Exhibit 99.1
MOLECULAR DEVICES REPORTS RECORD REVENUES AND EARNINGS
FOR SECOND QUARTER OF 2005
SUNNYVALE, Calif., July 26 /PRNewswire-FirstCall/ -- Molecular Devices
Corporation (Nasdaq: MDCC) today announced record revenues and earnings for the
quarter ended June 30, 2005.
Revenues for the quarter were a record $44.5 million, or an increase of 38%
compared to the same period last year. Operating income for the second quarter
of 2005 was $6.0 million, or an increase of 59% compared to the same period last
year. Fully diluted earnings per share for the second quarter of 2005 were
$0.22, or an increase of 29% compared with the same period last year.
"We are encouraged by our second quarter results, as we saw organic growth
in both our life sciences and drug discovery product families," stated Joseph D.
Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer. "In
life sciences, we continued to see strong demand for our SpectraMax(R) M5
bench-top reader. In drug discovery, we saw excellent growth in both our
high-content cellular imaging and our high-throughput electrophysiology product
lines. Finally, we continue to believe that our life sciences and drug discovery
markets will remain stable in the near-term."
The Company also established guidance for the third quarter of 2005 and
updated its guidance for the full year 2005. For the third quarter of 2005, the
Company anticipates revenues of $44 to $46 million and fully diluted GAAP
earnings per share of $0.22 to $0.24. For the full year 2005, the Company
anticipates revenues of $181 to $185 million and fully diluted earnings per
share of $0.92 to $0.96.
Conference Call Information
An earnings announcement conference call is scheduled for Wednesday, July
27, 2005 at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate
in the call by dialing 877-704-5385 (domestic) or 913-312-1303 (international).
Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820
(international), and the access code for the replay is 8417181.
Investors can also access a live web-cast of the call through a link posted
on the investor page on Molecular Devices' website (www.moleculardevices.com). A
replay of the web-cast will be available at this location from July 27, 2005 to
such time as the company reports its financial results for the third quarter of
2005.
About Molecular Devices Corporation
Molecular Devices Corporation is a leading supplier of high-performance
bioanalytical measurement systems that accelerate and improve drug discovery and
other life sciences research. The Company's systems and consumables enable
pharmaceutical and biotechnology companies to leverage advances in genomics,
proteomics and parallel chemistry to facilitate the high-throughput and
cost-effective identification and evaluation of drug candidates. The Company's
solutions are based on its advanced core technologies that integrate its
expertise in engineering, molecular and cell biology and chemistry. Molecular
Devices enables its customers to improve research productivity and
effectiveness, which ultimately accelerates the complex process of discovering
and developing new drugs.
This press release contains "forward-looking" statements, including
statements related to future revenues and earnings. 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 related to variations in the amount of time that it takes for the Company
to sell its products and collect accounts receivable, the timing of customer
orders and the Company's dependence on orders that are shipped in the same
quarter, which gives the Company limited visibility of future product shipments,
risks related to increased competition, risks associated with the Company's need
to develop new and enhanced products and other risks detailed from time to time
in the Company's SEC reports, including its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2005. Molecular Devices Corporation does not
undertake any obligation to update forward-looking statements.
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
(unaudited) (unaudited)
REVENUES $ 44,537 $ 32,205 $ 83,602 $ 59,542
COST OF REVENUES 17,600 12,075 32,647 22,318
GROSS PROFIT 26,937 20,130 50,955 37,224
OPERATING EXPENSES:
Research and development 6,309 4,709 12,535 8,726
Selling, general and
administrative 14,593 11,616 28,907 22,536
Total operating expenses 20,902 16,325 41,442 31,262
INCOME FROM OPERATIONS 6,035 3,805 9,513 5,962
Interest and other income
(expense), net (62) 49 (26) 85
INCOME BEFORE TAXES 5,973 3,854 9,487 6,047
Income tax provision (2,270) (1,349) (3,605) (2,113)
NET INCOME $ 3,703 $ 2,505 $ 5,882 $ 3,934
BASIC NET INCOME PER SHARE $ 0.22 $ 0.18 $ 0.35 $ 0.27
DILUTED NET INCOME PER SHARE $ 0.22 $ 0.17 $ 0.34 $ 0.27
SHARES USED IN COMPUTING BASIC
NET INCOME PER SHARE 16,872 14,246 16,989 14,414
SHARES USED IN COMPUTING DILUTED
NET INCOME PER SHARE 17,135 14,394 17,261 14,588
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, December 31,
2005 2004
----------- ------------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 12,465 $ 30,175
Accounts receivable, net 35,061 36,995
Inventories, net 24,837 25,785
Deferred tax assets 8,438 9,654
Prepaids and other current assets 2,736 2,780
Total current assets 83,537 105,389
Equipment and leasehold improvements, net 10,790 11,762
Other assets 148,000 138,078
$ 242,327 $ 255,229
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,924 $ 7,085
Accrued liabilities 23,775 30,748
Total current liabilities 30,699 37,833
Long-term liabilities:
Other long-term liabilities 1,128 1,452
Deferred tax liabilities 5,251 5,324
Total long-term liabilities 6,379 6,776
Stockholders' equity 205,249 210,620
$ 242,327 $ 255,229
SOURCE Molecular Devices Corporation
CONTACT: Tim Harkness of Molecular Devices Corporation, +1-408-747-3533/
Web site: http://www.moleculardevices.com /