PBSC makes its last report as an independent company:
>>MERIDEN, Conn., Oct. 30 /PRNewswire/ -- Packard BioScience Company (Nasdaq: PBSC - news) reported today its operating results for the third quarter ended September 30, 2001, as compared to the quarter ended September 30, 2000.
Unless otherwise stated, references throughout this release are adjusted to include revenues from the GSI Life Sciences acquisition and to remove the effects of charges related to the Company's pending merger with PerkinElmer, Inc. and the effects of fluctuations in foreign currencies on the Company's revenues. The merger is expected to close in the fourth quarter.
Highlights of the third quarter include:
* The Company's organic revenue grew 20% to $49.8 million; considering the
unfavorable effects of exchange rates, organic revenue rose 18%;
* Operating profit, exclusive of goodwill amortization and merger-related
charges of $0.3 million, grew $3.5 million to $5.3 million;
* Diluted cash earnings per share from continuing operations increased to
$.03 from a loss of $.02 in the third quarter of 2000, even with
continued higher-than-expected net interest expense in the third
quarter.
Packard's third-quarter revenue grew $8.4 million, led by strong liquid handling and automated sample preparation instrument revenues which grew over 45% in the quarter. Packard's service revenue grew over 10% in the quarter, continuing the trend of service revenue growth.
``We are very pleased that, once again, we were able to achieve revenue growth in excess of our goal of 15% for this year. Our liquid handling and automated sample preparation products now comprise almost 30% of our revenues and continued their trend of greater than 30% growth. Our gross margin percentage increase of 1.4% on top of 20% revenue growth allowed us to triple our cash operating profit. In these uncertain economic times when many of our peers have experienced a softening of revenue growth, we are extremely proud of these results,'' said Emery G. Olcott, Chairman and Chief Executive Officer.
Packard BioScience Company is a global developer, manufacturer and marketer of instruments and related consumables and services for use in drug discovery and other life science research industries. The Company is primarily focused on the rapidly-growing areas of drug screening, functional genomics and proteomics. The Company's broad technology portfolio and its experience working in more than 60 countries with market-leading customers have allowed it to establish a strong position in many of its primary product categories, including liquid handling and sample preparation robotics and integrated screening systems for drug discovery.
Certain statements contained herein are ``forward looking'' statements, including, without limitation, the prospective statements regarding growth rates. Many factors could cause actual results to differ materially from these statements including, without limitation, loss of market share from competition, our ability to successfully introduce new products and platforms or to expand the application range for our current products, our ability to protect our intellectual property, the possibility that our products may infringe on the intellectual property rights of others, changes in the markets we serve and economic issues such as interest rate and foreign exchange fluctuations. These and other risk factors are discussed in detail in our filings with the Securities and Exchange Commission.
PACKARD BIOSCIENCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED OPERATING RESULTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(in 000's except per share data)
Nine Months Ended Three Months Ended
September 30, September 30,
2001 2000 2001 2000
Net Sales $150,232 $115,446 $49,783 $37,030
Cost of Sales 66,625 50,738 22,014 16,869
Gross Profit 83,607 64,708 27,769 20,161
Research & Development
Expenses 22,400 19,950 6,939 6,674
Selling, General &
Administrative Expenses 44,762 38,583 15,823 11,735
Goodwill Amortization 4,439 745 1,500 247
Operating Profit 12,006 5,430 3,507 1,505
Interest Expense, Net (8,433) (13,716) (2,413) (3,715)
Income (Loss) from
Continuing Operations
Before Income Taxes 3,573 (8,286) 1,094 (2,210)
Provision For (Benefit From)
Income Taxes 1,108 (2,900) 340 (774)
Income (Loss) from
Continuing Operations 2,465 (5,386) 754 (1,436)
Discontinued Operations,
Net of Income Taxes 49,065 954 -- 1,780
Extraordinary Items,
Net of Income Taxes -- (48) -- (615)
Net Income (Loss) $51,530 ($4,480) $754 $(271)
Earnings Per Share:
Basic -
From Continuing Operations $0.03 ($0.10) $0.01 ($0.02)
From Discontinued Operations 0.72 0.02 0.00 0.03
Extraordinary Items 0.00 0.00 0.00 (0.01)
Net Income (Loss) $0.75 ($0.08) $0.01 $0.00
Diluted -
From Continuing Operations $0.03 ($0.10) $0.01 ($0.02)
From Discontinued Operations 0.70 0.02 0.00 0.03
Extraordinary Items 0.00 0.00 0.00 (0.01)
Net Income (Loss) $0.73 ($0.08) $0.01 $0.00
Weighted Average Shares Outstanding:
Basic 68,425 55,785 69,074 62,118
Diluted 70,624 55,785 (1) 70,922 62,118 (1)
(1) Excludes common stock equivalents as their effects are not dilutive in
light of the loss.<<
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Cheers, Tuck |
