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Life Technologies Announces First Quarter 2011 Results
Date:4/26/2011

in the first quarter, 130 basis points lower than the same period prior year due to lower gross margins, partially offset by lower operating expenses.
  • First quarter non-GAAP tax rate was 27.6 percent.
  • Diluted weighted shares outstanding were 186 million in the first quarter. During the quarter we repurchased approximately 4.4 million shares at an average price of $53.71 per share.
  • Cash flow from operating activities for the first quarter was $115 million.  First quarter capital expenditures were $17 million and resulting free cash flow was $98 million. The company ended the quarter with $735 million in cash and short-term investments.
  • The following analysis of diluted earnings per share identifies specific items that affect the comparability of results between periods. Reconciliations between the company's GAAP and non-GAAP results for the periods reported are presented in the attached tables and on the company's Investor Relations page at www.lifetechnologies.com.  

  • Three Months Ending Mar 3120112010%GAAP earnings per share

    $0.50

    $0.48

    4.2%Gain on sale of Mass Spectrometry Division(0.14)Non-cash interest expense (FSP APB14-1)

    0.03

    0.03Business integration and other charges

    0.05

    0.08Accelerated amortization of debt issuance costs

    -

    0.17Amortization of acquisition related expenses

    0.27

    0.25Non-GAAP earnings per share$0.85$0.87(2.3%)Business Highlights:

  • Cell Systems division non-GAAP revenue was $238 million in the first quarter, an increase of 11 percent over the same period last year.  Excluding the impact from currency, organic revenue growth was 11 percent year over year.  This growth was a result of strong demand across the portfolio, including double-digit growth in the Beads Based Separation and BioProduction businesses.  
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