| To: tuck who wrote (1249) | 10/25/2002 9:27:23 AM | | From: tuck | | | | From Briefing.com:
>>8:43AM Invitrogen downgraded at Piper Jaffray (IVGN) 28.70: USB Piper Jaffray downgrades to OUTPERFORM from Strong Buy following last night's results; cites lowered Q4 guidance and worsening issues with the oligonucleotide and genomic service parts of the molecular biology biz; cuts 2003 est to $749 mln/$1.97 and lowers price target to $40 from $42.
8:36AM Applied Bio downgraded at Piper Jaffray (ABI) 19.31: USB Piper Jaffray downgrades to UNDERPERFORM from Mkt Perform, saying better than expected results were driven by gains in mass spec that are unsustainable and which compensated for weakness elsewhere; believes growth over the following year will remain in the single digits.<<
Cheers, Tuck |
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| To: tuck who wrote (1250) | 10/25/2002 11:05:21 AM | | From: keokalani'nui | | | | Beckman profit falls with research spending
Friday October 25, 8:08 am ET
(Adds details, forecasts, CEO comment, stock action)
FULLERTON, Calif., Oct 25 (Reuters) - Beckman Coulter Inc. (NYSE:BEC - News), a maker of laboratory systems and instruments used in research, said on Friday quarterly profit fell 2.7 percent, hurt by spending cutbacks by pharmaceutical companies and researchers.
snip |
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| To: nigel bates who wrote (1252) | 10/28/2002 8:09:23 PM | | From: tuck | | | | Interesting to see the favorable anecdotal comparison of the MassArray to ABI's Assays-on-Demand. I think ABI is dead in the water.
Anyhow, QGENF reported earnings in line with guidance, with revenue slightly higher. Analyst estimates are in some dispute, with Reuters claiming that the dollar amount of earnings was a slight miss compared to the consensus of 18 analysts. Briefing.com said the numbers were on target, and the EPS numbers from Yahoo! were indeed 5 cents per share, but based on only two analysts. Whatever, the company will discuss future guidance on the CC tomorrow.
>>VENLO, The Netherlands, Oct. 28 /PRNewswire-FirstCall/ -- QIAGEN N.V. (Nasdaq: QGENF, Neuer Markt: QIA) today announced the results of operations for its third quarter and nine-month period ended September 30, 2002.
The Company reported that consolidated net sales for its third quarter increased 21% to $76.9 million, from $63.3 million for the same period in 2001. Operating income increased 28% to $12.9 million from $10.1 million in the comparable period in 2001, net income increased 18% to $7.3 million from $6.2 million in the same quarter of 2001 and diluted earnings per share increased 25% to $0.05 (based on 146.0 million average shares and share equivalents outstanding) from $0.04 (based on 144.9 million average shares and share equivalents outstanding).
The reported consolidated net sales were higher than and diluted earnings per share were in line with the Company's guidance for the third quarter as communicated on July 3, 2002.
For the nine-month period ended September 30, 2002, total reported net sales increased 14% to $220.2 million from $192.5 million in the comparable period of 2001. Excluding the effect of one-time charges related to the acquisition of GenoVision AS during the second quarter 2002 as well as related to the acquisition of the SAWADY group during the first quarter of 2001 and a gain on the sale of a financial asset of approximately $1.4 million during the second quarter of 2001, operating income for the nine-month period ended September 30, 2002 increased 4% to $40.9 million from $39.3 million in 2001 and net income decreased 2% to $23.6 million in 2002 from $24.1 million in 2001 and diluted earnings per share decreased 6% to $0.16 from $0.17. Reported operating income, which was negatively impacted by one-time charges and the Company's financial performance in the second quarter of 2002, increased 5% to $38.0 million from $36.3 million in the comparable period in 2001, net income decreased 9% to $21.4 million from $23.5 million in the first nine-months of 2001, and diluted earnings per share decreased 6% to $0,15 (based on 145.8 million average shares and share equivalents) from $0,16 (based on 145.0 million average shares and share equivalents).
"We are pleased to have achieved significant revenue growth during this third quarter of 2002," said Dr. Metin Colpan, QIAGEN's Chief Executive Officer. "Our core consumable products for the separation, purification and handling of nucleic acids represented approximately 72% of consolidated net sales and showed strong growth of approximately 24%. Academic, pharmaceutical and biotech markets for these products all continued to show strong increases in demand. Our synthetic nucleic acid business contributed approximately 13% of net sales. We met our targets in this third quarter in this business and remain optimistic about opportunities in profitable segments, however, the synthetic nucleic acid business continues to perform below the profitability and growth expectations we set for our businesses in general. The instrumentation business represented approximately 10% of net sales and experienced a growth rate of 7% compared to the second quarter 2002. QIAGEN launched a series of exciting new automation products in this third quarter such as the BioRobot MDx targeting clinical customers as well as the BioRobot M product lines. We believe that these products have the potential to contribute to significant growth in future periods. With its unique and highly focused portfolio addressing more than 80 different applications in nucleic acid handling, separation and purification, QIAGEN is well positioned to take full advantage of the accelerating momentum in the life science industry."
QIAGEN will host a conference call at 9:30 am EST on October 29, 2002. A webcast of the conference call will be available at videonewswire.com.
QIAGEN N.V., a Netherlands holding company with subsidiaries in Germany, the United States, Japan, the United Kingdom, Switzerland, France, Italy, Australian, Norway and Canada, believes it is the world's leading provider of innovative enabling technologies and products for the separation, purification and handling of nucleic acids. The Company has developed a comprehensive portfolio of more than 320 proprietary, consumable products for nucleic acid separation, purification and handling, nucleic acid amplification, as well as automated instrumentation, synthetic nucleic acid products and related services. QIAGEN's products are sold in more than 42 countries throughout the world to academic research markets and to leading pharmaceutical and biotechnology companies. In addition, the Company is positioning its products for sale into developing commercial markets, including DNA sequencing and genomics, nucleic acid-based molecular diagnostics, and genetic vaccination and gene therapy. QIAGEN employs approximately 1,700 people worldwide. Further information on QIAGEN can be found at qiagen.com.
Certain of the statements contained in this news release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products and markets and operating results are forward-looking, such statements are based on current expectations that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations and risks of dependency on logistics), variability of operating results, the commercial development of the DNA sequencing, genomics and synthetic nucleic acid-related markets, nucleic acid-based molecular diagnostics market, genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for QIAGEN's products (including seasonal fluctuations), difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products, the ability of QIAGEN to identify and develop new products and to differentiate its products from competitors, and the integration of acquisitions of technologies and businesses. For further information, refer to the discussion in reports that QIAGEN has filed with the U.S. Securities and Exchange Commission (SEC).
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three months
ended September 30,
2002 2001
Net sales $ 76.882.000 $ 63.343.000
Cost of sales 26.453.000 19.970.000
Gross profit 50.429.000 43.373.000
Operating Expenses:
Research and development 7.310.000 6.125.000
Sales and marketing 19.003.000 17.288.000
General and administrative 11.171.000 9.879.000
Acquisition costs -- --
Total operating expenses 37.484.000 33.292.000
Income from operations 12.945.000 10.081.000
Other Income (Expense):
Interest income 171.000 346.000
Interest expense (577.000) (213.000)
Research and development grants 133.000 419.000
Loss on foreign currency transactions (353.000) (590.000)
Loss from equity method investee (267.000) (177.000)
Other miscellaneous (expense) income,
net (63.000) 33.000
Total other expense (956.000) (182.000)
Income before provision for income
taxes and minority interest 11.989.000 9.899.000
Provision for income taxes 4.700.000 3.706.000
Net income $ 7.289.000 $ 6.193.000
Weighted average number of diluted
common shares 145.976.000 144.916.000
Diluted net income per common share 0,05 0,04
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Nine months
ended September 30,
2002 2001
Net sales $ 220.159.000 $ 192.537.000
Cost of sales 71.853.000 57.533.000
Gross profit 148.306.000 135.004.000
Operating Expenses:
Research and development 20.489.000 19.825.000
Sales and marketing 55.849.000 47.805.000
General and administrative 31.111.000 28.025.000
Acquisition costs 2.848.000 3.000.000
Total operating expenses 110.297.000 98.655.000
Income from operations 38.009.000 36.349.000
Other Income (Expense):
Interest income 828.000 1.575.000
Interest expense (1.748.000) (904.000)
Research and development grants 470.000 836.000
Loss on foreign currency
transactions (1.756.000) (264.000)
Loss from equity method investee (844.000) (1.082.000)
Other miscellaneous (expense)
income, net (83.000) 1.492.000
Total other (expense) income (3.133.000) 1.653.000
Income before provision for income
taxes and minority interest 34.876.000 38.002.000
Provision for income taxes 13.512.000 14.509.000
Minority interest expense (income) (5.000) 8.000
Net income $ 21.369.000 $ 23.485.000
Weighted average number of diluted
common shares 145.767.000 145.034.000
Diluted net income per common share $ 0,15 $ 0,16
Diluted net income per common share $ 0,16 $ 0,18
excluding acquisition costs
QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2002 2001
Assets
Current Assets:
Cash and cash equivalents $ 51.786.000 $ 56.460.000
Marketable securities 11.915.000 22.512.000
Notes receivable 4.165.000 3.844.000
Accounts receivable, net 46.921.000 39.955.000
Income taxes receivable 2.457.000 2.439.000
Inventories 49.903.000 31.883.000
Deferred income taxes 11.123.000 11.123.000
Prepaid expenses and other 13.793.000 9.115.000
Total current assets 192.063.000 177.331.000
Property, plant and
equipment, net 200.046.000 160.365.000
Long-term marketable
securities 534.000 2.759.000
Intangible assets, net 39.367.000 7.140.000
Deferred income taxes 1.804.000 1.804.000
Other assets 8.704.000 7.569.000
Total assets $ 442.518.000 $ 356.968.000
Liabilities and
Shareholders' Equity
Current Liabilities:
Lines of credit $ 1.214.000 $ 6.038.000
Short-term debt 2.944.000 281.000
Current portion of long-
term debt 1.254.000 1.138.000
Current portion of capital
lease obligations 1.222.000 1.085.000
Accounts payable 18.377.000 20.262.000
Accrued liabilities 25.994.000 20.235.000
Income taxes payable 12.309.000 8.434.000
Deferred income taxes 5.160.000 410.000
Total current liabilities 68.474.000 57.883.000
Long-Term Liabilities:
Long-term debt, net of current
portion 92.789.000 70.720.000
Capital lease obligations, net of
current portion 10.716.000 10.463.000
Other 3.738.000 4.927.000
Total long-term liabilities 107.243.000 86.110.000
Commitments and Contingencies
Shareholders' Equity:
Common shares, EUR .01 par value:
Authorized--260,000,000 shares
Issued and outstanding--
145,485,489 shares in 2002 and
143,463,800 shares in 2001 1.477.000 1.458.000
Additional paid-in-capital 148.098.000 123.117.000
Retained earnings 118.647.000 97.278.000
Accumulated other comprehensive
loss (1.421.000) (8.878.000)
Total shareholders' equity 266.801.000 212.975.000
Total liabilities and
shareholders' equity $ 442.518.000 $ 356.968.000<<
Cheers, Tuck |
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| To: tuck who wrote (1253) | 10/30/2002 11:42:56 AM | | From: tuck | | | | I see it is time for Trickle to pull out its calculator:
>>Harvard Bioscience Acquisition of Genomic Solutions to Close Today
By a GenomeWeb staff reporter
NEW YORK, Oct. 25 - Harvard Bioscience said that its acquisition of Genomic Solutions, originally announced in July, should close today.
Genomic Solutions shareholders will be able to convert their common stock into 0.1017 of a share of Harvard Bioscience common stock and pocket $0.286 in cash per converted share. The company, which will become a wholly owned subsidiary of Harvard Bioscience, will also be delisted from the Nasdaq exchange.
Last month, the Nasdaq threatened to delist Genomic Solutions for failing to keep its share price above $1 for 120 days. The company said it had asked for an appeal, but the issue now becomes moot.
Genomic Solutions said CEO Jeff Williams, 35, will stay on as president and will be nominated to join Harvard's board. The fate of Genomic Solutions' other top executives, or its staff, was not immediately clear. However, both firms said in July that Genomic Solutions will undergo a "major restructuring."
News of the acquisition, which Harvard Bioscience said will add $20 million to 2003 revenue, came as a surprise to some analysts over the summer who believed that despite its poor stock performance, Genomic Solutions occupied a relatively firm foothold in a few strong niche markets, including automated protein preparation, high-throughput preparation, and microarray preparation.
The catch is, Harvard Bioscience shares that opinion. Harvard is betting that Genomic Solutions will help it sell its own technology as well as use its databases to uncover leads, and take advantage of its strong marketing arm to sell them.
Harvard Bioscience said the deal will also try to give Genomic Solutions a wider foothold in Europe and "leverage" Harvard Bioscience's relationship with Amersham Biosciences with Genomic Solutions' history with PerkinElmer.<<
Seems to yield 81.36 shares. Cash for the fractional .36 shares adds ~$1.05 to the cash protio of $228.8 for a total of $229.85.
Cheers, Tuck |
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| To: tuck who wrote (1254) | 10/31/2002 10:59:19 AM | | From: keokalani'nui | | | | Is this audacious, outrageous, or just plain looney? Or have I been dropping a digit everytime I look at PEG, price/sales, P/E? Maybe the repurchase budget and the absence of an obligation to buy answers all.
Press Release Source: Techne Corporation
Techne Corporation Adds to Stock Repurchase Program
Thursday October 31, 8:01 am ET
MINNEAPOLIS, Oct. 31 /PRNewswire-FirstCall/ --
Techne Corporation (Nasdaq: TECH - News) announces that its Board of Directors has authorized the expenditure of up to $20 million for the repurchase of additional shares of its Common Stock. Repurchases may be made from time to time in the open market or in privately negotiated transactions. The source of funds will be the cash reserves and current earnings of the Company. Prior authorizations for the purchase of up to $20 million have resulted in the expenditure of $16.5 million and $3.5 million remains available from such authorizations. |
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| To: keokalani'nui who wrote (1255) | 11/4/2002 6:11:01 PM | | From: tuck | | | | BDAL beats by a penny -- 3 cents versus 2 -- and reiterates '02 guidance.
>>BILLERICA, Mass.--(BUSINESS WIRE)--Nov. 4, 2002--Bruker Daltonics Inc. (NASDAQ:BDAL - News) today reported financial results for its third quarter 2002, and the nine months ended September 30, 2002.
THIRD QUARTER 2002
For the three months ended September 30, 2002, Bruker Daltonics reported product revenue of $29.7 million, exceeding consensus estimates, compared to $23.6 million for the third quarter 2001. Product revenue growth for the third quarter was 26%, or 18% on a constant currency basis.
In the third quarter 2002, operating income was $2.7 million, an increase of $1.7 million, or 170%, compared to operating income of $1.0 million in the third quarter 2001. Net income for the third quarter 2002 was $1.7 million, or $0.03 per diluted share, compared with $0.9 million, or $0.02 per diluted share, for the third quarter 2001.
NINE MONTHS ENDED SEPTEMBER 30, 2002
For the nine months ended September 30, 2002, Bruker Daltonics reported product revenue of $83.3 million, compared to product revenue of $67.6 million for the comparable period in 2001. Product revenue growth for the first nine months was 23%, or 20% on a constant currency basis.
For the first nine months of 2002, operating income was $4.4 million, an increase of $2.2 million, or 100%, compared to operating income of $2.2 million in the comparable period in 2001.
Net income for the first nine months of 2002, without the special charges related to the restructuring and investment write-down taken in the second quarter 2002, was $3.5 million, or $0.07 per diluted share, compared to $2.7 million, or $0.05 per diluted share, for the comparable period in 2001. On a GAAP basis, net loss per diluted share was $(0.03) for the first nine months of 2002, including all special charges.
Life science systems revenue, substance detection systems revenue and aftermarket revenue as a percentage of product revenue were 70%, 15% and 15%, respectively, for the nine months ended September 30, 2002, as compared to 75%, 7% and 18%, respectively, in the comparable 2001 period.
COMMENT AND OUTLOOK
"Our financial performance continues to show significant operating improvements with strong top-line and operating income growth this year," commented John Hulburt, Chief Financial Officer. "We maintain our previous guidance for product revenue growth of 18% - 22%, and cash operating EPS of $0.08-$0.10, which excludes the special charges related to the restructuring and investment write-down, for the full year 2002."
Frank Laukien, President and CEO, said: "We are very pleased with our third quarter operating and financial performance. As indicated previously, we see healthy demand across our life-science platforms. Our life-science systems new order bookings in the third quarter grew a healthy 22%, compared to Q3-2001, giving us good top-line visibility for the remainder of the year and into Q1 of 2003. We will introduce additional products in the first half of 2003, which we expect will further fuel our growth and profitability."
EARNINGS CALL
The Company will host a live streaming-audio webcast of its third quarter 2002 financial results conference call at 5:00 p.m. Eastern Time on Monday, November 4, 2002. To listen to the webcast, investors should go to www.bdal.com, select Investor Relations, and then click on the live web broadcast. The webcast will remain on the Company web site for 30 days. Investors can also listen by telephone by calling 1-888-482-0024 in the U.S., or 617-801-9702 outside the U.S., and should refer to the conference call led by Bruker Daltonics President and CEO, Frank Laukien. A telephone replay of the conference call will be available for three days, beginning thirty minutes after the completion of the conference. The replay will be available by dialing toll-free 888-286-8010 in the US and Canada or 617-801-6888 outside the US and Canada, and then entering replay pass code 64682.
ABOUT BRUKER DALTONICS
Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry. For more information about Bruker Daltonics, please visit www.bdal.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 technological approaches, product development, manufacturing, market acceptance, cost and pricing of Bruker Daltonics' products, dependence on collaborative partners, suppliers, FDA and other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation and other risk factors discussed from time to time in Bruker Daltonics' reports or filings with the Securities and Exchange Commission. Bruker Daltonics expressly disclaims any obligation to update the information contained herein.
Bruker Daltonics Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
(unaudited) (unaudited)
Product revenues $29,686 $23,556 $83,284 $67,605
Other revenues 8 233 141 403
Net revenues 29,694 23,789 83,425 68,008
Costs and operating expenses:
Cost of product revenue 14,185 11,249 40,303 32,132
Selling, general and
administrative 8,082 7,083 23,573 19,890
Research and development 5,165 4,841 14,788 14,128
Restructuring (credit) charge (395) - 1,151 -
Provision for loss on contract - 1,513 - 1,513
Patent litigation credit - (1,869) (835) (1,869)
Total costs and operating
expenses 27,037 22,817 78,980 65,794
Operating income from continuing
operations 2,657 972 4,445 2,214
Interest and other (expenses)
income, net (16) 522 (4,366) 2,264
Income (loss) from operations,
before provision for income taxes 2,641 1,494 79 4,478
Provision for income taxes 968 569 1,657 1,775
Net income $1,673 $925 $(1,578) $2,703
Net (loss) income per share -
basic and diluted
Net income (loss) $0.03 $0.02 $(0.03) $0.05
Shares used in computing net
(loss) income per share - basic 54,859 54,842 54,879 54,809
Shares used in computing net
(loss) income per share - diluted 54,859 55,161 54,879 55,158
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands)
September 30, December 31,
2002 2001
(unaudited)
Assets
Current assets:
Cash and short-term investments $49,621 $70,131
Accounts receivable, net 22,594 16,203
Inventories 58,124 47,531
Other assets 6,234 5,057
Total current assets 136,573 138,922
Property, plant and equipment, net 52,505 37,252
Intangible and other assets 8,823 12,900
Total assets $197,901 $189,074
Liabilities and stockholders' equity
Current liabilities:
Short-term bank borrowings $7,374 $3,885
Accounts payable and accrued expenses 16,994 15,727
Other liabilities 20,087 19,710
Total current liabilities 44,455 39,322
Long-term debt 12,540 11,323
Other long term liabilities 11,818 10,882
Total stockholders' equity 129,088 127,547
Total liabilities and stockholders' equity $197,901 $189,074<<
Cheers, Tuck |
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| To: tuck who wrote (1256) | 11/4/2002 6:46:28 PM | | From: tuck | | | | FSH also posts a strong quarter; I don't follow it, but have included the verbiage from its PR, since it is an important trickle player (just never could be sure how pure a trickle play it was)
>>HAMPTON, N.H., Nov. 4 /PRNewswire-FirstCall/ -- Fisher Scientific International Inc. (NYSE: FSH - News), the world leader in serving science, today reported record sales and net income for the quarter and year- to-date period ended Sept. 30, 2002.
"Our results this quarter reflect continued growth in our domestic distribution business and improved profitability in our international distribution business," said Paul M. Montrone, chairman and chief executive officer of Fisher Scientific. "We continue to generate strong cash flow, allowing us to further strengthen our balance sheet and increase net income."
2002 Reported Results
Sales for the third quarter increased 13.9 percent to $830.9 million compared with $729.5 million in the corresponding period of 2001. Excluding the effect of foreign exchange, sales totaled $822.9 million, a 12.8 percent increase over the prior year. The company's e-commerce sales increased to $191.4 million during the quarter, or 23 percent of total sales, compared with $127.9 million, or 18 percent of total sales, in the third quarter of 2001.
For the nine-month period ended Sept. 30, 2002, sales totaled $2,416.3 million, a 13.7 percent increase from sales of $2,125.3 million in the same period last year. E-commerce sales increased to $540.2 million, or 22 percent of total sales, in the first nine months compared with $366.3 million, or 17 percent of total sales, in the first nine months of the prior year.
Reported income from operations for the quarter increased 27.4 percent to $66.5 million compared with $52.2 million in the same quarter last year, reflecting improvements in core operations, the impact of acquired businesses and the exclusion of goodwill amortization in 2002. Income from operations in the prior period includes $4.4 million of goodwill amortization. For the nine months ended Sept. 30, 2002, income from operations as reported was $183.0 million compared with $88.1 million in the same period of the prior year. Reported operating income in the prior-year period included $52.7 million in restructuring and other charges and $12.6 million of goodwill amortization.
Fisher reported diluted earnings per share (EPS) of 52 cents for the quarter versus EPS of 30 cents in the corresponding period of 2001 and EPS of 41 cents for the nine months ended Sept. 30, 2002, compared with EPS of 10 cents in the year-ago nine-month period.
Pro Forma Financial Results
To facilitate comparison with the prior-year periods in the following discussion, goodwill amortization has been excluded from the results of the prior-year periods. In addition, the discussion excludes previously disclosed nonrecurring and restructuring charges and credits for both periods, and this year's goodwill write-off. These items are outlined in the attached tables.
Income from operations for the quarter increased 17.5 percent to $66.5 million from $56.6 million in the third quarter of 2001. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 17.8 percent to $84.1 million in the third quarter compared with $71.4 million in the same period last year.
Third quarter net income increased 43.8 percent to $29.9 million compared with income of $20.8 million in the corresponding period of 2001, reflecting an improvement in operating income and a reduction in both interest expense and tax rate. Diluted EPS was 52 cents per share in the third quarter compared with 36 cents per share in the third quarter of 2001.
Income from operations for the nine-month period increased 18.3 percent to $181.5 million from $153.4 million during the same period last year. EBITDA increased 19.9 percent to $233.3 million for the nine-month period compared with $194.5 million in the year-ago nine-month period.
Net income for the nine-month period increased 53.3 percent to $75.9 million compared with income of $49.5 million in the first nine months of 2001. EPS was $1.31 per diluted share in the first nine months compared with 96 cents per diluted share in the same period of the prior year.
For the nine-month period, the company generated $124.2 million in cash from operations compared with $77.8 million in the same period last year, reflecting an increase in earnings and working capital management improvements. Capital expenditures for the nine-month period increased to $26.8 million from $23.8 million previously, reflecting continued investment in manufacturing and pharmaceutical services capabilities.
Business-Segment Results
Domestic distribution sales increased 15.6 percent to $716.9 million in the third quarter of 2002 compared with the same period last year. Operating income increased 17.8 percent to $58.1 million from $49.3 million in the corresponding period of 2001, reflecting the contribution of the Cole-Parmer acquisition and growth in the core business. Year to date, domestic distribution sales reached $2,087.1 million compared with $1,795.8 million for the first nine months of last year, a 16.2 percent increase. Operating income grew in the first nine months to $159.2 million, an 18.3 percent increase over the first nine months of 2001.
International distribution sales totaled $114.6 million for the third quarter, an 8.3 percent increase from the third quarter of 2001. Excluding foreign-exchange effects, sales were $108.4 million, or a 2.5 percent increase. For the latest quarter, operating income increased 34.9 percent to $5.8 million from $4.3 million in the year-ago period, reflecting benefits associated with the restructuring efforts initiated at the end of last year. Sales in the first nine months were $328.9 million compared with $320.2 million for the same period last year, while year-to-date operating income increased 21.9 percent to $15.6 million from $12.8 million in the corresponding period last year.
Sales within the laboratory-workstations segment remained flat with the prior year at $45.7 million. Operating income was $2.9 million compared with $2.8 million in the corresponding quarter of 2001. Year-to-date sales rose to $135.6 million, a 2.6 percent increase over the prior-year period. Operating income for the nine-month period was $7.4 million compared with $6.2 million in the prior year, reflecting an increase in manufacturing efficiencies. Backlog in the laboratory-workstations segment remained stable at $113 million.
Company Outlook
For 2002, Fisher continues to expect revenue growth, excluding foreign- exchange effects, of approximately 12 percent, and operating margins, excluding nonrecurring credits, in the 7.5 percent to 7.6 percent range versus 7.3 percent on a comparable basis in 2001. Our outlook by segment is as follows.
Segment Revenue Growth Rate Operating
(excluding foreign Margin
exchange)
Domestic 13.5%-14.0% 7.5%-7.7%
International 3.0%-3.5% 4.6%-4.9%
Lab Workstations 7.0%-7.5% 6.3%-6.6%
The company is raising its 2002 guidance for its operating cash flow to a range of $140 million to $150 million, up from the previously issued guidance of $120 million to $130 million, primarily due to improved working capital management. In addition, Fisher expects total capital expenditures of approximately $45 million for 2002, compared with prior estimates of $55 million to $65 million, reflecting a change in the timing of cash outlays for select facility-expansion projects.
Fisher expects EPS for 2002 to be at the high end of its previously announced guidance range of $1.70 to $1.75. This guidance excludes the cumulative effect of the accounting change for goodwill, the charges related to the April note offering and the restructuring credit.
For 2003, the company expects revenue growth, excluding foreign-exchange effects, of approximately 5.0 percent to 6.0 percent, operating margins in the 7.7 percent to 7.9 percent range, and a 30 percent tax rate.
Fisher estimates EPS for 2003 will be $2.10 to $2.15 based on an estimated weighted average of approximately 58.5 million diluted shares outstanding. The company estimates 2003 first-quarter EPS will be 44 cents to 46 cents.<<
snip
Cheers, Tuck |
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| To: tuck who wrote (1257) | 11/5/2002 6:52:19 AM | | From: dalroi | | | | ebio relevant
Welcome, dalroi [Sign Out] Money Manager - My Yahoo! View - Customize
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Press Release Source: QIAGEN N.V.
QIAGEN and Epoch Biosciences Announce Global Marketing Agreement
Tuesday November 5, 5:09 am ET
Epoch to License and Supply MGB Eclipse(TM) Technologies for Gene Expression Products
BOTHELL, Wash. and VENLO, Netherlands, Nov. 5 /PRNewswire-FirstCall/ -- QIAGEN N.V. (Nasdaq: QGENF; Frankfurt, Neuer Markt: QIA) and Epoch Biosciences, Inc. (Nasdaq: EBIO - News), today announced that QIAGEN will become a co-exclusive worldwide sales and marketing partner to the research field for products that incorporate Epoch Biosciences' MGB Eclipse(TM) Probe Systems for real-time measurement of gene expression. Epoch will exclusively supply components to QIAGEN and QIAGEN will offer custom and catalogue probe systems as part of its gene expression product offerings for sale to researchers in the life sciences industry and to pharmaceutical companies conducting internal research. Under terms of the agreement, QIAGEN received a non-exclusive license to the component technologies, and Epoch will receive undisclosed technology access fees and royalties on sales of catalogue products by QIAGEN. The companies expect to offer the first QIAGEN branded products in early 2003.
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QIAGEN has a comprehensive and growing portfolio of products for real-time gene expression analysis that allow scientists to develop cost-effective analyses of gene expression patterns in less time. QIAGEN offers products for RNA stabilization, RNA purification, RT-PCR setup amplification and detection.
The MGB Eclipse Probe System is a proprietary probe and primer chemistry used for a variety of genetic analysis applications, such as gene expression profiling, SNP analysis, and pathogen detection. It is compatible with a very large existing, and rapidly growing installed base of real-time PCR instruments and reagent systems that have been widely adopted around the world and which are considered the gold standard in genetic sequence detection. The MGB Eclipse Probe System incorporates Epoch's proprietary MGB(TM), modified bases, and specialized dye and quencher technologies, and sophisticated easy-to-use software to support custom design and ordering of unique probe and primer sequences specific to the needs of individual researchers. As a result, the MGB Eclipse Probe System not only offers a competitive alternative for routine sequence analysis, it often outperforms leading chemistries for more specialized applications such as splice variants and problematic SNPs.
William G. Gerber, Chief Executive Officer of Epoch, said, "This agreement represents another validation of our technology by a bioscience leader. QIAGEN, recognized as the worldwide market leader in nucleic acid separation, purification and handling has achieved growth that has rarely been equaled in the life sciences field. QIAGEN's unique sales force has a proven track record with research customers in over forty countries around the world. With the addition of Epoch's MGB Eclipse products to QIAGEN's broad range of nucleic acid sample handling, separation and purification products, QIAGEN' customers can benefit significantly from valuable, complete solutions for one of the fastest growing segments of nucleic acid analysis: gene expression assays."
Dr. Ulrich Schriek, Vice President Corporate Business Development of QIAGEN, said, "We have a significant commitment to the real-time gene expression segment and intend to be a leader in providing our customers with integrated, enabling products that deliver quality results, speed and cost savings. The MGB Eclipse System from Epoch uniquely combines with QIAGEN's products to create complete solutions for the front-end biology of gene expression. The addition of MGB Eclipse products into new QIAGEN products will provide a new dimension to what is possible in gene expression analysis."
Epoch will be the sole manufacturer of MGB Eclipse probes and primers used by QIAGEN under the agreement and retains all other fields, including diagnostics, forensics, food testing and environmental testing including testing related to bioterrorism. QIAGEN agreed to meet undisclosed sales levels in order to preserve the co-exclusivity conferred under the agreement |
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| To: dalroi who wrote (1258) | 11/5/2002 9:29:27 AM | | From: tuck | | | | EBIO beats by a penny (the one ananlyst expected a 4 cent loss), hits revenue exactly:
>>BOTHELL, Wash., Nov. 5 /PRNewswire-FirstCall/ -- Epoch Biosciences, Inc. (Nasdaq: EBIO - News), a provider of proprietary products that accelerate genomic analysis, today reported revenues for the third quarter of 2002 increased to $2.7 million compared to $1.9 million in the like period in 2001. The net loss during the quarter was $861,000, or $0.03 per share, compared with a net loss of $1.1 million, or $0.04 per share, in the third quarter of 2001.
William G. Gerber, chief executive officer of Epoch, said, "This has been a landmark period for us in terms of product validation. Amersham and Qiagen, two global bioscience leaders, chose Epoch products as strategic additions to their research product portfolios. In another form of validation, the National Cancer Institute assessed the performance of our MGB Eclipse(TM) Probe Systems in a scientific study and reported very positive results."
"Further, the quarterly results demonstrate our ability to continue to execute on our business plan. We attained record levels of MGB Eclipse sales and narrowed our quarterly loss as well as posting improvements in other financial measures," Gerber said. "We continue to establish, communicate and deliver on our aggressive operating objectives, and step by step are realizing our goal of becoming a product company."
Quarterly Financial Highlights
Total revenues of $2.7 million for the quarter ended September 30, 2002 increased 36% compared to the third quarter of 2001. Product sales increased 45% to $2.0 million from $1.4 million a year ago, and increased 16% from $1.7 million in the second quarter of 2002. The strength in product sales was the result of higher sales of MGB Eclipse Probe Systems, including initial shipments to Amersham Biosciences, Epoch's new worldwide sales and marketing partner, offset by anticipated decreases in chemical intermediate shipments to collaborative partners. License fees and royalties increased to $277,000 from $51,000 a year ago, indicative of the growth in product sales of the company's corporate partners. Contract research revenues decreased slightly to $407,000 from $539,000 a year ago due to a decrease in research activity provided to collaborative partners.
Total operating expenses for the third quarter were $3.5 million compared to $3.2 million in the comparable quarter of 2001. Cost of product sales increased to $1.1 million from $870,000 in the third quarter of 2001 due to increased product sales, but decreased from 64% to 53% as a percentage of product sales. This significant improvement is due to economies of scale from the increase in product sales, a different product mix -- more MGB Eclipse Probe Systems and less chemical intermediates -- and the company's ongoing focus on increasing efficiencies in its manufacturing operations. Research and development expenses during the quarter were comparable to the third quarter of 2001 at approximately $1.1 million. Sales and marketing expenses increased from $157,000 in last year's third quarter to $284,000 in the current quarter as a result of increases in sales and marketing personnel and related activities. General and administrative expenses increased slightly to $1.2 million from $1.1 million in the comparable quarter of the prior year.
For the nine months ended September 30, 2002, Epoch reported revenues of $7.4 million compared to $5.3 million in the first three quarters of 2001. The net loss for the first nine months of 2002 was $3.3 million, or $0.13 per share, compared to $3.6 million, or $0.14 per share, for the same period in 2001.
At September 30, 2002, the Company had unrestricted cash and cash equivalents of $3.9 million.
Third Quarter Milestones
Early in the quarter, Epoch entered into a worldwide sales and marketing agreement with Amersham Biosciences, the life sciences business of Amersham plc (LSE: NYSE: OSE: AHM). Under the agreement, Amersham became the global sales and marketing partner in the research field of Epoch's MGB Eclipse Probe Systems for gene expression and SNPs. The first revenues from this alliance contributed to product sales in the third quarter of 2002. This morning, Epoch announced a co-exclusive license and supply agreement with QIAGEN N.V. (Nasdaq: QGENF, Frankfurt, Neuer Markt: QIA) for the distribution in the research field of products that incorporate MGB Eclipse Probe Systems for gene expression. Both of Epoch's partners must meet certain milestones to retain their exclusive status. Under both agreements, Epoch is the sole manufacturer and retains all other fields, including diagnostics, forensics, food testing, environmental testing and bio-terrorism testing.
Epoch also announced the closing of two debt financing agreements during the quarter with Silicon Valley Bank, a $2.5 million term loan and a $750,000 working capital line of credit. Proceeds from the financings will be used primarily to expand manufacturing capacity for accelerating product sales and for general corporate purposes.
The Company also reported on results from a pilot study completed during the quarter by scientists at the National Cancer Institute's Advanced Technology Center that evaluated the performance of the MGB Eclipse Probe System in real-time PCR assays. The study assessed the performance of MGB Eclipse and other technology platforms in investigating single nucleotide polymorphisms (SNPs) in a high throughput setting. The NCI found that MGB Eclipse facilitated the efficient development of robust assays for use in a genotyping library. Researchers also found that certain difficult SNPs could only be detected with MGB Eclipse Probe Systems. The pilot trial is the prelude to a massive study analyzing up to 800 SNPs in a population of 20,000 cancer patient samples.
Conference Call Information
Epoch management will hold a conference call at 11:00 a.m. EST (8:00 a.m. PST) today, Tuesday, November 5, 2002, to discuss third quarter financial results. To access the call, dial 888-277-8128 for domestic and 973-582-2729 for international. An audio replay will be available for seven days; domestic callers dial 877-519-4471 and international callers dial 973-341-3080. The passcode for the replay is 3558834.
A live webcast of the call may be accessed at viavid.com. To listen, go to viavid.com approximately 15 minutes prior to the call to register and download/install any necessary audio software. A replay will be available for 45 days.
About Epoch Biosciences
Epoch Biosciences develops proprietary products with commercial applications in the genomics and molecular diagnostics fields. Epoch's technology has numerous applications including the detection of inherited diseases and single nucleotide polymorphisms (SNPs) to identify individuals at risk for disease or adverse drug reactions. The Company's chemical reagents enhance the performance of genetic analysis procedures, and are compatible with the majority of DNA analysis systems currently employed or under development for research and diagnostic uses. The Company licenses its chemistries to leading genomics companies for incorporation in their systems and distribution to end-users. Epoch also manufactures and sells specialty oligonucleotides and genetic detection systems employing its proprietary chemistry. Information about Epoch is available at www.epochbio.com.
Epoch Biosciences Cautionary Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, including but not limited to the possibility that the potential products utilizing the Company's technology may be ineffective or, although effective, may be uneconomical to market; or, that third parties hold proprietary rights that preclude Epoch or its licensees from marketing them; or, that third parties market a superior product. These factors and others may cause actual results to differ materially from the anticipated results. Additional information about potential risk factors that could affect Epoch Biosciences' business and financial results is included in Epoch's annual report on Form 10-K for the year ended December 31, 2001 and in other reports filed from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as to the date of this release and Epoch undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.
Epoch Biosciences, Inc.Condensed Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
Revenues:
Product sales $1,975 $1,359 $5,199 $3,515
License fees and
royalties 277 51 710 214
Contract research 407 539 1,520 1,539
Total revenues 2,659 1,949 7,429 5,268
Operating expenses:
Cost of product sales 1,053 870 3,347 2,497
Research and
development 1,051 1,079 3,237 3,405
Sales and marketing 284 157 986 331
General and
administrative 1,151 1,078 3,220 3,042
Total operating
expenses 3,539 3,184 10,790 9,275
Operating loss (880) (1,235) (3,361) (4,007)
Interest income, net 19 88 81 365
Net loss $(861) $(1,147) $(3,280) $(3,642)
Net loss per share
- basic and
diluted $(0.03) $(0.04) $(0.13) $(0.14)
Weighted average number
of common shares
outstanding -- basic
and diluted 25,661 25,640 25,657 25,570
Epoch Biosciences, Inc.
Condensed Balance Sheets
(in thousands)
September 30, December 31,
2002 2001
(unaudited)
Cash and cash equivalents $3,888 $7,489
Accounts receivable 1,057 354
Inventory 473 158
Other current assets 426 437
Total current assets 5,844 8,438
Property and equipment, net 3,990 3,852
Intangible assets, net 4,193 4,415
Other non-current assets 639 601
Total assets $14,666 $17,306
Accounts payable and accrued liabilities $2,066 $1,559
Deferred revenue -- current portion 856 620
Long term obligations -- current portion 222 13
Total current liabilities 3,144 2,192
Deferred revenue 2,173 3,026
Long term obligations 648 148
Stockholders equity 8,701 11,940
Total liabilities and stockholders' equity $14,666 $17,306<<
Cheers, Tuck |
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