| To: tuck who wrote (1246) | 10/24/2002 12:34:04 PM | | From: tuck | | | | BDAL going well today; thinking that ABI's report may be helping, as mass spec sales there are still brisk (see the breakout by product at bottom of financial figures in previous post).
Cheers, Tuck |
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| To: tuck who started this subject | 10/24/2002 4:29:30 PM | | From: tuck | | | | AGNT, still at half cash, seems to be turning around a little. Strength mentioned in consumables:
>>FOSTER CITY, Calif., Oct. 24 /PRNewswire-FirstCall/ -- Argonaut Technologies, Inc. (Nasdaq: AGNT - News) today reported financial results for the third quarter ended September 30, 2002.
ADVERTISEMENT
For the third quarter of 2002, net sales were $7.3 million compared to $3.6 million for the third quarter of 2001. These results were somewhat better than the guidance given on the Company's second quarter 2002 conference call. For the third quarter of 2002, before previously announced restructuring charges, the net loss was about $2.8 million, or $(0.14) per share, compared to a net loss of $3.7 million, or $(0.19) per share, for the third quarter of 2001. The net loss for the third quarter of 2002, including restructuring charges of approximately $2.6 million, was $5.3 million, or $(0.27) per share.
"We are not standing still waiting for the capital spending environment to improve at pharmaceutical companies," stated Lissa A. Goldenstein, Argonaut's president and chief executive officer. "In the third quarter of 2002, we made progress on several important strategic initiatives. We added GlaxoSmithKline as a new Technology Access Program partner, introduced a new benchtop process analysis instrument, the Advantage Series(TM) 2050 and improved our intellectual property portfolio with an expansion of our license with Symyx Corporation. Importantly, we remain focused on achieving cash flow break-even as our primary financial goal and have continued to streamline our operations by doubling our revenue base and only increasing operating costs by 4%."
Ms. Goldenstein continued, "We experienced solid demand in the third quarter for chemistry consumables and we believe our consumables provide leading-edge, cost effective solutions for chemical synthesis and purification. Capital equipment expenditures continue to be lackluster and as part of our announced restructuring we will be focusing our sales and marketing efforts on products with the largest market and profitability opportunities."
In August 2002, the Company announced a second cost savings initiative that should result in expense reductions of approximately $3 million on an annualized basis. During the first part of 2002, Argonaut had already instituted cost savings initiatives that had cut expenses by about $5 million on an annualized basis relative to the prior year.
As of September 30, 2002, Argonaut had approximately $40.8 million in cash, cash equivalents, short-term investments and restricted cash.
For the nine months ended September 30, 2002, Argonaut reported net sales of $18.8 million compared to $11.4 million for the nine months ended September 30, 2001. The net loss for the nine months of 2002, including the restructuring charge was $11.6 million, or $(0.59) per share compared to a net loss of $10.9 million, or $(0.57) per share, for the nine months of 2001.
Business Outlook
"We expect net sales for the fourth quarter of 2002 to be between $7.4 million and $7.8 million, bringing estimated net sales for the full year 2002 to about $26.5 million," commented Ms. Goldenstein.
"Gross margin for the fourth quarter of 2002 is expected to be higher than the third quarter, but similar to the gross margin range, excluding special charges, experienced during the nine months of 2002, or between 45% and 47%. We are carefully managing expenses and estimate total operating expenses for the fourth quarter of 2002 to be between $6.0 million and $6.2 million and would anticipate a net loss for the fourth quarter to be less than the third quarter of 2002, and between $2.6 and 2.8 million. We expect a full year 2002 net loss of between $11.7 million and $11.9 million, not including the restructuring charges."
Conference Call Details
Argonaut Technologies will discuss these financial results and its outlook during a conference call scheduled for today, Thursday, October 24, 2002 at 2:00 p.m. Pacific / 5:00 p.m. Eastern. Interested parties may participate in the conference call by dialing 888-277-8128 (international callers dial: 973-582-2729). The call will also be available via live audio broadcast over the Internet at www.argotech.com. For those unable to participate on the live call, a 24-hour replay will be available for seven days after the call at www.argotech.com, or by calling 877-519-4471 (international callers dial: 973-341-3080) and giving the following pass code: 3531697.
About Argonaut Technologies, Inc.
Argonaut Technologies, Inc. is a leading provider of instruments, chemistry consumables, software, and services designed to accelerate and improve chemical development processes. The Company's products are designed to enable chemists to increase productivity, reduce operating costs through automation and process simplification, achieve faster time-to-market, and explore the increasing number of targets and chemical compounds available for drug and chemical development. Argonaut's products are used in more than 1,000 pharmaceutical, chemical, and academic laboratories worldwide. For more information, visit www.argotech.com.
Forward Looking Statements
Statements included in this press release that are not historical in nature may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of such forward-looking statements include, without limitation, statements regarding the outlook for net sales, gross margins, operating expenses and net loss for the 2002 fourth quarter and 2002 fiscal year, the future demand for instruments and consumables, anticipated growth in the market for our products, anticipated revenue from contract R&D programs, and the benefits from cost savings initiatives. Any such forward-looking statements reflect the judgment of our management as of the date of this release, and involve risks and uncertainties, including the risk that increasing revenues and decreasing expenses may not be realized as quickly as anticipated or at all and the risk that the current slow period in our industry continues for longer than we expect or deteriorates further, with a reduction in demand for instruments and consumables, each of which could significantly impact our business and results of operations. These and other risk factors are discussed in Argonaut's Annual Report on Form 10-K for the year ended December 31, 2001 filed on April 1, 2002, in its most recent quarterly report on Form 10-Q for the quarter ended June 30, 2002 filed on August 13, 2002, and its other reports with the Securities and Exchange Commission. Argonaut disclaims any intent or obligation to update these forward-looking statements. The Company claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
ARGONAUT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
Net sales $7,282 $3,583 $18,762 $11,445
Costs and Expenses:
Costs of sales 4,021 1,964 10,141 6,128
Costs of sales - special
charges 765 -- 765 --
Research and development 1,468 1,530 4,307 5,035
Selling, general and
administrative 4,476 4,178 13,190 12,552
Amortization of goodwill
and other purchased
intangible assets 209 216 524 504
Acquired in-process research
and development -- -- -- 270
Restructuring charges 1,802 -- 1,802 --
Total costs and expenses 12,741 7,888 30,729 24,489
Loss from operations (5,459) (4,305) (11,967) (13,044)
Other income (expenses):
Interest and other income 294 593 977 2,347
Interest and other expense (173) (10) (422) (211)
Net loss before provision
for income taxes (5,338) (3,722) (11,412) (10,908)
Provision for income taxes -- -- (200) --
Net loss $(5,338) $(3,722) $(11,612)
$(10,908)
Net loss per common share,
basic and diluted $(0.27) $(0.19) $(0.59) $(0.57)
Weighted-average shares
used in computing net
loss per common share,
basic and diluted 19,973 19,199 19,839 18,975
ARGONAUT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, Dec. 31,
2002 2001
(Unaudited) (A)
ASSETS
Current assets:
Cash and cash equivalents $10,622 $17,996
Short-term investments 18,198 39,636
Accounts receivable, net 5,254 4,187
Inventories 6,783 4,096
Prepaid expenses & other current assets 987 784
Notes receivable 177 --
Total current assets 42,021 66,699
Restricted cash 11,949 --
Property and equipment, net 5,255 3,233
Goodwill 9,387 763
Other intangible assets, net 6,649 1,450
Other assets 139 26
$75,400 $72,171
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,620 $1,681
Accrued compensation 848 1,421
Other accrued liabilities 2,629 1,679
Deferred revenue 3,012 3,439
Current portion of notes payable and
capital lease obligations 274 187
Total current liabilities 8,383 8,407
Long term debt 12,103 --
Stockholders' equity 54,914 63,764
$75,400 $72,171
(A) The condensed consolidated balance sheet at December 31, 2001 has been
derived from the audited consolidated financial statements at that
date but does not include all of the information and footnotes
required by accounting principles generally accepted in the
United States for complete financial statements.<<
Cheers, Tuck |
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| To: tuck who wrote (1248) | 10/24/2002 4:38:01 PM | | From: tuck | | | | >>SAN DIEGO--(BUSINESS WIRE)--Oct. 24, 2002--Invitrogen Corp. (Nasdaq:IVGN - News) today announced results for the quarter and nine months ended Sept. 30, 2002.
Revenues for the third quarter were $162.6 million, an increase of 4% over the $156.0 million recorded for the third quarter of 2001. Net income for the quarter ended Sept. 30, 2002 was $14.9 million, or $0.28 per share, which compares to a net loss of $37.4 million, or $0.71 per share, in the comparable quarter of 2001. The single largest factor contributing to the change from a loss in last year's quarter to a gain in this year's quarter was the implementation of FAS No. 142, under which goodwill is no longer amortized. The company has regularly reported pro forma results which exclude merger related amortization and business integration costs. Third quarter pro forma net income was $24.8 million, or $0.46 per share, compared with pro forma net income and earnings per share in the third quarter of 2001 of $22.7 million and $0.42, respectively.
Revenues for the nine months ended Sept. 30, 2002 were $486.8 million, an increase of 2% over the $476.0 million recorded for the same period in 2001. Net income for the nine months ended Sept. 30, 2002 was $37.5 million, or $0.70 per share, which compares to a net loss of $112.1 million, or $2.14 per share, in the comparable period in 2001. Pro forma net income for the nine months ended Sept. 30, 2002 was $76.9 million, or $1.41 per share, compared with pro forma net income and earnings per share for 2001 of $72.2 million and $1.34, respectively.
The company's program to exit low-margin, low-growth products acquired in the Life Technologies merger is now largely completed. Third quarter 2002 revenues included $0.4 million for products that the company began discontinuing after its merger with Life Technologies compared with $8.4 million for these same products in the third quarter of 2001. Revenues for continuing products increased 10% in the third quarter of 2002. Excluding the favorable impact of foreign currency translation effects, third quarter 2002 revenues from continuing products increased 7%.
The following revenue discussion is based on continuing products and is on a currency-comparable basis so as to exclude the effect of discontinued products and currency rate changes. Sales of molecular biology products increased 6% in the third quarter of 2002 compared with the same period in 2001. Continuing strong growth in molecular biology kits and reagents was offset by continuing weakness in the oligonucleotide and services businesses. Cell culture revenues increased 11% in the third quarter. Cell culture sales for research applications were strong during the quarter and benefited from higher selling prices for serum products.
Third quarter 2002 gross margins were 58.5%, compared with 56.2% in the third quarter of last year. The improvement over the past year reflects the company's success in exiting low margin businesses, increasing selling prices and containing costs.
Third quarter 2002 results included $0.2 million for business integration costs. The company has now completed its planned restructuring activities associated with the Life Technologies merger. Future restructuring costs associated with the Huntsville closure are expected to be minimal, unless actual proceeds from the sale of real estate in Huntsville are significantly different than the company's current estimates.
Net other income was $1.7 million in the third quarter of 2002, compared with $3.0 million in the third quarter of the previous year. Net other income for the nine months ended Sept. 30, 2002 was $1.7 million compared with $11.4 million for the same period in 2001. Interest income was higher in 2002 due to higher investment balances, somewhat offset by lower interest rates in 2002. Interest expense was higher in 2002 due to the issuance of $500 million in subordinated convertible debentures in December 2001. The second quarter of 2002 includes a $0.5 million loss on the sale of our Serva subsidiary. The first and second quarters of 2001 included a $1.3 million gain on the sale of a product line and a $1.0 million gain on the sale of a facility in Europe, respectively.
The company acquired 393,000 shares of its common stock as of Sept. 30, 2002 under its recently announced share repurchase program. Repurchases during the third quarter were made at an average cost of $33.98 representing $13 million. The company has continued making purchases under this program in the fourth quarter. Total purchases under this program now stand at 1.3 million shares representing approximately $42 million.
Cash flows from operating activities were $40 million during the third quarter of 2002, increasing operating cash flows for the first nine months of 2002 to $103 million. Purchases of property, plant and equipment were $12 million in the third quarter bringing year to date 2002 capital expenditures to $43 million.
Conference Call and Financial Outlook for 2002
The company will discuss its third quarter 2002 results and its business outlook on its conference call at 5 p.m. Eastern Time today. Interested parties can participate in the call by dialing 973/582-2751 after 4:50 p.m. Eastern Time. A replay of the call will be available until Oct. 31, 2002 by dialing 973/341-3080 and using access code 3531727.<<
snipped safe harbor and numbers, which were too extensive to post.
Still using a toll number and no webcast, the jerks. Growth sluggish.
Cheers, Tuck |
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| 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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