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Beckman Coulter Announces Third Quarter 2007 Results
Date:10/30/2007

f our printed circuit board operations. Consequently, the quarter ended with about $10 million in cellular instrument backorders. We expect to work down these backorders sufficiently in the fourth quarter to achieve our goals for the full year," he said.

Gross profit margin (adjusted) declined 70 basis points to 46.6%, compared to third quarter 2006. Higher distribution costs and a decline in margin on life science products were primarily responsible. Diagnostics product margins were flat with prior year quarter reflecting overall stable pricing trends.

R&D investment, excluding the license acquired in 2006 for $27.5 million, ramped up $6.5 million, or 12.2% over prior year quarter. The increase in R&D investment was largely directed at the development of the company's previously announced sample-to-result system for molecular diagnostics, the UniCel(R) DxN, slated for commercialization in 2010.

Reported operating income was $67.5 million. In the third quarter, the company recorded a $3 million charge in connection with the previously announced closure and relocation of several facilities. On an adjusted basis, operating income was $70.5 million, down 5% compared to third quarter 2006. The decline in operating income in the quarter was primarily driven by the increase in R&D investment and the decline in profit contribution from life science products.

Non-operating income of $10.8 million included a $26.2 million gain on the sale of vacant land in Miami. From these proceeds, the company made a $9 million contribution in the quarter to establish the Beckman Coulter Foundation. This new foundation will benefit research and educational institutions and programs. Adjusted non-operating expense, excluding these two items, was $6.4 million in the quarter, compared to $13.1 million in the third quarter of 2006. The lower expense was due primarily to currency gains.

The effective tax rate in the quarter was 25.4% reflecting certain discrete tax
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SOURCE Beckman Coulter, Inc.
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