New Brunswick Scientific Co., Inc., Reports Increases in 2004
Fourth-Quarter and Full-Year Earnings on Record Sales EDISON, N.J.,
March 30 /PRNewswire-FirstCall/ -- New Brunswick Scientific Co.,
Inc. (NBS) (NASDAQ:NBSC), today announced improved financial
results for its fourth quarter and full year ended December 31,
2004. Sales for both periods set new company records as
fourth-quarter diluted net income per share in 2004 and 2003
amounted to $0.11. Full-year 2004 diluted net income per share
increased significantly to a $0.22 profit from 2003's loss of
$0.16. Net sales for 2004's closing three months advanced 12% to a
quarterly record of $17.4 million from $15.6 million for the 2003
fourth quarter. A substantial portion of the increase in sales in
the fourth quarter was attributable to the impact of the weaker
dollar, which added approximately $1.0 million and to the addition
of RS Biotech, which was acquired in November 2003. Net income for
the quarter increased to $990,000, or $0.11 per diluted share, from
$945,000, or $0.11 per diluted share, for the comparable year-ago
period. Net income for the 2004 quarter was negatively impacted by
(1) lower margins due to the effect of product mix as well as
higher steel and transportation costs and (2) a higher income tax
rate when compared with the unusually low rate in 2003's fourth
quarter. For the 2004 full year, net sales increased 26%, reaching
an all-time high of $62.1 million. This compares with sales of
$49.4 million one year ago. The impact of the weaker dollar
contributed $2.0 million or 3% to 2004's net sales and the
acquisition of RS Biotech in November 2003 also benefited net
sales. Net income for 2004 was $1.9 million, or $0.22 per diluted
share, despite a $346,000 severance payment made in the third
quarter, compared with 2003's net loss of $1.4 million, or $0.16
per share, which included a pretax gain of $201,000 on the sale of
property. For the year, gross margin increased to 40.0% from last
year's 37.4%, primarily reflecting the effect of increased
absorption of manufacturing overhead occasioned by the higher sales
volumes. The margin improvement for the year was dampened by a
$150,000 write-down of inventory for a discontinued product during
the third quarter, as well as by higher steel prices and
transportation costs. As a percentage of sales, 2004 selling,
general and administrative expenses decreased to 28.2% from 32.5%
in 2003, despite the previously announced severance payment and the
effects of foreign exchange translation. Co-founder and Chairman
David Freedman said: "Continued strong end-market demand helped to
generate robust sales growth, especially internationally. However,
our enthusiasm is tempered by the government's budgetary policy
resulting in a minimal increase in spending for research. Volume
growth together with the full-year's 260 basis point gross margin
increase produced our fifth consecutive quarterly period of
profitability. At year-end, our backlog stood at $8.4 million, all
of which we expect to ship in the current year." Mr. Freedman
continued, "During 2004, we benefited from an improved capital
spending climate in the markets we serve. Our increased
profitability has afforded us the opportunity to increase
investment in research and development, which is expected to result
in a number of new-product introductions in 2005." To be added to
New Brunswick Scientific's e-mail distribution list, please click
on the link below:
http://www.clearperspectivegroup.com/clearsite/nbsc/emailoptin.html
About New Brunswick Scientific New Brunswick Scientific Co., Inc.,
is a leading global provider of a comprehensive line of research
equipment and scientific instrumentation for use in the life
science industry. The Company's products are used in the creation,
maintenance and control of physical and biochemical environments
required for the growth, detection and storage of microorganisms
for medical, biological and chemical applications, as well as
environmental research and commercial product development. NBS is a
forerunner in the research and development of pioneering equipment
to meet the challenges of new areas of advancement in life science.
Established in 1946, New Brunswick Scientific is headquartered in
Edison, New Jersey, with sales and distribution facilities
strategically located in the United States, Europe and Asia. For
more information, please visit http://www.nbsc.com/ . This document
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will" or words of similar meaning and include, but
are not limited to, statements about the expected future business
and financial performance of the Company. The forward-looking
statements involve a number of risks and uncertainties, including
but not limited to, changes in economic conditions, demand for the
Company's products, pricing pressures, intense competition in the
industries in which the Company operates, the need for the Company
to keep pace with technological developments and respond in a
timely manner to changes in customer needs, the Company's
dependence on third-party suppliers, the effect on foreign sales of
currency fluctuations, acceptance of new products, the labor
relations of the Company and its customers and other factors
identified in the Company's Securities and Exchange Commission
filings. Forward-looking statements are based on management's
current expectations and assumptions, which are inherently subject
to uncertainties, risks and changes in circumstances that are
difficult to predict. Actual outcomes and results may differ
materially from these expectations and assumptions due to changes
in global political, economic, business, competitive, market,
regulatory and other factors. The Company undertakes no obligation
to publicly update or review any forward-looking information,
whether as a result of new information, future developments or
otherwise. --Financial Results Follow-- NEW BRUNSWICK SCIENTIFIC
CO., INC., AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per-share amounts) Three Months Ended Year
Ended December 31, December 31, 2004 2003 2004 2003 Restated
Restated Note 1 Note 1 Net sales $17,405 $15,594 $62,124 $49,404
Operating costs and expenses: Cost of sales 10,495 9,242 37,292
30,935 Selling, general and administrative expenses 4,250 3,877
17,493 16,042 Research, development and engineering expenses 909
888 3,687 3,414 Total operating costs and expenses 15,654 14,007
58,472 50,391 Income (loss) from operations 1,751 1,587 3,652 (987)
Other income (expense): Interest income 28 35 85 84 Interest
expense (66) (66) (394) (313) Other, net (6) (133) (76) (38) (44)
(164) (385) (267) Income (loss) before income tax expense 1,707
1,423 3,267 (1,254) Income tax expense 717 478 1,336 98 Net income
(loss) $990 $945 $1,931 $(1,352) Basic net income (loss) per share
$0.11 $0.11 $0.22 $(0.16) Diluted net income (loss) per share $0.11
$0.11 $0.22 $(0.16) Basic weighted average number of shares
outstanding 8,833 8,616 8,741 8,592 Diluted weighted average number
of shares outstanding 8,906 8,713 8,835 8,592 SELECTED CONSOLIDATED
BALANCE SHEET ITEMS (Dollars in thousands) December 31, December
31, 2004 2003 Restated Note 1 Cash and cash equivalents $10,846
$10,536 Accounts receivable, net 11,332 10,012 Inventories 12,139
12,304 Property, plant and equipment, net 6,495 6,478 Total assets
53,795 51,531 Accounts payable and accrued expenses 7,592 7,260
Long-term debt, net of current installments 6,022 7,675
Shareholders' equity 35,955 31,544 Working capital 27,198 25,279
Current ratio 3.9 to 1 3.8 to 1 Note 1. Restatement of consolidated
financial statements: On March 21, 2005, the Company announced that
certain of its historical financial statements required restatement
because of a misapplication of Statement No. 133 "Accounting for
Derivative Instruments and Hedging Activities" (SFAS No. 133) as it
applies to three interest rate swaps that were entered into in 1999
and 2004 to fix the interest rates on variable rate debt incurred
primarily for acquisitions in 1999 and 2003. The required changes
affected the previously filed financial statements for the years
ended December 31, 2001, 2002 and 2003 as well as for the 2003
quarters and the 2004 quarters through October 2, 2004. The
restatement did not affect the Company's reported cash and cash
equivalents or income (loss) from operations in any of the above
periods. DATASOURCE: New Brunswick Scientific Co., Inc. CONTACT:
Samuel Eichenbaum, Vice President, Finance and Treasurer of New
Brunswick Scientific Co., Inc., +1-732-650-2500, or ; or Matthew J.
Dennis, CFA, NBS Investor Relations of Clear Perspective Group,
LLC, +1-440-353-0552, or Web site: http://www.nbsc.com/
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