This looks solid; note strong reagent sales:
>>SUNNYVALE, Calif., Oct. 17 /PRNewswire-FirstCall/ -- Molecular Devices Corporation (Nasdaq: MDCC - News) today announced its revenues and earnings for the quarter ended September 30, 2002.
Revenues and earnings per share for the quarter were within management's previously stated guidance and consensus analyst expectations. Revenues for the third quarter of 2002 were a record $25.9 million, or an increase of 17% compared to the same period last year. Fully diluted earnings per share for the quarter were $0.12, or an increase of 33% compared with pro forma fully diluted earnings per share of $0.09 recorded in the same period last year (excluding the write-off of acquired in-process research and development related to the acquisition of Cytion in the third quarter of 2001).
"We are pleased that we were able to meet our financial and strategic objectives during the quarter, even in this difficult economic environment," stated Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer. "Our most significant accomplishment this quarter was meeting our goal of introducing the IonWorks(TM) HT and making initial customer shipments of this exciting new ion channel screening system. In addition, our consumable products posted their best quarter ever as a result of strong demand for our expanded line of reagent assay kits."
The Company also updated guidance for the rest of the year and for 2003. For the fourth quarter of 2002, the Company anticipates revenues of $29 - $31 million and fully diluted earnings per share of $0.16 - $0.18. This brings expected revenues for the full year 2002 to $101-$103 million and fully diluted earnings per share to $0.43-$0.45. For 2003, the Company anticipates revenues of $115 - $125 million and fully diluted earnings per share of $0.65 - $0.75.
Conference Call Information
An earnings announcement conference call is scheduled for Friday, October 18, at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate in the call by dialing 800-406-5356 (domestic) or 913-981-5572 (international). A taped replay of this call will be available through October 25, 2002. Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international) and the access code for the replay is 625453.
Investors can also access a live web-cast of the call through a link posted on Molecular Devices' website (www.moleculardevices.com) investor page at corporate-ir.net . A replay of the web-cast will remain at this location through October 25, 2002.
About Molecular Devices Corporation
Molecular Devices Corporation is a leading supplier of high-performance bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research. The Company's systems and consumables enable pharmaceutical and biotechnology companies to leverage advances in genomics, proteomics and combinatorial chemistry by facilitating the high throughput and cost-effective identification and evaluation of drug candidates. The Company's solutions are based on its advanced core technologies that integrate its expertise in engineering, molecular and cell biology and chemistry. Molecular Devices enables its customers to improve research productivity and effectiveness, which ultimately accelerates the complex process of discovering and developing new drugs.
This press release contains "forward-looking" statements, including statements related to future revenues and earnings. 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, 2001 and its quarterly report on Form 10-Q for the quarter ended June 30, 2002. Molecular Devices Corporation does not undertake any obligation to update forward- looking statements.
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
2002 2001
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $41,447 $56,372
Short-term investments 9,670 10,885
Accounts receivable, net 21,911 23,612
Inventories 17,163 17,181
Deferred tax assets 1,770 4,015
Other current assets 1,700 2,233
Total current assets 93,661 114,298
Equipment and leasehold improvements, net 11,474 10,323
Other assets 49,122 27,740
$154,257 $152,361
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,194 $2,470
Accrued liabilities 11,917 12,406
Total current liabilities 15,111 14,876
Stockholders' equity 139,146 137,485
$154,257 $152,361
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
TOTAL REVENUES $25,907 $22,140 $71,972 $66,854
TOTAL COST OF REVENUES 10,373 8,653 28,879 25,963
GROSS PROFIT 15,534 13,487 43,093 40,891
OPERATING EXPENSES:
Research and development 4,612 3,738 13,101 10,880
Write-off of acquired in-process
research & development -- 12,625 -- 12,625
Selling, general and administrative 9,084 8,183 25,063 24,368
Total operating expenses 13,696 24,546 38,164 47,873
INCOME (LOSS) FROM OPERATIONS 1,838 (11,059) 4,929 (6,982)
Other income, net 461 732 1,244 3,286
INCOME (LOSS) BEFORE TAXES 2,299 (10,327) 6,173 (3,696)
Income tax provision (504) (884) (1,975) (3,438)
NET INCOME (LOSS) $1,795 $(11,211) $4,198 $(7,134)
BASIC NET INCOME (LOSS) PER SHARE $0.12 $(0.69) $0.27 $(0.43)
DILUTED NET INCOME (LOSS) PER SHARE $0.12 $(0.69) $0.27 $(0.43)
SHARES USED IN COMPUTING BASIC NET
INCOME (LOSS) PER SHARE 15,318 16,323 15,354 16,441
SHARES USED IN COMPUTING DILUTED NET
INCOME (LOSS) PER SHARE 15,381 16,323 15,455 16,441
PRO FORMA DATA (excludes write-off of
acquired in-process R&D, net of
tax):
INCOME FROM OPERATIONS $1,838 $1,566 $4,949 $5,643
NET INCOME $1,795 $1,414 $4,198 $5,491
DILUTED NET INCOME PER SHARE $0.12 $0.09 $0.27 $0.32
SHARES USED IN COMPUTING DILUTED NET
INCOME PER SHARE 15,381 16,488 15,455 16,923<<
Cheers, Tuck |
