HBIO Reports Second Quarter 2010 Revenue Growth Of 44% Over Second Quarter 2009
"Our previous guidance of $0.36 - $0.38 for 2010 non-GAAP diluted earnings per share was calculated using currency exchange rates of USD1.6/GBP and USD1.4/Euro. At current exchange rates, we expect earnings to be at the lower end of this range. Our previous guidance of $109 - $112 million for 2010 revenue was also calculated using currency exchange rates of USD1.6/GBP and USD1.4/Euro. At current exchange rates and due to the weakness in southern Europe, we now expect 2010 revenue to be in the range of $106 - $108 million."
Our third quarter and full year 2010 revenue and earnings guidance was calculated using exchange rates (USD 1.56/GBP and USD 1.31/Euro) approximating July 29, 2010 rates and assumes a continuation of the business conditions as we see them at this time. The non-GAAP adjusted earnings per diluted share guidance excludes amortization of intangible assets, the impact of future acquisitions, acquisition costs, any gain or loss from a revaluation of acquisition contingencies, any future restructuring actions, stock-based compensation expense recognized under the provisions of FASB ASC Topic 718, " Compensation – Stock Compensation," and the utilization of deferred tax assets that have full valuation allowances. See the table below for a reconciliation of our estimated non-GAAP adjusted earnings per diluted share to our estimated GAAP earnings per diluted share. See Exhibits 4, 5 and 6 for reconciliations of GAAP to non-GAAP adjusted operating income, GAAP to non-GAAP adjusted net income and GAAP diluted earnings per common share to non-GAAP adjusted diluted earnings per common share for the three and six month periods ended June 30, 2010 and June 30, 2009, respectively.
|Reconciliation of Guidance for Non-GAAP Adjusted Diluted Earnings per Common Share to US GAAP Diluted Earnings per Common Share|
|Three Months Ended||Year Ended|
|September 30, 2010||December 31, 2010|
|Estimate||Low Estimate||High Estimate|
|Non-GAAP adjusted diluted earnings per common share from continuing operations -- A||$ 0.08||$ 0.36||$ 0.38|
|Less the impact of:|
|Amortization of intangible assets||(0.02)||(0.08)||(0.08)|
|Stock-based compensation (FASB ASC Topic 718)||(0.02)||(0.09)||(0.09)|
|Tax -- B||0.02||0.08||0.08|
|GAAP diluted earnings per common share from continuing operations -- A||$ 0.06||$ 0.27||$ 0.29|
|A - Assumes no additional acquisitions.|
|B - Tax impact of above items and utilization of deferred tax assets that have full valuation allowances.|
Operating Results for Continuing Operations
Three months ended June 30, 2010 compared to three months ended June 30, 2009:Revenues increased $7.9 million, or 43.5%, to $25.9 million for the three months ended June 30, 2010 compared to $18.0 million for the same period in 2009. Our Denville Scientific subsidiary, which we acquired on September 2, 2009, contributed approximately $6.5 million to second quarter 2010 revenues. The effect of a stronger U.S. dollar decreased the Company's second quarter revenues by $0.7 million, or 3.6%, compared with the same period in 2009. Adjusting for the effect of foreign currency fluctuation and excluding Denville, revenues were up $2.0 million, or 11.0%, year-to-year and reflected organic growth across our Harvard Apparatus, Biochrom and Hoefer businesses.
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