EDISON, N.J., Aug. 10 /PRNewswire-FirstCall/ -- New Brunswick
Scientific Co., Inc. (NBS) (NASDAQ:NBSC), today announced results
for the 2005 second quarter and first six months ended July 2,
2005. Net sales for the second quarter of 2005 increased 1.9% to
$15.2 million, compared with last year's second-quarter sales of
$14.9 million. Second- quarter net income was $4,000, or breakeven
on a per-share basis, versus $432,000, or $0.05 per diluted share,
in 2004's comparable period. First-half 2005 net sales advanced to
$31.3 million from $29.5 million for the 2004 six- month period-an
increase of 6.0%. Net income for the 2005 first half was $411,000,
or $0.05 per diluted share, compared with $712,000, or $0.08 per
diluted share, for the year-ago first six months. Profitability in
2005 has been negatively impacted by lower margins and higher
planned R&D expenses to support the Company's new product
development program. The increase in net sales during 2005's first
half was due principally to higher shipments of fermentation
equipment, ultra-low temperature freezers and CO2 incubators, and
$385,000 was attributable to foreign currency translation. Soft
sales in the U.S. were more than offset by higher international
sales, particularly in Europe. During the 2005 second quarter, new
orders increased 9.9% versus 2004's second quarter. New orders also
rose for the first half of the year -- up 5.6% -- compared with
orders received in the first six months of last year. The increased
order activity was aided by the positive effect of the weakness of
the U.S. dollar on international sales. Gross margin contracted
during the second quarter and first half due primarily to product
mix, partially offset by higher absorption of overhead as a result
of the increased volume. Gross margin for the quarter was 39.0%
compared with 40.4% in second-quarter 2004; and for the 2005 first
half, gross margin was 39.0% versus 40.5% in last year's first six
months. Commenting on the results, co-founder and Chairman David
Freedman said: "The increase in order activity, especially as of
late in the U.S. market, is very encouraging and brightens our
outlook for the balance of the year. We continue to invest in our
new-product development program and expect these efforts to enhance
shareholder value in future periods." Supporting the Company's
new-product development program, research, development and
engineering expenses increased 27.3% for the quarter and 26.7% for
the half versus last year's respective periods. The increases were
due to the cost of outsourcing of certain engineering efforts,
prototypes and additional personnel. 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. NEW BRUNSWICK SCIENTIFIC CO., INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share amounts) (Unaudited) Three Months Ended Six Months Ended July
2, July 3, July 2, July 3, 2005 2004 2005 2004 Restated* Restated*
Net sales $15,180 $14,905 $31,288 $29,527 Operating costs and
expenses: Cost of sales 9,267 8,883 19,073 17,574 Selling, general
and administrative expenses 4,601 4,431 9,123 8,703 Research,
development and engineering expenses 1,239 973 2,376 1,876 Total
operating costs and expenses 15,107 14,287 30,572 28,153 Income
from operations 73 618 716 1,374 Other income (expense): Interest
income 58 17 111 35 Interest (expense) credit (145) 56 (181) (155)
Other, net 2 (5) 21 (69) (85) 68 (49) (189) (Loss) income before
income tax (benefit) expense (12) 686 667 1,185 Income tax
(benefit) expense (16) 254 256 473 Net income $ 4 $ 432 $ 411 $ 712
Basic income per share $ 0.00 $ 0.05 $ 0.05 $ 0.08 Diluted income
per share $ 0.00 $ 0.05 $ 0.05 $ 0.08 Basic weighted average number
of shares outstanding 8,951 8,714 8,922 8,681 Diluted weighted
average number of shares outstanding 9,002 8,882 8,988 8,837
SELECTED CONSOLIDATED BALANCE SHEET ITEMS (Dollars in thousands)
(Unaudited) July 2, 2005 December 31, 2004 Cash and cash
equivalents $10,347 $10,846 Accounts receivable, net 9,103 11,332
Inventories 13,675 12,139 Property, plant and equipment, net 6,055
6,495 Total assets 51,694 53,795 Accounts payable and accrued
expenses 7,060 7,592 Long-term debt, net of current installments
5,594 6,022 Shareholders' equity 35,239 35,955 Working capital
26,881 27,198 Current ratio 4.1 to 1 3.9 to 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:
Investor Contacts - Samuel Eichenbaum, Vice President, Finance and
Treasurer, New Brunswick Scientific Co., Inc., +1-732-650-2500, ;
Matthew J. Dennis, CFA, NBS Investor Relations, Clear Perspective
Group, LLC, +1-440-353-0552, Web site: http://www.nbsc.com/
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