Full Press Release Details
Announces Financial Results for the First Quarter of 2013
decline of 1%; Organic revenue declined 1%
earnings per share from continuing operations of $0.28; Adjusted
earnings per share of $0.36
GAAP earnings per share guidance to $1.30 to $1.40; Adjusted earnings
per share guidance to $2.00 to $2.10
WALTHAM, Mass.--(BUSINESS WIRE)--April 25, 2013--PerkinElmer, Inc.
(NYSE: PKI), a global leader focused on improving the health and safety
of people and the environment, today reported financial results for the
first quarter ended March 31, 2013.
The Company reported GAAP earnings per share from continuing operations
of $0.28, compared to $0.19 in the first quarter of 2012. Revenue in the
first quarter of 2013 was $505.4 million, as compared to $510.9 million
in the first quarter of 2012. GAAP operating income from continuing
operations for the first quarter of 2013 was $35.9 million, compared to
$36.4 million income in the first quarter of 2012. GAAP operating profit
margin from continuing operations was 7.1% in the first quarter of 2013,
compared to 7.1% in the first quarter of 2012.
Adjusted earnings per share was $0.36, compared to $0.43 in the first
quarter of 2012. Adjusted revenue for the quarter declined 2% to $507.3
million, compared to $517.4 million in the first quarter of 2012.
Organic revenues declined 1% after adjusting for a decrease due to
unfavorable foreign currency translations of 1%. Adjusted operating
income for the first quarter of 2013 was $63.7 million, compared to
$79.0 million for the same period a year ago. Adjusted operating profit
margin was 12.6% as a percentage of adjusted revenue, compared to 15.3%
for the same period a year ago. For the Company's non-GAAP financial
measures, adjustments have been noted in the attached reconciliations.
"The majority of the business delivered solid growth in the quarter
despite challenging global economic conditions. However a portion of our
portfolio experienced more significant headwinds specifically in Europe
and Japan," said Robert Friel, chairman and chief executive officer of
PerkinElmer. "As a result, we are adjusting our sales forecast while
maintaining the appropriate balance between prudent cost management and
our growth and productivity investments."
For the three months ending March 31, 2013, operating cash flow from
continuing operations was $11.1 million as compared to $15.3 million for
the same period a year ago. Adjusted operating cash flow from continuing
operations was $71.0 million as compared to $33.5 million for the same
Financial Overview by Reporting Segment for the First Quarter 2013
Revenue of $281.3 million, as compared to $280.8 million for the first
Operating income of $25.0 million, as compared to $18.2 million for
the same period a year ago.
Adjusted revenue of $283.3 million, as compared to $287.3 million for
the first quarter of 2012. Adjusted revenue declined 1%, organic
revenue growth was flat.
Adjusted operating income of $50.3 million, as compared to $55.7
million for the same period a year ago.
Adjusted operating profit margin was 17.8% as a percentage of adjusted
revenue, a decrease of approximately 160 basis points as compared to
the first quarter of 2012.
Environmental Health
Revenue of $224.0 million, as compared to $230.1 million for the first
quarter of 2012. Revenue declined 3%, organic revenue declined 1%.
Operating income of $20.7 million, as compared to $30.1 million for
the same period a year ago.
Adjusted operating income of $23.3 million, as compared to $34.0
million for the same period a year ago.
Adjusted operating profit margin was 10.4% as a percentage of revenue,
a decrease of approximately 440 basis points as compared to the first
Financial Guidance - Full Year 2013 - Updated
For the full year 2013, the Company forecasts organic revenue to
increase in the low-single digit range relative to 2012. For the full
year 2013, the Company now forecasts GAAP earnings per share from
continuing operations in the range of $1.30 to $1.40 and on a non-GAAP
basis, which is expected to include the adjustments noted in the
attached reconciliation, adjusted earnings per share in the range of
Conference Call Information
The Company will discuss its first quarter results and its outlook for
business trends in a conference call on April 25, 2013 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 399-5129 prior
to the scheduled conference call time and provide the access code
43039013. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, April 25, 2013. The playback phone number is
(617) 801-6888 and the code number is 60723454.
A live audio webcast of the call will be available on the Investor
section of the Company's Web site, www.perkinelmer.com.
Please go to the site at least 15 minutes prior to the call in order to
register, download, and install any necessary software. An archived
version of the webcast will be posted on the Company's Web site for a
two week period beginning approximately two hours after the call.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings announcement also
contains non-GAAP financial measures. The reasons that we use these
measures, a reconciliation of these measures to the most directly
comparable GAAP measures, and other information relating to these
measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements relating to estimates and
projections of future earnings per share, cash flow and revenue growth
and other financial results, developments relating to our customers and
end-markets, and plans concerning business development opportunities and
divestitures. Words such as "believes," "intends," "anticipates,"
"plans," "expects," "projects," "forecasts," "will" and similar
expressions, and references to guidance, are intended to identify
forward-looking statements. Such statements are based on management's
current assumptions and expectations and no assurances can be given that