Trickle Watchlister HBIO reports:
>>HOLLISTON, Mass., Oct 25, 2001 /PRNewswire via COMTEX/ -- Harvard Bioscience, Inc. (Nasdaq: HBIO chart, msgs) today reported financial highlights for its third quarter ended September 30, 2001.
Revenues for the third quarter of 2001 were $10,643,000, an increase of 40% from $7,611,000 in the third quarter last year. The effect of foreign exchange on revenues was negligible for the third quarter. Pro forma earnings per diluted share for the third quarter were $0.04 compared to $0.01 for the third quarter last year, an increase of 300%. Pro forma earnings per share excludes stock compensation expense, amortization of goodwill and other intangibles, net of tax effects, and common stock warrant interest expense for 2000.
Revenues for the first nine months of 2001 were $28,961,000, an increase of 31% from $22,069,000 for the same period last year. Pro forma earnings per diluted share were $0.13 compared to $0.07 for the same period in 2000, an increase of 86%.
"Despite the tragic events of September 11th and the weakened economy, demand for our core products was strong. This continued strong growth of our core business, coupled with the impact of the acquisitions we completed this year, were the major drivers of our growth in the third quarter. Year to date, approximately half of our growth is attributed to the strength of our core business," commented Chane Graziano, C.E.O. of Harvard Bioscience. He continued, "Although we made significant investments in Union Biometrica to capitalize on the breakthrough COPAS(TM) technology, which reduced earnings by approximately one cent for the third quarter, our results were excellent."
Reported net income for the third quarter of 2001 was $319,000, luding a charge of $658,000 for stock compensation expense and $565,000 for amortization of goodwill and other intangibles. Reported net loss for the third quarter of 2000 includes $13,148,000 of stock compensation expense, $163,000 for amortization of goodwill and other intangibles, and $3,393,000 million of common stock warrant interest expense. The common stock warrant interest expense was eliminated in connection with Harvard Bioscience's initial public offering in December 2000.
Reported net loss for the first nine months of 2001 was $4,773,000 or $0.19 per diluted share, compared to a loss of $84 million, or $13.11 per diluted share for the same period last year. Harvard Bioscience ended the third quarter of 2001 with cash and cash equivalents of $30.2 million.
As previously announced, investors can listen to a live Webcast of the third quarter earnings and updated outlook by going to the Company's web site, harvardbioscience.com, or by dialing into the conference call in "listen only" mode at (877)-313-7707. The conference call will begin at 2 pm Eastern Time on October 26, 2001.
About Harvard Bioscience
Harvard Bioscience is a global developer, manufacturer and marketer of innovative, enabling tools in drug discovery research at pharmaceutical and biotechnology companies, universities and government laboratories. HBIO sells approximately 10,000 products to thousands of researchers in over 60 countries though its direct sales force, 1,000-page catalog, and through its distributors, the most notable of which is Amersham Biosciences (formerly APBiotech). HBIO has sales and manufacturing operations in the United States, the United Kingdom, Germany and Belgium with sales facilities in France and Canada.
The statements made in this press release that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to statements about the impact of acquisitions, the Company's intention to strengthen its market position, the Company's business strategy, the positioning of the Company for growth, the market demand and opportunity for the Company's products, and the Company's plans, objectives and intentions contained in this press release that are not historical facts. Other factors that may cause the Company's actual results to differ materially from those in the forward looking statements include the Company's failure to successfully integrate an acquired business or technology, expand its product offering, to introduce new products or to commercialize new technologies or decreased demand for the Company's products due to changes in our customers needs, financial position, general economic outlook, or otherwise, as well as those set forth under the heading "Important Factors That May Affect Future Operating Results" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, as well as other risks described in the Company's public filings or factors, if any, of which the Company is not currently aware. The Company may not update these forward-looking statements, even though its situation may change in the future, unless it has obligations under the Federal securities laws to update and disclose material developments related to previously disclosed information.
For investor inquiries, please call (508) 893-8066. Press releases may be found on our web site, harvardbioscience.com.
CONTACT: Susan Luscinski, CFO, sluscinski@harvardbioscience.com, or David Green, President, dgreen@harvardbioscience.com, or Chane Graziano, CEO, cgraziano@harvardbioscience.com, all of Harvard Bioscience, Inc.
HARVARD BIOSCIENCE, Inc.
PRO FORMA condensed consolidated Statement of Operations
(In thousands, except per share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues $ 10,643 $7,611 $28,961 $22,069
Costs and Expenses:
Cost of product sales 5,218 3,974 14,442 11,462
Research and
development expenses 1,076 408 2,124 1,207
Marketing, selling,
general &
administrative 3,102 2,515 8,476 6,093
Total costs
and expenses (1) 9,396 6,897 25,042 18,762
Income from
operations (1) 1,247 714 3,919 3,307
Other income
(expenses) net (2) 458 (432) 1,180 (1,139)
Income before
income taxes (1) (2) 1,705 282 5,099 2,168
Income tax expense (3) (567) (139) (1,782) (767)
Net income
(1) (2) (3) $1,138 $143 $ 3,317 $ 1,401
Income per share
(1) (2) (3) (4)
Basic $0.04 $0.01 $0.13 $0.09
Diluted $0.04 $0.01 $0.13 $0.07
Weighted average
common shares (4)
Basic 26,147 16,193 25,636 15,874
Diluted 26,905 24,688 26,204 20,188
(1) EXCLUDES ACQUIRED IN-PROCESS RESEARCH AND DEVELOPMENT FOR THE NINE
MONTHS ENDED SEPTEMBER 30,2001, AND STOCK COMPENSATION EXPENSE,
AMORTIZATION OF GOODWILL AND OTHER INTANGIBLES FOR ALL PERIODS
(2) EXCLUDES COMMON STOCK WARRANT INTEREST EXPENSE FOR THE THREE MONTHS
AND NINE MONTHS ENDED SEPTEMBER 30, 2000.
(3) EXCLUDES TAX BENEFIT/(EXPENSE) RELATED TO ITEMS DESCRIBED IN NOTE 1 OF
$404 AND $(617) FOR QUARTERS ENDED SEPTEMBER 30, 2001 AND 2000,
RESPECTIVELY, AND $607 AND $(588) FOR NINE MONTHS ENDED SEPTEMBER 30,
2001 AND 2000, RESPECTIVELY.
(4) ASSUMES CONVERSION OF ALL OUTSTANDING SHARES OF CONVERTIBLE PREFERRED
STOCK AND THE EXERCISE OF ALL OUTSTANDING WARRANTS 0N JANUARY 1,2000
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,2000.
HARVARD BIOSCIENCE, Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share data, unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues $ 10,643 $7,611 $28,961 $22,069
Costs and Expenses:
Cost of product sales 5,218 3,974 14,442 11,462
Research and
development expenses 1,076 408 2,124 1,207
Marketing, selling,
general &
administrative 3,102 2,515 8,476 6,093
Stock compensation
expense 658 13,148 2,199 13,332
In-process research
and development expense - - 5,447 -
Amortization of
goodwill and other
intangibles 565 163 1,052 423
Total costs and
expenses 10,619 20,208 33,740 32,517
Income/(loss)
from operations 24 (12,597) (4,779) (10,448)
Other income
(expenses) net 458 (432) 1,180 (1,139)
Common stock warrant
interest expense - (3,393) - (70,920)
Total other income
(expense), net 458 (3,825) 1,180 (72,059)
Income/(loss) before
income taxes 482 (16,422) (3,599) (82,507)
Income tax expense (163) (756) (1,175) (1,355)
Net income/(loss) 319 (17,178) (4,773) (83,862)
Preferred stock dividends - (38) - (122)
Net income/(loss)
available to common
Stockholders $319 $(17,216) $(4,773) $(83,984)
Income/loss per share
Basic $0.01 $(2.56) $(0.19) $(13.11)
Diluted $0.01 $(2.56) $(0.19) $(13.11)
Weighted average
common shares
Basic 26,147 6,727 25,636 6,408
Diluted 26,905 6,727 25,636 6,408
Selected Consolidated Balance Sheet Information
(In thousands, unaudited)
September 30, December 31,
2001 2000
Assets
Cash and cash equivalents $30,156 $35,817
Receivables 6,315 4,698
Inventories 5,265 3,722
Property, plant and equipment 2,834 1,716
Goodwill and other intangibles 24,973 9,562
Other assets 4,954 3,294
Total assets $74,497 $58,809
Liabilities
Total current liabilities $7,682 $6,368
Total liabilities 7,825 6,474
Shareholders' equity 66,672 52,335
Total liabilities and shareholders' equity $74,497 $58,809<<
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Cheers, Tuck |
