Bruker (NASDAQ:BRKR)
Historical Stock Chart
From Aug 2019 to Aug 2024
![Click Here for more Bruker Charts. Click Here for more Bruker Charts.](/p.php?pid=staticchart&s=N%5EBRKR&p=8&t=15)
Bruker Corporation (NASDAQ: BRKR) today reported financial results
for the fourth quarter and full year ended December 31, 2007. The
financial information included herein does not include the results of
the Bruker BioSpin Group, which was acquired on February 26, 2008, but
only the financial results of the standalone Bruker BioSciences
Corporation, as it legally existed on December 31, 2007.
On February 26, 2008, Bruker BioSciences Corporation closed its
acquisition of the Bruker BioSpin Group, and renamed itself Bruker
Corporation. Under US GAAP, this transaction will be accounted for as
an acquisition of businesses under common control, and as a result all
one-time transaction costs are expensed in the period in which they
are incurred, rather than being added to goodwill. In addition, after
the closing of the transaction all historical consolidated balance
sheets, statements of operations, statements of cash flows and notes
to the consolidated financial statements in future filings with the
Securities and Exchange Commission will be restated by combining the
historical consolidated financial statements of Bruker BioSciences
Corporation with those of the Bruker BioSpin Group. The Bruker BioSpin
Group standalone financial results, as well as combined financial
results for Bruker Corporation, are expected to be released in
mid-March 2008. At that time, the newly combined Company will also
provide an update on its financial goals for the year 2008.
Financial Results of Bruker BioSciences (excluding the Bruker
BioSpin Group)
For the fourth quarter of 2007, revenue increased by 35% to $183.7
million, compared to revenue of $135.6 million in the fourth quarter
of 2006. Excluding the effects of foreign currency translation, fourth
quarter 2007 revenue increased organically by 26% year-over-year.
Net income in the fourth quarter of 2007 increased 44% to $14.0
million, or $0.13 per diluted share, compared to net income of $9.7
million, or $0.09 per diluted share, in the fourth quarter of 2006.
Included in GAAP net income for the fourth quarter of 2007 were
after-tax charges of $4.3 million, or $0.04 per diluted share, for
expenses related to the acquisition of the Bruker BioSpin Group.
For the full year 2007, revenue increased by 26% to $547.6
million, compared to revenue of $435.8 million for the full year 2006.
Excluding the effects of foreign currency translation, full year 2007
revenue increased by 19% year-over-year, including 17% organic growth
and 2% growth from acquisitions.
Net income for the full year 2007 increased 70% to $31.5 million,
or $0.30 per diluted share, compared to net income of $18.5 million,
or $0.18 per diluted share, during the full year 2006. Included in
GAAP net income for the full year 2007 were after-tax charges of $4.7
million, or $0.04 per diluted share, for expenses related to the
acquisition of the Bruker BioSpin Group. For comparison, included in
GAAP net income for the year 2006 were after-tax charges of $5.0
million, or $0.05 per diluted share, for expenses related to the
acquisition of Bruker Optics.
During the fourth quarter of 2007, cash flow from operations was
$36.4 million and free cash flow, defined as operating cash flow less
capital expenditures, was $34.3 million. During the full year 2007,
cash flow from operations was $26.3 million and free cash flow was
$10.8 million. As of December 31, 2007, the Company had $72.9 million
in cash and cash equivalents, and $38.1 million in outstanding debt.
Commenting on the Company's financial performance, Frank Laukien,
President and CEO, said: "We had an outstanding fourth quarter, and we
are very pleased that during 2007 we have achieved excellent top-line
growth, with all three operating divisions delivering
currency-adjusted double digit growth year-over-year. Even more
importantly, our rapid growth, our continued operating margin
expansion and our decreasing effective tax rate contributed to
significantly improved bottom-line performance year-over-year, as well
as to solid operating and free cash flow."
He continued: "Bruker BioSciences has made very good progress over
the last three years. We will continue to strive for fast growth and
further margin improvements in order to reach industry-standard
profitability, and we will put a significant focus on balance sheet
management and cash flow generation. We are optimistic that the
renamed Bruker Corporation, which as of two days ago includes the
Bruker BioSpin Group, is well positioned to serve our customers and
markets with high-performance products and solutions. Despite the
uncertainty in the macro-economic outlook, at this point the Company
expects significant further financial improvements in the year 2008."
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 9 a.m. Eastern Time on Thursday, February 28, 2008.
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 Corporation
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 11927586.
ABOUT BRUKER CORPORATION
As of February 26, 2008, the renamed Bruker Corporation (NASDAQ:
BRKR) has become the parent company of the entire Bruker group of
companies. After the closing of the acquisition of the Bruker BioSpin
Group, Bruker Corporation now operates in two segments, the life
science and analytical (LSA) systems segment, and the international
advanced superconductor (IAS) segment. 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 integration of
businesses we have acquired or may acquire in the future, changing
technologies, product development and market acceptance of our
products, the cost and pricing of our products, manufacturing,
competition, dependence on collaborative partners and key suppliers,
capital spending and government funding policies, changes in
governmental regulations, intellectual property rights, litigation,
and exposure to foreign currency fluctuations. These and other factors
are identified and described in more detail in our filings with the
SEC, including, without limitation, our annual report on Form 10-K for
the year ended December 31, 2006, 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 other than as
required by law.
-0-
*T
Bruker Corporation (excluding the Bruker BioSpin Group)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Product revenue $ 164,910 $ 120,444 $ 482,153 $ 384,548
Service revenue 18,384 14,960 64,553 49,930
Other revenue 449 221 870 1,356
---------- ---------- ---------- ----------
Total revenue 183,743 135,625 547,576 435,834
Cost of product revenue 85,605 63,214 252,130 206,628
Cost of service revenue 12,492 9,239 42,308 29,872
---------- ---------- ---------- ----------
Total cost of revenue 98,097 72,453 294,438 236,500
---------- ---------- ---------- ----------
Gross profit margin 85,646 63,172 253,138 199,334
Operating Expenses:
Sales and marketing 31,074 25,212 105,983 84,007
General and administrative 10,392 8,663 34,058 28,982
Research and development 16,164 13,464 58,466 49,959
Acquisition related
charges 4,294 (105) 4,664 5,724
---------- ---------- ---------- ----------
Total operating expenses 61,924 47,234 203,171 168,672
---------- ---------- ---------- ----------
Operating income 23,722 15,938 49,967 30,662
Interest and other income
(expense), net (530) 236 (1,355) 3,758
---------- ---------- ---------- ----------
Income before income tax
provision and minority
interest in consolidated
subsidiaries 23,192 16,174 48,612 34,420
Income tax provision 9,129 6,533 16,784 15,931
---------- ---------- ---------- ----------
Income before minority
interest in consolidated
subsidiaries 14,063 9,641 31,828 18,489
Minority interest in
consolidated subsidiaries 44 (67) 299 8
---------- ---------- ---------- ----------
Net income $ 14,019 $ 9,708 $ 31,529 $ 18,481
========== ========== ========== ==========
Net income per share:
Basic $ 0.13 $ 0.10 $ 0.30 $ 0.18
========== ========== ========== ==========
Diluted $ 0.13 $ 0.09 $ 0.30 $ 0.18
========== ========== ========== ==========
Weighted average shares
outstanding:
Basic 104,508 101,501 103,702 101,512
========== ========== ========== ==========
Diluted 107,180 103,370 106,769 102,561
========== ========== ========== ==========
*T
-0-
*T
Bruker Corporation (excluding the Bruker BioSpin Group)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December December
31, 31,
2007 2006
-------- --------
ASSETS
Current assets:
Cash and short-term investments $ 72,876 $ 52,147
Accounts receivable, net 114,938 79,604
Due from affiliated companies 7,203 9,028
Inventories 171,332 134,504
Other current assets 29,281 19,461
-------- --------
Total current assets 395,630 294,744
Property and equipment, net 103,100 90,349
Intangible and other assets 54,483 48,094
-------- --------
Total assets $553,213 $433,187
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings $ 31,716 $ 21,857
Accounts payable 32,584 23,102
Due to affiliated companies 8,326 5,901
Other current liabilities 180,327 144,268
-------- --------
Total current liabilities 252,953 195,128
Long-term debt 6,394 22,863
Other long-term liabilities 34,702 23,491
Minority interest in subsidiaries 505 239
Total shareholders' equity 258,659 191,466
-------- --------
Total liabilities and shareholders' equity $553,213 $433,187
======== ========
*T
Bruker Corporation (NASDAQ: BRKR) today reported financial results for
the fourth quarter and full year ended December 31, 2007. The financial
information included herein does not include the results of the Bruker
BioSpin Group, which was acquired on February 26, 2008, but only the
financial results of the standalone Bruker BioSciences Corporation, as
it legally existed on December 31, 2007.
On February 26, 2008, Bruker BioSciences Corporation closed its
acquisition of the Bruker BioSpin Group, and renamed itself Bruker
Corporation. Under US GAAP, this transaction will be accounted for as an
acquisition of businesses under common control, and as a result all
one-time transaction costs are expensed in the period in which they are
incurred, rather than being added to goodwill. In addition, after the
closing of the transaction all historical consolidated balance sheets,
statements of operations, statements of cash flows and notes to the
consolidated financial statements in future filings with the Securities
and Exchange Commission will be restated by combining the historical
consolidated financial statements of Bruker BioSciences Corporation with
those of the Bruker BioSpin Group. The Bruker BioSpin Group standalone
financial results, as well as combined financial results for Bruker
Corporation, are expected to be released in mid-March 2008. At that
time, the newly combined Company will also provide an update on its
financial goals for the year 2008.
Financial Results of Bruker BioSciences (excluding the Bruker BioSpin
Group)
For the fourth quarter of 2007, revenue increased by 35% to $183.7
million, compared to revenue of $135.6 million in the fourth quarter of
2006. Excluding the effects of foreign currency translation, fourth
quarter 2007 revenue increased organically by 26% year-over-year.
Net income in the fourth quarter of 2007 increased 44% to $14.0 million,
or $0.13 per diluted share, compared to net income of $9.7 million, or
$0.09 per diluted share, in the fourth quarter of 2006. Included in GAAP
net income for the fourth quarter of 2007 were after-tax charges of $4.3
million, or $0.04 per diluted share, for expenses related to the
acquisition of the Bruker BioSpin Group.
For the full year 2007, revenue increased by 26% to $547.6 million,
compared to revenue of $435.8 million for the full year 2006. Excluding
the effects of foreign currency translation, full year 2007 revenue
increased by 19% year-over-year, including 17% organic growth and 2%
growth from acquisitions.
Net income for the full year 2007 increased 70% to $31.5 million, or
$0.30 per diluted share, compared to net income of $18.5 million, or
$0.18 per diluted share, during the full year 2006. Included in GAAP net
income for the full year 2007 were after-tax charges of $4.7 million, or
$0.04 per diluted share, for expenses related to the acquisition of the
Bruker BioSpin Group. For comparison, included in GAAP net income for
the year 2006 were after-tax charges of $5.0 million, or $0.05 per
diluted share, for expenses related to the acquisition of Bruker Optics.
During the fourth quarter of 2007, cash flow from operations was $36.4
million and free cash flow, defined as operating cash flow less capital
expenditures, was $34.3 million. During the full year 2007, cash flow
from operations was $26.3 million and free cash flow was $10.8 million.
As of December 31, 2007, the Company had $72.9 million in cash and cash
equivalents, and $38.1 million in outstanding debt.
Commenting on the Company’s financial
performance, Frank Laukien, President and CEO, said: “We
had an outstanding fourth quarter, and we are very pleased that during
2007 we have achieved excellent top-line growth, with all three
operating divisions delivering currency-adjusted double digit growth
year-over-year. Even more importantly, our rapid growth, our continued
operating margin expansion and our decreasing effective tax rate
contributed to significantly improved bottom-line performance
year-over-year, as well as to solid operating and free cash flow.”
He continued: “Bruker BioSciences has made
very good progress over the last three years. We will continue to strive
for fast growth and further margin improvements in order to reach
industry-standard profitability, and we will put a significant focus on
balance sheet management and cash flow generation. We are optimistic
that the renamed Bruker Corporation, which as of two days ago includes
the Bruker BioSpin Group, is well positioned to serve our customers and
markets with high-performance products and solutions. Despite the
uncertainty in the macro-economic outlook, at this point the Company
expects significant further financial improvements in the year 2008.”
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings conference
call at 9 a.m. Eastern Time on Thursday, February 28, 2008. 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 Corporation 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 11927586.
ABOUT BRUKER CORPORATION
As of February 26, 2008, the renamed Bruker Corporation (NASDAQ: BRKR)
has become the parent company of the entire Bruker group of companies.
After the closing of the acquisition of the Bruker BioSpin Group, Bruker
Corporation now operates in two segments, the life science and
analytical (LSA) systems segment, and the international advanced
superconductor (IAS) segment. 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 integration of businesses we have acquired
or may acquire in the future, changing technologies, product development
and market acceptance of our products, the cost and pricing of our
products, manufacturing, competition, dependence on collaborative
partners and key suppliers, capital spending and government funding
policies, changes in governmental regulations, intellectual property
rights, litigation, and exposure to foreign currency fluctuations. These
and other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our annual report
on Form 10-K for the year ended December 31, 2006, 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 other than as required by law.
Bruker Corporation (excluding the Bruker BioSpin Group)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2007
2006
2007
2006
Product revenue
$
164,910
$
120,444
$
482,153
$
384,548
Service revenue
18,384
14,960
64,553
49,930
Other revenue
449
221
870
1,356
Total revenue
183,743
135,625
547,576
435,834
Cost of product revenue
85,605
63,214
252,130
206,628
Cost of service revenue
12,492
9,239
42,308
29,872
Total cost of revenue
98,097
72,453
294,438
236,500
Gross profit margin
85,646
63,172
253,138
199,334
Operating Expenses:
Sales and marketing
31,074
25,212
105,983
84,007
General and administrative
10,392
8,663
34,058
28,982
Research and development
16,164
13,464
58,466
49,959
Acquisition related charges
4,294
(105
)
4,664
5,724
Total operating expenses
61,924
47,234
203,171
168,672
Operating income
23,722
15,938
49,967
30,662
Interest and other income (expense), net
(530
)
236
(1,355
)
3,758
Income before income tax provision and minority interest in
consolidated subsidiaries
23,192
16,174
48,612
34,420
Income tax provision
9,129
6,533
16,784
15,931
Income before minority interest in consolidated subsidiaries
14,063
9,641
31,828
18,489
Minority interest in consolidated subsidiaries
44
(67
)
299
8
Net income
$
14,019
$
9,708
$
31,529
$
18,481
Net income per share:
Basic
$
0.13
$
0.10
$
0.30
$
0.18
Diluted
$
0.13
$
0.09
$
0.30
$
0.18
Weighted average shares outstanding:
Basic
104,508
101,501
103,702
101,512
Diluted
107,180
103,370
106,769
102,561
Bruker Corporation (excluding the Bruker BioSpin Group)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
December 31,
2007
2006
ASSETS
Current assets:
Cash and short-term investments
$
72,876
$
52,147
Accounts receivable, net
114,938
79,604
Due from affiliated companies
7,203
9,028
Inventories
171,332
134,504
Other current assets
29,281
19,461
Total current assets
395,630
294,744
Property and equipment, net
103,100
90,349
Intangible and other assets
54,483
48,094
Total assets
$
553,213
$
433,187
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings
$
31,716
$
21,857
Accounts payable
32,584
23,102
Due to affiliated companies
8,326
5,901
Other current liabilities
180,327
144,268
Total current liabilities
252,953
195,128
Long-term debt
6,394
22,863
Other long-term liabilities
34,702
23,491
Minority interest in subsidiaries
505
239
Total shareholders' equity
258,659
191,466
Total liabilities and shareholders' equity
$
553,213
$
433,187