Molecular Devices (NASDAQ:MDCC)
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Molecular Devices Reports Record Revenues and Earnings for Second
Quarter of 2004
SUNNYVALE, Calif., July 22 /PRNewswire-FirstCall/ -- Molecular Devices
Corporation (NASDAQ:MDCC) today announced record revenues and earnings for the
quarter ended June 30, 2004.
Revenues for the quarter were a record $32.2 million, or an increase of 13%
compared to the same period last year. Operating income for the second quarter
of 2004 was $3.8 million, or an increase of 67% compared to the same period
last year. Fully diluted earnings per share for the second quarter of 2004 were
a record $0.17, or an increase of 42% compared with the same period last year.
"We saw strength in both our life sciences and drug discovery product families,
and we continue to feel positively about the state of our markets," stated
Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive
Officer. "Strong demand for FLIPR Tetra(TM), Discovery-1 and IonWorks resulted
in the best quarter in history for our drug discovery family of products. At
the same time, our life sciences segment posted solid growth due to the
continued success of our SpectraMax M2 bench-top reader and Meta series of
cellular imaging products. Finally, we are excited about closing the Axon
acquisition at the beginning of the third quarter, as we believe it broadens
our drug discovery and life sciences product portfolios and strengthens our
technology base."
The Company also established guidance for the third quarter of 2004 and updated
its guidance for the full year 2004 to reflect the July 1, 2004 closing of the
Axon acquisition. For the third quarter of 2004, the Company anticipates
revenues of $41 to $43 million. The Company expects to incur in the third
quarter a one-time charge of approximately $5.3 million, or $0.29 per fully
diluted share, for restructuring and acquired in-process research and
development in connection with the Axon acquisition. For the third quarter of
2004, the Company anticipates a fully diluted GAAP loss per share of ($0.10) to
($0.12) and non-GAAP fully diluted earnings per share of $0.17 to $0.19 without
the effect of the $0.29 per share charge. For the full year 2004, the Company
anticipates revenues of $148 to $152 million, fully diluted GAAP earnings per
share of $0.41 to $0.46 and fully diluted non-GAAP earnings per share of $0.70
to $0.75 without the effect of the third quarter $0.29 per share charge.
Conference Call Information
An earnings announcement conference call is scheduled for Friday, July 23, 2004
at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate in the
call by dialing 888-202-2422 (domestic) or 913-981-5592 (international). A
taped replay of this call will be available through July 30, 2004. Replay
dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international),
and the access code for the replay is 172500.
Investors can also access a live web-cast of the call through a link posted on
the investor page on Molecular Devices' website
(http://www.moleculardevices.com/). A replay of the web cast will remain at
this location through July 30, 2004.
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 combinatorial chemistry by facilitating 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 the recent acquisition of Axon and other risks detailed from
time to time in the Company's SEC reports, including its Annual Report on Form
10-K for the year ended December 31, 2003, as amended, its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2004, and its Registration Statement
on Form S-4 (Registration No. 333-114934), as amended. Molecular Devices
Corporation does not undertake any obligation to update forward-looking
statements.
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
2004 2003 2004 2003
TOTAL REVENUES $32,205 $28,505 $59,542 $53,054
TOTAL COST OF REVENUES 12,075 10,584 22,318 20,112
GROSS PROFIT 20,130 17,921 37,224 32,942
OPERATING EXPENSES:
Research and development 4,709 4,819 8,726 9,478
Selling, general and administrative 11,616 10,817 22,536 20,455
Total operating expenses 16,325 15,636 31,262 29,933
INCOME FROM OPERATIONS 3,805 2,285 5,962 3,009
Other income, net 49 260 85 566
INCOME BEFORE TAXES 3,854 2,545 6,047 3,575
Income tax provision (1,349) (764) (2,113) (1,073)
NET INCOME $2,505 $1,781 $3,934 $2,502
BASIC NET INCOME PER SHARE $0.18 $0.12 $0.27 $0.16
DILUTED NET INCOME PER SHARE $0.17 $0.12 $0.27 $0.16
SHARES USED IN COMPUTING BASIC NET
INCOME PER SHARE 14,246 15,153 14,414 15,247
SHARES USED IN COMPUTING DILUTED NET
INCOME PER SHARE 14,394 15,218 14,588 15,314
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
June 30, December 31,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $54,166 $50,260
Short-term investments -- 8,114
Accounts receivable, net 22,085 26,209
Inventories, net 15,623 17,025
Deferred tax assets 5,214 5,223
Other current assets 1,825 1,849
Total current assets 98,913 108,680
Long-term investments -- 1,736
Equipment and leasehold improvements, net 9,609 9,706
Other assets 49,356 46,791
$157,878 $166,913
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,297 $4,019
Accrued liabilities 15,468 17,356
Total current liabilities 19,765 21,375
Stockholders' equity 138,113 145,538
$157,878 $166,913
DATASOURCE: Molecular Devices Corporation
CONTACT: Tim Harkness of Molecular Devices Corporation, +1-408-747-3533
Web site: http://www.moleculardevices.com/