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Beckman Coulter Announces First Quarter 2009 Results
Date:4/28/2009

profit decreased 3% to $319.1 million, gross margin increased 100 basis points to 46.1% versus first quarter 2008 due to favorable product mix.

Operating income was $39.6 million. On an adjusted basis, operating income increased to $66 million, or 9.5% of sales. Cost containment initiatives, which began in 2008, effectively drove a 5% decrease in adjusted operating expense versus prior year quarter. Adjusted non-operating expense was $9.6 million.

The adjusted tax rate in the quarter was 19.3%, as compared to 23.9% in prior year quarter. The favorable adjusted tax rate is due to discrete items in the quarter. Net earnings were $20.6 million or $0.32 per fully diluted share, including the $0.03 non-cash charge to interest expense due to new accounting rules governing convertible debt instruments. Adjusting for special items but including interest expense associated with the accounting change, net earnings were $45.5 million or $0.71 per fully diluted share.

Garrett stated, "In the quarter, we continued to realize strong cash instrument sales in Asia Pacific. Cash instruments sales in other major geographies decreased as the current economic environment caused customers to be cautious in their capital spending. Extremely strong cash instrument sales throughout 2008 will make for a difficult comparison in 2009. A product mix favoring higher margin recurring revenue and a sharp focus on operating expense management should allow us to deliver on our earnings goals."

Recent Developments

  • Introduced the Gallios flow cytometer for the research market, the first in a series of cytometry product introductions in 2009. When combined with the company's broad reagent offering, new cytometry products provide a powerful solution for cellular analysis, increasing productivity and improving the reliability of results.
  • Declared a $0.17 per share quarter
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SOURCE Beckman Coulter, Inc.
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