Bruker Corporation revenue increases by 9.5% in third-quarter 2009

Bruker CorporationOct 29 2009

Bruker Corporation (NASDAQ: BRKR) today reported financial results for the third quarter ended September 30, 2009.

Third Quarter 2009 Highlights

• Revenue $265.1 million
• GAAP Net Income $16.4 million
• GAAP EPS $0.10 per diluted share
• Free cash flow $14.2 million

Financial Results

In the third quarter of 2009, revenue was $265.1 million, an increase of 9.5% compared to revenue of $242.1 million in the third quarter of 2008. Excluding the effect of foreign currency translation, third quarter 2009 revenue increased 11.4% year-over-year. GAAP net income for the third quarter of 2009 was $16.4 million, or $0.10 per diluted share, compared to GAAP net income of $17.8 million, or $0.11 per diluted share, in the third quarter of 2008. Included in GAAP EPS in the third quarter of 2008 were (i) one-time tax benefits of $0.07 per diluted share and (ii) non-cash stock-based compensation expense of ($0.01) per diluted share. Included in GAAP EPS in the third quarter of 2009 was non-cash stock-based compensation expense of ($0.01) per diluted share.

For the nine months ended September 30, 2009, revenue was $748.1 million, a decrease of 5.5% compared to revenue of $791.9 million in the first three quarters of 2008. Excluding the effect of foreign currency translation, revenue for the nine months ended September 30, 2009 increased by 0.5% year-over-year. GAAP net income for the nine months ended September 30, 2009 was $37.7 million, or $0.23 per diluted share, compared to GAAP net income of $38.7 million, or $0.23 per diluted share, for the nine months ended September 30, 2008. Included in GAAP EPS for the nine months ended September 30, 2008 were (i) one-time tax benefits of $0.07 per diluted share, (ii) Bruker BioSpin acquisition related expenses of ($0.04) per diluted share, and (iii) non-cash stock-based compensation expense of ($0.02) per diluted share. Included in GAAP EPS for the nine months ended September 30, 2009 was non-cash stock-based compensation expense of ($0.02) per diluted share.

Free cash flow was $14.2 million in the third quarter of 2009, and $58.4 million for the nine months ended September 30, 2009, compared to a use of cash of ($11.9) million for the third quarter of 2008, and a use of cash of ($20.9) million for the nine months ended September 30, 2008. During the third quarter of 2009, Bruker repaid $19.3 million of debt, ending the quarter with cash and cash equivalents of $150.5 million, and net debt of $0.8 million, compared to net debt of $127.6 million at the end of the third quarter of 2008.