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Biotech / Medical : Bio-Rad Labs: Things are changing
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To: Dave Chanoux who wrote (8)2/20/2000 9:18:00 PM
From: Dave Chanoux  Read Replies (1) of 18
 
The facts emerge like a le Carre spy novel. Earlier this
week Bio-Rad reported sale of $180 M in bonds priced to
yield 11.875%.

This takes some of the mystery out of the interest expense
reported in Q4 '99. Now we can add a fourth column to
exclude non-recurring expenses and make some estimate of
the profitability we might expect from the combined Bio-Rad
PSD. (Assume that the full $210M is eventually financed at
12%, $6.3M interest expense in the first quarter.)

(What's that about "we" doc, the lecture hall is empty!)

PSD + Excluding
Bio-Rad PSD Bio-Rad non-recurring
Revenue 134.2 60.2 194.4 194.4
Gross Margin 71.1 26.1 97.2 97.2
Gross Margin percent 52.98% 43.36% 50.00% 50.00%
SG&A 45.6 20.4 66.0 66.0
R&D-Continuing 13.4 5.4 18.8 18.8
R&D-Non-recurring 15.5
Operating Income 12.1 0.3 -3.1 12.4
Interest - recurring 0 0 5.0 6.3
Interest -non-recurring 0 0 5.3
Taxable Income 10.1 0.3 -15.7 6.1
Taxes (29%) 2.929 0.087 -4.553 1.77
Net Income 7.171 0.213 -11.147 4.33
EPS (12.125M shares) $0.59 $0.02 -$0.92 $0.36

We would expect continuing operations to be profitable.
How much so depends on the volume and margin improvements.

Debt securities were not registered for sale in the US.
Any comments on why Bio-Rad sold debt outside the US?
Currency exchange, tax implications, availability of
funds...?

Regards,

Dave Chanoux
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