MIL reported last week:
>>Millipore Fourth Quarter Revenues Up 12 Percent
BEDFORD, Mass.--(BW HealthWire)--Jan. 24, 2002--Millipore Corporation (NYSE/MIL) announced today that its fourth quarter revenues were $169 million, up 12 percent from the same period in the prior year. In local currency, revenue growth was 13 percent for the quarter. Revenues for all of 2001 were $657 million, up 9 percent from 2000. In local currency, revenue growth was 13 percent for the year.
Earnings per share from continuing operations were $0.41 for the fourth quarter of 2001, compared to $0.36 for the same period in 2000. Reported earnings for the quarter were $0.39 per share, which includes an extraordinary loss on early extinguishment of debt. The prior year's reported earnings of $0.69 per share included $0.33 from the results of discontinued operations.
For the full year, earnings per share from continuing operations were $1.32 compared to $1.40 in 2000. Excluding unusual items in both years (detailed in the attached schedule), earnings per share from continuing operations were $1.56 in 2001 compared to $1.32 in 2000. Reported full year earnings per share including discontinued operations were $0.65 in 2001 versus $2.53 per share in 2000.
Fran Lunger, Millipore's President and CEO said: ``2001 was a very good year for Millipore, capped by a strong fourth quarter. Our high growth market areas of life science research and biotech manufacturing grew more than 20 percent in local currency in the fourth quarter compared to the fourth quarter of 2000 and now comprise over 45 percent of our total revenues. For the year, life science research grew 14 percent and biotech manufacturing grew 20 percent. Our legacy bioscience products grew a respectable 8 percent for the quarter and 9 percent for the year in local currency.''
Lunger continued: ``Geographically, our revenue growth was broad-based with double-digit growth in all regions in local currency - for the fourth quarter and for the year.''
He noted: ``We achieved our 2001 results while successfully separating out our microelectronics business as an independent company, now called Mykrolis. (NYSE/MYK). We remain on plan to distribute to Millipore stockholders approximately 82 percent of Mykrolis shares in the first quarter of 2002.''
Lunger concluded: ``We see continued expansion of our high growth markets of life science research and biotechnology manufacturing in 2002. There are a number of exciting new product introductions planned this year, and we have invested and continue to invest in the facilities and programs we need to fulfill our goals in 2002 and beyond.''
Millipore's fourth quarter revenue growth by geography for continuing
operations was as follows ($'s in millions):
Revenues by % Growth Local
Geographic Area Q4, 2000 Q4, 2001 % Growth Currency
Americas $ 66 $ 74 12% 12%
Europe 50 59 19% 15%
Asia / Pacific 35 36 2% 12%
Total $151 $169 12% 13%
Millipore's full year revenue growth by geography for continuing
operations was as follows ($'s in millions):
% Growth Local
Revenues by YTD 2000 YTD 2001 % Growth Currency
Geographic Area
Americas $273 $302 11% 11%
Europe 199 222 12% 14%
Asia / Pacific 128 133 4% 16%
Total $600 $657 9% 13%
Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings Call on January 25, 2002, 9:00 AM EST. Go to the Millipore web site at www.millipore.com and click on the ``investors'' link for details on this event.
About Millipore
Millipore is a multinational, high technology company that provides technologies, tools and services for the development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information visit www.millipore.com.
Millipore Forward Looking Statement Disclaimer
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Potential risks and uncertainties that could affect Millipore's future operating results include, without limitation, difficulties in the successful separation of the biosciences and microelectronics businesses; difficulties in the successful implementation of our restructuring activities; foreign exchange rates; increased regulatory concerns on the part of the biopharmaceutical industry; further consolidation of drug manufacturers; competitive factors such as new membrane technology; availability of raw materials or component products on a timely basis; inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general; potential environmental liabilities; the inability to utilize technology in current or planned products due to overriding rights by third parties; difficulties inherent in research and development activities; and the risk factors listed from time to time in Millipore's filings with the SEC.
Millipore Corporation
Consolidated Statements of Income
(In thousands, except per share data)
Unaudited
Three Months Ended Twelve Months Ended
December 31, December 31,
2001 2000 2001 2000
Net sales $ 168,761 $ 150,876 $ 656,898 $ 600,161
Cost of sales 74,626 68,109 291,219 266,227
Gross profit 94,135 82,767 365,679 333,934
Selling, general &
administrative
expenses 50,569 45,845 200,757 190,556
Research &
development expenses 12,421 10,205 45,816 40,580
Restructuring and
other charges -- -- 17,962 320
Operating income 31,145 26,717 101,144 102,478
Gain on sale of
equity securities -- -- -- 7,151
Interest income 433 947 2,591 3,486
Interest expense (5,990) (6,193) (25,336) (26,922)
Income from
continuing
operations before
income taxes 25,588 21,471 78,399 86,193
Provision for income
taxes 5,629 4,724 14,913 20,108
Income from
continuing
operations 19,959 16,747 63,486 66,085
Income (loss) from
discontinued
operations, net of
tax -- 15,622 (6,736) 53,107
Loss on disposal of
discontinued
operations, net of
tax -- -- (24,400) --
Total discontinued
operations -- 15,622 (31,136) 53,107
Extraordinary loss on
early extinguishment
of debt, net of tax (1,233) -- (1,233) --
Net income $ 18,726 $ 32,369 $ 31,117 $ 119,192
Diluted net income
(loss) per share:
Continuing
operations $ 0.41 $ 0.36 $ 1.32 $ 1.40
Discontinued
operations -- 0.33 (0.65) 1.13
Extraordinary
loss (0.02) -- (0.02) --
Net income $ 0.39 $ 0.69 $ 0.65 $ 2.53
Cash dividends
per share $ 0.11 $ 0.11 $ 0.44 $ 0.44
Diluted weighted
average shares
outstanding 48,487 47,057 48,060 47,039
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2001 2000
Assets
Cash and cash equivalents $ 62,450 $ 55,186
Cash held as collateral - 3,212
Accounts receivable, net 152,108 137,035
Inventories 84,415 84,051
Other current assets 4,513 5,214
Total current assets 303,486 284,698
Property, plant and equipment, net 200,330 159,820
Deferred income taxes 91,131 84,360
Intangible assets 29,991 30,993
Other assets 11,674 11,438
Net assets of discontinued operations 279,155 248,790
Total assets $ 915,767 $ 820,099
Liabilities and shareholders' equity
Notes payable $ 1,958 $ 52,544
Accounts payable 47,403 46,912
Accrued expenses 65,405 61,536
Dividends payable 5,266 5,319
Accrued retirement plan contributions 7,741 8,244
Accrued income taxes payable 6,546 20,137
Total current liabilities 134,319 194,692
Long-term debt 320,000 300,130
Other liabilities 22,075 19,909
Minority interest 45,417 -
Shareholders' equity 393,956 305,368
Total liabilities and shareholders' equity $ 915,767 $ 820,099
Millipore Corporation
Consolidated Statements of Unusual Items
(In thousands, except per share data)
Twelve Months Ended
December 31,
2001 2000
Restructuring and other charges ($17,962) ($320)
Gain on sale of equity securities - 7,151
Impact on income from continuing
operations before income taxes (17,962) 6,831
Tax impact of unusual items 6,287 (2,647)
Impact on income from continuing
operations ($11,675) $4,184
Impact on diluted net income per
share from continuing operations ($0.24) $0.08
Diluted weighted average shares
outstanding 48,060 47,039<<
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Cheers, Tuck |
