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HBIO Reports First Quarter 2013 Results

Stocks in this article: HBIO

For investor inquiries, please call (508) 893-8066. Press releases may be found on our website, http://www.harvardbioscience.com .

Exhibit 1    
HARVARD BIOSCIENCE, INC.
Selected Consolidated Balance Sheet Information
(Unaudited, in thousands)
     
     
  As of
  March 31, December 31,
  2013 2012
     
Assets    
     
Cash and cash equivalents $23,749 $20,681
Trade receivables 14,186 14,357
Inventories  17,725 17,762
Property, plant and equipment 4,424 4,551
Goodwill and other intangibles  57,186 58,701
Other assets 18,167 17,432
Total assets $135,437 $133,484
     
Liabilities and Stockholders' Equity    
     
Current liabilities $13,116 $9,901
Non-current liabilities 17,939 19,370
Total liabilities 31,055 29,271
Stockholders' equity 104,382 104,213
Total liabilities and stockholders' equity $135,437 $133,484
     
Exhibit 2    
HARVARD BIOSCIENCE, INC.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
  Three Months Ended
  March 31,
  2013 2012
     
     
Revenues $26,086 $28,322
Cost of product revenues 13,820 14,922
Gross profit 12,266 13,400
     
Sales and marketing expenses 4,752 4,768
General and administrative expenses 5,070 4,861
Research and development expenses 1,944 1,714
Restructuring charges (21) 150
Amortization of intangible assets 679 678
Total operating expenses 12,424 12,171
     
Operating (loss) income (158) 1,229
     
Other (expense) income:    
Foreign exchange 34 (41)
Interest expense (130) (147)
Interest income 9 14
Other expense, net (8) (211)
Other (expense) income, net (95) (385)
     
(Loss) income from continuing operations before income taxes (253) 844
Income tax (benefit) expense (169) 315
(Loss) income from continuing operations (84) 529
Discontinued operations:    
Income from discontinued operations, net of tax 180  -- 
Total income from discontinued operations, net of tax 180  -- 
Net income  $96 $529
     
Income per share:    
Basic (loss) earnings per common share from continuing operations $(0.00) $0.02
Discontinued operations 0.01  -- 
Basic earnings per common share  $0.00  $0.02
     
Diluted (loss) earnings per common share from continuing operations $(0.00) $0.02
Discontinued operations 0.01  -- 
Diluted earnings per common share  $0.00  $0.02
     
Weighted average common shares:    
Basic 29,778 28,710
Diluted 29,778 29,673
     
Exhibit 3    
HARVARD BIOSCIENCE, INC.
Condensed Cash Flow Statements 
(in thousands, unaudited) 
     
  Three Months Ended
  March 31,
  2013 2012
     
Cash flows from operations:    
Net income $96 $529
Other adjustments to operating cash flows 1,097 1,678
Changes in assets and liabilities (617) (602)
Net cash provided by operating activities 576 1,605
     
Investing activities:    
Net cash used in investing activities  (354)  (3,299)
     
Financing activities:    
Net proceeds from issuance of debt 2,049 500
Other financing activities 1,553 267
Net cash provided by financing activities 3,602 767
     
Effect of exchange rate changes on cash (756) 248
     
Increase (decrease) in cash and cash equivalents $3,068  $ (679)
     
Exhibit 4    
HARVARD BIOSCIENCE, INC.
Reconciliation of US GAAP Operating (Loss) Income to Non-GAAP Adjusted Operating Income from Continuing Operations
(in thousands)
(unaudited)
     
  Three Months Ended
  March 31,
  2013 2012
     
US GAAP operating (loss) income  $ (158)  $ 1,229
     
Adjustments:    
     
Amortization of intangible assets 679 678
     
Non-GAAP Restucturing charges 11  -- 
     
Inventory amortization on acquisition  --  36
     
GAAP Restructuring (credits) charges (21) 150
     
Stock-based compensation expense 649 697
     
Non-GAAP adjusted operating income $1,160 $2,790
     
Exhibit 5        
HARVARD BIOSCIENCE, INC.
Reconciliation of US GAAP Net (Loss) Income to Non-GAAP Adjusted Net Income from Continuing Operations
(in thousands)
(unaudited)
         
  Three Months Ended
  March 31,
  2013   2012  
         
US GAAP net (loss) income from continuing operations  $ (84)   $529  
         
Adjustments:        
         
Amortization of intangible assets 679   678  
         
Inventory amortization on acquisition  --    36  
         
Direct acquisition costs 8   205  
         
Non-GAAP Restructuring charges 11    --   
         
GAAP Restructuring charges  (21)   150  
         
Stock-based compensation expense 649   697  
         
Income taxes  (489)  (A)   (403)  (B) 
         
Non-GAAP adjusted net income from continuing operations  $753   $1,892  
         
(A)  Income taxes includes the tax effect of adjusting for the reconciling items and discrete items related to research and development credits and stock option exercises.
(B)  Income taxes includes the tax effect of adjusting for the reconciling items.
         
Exhibit 6        
HARVARD BIOSCIENCE, INC.
Reconciliation of US GAAP Diluted (Loss) Earnings Per Common Share to Non-GAAP Adjusted Diluted Earnings Per Common Share from Continuing Operations
(unaudited)
         
  Three Months Ended  
  March 31,  
  2013   2012  
         
US GAAP diluted (loss) earnings per common share from continuing operations $(0.00)   $0.02  
         
Adjustments:        
         
Amortization of intangible assets 0.02   0.02  
         
Direct acquisition costs  --    0.01  
         
Restructuring charges  --    0.01  
         
Stock-based compensation expense 0.02   0.02  
         
Income taxes   (0.01)  (A)   (0.02)  (B) 
         
Non-GAAP adjusted diluted earnings per common share from continuing operations $0.03   $0.06  
         
(A)  Income taxes includes the tax effect of adjusting for the reconciling items and discrete items related to research and development credits and stock option exercises. 
(B)  Income taxes includes the tax effect of adjusting for the reconciling items. 
 
Exhibit 7                      
HARVARD BIOSCIENCE, INC.
Reconciliation of Changes In Total Revenue Compared to the Same Period in the Prior Years
(unaudited)
                       
  Three Months Ended For the Year Ended Three Months Ended For the Year Ended Three Months Ended
  March 31, June 30, Sept. 30, Dec. 31, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, Dec. 31, March 31,
  2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2013
                       
Organic growth  -2.1% -1.6% -6.3% -4.4% -3.8% 4.2% 2.2% -1.2% -4.5% 0.1% -8.5%
                       
Acquisitions 1.3% 2.8% 4.2% 2.9% 2.9% 4.4% 4.9% 1.6% 1.6% 3.1% 0.9%
                       
Foreign exchange effect 0.9% 3.6% 1.8% -0.2% 1.5% -1.0% -2.1% -1.4% 0.2% -1.1% -0.3%
                       
Total revenue growth 0.1% 4.8% -0.3% -1.7% 0.6% 7.6% 5.0% -1.0% -2.7% 2.1% -7.9%
                       
CONTACT: David Green
         President
         dgreen@harvardbioscience.com
         Tel: 508 893 8999
         Fax: 508 429 8478
         
         Chane Graziano
         CEO
         cgraziano@harvardbioscience.com
         
         Tom McNaughton
         CFO
         tmcnaughton@harvardbioscience.com

Harvard Bioscience, Inc. Logo

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