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Molecular Devices Reports Record Revenues and Operating Income for
Second Quarter and
First Half of 1997
PR Newswire, Thursday, July 17, 1997 at 16:49
SUNNYVALE, Calif., July 17 /PRNewswire/ -- Molecular Devices
Corporation
(NASDAQ:MDCC) today announced record revenues and operating income for
the
second quarter and first half of 1997.
Product revenues for the second quarter were $9,814,000, higher
than any
previous quarter in the Company's history and a 30% increase over the
sales
reported in the same period last year. Product revenues for the first
six
months of the year were a record $18,117,000, up 34% compared to the
same
period of 1996.
Operating income increased 63% and 73%, respectively, in the second
quarter and first six months of 1997 as compared to the amount recorded
in the
same period last year (excluding the $4,637,000 pre-tax charge for
acquisition
of in-process technology and acquisition costs related to the
acquisition of
NovelTech Systems, Inc. recorded in the second quarter of 1996).
Earnings per share increased to $.14 and $.24 per share in the
second
quarter and first six months of 1997, respectively, as compared to the
$.09
and $.16 per share recorded in the same period last year (excluding the
$4,637,000 charge for acquisition of in-process technology and
acquisition
costs related to acquisition of NovelTech Systems, Inc. recorded in the
second
quarter of 1996, and the impact of the income tax benefits recorded in
1996,
and assuming a tax rate of 38%).
Commenting on the financial results, Jim Juliano, Molecular Devices
President and Chief Executive Officer, said "The Company accomplished
two
important milestones achieved in the quarter; the successful rollout of
the
breakthrough Spectramax PLUS in the US and of the FLIPR product in
Europe. We
are pleased with the initial market response to these product
launches."
Except for the historical information contained herein, this news
release
contains forward-looking statements that involve risks and
uncertainties,
including timely development, acceptance and pricing of new products
and
general economic conditions as they affect the Company's customers, as
well as
the other risks detailed from time to time in the Company's SEC
reports,
including the annual report on Form 10-K for the year ended December
31, 1996.
Molecular Devices Corporation designs, develops, manufactures and
markets
proprietary, high-performance, bioanalytical measurement systems,
including
software and consumables, designed to accelerate and improve the cost
effectiveness of the drug discovery and development process. The
Company's
systems have applications in many aspects of the therapeutic
development
process, from drug discovery and clinical research through
manufacturing and
quality control.
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months
Ended
June 30, June 30,
1997 1996 1997
1996
Re
nues:
Product revenues $9,814 $7,532 $18,117
$13,537
Contract revenues 4 115 7
212
Total Revenues 9,818 7,647 18,124
13,749
Cost of Revenues:
Cost of product revenues 3,875 2,801 7,066
4,997
Cost of contract revenues -- 58 --
105
Total cost of revenues 3,875 2,859 7,066
5,102
Gross Margin 5,943 4,788 11,058
8,647
Operating Expenses:
Company-funded research and
development 1,108 1,236 2,187
2,265
Write-off of acquired
in-process research and
development -- 4,637 --
4,637
Selling, general and
administrative 3,008 2,433 5,668
4,535
Total operating expenses 4,116 8,306 7,855
11,437
Income (loss) from operations 1,827 (3,518) 3,203
(2,790)
Other income (expense), net 294 259 575
524
Income (loss) before income
taxes 2,121 (3,259) 3,778
(2,266)
Income tax benefit (provision) (806) 116 (1,436)
216
Net Income (Loss) $1,315 $(3,143) $2,342
$(2,050)
Net Income (Loss) Per Share $.14 $(.36) $.24
$(.23)
Shares used in computing net
income (loss) per share 9,670 8,754 9,664
8,724
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December
31,
1997 1996
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 22,134 $ 23,727
Accounts receivable 7,808 5,396
Inventories 3,765 2,470
Deferred tax asset 2,631 3,216
Other current assets 171 142
Total current assets 36,509 34,951
Equipment and leasehold improvements, net 1,560 1,632
Other assets 210 250
$38,279 $36,833
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,344 $1,933
Accrued liabilities 3,789 4,123
Current obligations under promissory
notes -- 1,500
Total current liabilities 6,133 7,556
Stockholders' equity 32,146 29,277
$38,279 $36,833
SOURCE Molecular Devices Corp.
-0- 07/17/97
/CONTACT: Andrew Galligan of Molecular Devices Corporation,
408-747-3533/
Companies or Securities discussed in this article:
Symbol
Name
NASDAQ:MDCC
Molecular Devices Corp
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