BILLERICA, Mass., Oct 28, 2010 (BUSINESS WIRE) --
Bruker Corporation (NASDAQ: BRKR) today reported financial results for
the third quarter ended September 30, 2010.
Third Quarter 2010 Financial Highlights:
-
Revenue increased by 17% year-over-year to $310.2 million
-
Adjusted EPS grew 90% year-over-year to $0.19
-
Adjusted 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:
-
Revenue increased by 18% year-over-year to $888.8 million
-
Adjusted EPS grew 91% year-over-year to $0.44
-
Adjusted operating margins for the Bruker Scientific Instruments (BSI)
segment expanded by 490 basis points year-over-year to 13.9%
Bruker 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 2009.
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.
Adjusted 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 Financial Measures."
Bruker Scientific Instruments (BSI) Segment
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.
Comment and Outlook
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 EPS. Our new order
bookings continue to be healthy in both our core Scientific Instruments
and BEST segments. In the last few months, we benefitted from strong
U.S. bookings for high-end scientific research instruments, partially or
fully funded by the American Recovery and Reinvestment Act (ARRA). We
continue to see positive signs globally regarding spending by our
industrial and applied customers, and we are confident that academic and
government research budgets in many key European countries will be
stable or grow next year."
Brian Monahan, Chief Financial Officer of Bruker Corporation, commented
on the outlook for the fourth quarter 2010 and the year 2011: "We
believe that we have been successful in further reducing our previously
very strong seasonality by strengthening our first three quarters in
2010, and becoming less reliant on the fourth quarter in order to
deliver on our full year financial goals. We still expect the fourth
quarter of 2010 to again be our strongest revenue quarter of the year,
with anticipated revenue of greater than $360 million reflecting
sequential revenue growth of more than 16% from the third to the fourth
quarter of 2010. We now estimate that our full year 2010 revenue will
exceed $1.25 billion, which corresponds to greater than 12% revenue
growth compared to the full year 2009, and well above our stated full
year 2010 goal of total currency-adjusted revenue growth greater than
5%. Based on our excellent year-to-date 2010 bookings trends and high
backlog, our two recent acquisitions, and our encouraging outlook for
funding in most of our key markets, we expect to grow significantly next
year, and anticipate revenue greater than $1.45 billion, as well as
steady margin expansion in our BSI segment for the full year 2011."
Mr. Monahan continued: "In the fourth quarter of 2010, we expect ($0.06)
to ($0.08) combined GAAP dilution from transition effects in our new
Chemical Analysis Division (CAD), acquired in May 2010, and in our new
AFM and SOM business units, acquired on October 7th, 2010.
Both businesses had inventory valuation step-ups at closing, both
operate in part under temporary transition services agreements until we
can relocate some of their field offices, factories and IT
infrastructure (expected to be completed in the middle of 2011), and
both generate increased non-cash intangible amortization expenses.
Moreover, the AFM and SOM businesses have adopted the Bruker revenue
recognition policy, essentially causing a one-time effect of shifting
most AFM and SOM systems revenue back by six to eight weeks in the
fourth quarter of 2010. Excluding the newly acquired CA division and
AFM/SOM businesses, for the BSI segment we expect an adjusted operating
margin of greater than 16%, and adjusted EPS of greater than $0.21 for
the fourth quarter of 2010, both up sequentially compared to the third
quarter of 2010. Excluding the newly acquired CA division and AFM/SOM
businesses, for the BSI segment we expect an adjusted operating margin
of greater than 14%, and adjusted EPS of greater than $0.68 for the full
year 2010."
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with
generally accepted accounting principles (GAAP), we use certain non-GAAP
financial measures, including adjusted EPS, adjusted operating income
and adjusted operating margin, which exclude acquisition-related and
restructuring and other charges. We exclude the above items because they
are outside of our normal operations and/or, in certain cases, are
difficult to forecast accurately for future periods. We believe that the
use of non-GAAP measures helps investors to gain a better understanding
of our core operating results and future prospects, consistent with how
management measures and forecasts the company's performance, especially
when comparing such results to previous periods or forecasts.
For example:
We exclude certain acquisition-related charges or credits and associated
tax effects, including charges for the sale of inventories revalued at
the date of acquisition, significant transaction costs such as legal
fees and credits associated with bargain purchases. We exclude these
costs because we do not believe they are indicative of our normal
operating costs.
We exclude charges and tax effects associated with restructuring and
business divestiture activities, such as reducing overhead and
consolidating facilities. We believe that the costs related to these
restructuring and business divestiture activities are not indicative of
our normal operating costs.
We exclude the expense and tax effects associated with the amortization
of acquisition-related intangible assets because a significant portion
of the purchase price for acquisitions may be allocated to intangible
assets that have lives of 5 to 20 years. Exclusion of these non-cash
amortization expenses allows comparisons of operating results that are
consistent over time for both our newly acquired and long-held
businesses.
Bruker's management uses these non-GAAP measures, in addition to GAAP
financial measures, as the basis for measuring the company's core
operating performance and comparing such performance to that of prior
periods and to the performance of our competitors. Such measures are
also used by management in their financial and operating decision-making
and for compensation purposes.
The non-GAAP financial measures of Bruker's results of operations
included in this press release are not meant to be considered superior
to or a substitute for Bruker's results of operations prepared in
accordance with GAAP. Reconciliations of such non-GAAP financial
measures to the most directly comparable GAAP financial measures are set
forth in the accompanying tables.
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings conference
call at 9:00 a.m. Eastern Daylight Time on Thursday, October 28, 2010.
To listen to the webcast, investors can go to http://ir.bruker.com
and click on the live web broadcast symbol. The webcast will be
available through the Company web site for 30 days. Investors can also
listen and participate on the telephone in the US and Canada by calling
800-688-0796, or +1-617-614-4070 outside the US and Canada. Investors
should refer to the Bruker Earnings Call. A telephone replay of the
conference call will be available one hour after the conference call by
dialing 888-286-8010 in the US and Canada, or +1-617-801-6888 outside
the US and Canada, and then entering replay pass code 10737820. For more
information, please visit http://ir.bruker.com
CAUTIONARY STATEMENT OF BRUKER CORPORATION
Any statements contained in this presentation that do not describe
historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. 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, realization of
anticipated benefits from economic stimulus programs, 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. These and other
factors are identified and described in more detail in our filings with
the SEC, including, without limitation, our annual report on Form 10-K
for the year ended December 31, 2009, 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.
CAUTIONARY STATEMENT OF BEST
This press release contains forward-looking statements. All statements
other than statements of historical facts contained in this press
release, including statements regarding our future results of operations
and financial position, business strategy and plans and objectives of
management for future operations, are forward-looking statements. In
many cases, you can identify forward-looking statements by terms such as
"may," "will," "should," "expect," "plan," "anticipate," "could,"
"intend," "target," "project," "contemplate," "believe," "estimate,"
"predict," "potential," "continue" or other similar words.
These forward-looking statements are predictions, not guarantees. These
statements relate to future events or our future financial performance
and involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, levels of activity,
performance or achievements to materially differ from any future
results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Risks and uncertainties
that could cause actual results to differ materially from those
projected, include, but are not limited to, the integration of
businesses we have acquired or may acquire in the future, changing
technologies, product development, 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. Because forward-looking
statements are inherently subject to risks and uncertainties, some of
which cannot be predicted or quantified, you should not rely on these
forward-looking statements as guarantees of future events.
The forward-looking statements in this press release represent our views
as of the date of this press release. We anticipate that subsequent
events and developments may cause our views to change. However, while we
may elect to update these forward-looking statements at some point in
the future, we have no current intention of doing so except to the
extent required by applicable law. You should, therefore, not rely on
these forward-looking statements as representing our views as of any
date subsequent to the date of this press release.
Bruker Corporation
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
(in millions, except per share amounts) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
310.2
|
|
|
$
|
265.1
|
|
|
$
|
888.8
|
|
|
$
|
748.1
|
|
Cost of revenues
|
|
|
163.3
|
|
|
|
145.9
|
|
|
|
479.9
|
|
|
|
415.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
146.9
|
|
|
|
119.2
|
|
|
|
408.9
|
|
|
|
333.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
72.2
|
|
|
|
61.2
|
|
|
|
201.9
|
|
|
|
180.1
|
|
Research and development
|
|
|
32.5
|
|
|
|
31.6
|
|
|
|
96.5
|
|
|
|
91.8
|
|
Amortization of acquisition-related intangible assets
|
|
|
1.0
|
|
|
|
0.4
|
|
|
|
2.1
|
|
|
|
1.3
|
|
Other charges (credits), net
|
|
|
1.9
|
|
|
|
-
|
|
|
|
4.3
|
|
|
|
(0.6
|
)
|
Total operating expenses
|
|
|
107.6
|
|
|
|
93.2
|
|
|
|
304.8
|
|
|
|
272.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
39.3
|
|
|
|
26.0
|
|
|
|
104.1
|
|
|
|
60.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net
|
|
|
(1.1
|
)
|
|
|
(1.8
|
)
|
|
|
(5.6
|
)
|
|
|
(4.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes and noncontrolling interest in
consolidated subsidiaries
|
|
|
|
|
|
|
|
|
|
|
38.2
|
|
|
|
24.2
|
|
|
|
98.5
|
|
|
|
55.9
|
|
Income tax provision
|
|
|
10.3
|
|
|
|
8.1
|
|
|
|
31.7
|
|
|
|
18.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income
|
|
|
27.9
|
|
|
|
16.1
|
|
|
|
66.8
|
|
|
|
37.4
|
|
Net income (loss) attributable to noncontrolling interests in
consolidated subsidiaries
|
|
|
|
|
|
|
|
|
|
|
0.5
|
|
|
|
(0.3
|
)
|
|
|
0.7
|
|
|
|
(0.3
|
)
|
Net income attributable to Bruker Corporation
|
|
$
|
27.4
|
|
|
$
|
16.4
|
|
|
$
|
66.1
|
|
|
$
|
37.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Bruker Corporation
shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.23
|
|
|
Diluted
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
164.5
|
|
|
|
163.5
|
|
|
|
164.3
|
|
|
|
163.4
|
|
|
Diluted
|
|
|
165.7
|
|
|
|
165.0
|
|
|
|
165.6
|
|
|
|
164.7
|
|
Reconciliation of adjusted operating income, net income and
earnings per share for
the three and nine months ended
September 30, 2010 and 2009 (unaudited) (a) (b)
|
(in millions, except per share data)
|
|
(in millions, except per share amounts) |
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
2010 |
|
2009 |
|
2010 |
|
2009 |
Reconciliation of Adjusted Operating Income |
|
|
|
|
|
|
|
|
GAAP operating income (a)
|
|
|
$
|
39.3
|
|
|
$
|
26.0
|
|
|
$
|
104.1
|
|
|
$
|
60.5
|
|
Cost of revenues charges (c)
|
|
|
|
1.5
|
|
|
|
-
|
|
|
|
1.7
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
1.0
|
|
|
|
0.4
|
|
|
|
2.1
|
|
|
|
1.3
|
|
Other charges (credits), net (e)
|
|
|
|
1.9
|
|
|
|
-
|
|
|
|
4.3
|
|
|
|
(0.6
|
)
|
Adjusted operating income
|
|
|
$
|
43.7
|
|
|
$
|
26.4
|
|
|
$
|
112.2
|
|
|
$
|
61.2
|
|
Adjusted operating margins
|
|
|
|
14.1
|
%
|
|
|
10.0
|
%
|
|
|
12.6
|
%
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Net Income |
|
|
|
|
|
|
|
|
GAAP net income (a)
|
|
|
$
|
27.4
|
|
|
$
|
16.4
|
|
|
$
|
66.1
|
|
|
$
|
37.7
|
|
Cost of revenues charges (c)
|
|
|
|
1.4
|
|
|
|
-
|
|
|
|
1.6
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.9
|
|
|
|
0.4
|
|
|
|
1.9
|
|
|
|
1.2
|
|
Other charges (credits), net (e)
|
|
|
|
1.8
|
|
|
|
-
|
|
|
|
3.8
|
|
|
|
(0.6
|
)
|
Adjusted net income
|
|
|
|
$
|
31.5
|
|
|
$
|
16.8
|
|
|
$
|
73.4
|
|
|
$
|
38.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
GAAP earnings per share (a)
|
|
|
$
|
0.17
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.23
|
|
Cost of revenues charges (c)
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
0.01
|
|
Other charges (credits), net (e)
|
|
|
|
0.01
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
(0.01
|
)
|
Adjusted earnings per share
|
|
|
$
|
0.19
|
|
|
$
|
0.10
|
|
|
$
|
0.44
|
|
|
$
|
0.23
|
|
(a) "GAAP" (reported) results were determined in accordance with U.S.
generally accepted accounting principles (GAAP)
(b) Adjusted results are non-GAAP measures and for income measures
exclude certain charges to cost of revenues (see note c for details);
amortization of acquisition-related intangible assets (see note d for
details); restructuring and other charges (see note e for details); and
the tax consequences of the preceding items (see note f for details)
(c) Reported results in 2010 include charges for the sale of inventories
revalued at the date of acquisition
(d) Reported results in 2010 and 2009 include charges for the
amortization of acquisition-related intangible assets
(e) Reported results within other charges (credits) in 2010 include $1.0
million of charges associated with the divestiture of a manufacturing
facility, and $1.4 million of charges associated with short-term
transition services agreements and $1.7 million in charges for
professional fees associated with our acquisitions in the second and
third quarters. Reported results within other charges (credits) in 2009
included a net gain of $0.6 million on the acquisition of ACCEL
Instruments
(f) The charges described in notes c, d and e have been tax effected
using enacted tax rates in the jurisdiction in which the charge was
recorded
Reconciliation of BSI and BEST reportable segments to the
consolidated results of Bruker
Corporation for the
three and nine months ended September 30, 2010 and 2009
(unaudited)
(a) (b)
|
|
Segment Data |
|
|
|
Bruker |
|
|
|
|
(in millions, except per share amounts) |
|
Bruker |
|
Energy & |
|
Corporate, |
|
Consolidated |
|
|
Scientific |
|
Supercon |
|
Adjustments |
|
Bruker |
Three Months Ended September 30, 2010: |
|
Instruments |
|
Technologies |
|
& Eliminations |
|
Corporation |
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
290.5
|
|
|
$
|
22.4
|
|
|
$
|
(2.7
|
)
|
|
$
|
310.2
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
143.9
|
|
|
|
3.4
|
|
|
|
(0.4
|
)
|
|
|
146.9
|
|
Cost of revenues charges (c)
|
|
|
1.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.5
|
|
Gross profit - adjusted
|
|
$
|
145.4
|
|
|
$
|
3.4
|
|
|
$
|
(0.4
|
)
|
|
$
|
148.4
|
|
Gross profit margin - adjusted
|
|
|
50.1
|
%
|
|
|
15.2
|
%
|
|
|
|
|
47.8
|
%
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
$
|
40.4
|
|
|
$
|
(0.8
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
39.3
|
|
Cost of revenues charges (c)
|
|
|
1.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.5
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.9
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
1.0
|
|
Other charges (e)
|
|
|
1.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.9
|
|
Operating income (loss) - adjusted
|
|
$
|
44.7
|
|
|
$
|
(0.7
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
43.7
|
|
Operating margin - adjusted
|
|
|
15.4
|
%
|
|
|
(3.1
|
%)
|
|
|
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
$
|
29.4
|
|
|
$
|
(1.7
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
27.4
|
|
Cost of revenues charges (c)
|
|
|
1.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.4
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.8
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.9
|
|
Other charges (e)
|
|
|
1.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.8
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
$
|
33.4
|
|
|
$
|
(1.6
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
31.5
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
$
|
0.18
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.17
|
|
Cost of revenues charges (c)
|
|
|
0.01
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other charges (e)
|
|
|
0.01
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
$
|
0.20
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
165.7
|
|
|
|
164.5
|
|
|
|
164.5
|
|
|
|
165.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2009: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
251.6
|
|
|
$
|
14.2
|
|
|
$
|
(0.7
|
)
|
|
$
|
265.1
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
$
|
114.9
|
|
|
$
|
3.7
|
|
|
$
|
0.6
|
|
|
$
|
119.2
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gross profit - adjusted
|
|
$
|
114.9
|
|
|
$
|
3.7
|
|
|
$
|
0.6
|
|
|
$
|
119.2
|
|
Gross profit margin - adjusted
|
|
|
45.7
|
%
|
|
|
26.1
|
%
|
|
|
|
|
45.0
|
%
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
$
|
26.9
|
|
|
$
|
(1.2
|
)
|
|
$
|
0.3
|
|
|
$
|
26.0
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.3
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.4
|
|
Other charges (credits), net (e)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Operating income (loss) - adjusted
|
|
$
|
27.2
|
|
|
$
|
(1.1
|
)
|
|
$
|
0.3
|
|
|
$
|
26.4
|
|
Operating margin - adjusted
|
|
|
10.8
|
%
|
|
|
(7.7
|
%)
|
|
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
$
|
18.1
|
|
|
$
|
(1.5
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
16.4
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.3
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.4
|
|
Other charges (credits), net (e)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
$
|
18.4
|
|
|
$
|
(1.4
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
16.8
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
$
|
0.11
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.10
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other charges (e)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
$
|
0.11
|
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
165.0
|
|
|
|
163.5
|
|
|
|
163.5
|
|
|
|
165.0
|
|
Segment Data |
|
|
|
Bruker |
|
|
|
|
(in millions, except per share amounts) |
|
Bruker |
|
Energy & |
|
Corporate, |
|
Consolidated |
|
|
Scientific |
|
Supercon |
|
Adjustments |
|
Bruker |
Nine Months Ended September 30, 2010: |
|
Instruments |
|
Technologies |
|
& Eliminations |
|
Corporation |
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
835.7
|
|
|
$
|
61.2
|
|
|
$
|
(8.1
|
)
|
|
$
|
888.8
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
399.8
|
|
|
|
10.6
|
|
|
|
(1.5
|
)
|
|
|
408.9
|
|
Cost of revenues charges (c)
|
|
|
1.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.7
|
|
Gross profit - adjusted
|
|
$
|
401.5
|
|
|
$
|
10.6
|
|
|
$
|
(1.5
|
)
|
|
$
|
410.6
|
|
Gross profit margin - adjusted
|
|
|
48.0
|
%
|
|
|
17.3
|
%
|
|
|
|
|
46.2
|
%
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
$
|
108.5
|
|
|
$
|
(3.0
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
104.1
|
|
Cost of revenues charges (c)
|
|
|
1.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.7
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
1.8
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
2.1
|
|
Other charges (e)
|
|
|
4.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4.3
|
|
Operating income (loss) - adjusted
|
|
$
|
116.3
|
|
|
$
|
(2.7
|
)
|
|
$
|
(1.4
|
)
|
|
$
|
112.2
|
|
Operating margin - adjusted
|
|
|
13.9
|
%
|
|
|
(4.4
|
%)
|
|
|
|
|
12.6
|
%
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
$
|
71.7
|
|
|
$
|
(4.5
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
66.1
|
|
Cost of revenues charges (c)
|
|
|
1.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1.6
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
1.6
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
1.9
|
|
Other charges (e)
|
|
|
3.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3.8
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
$
|
78.7
|
|
|
$
|
(4.2
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
73.4
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
$
|
0.43
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.40
|
|
Cost of revenues charges (c)
|
|
|
0.01
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.01
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
Other charges (e)
|
|
|
0.02
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.02
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
$
|
0.47
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
165.6
|
|
|
|
164.3
|
|
|
|
164.3
|
|
|
|
165.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2009: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
716.5
|
|
|
$
|
36.0
|
|
|
$
|
(4.4
|
)
|
|
$
|
748.1
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
$
|
325.9
|
|
|
$
|
5.8
|
|
|
$
|
1.4
|
|
|
$
|
333.1
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gross profit - adjusted
|
|
$
|
325.9
|
|
|
$
|
5.8
|
|
|
$
|
1.4
|
|
|
$
|
333.1
|
|
Gross profit margin - adjusted
|
|
|
45.5
|
%
|
|
|
16.1
|
%
|
|
|
|
|
44.5
|
%
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
$
|
63.4
|
|
|
$
|
(4.3
|
)
|
|
$
|
1.4
|
|
|
$
|
60.5
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
1.0
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
1.3
|
|
Other charges (credits), net (e)
|
|
|
-
|
|
|
|
(0.6
|
)
|
|
|
-
|
|
|
|
(0.6
|
)
|
Operating income (loss) - adjusted
|
|
$
|
64.4
|
|
|
$
|
(4.6
|
)
|
|
$
|
1.4
|
|
|
$
|
61.2
|
|
Operating margin - adjusted
|
|
|
9.0
|
%
|
|
|
(12.8
|
%)
|
|
|
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
$
|
41.7
|
|
|
$
|
(5.0
|
)
|
|
$
|
1.0
|
|
|
$
|
37.7
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.9
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
1.2
|
|
Other charges (credits), net (e)
|
|
|
-
|
|
|
|
(0.6
|
)
|
|
|
-
|
|
|
|
(0.6
|
)
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
$
|
42.6
|
|
|
$
|
(5.3
|
)
|
|
$
|
1.0
|
|
|
$
|
38.3
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
$
|
0.25
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.01
|
|
|
$
|
0.23
|
|
Cost of revenues charges (c)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
0.01
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
Other charges (e)
|
|
|
-
|
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
(0.01
|
)
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
$
|
0.26
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.01
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
164.7
|
|
|
|
163.4
|
|
|
|
164.7
|
|
|
|
164.7
|
|
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
(in millions) |
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash
|
|
$
|
190.5
|
|
$
|
209.1
|
|
Accounts receivable, net
|
|
|
195.4
|
|
|
184.1
|
|
Inventories
|
|
|
|
487.8
|
|
|
422.8
|
|
Other current assets
|
|
|
80.3
|
|
|
57.5
|
|
|
Total current assets
|
|
|
954.0
|
|
|
873.5
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
218.7
|
|
|
223.4
|
Intangible and other long-term assets
|
|
|
104.4
|
|
|
75.1
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
1,277.1
|
|
$
|
1,172.0
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
27.1
|
|
$
|
22.0
|
|
Accounts payable
|
|
|
60.1
|
|
|
49.8
|
|
Customer advances
|
|
|
211.7
|
|
|
219.2
|
|
Other current liabilities
|
|
|
292.7
|
|
|
249.2
|
|
|
Total current liabilities
|
|
|
591.6
|
|
|
540.2
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
94.3
|
|
|
115.7
|
Other long-term liabilities
|
|
|
97.2
|
|
|
97.3
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
494.0
|
|
|
418.8
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,277.1
|
|
$
|
1,172.0
|
SOURCE: Bruker Corporation
Bruker Corporation
Stacey Desrochers, +1 (978) 663-3660, ext. 1115
Director of Investor Relations
stacey.desrochers@bruker.com