• Quarterly revenue of $326 million
  • GAAP net income of $9.2 million, or $0.17 per diluted share
  • Non-GAAP net earnings of $38.7 million, or $0.72 per diluted share

ANDOVER, Mass., July 27, 2016 (GLOBE NEWSWIRE) --  MKS Instruments, Inc. (NASDAQ:MKSI), a global provider of technologies that enable advanced processes and improve productivity, reports today second quarter 2016 financial results.

"We had a very strong second quarter driven by positive business trends in the semiconductor market as well as in other advanced markets we serve," said Gerald Colella, Chief Executive Officer and President. On a pro-forma basis, sales were $359 million, an increase of 9% from $330 million in the first quarter of 2016.

Mr. Colella added, "Our second quarter performance demonstrates the accretion potential of our combination with Newport. We are excited about the capabilities of a broader suite of highly precise technology-enabling solutions that address the difficult technological challenges our customers face. Our integration is on track and we are on schedule to realize $35 million of annualized cost synergies."

"During the second quarter, we introduced a combined target operating model to reflect the acquisition of Newport, our recent favorable debt repricing and a $50 million principal repayment," said Seth Bagshaw, Vice President and Chief Financial Officer.  "At illustrative annual revenue of approximately $1.4 billion, and on a fully synergized basis, at this target operating model, the combined company is expected to generate non-GAAP gross margins of 45% to 47%, non-GAAP operating margins of 18% to 20%, and non-GAAP EPS of $2.97 to $3.35 on 54 million shares outstanding."

Sales in the second quarter were $326 million, which included two months of results from the company's acquisition of Newport which closed on April 29, 2016. Second quarter Net Income of $9.2 million included amortization of intangible assets of $8.9 million and aggregate acquisition and integration-related costs of $20 million associated with the acquisition.  Non-GAAP Net Earnings were $38.7 million, or $0.72 per diluted share.

The Company had $426 million in cash and short-term investments as of June 30 th, $730 million outstanding under its term loan, and during the quarter paid a dividend of $9.1 million or $0.17 per diluted share.

 
Quarterly Financial Results
(in millions, except per share data)
    Q2 2016       Q1 2016  
GAAP Results            
Net revenues $ 326     $ 184  
Gross margin   41.7 %     42.4 %
Operating margin   5.9 %     12.3 %
Net income $ 9.2     $ 17.6  
Diluted EPS $ 0.17     $ 0.33  
Non-GAAP Results                
Gross margin   44.8 %     42.4 %
Operating margin   18.1 %     14.6 %
Net earnings $ 38.7     $ 20.1  
Diluted EPS $ 0.72     $ 0.38  
               

Third Quarter Outlook  Based on current business levels, we expect that sales in the third quarter of 2016 may range from $345 to $385 million, and at these volumes, our non-GAAP net earnings could range from $0.64 to $0.86 per diluted share and GAAP net income could range from $0.36 to $0.60 per diluted share.

Segment Results  In conjunction with the acquisition of Newport, the Company is reporting its results in two business segments:  Vacuum and Analysis, and Light and Motion.  Vacuum and Analysis provides a broad range of instruments, components, subsystems and software which are derived from our core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, residual gas analysis, leak detection, control and information technology, ozone generation and delivery, RF & DC power, reactive gas generation, and vacuum technology.

Light and Motion provides a broad range of instruments, components and subsystems which are derived from our core competencies in lasers, photonics, sub-micron positioning, vibration isolation, and optics.

Conference Call DetailsA conference call with management will be held on Thursday, July 28, 2016 at 8:30 a.m. (Eastern Time).  To participate in the conference call, please dial (877) 212-6076 for domestic callers and (707) 287-9331 for international callers, and an operator will connect you.  Participants will need to provide the operator with the Conference ID of 37647857, which has been reserved for this call.  A live and archived webcast of the call will be available on the company's website at www.mksinst.com.  

About MKS InstrumentsMKS Instruments, Inc. is a global provider of instruments, subsystems and process control solutions that measure, control, power, monitor, and analyze critical parameters of advanced manufacturing processes to improve process performance and productivity. Our products are derived from our core competencies in pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, residual gas analysis, leak detection, control and information technology, ozone generation and delivery, RF & DC power, reactive gas generation, vacuum technology, lasers, photonics, sub-micron positioning, vibration isolation, and optics.  Our primary served markets include semiconductor capital equipment, general industrial, life sciences, and research.  Additional information can be found at www.mksinst.com.

Use of Non-GAAP Financial ResultsNon-GAAP amounts exclude amortization of acquired intangible assets, costs associated with completed and announced acquisitions, acquisition integration costs, sale of previously written down inventory, restructuring charges, fees and expenses related to repricing of term loan, amortization of deferred financing charges, discrete tax benefits and charges, and the related tax effect of these adjustments. These non-GAAP measures are not in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP). MKS' management believes the presentation of these non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Pro forma revenue amounts assume the acquisition of Newport had occurred as of the beginning of the first quarter of 2016.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTSThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the future financial performance of MKS, MKS' future business prospects, MKS' future growth, and MKS' expected synergies and cost savings from its recent acquisition of Newport Corporation. These statements are only predictions based on current assumptions and expectations. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements are the conditions affecting the markets in which MKS operates, including the fluctuations in capital spending in the semiconductor industry, and other advanced manufacturing markets, fluctuations in net sales to MKS' major customers, the ability of MKS Instruments to successfully integrate Newport Corporation's operations and employees, unexpected costs, charges or expenses resulting from the Newport acquisition, the terms of the financing incurred in connection with the Newport acquisition, MKS' ability to realize anticipated synergies and cost savings from the Newport acquisition, MKS' ability to successfully grow Newport Corporation's business, potential adverse reactions or changes to business relationships resulting from the Newport acquisition, potential fluctuations in quarterly results, the challenges, risks and costs involved with integrating the operations of any other acquired companies, dependence on new product development, rapid technological and market change, acquisition strategy, manufacturing and sourcing risks, volatility of stock price, international operations, financial risk management, and the other factors described in MKS' most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC and in Newport Corporation's Annual Report on Form 10-K for the year ended January 2, 2016 filed with the SEC.  MKS is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise after the date of this press release.

 
                         
MKS Instruments, Inc.    
Unaudited Consolidated Statements of Operations    
(In thousands, except per share data)    
                         
                Three Months Ended 
                June 30,   June 30,   March 31,
                  2016       2015       2016  
                         
Net revenues:                        
  Products               $   285,471     $   188,281     $   153,621  
  Services                   40,390         29,685         30,060  
    Total net revenues                 325,861         217,966         183,681  
Cost of revenues:                      
  Products                   163,993         99,849         85,352  
  Services                   25,955         19,319         20,416  
    Total cost of revenues                 189,948         119,168         105,768  
                         
Gross profit                   135,913         98,798         77,913  
                         
Research and development                 28,214         17,567         17,227  
Selling, general and administrative               71,429         33,269         33,950  
Acquisition costs                 8,205         -          2,494  
Restructuring                   24         219         -   
Amortization of intangible assets               8,855         1,709         1,683  
Income from operations                 19,186         46,034         22,559  
                         
Interest (expense) income, net                 (7,944 )     790       880  
Other income, net                 1,126             366  
Interest and other (expense) income, net             (6,818 )       790         1,246  
                         
Income from operations before income taxes             12,368         46,824         23,805  
Provision for income taxes                  3,158         13,604         6,242  
Net income               $   9,210     $   33,220     $   17,563  
                                     
Net income per share:                                  
  Basic               $   0.17     $   0.62     $   0.33  
  Diluted               $   0.17     $   0.62     $   0.33  
                         
Cash dividends per common share           $   0.17     $   0.17     $   0.17  
                         
Weighted average shares outstanding:                   
  Basic                   53,461         53,384         53,235  
  Diluted                   53,806         53,589         53,563  
                         
The following supplemental Non-GAAP earnings information is presented              
to aid in understanding MKS' operating results:                
                         
Net income       $   9,210     $   33,220     $   17,563  
             
Adjustments:            
  Acquisition costs (Note 1)       8,205         -          2,494  
  Acquisition inventory step-up (Note 2)       10,119         -          -   
  Fees and expenses relating to repricing of term loan (Note 3)       713         -          -   
  Amortization of debt issuance costs (Note 4)             1,629         -          -   
  Integration costs (Note 5)       11,850         -          -   
  Restructuring (Note 6)       24         219         -   
  Sale of previously written down inventory (Note 7)       -          (2,098 )       -   
  Amortization of intangible assets       8,855         1,709         1,683  
  Pro forma tax adjustments       (11,896 )       74         (1,593 )
             
Non-GAAP net earnings (Note 8)   $   38,709     $   33,124     $   20,147  
             
Non-GAAP net earnings per share (Note 8)   $   0.72     $   0.62     $   0.38  
             
Weighted average shares outstanding       53,806         53,589         53,563  
             
Income from operations   $   19,186     $   46,034     $   22,559  
             
Adjustments:            
  Acquisition costs (Note 1)     8,205         -        2,494  
  Acquisition inventory step-up (Note 2)       10,119         -          -   
  Fees and expenses relating to repricing of term loan (Note 3)       713         -          -   
  Integration costs (Note 5)       11,850         -          -   
  Restructuring (Note 6)       24         219         -   
  Sale of previously written down inventory (Note 7)       -          (2,098 )       -   
  Amortization of intangible assets       8,855         1,709         1,683  
             
Non-GAAP income from operations (Note 9)   $   58,952     $   45,864     $   26,736  
             
Non-GAAP operating margin percentage (Note 9)     18.1 %     21.0 %     14.6 %
           
Gross profit   $   135,913     $   98,798     $   77,913  
  Acquisition inventory step-up (Note 2)       10,119         -          -   
  Sale of previously written down inventory (Note 7)       -          (2,098 )       -   
           
Non-GAAP gross profit (Note 10)   $   146,032     $   96,700     $   77,913  
           
Non-GAAP gross profit percentage (Note 10)     44.8 %     44.4 %     42.4 %
           
Interest (expense) income, net $ (7,944 )   $ 790     $ 880  
  Amortization of debt issuance costs (Note 4)   1,629              
                       
Non-GAAP interest (expense) income, net $ (6,315 )   $ 790     $ 880  
           
Note 1: We recorded $8.2 million and $2.5 million of acquisition costs during the three months ended June 30, 2016 and March 31, 2016, respectively, related to the Newport Corporation acquisition, which closed during the second quarter of 2016. 
 
Note 2: We recorded $10.1 million in cost of sales during the three months ended June 30, 2016 related to the step-up of inventory to fair value as a result of the Newport Corporation acquisition. This is being charged to cost of sales over inventory turns of three months.
 
Note 3: We recorded $0.7 million of fees and expenses during the three months ended June 30, 2016 related to the repricing of our Term Loan Credit Agreement.
                         
Note 4: We recorded $1.6 million of additional interest expense during the three months ended June 30, 2016 related to the amortization of debt issuance costs affiliated with our Term Loan Credit Agreement and ABL Facility.
 
Note 5: We recorded $11.9 million of integration costs during the three months ended June 30, 2016 related to the Newport Corporation acquisition.
                         
Note 6: We recorded $0.2 million of restructuring costs during the three months ended June 30, 2015 related to the outsourcing of an international manufacturing operation.
 
Note 7: Cost of sales for the three months ended June 30, 2015, include the reversal of a special charge of $2.1 million for obsolete inventory, which was subsequently sold.
                         
Note 8: The Non-GAAP net earnings and Non-GAAP net earnings per share amounts exclude acquisition costs, an inventory step-up adjustment related to the acquisition of Newport Corporation, fees and expenses related to the repricing of a term loan credit agreement, amortization of debt issuance costs, integration costs related to the acquisition of Newport Corporation, restructuring costs, the reversal of certain previously written off inventory items that were subsequently sold, amortization of intangible assets and the related tax effect of these adjustments to reflect the expected full year effective tax rate in the related period.
 
Note 9: The Non-GAAP income from operations and Non-GAAP operating margin percentages exclude acquisition costs, an inventory step-up adjustment related to the acquisition of Newport Corporation, fees and expenses related to the repricing of a term loan credit agreement, integration costs related to the acquisition of Newport Corporation, restructuring costs, the reversal of certain previously written off inventory items that were subsequently sold and amortization of intangible assets.  
     
Note 10:  The Non-GAAP gross profit amounts and Non-GAAP gross profit percentages exclude an inventory step-up adjustment related to an acquisition and the reversal of certain previously written off inventory items that were subsequently sold.   
   
 

                     
MKS Instruments, Inc.
Unaudited Consolidated Statements of Operations
(In thousands, except per share data)
                         
                Six Months Ended 
                June 30,
                  2016       2015  
                     
Net revenues:                    
  Products               $   439,092     $   374,377  
  Services                   70,450         57,428  
    Total net revenues                 509,542         431,805  
Cost of revenues:                  
  Products                   249,345         198,501  
  Services                   46,371         37,460  
    Total cost of revenues                 295,716         235,961  
                     
Gross profit                   213,826         195,844  
                     
Research and development                 45,441         34,247  
Selling, general and administrative               105,379         64,136  
Acquisition costs                 10,699         30  
Restructuring                   24         1,007  
Amortization of intangible assets               10,538         3,380  
Income from operations                 41,745         93,044  
                     
Interest (expense) income, net                 (7,064 )     1,294  
Other income, net                 1,492        
Interest and other (expense) income, net             (5,572 )       1,294  
                     
Income from continuing operations before income taxes           36,173         94,338  
Provision for income taxes                  9,400         27,332  
Net income               $   26,773     $   67,006  
                     
Net income per share:                  
  Basic               $   0.50     $   1.26  
  Diluted               $   0.50     $   1.25  
                     
Cash dividends per common share           $   0.340     $   0.335  
                     
Weighted average shares outstanding:               
  Basic                   53,348         53,299  
  Diluted                   53,685         53,559  
                     
The following supplemental Non-GAAP earnings information is presented          
to aid in understanding MKS' operating results:            
                     
Net income               $   26,773     $   67,006  
                     
Adjustments:                    
  Acquisition costs (Note 1)                 10,699         30  
  Acquisition inventory step-up (Note 2)             10,119         -   
  Fees and expenses relating to repricing of term loan (Note 3)         713         -   
  Amortization of debt issuance costs (Note 4)             1,629         -   
  Integration costs (Note 5)                 11,850         -   
  Restructuring (Note 6)                 24         1,007  
  Sale of previously written down inventory (Note 7)           -          (2,098 )
  Amortization of intangible assets               10,538         3,380  
  Pro forma tax adjustments               (13,489 )       (698 )
                         
Non-GAAP net earnings (Note 8)           $   58,856     $   68,627  
                     
Non-GAAP net earnings per share (Note 8)         $   1.10     $   1.28  
                     
Weighted average shares outstanding               53,685         53,559  
                     
                     
Income from operations             $   41,745     $   93,044  
                     
Adjustments:                    
  Acquisition costs (Note 1)                 10,699         30  
  Acquisition inventory step-up (Note 2)             10,119         -   
  Fees and expenses relating to repricing of term loan (Note 3)         713         -   
  Integration costs (Note 5)                 11,850         -   
  Restructuring (Note 6)                 24         1,007  
  Sale of previously written down inventory (Note 7)           -          (2,098 )
  Amortization of intangible assets               10,538         3,380  
                     
Non-GAAP income from operations (Note 9)         $   85,688     $   95,363  
                     
Non-GAAP operating margin percentage (Note 9)           16.8 %     22.1 %
                     
Gross profit   $   213,826     $   195,844  
  Acquisition inventory step-up (Note 2)       10,119         -   
  Sale of previously written down inventory (Note 7)       -          (2,098 )
       
Non-GAAP gross profit (Note 10)   $   223,945     $   193,746  
       
Non-GAAP gross profit percentage (Note 10)     44.0 %     44.9 %
 
Interest (expense) income, net               $ (7,064 )   $ 1,294  
  Amortization of debt issuance costs (Note 4)                 1,629        
                             
Non-GAAP interest (expense) income, net               $ (5,435 )   $ 1,294  
 
Note 1: We recorded $10.7 million of acquisition costs during the six months ended June 30, 2016 related to the Newport Corporation acquisition, which closed during the second quarter of 2016. We recorded $0.03 million of acquisition costs during the six months ended June 30, 2015 related to the Precisive LLC acquisition, which closed during the first quarter of 2015.
 
Note 2: We recorded $10.1 million in cost of sales during the six months ended June 30, 2016 related to the step-up of inventory to fair value as a result of the Newport Corporation acquisition. This is being charged to cost of sales over inventory turns of three months.
 
Note 3: We recorded $0.7 million of fees and expenses during the six months ended June 30, 2016 related to the repricing of our Term Loan Credit Agreement.
 
Note 4: We recorded $1.6 million of amortization expense during the six months ended June 30, 2016 related to the amortization of debt issuance costs affiliated with our Term Loan Credit Agreement and ABL Facility.
 
Note 5: We recorded $11.9 million of integration costs during the six months ended June 30, 2016 related to the Newport Corporation acquisition.
 
Note 6: We recorded $1.0 million of restructuring costs during the six months ended June 30, 2015 related to the outsourcing of an international manufacturing operation.
 
Note 7: Cost of sales for the six months ended June 30, 2015, include the reversal of a special charge of $2.1 million for obsolete inventory, which was subsequently sold.
 
Note 8: The Non-GAAP net earnings and Non-GAAP net earnings per share amounts exclude acquisition costs, an inventory step-up adjustment related to the acquisition of Newport Corporation, fees and expenses related to the repricing of a term loan credit agreement, amortization of debt issuance costs, integration costs related to the acquisition of Newport Corporation, restructuring costs, the reversal of certain previously written off inventory items that were subsequently sold, amortization of intangible assets and the related tax effect of these adjustments to reflect the expected full year effective tax rate in the related period.
 
Note 9: The Non-GAAP income from operations and Non-GAAP operating margin percentages exclude acquisition costs, an inventory step-up adjustment related to the acquisition of Newport Corporation, fees and expenses related to the repricing of a term loan credit agreement, integration costs related to the acquisition of Newport Corporation, restructuring costs, the reversal of certain previously written off inventory items that were subsequently sold and amortization of intangible assets.
 
Note 10:  The Non-GAAP gross profit amounts and Non-GAAP gross profit percentages exclude an inventory step-up adjustment related to the acquisition of Newport Corporation and the reversal of certain previously written off inventory items that were subsequently sold.
 

 
                         
MKS Instruments, Inc.  
Reconciliation of GAAP Income Tax Rate to Non-GAAP Income Tax Rate  
(In thousands)  
                       
    Three Months Ended June 30, 2016   Three Months Ended March 31, 2016
  Income Before   Provision (benefit)   Effective    Income Before   Provision(benefit)   Effective 
  Income Taxes   for Income Taxes   Tax Rate   Income Taxes   for Income Taxes   Tax Rate
                                   
GAAP   $   12,368     $   3,158       25.5 %   $   23,805     $   6,242       26.2 %
                                 
Adjustments:                                
  Acquisition costs (Note 1)       8,205         -              2,494         -       
  Acquisition inventory step-up (Note 2)       10,119         -              -          -       
  Fees and expenses relating to repricing of term loan (Note 3)       713         -              -          -       
  Amortization of debt issuance costs (Note 4)       1,629         -              -          -       
  Integration costs (Note 5)       11,850         -              -          -       
  Restructuring       24         -              -          -       
  Amortization of intangible assets       8,855         -              1,683         -       
  Tax effect of pro forma adjustments       -          11,708             -          1,503      
  Adjustment to pro forma tax rate       -          188             -          90      
                         
Non-GAAP   $   53,763     $   15,054       28.0 %   $   27,982     $   7,835       28.0 %
                         
                         
    Three Months Ended June 30, 2015            
    Income Before   Provision (benefit)   Effective             
    Income Taxes   for Income Taxes   Tax Rate            
                         
GAAP   $   46,824     $   13,604       29.1 %            
                         
Adjustments:                        
  Restructuring (Note 6)       219         -                   
  Sale of previously written down inventory (Note 7)       (2,098 )       -                   
  Amortization of intangible assets       1,709         -                   
  Tax effect of pro forma adjustments       -          311                  
  Adjustment to pro forma tax rate       -          (385 )                
                         
Non-GAAP   $   46,654     $   13,530       29.0 %            
                         
    Six Months Ended June 30, 2016   Six Months Ended June 30, 2015
  Income Before   Provision (benefit)   Effective    Income Before   Provision(benefit)   Effective 
  Income Taxes   for Income Taxes   Tax Rate   Income Taxes   for Income Taxes   Tax Rate
         
GAAP   $   36,173     $   9,400       26.0 %   $   94,338     $   27,332       29.0 %
                         
Adjustments:                        
  Acquisition costs (Note 1)       10,699         -              30         -       
  Acquisition inventory step-up (Note 2)       10,119         -              -          -       
  Fees and expenses relating to repricing of term loan (Note 3)       713         -              -          -       
  Amortization of debt issuance costs (Note 4)       1,629         -              -          -       
  Integration costs (Note 5)       11,850         -              -          -       
  Restructuring (Note 6)       24         -              1,007         -       
  Amortization of intangible assets       10,538         -              3,380         -       
  Sale of previously written down inventory (Note 7)       -          -              (2,098 )       -       
  Tax effect of pro forma adjustments       -          13,211             -          1,128      
  Adjustment to pro forma tax rate       -          278             -          (430 )    
                         
Non-GAAP   $   81,745     $   22,889       28.0 %   $   96,657     $   28,030       29.0 %
                         
                         
Note 1: We recorded $8.2 million and $10.7 million of acquisition costs during the three and six months ended June 30, 2016, respectively and $2.5 million during the three months ended March 31, 2016 related to the Newport Corporation acquisition, which closed during the second quarter of 2016.         
       
                         
Note 2: We recorded $10.1 million of amortization expense during the three and six months ended June 30, 2016 related to the step-up of inventory to fair value as a result of the Newport Corporation acquisition.        
       
Note 3: We recorded $0.7 million of fees and expenses during the three and six months ended June 30, 2016 related to the repricing of our Term Loan Credit Agreement.        
       
                         
Note 4: We recorded $1.6 million of additional interest expense during the three and six months ended June 30, 2016 related to the amortization of debt issuance costs affiliated with our Term Loan Credit Agreement and ABL Facility.        
       
                         
Note 5: We recorded $11.9 million of integration costs during the three and six months ended June 30, 2016 related to the Newport Corporation acquisition.        
                         
Note 6: We recorded $0.2 million and $1.0 million of restructuring costs during the three and six months ended June 30, 2015, respectively, related to the outsourcing of an international manufacturing operation.        
       
                         
Note 7: Cost of sales for the three and six months ended June 30, 2015, include the reversal of a special charge of $2.1 million for obsolete inventory, which was subsequently sold.        
       
                         
                         
 
MKS Instruments, Inc.  
Reconciliation of Q3-16 Guidance - GAAP Net Income to Non-GAAP Net Earnings    
(In thousands, except per share data)    
                         
    Three Months Ended September 30, 2016        
    Low Guidance   High Guidance        
    $ Amount   $ Per Share   $ Amount   $ Per Share        
                         
GAAP net income   $   19,600     $   0.36     $   32,200     $   0.60          
                         
Amortization     12,500         0.23       12,500         0.23          
                         
Integration costs     3,000         0.06       3,000         0.06          
                         
Deferred financing fees     1,260         0.02       1,260         0.02          
                         
Acquisition inventory step-up     4,500         0.08       4,500         0.08          
                         
Tax effect of adjustments (Note 1)     (6,660 )       (0.12 )     (7,360 )       (0.14 )        
                         
Non-GAAP net earnings   $   34,200     $   0.64     $   46,100     $   0.86          
                         
Q3 -16 forecasted shares         53,800           53,800          
                         
Note 1: The Non-GAAP adjustments are tax effected at the applicable statutory rates.                     
                         

 
               
MKS Instruments, Inc.
Unaudited Consolidated Balance Sheet
(In thousands)
               
               
               
               
          June 30,   December 31,
            2016       2015  
               
ASSETS              
               
Cash and cash equivalents     $   354,275     $   227,574  
Restricted cash           5,559         -   
Short-term investments         71,373         430,663  
Trade accounts receivable, net         233,951         101,883  
Inventories           278,360         152,631  
Other current assets           57,995         26,760  
               
  Total current assets         1,001,513         939,511  
               
Property, plant and equipment, net       184,221         68,856  
Goodwill             592,605         199,703  
Intangible assets, net         426,983         44,027  
Long-term investments         15,230         -   
Other assets           22,879         21,250  
               
Total assets       $   2,243,431     $   1,273,347  
               
               
LIABILITIES AND STOCKHOLDERS' EQUITY      
               
Short-term debt       $   12,678     $   -   
Accounts payable           61,538         23,177  
Accrued compensation         59,360         28,424  
Income taxes payable         7,022         4,024  
Other current liabilities         67,092         35,359  
  Total current liabilities       207,690         90,984  
               
Long-term debt, net           696,906         -   
Non-current deferred taxes         102,101         2,655  
Other liabilities           55,124         18,827  
  Total liabilities         1,061,821         112,466  
               
Stockholders' equity:            
Common stock           113         113  
Additional paid-in capital         765,393         744,725  
Retained earnings           434,928         427,214  
Accumulated other comprehensive loss       (18,824 )       (11,171 )
  Total stockholders' equity       1,181,610         1,160,881  
               
Total liabilities and stockholders' equity   $   2,243,431     $   1,273,347  
               

Company Contact:  Seth H. BagshawVice President, Chief Financial Officer and TreasurerTelephone:  978.645.5578Investor Relations Contact:  Monica GouldThe Blueshirt GroupTelephone:  212.871.3927Email:  monica@blueshirtgroup.com

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