Excellent quarter for BioRad. A split, even. They talked more about their Mad Cow Test than before, and it is good news.
>>HERCULES, Calif., Feb 7, 2002 /PRNewswire-FirstCall via COMTEX/ -- Bio-Rad Laboratories, Inc. (Amex: BIO.A chart, msgs; BIO.B chart, msgs), a multinational manufacturer and distributor of life science research products and clinical diagnostics, announced results for the fourth quarter and year ended December 31, 2001. For the quarter, the Company reported a 31.2 percent increase in quarterly revenue compared to the fourth quarter of last year and a 12.6 percent increase for the full year. When adjusted for divestitures and currency effects, sales growth was about 25 percent for the year. This growth was a result of strong sales in all areas of the business.
The Company also announced that the Board of Directors has authorized a two-for-one stock split, to be effected in the form of a 100% stock dividend for both the Class A and Class B shares. The record date for the stock split has been set at February 25, 2002. Upon the dividend taking effect there will be approximately 20 million Class A shares outstanding and 4.8 million Class B shares outstanding.
2001 Highlights
-- Total sales for the year were up 12.6 percent to $817.5 million
compared to $725.9 million in 2000. Adjusting for divestitures and
currency effects, ongoing operations grew about 25 percent for the
year.
-- Net income rose 42.1 percent to $44.2 million, or $3.58 per share, from
$31.1 million, or $2.55 per share in 2000. The 2000 figure includes
approximately $16.7 million (pre-tax) from the gain of the sale of the
Company's semiconductor business. Not including this item, net income
was up 118 percent for the year.
-- EBITDA for the year was $130.4 million, 9 percent higher than last
year's figure of $119.4 million.
-- Operating margins improved dramatically, increasing to 13.7 percent of
sales for the year compared to 9.2 percent last year.
-- Interest expense declined more than $6 million compared to 2000.
-- Total debt was reduced by 10 percent resulting in an improvement in the
debt-to-equity ratio from 0.9x at the end of 2000 to 0.7x at
December 31, 2001.
Fourth Quarter Highlights
-- Revenues for the quarter were $233.4 million compared to $177.8 million
in the fourth quarter of 2000, an increase of 31.2 percent.
-- Net income reached $17.0 million, or $1.37 per share for the quarter;
an increase of more than 85 percent compared to $9.2 million, or
$0.75 per share from the previous year.
-- EBITDA increased 27 percent to $37.9 million compared to $29.8 million
from the fourth quarter of 2000.
"Bio-Rad's outstanding fourth quarter and full year performance is the result of increasing demand for the Company's core products," said David Schwartz, president of Bio-Rad. "Leading the way were quality controls, blood virus screening kits, diabetes monitoring, laboratory devices, and biomaterials, especially products like the Company's test for Mad Cow Disease, which is now used by approximately 70 percent of the world's laboratories screening for BSE."
Mr. Schwartz continued, "This has been an extraordinary year for Bio-Rad and for our shareholders. The company is built on a solid financial foundation and the strength of a wide-ranging portfolio of quality products. I am confident that we will continue to grow as we design innovative solutions to meet the evolving needs of the life science research and health care industries."
Excluding the impact from currency movements, fourth quarter and year-to-date sales were up in both the Life Science and Clinical Diagnostics businesses. Operating margins also improved dramatically, increasing $45.3 million for the year. As a percent of sales, margins improved to 13.7 percent this year from 9.2 percent last year, reflecting higher sales, improved sales mix, cost cutting measures, and manufacturing efficiencies. Cash flow was extremely strong with EBITDA reaching a record high of $130.4 million.
Bio-Rad management will discuss these results in a conference call scheduled for 10:30 a.m. ET (7:30 a.m. PT) on February 7. Interested parties can access the call by dialing 800-967-7134 or by accessing the web cast at vcall.com . A replay of the call will be available at 719-457-0820 for 7 days following the call, confirmation code 682624, and the web cast can be accessed at www.rcgonline.com for 30 days as well.
Bio-Rad Laboratories, Inc. (www.bio-rad.com) 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 Rule 3b-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 2001
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
Net Sales $233,383 $177,834 $817,509 $725,884
Cost of Goods Sold 99,482 85,361 356,330 343,364
Gross Profit 133,901 92,473 461,179 382,520
Selling, General
and Administrative Expense 77,467 61,051 272,610 247,613
Product Research
and Development Expense 21,989 16,517 76,543 68,140
Income From Operations 34,445 14,905 112,026 66,767
Interest Expense (5,488) (6,699) (24,088) (30,612)
Other, net (7,126) 3,983 (22,969) 9,288
Income Before Taxes
and Accounting Change 21,831 12,189 64,969 45,443
Provision for income taxes 4,829 2,327 20,790 13,633
Income Before Cumulative Effect
of Change in Accounting Principle $17,002 $9,862 $44,179 $31,810
Cumulative Effect
of Change in Accounting Principle 0 (710) 0 (710)
Net Income $17,002 $9,152 $44,179 $31,100
Basic earnings per share(A) $1.37 $0.75 $3.58 $2.55
Weighted average common shares(A) 12,390 12,230 12,324 12,211
Earnings Before Interest, Taxes,
Depreciation and Amortization
(EBITDA) (Estimated) $37,900 $29,800 $130,400 $119,400
(A) Shares and earnings per share calculations do not give effect to the
announced stock split in the form of a 100% stock dividend.
"EBITDA" is defined as net income (loss) from operations before interest, taxes, depreciation and amortization. We believe that EBITDA is a key financial measure but should not be construed as an alternative to operating income or cash flows from operating activities (as determined in accordance with generally accepted accounting principles). We believe that EBITDA is a useful supplement to net income and other income statement data in understanding cash flows generated from operations that are available for taxes, debt service and capital expenditures. However, our method of computation may or may not be comparable to other similarly titled measures of other companies.<<
Cheers, Tuck |
