Bruker Corporation (NASDAQ: BRKR) today reported financial
results for the third quarter ended September 30, 2010.
Third Quarter 2010 Financial Highlights:
- Revenue increased by 17% year-over-year
to $310.2 million
- Adjusted EPS grew 90% year-over-year to
$0.19
- Adjusted operating margins for the
Bruker Scientific Instruments (BSI) segment expanded by 460 basis
points year-over-year to 15.4%
First Nine Months 2010 Year-to-Date Financial
Highlights:
- Revenue increased by 18% year-over-year
to $888.8 million
- Adjusted EPS grew 91% year-over-year to
$0.44
- Adjusted operating margins for the
Bruker Scientific Instruments (BSI) segment expanded by 490 basis
points year-over-year to 13.9%
Bruker Corporation Financial Results
In the third quarter of 2010, revenue was $310.2 million, an
increase of 17% compared to revenue of $265.1 million in the third
quarter of 2009. Excluding the effects of acquisitions and foreign
currency translation, third quarter 2010 revenue increased by 17%
year-over-year. GAAP net income for the third quarter of 2010 was
$27.4 million, or $0.17 per diluted share, compared to GAAP net
income of $16.4 million, or $0.10 per diluted share, in the third
quarter of 2009. Adjusted net income for the third quarter of 2010
was $31.5 million, or $0.19 per diluted share, compared to adjusted
net income of $16.8 million, or $0.10 per diluted share, in the
third quarter of 2009.
For the nine months ended September 30, 2010, revenue was $888.8
million, an increase of 18% compared to revenue of $748.1 million
in the first nine months of 2009. Excluding the effects of
acquisitions and foreign currency translation, revenue for the
first nine months of 2010 increased by 15% over the comparable
period in 2009. GAAP net income for the nine months ended September
30, 2010 was $66.1 million, or $0.40 per diluted share, compared to
GAAP net income of $37.7 million, or $0.23 per diluted share, for
the nine months ended September 30, 2009. Adjusted net income for
the nine months ended September 30, 2010 was $73.4 million, or
$0.44 per diluted share, compared to adjusted net income of $38.3
million, or $0.23 per diluted share, for the nine months ended
September 30, 2009.
Bruker ended the third quarter of 2010 with cash, cash
equivalents and restricted cash of $190.5 million, and net cash of
$69.1 million. On October 7, 2010, Bruker closed the acquisition of
the Atomic Force Microscopy (AFM) and the Stylus & Optical
Metrology (SOM) businesses from Veeco Instruments Inc. for $229.4
million. Bruker paid $61.8 million from existing cash, and borrowed
$167.6 million under its existing Senior Credit Facility at a
variable interest rate, which is presently less than 1% per
annum.
Adjusted operating margin and adjusted EPS are non-GAAP measures
that exclude certain items detailed later in this press release
under the heading “Use of Non-GAAP Financial Measures.”
Bruker Scientific Instruments (BSI) Segment
In the third quarter of 2010, BSI revenue was $290.5 million, an
increase of 15% compared to $251.6 for the third quarter of 2009.
Our new chemical analysis division, acquired in May 2010, generated
revenue of $17.1 million in the third quarter of 2010. Excluding
the effects of acquisitions and foreign currency translation, BSI
revenue for the third quarter of 2010 increased by 15% over the
third quarter of 2009. Adjusted operating margin for the BSI
segment in the third quarter of 2010 was 15.4%, compared to 10.8%
in the third quarter of 2009. GAAP EPS for the BSI segment in the
third quarter of 2010 was $0.18, compared to $0.11 in the third
quarter of 2009. Adjusted EPS for the BSI segment in the third
quarter of 2010 was $0.20, compared to $0.11 in the third quarter
of 2009.
For the nine months ended September 30, 2010, BSI revenue was
$835.7 million, an increase of 16% compared to revenue of $716.5
million in the first nine months of 2009. Excluding the effects of
acquisitions and foreign currency translation, BSI revenue for the
first nine months of 2010 increased by 14% over the comparable
period in 2009. Adjusted BSI operating margin for the nine months
ended September 30, 2010 was 13.9%, compared to 9.0% for the nine
months ended September 30, 2009. GAAP EPS for the BSI Segment for
the nine months ended September 30, 2010 was $0.43 per diluted
share, compared to $0.25 per diluted share for the nine months
ended September 30, 2009. Adjusted EPS for the BSI Segment for the
nine months ended September 30, 2010 was $0.47 per diluted share,
compared to $0.26 per diluted share for the nine months ended
September 30, 2009.
Bruker Energy & Supercon Technologies (BEST)
Segment
In the third quarter of 2010, BEST revenue was $22.4 million, an
increase of 57% compared to $14.2 million for the third quarter of
2009. Excluding the effects of foreign currency translation, BEST
revenue for the third quarter of 2010 increased by 74% organically
over the third quarter of 2009. The BEST segment GAAP loss per
diluted share in the third quarter of 2010 was ($0.01), compared to
($0.01) in the third quarter of 2009.
For the nine months ended September 30, 2010, revenue for BEST
was $61.2 million, an increase of 70% compared to revenue of $36.0
million in the first nine months of 2009. Excluding the effects of
acquisitions and foreign currency translation, BEST revenue for the
first nine months of 2010 increased by 58% over the comparable
period in 2009. BEST’s operating loss for the nine months ended
September 30, 2010 was ($3.0) million, compared to an operating
loss of ($4.3) million in the same prior year period. The BEST
segment GAAP loss per diluted share for the nine months ended
September 30, 2010 was ($0.03), compared to ($0.03) for the nine
months ended September 30, 2009.
Comment and Outlook
Frank Laukien, President and CEO of Bruker Corporation, stated:
“We are pleased with our financial results for the third quarter
and the first nine months of 2010, particularly with our robust
revenue growth and our significant increases in operating income
and EPS. Our new order bookings continue to be healthy in both our
core Scientific Instruments and BEST segments. In the last few
months, we benefitted from strong U.S. bookings for high-end
scientific research instruments, partially or fully funded by the
American Recovery and Reinvestment Act (ARRA). We continue to see
positive signs globally regarding spending by our industrial and
applied customers, and we are confident that academic and
government research budgets in many key European countries will be
stable or grow next year.”
Brian Monahan, Chief Financial Officer of Bruker Corporation,
commented on the outlook for the fourth quarter 2010 and the year
2011: “We believe that we have been successful in further reducing
our previously very strong seasonality by strengthening our first
three quarters in 2010, and becoming less reliant on the fourth
quarter in order to deliver on our full year financial goals. We
still expect the fourth quarter of 2010 to again be our strongest
revenue quarter of the year, with anticipated revenue of greater
than $360 million reflecting sequential revenue growth of more than
16% from the third to the fourth quarter of 2010. We now estimate
that our full year 2010 revenue will exceed $1.25 billion, which
corresponds to greater than 12% revenue growth compared to the full
year 2009, and well above our stated full year 2010 goal of total
currency-adjusted revenue growth greater than 5%. Based on our
excellent year-to-date 2010 bookings trends and high backlog, our
two recent acquisitions, and our encouraging outlook for funding in
most of our key markets, we expect to grow significantly next year,
and anticipate revenue greater than $1.45 billion, as well as
steady margin expansion in our BSI segment for the full year
2011.”
Mr. Monahan continued: “In the fourth quarter of 2010, we expect
($0.06) to ($0.08) combined GAAP dilution from transition effects
in our new Chemical Analysis Division (CAD), acquired in May 2010,
and in our new AFM and SOM business units, acquired on October 7th,
2010. Both businesses had inventory valuation step-ups at closing,
both operate in part under temporary transition services agreements
until we can relocate some of their field offices, factories and IT
infrastructure (expected to be completed in the middle of 2011),
and both generate increased non-cash intangible amortization
expenses. Moreover, the AFM and SOM businesses have adopted the
Bruker revenue recognition policy, essentially causing a one-time
effect of shifting most AFM and SOM systems revenue back by six to
eight weeks in the fourth quarter of 2010. Excluding the newly
acquired CA division and AFM/SOM businesses, for the BSI segment we
expect an adjusted operating margin of greater than 16%, and
adjusted EPS of greater than $0.21 for the fourth quarter of 2010,
both up sequentially compared to the third quarter of 2010.
Excluding the newly acquired CA division and AFM/SOM businesses,
for the BSI segment we expect an adjusted operating margin of
greater than 14%, and adjusted EPS of greater than $0.68 for the
full year 2010.”
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), we use
certain non-GAAP financial measures, including adjusted EPS,
adjusted operating income and adjusted operating margin, which
exclude acquisition-related and restructuring and other charges. We
exclude the above items because they are outside of our normal
operations and/or, in certain cases, are difficult to forecast
accurately for future periods. We believe that the use of non-GAAP
measures helps investors to gain a better understanding of our core
operating results and future prospects, consistent with how
management measures and forecasts the company’s performance,
especially when comparing such results to previous periods or
forecasts.
For example:
We exclude certain acquisition-related charges or credits and
associated tax effects, including charges for the sale of
inventories revalued at the date of acquisition, significant
transaction costs such as legal fees and credits associated with
bargain purchases. We exclude these costs because we do not believe
they are indicative of our normal operating costs.
We exclude charges and tax effects associated with restructuring
and business divestiture activities, such as reducing overhead and
consolidating facilities. We believe that the costs related to
these restructuring and business divestiture activities are not
indicative of our normal operating costs.
We exclude the expense and tax effects associated with the
amortization of acquisition-related intangible assets because a
significant portion of the purchase price for acquisitions may be
allocated to intangible assets that have lives of 5 to 20 years.
Exclusion of these non-cash amortization expenses allows
comparisons of operating results that are consistent over time for
both our newly acquired and long-held businesses.
Bruker’s management uses these non-GAAP measures, in addition to
GAAP financial measures, as the basis for measuring the company’s
core operating performance and comparing such performance to that
of prior periods and to the performance of our competitors. Such
measures are also used by management in their financial and
operating decision-making and for compensation purposes.
The non-GAAP financial measures of Bruker’s results of
operations included in this press release are not meant to be
considered superior to or a substitute for Bruker’s results of
operations prepared in accordance with GAAP. Reconciliations of
such non-GAAP financial measures to the most directly comparable
GAAP financial measures are set forth in the accompanying
tables.
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 9:00 a.m. Eastern Daylight Time on Thursday,
October 28, 2010. To listen to the webcast, investors can go to
http://ir.bruker.com and click on the live web broadcast symbol.
The webcast will be available through the Company web site for 30
days. Investors can also listen and participate on the telephone in
the US and Canada by calling 800-688-0796, or +1-617-614-4070
outside the US and Canada. Investors should refer to the Bruker
Earnings Call. A telephone replay of the conference call will be
available one hour after the conference call by dialing
888-286-8010 in the US and Canada, or +1-617-801-6888 outside the
US and Canada, and then entering replay pass code 10737820. For
more information, please visit http://ir.bruker.com
CAUTIONARY STATEMENT OF BRUKER CORPORATION
Any statements contained in this presentation that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on current expectations, but are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected, including, but not limited to, risks and
uncertainties relating to adverse changes in conditions in the
global economy and volatility in the capital markets, the
integration of businesses we have acquired or may acquire in the
future, changing technologies, product development and market
acceptance of our products, the cost and pricing of our products,
manufacturing, competition, dependence on collaborative partners
and key suppliers, capital spending and government funding
policies, changes in governmental regulations, realization of
anticipated benefits from economic stimulus programs, intellectual
property rights, litigation, and exposure to foreign currency
fluctuations and other risk factors discussed from time to time in
our filings with the Securities and Exchange Commission. These and
other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our annual
report on Form 10-K for the year ended December 31, 2009, our most
recent quarterly reports on Form 10-Q and our current reports on
Form 8-K. We expressly disclaim any intent or obligation to update
these forward-looking statements other than as required by law.
CAUTIONARY STATEMENT OF BEST
This press release contains forward-looking statements. All
statements other than statements of historical facts contained in
this press release, including statements regarding our future
results of operations and financial position, business strategy and
plans and objectives of management for future operations, are
forward-looking statements. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expect," "plan," "anticipate," "could," "intend,"
"target," "project," "contemplate," "believe," "estimate,"
"predict," "potential," "continue" or other similar words.
These forward-looking statements are predictions, not
guarantees. These statements relate to future events or our future
financial performance and involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, levels of activity, performance or achievements to
materially differ from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. Risks and uncertainties that could
cause actual results to differ materially from those projected,
include, but are not limited to, the integration of businesses we
have acquired or may acquire in the future, changing technologies,
product development, the cost and pricing of our products,
manufacturing, competition, dependence on collaborative partners
and key suppliers, capital spending and government funding
policies, changes in governmental regulations, intellectual
property rights, litigation, and exposure to foreign currency
fluctuations. Because forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified, you should not rely on these
forward-looking statements as guarantees of future events.
The forward-looking statements in this press release represent
our views as of the date of this press release. We anticipate that
subsequent events and developments may cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing our views as of any date subsequent to
the date of this press release.
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
(in millions, except per share amounts)
Three Months Ended September 30, Nine Months Ended
September 30,
2010 2009 2010
2009 Revenues $ 310.2
$
265.1
$ 888.8 $ 748.1 Cost of revenues 163.3 145.9
479.9 415.0 Gross profit
146.9 119.2 408.9 333.1 Operating Expenses: Selling, general
and administrative 72.2 61.2 201.9 180.1 Research and development
32.5 31.6 96.5 91.8 Amortization of acquisition-related intangible
assets 1.0 0.4 2.1 1.3 Other charges (credits), net 1.9
- 4.3 (0.6 ) Total
operating expenses 107.6 93.2
304.8 272.6 Operating income 39.3 26.0
104.1 60.5 Interest and other income (expense), net
(1.1 ) (1.8 ) (5.6 ) (4.6 )
Income before income taxes and
noncontrolling interest in consolidated subsidiaries
38.2 24.2 98.5 55.9 Income tax provision 10.3
8.1 31.7 18.5
Consolidated net income 27.9 16.1 66.8 37.4
Net income (loss) attributable to
noncontrolling interests in consolidated subsidiaries
0.5 (0.3 ) 0.7 (0.3 ) Net
income attributable to Bruker Corporation $ 27.4 $ 16.4
$ 66.1 $ 37.7
Net income per common share attributable
to Bruker Corporation shareholders:
Basic $ 0.17 $ 0.10 $ 0.40 $ 0.23
Diluted $ 0.17 $ 0.10 $ 0.40 $ 0.23
Weighted average common shares outstanding: Basic
164.5 163.5 164.3
163.4 Diluted 165.7 165.0
165.6 164.7
Reconciliation of adjusted operating
income, net income and earnings per share forthe three and
nine months ended September 30, 2010 and 2009 (unaudited) (a)
(b)
(in millions, except per share
data)
(in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30, 2010
2009 2010 2009 Reconciliation of
Adjusted Operating Income GAAP operating income (a) $ 39.3 $
26.0 $ 104.1 $ 60.5 Cost of revenues charges (c) 1.5 - 1.7 -
Amortization of acquisition-related intangible assets (d) 1.0 0.4
2.1 1.3 Other charges (credits), net (e) 1.9 -
4.3
(0.6 ) Adjusted operating income $ 43.7 $ 26.4
$ 112.2 $ 61.2 Adjusted operating margins 14.1 % 10.0
% 12.6 % 8.2 %
Reconciliation of Adjusted Net Income
GAAP net income (a) $ 27.4 $ 16.4 $ 66.1 $ 37.7 Cost of revenues
charges (c) 1.4 - 1.6 - Amortization of acquisition-related
intangible assets (d) 0.9 0.4 1.9 1.2 Other charges (credits), net
(e) 1.8 - 3.8 (0.6
) Adjusted net income $ 31.5 $ 16.8 $ 73.4 $
38.3
Reconciliation of Adjusted Earnings
Per Share GAAP earnings per share (a) $ 0.17 $ 0.10 $ 0.40 $
0.23 Cost of revenues charges (c) 0.01 - 0.01 - Amortization of
acquisition-related intangible assets (d) - - 0.01 0.01 Other
charges (credits), net (e) 0.01 -
0.02 (0.01 ) Adjusted earnings per share $
0.19 $ 0.10 $ 0.44 $ 0.23
(a) “GAAP” (reported) results were determined in accordance with
U.S. generally accepted accounting principles (GAAP)
(b) Adjusted results are non-GAAP measures and for income
measures exclude certain charges to cost of revenues (see note c
for details); amortization of acquisition-related intangible assets
(see note d for details); restructuring and other charges (see note
e for details); and the tax consequences of the preceding items
(see note f for details)
(c) Reported results in 2010 include charges for the sale of
inventories revalued at the date of acquisition
(d) Reported results in 2010 and 2009 include charges for the
amortization of acquisition-related intangible assets
(e) Reported results within other charges (credits) in 2010
include $1.0 million of charges associated with the divestiture of
a manufacturing facility, and $1.4 million of charges associated
with short-term transition services agreements and $1.7 million in
charges for professional fees associated with our acquisitions in
the second and third quarters. Reported results within other
charges (credits) in 2009 included a net gain of $0.6 million on
the acquisition of ACCEL Instruments
(f) The charges described in notes c, d and e have been tax
effected using enacted tax rates in the jurisdiction in which the
charge was recorded
Reconciliation of BSI and BEST
reportable segments to the consolidated results of
BrukerCorporation for the three and nine months ended
September 30, 2010 and 2009(unaudited) (a) (b)
Segment Data Bruker
(in millions, except per share amounts) Bruker
Energy & Corporate, Consolidated
Scientific Supercon Adjustments Bruker
Three Months Ended September 30, 2010: Instruments
Technologies & Eliminations
Corporation Revenue $ 290.5 $ 22.4 $ (2.7 ) $ 310.2
Gross profit - GAAP 143.9 3.4 (0.4 ) 146.9 Cost of revenues
charges (c) 1.5 - -
1.5 Gross profit - adjusted $ 145.4 $ 3.4 $ (0.4 ) $
148.4 Gross profit margin - adjusted 50.1 % 15.2 % 47.8 %
Operating income (loss) - GAAP $ 40.4 $ (0.8 ) $ (0.3 ) $ 39.3 Cost
of revenues charges (c) 1.5 - - 1.5 Amortization of
acquisition-related intangible assets (d) 0.9 0.1 - 1.0 Other
charges (e) 1.9 - -
1.9 Operating income (loss) - adjusted $ 44.7 $ (0.7
) $ (0.3 ) $ 43.7 Operating margin - adjusted 15.4 % (3.1 %) 14.1 %
Net income (loss) attributable to Bruker Corporation - GAAP
$ 29.4 $ (1.7 ) $ (0.3 ) $ 27.4 Cost of revenues charges (c) 1.4 -
- 1.4 Amortization of acquisition-related intangible assets (d) 0.8
0.1 - 0.9 Other charges (e) 1.8 -
- 1.8 Net income (loss) attributable to
Bruker Corporation - adjusted $ 33.4 $ (1.6 ) $ (0.3 ) $ 31.5
Diluted net income (loss) per common share attributable to
Bruker Corporation - GAAP $ 0.18 $ (0.01 ) $ (0.00 ) $ 0.17 Cost of
revenues charges (c) 0.01 - - 0.01 Amortization of
acquisition-related intangible assets (d) - - - - Other charges (e)
0.01 - - 0.01
Diluted net income (loss) per common share attributable to
Bruker Corporation - adjusted $ 0.20 $ (0.01 ) $ (0.00 ) $ 0.19
Weighted average shares outstanding: 165.7 164.5 164.5 165.7
Three Months Ended September 30, 2009: Revenue
$ 251.6 $ 14.2 $ (0.7 ) $ 265.1 Gross profit - GAAP $ 114.9
$ 3.7 $ 0.6 $ 119.2 Cost of revenues charges (c) -
- - - Gross profit -
adjusted $ 114.9 $ 3.7 $ 0.6 $ 119.2 Gross profit margin - adjusted
45.7 % 26.1 % 45.0 % Operating income (loss) - GAAP $ 26.9 $
(1.2 ) $ 0.3 $ 26.0 Cost of revenues charges (c) - - - -
Amortization of acquisition-related intangible assets (d) 0.3 0.1 -
0.4 Other charges (credits), net (e) - -
- - Operating income (loss) -
adjusted $ 27.2 $ (1.1 ) $ 0.3 $ 26.4 Operating margin - adjusted
10.8 % (7.7 %) 10.0 % Net income (loss) attributable to
Bruker Corporation - GAAP $ 18.1 $ (1.5 ) $ (0.2 ) $ 16.4 Cost of
revenues charges (c) - - - - Amortization of acquisition-related
intangible assets (d) 0.3 0.1 - 0.4 Other charges (credits), net
(e) - - - -
Net income (loss) attributable to Bruker Corporation - adjusted $
18.4 $ (1.4 ) $ (0.2 ) $ 16.8 Diluted net income (loss) per
common share attributable to Bruker Corporation - GAAP $ 0.11 $
(0.01 ) $ (0.00 ) $ 0.10 Cost of revenues charges (c) - - - -
Amortization of acquisition-related intangible assets (d) - - - -
Other charges (e) - - -
- Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted $ 0.11 $ (0.01 ) $
(0.00 ) $ 0.10 Weighted average shares outstanding: 165.0
163.5 163.5 165.0
Segment Data Bruker
(in millions, except per share amounts)
Bruker Energy & Corporate,
Consolidated Scientific Supercon
Adjustments Bruker Nine Months Ended September 30,
2010: Instruments Technologies &
Eliminations Corporation Revenue $ 835.7 $
61.2 $ (8.1 ) $ 888.8 Gross profit - GAAP 399.8 10.6 (1.5 )
408.9 Cost of revenues charges (c) 1.7 -
- 1.7 Gross profit - adjusted $
401.5 $ 10.6 $ (1.5 ) $ 410.6 Gross profit margin - adjusted 48.0 %
17.3 % 46.2 % Operating income (loss) - GAAP $ 108.5 $ (3.0
) $ (1.4 ) $ 104.1 Cost of revenues charges (c) 1.7 - - 1.7
Amortization of acquisition-related intangible assets (d) 1.8 0.3 -
2.1 Other charges (e) 4.3 - -
4.3 Operating income (loss) - adjusted $ 116.3
$ (2.7 ) $ (1.4 ) $ 112.2 Operating margin - adjusted 13.9 % (4.4
%) 12.6 % Net income (loss) attributable to Bruker
Corporation - GAAP $ 71.7 $ (4.5 ) $ (1.1 ) $ 66.1 Cost of revenues
charges (c) 1.6 - - 1.6 Amortization of acquisition-related
intangible assets (d) 1.6 0.3 - 1.9 Other charges (e) 3.8
- - 3.8 Net income
(loss) attributable to Bruker Corporation - adjusted $ 78.7 $ (4.2
) $ (1.1 ) $ 73.4 Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP $ 0.43 $ (0.03 ) $ (0.01
) $ 0.40 Cost of revenues charges (c) 0.01 - - 0.01 Amortization of
acquisition-related intangible assets (d) 0.01 - - 0.01 Other
charges (e) 0.02 - -
0.02 Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted $ 0.47 $ (0.03 ) $
(0.01 ) $ 0.44 Weighted average shares outstanding: 165.6
164.3 164.3 165.6
Nine Months Ended September 30, 2009:
Revenue $ 716.5 $ 36.0 $ (4.4 ) $ 748.1 Gross profit
- GAAP $ 325.9 $ 5.8 $ 1.4 $ 333.1 Cost of revenues charges (c)
- - - -
Gross profit - adjusted $ 325.9 $ 5.8 $ 1.4 $ 333.1 Gross profit
margin - adjusted 45.5 % 16.1 % 44.5 % Operating income
(loss) - GAAP $ 63.4 $ (4.3 ) $ 1.4 $ 60.5 Cost of revenues charges
(c) - - - - Amortization of acquisition-related intangible assets
(d) 1.0 0.3 - 1.3 Other charges (credits), net (e) -
(0.6 ) - (0.6 ) Operating income (loss)
- adjusted $ 64.4 $ (4.6 ) $ 1.4 $ 61.2 Operating margin - adjusted
9.0 % (12.8 %) 8.2 % Net income (loss) attributable to
Bruker Corporation - GAAP $ 41.7 $ (5.0 ) $ 1.0 $ 37.7 Cost of
revenues charges (c) - - - - Amortization of acquisition-related
intangible assets (d) 0.9 0.3 - 1.2 Other charges (credits), net
(e) - (0.6 ) - (0.6 ) Net
income (loss) attributable to Bruker Corporation - adjusted $ 42.6
$ (5.3 ) $ 1.0 $ 38.3 Diluted net income (loss) per common
share attributable to Bruker Corporation - GAAP $ 0.25 $ (0.03 ) $
0.01 $ 0.23 Cost of revenues charges (c) - - - - Amortization of
acquisition-related intangible assets (d) 0.01 - - 0.01 Other
charges (e) - (0.01 ) -
(0.01 ) Diluted net income (loss) per common share attributable to
Bruker Corporation - adjusted $ 0.26 $ (0.04 ) $ 0.01 $ 0.23
Weighted average shares outstanding: 164.7 163.4 164.7 164.7
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) September 30,
December 31, 2010 2009
ASSETS
Current assets: Cash, cash equivalents and restricted cash $ 190.5
$ 209.1 Accounts receivable, net 195.4
184.1 Inventories 487.8 422.8 Other current assets 80.3
57.5 Total current assets 954.0 873.5 Property, plant
and equipment, net
218.7
223.4 Intangible and other long-term assets 104.4
75.1 Total assets $ 1,277.1 $ 1,172.0
LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Short-term
borrowings $ 27.1 $ 22.0 Accounts payable 60.1 49.8 Customer
advances 211.7 219.2 Other current liabilities 292.7
249.2 Total current liabilities 591.6 540.2 Long-term debt
94.3 115.7 Other long-term liabilities 97.2 97.3 Total
shareholders' equity 494.0 418.8 Total
liabilities and shareholders' equity $ 1,277.1 $ 1,172.0
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