BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 22, 2012--
Bruker Corporation (NASDAQ: BRKR) today reported financial results for
the fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011 Financial Highlights:
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Revenue increased 14.2% year-over-year to $475.1 million (12.5%
currency-adjusted growth, or 12.2% growth excluding acquisitions and
currency effects)
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Bruker Scientific Instruments (BSI) segment GAAP EPS was $0.25, and
BSI adjusted EPS was $0.33
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Operating cash flow was $92.1 million, and free cash flow was $76.1
million
Full Year 2011 Financial Highlights:
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Revenue increased 26.6% year-over-year to $1,651.7 million (20.5%
currency-adjusted growth, or 9.2% excluding acquisitions and currency
effects)
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BSI GAAP EPS was $0.62, and BSI adjusted EPS was $0.91 (excluding
investments in new CAM division, BSI adjusted EPS would have been
$1.00)
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BSI RoIC was 22.0%, or 24.8% excluding CAM division investments
Financial Results
In the fourth quarter of 2011, revenue was $475.1 million, compared to
$416.1 million in the fourth quarter of 2010, an increase of 14.2%,
including a 1.7% currency tailwind. Excluding the effects of
acquisitions and foreign currency translation, fourth quarter 2011
revenue increased by 12.2% year-over-year. GAAP net income for the
fourth quarter of 2011 was $39.1 million, or $0.23 per diluted share,
compared to $29.3 million, or $0.18 per diluted share, in the fourth
quarter of 2010. Adjusted net income for the fourth quarter of 2011 was
$51.0 million, or $0.31 per diluted share, compared to $47.1 million, or
$0.28 per diluted share, in the fourth quarter of 2010.
For the fourth quarter of 2011, Bruker’s cash flow from operations was
$92.1 million, and free cash flow was $76.1 million. As of December 31,
2011, Bruker had cash, cash equivalents and restricted cash of $248.2
million and net debt of $54.9 million. As of December 31, 2011, Bruker’s
Intangible Asset Ratio (IAR) was 13.8% and total debt leverage ratio was
1.2x.
For the full year ended December 31, 2011, revenue was $1,651.7 million,
compared to $1,304.9 million in the full year 2010, an increase of
26.6%, including a 6.1% currency tailwind. Excluding the effects of
acquisitions and foreign currency translation, revenue for 2011
increased by 9.2% organically over the year 2010. GAAP net income for
the year 2011 was $92.3 million, or $0.55 per diluted share, compared to
$95.4 million, or $0.58 per diluted share, for the year 2010. Adjusted
net income for 2011 was $143.7 million, or $0.86 per diluted share,
compared to $127.0 million, or $0.77 per diluted share, for 2010.
Bruker Scientific Instruments (BSI) Segment
In the fourth quarter of 2011, BSI revenue was $445.8 million, compared
to $389.4 million for the fourth quarter of 2010, an increase of 14.5%,
including a 1.8% currency tailwind. Excluding the effects of
acquisitions and foreign currency translation, BSI revenue for the
fourth quarter of 2011 increased by 12.3% over the fourth quarter of
2010. BSI GAAP EPS in the fourth quarter of 2011 was $0.25 per diluted
share, compared to $0.19 in the fourth quarter of 2010. BSI adjusted EPS
in the fourth quarter of 2011 was $0.33 per diluted share, compared to
$0.29 in the fourth quarter of 2010.
For the full year ended December 31, 2011, BSI revenue was $1,554.1
million, compared to $1,225.1 million in 2010, an increase of 26.9%,
including a 6.1% currency tailwind. Excluding the effects of
acquisitions and foreign currency translation, BSI revenue for the full
year 2011 increased by 8.6% organically over fiscal 2010. BSI GAAP EPS
for the fiscal 2011 was $0.62 per diluted share, compared to $0.62 for
2010. BSI adjusted EPS for fiscal 2011 was $0.91 per diluted share,
compared to $0.81 for fiscal 2010. Excluding investments in Bruker’s new
Chemical & Applied Markets (CAM) division, BSI adjusted EPS for fiscal
2011 would have been $1.00.
For fiscal 2011, the BSI segment Return on Invested Capital (RoIC) was
22.0%, or 24.8% excluding Bruker’s investments in its CAM division.
Bruker Energy & Supercon Technologies (BEST) Segment
In the fourth quarter of 2011, BEST revenue was $33.6 million, compared
to $29.3 million for the fourth quarter of 2010, an increase of 14.7%,
including a 0.9% currency headwind. Excluding the effects of foreign
currency translation, BEST revenue for the fourth quarter of 2011
increased by 15.6% organically over the fourth quarter of 2010. BEST
GAAP loss per diluted share in each of the fourth quarters of 2011 and
2010 was ($0.01).
For the full year ended December 31, 2011, revenue for BEST was $113.4
million, compared to $90.5 million in the full year 2010, an increase of
25.3%, including a 5.5% currency tailwind. Excluding the effects of
foreign currency translation, BEST revenue for the full year 2011
increased by 19.8% organically over fiscal 2010. BEST GAAP loss per
diluted share for 2011 was ($0.05), compared to ($0.04) in 2010. BEST
adjusted net loss per diluted share for the full year 2011 was ($0.03),
compared to ($0.04) for fiscal 2010.
Adjusted net income 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.”
Comment and Outlook
Frank Laukien
, President and CEO of Bruker Corporation, commented: “Our
emphasis on product innovation, organic growth, disciplined acquisitions
and RoIC has enabled us to deliver 20% currency-adjusted revenue growth,
and 9% organic revenue growth in 2011. Even with significant investment
in our new CAM division, our BSI segment adjusted EPS increased 12% in
2011, while excluding our CAM investments, BSI adjusted EPS would have
increased 23% year-over-year.
He continued: “I am pleased that despite two sizeable acquisitions in
2010, our balance sheet remained solid, with an intangible asset ratio
at an industry-leading low level of 14%, and our debt leverage ratio at
a conservative 1.2x as of December 31, 2011. Moreover, our BSI segment
achieved RoIC of 22% in fiscal 2011, or 25% excluding our CAM
investments. We believe that our present investments in our new CAM
division and our BEST segment will strongly contribute to RoIC and
shareholder value in the future. Our CAM division intends to reach
break-even in 2013, and $250 million revenue and 18% adjusted operating
margin by 2016.
Dr. Laukien concluded: “In the fourth quarter of 2011, our bookings were
again excellent, and backlog increased further. With strong momentum,
record backlog, and good geographic and end market diversification, we
expect to generate significant further improvements in our financial
performance in 2012 and beyond. Bruker is very well positioned to
capitalize on strong demand tailwinds from a number of important secular
trends, including accelerating shifts to post-genomic research and
epigenetics, functional and imaging proteomics, structural biology,
biologic drugs, a paradigm shift in clinical microbiology, protein and
metabolite molecular diagnostics, fast and quantitative microscopy, 450
mm semiconductor FABs, shrinking semicon and nanotech feature sizes, and
further adoption of superconductivity-enabled products in research,
healthcare and energy/grid applications.”
Financial Goals for 2012
For 2012, Bruker will not exclude non-cash stock-based compensation
expenses in adjusted operating income, adjusted net income and adjusted
EPS. Comparisons will be provided to pro forma 2011 numbers which
will also not exclude these non-cash expenses.
Bruker’s financial goals for the full year 2012 are:
-
Currency-adjusted revenue growth of 7-10%, to revenue of $1.76-$1.81
billion
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BSI adjusted operating income of $230-$240 million, an increase of
15-18%
-
BSI adjusted operating margin improvement of 120-140 basis points
-
BSI adjusted EPS of $0.94-$0.98, compared to pro forma 2011 BSI
adjusted EPS of $0.87 (includes $0.04 of non-cash stock-based
compensation expense in both 2011 and 2012)
-
BSI 0.45x working-capital-to-revenue ratio, compared to 0.47x in 2011
-
BSI RoIC of 23%-25%
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Operating cash flow of $130-$160 million, and free cash flow of
$80-$120 million
For the first quarter of 2012, Bruker expects total revenue of $380-$390
million, and BSI segment adjusted EPS of $0.11-$0.13, including CAM.
Bruker’s medium-term financial goals for the year 2014 include total
revenue greater than $2 billion, and BSI segment adjusted operating
margin of 18%, excluding the CAM division, but now including non-cash
stock-based compensation expense.
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 net 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.
Definitions of Terms
Operating cash flow is defined as cash generated from operations.
Free cash flow is defined as cash flow from operations less capital
expenditures.
Intangible Asset Ratio (IAR) is goodwill plus other intangibles as a
percentage of total assets.
Leverage ratio is defined as total debt divided by last-twelve months
(LTM) adjusted EBITDA (Earnings Before Interest Taxes Depreciation
Amortization).
Adjusted EBITDA is defined as net income plus interest expense (less
interest income), taxes, depreciation, amortization, extraordinary
non-cash losses (less gains), non-cash stock-option expense, non-cash
foreign currency translation loss (less gains), other non-cash charges.
Return on Invested Capital (RoIC) is defined as adjusted Net Operating
Profit After Tax (Adj. NOPAT) divided by total invested capital. Total
invested capital is defined as average equity minus average cash plus
average debt.
EARNINGS CONFERENCE CALL
Bruker Corporation will host an operator-assisted earnings conference
call at 9:00 a.m. Eastern Time on Wednesday, February 22, 2012. 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 10954262. For more
information, please visit http://ir.bruker.com
CAUTIONARY STATEMENT OF BRUKER CORPORATION
Any statements contained in this press release 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, the outcome of any actions that may be taken by government
agencies in connection with FCPA compliance matters we have disclosed to
them, 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, 2010, 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.
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Bruker Corporation
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
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Three Months Ended
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Twelve Months Ended
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(in millions, except per share amounts)
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Revenues
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$
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475.1
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$
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416.1
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$
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1,651.7
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$
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1,304.9
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Cost of revenues
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257.4
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222.3
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899.2
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703.2
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Gross profit
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217.7
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193.8
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752.5
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601.7
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Operating Expenses:
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Selling, general and administrative
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116.1
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95.4
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403.6
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297.3
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Research and development
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44.7
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44.9
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177.2
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141.4
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Amortization of acquisition-related intangible assets
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0.9
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0.4
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3.0
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1.5
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Other charges, net
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2.3
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1.5
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13.1
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5.8
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Total operating expenses
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164.0
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142.2
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596.9
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446.0
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Operating income
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53.7
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51.6
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155.6
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155.7
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Interest and other income (expense), net
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(1.3
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)
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-
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(10.1
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)
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(5.6
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)
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Income before income taxes and noncontrolling
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interest in consolidated subsidiaries
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52.4
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51.6
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145.5
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150.1
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Income tax provision
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12.8
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21.6
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51.5
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53.3
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Consolidated net income
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39.6
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30.0
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94.0
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96.8
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Net income attributable to noncontrolling
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interests in consolidated subsidiaries
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0.5
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0.7
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1.7
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1.4
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Net income attributable to Bruker Corporation
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$
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39.1
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$
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29.3
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$
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92.3
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$
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95.4
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Net income per common share attributable to
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Bruker Corporation shareholders:
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Basic
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$
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0.24
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$
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0.18
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$
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0.56
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$
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0.58
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Diluted
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$
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0.23
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$
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0.18
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$
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0.55
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$
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0.58
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Weighted average common shares outstanding:
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Basic
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165.6
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164.7
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165.4
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164.4
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Diluted
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166.7
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166.1
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166.9
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165.7
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Reconciliation of adjusted operating income, net income and
earnings per share for
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the three and twelve months ended December 31, 2011 and 2010
(unaudited) (a) (b)
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(in millions, except per share amounts)
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Three Months Ended
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Twelve Months Ended
|
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Reconciliation of Adjusted Operating Income
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GAAP operating income (a)
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$
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53.7
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$
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51.6
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$
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155.6
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$
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155.7
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Cost of revenues charges (c)
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(1.1
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)
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5.5
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9.3
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10.6
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Stock-based compensation expense (d)
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2.1
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1.9
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7.9
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6.9
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Amortization of acquisition-related intangible assets (d)
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5.0
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3.7
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18.1
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5.8
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Other charges (e)
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3.0
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4.3
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13.8
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8.6
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Adjusted operating income
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$
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62.7
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$
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67.0
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$
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204.7
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$
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187.6
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Adjusted operating margins
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13.2
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%
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16.1
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%
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12.4
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%
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14.4
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%
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Reconciliation of Adjusted Net Income
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GAAP net income (a)
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$
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39.1
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$
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29.3
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$
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92.3
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$
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95.4
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Cost of revenues charges (c)
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(0.7
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|
5.4
|
|
|
|
|
|
7.9
|
|
|
|
|
9.3
|
|
Stock-based compensation expense (d)
|
|
|
|
1.7
|
|
|
|
|
1.7
|
|
|
|
|
|
6.7
|
|
|
|
|
5.9
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
4.9
|
|
|
|
|
3.5
|
|
|
|
|
|
17.4
|
|
|
|
|
5.4
|
|
Other charges (e)
|
|
|
|
6.0
|
|
|
|
|
7.2
|
|
|
|
|
|
19.4
|
|
|
|
|
11.0
|
|
Adjusted net income
|
|
|
$
|
51.0
|
|
|
|
$
|
47.1
|
|
|
|
|
$
|
143.7
|
|
|
|
$
|
127.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Earnings Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per share (a)
|
|
|
$
|
0.23
|
|
|
|
$
|
0.18
|
|
|
|
|
$
|
0.55
|
|
|
|
$
|
0.58
|
|
Cost of revenues charges (c)
|
|
|
|
-
|
|
|
|
|
0.03
|
|
|
|
|
|
0.05
|
|
|
|
|
0.06
|
|
Stock-based compensation expense (d)
|
|
|
|
0.01
|
|
|
|
|
0.01
|
|
|
|
|
|
0.04
|
|
|
|
|
0.03
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
0.03
|
|
|
|
|
0.02
|
|
|
|
|
|
0.10
|
|
|
|
|
0.03
|
|
Other charges (e)
|
|
|
|
0.04
|
|
|
|
|
0.04
|
|
|
|
|
|
0.12
|
|
|
|
|
0.07
|
|
Adjusted earnings per share
|
|
|
$
|
0.31
|
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.86
|
|
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and stock-based compensation (see
note d for details); restructuring and other charges (see note e for
details); and the tax consequences of the preceding items.
(c)
Reported results in 2011 and 2010 include charges for the sale of
inventories revalued at the date of acquisition as well as charges to
cost of goods sold attributable to manufacturing engineering
modifications associated with certain specialty magnets. In the three
months ended December 31, 2011, the company recorded a credit of $1.6M
related to these specialty magnets. For the full years 2011 and 2010,
charges attributable to these specialty magnets were $4.6 million and
$3.4 million, respectively.
(d) Reported results in 2011 and 2010
include non-cash charges for the amortization of acquisition-related
intangible assets and stock-based compensation.
(e) Reported
results for the three months ended December 31, 2011 include $1.1
million of fees associated with legal compliance and examinations, $1.0
million of acquisition-related costs and $0.9 million of restructuring
costs. Other charges reported for the three months ended December 31,
2010 include $4.3 million of acquisition-related costs. In 2011,
reported results include $4.6 million of fees associated with legal
compliance and examinations, $4.9 million of acquisition-related costs,
$3.4 million of deferred BEST public offering costs and $0.9 million of
restructuring costs. In 2010, reported results include $7.4 million of
acquisition-related costs and $1.2 million of restructuring costs.
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.
In addition, reported results for the three and twelve months ended
December 31, 2011, include $3.3 million and $5.8 million, respectively,
of provisions for income tax related to historical tax periods under
audit.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of BSI and BEST reportable segments to the
consolidated results of Bruker
|
|
|
Corporation for the three and twelve months ended December 31,
2011 and 2010
|
|
|
(unaudited) (a) (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Data
|
|
|
|
|
|
Bruker
|
|
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
Bruker
|
|
|
Energy &
|
|
|
Corporate,
|
|
|
Consolidated
|
|
|
|
Scientific
|
|
|
Supercon
|
|
|
Adjustments
|
|
|
Bruker
|
Three Months Ended December 31, 2011:
|
|
|
Instruments
|
|
|
Technologies
|
|
|
& Eliminations
|
|
|
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
445.8
|
|
|
|
$
|
33.6
|
|
|
|
$
|
(4.3
|
)
|
|
|
$
|
475.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
$
|
212.2
|
|
|
|
$
|
6.9
|
|
|
|
$
|
(1.4
|
)
|
|
|
$
|
217.7
|
|
Cost of revenues charges (c)
|
|
|
|
(1.1
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1.1
|
)
|
Stock-based compensation expense (d)
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.3
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
4.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4.1
|
|
Gross profit - adjusted
|
|
|
$
|
215.5
|
|
|
|
$
|
6.9
|
|
|
|
$
|
(1.4
|
)
|
|
|
$
|
221.0
|
|
Gross profit margin - adjusted
|
|
|
|
48.3
|
%
|
|
|
|
20.5
|
%
|
|
|
|
|
|
|
46.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
|
$
|
55.5
|
|
|
|
$
|
(0.5
|
)
|
|
|
$
|
(1.3
|
)
|
|
|
$
|
53.7
|
|
Cost of revenues charges (c)
|
|
|
|
(1.1
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(1.1
|
)
|
Stock-based compensation expense (d)
|
|
|
|
2.0
|
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
2.1
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
5.0
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5.0
|
|
Other charges (e)
|
|
|
|
3.0
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3.0
|
|
Operating income (loss) - adjusted
|
|
|
$
|
64.4
|
|
|
|
$
|
(0.4
|
)
|
|
|
$
|
(1.3
|
)
|
|
|
$
|
62.7
|
|
Operating margin - adjusted
|
|
|
|
14.4
|
%
|
|
|
|
(1.2
|
%)
|
|
|
|
|
|
|
13.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
|
$
|
41.9
|
|
|
|
$
|
(1.7
|
)
|
|
|
$
|
(1.1
|
)
|
|
|
$
|
39.1
|
|
Cost of revenues charges (c)
|
|
|
|
(0.7
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(0.7
|
)
|
Stock-based compensation expense (d)
|
|
|
|
1.7
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1.7
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
4.9
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4.9
|
|
Other charges (e)
|
|
|
|
6.0
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
6.0
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
|
$
|
53.8
|
|
|
|
$
|
(1.7
|
)
|
|
|
$
|
(1.1
|
)
|
|
|
$
|
51.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
|
$
|
0.25
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.23
|
|
Cost of revenues charges (c)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Stock-based compensation expense (d)
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
0.03
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.03
|
|
Other charges (e)
|
|
|
|
0.04
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.04
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
|
$
|
0.33
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
166.7
|
|
|
|
|
165.6
|
|
|
|
|
165.6
|
|
|
|
|
166.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
389.4
|
|
|
|
$
|
29.3
|
|
|
|
$
|
(2.6
|
)
|
|
|
$
|
416.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
$
|
188.6
|
|
|
|
$
|
6.0
|
|
|
|
$
|
(0.8
|
)
|
|
|
$
|
193.8
|
|
Cost of revenues charges (c)
|
|
|
|
5.5
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5.5
|
|
Stock-based compensation expense (d)
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.3
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
3.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3.3
|
|
Gross profit - adjusted
|
|
|
$
|
197.7
|
|
|
|
$
|
6.0
|
|
|
|
$
|
(0.8
|
)
|
|
|
$
|
202.9
|
|
Gross profit margin - adjusted
|
|
|
|
50.8
|
%
|
|
|
|
20.5
|
%
|
|
|
|
|
|
|
48.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
|
$
|
52.0
|
|
|
|
$
|
0.4
|
|
|
|
$
|
(0.8
|
)
|
|
|
$
|
51.6
|
|
Cost of revenues charges (c)
|
|
|
|
5.5
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5.5
|
|
Stock-based compensation expense (d)
|
|
|
|
1.8
|
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
1.9
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
3.7
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3.7
|
|
Other charges (e)
|
|
|
|
4.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4.3
|
|
Operating income (loss) - adjusted
|
|
|
$
|
67.3
|
|
|
|
$
|
0.5
|
|
|
|
$
|
(0.8
|
)
|
|
|
$
|
67.0
|
|
Operating margin - adjusted
|
|
|
|
17.3
|
%
|
|
|
|
1.7
|
%
|
|
|
|
|
|
|
16.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
|
$
|
31.7
|
|
|
|
$
|
(1.9
|
)
|
|
|
$
|
(0.5
|
)
|
|
|
$
|
29.3
|
|
Cost of revenues charges (c)
|
|
|
|
5.4
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5.4
|
|
Stock-based compensation expense (d)
|
|
|
|
1.6
|
|
|
|
|
0.1
|
|
|
|
|
-
|
|
|
|
|
1.7
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
3.5
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
3.5
|
|
Other charges (e)
|
|
|
|
7.2
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
7.2
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
|
$
|
49.4
|
|
|
|
$
|
(1.8
|
)
|
|
|
$
|
(0.5
|
)
|
|
|
$
|
47.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
|
$
|
0.19
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
-
|
|
|
|
$
|
0.18
|
|
Cost of revenues charges (c)
|
|
|
|
0.03
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.03
|
|
Stock-based compensation expense (d)
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.01
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
0.02
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.02
|
|
Other charges (e)
|
|
|
|
0.04
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.04
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
|
$
|
0.29
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
-
|
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
166.1
|
|
|
|
|
164.7
|
|
|
|
|
164.7
|
|
|
|
|
166.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Data
|
|
|
|
|
|
Bruker
|
|
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
Bruker
|
|
|
Energy &
|
|
|
Corporate,
|
|
|
Consolidated
|
|
|
|
Scientific
|
|
|
Supercon
|
|
|
Adjustments
|
|
|
Bruker
|
Twelve Months Ended December 31, 2011:
|
|
|
Instruments
|
|
|
Technologies
|
|
|
& Eliminations
|
|
|
Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,554.1
|
|
|
|
$
|
113.4
|
|
|
|
$
|
(15.8
|
)
|
|
|
$
|
1,651.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
$
|
733.3
|
|
|
|
$
|
22.4
|
|
|
|
$
|
(3.2
|
)
|
|
|
$
|
752.5
|
|
Cost of revenues charges (c)
|
|
|
|
9.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9.3
|
|
Stock-based compensation expense (d)
|
|
|
|
1.1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1.1
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
14.8
|
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
15.1
|
|
Gross profit - adjusted
|
|
|
$
|
758.5
|
|
|
|
$
|
22.7
|
|
|
|
$
|
(3.2
|
)
|
|
|
$
|
778.0
|
|
Gross profit margin - adjusted
|
|
|
|
48.8
|
%
|
|
|
|
20.0
|
%
|
|
|
|
|
|
|
47.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
|
$
|
162.8
|
|
|
|
$
|
(4.1
|
)
|
|
|
$
|
(3.1
|
)
|
|
|
$
|
155.6
|
|
Cost of revenues charges (c)
|
|
|
|
9.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9.3
|
|
Stock-based compensation expense (d)
|
|
|
|
7.4
|
|
|
|
|
0.5
|
|
|
|
|
-
|
|
|
|
|
7.9
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
17.8
|
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
18.1
|
|
Other charges (e)
|
|
|
|
10.4
|
|
|
|
|
3.4
|
|
|
|
|
-
|
|
|
|
|
13.8
|
|
Operating income (loss) - adjusted
|
|
|
$
|
207.7
|
|
|
|
$
|
0.1
|
|
|
|
$
|
(3.1
|
)
|
|
|
$
|
204.7
|
|
Operating margin - adjusted
|
|
|
|
13.4
|
%
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
|
$
|
104.1
|
|
|
|
$
|
(8.9
|
)
|
|
|
$
|
(2.9
|
)
|
|
|
$
|
92.3
|
|
Cost of revenues charges (c)
|
|
|
|
7.9
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
7.9
|
|
Stock-based compensation expense (d)
|
|
|
|
6.3
|
|
|
|
|
0.4
|
|
|
|
|
-
|
|
|
|
|
6.7
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
17.1
|
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
17.4
|
|
Other charges (e)
|
|
|
|
16.0
|
|
|
|
|
3.4
|
|
|
|
|
-
|
|
|
|
|
19.4
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
|
$
|
151.4
|
|
|
|
$
|
(4.8
|
)
|
|
|
$
|
(2.9
|
)
|
|
|
$
|
143.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
|
$
|
0.62
|
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
0.55
|
|
Cost of revenues charges (c)
|
|
|
|
0.05
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.05
|
|
Stock-based compensation expense (d)
|
|
|
|
0.04
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.04
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
0.10
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.10
|
|
Other charges (e)
|
|
|
|
0.10
|
|
|
|
|
0.02
|
|
|
|
|
-
|
|
|
|
|
0.12
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
|
$
|
0.91
|
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
166.9
|
|
|
|
|
165.4
|
|
|
|
|
165.4
|
|
|
|
|
166.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,225.1
|
|
|
|
$
|
90.5
|
|
|
|
$
|
(10.7
|
)
|
|
|
$
|
1,304.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP
|
|
|
$
|
587.7
|
|
|
|
$
|
16.3
|
|
|
|
$
|
(2.3
|
)
|
|
|
$
|
601.7
|
|
Cost of revenues charges (c)
|
|
|
|
10.6
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
10.6
|
|
Stock-based compensation expense (d)
|
|
|
|
1.0
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1.0
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
4.0
|
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
4.3
|
|
Gross profit - adjusted
|
|
|
$
|
603.3
|
|
|
|
$
|
16.6
|
|
|
|
$
|
(2.3
|
)
|
|
|
$
|
617.6
|
|
Gross profit margin - adjusted
|
|
|
|
49.2
|
%
|
|
|
|
18.3
|
%
|
|
|
|
|
|
|
47.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) - GAAP
|
|
|
$
|
160.5
|
|
|
|
$
|
(2.6
|
)
|
|
|
$
|
(2.2
|
)
|
|
|
$
|
155.7
|
|
Cost of revenues charges (c)
|
|
|
|
10.6
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
10.6
|
|
Stock-based compensation expense (d)
|
|
|
|
6.5
|
|
|
|
|
0.4
|
|
|
|
|
-
|
|
|
|
|
6.9
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
5.5
|
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
5.8
|
|
Other charges (e)
|
|
|
|
8.6
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
8.6
|
|
Operating income (loss) - adjusted
|
|
|
$
|
191.7
|
|
|
|
$
|
(1.9
|
)
|
|
|
$
|
(2.2
|
)
|
|
|
$
|
187.6
|
|
Operating margin - adjusted
|
|
|
|
15.6
|
%
|
|
|
|
(2.1
|
%)
|
|
|
|
|
|
|
14.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - GAAP
|
|
|
$
|
103.4
|
|
|
|
$
|
(6.4
|
)
|
|
|
$
|
(1.6
|
)
|
|
|
$
|
95.4
|
|
Cost of revenues charges (c)
|
|
|
|
9.3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
9.3
|
|
Stock-based compensation expense (d)
|
|
|
|
5.5
|
|
|
|
|
0.4
|
|
|
|
|
-
|
|
|
|
|
5.9
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
5.1
|
|
|
|
|
0.3
|
|
|
|
|
-
|
|
|
|
|
5.4
|
|
Other charges (e)
|
|
|
|
11.0
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
11.0
|
|
Net income (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
to Bruker Corporation - adjusted
|
|
|
$
|
134.3
|
|
|
|
$
|
(5.7
|
)
|
|
|
$
|
(1.6
|
)
|
|
|
$
|
127.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - GAAP
|
|
|
$
|
0.62
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
-
|
|
|
|
$
|
0.58
|
|
Cost of revenues charges (c)
|
|
|
|
0.06
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.06
|
|
Stock-based compensation expense (d)
|
|
|
|
0.03
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.03
|
|
Amortization of acquisition-related intangible assets (d)
|
|
|
|
0.03
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.03
|
|
Other charges (e)
|
|
|
|
0.07
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
0.07
|
|
Diluted net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to Bruker Corporation - adjusted
|
|
|
$
|
0.81
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
-
|
|
|
|
$
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
165.7
|
|
|
|
|
164.4
|
|
|
|
|
164.4
|
|
|
|
|
165.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bruker Corporation
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
Cash, cash equivalents and restricted cash
|
$ 248.2
|
|
$ 233.3
|
Accounts receivable, net
|
282.8
|
|
232.9
|
Inventories
|
576.2
|
|
511.0
|
Other current assets
|
86.9
|
|
73.9
|
Total current assets
|
1,194.1
|
|
1,051.1
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
249.0
|
|
233.7
|
Intangible and other long-term assets
|
267.4
|
|
265.0
|
|
|
|
|
|
|
|
|
Total assets
|
$ 1,710.5
|
|
$ 1,549.8
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
Short-term borrowings, including current
|
|
|
|
portion of long-term debt
|
$ 83.7
|
|
$ 214.4
|
Accounts payable
|
72.3
|
|
64.0
|
Customer advances
|
268.6
|
|
242.2
|
Other current liabilities
|
331.2
|
|
310.9
|
Total current liabilities
|
755.8
|
|
831.5
|
|
|
|
|
|
|
|
|
Long-term debt
|
219.4
|
|
86.6
|
Other long-term liabilities
|
110.4
|
|
104.3
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
624.9
|
|
527.4
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
$ 1,710.5
|
|
$ 1,549.8
|
|
|
|
|
Source: Bruker Corporation
Bruker Corporation
Stacey Desrochers, +1 (978) 663-3660, ext. 1115
Treasurer
and Director of Investor Relations
[email protected]