Full Press Release Details
Bruker Corporation Reports Second
Quarter 2009 Financial Results
BILLERICA, Mass. July 29, 2009 (BUSINESS WIRE)
Bruker Corporation (NASDAQ: BRKR) today reported financial results for
the second quarter ended June 30, 2009.
Second Quarter 2009 Highlights
Revenue $252.5 million
GAAP Net Income $12.9
GAAP EPS $0.08 per diluted
Free cash flow $32.8 million
After acquisition of ACCEL
RI business on April 1, 2009, Bruker established new Energy &
Supercon Technologies segment
Instruments segment launched numerous innovative products with compelling
performance and capabilities: Avance III
1,000 MHz NMR, ultrafleXtreme TOF/TOF, amaZon ion trap, solariX FTMS and 263
In the second quarter of 2009, revenue was $252.5 million, a decrease
of 18.9% compared to revenue of $311.5 million in the second quarter of
2008. Excluding the effect of foreign
currency translation, second quarter 2009 revenue decreased 11.1%
year-over-year. Sequentially, revenue
increased 9.5% over the first quarter of 2009.
GAAP net income for the second quarter of 2009 was $12.9 million, or
$0.08 per diluted share, compared to GAAP net income of $21.7 million, or $0.13
per diluted share, in the second quarter of 2008. Included in GAAP EPS in the second quarter of
2009 was non-cash stock-based compensation expense of ($0.01) per diluted
For the six months ended June 30, 2009, revenue was $483.0
million, a decrease of 12.2%, compared to revenue of $549.8 million in the
first half of 2008. Excluding the effect
of foreign currency translation, revenue for the six months ended June 30,
2009 decreased by 4.4% year-over-year.
GAAP net income for the six months ended June 30, 2009 was $21.3
million, or $0.13 per diluted share, compared to GAAP net income of $20.9
million, or $0.13 per diluted share, during the six months ended June 30,
2008. Included in GAAP EPS for the six
months ended June 30, 2009 was non-cash stock-based compensation expense
of ($0.02) per diluted share.
Free cash flow for the second quarter of 2009 was $32.8 million. During the second quarter of 2009, Bruker
repaid $34.1 million of debt, and ended the quarter with cash and cash
equivalents of $154.3 million, and net debt of $16.4 million.
Frank Laukien, Bruker s President and CEO, commented: Considering the
challenging economic conditions in the industrial markets, we are pleased with
our performance in the second quarter and first half of 2009. In the second quarter of 2009, we experienced
solid top line growth sequentially, while the year-over-year revenue comparison
was expected to be more difficult due to our revenue spike in the second
quarter of 2008. On the bottom line, our
cost-cutting measures, the strength of our new product lines and the impact of
our business initiatives had a positive impact on our second quarter 2009
results, and contributed to our 54% sequential growth in net income.
Dr. Laukien continued: During the
second quarter we continued to strengthen our product portfolio and launched
several compelling mass spectrometry products at ASMS 2009, while also
introducing the world s first 1 Gigahertz NMR system. Our life-science mass spectrometry business
delivered strong double-digit revenue growth and significant margin
improvements in the second quarter of 2009.
Moreover, after the acquisition of the ACCEL RI business by our Bruker
Advanced Supercon business, we have established the new Bruker Energy &
Supercon Technologies division, which is emerging as a global leader in
superconductors and supercon devices, as well as in advanced technologies for
energy research and next-generation grid infrastructure.
Bruker s Chief Financial Officer, Bill Knight, added: While the downturn in the global economy
continues to be challenging to navigate, we are relatively well positioned to
handle these challenges with our strong technology and IP base, our
high-performance product portfolio and our broad international diversification. Moreover, we derive nearly 70% of our revenue
from universities and medical schools, as well as from other non-profit and
government customers, who tend to be less sensitive to economic
conditions. Going forward, we expect the
global government stimulus programs to have a positive impact on our high-end
life-science and research systems business, as well as on our new Bruker Energy &
Supercon Technologies division, starting in the second half of 2009,
accelerating in 2010, and continuing into 2011.
After Bruker s acquisition of the ACCEL Research Instruments business
on April 1, 2009, starting with the second quarter of 2009, Bruker has
established two new reportable segments:
1) The Bruker Scientific Instruments (BSI) segment consists of the four
divisions Bruker AXS, Bruker BioSpin, Bruker Daltonics and Bruker Optics.
2) The new Bruker Energy & Supercon Technologies (BEST)
segment which combines the acquired ACCEL RI business, and the superconductor
and supercon devices business that was previously called Bruker Advanced
Revenue in the BSI segment for the six months ended June 30, 2009
was $464.9 million, compared to BSI revenue of $533.5 million for the six
months ended June 30, 2008.
Excluding the effects of foreign currency translation, first half 2009
BSI revenue decreased by 5.4% year-over-year.
BSI net income for the six months ended June 30, 2009 was $23.5
million, compared to $24.7 million for the six months ended June 30,
2008. BSI earnings per diluted share for
the six months ended June 30, 2009 were $0.14, compared to $0.15 for the
six months ended June 30, 2008.
Revenue in the BEST segment for the six months ended June 30, 2009
was $21.8 million, compared to BEST revenue of $22.4 million for the six months
ended June 30, 2008. Excluding the
effects of foreign currency translation, first half 2009 BEST revenue increased
by 12.3% year-over-year. BEST net loss
for the six months ended June 30, 2009 was ($3.4) million, compared to a
net loss of ($4.0) million for the six months ended June 30, 2008. BEST loss per diluted share for the six
months ended June 30, 2009 was ($0.02), compared to ($0.02) for the six
months ended June 30, 2008.
Following at the end of this press release is
a non-GAAP table reconciling the results of our reportable segments to the