MDCC beats by a penny.
>>SUNNYVALE, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Molecular Devices Corporation (Nasdaq: MDCC - News) today announced its revenues and earnings for the quarter and year ended December 31, 2002.
Revenues and earnings per share for the quarter were within management's previously stated guidance and exceeded consensus analyst expectations. Revenues for the fourth quarter of 2002 were a record $30.2 million, or an increase of 19% compared to the same period last year. Revenues for the full year were $102.2 million, or an increase of 11% over 2001 revenues. Fully diluted earnings per share increased 42% to $0.17 for the quarter, versus $0.12 reported in the quarter ended December 31, 2001.
"We are pleased that we were able to deliver our best quarter in two years," stated Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer. "For the first time ever, revenues exceeded $30 million in a quarter and $100 million in a year, and we believe it is a testament to the employees of Molecular Devices and their commitment to succeed in this difficult economic cycle." Keegan continued, "We capitalized on the successful third quarter introduction of the IonWorks(TM) HT and continued our commitment to innovation by introducing eight new assay kits during the quarter."
The Company also updated guidance for 2003. The Company reiterated its previously stated full year 2003 revenue guidance of $115 to $125 million, but reduced fully diluted 2003 EPS guidance to $0.60 - $0.70 from a previously stated $0.65 - $0.75. The reduction in EPS guidance was due solely to an increase in the expected legal expenses associated with the Caliper Technologies patent litigation. In addition, the Company provided guidance for the first quarter of 2003. The Company anticipates revenues of $24 to $26 million and fully diluted EPS of $0.04 to $0.06 for the first quarter of 2003.
Conference Call Information
An earnings announcement conference call is scheduled for Friday, January 31, 2003 at 8:00 a.m. PST (11:00 a.m. EST). Interested parties can participate in the call by dialing 800-289-0485 (domestic) or 913-981-5518 (international). A taped replay of this call will be available through February 6, 2003. Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international) and the access code for the replay is 552855.
Investors can also access a live web-cast of the call through a link posted the investor page on Molecular Devices' website (www.moleculardevices.com). A replay of the web cast will remain at this location through February 6, 2003.
About Molecular Devices Corporation
Molecular Devices Corporation is a leading supplier of high-performance bioanalytical measurement systems that accelerate and improve drug discovery and other life sciences research. The Company's systems and consumables enable pharmaceutical and biotechnology companies to leverage advances in genomics, proteomics and combinatorial chemistry by facilitating the high throughput and cost-effective identification and evaluation of drug candidates. The Company's solutions are based on its advanced core technologies that integrate its expertise in engineering, molecular and cell biology and chemistry. Molecular Devices enables its customers to improve research productivity and effectiveness, which ultimately accelerates the complex process of discovering and developing new drugs.
This press release contains "forward-looking" statements, including statements related to future revenues and earnings. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of Molecular Devices Corporation to differ materially from those indicated by these forward-looking statements, including, among others, risks detailed from time to time in the Company's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2001 and its quarterly report on Form 10-Q for the quarter ended September 30, 2002. Molecular Devices Corporation does not undertake any obligation to update forward-looking statements.
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MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2002 2001 2002 2001
TOTAL REVENUES $30,184 $25,378 $102,157 $92,231
TOTAL COST OF
REVENUES 11,682 9,576 40,561 35,538
GROSS PROFIT 18,502 15,802 61,596 56,693
OPERATING EXPENSES:
Research and
development 4,901 4,225 18,002 15,105
Write-off of
acquired
in-process
research &
development -- -- -- 12,625
Selling, general and
administrative 10,372 9,014 35,435 33,381
Total operating
expenses 15,273 13,239 53,437 61,111
INCOME (LOSS) FROM
OPERATIONS 3,229 2,563 8,159 (4,418)
Other income, net 318 520 1,562 3,806
INCOME (LOSS)
BEFORE TAXES 3,547 3,083 9,721 (612)
Income tax
provision (940) (1,187) (2,916) (4,625)
NET INCOME (LOSS) $2,607 $1,896 $6,805 $(5,237)
BASIC NET INCOME
(LOSS) PER SHARE $0.17 $0.12 $0.44 $(0.32)
DILUTED NET INCOME
(LOSS) PER SHARE $0.17 $0.12 $0.44 $(0.32)
SHARES USED IN
COMPUTING BASIC
NET INCOME (LOSS)
PER SHARE 15,318 15,476 15,348 16,192
SHARES USED IN
COMPUTING DILUTED
NET INCOME (LOSS)
PER SHARE 15,416 15,609 15,457 16,192
PRO FORMA DATA
(excludes write-off
of acquired in-process
R&D, net of tax):
INCOME FROM
OPERATIONS $8,159 $8,207
NET INCOME $6,805 $7,388
DILUTED NET INCOME
PER SHARE $0.44 $0.45
SHARES USED IN
COMPUTING DILUTED
NET INCOME
PER SHARE 15,457 16,505
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
Dec. 31, Dec. 31,
2002 2001
ASSETS
Current assets:
Cash and cash equivalents $43,733 $56,372
Short-term investments 10,050 10,885
Accounts receivable, net 26,443 23,612
Inventories 17,722 17,181
Deferred tax assets 5,230 4,015
Other current assets 1,770 2,233
Total current assets 104,948 114,298
Equipment and leasehold improvements, net 10,943 10,323
Other assets 47,010 27,740
$162,901 $152,361
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,863 $2,470
Accrued liabilities 17,234 12,406
Total current liabilities 20,097 14,876
Stockholders' equity 142,804 137,485
$162,901 $152,361<<
Cheers, Tuck |
