While this is not news to those paying closer attention than I was, MIL is now a pure play trickle company. I guess that means I should pay attention now, but I'm about to go climbing, so I will defer a more thorough look at MIL till next week along with the backlog of earnings CC's to listen to and comment upon. Unless one of you slackers wants to help with that! So for now, here's the chart:
siliconinvestor.com
My quick technical take is that the stochs and RSI are approaching oversold. I would look for a pullback to 52 and a charge to 57; knowing little about the fundies, the most recent of which are here:
>>BEDFORD, Mass., Oct 18, 2001 (BW HealthWire) -- Millipore Corporation (NYSE/MIL) announced today that its third quarter revenues for continuing operations were $158 million, compared to $148 million for the same period last year. Excluding the impact of currency effects, revenue growth in the third quarter was nine percent. For the year to date, revenues were $488 million, compared to $449 million last year.
Earnings per share from continuing operations were $0.33 for the third quarter, compared to $0.32 last year. Reported earnings for the quarter were $0.33 per share, compared to $0.61 per share last year which included the results of discontinued operations. For the year to date, earnings per share from continuing operations were $0.91, compared to $1.05 last year. Excluding unusual items in both years, earnings per share from continuing operations for the year to date were $1.15, compared to $0.96 for the same period last year.
Fran Lunger, Millipore's President and CEO, said: "Although revenue growth in the third quarter was slower than that in the first two quarters of 2001, our year-to-date growth rate of 13 percent in local currencies is robust. Moreover, we expect to achieve 12 to 14 percent revenue growth in the fourth quarter. We continue to have stronger operating results as a company focused on bioscience."
He continued: "The fundamentals of our business are sound. Genomics, proteomics and drug discovery applications of our life science consumable products and kits are increasing. Our scale-up and manufacturing consumables, systems and services are critical to the new wave of biotech drugs and vaccines. Our slower-growing traditional products are growing faster than the markets they serve due to innovative marketing, product extensions and new sales channels."
He noted: "We have a number of exciting new product introductions scheduled over the next several months and throughout 2002. We have increased our investment in R&D to accelerate the introduction of new products to satisfy the needs of our customers. We have also expanded our biopharmaceutical manufacturing and service capacity with the completion of our new facilities in Billerica, Massachusetts."
Lunger concluded: "We are looking forward to a strong close to 2001, and, based on research funding projections and new biotherapeutic drugs in the pipeline, a promising 2002."
Millipore's revenue growth by geography for continuing operations was
as follows ($'s in millions):
Revenues by Geographic % Growth Local
Area Q3, 2000 Q3, 2001 % Growth Currency
Americas $ 71 $ 73 2% 2%
Europe 46 52 14% 14%
Asia / Pacific 31 33 5% 17%
Total $148 $158 6% 9%
Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings Call on October 19, 2001, 11:00 AM EDT. Go to the Millipore web site at www.millipore.com and click on the "investors" link for details on this event.
About Millipore
Millipore is a multinational, high technology company that provides technologies, tools and services for the development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information visit www.millipore.com.
Millipore Forward Looking Statement Disclaimer
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Potential risks and uncertainties that could affect Millipore's future operating results include, without limitation, difficulties in the successful separation of the biosciences and microelectronics businesses; difficulties in the successful implementation of our restructuring activities; foreign exchange rates; increased regulatory concerns on the part of the biopharmaceutical industry; further consolidation of drug manufacturers; competitive factors such as new membrane technology; availability of raw materials or component products on a timely basis; inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general; potential environmental liabilities; the inability to utilize technology in current or planned products due to overriding rights by third parties; difficulties inherent in research and development activities; and the risk factors listed from time to time in Millipore's filings with the SEC.
Millipore Corporation
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Net sales $ 157,667 $ 148,267 $ 488,137 $ 449,285
Cost of sales 70,579 66,828 216,593 198,118
Gross profit 87,088 81,439 271,544 251,167
Selling, general &
administrative
expenses 49,659 45,778 150,188 144,711
Research & development
expenses 11,458 10,309 33,395 30,375
Restructuring and
other charges -- (1,180) 17,962 (1,180)
Litigation settlement -- 1,500 -- 1,500
Operating income 25,971 25,032 69,999 75,761
Gain on sale of equity
securities -- -- -- 7,151
Interest income 577 1,006 2,158 2,539
Interest expense (6,081) (6,436) (19,346) (20,729)
Income from continuing
operations before
income taxes 20,467 19,602 52,811 64,722
Provision for income
taxes 4,503 4,312 9,283 15,384
Income from continuing
operations 15,964 15,290 43,528 49,338
Income (loss) from
discontinued
operations, net of
tax -- 13,435 (6,736) 37,485
Loss on disposal of
discontinued
operations, net of
tax -- -- (24,400) --
Total discontinued
operations -- 13,435 (31,136) 37,485
Net income $ 15,964 $ 28,725 $ 12,392 $ 86,823
Diluted net income
(loss) per share:
Continuing operations$ 0.33 $ 0.32 $ 0.91 $ 1.05
Discontinued
operations -- 0.29 (0.65) 0.79
Net income $ 0.33 $ 0.61 $ 0.26 $ 1.84
Cash dividends per
share $ 0.11 $ 0.11 $ 0.33 $ 0.33
Diluted weighted
average shares
outstanding 48,364 47,328 47,902 47,101
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
2001 2000
Assets (Unaudited)
Cash and cash equivalents $ 95,258 $ 55,186
Cash held as collateral - 3,212
Accounts receivable, net 147,799 137,035
Inventories 86,697 84,051
Deferred income taxes 13,077 13,077
Other current assets 6,160 5,214
Total current assets 348,991 297,775
Property, plant and equipment, net 185,268 159,820
Deferred income taxes 71,283 71,283
Intangible assets 28,252 30,993
Other assets 10,991 11,438
Net assets of discontinued operations 278,064 248,790
Total assets $ 922,849 $ 820,099
Liabilities and shareholders' equity
Notes payable $ 57,000 $ 52,544
Accounts payable 44,152 46,912
Accrued expenses 62,335 61,536
Dividends payable 5,245 5,319
Current portion of long-term debt 125,000 -
Accrued retirement plan contributions 6,266 8,244
Accrued income taxes payable 5,299 20,137
Total current liabilities 305,297 194,692
Long-term debt 175,000 300,130
Other liabilities 21,737 19,909
Minority interest 45,417 -
Shareholders' equity 375,398 305,368
Total liabilities and shareholders'
equity $ 922,849 $ 820,099<<
Cheers, Tuck |
