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Life Technologies Announces Second Quarter 2013 Results

ix monthsFor the six months(in thousands, except per share data)ended June 30, 2013ended June 30, 2012(unaudited)Revenues$
,888,423Cost of revenues644,639642,041Purchased intangibles amortization143,245148,066Gross profit

1,120,4361,098,316Gross margin58.7%58.2%Operating expenses:Selling, general and administrative

547,616519,447Research and development

172,106173,413Business consolidation costs

54,99823,696Total operating expenses

774,720716,556Operating income

345,716381,760Operating margin18.1%20.2%Interest income1,2171,279Interest expense(57,014)(64,975)Other expense, net(4,388)(8,316)Total other expense, net

(60,185)(72,012)Income from operations before provision for income taxes285,531309,748Income tax provision(38,006)(54,806)Net income

247,525254,942Net loss attributable to non-controlling interests

31151Net income attributable to controlling interest$
254,993Effective tax rate 13.3%17.7%Add back interest expense for subordinateddebt, net of tax-12Numerator for diluted earnings  per share$
255,005Earnings per common share:Basic earnings per share attributable to controlling interest$
.43Diluted earnings per share attributable to controlling interest$
.40Weighted average shares used in per share calculation:Basic171,661178,521Diluted175,020182,210 LIFE TECHNOLOGIES CORPORATIONITEMIZED RECONCILIAITON BETWEENGAAP AND NON-GAAP NET INCOMEFor the six monthsFor the six months(in thousands, except per share data)ended June 30, 2013ended June 30, 2012(unaudited)GAAP net income $
254,942Non-GAAP revenue adjustmentsPurchase accounting related adjustments 

857642Charges on a discontinued product

-(457)Historical portion of licensing settlement


SOURCE Life Technologies Corporation
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