New Brunswick Scientific Co., Inc., Reports Strong Sales and
Earnings Growth for 2004 Third Quarter and Nine Months EDISON,
N.J., Oct. 29 /PRNewswire-FirstCall/ -- New Brunswick Scientific
Co., Inc. (NBS) (NASDAQ:NBSC), today announced sharply improved net
sales and higher net income for the third quarter and nine months
ended October 2, 2004, versus the respective periods of 2003. Net
sales for the third quarter of 2004 rose to $15.2 million from
$11.5 million for the comparable 2003 period -- an increase of
32.4% -- with recently acquired subsidiary RS Biotech contributing
$1.1 million to consolidated sales during the period. Third-quarter
net income improved significantly, to a profit of $234,000, or
$0.03 per diluted share, from the year-ago net loss of $722,000, or
$0.08 per share. For the first nine months of 2004, net sales
increased 32.3%, reaching $44.7 million from the $33.8 million
reported for the same period one year ago. RS Biotech increased
2004 nine-month sales by $3.5 million. Net income was $838,000, or
$0.09 per diluted share, compared with the 2003 nine-month net loss
of $2.3 million, or $0.27 per share, which included a pretax gain
of $201,000 on the sale of property. Gross margin expanded during
both the quarterly and nine-month periods due primarily to the
effect of increased absorption of manufacturing overhead occasioned
by the higher sales volumes. Gross margin for the third quarter of
2004 was 39.3%, up from 38.9% in 2003's comparable quarter. For the
2004 nine months, gross margin was 40.1% versus 35.8% in last
year's first nine months. The margin improvements were partially
offset by a $150,000 write-down of inventory for a discontinued
product line during the third quarter. Selling, general and
administrative expenses increased $524,000 and $1.1 million,
respectively, for the three- and nine-month periods versus the
comparable year-ago periods, reflecting a previously announced
one-time $346,000 severance payment in the third quarter to the
Company's European Managing Director, the inclusion of the
operating expenses of RS Biotech and foreign translation effects.
Co-founder and Chairman David Freedman said: "Continuing strength
in end-market demand helped to generate solid international and
domestic sales growth, with order intake up more than 26% during
the nine months. Volume growth, combined with significant gross
profit expansion, produced the fourth consecutive quarterly period
of solid profitability. Backlog at quarter end stood at $9.3
million, nearly 10% higher than a year ago." Freedman continued,
"The combined effects of the turnaround that began late last year,
successful cost-containment initiatives and new-business synergies
are yielding beneficial results. The commitment of our people to
work together assiduously to manage costs while supporting
innovation enables us to continue to respond rapidly and
efficiently to the requirements of emerging technologies and
critical market needs, ensuring our market leadership position."
About New Brunswick Scientific New Brunswick Scientific Co., Inc.,
is a leading global provider of a comprehensive line of research
equipment and scientific instrumentation for use in the life
science industry. The company's products are used in the creation,
maintenance and control of physical and biochemical environments
required for the growth, detection and storage of microorganisms
for medical, biological and chemical applications, as well as
environmental research and commercial product development. NBS is a
forerunner in the research and development of pioneering equipment
to meet the challenges of new areas of advancement in life science.
Established in 1946, New Brunswick Scientific is headquartered in
Edison, New Jersey, with sales and distribution facilities
strategically located in the United States, Europe and Asia. For
more information, please visit http://www.nbsc.com/. This document
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will" or words of similar meaning and include, but
are not limited to, statements about the expected future business
and financial performance of the Company. Forward- looking
statements are based on management's current expectations and
assumptions, which are inherently subject to uncertainties, risks
and changes in circumstances that are difficult to predict. Actual
outcomes and results may differ materially from these expectations
and assumptions due to changes in global political, economic,
business, competitive, market, regulatory and other factors. The
Company undertakes no obligation to publicly update or review any
forward-looking information, whether as a result of new
information, future developments or otherwise. NEW BRUNSWICK
SCIENTIFIC CO., INC., AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per-share amounts) (Unaudited)
Three Months Ended Nine Months Ended Oct. 2, Sept. 27, Oct. 2,
Sept. 27, 2004 2003 2004 2003 Net sales $15,192 $11,478 $44,719
$33,810 Operating costs and expenses: Cost of sales 9,223 7,009
26,797 21,693 Selling, general and administrative expenses 4,540
4,016 13,243 12,165 Research, development and engineering expenses
902 775 2,778 2,526 Total operating costs and expenses 14,665
11,800 42,818 36,384 Income (loss) from operations 527 (322) 1,901
(2,574) Other income (expense): Interest income 22 12 57 49
Interest expense (165) (114) (500) (334) Other, net (1) (35) (70)
95 (144) (137) (513) (190) Income (loss) before income tax expense
(benefit) 383 (459) 1,388 (2,764) Income tax expense (benefit) 149
263 550 (415) Net income (loss) $234 $(722) $838 $(2,349) Basic net
income (loss) per share $0.03 $(0.08) $0.10 $(0.27) Diluted net
income (loss) per share $0.03 $(0.08) $0.09 $(0.27) Basic weighted
average number of shares outstanding 8,768 8,606 8,709 8,584
Diluted weighted average number of shares outstanding 8,899 8,606
8,857 8,584 SELECTED CONSOLIDATED BALANCE SHEET ITEMS (Dollars in
thousands) (Unaudited) October 2, 2004 December 31, 2003 Cash and
cash equivalents $9,782 $10,536 Accounts receivable, net 10,293
10,012 Inventories 13,935 12,304 Property, plant and equipment, net
6,157 6,478 Total assets 52,359 51,321 Accounts payable and accrued
expenses 7,561 7,260 Long-term debt, net of current installments
7,091 7,675 Shareholders' equity 33,713 31,859 Working capital
26,161 25,279 Current ratio 3.8 to 1 3.8 to 1 DATASOURCE: New
Brunswick Scientific Co., Inc. CONTACT: Samuel Eichenbaum, Vice
President, Finance and Treasurer, New Brunswick Scientific Co.,
Inc., +1-732-650-2500, ; or Matthew J. Dennis, CFA, NBS Investor
Relations, Clear Perspective Group, LLC, +1-440-353-0552, , for New
Brunswick Scientific Co., Inc. Web site: http://www.nbsc.com/
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