Bruker (NASDAQ:BRKR)
Historical Stock Chart
From Jul 2019 to Jul 2024
Company Reports Four Profitable Quarters and $41 Million Cash Flow
from Operations in 2005
Bruker BioSciences Corporation (NASDAQ: BRKR) today reported
fourth quarter 2005 revenue of $80.6 million, compared to revenue of
$85.6 million in the fourth quarter of 2004. Excluding foreign
currency effects, revenue increased by 1%. For the full year 2005,
revenue increased 5% to $297.6 million, compared to $284.4 million for
the year 2004. Foreign currency effects did not have a material impact
on full year revenue.
GAAP net income in the fourth quarter of 2005 was $1.9 million, or
$0.02 per diluted share, compared to a net loss in the fourth quarter
of 2004 of ($0.9) million, or ($0.01) per diluted share.
GAAP net income for the full year 2005 was $3.6 million, or $0.04
per diluted share, compared to a net loss of ($7.8) million, or
($0.09) per diluted share, for the full year 2004.
During the fourth quarter of 2005, positive operating cash flow of
$15.4 million increased our cash position to $99.7 million. Cash
generated from operations was $41.0 million for the full year 2005,
compared to a use of cash of ($0.9) million during the full year 2004,
and adjusted EBITDA was $26.9 million for the full year 2005, compared
to $16.8 million for 2004.
Commenting on the fourth quarter and year 2005, Frank Laukien,
President and CEO, said: "We have made solid progress in 2005, and I
am particularly pleased with our improved profitability and good cash
flow in the fourth quarter. Throughout the year 2005, we have improved
our operating income and net income by growing revenue, improving our
gross margins and by reducing expenses. Our continued commitment to
improve our financial performance has resulted in four consecutive
quarters of profitability."
He continued: "I am also encouraged by the recent considerable
strength in our new order bookings and our healthy year-end backlog.
We believe that our performance-leading products and solutions, our
strengthened global sales and service capabilities, and the additional
technologies and accessible market segments from our recent
acquisitions position us well for the future. Our financial goals for
2006 are:
-- revenue growth of approximately 10% compared to 2005,
-- at least a doubling of our 2005 EPS, and
-- continued strong cash flows from operations.
Looking further ahead, in 2007 we expect to reach
industry-standard profitability, while maintaining above
industry-standard top-line growth."
William Knight, Chief Financial Officer, commented: "In addition
to continuing improvements in our profitability during 2005, I am also
pleased to see our strong cash position at the end of the year, even
after closing two acquisitions in November 2005, and our strengthened
balance sheet. We are entering 2006 with a solid backlog, positive
momentum from our strong fourth quarter order bookings and exciting
new products and market opportunities. We are optimistic that in 2006
our core businesses, as well as the additional market segments that we
have entered via our recent acquisitions, will both contribute to
above industry-average top-line growth and continued improvements in
profitability."
OPERATING BUSINESSES
Set forth below is selected financial information for Bruker
BioSciences' two operating businesses: Bruker Daltonics (life science
mass spectrometry and NBC detection tools business) and Bruker AXS
(life science, materials research and industrial x-ray analysis tools
business):
BRUKER DALTONICS
For the year 2005, revenue for the Bruker Daltonics business
increased 6% to $161.4 million, from $152.6 million in 2004, and
foreign currency effects were not material. For the year 2005, Bruker
Daltonics' revenue was derived 68% from life-science mass spectrometry
systems, 12% from NBC detection systems, and 20% from after-market
sales. Adjusted EBITDA was $22.1 million for the full year 2005,
compared to $15.4 million for 2004.
BRUKER AXS
For the year 2005, revenue for the Bruker AXS business increased
4% to $137.4 million, from $132.6 million in 2004, and foreign
currency effects were not material. For the year 2005, Bruker AXS'
revenue was derived 75% from systems sales and 25% from after-market
sales. Adjusted EBITDA was $7.6 million for the full year 2005,
compared to $4.8 million for 2004.
USE OF NON-GAAP FINANCIAL MEASURES
In addition to the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), we use the non-GAAP
measure of Adjusted EBITDA. Adjusted EBITDA is defined as US GAAP
operating income (loss) excluding depreciation and amortization
expense and write-down of demonstration equipment to net realizable
value. We believe that the inclusion of this non-GAAP measure helps
investors to gain a better understanding of our core operating results
and future prospects, consistent with how management measures and
forecasts the Company's performance, especially when comparing such
results to previous periods or forecasts. However, the non-GAAP
financial measure included in this press release is not meant to be a
better presentation or a substitute for results of operations prepared
in accordance with GAAP. Reconciliations of this non-GAAP financial
measure to the most directly comparable GAAP financial measures are
set forth in the accompanying tables.
EARNINGS CONFERENCE CALL
Bruker BioSciences will host an operator-assisted earnings
conference call at 11 a.m. Eastern Standard Time on Thursday, February
23, 2006. To listen to the webcast, investors can go to
www.bruker-biosciences.com and click on the live web broadcast symbol.
The webcast will be available through the Company web site for 30
days. Investors can also listen and participate on the telephone in
the US and Canada by calling 888-339-2688, or 617-847-3007 outside the
US and Canada. Investors should refer to the Bruker BioSciences
Quarterly Earnings Call. A telephone replay of the conference call
will be available one hour after the conference call by dialing
888-286-8010 in the US and Canada, or 617-801-6888 outside the US and
Canada, and then entering replay pass code 55966589.
ABOUT BRUKER BIOSCIENCES
Bruker BioSciences Corporation, headquartered in Billerica,
Massachusetts, is the publicly traded parent company of Bruker
Daltonics Inc. and Bruker AXS Inc. Bruker AXS is a leading developer
and provider of life science, materials research and industrial X-ray
analysis tools. Bruker Daltonics is a leading developer and provider
of innovative life science tools based on mass spectrometry. Bruker
Daltonics also offers a broad line of nuclear, biological and chemical
(NBC) detection products for defense and homeland security. For more
information, please visit www.bruker-biosciences.com.
CAUTIONARY STATEMENT
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements as
that term is defined in the Private Securities Litigation Reform Act
of 1995. Any forward-looking statements contained herein are based on
current expectations, but are subject to a number of risks and
uncertainties. The factors that could cause actual future results to
differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the Company's
reorganization strategies, integration risks, failure of conditions,
technological approaches, product development, market acceptance, cost
and pricing of the Company's products, exposure to currency
fluctuations, changes in governmental regulations, capital spending
and government funding policies, FDA and other regulatory approvals to
the extent applicable, competition, the intellectual property of
others, patent protection and litigation. These and other factors are
identified and described in more detail in our filings with the SEC,
including, without limitation, our respective annual reports on Form
10-K for the year ended December 31, 2004, our most recent quarterly
reports on Form 10-Q, and our current reports on Form 8-K. We disclaim
any intent or obligation to update these forward-looking statements.
Condensed consolidated statements of operations, operating
business information, and balance sheets follow for Bruker BioSciences
Corporation.
-0-
*T
Bruker BioSciences Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Product revenue $ 71,037 $ 75,222 $259,645 $249,929
Service revenue 9,377 9,444 35,856 32,298
Other revenue 141 972 2,068 2,189
-------- -------- -------- --------
Total revenue 80,555 85,638 297,569 284,416
Cost of product revenue 39,372 41,373 147,364 145,188
Cost of service revenue 7,718 6,547 24,398 20,752
-------- -------- -------- --------
Total cost of revenue 47,090 47,920 171,762 165,940
-------- -------- -------- --------
Gross profit margin 33,465 37,718 125,807 118,476
Operating Expenses:
Sales and marketing 14,056 17,160 51,438 55,976
General and administrative 5,742 5,884 22,374 20,399
Research and development 9,406 12,129 41,357 43,219
-------- -------- -------- --------
Total operating expenses 29,204 35,173 115,169 119,594
-------- -------- -------- --------
Operating income (loss) 4,261 2,545 10,638 (1,118)
Interest and other income
(expense), net 310 (1,011) 1,311 (3,779)
-------- -------- -------- --------
Income (loss) before income tax
provision and minority interest
in consolidated subsidiaries 4,571 1,534 11,949 (4,897)
Income tax provision 2,795 2,470 8,263 2,865
-------- -------- -------- --------
Income (loss) before minority
interest in consolidated
subsidiaries 1,776 (936) 3,686 (7,762)
Minority interest in consolidated
subsidiaries (91) (76) 40 69
-------- -------- -------- --------
Net income (loss) $ 1,867 $ (860) $ 3,646 $ (7,831)
======== ======== ======== ========
Net income (loss) per share:
Basic $ 0.02 $ (0.01) $ 0.04 $ (0.09)
======== ======== ======== ========
Diluted $ 0.02 $ (0.01) $ 0.04 $ (0.09)
======== ======== ======== ========
Weighted average shares
outstanding:
Basic 89,665 89,470 89,521 88,495
======== ======== ======== ========
Diluted 89,859 89,470 89,828 88,495
======== ======== ======== ========
Bruker BioSciences Corporation
BRUKER BIOSCIENCES SELECTED BUSINESS INFORMATION
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Total revenue $ 80,555 $ 85,638 $297,569 $284,416
======== ======== ======== ========
Operating income (loss) $ 4,261 $ 2,545 $ 10,638 $ (1,118)
Depreciation and amortization 1,907 3,007 8,559 9,494
Write-down of demonstration
equipment 1,977 1,991 7,666 8,441
-------- -------- -------- --------
Adjusted EBITDA $ 8,145 $ 7,543 $ 26,863 $ 16,817
======== ======== ======== ========
Bruker BioSciences Corporation
BRUKER DALTONICS SELECTED OPERATING BUSINESS INFORMATION
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Total revenue $ 44,402 $ 44,664 $161,356 $152,592
======== ======== ======== ========
Operating income $ 5,537 $ 2,279 $ 12,430 $ 4,063
Depreciation and amortization 1,053 2,009 4,983 5,736
Write-down of demonstration
equipment 1,249 1,326 4,726 5,606
-------- -------- -------- --------
Adjusted EBITDA $ 7,839 $ 5,614 $ 22,139 $ 15,405
======== ======== ======== ========
Bruker BioSciences Corporation
BRUKER AXS SELECTED OPERATING BUSINESS INFORMATION
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Total revenue $ 36,838 $ 41,772 $137,357 $132,622
======== ======== ======== ========
Operating income (loss) $ (776)$ 1,797 $ 1,059 $ (1,744)
Depreciation and amortization 854 998 3,576 3,758
Write-down of demonstration
equipment 728 665 2,940 2,835
-------- -------- -------- --------
Adjusted EBITDA $ 806 $ 3,460 $ 7,575 $ 4,849
======== ======== ======== ========
Bruker BioSciences Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
------------------
2005 2004
-------- --------
ASSETS
Current assets:
Cash and short-term investments $ 99,681 $ 77,691
Accounts receivable, net 53,744 57,792
Due from affiliated companies 4,860 9,530
Inventories 96,333 107,748
Other current assets 11,094 18,530
-------- --------
Total current assets 265,712 271,291
Property and equipment, net 72,336 84,990
Intangible and other assets 22,839 15,266
-------- --------
Total assets $360,887 $371,547
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 8,002 $ 12,205
Accounts payable 14,117 22,652
Due to affiliated companies 3,857 3,026
Other current liabilities 85,551 73,277
-------- --------
Total current liabilities 111,527 111,160
Long-term debt 21,423 27,763
Other long-term liabilities 19,901 15,156
Minority interest in subsidiaries 233 193
Total shareholders' equity 207,803 217,275
-------- --------
Total liabilities and shareholders' equity $360,887 $371,547
======== ========
*T