equity: 60,074 56,784
$70,062 $64,751
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