Full Press Release Details
Reports Financial Results for the
Third Quarter of 2010
BILLERICA, Mass., October 28,
2010 (BUSINESS WIRE) Bruker Corporation (NASDAQ: BRKR) today
reported financial results for the third quarter ended September 30, 2010.
Third Quarter 2010 Financial
increased by 17% year-over-year to $310.2 million
grew 90% year-over-year to $0.19
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:
increased by 18% year-over-year to $888.8 million
grew 91% year-over-year to $0.44
operating margins for the Bruker Scientific Instruments (BSI) segment expanded
by 490 basis points year-over-year to 13.9%
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
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.
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
Bruker Scientific Instruments
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.
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