I was surprised to see QGENF slide so hard today, and both Trickle and its manager may get more. For QGENF reported this evening (PST), hitting the high end of its own guidance, and beating the analysts' estimates by a penny. I've got more free time now, so I expect to be getting around to some more conference calls in the next few days.
>>VENLO, The Netherlands, Feb. 19 /PRNewswire-FirstCall/ -- QIAGEN N.V. (Nasdaq: QGENF, Neuer Markt: QIA, Easdaq: QGEN) today announced the results of operations for its fourth quarter and fiscal year ended December 31, 2001.
The Company reported that consolidated net sales for its fourth quarter increased 22% to $71.2 million, from $58.6 million for the same period in 2000. Using identical foreign exchange rates for both periods, net sales would have increased approximately 24% to $72.5 million. Operating income for the fourth quarter 2001 increased 53% to $17.1 million from $11.2 million in the comparable period in 2000, and net income for the quarter ended December 31, 2001 increased 72% to $10.9 million from $6.3 million in the same quarter of 2000. Diluted earnings per share increased 100% to $0.08 (based on 145.1 million average shares and share equivalents outstanding) from $0.04 (based on 145.2 million average shares and share equivalents outstanding) in the comparable quarter of 2000.
For fiscal 2001, net sales increased 22% to $263.8 million from $216.8 million in fiscal 2000. Operating income for the year ended December 31, 2001 increased 46% to $53.5 million from $36.5 million in 2000, and net income increased 64% to $34.4 million in 2001 from $21.0 million in 2000. Diluted earnings per share for fiscal 2001 increased 71% to $0.24 (based on 145.1 million average shares and share equivalents) from $0.14 (based on 145.1 million average shares and share equivalents). The Company incurred a charge related to the acquisition of the Sawady Group of companies, during the first quarter of 2001, and a charge related to the acquisition of Operon Technologies, Inc. during the second quarter of 2000. Excluding these one-time acquisition charges and not considering any other effects of these acquisitions, the Company's net income for fiscal 2001 increased 37% to $36.2 million from $26.4 million in 2000 and diluted earnings per share for fiscal 2001 increased 39% to $0.25 (based on 145.1 million average shares and share equivalents) from $0.18 (based on 145.1 million average shares and share equivalents) in fiscal 2000.
``QIAGEN successfully expanded its strategic and technology positions during 2001,'' said Dr. Metin Colpan, QIAGEN's Chief Executive Officer. ``We focused heavily on building our product pipeline and even further broadening our technology base. Our technology alliances with Zeptosens, Luminex, Genicon, Kreatech, Polysciences and Pall were visible elements of a broad and significant expansion of our technology strength in which QIAGEN created and acquired significant positions in Genomics, Proteomics and Cellomics for its core competencies: products for the handling, separation and purification of nucleic acids. The demand for such products in research, genomics, molecular diagnostics and gene therapy is growing rapidly, and we believe that our market and technology leadership in these areas has further increased. QIAGEN's current strategic position, combined with its exciting pipeline of innovative products and technologies, provide a strong basis for further expansion and significant growth.''
Highlights of 2001:
* completed the integration of QIAGEN Operon, Inc. (formerly Operon
Technologies, Inc.), purchased in June 2000, and commenced
manufacturing activities at a new European Operon facility in Cologne,
Germany
* announced a strategic alliance in the area of ultra-high throughput
sample and liquid handling automation with Zymark Corporation
* launched the first product of our PreAnalytiX joint venture with
Becton Dickinson (NYSE: BDX - news): the PAXgene Blood RNA system
* acquired the Sawady Group of companies in Tokyo, Japan, a leading
business supplying DNA products to the emerging Japanese Life Science
markets
* entered into DNA microarray technology agreements with Aventis and
Bayer covering the SensiChip Workstation, the first product developed
through an alliance with Zeptosens AG
* commenced a strategic alliance on ultra-sensitive microarray labeling
and detection technology with Genicon Sciences
* signed an agreement for multi-application labeling technology with
Kreatech Biotechnology B.V.
* formed a strategic alliance in connection with magnetic polymer bead
technologies with Polysciences, Inc.
* announced an alliance with Pall Corporation focusing on filtration
technologies for certain nucleic acid separation and purification
applications
* increased QIAGEN's patent portfolio significantly to 473 applied for
and issued patents with a focus on handling, separation and
purification of nucleic acids
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 1,600 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 and risks of dependency on logistics), 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 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 December 31,
2001 2000
Net sales $71,233,000 $58,606,000
Cost of sales 22,140,000 18,656,000
Gross profit 49,093,000 39,950,000
Operating Expenses:
Research and development 6,944,000 5,254,000
Sales and marketing 17,025,000 16,144,000
General and administrative 7,997,000 7,379,000
Total operating expenses 31,966,000 28,777,000
Income from operations 17,127,000 11,173,000
Other Income (Expense):
Interest income 220,000 867,000
Interest expense (87,000) (427,000)
Research and development grants 690,000 65,000
Gain (loss) on foreign currency transactions 295,000 (247,000)
Loss from equity method investee (291,000) (272,000)
Other miscellaneous income (expense), net 367,000 444,000
Total other income 1,194,000 430,000
Income before provision for income taxes
and minority interest 18,321,000 11,603,000
Provision for income taxes 7,387,000 5,275,000
Minority interest - (16,000)
Net income $10,934,000 $6,344,000
Weighted average number of diluted
common shares 145,086,000 145,242,000
Diluted net income per common share $0.08 $0.04
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Twelve months
ended December 31,
2001 2000
Net sales $263,770,000 $216,802,000
Cost of sales 79,673,000 65,436,000
Gross profit 184,097,000 151,366,000
Operating Expenses:
Research and development 26,769,000 23,372,000
Sales and marketing 64,830,000 54,931,000
General and administrative 36,022,000 31,177,000
Acquisition costs 3,000,000 5,353,000
Total operating expenses 130,621,000 114,833,000
Income from operations 53,476,000 36,533,000
Other Income (Expense):
Interest income 1,795,000 3,032,000
Interest expense (991,000) (1,622,000)
Research and development grants 1,526,000 1,212,000
Gain (loss) on foreign currency transactions 31,000 (231,000)
Loss from equity method investee (1,373,000) (870,000)
Other miscellaneous income, net 1,859,000 1,070,000
Total other income 2,847,000 2,591,000
Income before provision for income taxes
and minority interest 56,323,000 39,124,000
Provision for income taxes 21,896,000 18,085,000
Minority interest 8,000 36,000
Net income $34,419,000 $21,003,000
Weighted average number of diluted
common shares 145,055,000 145,071,000
Diluted net income per common share $0.24 $0.14
Diluted net income per common share
excluding acquisition costs $0.25 $0.18
QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2001 2000
Assets
Current Assets:
Cash and cash equivalents $56,460,000 $24,008,000
Marketable securities 22,512,000 37,307,000
Notes receivable 3,844,000 3,383,000
Notes receivable, related party - 617,000
Accounts receivable, net 39,955,000 34,738,000
Income taxes receivable 2,439,000 1,779,000
Inventories 31,83,000 29,231,000
Prepaid expenses and other 9,115,000 4,736,000
Deferred income taxes 11,123,000 11,866,000
Total current assets 177,331,000 147,665,000
Property, plant and equipment, net 160,365,000 73,156,000
Long-term marketable securities 2,759,000 6,316,000
Intangible assets, net 7,140,000 7,136,000
Other assets 9,373,000 6,620,000
Total assets $ 356,968,000 $ 240,893,000
Liabilities and Shareholders' Equity
Current Liabilities:
Lines of credit $6,038,000 $885,000
Short-term debt 281,000 6.382,000
Current portion of long-term debt 1,138,000 1,071,000
Current portion of capital lease obligations 1,085,000 1,043,000
Accounts payable 20,262,000 18,668,000
Accrued liabilities 20,235,000 15,878,000
Income taxes payable 8,434,000 1,712,000
Deferred income taxes 410,000 499,000
Total current liabilities 57,883,000 46,138,000
Long-Term Liabilities:
Long-term debt, net of current portion 70,720,000 11,552,000
Capital lease obligations, net of current
portion 10,463,000 11,744,000
Deferred income taxes - 549,000
Other 4,927,000 3,361,000
Total long-term liabilities 86,110,000 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--143,463,800 shares
in 2001 and 142,548,487 shares in 2000 1,458,000 1,450,000
Additional paid-in-capital 123,117,000 103,448,000
Retained earnings 97,278,000 62,859,000
Accumulated other comprehensive loss (8,878,000) (401,000)
Total shareholders' equity 212,975,000 167,356,000
Total liabilities and shareholders' equity $ 356,968,000 $ 240,893,000<<
Cheers, Tuck |
