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Bruker Corporation Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: BRKR

We exclude charges, impairments, 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 3 to 12 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.

Forward Looking Statements

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, 2011, our most recent quarterly report 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.

                           
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 
 
Three Months Ended Twelve Months Ended
(in millions, except per share amounts) December 31, December 31,
  2012     2011     2012     2011  
 
Revenues $ 517.3 $ 475.1 $ 1,791.4 $ 1,651.7
Cost of revenues   275.1     257.4     960.0     899.2  
 
Gross profit 242.2 217.7 831.4 752.5
 
Operating Expenses:
Selling, general and administrative 124.5 117.0 442.4 406.6
Research and development 50.3 44.7 195.3 177.2
Impairment charges 23.8 - 23.8 -
Write-off of deferred offering costs - - - 3.4
Other charges, net   4.4     2.3     13.9     9.7  
Total operating expenses   203.0     164.0     675.4     596.9  
 
Operating income 39.2 53.7 156.0 155.6
 
Interest and other income (expense), net   (4.7 )   (1.3 )   (17.7 )   (10.1 )
 

Income before income taxes and noncontrolling interest in consolidated subsidiaries

34.5 52.4 138.3 145.5
Income tax provision   21.2     12.8     60.1     51.5  
 
Consolidated net income 13.3 39.6 78.2 94.0

Net income attributable to noncontrolling interests in consolidated subsidiaries

  0.5     0.5     0.7     1.7  
Net income attributable to Bruker Corporation $ 12.8   $ 39.1   $ 77.5   $ 92.3  
 

Net income per common share attributable to Bruker Corporation shareholders:

Basic $ 0.08   $ 0.24   $ 0.47   $ 0.56  
Diluted $ 0.08   $ 0.23   $ 0.46   $ 0.55  
 
Weighted average common shares outstanding:
Basic   166.2     165.6     166.0     165.4  
Diluted   167.7     166.7     167.4     166.9  
 
                           
Reconciliation of BSI and BEST reportable segments to the consolidated results of
Bruker Corporation for the three months ended December 31, 2012 and 2011
(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, 2012: Instruments Technologies & Eliminations Corporation
 
Revenue $ 482.1 $ 37.8 $ (2.6 ) $ 517.3
 
Gross profit - GAAP (a) $ 232.8 $ 8.4 $ 1.0 $ 242.2
Cost of revenues charges (c) (0.2 ) - - (0.2 )
Amortization of acquisition-related intangible assets (d)   4.9     -     -     4.9  
Gross profit - adjusted (b) $ 237.5   $ 8.4   $ 1.0   $ 246.9  
Gross profit margin - adjusted (b) 49.3 % 22.2 % 47.7 %
 
Operating income (loss) - GAAP (a) $ 34.5 $ (0.6 ) $ 5.3 $ 39.2
Cost of revenues charges (c) (0.2 ) - - (0.2 )
Amortization of acquisition-related intangible assets (d) 5.8 - - 5.8
Impairment charges (e) 22.6 1.2 - 23.8
Other charges (f)   3.4     1.0     -     4.4  
Operating income (loss) - adjusted (b) $ 66.1   $ 1.6   $ 5.3   $ 73.0  
Operating margin - adjusted (b) 13.7 % 4.2 % 14.1 %
 
Net income (loss) attributable
to Bruker Corporation - GAAP (a) $ 10.0 $ (2.3 ) $ 5.1 $ 12.8
Cost of revenues charges (c) - - - -
Amortization of acquisition-related intangible assets (d) 5.7 - - 5.7
Impairment charges (e) 22.6 1.2 - 23.8
Other charges (f)   3.4     1.0     -     4.4  
Net income (loss) attributable
to Bruker Corporation - adjusted (b) $ 41.7 $ (0.1 ) $ 5.1 $ 46.7
 
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP (a) $ 0.06 $ (0.01 ) $ 0.03 $ 0.08
Cost of revenues charges (c) - - - -
Amortization of acquisition-related intangible assets (d) 0.03 - - 0.03
Impairment charges (e) 0.13 0.01 - 0.14
Other charges (f)   0.03     -     -     0.03  
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted (b) $ 0.25 $ - $ 0.03 $ 0.28
 
Weighted average shares outstanding: 167.7 167.7 167.7 167.7
                                 
 
Three Months Ended December 31, 2011:
 
Revenue $ 445.8 $ 33.6 $ (4.3 ) $ 475.1
 
Gross profit - GAAP (a) $ 212.2 $ 6.9 $ (1.4 ) $ 217.7
Cost of revenues charges (c) (1.1 ) - - (1.1 )
Amortization of acquisition-related intangible assets (d)   4.1     -     -     4.1  
Gross profit - adjusted (b) $ 215.2   $ 6.9   $ (1.4 ) $ 220.7  
Gross profit margin - adjusted (b) 48.3 % 20.5 % 46.5 %
 
Operating income (loss) - GAAP (a) $ 55.5 $ (0.5 ) $ (1.3 ) $ 53.7
Cost of revenues charges (c) (1.1 ) - - (1.1 )
Amortization of acquisition-related intangible assets (d) 5.0 - - 5.0
Other charges (f)   3.0     -     -     3.0  
Operating income (loss) - adjusted (b) $ 62.4   $ (0.5 ) $ (1.3 ) $ 60.6  
Operating margin - adjusted (b) 14.0 % (1.5 %) 12.8 %
 
Net income (loss) attributable
to Bruker Corporation - GAAP (a) $ 41.9 $ (1.7 ) $ (1.1 ) $ 39.1
Cost of revenues charges (c) (0.7 ) - - (0.7 )
Amortization of acquisition-related intangible assets (d) 4.9 - - 4.9
Other charges (f)   6.0     -     -     6.0  
Net income (loss) attributable
to Bruker Corporation - adjusted (b) $ 52.1 $ (1.7 ) $ (1.1 ) $ 49.3
 
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP (a) $ 0.25 $ (0.01 ) $ (0.01 ) $ 0.23
Cost of revenues charges (c) - - - -
Amortization of acquisition-related intangible assets (d) 0.03 - - 0.03
Other charges (f)   0.04     -     -     0.04  
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted (b) $ 0.32 $ (0.01 ) $ (0.01 ) $ 0.30
 
Weighted average shares outstanding: 166.7 166.7 166.7 166.7
 
                           
Reconciliation of BSI and BEST reportable segments to the consolidated results of
Bruker Corporation for the twelve months ended December 31, 2012 and 2011
(unaudited) (a)(b)
 
Segment Data Bruker
(in millions, except per share amounts) Bruker Energy & Corporate, Consolidated
Scientific Supercon Adjustments Bruker
Twelve Months Ended December 31, 2012: Instruments Technologies & Eliminations Corporation
 
Revenue $ 1,666.1 $ 136.2 $ (10.9 ) $ 1,791.4
 
Gross profit - GAAP (a) $ 790.9 $ 42.5 $ (2.0 ) $ 831.4
Cost of revenues charges (c) 3.3 - - 3.3
Amortization of acquisition-related intangible assets (d)   18.4     0.2     -     18.6  
Gross profit - adjusted (b) $ 812.6   $ 42.7   $ (2.0 ) $ 853.3  
Gross profit margin - adjusted (b) 48.8 % 31.4 % 47.6 %
 
Operating income (loss) - GAAP (a) $ 140.8 $ 12.8 $ 2.4 $ 156.0
Cost of revenues charges (c) 3.3 - - 3.3
Amortization of acquisition-related intangible assets (d) 21.8 0.2 - 22.0
Impairment charges (e) 22.6 1.2 - 23.8
Other charges (f)   11.5     2.4     -     13.9  
Operating income (loss) - adjusted (b) $ 200.0   $ 16.6   $ 2.4   $ 219.0  
Operating margin - adjusted (b) 12.0 % 12.2 % 12.2 %
 
Net income (loss) attributable
to Bruker Corporation - GAAP (a) $ 68.2 $ 6.6 $ 2.7 $ 77.5
Cost of revenues charges (c) 3.3 - - 3.3
Amortization of acquisition-related intangible assets (d) 21.1 0.2 - 21.3
Impairment charges (e) 22.6 1.2 - 23.8
Other charges (f)   10.0     2.4     -     12.4  
Net income (loss) attributable
to Bruker Corporation - adjusted (b) $ 125.2 $ 10.4 $ 2.7 $ 138.3
 
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP (a) $ 0.41 $ 0.04 $ 0.01 $ 0.46
Cost of revenues charges (c) 0.02 - - 0.02
Amortization of acquisition-related intangible assets (d) 0.13 - - 0.13
Impairment charges (e) 0.13 0.01 - 0.14
Other charges (f)   0.07     0.01     -     0.08  
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted (b) $ 0.76 $ 0.06 $ 0.01 $ 0.83
 
Weighted average shares outstanding: 167.4 167.4 167.4 167.4
                                 
 
Twelve Months Ended December 31, 2011:
 
Revenue $ 1,554.1 $ 113.4 $ (15.8 ) $ 1,651.7
 
Gross profit - GAAP (a) $ 733.3 $ 22.4 $ (3.2 ) $ 752.5
Cost of revenues charges (c) 9.3 - - 9.3
Amortization of acquisition-related intangible assets (d)   14.8     0.3     -     15.1  
Gross profit - adjusted (b) $ 757.4   $ 22.7   $ (3.2 ) $ 776.9  
Gross profit margin - adjusted (b) 48.7 % 20.0 % 47.0 %
 
Operating income (loss) - GAAP (a) $ 162.8 $ (4.1 ) $ (3.1 ) $ 155.6
Cost of revenues charges (c) 9.3 - - 9.3
Amortization of acquisition-related intangible assets (d) 17.8 0.3 - 18.1
Other charges (f)   10.4     3.4     -     13.8  
Operating income (loss) - adjusted (b) $ 200.3   $ (0.4 ) $ (3.1 ) $ 196.8  
Operating margin - adjusted (b) 12.9 % (0.4 %) 11.9 %
 
Net income (loss) attributable
to Bruker Corporation - GAAP (a) $ 104.1 $ (8.9 ) $ (2.9 ) $ 92.3
Cost of revenues charges (c) 7.9 - - 7.9
Amortization of acquisition-related intangible assets (d) 17.1 0.3 - 17.4
Other charges (f)   16.0     3.4     -     19.4  
Net income (loss) attributable
to Bruker Corporation - adjusted (b) $ 145.1 $ (5.2 ) $ (2.9 ) $ 137.0
 
Diluted net income (loss) per common share
attributable to Bruker Corporation - GAAP (a) $ 0.62 $ (0.05 ) $ (0.02 ) $ 0.55
Cost of revenues charges (c) 0.05 - - 0.05
Amortization of acquisition-related intangible assets (d) 0.10 - - 0.10
Other charges (f)   0.10     0.02     -     0.12  
Diluted net income (loss) per common share
attributable to Bruker Corporation - adjusted (b) $ 0.87 $ (0.03 ) $ (0.02 ) $ 0.82
 
Weighted average shares outstanding: 166.9 166.9 166.9 166.9
 

Reconciliation of BSI and BEST reportable segments to the consolidated results of Bruker Corporation for the three and twelve months ended December 31, 2012 and 2011

(a) “GAAP” (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP).

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