New Brunswick Scientific Co., Inc., Reports Sharply Improved Second-Quarter and First-Half 2004 Financial Results
30 Juillet 2004 - 1:45PM
PR Newswire (US)
New Brunswick Scientific Co., Inc., Reports Sharply Improved
Second-Quarter and First-Half 2004 Financial Results EDISON, N.J.,
July 30 /PRNewswire-FirstCall/ -- New Brunswick Scientific Co.,
Inc. (NBS) (NASDAQ:NBSC), today announced sharply improved
financial results for the 2004 second quarter and first six months
ended July 3, 2004, versus 2003. Net sales for the second quarter
of 2004 increased 38.7% to $14.9 million, compared with last year's
second-quarter sales of $10.7 million. RS Biotech, which was
acquired in November 2003, contributed $1.3 million in sales during
the period. Second-quarter net income improved significantly to
$296,000, or $0.03 per diluted share, versus a net loss of
$1,195,000, or $0.14 per share, in 2003's comparable period.
First-half 2004 net sales rose to $29.5 million from $22.3 million
for the 2003 six-month period-an increase of 32.2%. The previously
mentioned acquisition of RS Biotech increased sales during the
first half by $2.4 million. Net income improved significantly
during the 2004 first half, reaching $604,000, or $0.07 per diluted
share. This compares with the 2003 first-half net loss of
$1,627,000, or $0.19 per share, which included a pretax gain of
$201,000 on the sale of property. Gross margin expanded markedly
during both the 2004 three- and six-month periods due primarily to
the effect of increased absorption of manufacturing overhead due to
significantly increased manufacturing activity as a result of
higher sales volumes. Gross margin for the second quarter of 2004
was 40.4%, up from 32.1% in 2003's comparable quarter. For the 2004
first half, gross margin was 40.5% versus 34.2% in last year's
first six months. Co-founder and Chairman David Freedman said:
"Order levels continue to hold up well, reflecting strength in the
capital expenditure budgets of pharmaceutical and biotechnology
companies as well as good end-market demand for life
science-enabling tools. Sales to international customers were
particularly strong in the most recent quarter. During the first
half of this year, order intake increased 39% versus last year's
first six months. Backlog at quarter end stood at $9.7 million, 59%
higher than a year ago. "Our cost-reduction efforts continue to
yield tangible results," Freedman added. "SG&A as a percent of
sales improved from 36.5% in last year's first half to 29.5% in
this year's first six months. Excluding the effect of foreign
exchange translation and the operating expenses of RS Biotech, our
SG&A expenses during the first half of this year actually
decreased $136,000 versus last year, despite the higher sales
level. "Market conditions in the life science industry remain
solid, as indicated by our healthy backlog and ongoing strong order
rate, boding well for the balance of the year. Long term, we are
encouraged by the positive trend for R&D budgets in the
pharmaceutical and biotech sectors, customers who have long
recognized NBS' state-of-the-art tools as a means of helping them
remain competitive by increasing precision, automation and their
pace of discovery. Given these factors, we anticipate reporting
significant improvement in financial results versus 2003." To be
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please click on the link below:
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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 press
release includes statements that may constitute forward-looking
statements made pursuant to the Safe Harbor provision of the
Private Securities Litigation Reform Act of 1995. This information
may involve risks and uncertainties that could cause actual results
to differ materially from the forward-looking statements. Although
the Company believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions,
such statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected.
Further information concerning risk factors is described in the
Company's Securities and Exchange Commission filings. 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 3, June 28, July 3, June
28, 2004 2003 2004 2003 Net sales $14,905 $10,747 $29,527 $22,332
Operating costs and expenses: Cost of sales 8,883 7,292 17,574
14,684 Selling, general and administrative expenses 4,431 4,045
8,703 8,149 Research, development and engineering expenses 973 894
1,876 1,751 Total operating costs and expenses 14,287 12,231 28,153
24,584 Income (loss) from operations 618 (1,484) 1,374 (2,252)
Other income (expense): Interest income 17 19 35 37 Interest
expense (170) (106) (335) (220) Other, net (5) (14) (69) 130 (158)
(101) (369) (53) Income (loss) before income tax expense (benefit)
460 (1,585) 1,005 (2,305) Income tax expense (benefit) 164 (390)
401 (678) Net income (loss) $296 $ (1,195) $604 $(1,627) Basic net
income (loss) per share $0.03 $(0.14) $0.07 $(0.19) Diluted net
income (loss) per share $0.03 $(0.14) $0.07 $(0.19) Basic weighted
average number of shares outstanding 8,714 8,576 8,681 8,573
Diluted weighted average number of shares outstanding 8,882 8,576
8,837 8,573 SELECTED CONSOLIDATED BALANCE SHEET ITEMS (Dollars in
thousands) (Unaudited) July 3, December 31, 2004 2003 Cash and cash
equivalents $ 10,117 $ 10,536 Accounts receivable, net 9,719 10,012
Inventories 13,875 12,304 Property, plant and equipment, net 6,180
6,478 Total assets 52,355 51,321 Accounts payable and accrued
expenses 7,374 7,260 Long-term debt, net of current installments
7,273 7,675 Shareholders' equity 33,332 31,859 Working capital
26,166 25,279 Current ratio 3.9 to 1 3.8 to 1 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 ,
for New Brunswick Scientific Co., Inc. Web site:
http://www.nbsc.com/
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