trickle, trickle, trickle (just the beginning, IMO).......
Thursday October 26, 4:30 pm Eastern Time
Press Release
SOURCE: Molecular Devices Corporation
Molecular Devices Reports Record Revenues and
Earnings for Third Quarter And First Nine Months of 2000
SUNNYVALE, Calif., Oct. 26 /PRNewswire/ -- Molecular Devices Corporation (Nasdaq: MDCC - news) today announced
record revenues and earnings for the third quarter and first nine months of 2000.
Revenues for the third quarter were $24,341,000, higher than any previous quarter in the Company's history and a 32%
increase over sales reported in the same period last year. Revenues for the first nine months of the year were $68,558,000, or
an increase of 37% compared to the same period of 1999.
Operating income increased 91% and 155% in the third quarter and first nine months of the year, respectively, as compared to
operating income in the same periods last year (excluding the effect of a $15,181,000 charge related to the LJL merger in third
quarter of 2000 and a $2,037,000 write-off of acquired in-process research and development recorded in the second quarter
of 1999).
Diluted earnings per share increased to $0.16 and $0.37 for the third quarter and first nine months of 2000, respectively,
compared to $0.08 and $0.18 recorded in the same periods last year (excluding the effect of a $15,181,000 charge related to
the LJL merger in the third quarter of 2000 and a $2,037,000 write-off of acquired in-process research and development
recorded in the second quarter of 1999).
Commenting on the financial results, Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer, said,
``Completion of the LJL BioSystems merger during the third quarter was a significant strategic milestone for Molecular
Devices. We believe the combined enterprise is better positioned to meet our strategic goal of becoming the leading supplier of
drug discovery solutions to the life sciences industry. Our record revenue performance this quarter was fueled by continued
strong growth in both our Life Sciences Research and Drug Discovery segments and is a testament to the strength of the
combined enterprise.''
As previously announced, investors can access a live Webcast of the third quarter earnings conference call through a link that
will be posted on the Investor page of the Molecular Devices website at www.moldev.com. The conference call begins on
Friday, October 27, at 8:00 a.m. Pacific Time and will be available for replay through November 3, 2000.
Molecular Devices Corporation is a leading developer of high-performance, bioanalytical measurement systems that accelerate
and improve drug discovery and other life sciences research. The Company's systems enable pharmaceutical and biotechnology
companies to leverage advances in genomics and combinatorial chemistry by facilitating the high throughput and cost effective
identification and evaluation of drug candidates. The Company's instrument systems are based on its advanced core
technologies which integrate its expertise in engineering, molecular and cell biology and chemistry and are fundamental tools for
drug discovery and life sciences research.
This press release contains ``forward-looking'' statements. For this purpose, any statements contained in this press release that
are not statements of historical fact may be deemed to be forward-looking statements. Words such as ``believes,''
``anticipates,'' ``plans,'' ``expects,'' ``will,'' and similar expressions are intended to identify forward-looking statements. There
are a number of important factors that could cause the results of Molecular Devices Corporation to differ materially from those
indicated by these forward-looking statements, including, among others, risks detailed from time to time in the Company's SEC
reports, including its Annual Report on Form 10-K for the year ended December 31, 1999 and its Registration Statement on
Form S-4, as amended, as of July 17, 2000, and definitive proxy statement filed in connection with the acquisition of LJL
BioSystems, Inc.
MOLECULAR DEVICES CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
TOTAL REVENUES $24,341 $18,401 $68,558 $50,086
TOTAL COST OF REVENUES 9,067 6,526 25,413 18,653
GROSS MARGIN 15,274 11,875 43,145 31,433
OPERATING EXPENSES:
Research and
development 4,292 3,621 12,717 10,249
Merger expenses 15,181 -- 15,181 2,037
Selling, general
and administrative 8,186 6,788 23,980 18,660
Total operating
expenses 27,659 10,409 51,878 30,946
INCOME FROM OPERATIONS (12,385) 1,466 (8,733) 487
Other income, net 1,734 420 3,323 1,504
INCOME BEFORE TAXES (10,651) 1,886 (5,410) 1,991
Income tax provision (1,744) (679) (3,762) (717)
NET INCOME $(12,395) $1,207 $(9,172) $1,274
BASIC NET INCOME
PER SHARE $(0.77) $0.09 $(0.61) $0.10
DILUTED NET INCOME
PER SHARE $(0.77) $0.08 $(0.61) $0.09
SHARES USED IN
COMPUTING BASIC
NET INCOME PER SHARE 16,001 13,419 14,914 13,297
SHARES USED IN
COMPUTING DILUTED
NET INCOME PER SHARE 16,001 14,235 14,914 14,060
PRO FORMA DATA
(excludes merger
expenses, net
of tax):
INCOME FROM OPERATIONS $2,796 $1,466 $6,448 $2,524
NET INCOME $2,786 $1,207 $6,009 $2,578
DILUTED NET INCOME
PER SHARE $0.16 $0.08 $0.37 $0.18
SHARES USED IN
COMPUTING DILUTED
NET INCOME PER SHARE 17,283 14,235 16,138 14,060
NOTE: The results for the three and nine months ended September 30, 1999 have been restated to reflect the acquisition of
LJL BioSystems which was completed during the quarter ended September 30, 2000 and was accounted for as poolings of
interest.
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2000 1999
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $32,214 $32,083
Short-term investments 70,003 4,567
Accounts receivable, net 21,574 19,463
Inventories 12,379 10,509
Deferred tax asset 12,150 10,207
Other current assets 2,284 880
Total current assets 150,604 77,709
Equipment and leasehold improvements, net 8,279 3,656
Other assets 6,777 5,486
$165,660 $86,851
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $5,072 $3,869
Accrued liabilities 10,773 7,808
Current portion of long - term debt 308 282
Total current liabilities 16,153 11,959
Long - term debt,
net of current portion 351 586
Stockholders' equity: 149,156 74,306
$165,660 $86,851
SOURCE: Molecular Devices Corporation |
