WAT report from a few days ago:
>>Waters Corporation (NYSE: WAT chart, msgs) reported today that third quarter 2001 sales increased by 8% over prior year levels before unfavorable currency effects. After currency effects, reported sales growth was 6%. Earnings per diluted share (E.P.S.) were $0.28 for the quarter, representing a 4% increase over prior year E.P.S. of $0.27.
Douglas A. Berthiaume, Chairman and Chief Executive Officer, said: "Although third quarter earnings were within our July expectations range, sales fell somewhat short principally due to our inability to convert strong mass spectrometry orders flow into shipments during the later part of the quarter. Customer demand for our mass spectrometry products exceeded expectations, with orders growing over 20%, reflecting continued strength in life science applications including the fast growing proteomics segment. HPLC product line sales grew at the expected double digit rate. And, finally, thermal analysis product sales improved during the quarter and reached double digit growth as our customers reacted favorably to newly launched products. Waters financial position remains strong and we are optimistic about our future business prospects across all our product lines."
As communicated in a prior press release, Waters Corporation will webcast its third quarter 2001 financial results conference call this morning, October 23, 2001, at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com and access the investor relations section. A replay of the call will be available from today through October 29, 2001 similarly by webcast, and also by phone at 402-998-0980.
Waters Corporation holds worldwide leading positions in three complementary analytical technologies - high performance liquid chromatography (HPLC), mass spectrometry (MS) and thermal analysis (TA). These markets account for $4.2 billion of the overall $19 billion analytical instrument market.
CAUTIONARY STATEMENT
Certain statements contained herein are forward looking. Many factors could cause actual results to differ from these statements, including loss of market share through competition, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of new products, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company's products, and foreign exchange fluctuations. Such factors are discussed in detail in the Company's filings with the Securities and Exchange Commission.
Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Nine Months
Ended September 30 Ended September 30
2001 2000 2001 2000
Net sales 202,694 191,953 610,529 569,563 Cost of sales 73,120 70,293 221,963 208,410
Gross profit 129,574 121,660 388,566 361,153
Selling, general and
administrative expenses 66,913 59,712 199,989 181,167 Research and development
expenses 11,794 10,394 34,573 31,313 Goodwill and purchased
technology amortization 1,755 1,755 5,274 5,326
Operating income 49,112 49,799 148,730 143,347
Interest income
(expense), net 1,211 322 3,848 (722)
Income before
income taxes 50,323 50,121 152,578 142,625
Provision for income taxes 12,077 13,030 36,619 37,081
Income before cumulative
effect of change in
accounting principle 38,246 37,091 115,959 105,544
Cumulative effect of
change in accounting
principle (A) -- -- -- (10,771)
Net income 38,246 37,091 115,959 94,773
Income per basic
common share:
Net income before
cumulative effect
of accounting
principle change 0.29 0.29 0.89 0.83
Cumulative effect of
change in accounting
principle (A) -- -- -- (0.08)
Net income 0.29 0.29 0.89 0.75
Income per diluted
common share:
Net income before
cumulative effect
of accounting
principle change 0.28 0.27 0.84 0.77
Cumulative effect of
change in accounting
principle (A) -- -- -- (0.08)
Net income 0.28 0.27 0.84 0.69
Weighted average number
of basic common shares 130,752 128,485 130,486 126,984
Weighted average number
of diluted common shares
and equivalents 136,704 137,430 137,560 136,369
(A) Effect at January 1, 2000 of adopting Securities and Exchange
Commission Staff Accounting Bulletin #101, recorded in first
quarter 2000
Waters Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
September 30, December 31,
2001 2000
(Unaudited)
Cash and cash equivalents 164,230 75,509 Accounts receivable 166,780 167,713 Inventories 115,043 87,275 Other current assets 18,802 13,299
Total current assets 464,855 343,796
Property, plant and equipment, net 114,292 102,608 Other assets 245,900 245,941
Total assets 825,047 692,345
Notes payable 1,124 4,879 Accounts payable and accrued expenses 229,475 215,654
Total current liabilities 230,599 220,533
Other liabilities 19,180 20,031
Total liabilities 249,779 240,564
Total equity 575,268 451,781
Total liabilities and equity 825,047 692,345<<
snip and apologies because the pre command didn't work for the second part of the table for some reason, messing up the formatting. Can't seem to fix it.
Cheers, Tuck |
