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Bio-Rad Laboratories Reports Fourth-Quarter and Full-Year Financial Results
HERCULES, Calif., Feb. 12 /PRNewswire-FirstCall/ -- Bio-Rad Laboratories, Inc.
(AMEX: BIO; BIOb), a multinational manufacturer and distributor of life science
research products and clinical diagnostics, announced financial results for the
fourth quarter and year ended December 31, 2003. Fourth quarter revenues were
$266.2 million, up 9.5 percent compared to the $243.0 million reported for the
same quarter of 2002. Full-year revenues crossed the billion-dollar mark to
reach $1,003.4 million, up by 12.4 percent over 2002 results. This growth was
largely due to a combination of organic growth in the Company's two main
business segments as well as currency effects.
Fourth Quarter Highlights
-- Overall Company sales for the fourth quarter grew by almost 10 percent,
or by just under 1 percent on a currency-neutral basis, to reach
$266.2 million compared to $243.0 million reported in the fourth
quarterof 2002.
-- Fourth quarter basic earnings were $0.75 per share, or $0.73 per share
on a diluted basis, compared to basic earnings per share of $0.64 and
diluted earnings per share of $0.62 in the same period of 2002.
-- On a reported basis, Life Science segment sales for the quarter were
$130.2 million, or 6.6 percent higher than in the comparable period
last year, while on a currency neutral basis segment sales declined by
2.1 percent for the quarter. Solid performers in this segment included
the process chromatography, imaging, nucleic acid amplification, and
protein array businesses, offset by price declines in the BSE (bovine
spongiform encephalopathy) business.
-- The Clinical Diagnostics segment reported sales of $133.7 million for
the quarter, a 12.3 percent increase compared to fourth quarter 2002
results, or 3.2 percent excluding currency effects. These results were
due to growth in several areas including immunohematology, quality
controls, blood virus screening, and diabetes monitoring.
2003 Highlights
-- Company sales grew by 12.4 percent, or 3.7 percent on a
currency-neutral basis, to $1,003.4 million compared to $892.7 million
in 2002.
-- Net income rose by 12.2 percent to $76.2 million, or $3.00 per share,
from $67.9 million, or $2.70 per share in 2002.
-- During 2003, Bio-Rad sold $225 million aggregate principal amount of
7.50% Senior Subordinated Notes due 2013 in a private offering. A
portion of the proceeds from this offering were used to fund the
retirement of the Company's 11 5/8% Senior Subordinated Notes due 2007.
In addition, Bio-Rad refinanced its primary credit facility through a
bank syndicate toprovide for a new, five-year $150 million revolving
facility. 2003 income figures include one-time charges of
approximately $14.6 million (or $9.8 million net of taxes) associated
with the refinancing. Excluding these charges, 2003 netincome rose by
26.6 percent to $85.9 million, or $3.38 per basic share.
-- Full-year reported sales for the Life Science segment were
$480.0 million, up 11.8 percent over the previous year's figure, or
2.9 percent on a currency-neutralbasis. Clinical Diagnostics segment
sales for the year were $514.8 million, a 13.0 percent increase
compared to 2002 results, or 4.5 percent excluding currency effects.
"This was a breakthrough year for Bio-Rad. Our solid performance took us past
the much-coveted, billion-dollar milestone," said Norman Schwartz, President and
Chief Executive Officer. "We entered the year with new management in place,
introduced many new products, restructured our financing, and constructed new
facilities to improve our efficiency and to accommodate our growth. These
accomplishments, along with a number of other projects, provide good momentum as
we enter 2004."
Management will discuss these results in a conference call at 2:00 p.m. PT (5:00
p.m. ET) February 12, 2004. Interested parties can access the call by dialing
800-299-9086 (in the U.S.), or 617-786-2903 (international), access number
90302867. The live web cast can be accessed at http://www.bio-rad.com/ . A
replay of the call will be available at 888-286-8010 (in the U.S.), or
617-801-6888 (international), access number 17206610, for seven days following
the call and the web cast can be accessed at http://www.bio-rad.com/ for 30
days.
Bio-Rad Laboratories, Inc. is a multinational manufacturer and distributor of
life science research products and clinical diagnostics. It is based in
Hercules, California, and serves more than 70,000 research and industry
customers worldwide through a network of more than 30 wholly owned subsidiary
offices.
Various statements made within this press release may constitute
"forward-looking statements" for purposes of the Securities and Exchange
Commission's "safe harbor" provisions under the Private Securities Litigation
Reform Act of 1995 and Rule3b-6 under the Securities Exchange Act of 1934. The
forward-looking statements contained herein involve risks and uncertainties that
could cause results to differ materially from the Company's expectations.
Bio-Rad Laboratories, Inc.
Fourth Quarter and Full Year 2003
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
2003 2002 2003 2002
Net Sales $266,202 $243,000 $1,003,382 $892,720
Cost of Goods Sold 117,350 106,155 437,990 383,235
Gross Profit 148,852 136,845 565,392 509,485
Selling, General and
Administrative Expense 88,819 80,538 325,360 289,175
Product Research and
Development Expense 26,377 22,900 94,270 82,935
Interest Expense 4,772 9,810 31,006 28,207
Foreign Exchange Losses, net 1,242 (95) 4,080 5,441
Other (Income) Expense, net (1,001) (1,295) (3,012) (678)
Income Before Taxes 28,643 24,987 113,688 104,405
Provision for income taxes (9,452) (8,746) (37,517) (36,542)
Net Income $19,191 $16,241 $76,171 $67,863
Basic earnings per share $0.75 $0.64 $3.00 $2.70
Weighted average common
shares 25,524 25,224 25,416 25,104
Diluted earnings per share $0.73 $0.62 $2.90 $2.61
Adjusted weighted average
shares 26,405 26,109 26,310 26,021
Bio-Rad Laboratories, Inc.
Summary Condensed Consolidated Balance Sheets
(In thousands)
(UNAUDITED)
At December 31,
2003 2002
Current assets:
Cash and cash equivalents $148,642 $27,733
Accounts receivable, net 234,085 209,282
Inventories, net 190,258 166,372
Prepaid expenses, taxes and other
current assets 97,893 63,227
Total current assets 670,878 466,614
Net property, plant and equipment 179,123 142,235
Goodwill, net 69,503 69,519
Other assets 67,354 42,335
Total assets $986,858 $720,703
Current liabilities:
Notes payable and current maturities of
long-term debt $10,423 $7,486
Accounts payable 53,995 50,233
Accrued payroll and employee benefits 71,650 62,800
Sales, income and other taxes payable 20,833 17,019
Other current liabilities 77,425 71,392
Total current liabilities 234,326 208,930
Long-term debt, net of current maturities 225,835 105,768
Deferred tax liabilities 13,991 9,839
Other long-term liabilities 16,899 13,079
Stockholders' equity 495,807 383,087
Total liabilities and stockholders'
equity $986,858 $720,703
Certain items have been reclassified to conform to the current year
presentation.
Bio-Rad Laboratories, Inc.
Summary Condensed Consolidated Statement of Cash Flows
(In thousands)
(UNAUDITED)
Year Ended December 31,
2003 2002
Cash flows from operating activities:
Cash received from customers $1,020,135 $885,835
Cash paid to suppliers and employees (826,055) (711,341)
Interest paid (17,088) (25,832)
Income tax payments (51,280) (43,939)
Miscellaneous receipts 1,928 112
Net cash provided by operating activities 127,640 104,835
Cash flows from investing activities:
Capital expenditures, net (69,003) (42,224)
Other investing activities (37,991) (12,232)
Net cash used in investing activities (106,994) (54,456)
Cash flows from financing activities:
Long-term borrowings 249,335 44,025
Payments on long-term debt (132,012) (133,517)
Other financing activities (9,154) 11,288
Net cash provided by (usedin) financing
activities 108,169 (78,204)
Effect of exchange rate changes on cash (7,906) 8,429
Net increase (decrease) in cash and cash
equivalents 120,909 (19,396)
Cash and cash equivalents at beginning of year 27,733 47,129
Cash and cash equivalents at end of year $148,642 $27,733
Reconciliation of net income to net cash
provided by operating activities:
Net Income $76,171 $67,863
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 42,009 38,033
Foreign currency hedge transactions, net 14,998 2,270
Loss on sale of spectroscopy business and
write-down of investments 0 5,007
Debt retirement costs on 11-5/8% bonds 9,467 0
Changes in working capital and other (15,005) (8,338)
Net cash provided by operating activities $127,640 $104,835
DATASOURCE: Bio-Rad Laboratories, Inc.
CONTACT: Christine Tsingos, Vice President and Chief Financial Officer,
or Ron Hutton, Treasurer, both of Bio-Rad Laboratories, Inc., +1-510-724-7000,
Web site: http://www.bio-rad.com/