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(c) Results in 2008 and 2007 include charges associated with non-cash stock-based compensation. (d) Results in 2008 include restructuring charges, primarily associated with severance obligations due to headcount reductions. (e) Results in 2008 included in restructuring charges were one time additional German and Swiss income taxes of $1.7 million associated with the liquidation of a tax ineffective legal entity within the Bruker BioSpin segment.
However, the non-GAAP financial measures included here are not meant to be a better presentation or a substitute for results prepared in accordance with GAAP Reconciliation of EBITDA 2008 2007 GAAP Operating Income (a) 108.3 $ 139.1 $ Adjustments: Depreciation and Amortization 28.9 27.9 Write-down of Demonstration Inventory to Net Realizable Value 24.4 21.3 Bruker BioSpin Acquisition Related Charges (b) 6.2 7.4 Restructuring Charges (e) 2.3 0 Non-GAAP Diluted Earnings Per Share 170.1 $ 195.7 $ Twelve Months Ended December 31, Copyright 2009 Bruker Corporation.
However, the non-GAAP financial measures included here are not meant to be a better presentation or a substitute for results prepared in accordance with GAAP Reconciliation of EPS 2008 2007 GAAP Diluted Earnings Per Share (a) 0.39 $ 0.60 $ Adjustments: Bruker BioSpin Acquisition Related Charges, Net of Tax (b) 0.04 0.05 Non-Cash Stock-Based Compensation Charges, Net of Tax (c) 0.02 0.01 Restructuring Charges, Net of Tax (d) 0.02 - Non-GAAP Diluted Earnings Per Share 0.47 $ 0.66 $ Weighted Average Diluted Shares Outstanding: 165.6 164.3 Twelve Months Ended December 31, Copyright 2009 Bruker Corporation.
However, the non-GAAP financial measures included here are not meant to be a better presentation or a substitute for results prepared in accordance with GAAP Reconciliation of Net Income 2008 2007 GAAP Net Income (a) 64.9 $ 98.9 $ Adjustments: Bruker BioSpin Acquisition Related Charges, Net of Tax (b) 6.2 7.4 Non-Cash Stock-Based Compensation Charges, Net of Tax (c) 3.8 1.6 Restructuring Charges, Net of Tax (d) 3.0 - Non-GAAP Net Income 77.9 $ 107.9 $ Twelve Months Ended December 31, Copyright 2009 Bruker Corporation.
However, the non-GAAP financial measures included here are not meant to be a better presentation or a substitute for results prepared in accordance with GAAP Reconciliation of Operating Income 2008 2007 GAAP Operating Income (a) 108.2 $ 137.7 $ Adjustments: Bruker BioSpin Acquisition Related Charges (b) 6.2 7.4 Non-Cash Stock-Based Compensation Charges (c) 4.5 2.2 Restructuring Charges (e) 2.3 - Non-GAAP Operating Income 121.2 $ 147.3 $ Twelve Months Ended December 31, Copyright 2009 Bruker Corporation.
Bruker is a fast growing company with high margin goals Global distribution, attractive markets, excellent Bruker brand Fast organic growth, disciplined M&A, margin expansion 3. Bruker is investing heavily in new break-out opportunities for fast growth and high margins Molecular Research in Chemistry & Proteomics Materials Research and Nanotechnology CBRNE Detection for Homeland Security Superconductors, Magnets and HTS Devices Molecular Imaging & Next-gen Protein Sequencing Bruker s Philosophy and Vision: Leadership in High-Performance Scientific Instruments & Analytical Solutions Copyright 2009 Bruker Corporation.
These businesses still require some investments and will need some time to fully grow into their longer-term financial business models. Good margin progress in 2005-2007 at BRKR, slight set-back in 2008 FY08 operating margin not satisfactory: 10.5% (excl. acquisition & restructuring exp.) cost-cutting & tax initiatives for margin expansion: more than $15M p.a.
They strive for incremental margin improvements and operational excellence for further improvements in balance sheet metrics and cash flow. Newer Bruker Daltonics, Bruker AXS and Bruker Advanced Supercon divisions are still developing complete IP, technology base and product lines, are investing in complete commercial organizations, and are pursuing market-share gains in their respective markets.
These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our recent Proxy Statements on Schedule 14A, our annual report on Form 10-K for the year ended December 31, 2008, 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.
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, 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.