Earnings Report......
VENLO, The Netherlands, May 5 /PRNewswire/ -- QIAGEN N.V. (NASDAQ:QGENF)
today announced the financial results for its first fiscal quarter ended
March 31, 1997.
Consolidated revenues for the first quarter increased 37% to $17.1 million
in 1997 from $12.5 million in the first quarter of 1996. If consolidated
revenues for the first quarter of 1997 were calculated applying the same
foreign exchange rates used for computation of consolidated net sales for the
first quarter of 1996, the Company's growth rate of consolidated revenues
would have been approximately 45%.
Reported net income for the first quarter of 1997 increased 100% to
$2.0 million from $1.0 million in the first three months of 1996.
Earnings per share for the quarter ended March 31, 1997 increased 57% to
$0.11 on 17,028,000 weighted average shares outstanding from $0.07 on
13,672,000 weighted average shares outstanding in the equivalent quarter of
1996. The increase in weighted average shares reflected the Company's
issuance of 3,016,500 shares in its initial public offering in June 1996.
Cash and marketable securities at March 31, 1997 totaled $28.6 million,
mainly resulting from proceeds from the Company's initial public offering.
As Dr. Metin Colpan, QIAGEN N.V.'s Chief Executive Officer described:
"1997 started off very well for QIAGEN. Our revenue growth was strong despite
significant, negative currency effects and a strong growth rate in the
equivalent quarter of 1996. We experienced strong growth across our product
portfolio which today exceeds 250 products. We continue to expand our product
offerings by adding innovative products covering new applications,
technologies and solutions. Examples of such recent product introductions
include the PCR product line and QIAGEN's innovative transfection reagents.
We believe that these, among others, are performing very well and represent
new and significant market opportunities for our Company. Another positive
development was the fact that QIAGEN's subsidiaries in Australia and France
which initiated operations in the third quarter of 1996 contributed to the
Company's net income for the first time."
QIAGEN N.V., a Netherlands holding company with subsidiaries in Germany,
the United States, the United Kingdom, Switzerland, France, and Australia,
believes it is the world's leading provider of innovative enabling
technologies and products for the separation and purification of nucleic
acids. The Company has developed a comprehensive portfolio of more than
250 proprietary, consumable products for nucleic acid separation and
purification, nucleic acid amplification, as well as automated instrumentation
and related services. QIAGEN's products are sold in more than 30 countries
throughout the world to academic research markets and also to the 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 diagnostics, and
genetic vaccination and gene therapy.
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 Securities Exchange
Act of 1934, as amended. To the extent that any of the statements contained
herein relating to QIAGEN's products and markets 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), variability of
operating results, the commercial development of the DNA sequencing and
genomics markets, nucleic acid-based diagnostics market, and genetic
vaccination and gene therapy markets, competition, rapid or unexpected changes
in technologies, fluctuations in demand for QIAGEN's products (including
seasonal fluctuations), and the Company's ability to identify and develop new
products and to differentiate its products from competitors. For further
information, refer to the discussion in QIAGEN's Registration Statement on
Form F-1 and in other documents that the Company files from time to time with
the U.S. Securities and Exchange Commission (SEC).
QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
1997 1996
Assets (unaudited)
Current Assets:
Cash and cash equivalents $2,206,000 $1,975,000
Marketable securities 26,400,000 28,097,000
Accounts receivable, net 9,615,000 6,498,000
Income taxes receivable -- 492,000
Inventories 10,605,000 9,851,000
Prepaid expenses and other 1,720,000 1,625,000
Deferred income taxes 1,256,000 30,000
Total current assets 51,802,000 48,568,000
Property, plant and
equipment, net 16,283,000 16,115,000
Intangible assets, net 926,000 938,000
Other assets 921,000 569,000
Total assets $69,932,000 $66,190,000
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term debt $ 3,887,000 $1,820,000
Current portion of
long-term debt 275,000 449,000
Current portion of
capital leases 949,000 904,000
Accounts payable 4,740,000 5,552,000
Accrued liabilities 4,687,000 3,475,000
Income taxes payable 2,333,000 539,000
Total current liabilities 16,871,000 12,739,000
Long-Term Liabilities:
Long-term debt, net of
current portion 824,000 891,000
Capital leases, net
of current portion 4,584,000 4,771,000
Other 88,000 93,000
Total long-term liabilities 5,496,000 5,755,000
Shareholders' Equity:
Common shares, NLG .03
($.0175) per share 293,000 293,000
Additional paid-in capital 40,643,000 40,643,000
Retained earnings 9,749,000 7,795,000
Notes receivable from
sale of shares (1,729,000) (1,729,000)
Cumulative translation
adjustment (1,391,000) 694,000
Total shareholders'
equity 47,565,000 47,696,000
Total liabilities and
shareholders' equity $69,932,000 $66,190,000
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months ended March 31,
1997 1996
Net sales $17,101,000 $12,480,000
Cost of sales 4,866,000 3,336,000
Gross profit 12,235,000 9,144,000
Operating expenses:
Research and development 1,905,000 1,293,000
Sales and marketing 4,901,000 3,324,000
General and administrative 3,362,000 2,603,000
Total operating expenses 10,168,000 7,220,000
Income from operations 2,067,000 1,924,000
Other income (expense):
Interest income 569,000 19,000
Interest expense (297,000) (160,000)
Research and development grants 529,000 --
Other income (expense) 8,000 42,000
Gain (loss) on foreign
currency transactions 521,000 115,000
Income before provision for
income taxes 3,397,000 1,940,000
Provision for income taxes 1,443,000 985,000
Net income $1,954,000 $955,000
Weighted average number
of common shares 17,028,000 13,672,000
Net income per common share $0.11 $0.07 |
