Previous Statements by BRKR
» Bruker Corporation Q1 2010 Earnings Call Transcript
» Bruker Corporation Q4 2008 Earnings Call Transcript
» Bruker Corporation Q1 2008 Earnings Call Transcript
While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change and therefore you should no rely upon these forward-looking statements as representing our views as of any date subsequent to today.In addition to the financial measures prepared in accordance with generally accepted accounting principles, we will discuss certain non-GAAP financial measures, including adjusted EPS, adjusted operating income and adjusted operating margin, which are non-GAAP measures that excludes certain items. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We believe that the use of non-GAAP measures helps investors gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company's performance, especially when comparing such results to previous periods or forecasts. Today, Frank will provide an update on the business and certain financial highlights. Tom will describe the financial results of our BEST segment and then Brian will discuss the financial results of our Bruker Scientific Instruments segment. I will now turn the call over to our President and CEO, Frank Laukien. Frank Laukien Thank you, Stacey and good morning, everyone. We appreciate you joining us today. I believe most of you have read our earnings press release issued earlier this morning, and you are now familiar with the key numbers in the earnings release. We are off to a great start and during the first half of 2010 we delivered solid organic top-line growth as well as significant margin expansion. Admittedly, the first half year-over-year comparisons are a bit easier due to the recession in the first half of 2009, but we are still extremely pleased with our strong growth and excellent margin progress year to date.
We are optimistic that 2010 will be a good year for Bruker and that we should be able to exceed our original baseline growth margin and EPS goal for the year, which we communicated in February of 2010.We are also making very good progress on reducing our working capital to revenue ratio. Specifically, in the second quarter of 2010, our revenue increased year-over-year by 19% to $300.9 million or by 20% when you exclude the effects of foreign currency translation and the Chemical Analysis acquisition which we completed in the middle of the second quarter of 2010. GAAP net income for the second quarter of 2010 was $22.6 million, or $0.14 per diluted share, compared to GAAP net income of $12.9 million or $0.08 per diluted share in the second quarter of 2009. Adjusted net income which excludes acquisition-related restructuring and other charges more than doubled year-over-year to $25.0 million in the second quarter of 2010 or $0.15 per diluted share, compared to adjusted net income of $12.3 million or $0.07 per diluted share in the second quarter of 2009. For the six months ended June 30, 2010, our revenue increased by 20% over the first half 2009, to $578.6 million, or by 15% when you exclude acquisitions and the effects of foreign currency translation. GAAP net income for the six months ended June 30, 2010 was $38.7 million, or $0.23 per diluted share, compared to GAAP net income of $21.3 million or $0.13 per diluted share during the six months ended June 30, 2009. Our adjusted net income for the six months ended June 30, 2010, nearly doubled to $41.9 million or $0.25 per diluted share, compared to adjusted net income of $21.5 million or $0.13 per diluted share during the six months ended June 30, 2009. During the second quarter of 2010, we launched a number of innovative high-performance analytical solutions which fit well into the various markets we serve.
Our mass spectrometry division has been gaining market share and even during the recession in 2009 both our life science mass spectrometry revenues and new order bookings grew in the double digits.These trends also continued in the first half of 2010, and to add to this momentum we launched several new mass spectrometry products, including the maXis ETD, and the solariX MALDI FTMS System at the ASMS conference in May 2010. Read the rest of this transcript for free on seekingalpha.com