QGENF, after warning, produces its official numbers, as well as a couple of new alliances which for spatial reasons I'll put in the next post . . .
>>VENLO, Netherlands, Oct 29, 2001 /PRNewswire via COMTEX/ -- QIAGEN N.V. (Nasdaq: QGENF chart, msgs; Neuer Markt: QIA; Easdaq:QGEN) today announced the results of operations for its third quarter and nine-month period ended September 30, 2001.
The financials announced today are in line with the expectations that the Company communicated in its press release dated September 20, 2001. In this release, QIAGEN described the significant impacts of the September 11 terrorist attacks and the resulting shutdown of the logistics and transportation services as well as the temporary slowdown of demand for QIAGEN products. The Company has seen a significant rebound in sales beginning in early October. As stated previously, based on current estimates, the Company believes that the impacts were temporary and that they should not lead to changes to expected financial results for following periods.
The Company reported that consolidated net sales for the third quarter of 2001 increased 16% to $63.3 million, from $54.7 million for the same period in 2000. Using identical foreign exchange rates for both periods, net sales would have increased approximately 18%. Net income for the quarter ended September 30, 2001 decreased 14% to $6.2 million from $7.2 million in the same quarter of 2000. Diluted earnings per share decreased 20% to $0.04 (based on 144.9 million average shares and share equivalents outstanding) from $0.05 (based on 145.2 million average shares and share equivalents outstanding) in the comparable quarter of 2000. Operating profit decreased 14% to $10.1 million from $11.8 million in the comparable quarter of 2000.
Revenues for the first nine months of 2001 increased 22% to $192.5 million from $158.2 million in the first nine months of 2000. Excluding the effect of one-time charges related to the acquisition of Operon Technologies Inc. in 2000 and the Sawady Group in 2001, net income for the first nine months of 2001 increased 28% to $25.5 million from $20.0 million in the comparable period of 2000, and diluted earnings per share for the first nine months of 2001 increased to $0.18 (based on 145.0 million average shares and share equivalents outstanding) from $0.14 (based on 143.5 million average shares and share equivalents outstanding) in the first nine months of 2000.
"QIAGEN observed very strong growth during most of the third quarter. The abrupt decrease in shipments and orders in terms of revenues in the very important second half of September was significant. As expected we also saw a recovery in the weeks following this decrease," said Dr. Metin Colpan, Chief Executive Officer of QIAGEN. "As evidenced by many indicators, our markets continue to experience strong growth. We believe that public and private research markets increased their planned growth of expenditures and emerging commercial markets for our products in genomics, diagnostics and gene therapy markets will continue to increase in size. As demonstrated in this third quarter, we are further enhancing the strategic and technology value of our products through transactions including the ones announced with Genicon, Kreatech, Polysciences and Pall (NYSE: PLL chart, msgs). We believe that our technology and market leadership continued to expand and are very excited to see QIAGEN in the powerful strategic position it has today."
QIAGEN N.V., a Netherlands holding company with subsidiaries in Germany, the United States, Japan, the United Kingdom, Switzerland, France, Italy, Australia 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 1,500 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), variability of operating results, the commercial development of the DNA sequencing, genomics and synthetic nucleic acid-related markets, nucleic acid-based molecular 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), difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products, the ability of each 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,
2001 2000
Net sales $63,343,000 $54,661,000
Cost of sales 19,970,000 15,451,000
Gross profit 43,373,000 39,210,000
Operating Expenses:
Research and development 6,125,000 5,902,000
Sales and marketing 17,288,000 13,751,000
General and administrative 9,879,000 7,738,000
Total operating expenses 33,292,000 27,391,000
Income from operations 10,081,000 11,819,000
Other Income (Expense):
Interest income 346,000 879,000
Interest expense (213,000) (435,000)
Research and development grants 419,000 511,000
Gain (loss) on foreign currency
transactions (590,000) 26,000
Loss from equity method investee (177,000) (328,000)
Other miscellaneous income
(expense), net 33,000 (226,000)
Total other income (expense) (182,000) 427,000
Income before provision for income
taxes and minority interest 9,899,000 12,246,000
Provision for income taxes 3,706,000 5,018,000
Minority interest -- 73,000
Net income $6,193,000 $7,155,000
Weighted average number of diluted
common shares 144,916,000 145,217,000
Diluted net income per common share $0.04 $0.05
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Nine months
ended September 30,
2001 2000
Net sales $192,537,000 $158,196,000
Cost of sales 57,533,000 46,780,000
Gross profit 135,004,000 111,416,000
Operating Expenses:
Research and development 19,825,000 18,118,000
Sales and marketing 47,805,000 38,787,000
General and administrative 28,025,000 23,798,000
Acquisition costs 3,000,000 5,353,000
Total operating expenses 98,655,000 86,056,000
Income from operations 36,349,000 25,360,000
Other Income (Expense):
Interest income 1,575,000 2,165,000
Interest expense (904,000) (1,195,000)
Research and development grants 836,000 1,147,000
Gain (loss) on foreign currency
transactions (264,000) 16,000
Loss from equity method investee (1,082,000) (598,000)
Other miscellaneous income, net 1,492,000 626,000
Total other income 1,653,000 2,161,000
Income before provision for income
taxes and minority interest 38,002,000 27,521,000
Provision for income taxes 14,509,000 12,810,000
Minority interest 8,000 52,000
Net income $23,485,000 $14,659,000
Weighted average number of diluted
common shares 145,034,000 143,471,000
Diluted net income per common share $0.16 $0.10
Diluted net income per common share
excluding acquisition costs $0.18 $0.14
QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
September 30, December 31,
2001 2000
Assets
Current Assets:
Cash and cash equivalents $11,297,000 $24,008,000
Marketable securities 23,282,000 37,307,000
Notes receivable 3,912,000 3,383,000
Notes receivable, related party -- 617,000
Accounts receivable, net 42,006,000 34,738,000
Income taxes receivable 627,000 1,779,000
Inventories 32,333,000 29,231,000
Prepaid expenses and other 10,151,000 4,736,000
Deferred income taxes 14,431,000 11,866,000
Total current assets 138,039,000 147,665,000
Property, plant and equipment, net 136,310,000 73,156,000
Long-term marketable securities 1,805,000 6,316,000
Intangible assets, net 5,915,000 7,136,000
Other assets 7,592,000 6,620,000
Total assets $289,661,000 $240,893,000
Liabilities and Shareholders' Equity
Current Liabilities:
Lines of credit $4,393,000 $885,000
Short-term debt 908,000 6,382,000
Current portion of long-term debt 1,163,000 1,071,000
Current portion of capital lease
obligations 1,116,000 1,043,000
Accounts payable 16,615,000 18,668,000
Accrued liabilities 23,651,000 15,878,000
Income taxes payable 4,074,000 1,712,000
Deferred income taxes 381,000 499,000
Total current liabilities 52,301,000 46,138,000
Long-Term Liabilities:
Long-term debt, net of current
portion 19,220,000 11,552,000
Capital lease obligations, net of
current portion 10,839,000 11,744,000
Deferred income taxes 549,000 549,000
Other 8,565,000 3,361,000
Total long-term liabilities 39,173,000 27,206,000
Minority interest in consolidated
subsidiaries -- 193,000
Commitments and Contingencies
Shareholders' Equity:
Common shares, EUR .01 par value:
Authorized -- 260,000,000 shares
Issued and outstanding --
143,124,919 shares
in 2001 and 142,548,987
shares in 2000 1,455,000 1,450,000
Additional paid-in-capital 117,550,000 103,448,000
Retained earnings 86,344,000 62,859,000
Accumulated other comprehensive
loss (7,162,000) (401,000)
Total shareholders' equity 198,187,000 167,356,000
Total liabilities and
shareholders' equity $289,661,000 $240,893,000<<
snip
Cheers, Tuck |
