MIL makes its numbers:
>>BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 16, 2002--Millipore Corporation (NYSE:MIL - News) announced today that its third quarter earnings, excluding investment write-downs, were $0.43 per share, up 30 percent from the $0.33 per share for the same period last year. Including the write-downs of $2.3 million, reported earnings for the third quarter of 2002 were $0.39 per share. The write-downs consisted primarily of an equity position in a technology partner, Purepulse Technologies, Inc.
Third quarter revenues were $176 million, up 11 percent compared to the same period last year. In local currency, revenue growth was 8 percent.
Fran Lunger, Millipore's Chairman, CEO and President, said: "Overall revenue growth and earnings performance were both good in the third quarter. Revenues were particularly strong in our biotechnology business with 16 percent growth compared to last year."
Lunger noted: "We did face some challenges in the third quarter. Life science revenues grew five percent - less than expected. In Japan, all of our businesses, particularly life sciences, declined compared to the same period last year. We also saw declines in South America due to economic conditions in that region."
He said: "Our other bioscience business, which principally includes classical pharmaceutical products and general laboratory products, had four percent growth in the third quarter - which met our expectations for this profitable, core business."
In the third quarter, Millipore's life sciences business comprised 14 percent of total revenues, the biotechnology business 33 percent, and the other bioscience business 53 percent.
Lunger concluded: "While the current business climate remains uncertain, we will continue to tightly control costs and deliver solid earnings, and we remain committed to our strategies and R&D investments. The overall life sciences research market is growing less than predicted by industry analysts a year ago, and the market is changing, but there is a strong and continuing need to improve the drug discovery and screening process. Our products and technology help do that. Our biotechnology business, focused on process development, manufacturing, and quality assurance, has grown well during a period of few new drug approvals. The prospects for that business are very good, particularly as the new drug approval rate accelerates."
Millipore's third quarter revenue growth by geography for continuing operations was as follows ($'s in millions):
Revenues by % Growth
Geographic Area Q3, 2002 Q3, 2001 % Growth Local Currency
Americas $80 $73 10% 10%
Europe 65 52 25% 14%
Asia/Pacific 31 33 - 6% - 8%
Total $176 $158 11% 8%
Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings call today, October 16, 2002, at 5:30 p.m., EDT. Go to the Millipore web site at www.millipore.com 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 about Millipore 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, foreign exchange rates; regulatory delay in the approval of new therapeutics; further consolidation of drug manufacturers; competitive factors such as new membrane technology; lack of 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 and in the bioscience markets in particular; 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,
2002 2001 2002 2001
Net sales $ 175,616 $ 157,667 $ 518,372 $ 488,137
Cost of sales 76,795 70,579 220,845 216,593
Gross profit 98,821 87,088 297,527 271,544
Selling, general and
administrative expenses 54,751 49,659 164,095 150,188
Research and development
expenses 12,940 11,458 38,858 33,395
Restructuring and
other charges -- -- -- 17,962
Operating income 31,130 25,971 94,574 69,999
Loss on investments (2,344) -- (2,344) --
Interest income 354 577 876 2,158
Interest expense (4,942) (6,081) (15,035) (19,346)
Income from continuing
operations before
income taxes 24,198 20,467 78,071 52,811
Provision for income taxes 5,324 4,503 17,176 9,283
Income from
continuing operations 18,874 15,964 60,895 43,528
Loss from discontinued
operations, net of taxes -- -- -- (6,736)
Income (loss) on disposal
of discontinued operations,
net of taxes -- -- 2,900 (24,400)
Total discontinued
operations -- -- 2,900 (31,136)
Net income $18,874 $15,964 $63,795 $12,392
Diluted income (loss)
per share:
Continuing
operations $0.39 $0.33 $1.26 $0.91
Discontinued
operations -- -- 0.06 (0.65)
Net income $0.39 $0.33 $1.32 $0.26
Cash dividends per share -- $0.11 -- $0.33
Diluted weighted average
shares outstanding 48,405 48,364 48,441 47,902
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
September 30, December 31,
2002 2001
Assets (Unaudited)
Cash and cash equivalents $ 90,950 $ 62,450
Accounts receivable, net 154,261 154,606
Inventories 104,165 80,046
Deferred income taxes 8,509 8,509
Other current assets 6,488 4,513
Total current assets 364,373 310,124
Property, plant and equipment, net 234,543 200,330
Deferred income taxes 82,622 82,622
Intangible assets, net 38,722 29,991
Other assets 11,099 11,674
Net assets of discontinued operations -- 279,155
Total assets $731,359 $913,896
Liabilities and shareholders' equity
Notes payable $ 1,100 $ 1,958
Accounts payable 44,932 47,403
Accrued expenses 60,494 63,534
Dividends payable -- 5,266
Accrued retirement plan contributions 6,607 7,741
Accrued income taxes payable 4,090 6,546
Total current liabilities 117,223 132,448
Long-term debt 337,000 320,000
Other liabilities 24,300 22,075
Minority interest in
discontinued operations -- 45,417
Shareholders' equity 252,836 393,956
Total liabilities and
shareholders' equity $731,359 $913,896<<
Cheers, Tuck |
