Bruker Corporation (NASDAQ: BRKR) today reported financial
results for the fourth quarter and year ended December 31,
2011.
Fourth Quarter 2011 Financial Highlights:
- Revenue increased 14.2% year-over-year
to $475.1 million (12.5% currency-adjusted growth, or 12.2% growth
excluding acquisitions and currency effects)
- Bruker Scientific Instruments (BSI)
segment GAAP EPS was $0.25, and BSI adjusted EPS was $0.33
- Operating cash flow was $92.1 million,
and free cash flow was $76.1 million
Full Year 2011 Financial Highlights:
- Revenue increased 26.6% year-over-year
to $1,651.7 million (20.5% currency-adjusted growth, or 9.2%
excluding acquisitions and currency effects)
- BSI GAAP EPS was $0.62, and BSI
adjusted EPS was $0.91 (excluding investments in new CAM division,
BSI adjusted EPS would have been $1.00)
- BSI RoIC was 22.0%, or 24.8% excluding
CAM division investments
Financial Results
In the fourth quarter of 2011, revenue was $475.1 million,
compared to $416.1 million in the fourth quarter of 2010, an
increase of 14.2%, including a 1.7% currency tailwind. Excluding
the effects of acquisitions and foreign currency translation,
fourth quarter 2011 revenue increased by 12.2% year-over-year. GAAP
net income for the fourth quarter of 2011 was $39.1 million, or
$0.23 per diluted share, compared to $29.3 million, or $0.18 per
diluted share, in the fourth quarter of 2010. Adjusted net income
for the fourth quarter of 2011 was $51.0 million, or $0.31 per
diluted share, compared to $47.1 million, or $0.28 per diluted
share, in the fourth quarter of 2010.
For the fourth quarter of 2011, Bruker’s cash flow from
operations was $92.1 million, and free cash flow was $76.1 million.
As of December 31, 2011, Bruker had cash, cash equivalents and
restricted cash of $248.2 million and net debt of $54.9 million. As
of December 31, 2011, Bruker’s Intangible Asset Ratio (IAR) was
13.8% and total debt leverage ratio was 1.2x.
For the full year ended December 31, 2011, revenue was $1,651.7
million, compared to $1,304.9 million in the full year 2010, an
increase of 26.6%, including a 6.1% currency tailwind. Excluding
the effects of acquisitions and foreign currency translation,
revenue for 2011 increased by 9.2% organically over the year 2010.
GAAP net income for the year 2011 was $92.3 million, or $0.55 per
diluted share, compared to $95.4 million, or $0.58 per diluted
share, for the year 2010. Adjusted net income for 2011 was $143.7
million, or $0.86 per diluted share, compared to $127.0 million, or
$0.77 per diluted share, for 2010.
Bruker Scientific Instruments (BSI) Segment
In the fourth quarter of 2011, BSI revenue was $445.8 million,
compared to $389.4 million for the fourth quarter of 2010, an
increase of 14.5%, including a 1.8% currency tailwind. Excluding
the effects of acquisitions and foreign currency translation, BSI
revenue for the fourth quarter of 2011 increased by 12.3% over the
fourth quarter of 2010. BSI GAAP EPS in the fourth quarter of 2011
was $0.25 per diluted share, compared to $0.19 in the fourth
quarter of 2010. BSI adjusted EPS in the fourth quarter of 2011 was
$0.33 per diluted share, compared to $0.29 in the fourth quarter of
2010.
For the full year ended December 31, 2011, BSI revenue was
$1,554.1 million, compared to $1,225.1 million in 2010, an increase
of 26.9%, including a 6.1% currency tailwind. Excluding the effects
of acquisitions and foreign currency translation, BSI revenue for
the full year 2011 increased by 8.6% organically over fiscal 2010.
BSI GAAP EPS for the fiscal 2011 was $0.62 per diluted share,
compared to $0.62 for 2010. BSI adjusted EPS for fiscal 2011 was
$0.91 per diluted share, compared to $0.81 for fiscal 2010.
Excluding investments in Bruker’s new Chemical & Applied
Markets (CAM) division, BSI adjusted EPS for fiscal 2011 would have
been $1.00.
For fiscal 2011, the BSI segment Return on Invested Capital
(RoIC) was 22.0%, or 24.8% excluding Bruker’s investments in its
CAM division.
Bruker Energy & Supercon Technologies (BEST)
Segment
In the fourth quarter of 2011, BEST revenue was $33.6 million,
compared to $29.3 million for the fourth quarter of 2010, an
increase of 14.7%, including a 0.9% currency headwind. Excluding
the effects of foreign currency translation, BEST revenue for the
fourth quarter of 2011 increased by 15.6% organically over the
fourth quarter of 2010. BEST GAAP loss per diluted share in each of
the fourth quarters of 2011 and 2010 was ($0.01).
For the full year ended December 31, 2011, revenue for BEST was
$113.4 million, compared to $90.5 million in the full year 2010, an
increase of 25.3%, including a 5.5% currency tailwind. Excluding
the effects of foreign currency translation, BEST revenue for the
full year 2011 increased by 19.8% organically over fiscal 2010.
BEST GAAP loss per diluted share for 2011 was ($0.05), compared to
($0.04) in 2010. BEST adjusted net loss per diluted share for the
full year 2011 was ($0.03), compared to ($0.04) for fiscal
2010.
Adjusted net income 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.”
Comment and Outlook
Frank Laukien, President and CEO of Bruker Corporation,
commented: “Our emphasis on product innovation, organic growth,
disciplined acquisitions and RoIC has enabled us to deliver 20%
currency-adjusted revenue growth, and 9% organic revenue growth in
2011. Even with significant investment in our new CAM division, our
BSI segment adjusted EPS increased 12% in 2011, while excluding our
CAM investments, BSI adjusted EPS would have increased 23%
year-over-year.
He continued: “I am pleased that despite two sizeable
acquisitions in 2010, our balance sheet remained solid, with an
intangible asset ratio at an industry-leading low level of 14%, and
our debt leverage ratio at a conservative 1.2x as of December 31,
2011. Moreover, our BSI segment achieved RoIC of 22% in fiscal
2011, or 25% excluding our CAM investments. We believe that our
present investments in our new CAM division and our BEST segment
will strongly contribute to RoIC and shareholder value in the
future. Our CAM division intends to reach break-even in 2013, and
$250 million revenue and 18% adjusted operating margin by 2016.
Dr. Laukien concluded: “In the fourth quarter of 2011, our
bookings were again excellent, and backlog increased further. With
strong momentum, record backlog, and good geographic and end market
diversification, we expect to generate significant further
improvements in our financial performance in 2012 and beyond.
Bruker is very well positioned to capitalize on strong demand
tailwinds from a number of important secular trends, including
accelerating shifts to post-genomic research and epigenetics,
functional and imaging proteomics, structural biology, biologic
drugs, a paradigm shift in clinical microbiology, protein and
metabolite molecular diagnostics, fast and quantitative microscopy,
450 mm semiconductor FABs, shrinking semicon and nanotech feature
sizes, and further adoption of superconductivity-enabled products
in research, healthcare and energy/grid applications.”
Financial Goals for 2012
For 2012, Bruker will not exclude non-cash stock-based
compensation expenses in adjusted operating income, adjusted net
income and adjusted EPS. Comparisons will be provided to pro forma
2011 numbers which will also not exclude these non-cash
expenses.
Bruker’s financial goals for the full year 2012 are:
- Currency-adjusted revenue growth of
7-10%, to revenue of $1.76-$1.81 billion
- BSI adjusted operating income of
$230-$240 million, an increase of 15-18%
- BSI adjusted operating margin
improvement of 120-140 basis points
- BSI adjusted EPS of $0.94-$0.98,
compared to pro forma 2011 BSI adjusted EPS of $0.87 (includes
$0.04 of non-cash stock-based compensation expense in both 2011 and
2012)
- BSI 0.45x working-capital-to-revenue
ratio, compared to 0.47x in 2011
- BSI RoIC of 23%-25%
- Operating cash flow of $130-$160
million, and free cash flow of $80-$120 million
For the first quarter of 2012, Bruker expects total revenue of
$380-$390 million, and BSI segment adjusted EPS of $0.11-$0.13,
including CAM. Bruker’s medium-term financial goals for the year
2014 include total revenue greater than $2 billion, and BSI segment
adjusted operating margin of 18%, excluding the CAM division, but
now including non-cash stock-based compensation expense.
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 net 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.
Definitions of Terms
Operating cash flow is defined as cash generated from
operations.
Free cash flow is defined as cash flow from operations less
capital expenditures.
Intangible Asset Ratio (IAR) is goodwill plus other intangibles
as a percentage of total assets.
Leverage ratio is defined as total debt divided by last-twelve
months (LTM) adjusted EBITDA (Earnings Before Interest Taxes
Depreciation Amortization).
Adjusted EBITDA is defined as net income plus interest expense
(less interest income), taxes, depreciation, amortization,
extraordinary non-cash losses (less gains), non-cash stock-option
expense, non-cash foreign currency translation loss (less gains),
other non-cash charges.
Return on Invested Capital (RoIC) is defined as adjusted Net
Operating Profit After Tax (Adj. NOPAT) divided by total invested
capital. Total invested capital is defined as average equity minus
average cash plus average debt.
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings
conference call at 9:00 a.m. Eastern Time on Wednesday, February
22, 2012. 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 10954262. For
more information, please visit http://ir.bruker.com
CAUTIONARY STATEMENT OF BRUKER CORPORATION
Any statements contained in this press release 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, the outcome of any actions that may be taken by
government agencies in connection with FCPA compliance matters we
have disclosed to them, 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, 2010, 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.
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME (unaudited)
Three Months Ended Twelve Months Ended (in
millions, except per share amounts) December 31,
December 31, 2011 2010 2011 2010
Revenues $ 475.1 $ 416.1 $ 1,651.7 $ 1,304.9 Cost of
revenues 257.4 222.3 899.2
703.2 Gross profit 217.7 193.8 752.5
601.7 Operating Expenses: Selling, general and
administrative 116.1 95.4 403.6 297.3 Research and development 44.7
44.9 177.2 141.4 Amortization of acquisition-related intangible
assets 0.9 0.4 3.0 1.5 Other charges, net 2.3
1.5 13.1 5.8 Total operating
expenses 164.0 142.2 596.9
446.0 Operating income 53.7 51.6 155.6
155.7 Interest and other income (expense), net (1.3 )
- (10.1 ) (5.6 ) Income before
income taxes and noncontrolling interest in consolidated
subsidiaries 52.4 51.6 145.5 150.1 Income tax provision 12.8
21.6 51.5 53.3
Consolidated net income 39.6 30.0 94.0 96.8 Net income
attributable to noncontrolling interests in consolidated
subsidiaries 0.5 0.7 1.7
1.4 Net income attributable to Bruker Corporation $
39.1 $ 29.3 $ 92.3 $ 95.4 Net
income per common share attributable to Bruker Corporation
shareholders: Basic $ 0.24 $ 0.18 $ 0.56 $
0.58 Diluted $ 0.23 $ 0.18 $ 0.55 $
0.58 Weighted average common shares outstanding:
Basic 165.6 164.7 165.4
164.4 Diluted 166.7 166.1
166.9 165.7
Reconciliation of adjusted operating
income, net income and earnings per share for
the three and twelve months ended
December 31, 2011 and 2010 (unaudited) (a) (b)
(in millions, except per
share amounts) Three Months Ended Twelve Months
Ended December 31,
December 31, 2011
2010 2011
2010 Reconciliation of Adjusted Operating
Income GAAP operating income (a) $ 53.7 $ 51.6 $ 155.6 $ 155.7
Cost of revenues charges (c) (1.1 ) 5.5 9.3 10.6 Stock-based
compensation expense (d) 2.1 1.9 7.9 6.9 Amortization of
acquisition-related intangible assets (d) 5.0 3.7 18.1 5.8 Other
charges (e) 3.0 4.3 13.8
8.6 Adjusted operating income $ 62.7 $ 67.0
$ 204.7 $ 187.6 Adjusted operating margins
13.2 % 16.1 % 12.4 % 14.4 %
Reconciliation of Adjusted
Net Income GAAP net income (a) $ 39.1 $ 29.3 $ 92.3 $ 95.4 Cost
of revenues charges (c) (0.7 ) 5.4 7.9 9.3 Stock-based compensation
expense (d) 1.7 1.7 6.7 5.9 Amortization of acquisition-related
intangible assets (d) 4.9 3.5 17.4 5.4 Other charges (e) 6.0
7.2 19.4 11.0
Adjusted net income $ 51.0 $ 47.1 $ 143.7 $
127.0
Reconciliation of Adjusted Earnings
Per Share GAAP earnings per share (a) $ 0.23 $ 0.18 $ 0.55 $
0.58 Cost of revenues charges (c) - 0.03 0.05 0.06 Stock-based
compensation expense (d) 0.01 0.01 0.04 0.03 Amortization of
acquisition-related intangible assets (d) 0.03 0.02 0.10 0.03 Other
charges (e) 0.04 0.04 0.12
0.07 Adjusted earnings per share $ 0.31
$ 0.28 $ 0.86 $ 0.77
(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 and
stock-based compensation (see note d for details); restructuring
and other charges (see note e for details); and the tax
consequences of the preceding items.(c) Reported results in 2011
and 2010 include charges for the sale of inventories revalued at
the date of acquisition as well as charges to cost of goods sold
attributable to manufacturing engineering modifications associated
with certain specialty magnets. In the three months ended December
31, 2011, the company recorded a credit of $1.6M related to these
specialty magnets. For the full years 2011 and 2010, charges
attributable to these specialty magnets were $4.6 million and $3.4
million, respectively.(d) Reported results in 2011 and 2010 include
non-cash charges for the amortization of acquisition-related
intangible assets and stock-based compensation.(e) Reported results
for the three months ended December 31, 2011 include $1.1 million
of fees associated with legal compliance and examinations, $1.0
million of acquisition-related costs and $0.9 million of
restructuring costs. Other charges reported for the three months
ended December 31, 2010 include $4.3 million of acquisition-related
costs. In 2011, reported results include $4.6 million of fees
associated with legal compliance and examinations, $4.9 million of
acquisition-related costs, $3.4 million of deferred BEST public
offering costs and $0.9 million of restructuring costs. In 2010,
reported results include $7.4 million of acquisition-related costs
and $1.2 million of restructuring costs.
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. In addition, reported results for the three and twelve
months ended December 31, 2011, include $3.3 million and $5.8
million, respectively, of provisions for income tax related to
historical tax periods under audit.
Reconciliation of BSI and BEST
reportable segments to the consolidated results of Bruker
Corporation for the three and twelve
months ended December 31, 2011 and 2010
(unaudited) (a) (b)
Segment Data Bruker (in millions, except
per share amounts) Bruker Energy &
Corporate, Consolidated Scientific
Supercon Adjustments Bruker Three Months
Ended December 31, 2011: Instruments Technologies
& Eliminations Corporation Revenue
$ 445.8 $ 33.6 $ (4.3 ) $ 475.1 Gross profit - GAAP $ 212.2
$ 6.9 $ (1.4 ) $ 217.7 Cost of revenues charges (c) (1.1 ) - - (1.1
) Stock-based compensation expense (d) 0.3 - - 0.3 Amortization of
acquisition-related intangible assets (d) 4.1
- - 4.1 Gross profit - adjusted
$ 215.5 $ 6.9 $ (1.4 ) $ 221.0 Gross profit
margin - adjusted 48.3 % 20.5 % 46.5 % Operating income
(loss) - GAAP $ 55.5 $ (0.5 ) $ (1.3 ) $ 53.7 Cost of revenues
charges (c) (1.1 ) - - (1.1 ) Stock-based compensation expense (d)
2.0 0.1 - 2.1 Amortization of acquisition-related intangible assets
(d) 5.0 - - 5.0 Other charges (e) 3.0 -
- 3.0 Operating income (loss) -
adjusted $ 64.4 $ (0.4 ) $ (1.3 ) $ 62.7 Operating
margin - adjusted 14.4 % (1.2 %) 13.2 % Net income (loss)
attributable to Bruker Corporation - GAAP $ 41.9 $ (1.7 ) $ (1.1 )
$ 39.1 Cost of revenues charges (c) (0.7 ) - - (0.7 ) Stock-based
compensation expense (d) 1.7 - - 1.7 Amortization of
acquisition-related intangible assets (d) 4.9 - - 4.9 Other charges
(e) 6.0 - - 6.0
Net income (loss) attributable to Bruker Corporation -
adjusted $ 53.8 $ (1.7 ) $ (1.1 ) $ 51.0 Diluted net income
(loss) per common share attributable to Bruker Corporation - GAAP $
0.25 $ (0.01 ) $ (0.01 ) $ 0.23 Cost of revenues charges (c) - - -
- Stock-based compensation expense (d) 0.01 - - 0.01 Amortization
of acquisition-related intangible assets (d) 0.03 - - 0.03 Other
charges (e) 0.04 - -
0.04 Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted $ 0.33 $ (0.01 ) $
(0.01 ) $ 0.31 Weighted average shares outstanding: 166.7
165.6 165.6 166.7
Three Months Ended December 31, 2010:
Revenue $ 389.4 $ 29.3 $ (2.6 ) $ 416.1 Gross profit
- GAAP $ 188.6 $ 6.0 $ (0.8 ) $ 193.8 Cost of revenues charges (c)
5.5 - - 5.5 Stock-based compensation expense (d) 0.3 - - 0.3
Amortization of acquisition-related intangible assets (d)
3.3 - - 3.3 Gross
profit - adjusted $ 197.7 $ 6.0 $ (0.8 ) $ 202.9
Gross profit margin - adjusted 50.8 % 20.5 % 48.8 %
Operating income (loss) - GAAP $ 52.0 $ 0.4 $ (0.8 ) $ 51.6 Cost of
revenues charges (c) 5.5 - - 5.5 Stock-based compensation expense
(d) 1.8 0.1 - 1.9 Amortization of acquisition-related intangible
assets (d) 3.7 - - 3.7 Other charges (e) 4.3 -
- 4.3 Operating income (loss) -
adjusted $ 67.3 $ 0.5 $ (0.8 ) $ 67.0
Operating margin - adjusted 17.3 % 1.7 % 16.1 % Net income
(loss) attributable to Bruker Corporation - GAAP $ 31.7 $ (1.9 ) $
(0.5 ) $ 29.3 Cost of revenues charges (c) 5.4 - - 5.4 Stock-based
compensation expense (d) 1.6 0.1 - 1.7 Amortization of
acquisition-related intangible assets (d) 3.5 - - 3.5 Other charges
(e) 7.2 - - 7.2
Net income (loss) attributable to Bruker Corporation -
adjusted $ 49.4 $ (1.8 ) $ (0.5 ) $ 47.1 Diluted net income
(loss) per common share attributable to Bruker Corporation - GAAP $
0.19 $ (0.01 ) $ - $ 0.18 Cost of revenues charges (c) 0.03 - -
0.03 Stock-based compensation expense (d) 0.01 - - 0.01
Amortization of acquisition-related intangible assets (d) 0.02 - -
0.02 Other charges (e) 0.04 - -
0.04 Diluted net income (loss) per common
share attributable to Bruker Corporation - adjusted $ 0.29 $ (0.01
) $ - $ 0.28 Weighted average shares outstanding: 166.1
164.7 164.7 166.1
Segment Data Bruker
(in millions, except per share amounts) Bruker
Energy & Corporate, Consolidated
Scientific Supercon Adjustments Bruker
Twelve Months Ended December 31, 2011: Instruments
Technologies & Eliminations
Corporation Revenue $ 1,554.1 $ 113.4 $ (15.8 ) $
1,651.7 Gross profit - GAAP $ 733.3 $ 22.4 $ (3.2 ) $ 752.5
Cost of revenues charges (c) 9.3 - - 9.3 Stock-based compensation
expense (d) 1.1 - - 1.1 Amortization of acquisition-related
intangible assets (d) 14.8 0.3 -
15.1 Gross profit - adjusted $ 758.5 $
22.7 $ (3.2 ) $ 778.0 Gross profit margin - adjusted
48.8 % 20.0 % 47.1 % Operating income (loss) - GAAP $ 162.8
$ (4.1 ) $ (3.1 ) $ 155.6 Cost of revenues charges (c) 9.3 - - 9.3
Stock-based compensation expense (d) 7.4 0.5 - 7.9 Amortization of
acquisition-related intangible assets (d) 17.8 0.3 - 18.1 Other
charges (e) 10.4 3.4 -
13.8 Operating income (loss) - adjusted $ 207.7
$ 0.1 $ (3.1 ) $ 204.7 Operating margin -
adjusted 13.4 % 0.1 % 12.4 % Net income (loss) attributable
to Bruker Corporation - GAAP $ 104.1 $ (8.9 ) $ (2.9 ) $ 92.3 Cost
of revenues charges (c) 7.9 - - 7.9 Stock-based compensation
expense (d) 6.3 0.4 - 6.7 Amortization of acquisition-related
intangible assets (d) 17.1 0.3 - 17.4 Other charges (e) 16.0
3.4 - 19.4 Net
income (loss) attributable to Bruker Corporation - adjusted $ 151.4
$ (4.8 ) $ (2.9 ) $ 143.7 Diluted net income (loss) per
common share attributable to Bruker Corporation - GAAP
$
0.62
$
(0.05
)
$
(0.02
)
$
0.55
Cost of revenues charges (c) 0.05 - - 0.05 Stock-based compensation
expense (d) 0.04 - - 0.04 Amortization of acquisition-related
intangible assets (d) 0.10 - - 0.10 Other charges (e) 0.10
0.02 - 0.12
Diluted net income (loss) per common share attributable to Bruker
Corporation - adjusted
$
0.91
$
(0.03
)
$
(0.02
)
$
0.86
Weighted average shares outstanding:
166.9
165.4
165.4
166.9
Twelve Months Ended December 31, 2010: Revenue
$ 1,225.1 $ 90.5 $ (10.7 ) $ 1,304.9 Gross profit - GAAP $
587.7 $ 16.3 $ (2.3 ) $ 601.7 Cost of revenues charges (c) 10.6 - -
10.6 Stock-based compensation expense (d) 1.0 - - 1.0 Amortization
of acquisition-related intangible assets (d) 4.0
0.3 - 4.3 Gross profit -
adjusted $ 603.3 $ 16.6 $ (2.3 ) $ 617.6 Gross
profit margin - adjusted 49.2 % 18.3 % 47.3 % Operating
income (loss) - GAAP $ 160.5 $ (2.6 ) $ (2.2 ) $ 155.7 Cost of
revenues charges (c) 10.6 - - 10.6 Stock-based compensation expense
(d) 6.5 0.4 - 6.9 Amortization of acquisition-related intangible
assets (d) 5.5 0.3 - 5.8 Other charges (e) 8.6
- - 8.6 Operating income (loss)
- adjusted $ 191.7 $ (1.9 ) $ (2.2 ) $ 187.6
Operating margin - adjusted 15.6 % (2.1 %) 14.4 % Net income
(loss) attributable to Bruker Corporation - GAAP $ 103.4 $ (6.4 ) $
(1.6 ) $ 95.4 Cost of revenues charges (c) 9.3 - - 9.3 Stock-based
compensation expense (d) 5.5 0.4 - 5.9 Amortization of
acquisition-related intangible assets (d) 5.1 0.3 - 5.4 Other
charges (e) 11.0 - -
11.0 Net income (loss) attributable to Bruker
Corporation - adjusted $ 134.3 $ (5.7 ) $ (1.6 ) $ 127.0
Diluted net income (loss) per common share attributable to Bruker
Corporation - GAAP $ 0.62 $ (0.04 ) $ - $ 0.58 Cost of revenues
charges (c) 0.06 - - 0.06 Stock-based compensation expense (d) 0.03
- - 0.03 Amortization of acquisition-related intangible assets (d)
0.03 - - 0.03 Other charges (e) 0.07 -
- 0.07 Diluted net income (loss) per
common share attributable to Bruker Corporation - adjusted $ 0.81 $
(0.04 ) $ - $ 0.77 Weighted average shares outstanding:
165.7 164.4 164.4 165.7
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions) December 31, December 31,
2011 2010 ASSETS
Current assets: Cash, cash equivalents and restricted cash $ 248.2
$ 233.3 Accounts receivable, net 282.8 232.9 Inventories 576.2
511.0 Other current assets 86.9 73.9 Total current assets 1,194.1
1,051.1 Property, plant and equipment, net 249.0 233.7
Intangible and other long-term assets 267.4 265.0 Total
assets $ 1,710.5 $ 1,549.8
LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Short-term borrowings,
including current portion of long-term debt $ 83.7 $ 214.4 Accounts
payable 72.3 64.0 Customer advances 268.6 242.2 Other current
liabilities 331.2 310.9 Total current liabilities 755.8 831.5
Long-term debt 219.4 86.6 Other long-term liabilities 110.4
104.3 Total shareholders' equity 624.9 527.4 Total
liabilities and shareholders' equity $ 1,710.5 $ 1,549.8
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