Millipore's First Quarter: $0.44 Earnings Per Share on 13 Percent Revenue Growth
BILLERICA, Mass.--April 15, 2003--Millipore Corporation (NYSE/MIL) announced today that its first quarter sales were $187 million, up 13 percent from the same period of 2002. In local currency, revenue growth was 4 percent. First quarter earnings from continuing operations were $0.44 per share, compared to $0.40 per share in the first quarter of last year.Fran Lunger, Millipore's Chairman, CEO and President, said: "We exceeded our earnings guidance for the first quarter on modest revenue growth in local currency. By market, life sciences revenues were up 4 percent in local currency, biotechnology revenues up 3 percent, and our other bioscience revenues increased 4 percent. Biotechnology growth was limited in the first quarter due to customer delays of custom-engineered systems and associated consumables."
Lunger continued: "The life science results reflect trends we saw in 2002, namely curbs on research funding and shifts in customer priorities. In our other bioscience business we saw strong sales of pharmaceutical consumables and lab water systems and consumables."
Millipore's first quarter revenue growth by geography for continuing operations was as follows ($'s in millions):
Revenues by % Growth Local Geographic Area Q1, 2003 Q1, 2002 % Growth Currency Americas $78 $76 3% 3% Europe 74 59 27% 6% Asia/Pacific 35 32 9% 0% Total $187 $167 13% 4%
Quarterly Earnings Call
Millipore will have a Live Webcast Quarterly Earnings call today, April 15, 2003 at 5:30 p.m., Eastern Time. Please visit the Millipore web site at www.millipore.com for details about this event. A transcript of the completed webcast will be available on the site's home page on April 16, 2003.
About Millipore
Millipore is a multinational, bioscience company that provides technologies, tools and services for the discovery, 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
March 31,
2003 2002
Net sales $187,452 $166,632
Cost of sales 82,325 69,231
Gross profit 105,127 97,401
Selling, general and administrative expenses 60,025 54,566
Research and development expenses 13,809 12,387
Operating income 31,293 30,448
Interest income 385 240
Interest expense (4,148) (5,483)
Income from continuing operations before income
taxes 27,530 25,205
Provision for income taxes 6,194 5,545
Income from continuing operations 21,336 19,660
Income on disposal of discontinued operations,
net of taxes - 2,900
Net income $21,336 $22,560
Diluted income per share:
Continuing operations $0.44 $0.40
Discontinued operations - 0.06
Net income $0.44 $0.46
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2003 2002
Assets (Unaudited)
Cash and cash equivalents $102,628 $101,242
Accounts receivable, net 174,784 160,462
Inventories 118,487 111,332
Deferred income taxes 11,694 11,694
Other current assets 6,125 5,481
Total current assets 413,718 390,211
Property, plant and equipment, net 267,811 262,604
Deferred income taxes 87,824 87,824
Intangible assets, net 27,303 28,064
Goodwill 9,646 9,646
Other assets 6,986 7,881
Total assets $813,288 $786,230
Liabilities and shareholders' equity
Notes payable $2,647 $1,500
Accounts payable 51,326 57,596
Accrued expenses 61,898 58,431
Accrued retirement plan contributions 4,713 8,438
Accrued income taxes payable 12,563 8,464
Total current liabilities 133,147 134,429
Long-term debt 333,000 334,000
Other liabilities 30,748 30,297
Shareholders' equity 316,393 287,504
Total liabilities and shareholders' equity $813,288 $786,230