MDCC Molecular Devices (MM)

Molecular Devices Reports Record Revenues and Earnings for First Quarter of 2004 SUNNYVALE, Calif., April 22 /PRNewswire-FirstCall/ -- Molecular Devices Corporation today announced record revenues and earnings for the quarter ended March 31, 2004. Revenues for the quarter were a record $27.3 million, or an increase of 11% compared to the same period last year. Operating income for the first quarter of 2004 was $2.2 million, or an increase of 198% compared to the same period last year. Fully diluted earnings per share for the first quarter of 2004 were $0.10, or an increase of 100% compared with the same period last year. "We saw strength in both our life sciences and drug discovery product families, and we have become more optimistic about the state of our markets," stated Joseph D. Keegan, Ph.D., Molecular Devices' President and Chief Executive Officer. "IonWorks exceeded our expectations for the quarter and we continued to see strong demand for the SpectraMax M2 bench-top reader as well as the Meta series of cellular imaging products and our drug discovery consumables. Strategically, we are very excited about our recent agreement to acquire Axon Instruments, as we believe it will enable us to broaden our footprint in our core drug discovery markets and further strengthen our technology base." The Company also established guidance for the second quarter of 2004 and reaffirmed guidance for the full year 2004. For the second quarter of 2004, the Company anticipates revenues of $31 to $33 million and fully diluted earnings per share of $0.15 to $0.17. For the full year 2004, the Company anticipates revenues of $125 to $135 million and fully diluted earnings per share of $0.65 to $0.75. If the Axon transaction closes by the end of the second quarter of 2004, the Company would anticipate increasing revenue guidance for the second half by $20 million, bringing it to a range of $145 million to $155 million for the full year. In addition, the transaction is expected to be neutral to earnings per share guidance for 2004. Conference Call Information An earnings announcement conference call is scheduled for Friday, April 23, 2004 at 8:00 a.m. PDT (11:00 a.m. EDT). Interested parties can participate in the call by dialing 800-500-0311 (domestic) or 719-457-2698 (international). A taped replay of this call will be available through April 30, 2004. Replay dial-in numbers are 888-203-1112 (domestic) and 719-457-0820 (international) and the access code for the replay is 437836. Investors can also access a live web-cast of the call through a link posted on the investor page on Molecular Devices' website (http://www.moleculardevices.com/). A replay of the web cast will remain at this location through April 30, 2004. 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, 2003. Molecular Devices Corporation does not undertake any obligation to update forward-looking statements. MOLECULAR DEVICES CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) Three Months Ended March 31, 2004 2003 (unaudited) REVENUES $27,337 $24,550 COST OF REVENUES 10,242 9,528 GROSS PROFIT 17,095 15,022 OPERATING EXPENSES: Research and development 4,017 4,659 Selling, general and administrative 10,920 9,639 Total operating expenses 14,937 14,298 INCOME FROM OPERATIONS 2,158 724 Other income, net 36 306 INCOME BEFORE TAXES 2,194 1,030 Income tax provision (764) (309) NET INCOME $1,430 $721 BASIC NET INCOME PER SHARE $0.10 $0.05 DILUTED NET INCOME PER SHARE $0.10 $0.05 SHARES USED IN COMPUTING BASIC NET INCOME PER SHARE 14,588 15,343 SHARES USED IN COMPUTING DILUTED NET INCOME PER SHARE 14,791 15,402 MOLECULAR DEVICES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) March 31, December 31, 2004 2003 ASSETS (unaudited) Current assets: Cash and cash equivalents $50,418 $50,260 Short-term investments -- 8,114 Accounts receivable, net 21,473 26,209 Inventories, net 17,339 17,025 Deferred tax assets 5,220 5,223 Other current assets 2,119 1,849 Total current assets 96,569 108,680 Long-term investments -- 1,736 Equipment and leasehold improvements, net 9,426 9,706 Other assets 46,881 46,791 $152,876 $166,913 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $4,175 $4,019 Accrued liabilities 12,867 17,356 Total current liabilities 17,042 21,375 Stockholders' equity 135,834 145,538 $152,876 $166,913 DATASOURCE: Molecular Devices Corporation CONTACT: Tim Harkness of Molecular Devices Corporation, +1-408-747-3533 Web site: http://www.moleculardevices.com/

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