EDISON, N.J., Nov. 4 /PRNewswire-FirstCall/ -- New Brunswick
Scientific Co., Inc. (NBS) (NASDAQ:NBSC), today announced improved
net sales and higher net income for the third quarter and nine
months ended October 1, 2005, versus the respective periods of
2004. Net sales for third-quarter 2005 rose 6.2% to $16.1 million
from $15.2 million for the comparable 2004 period. Third-quarter
net income reached $833,000, or $0.09 per diluted share, from
$229,000, or $0.03 per diluted share, for the same period one year
ago. For the first nine months of 2005, net sales advanced 6.1% to
$47.4 million from the $44.7 million reported for nine-months 2004.
Net income increased 32.2% to $1,244,000, or $0.14 per diluted
share, from $941,000, or $0.11 per diluted share, for the 2004
nine-months. Net sales increased during both periods due to robust
international sales increases of 11.8% for the quarter and 12.3%
for the nine-months versus the same periods of 2004. Gross margin
expanded during the quarter due primarily to a favorable product
mix in conjunction with the effect of increased absorption of
manufacturing overhead occasioned by the higher sales volumes.
Gross margin for the 2005 third quarter increased to 42.0% from
39.3% for the comparable prior-year period, and was flat for the
nine-months at 40.1%. Selling, general and administrative expenses
declined for the quarter to $4.3 million, or 26.5% of sales, from
$4.5 million, or 29.9% of sales, during last year's third quarter.
Last year's SG&A expense included approximately $346,000 of
severance costs. Supporting the Company's new-product development
program, research, development and engineering expenses increased
29.7% for the quarter and 27.6% for the nine-months compared with
last year's respective periods. Co-founder and Chairman David
Freedman said: "End-market demand for our fermentation equipment,
ultra-low temperature freezers and CO2 incubators helped to
generate continued strong international sales growth. Even more
encouraging is our recent increase in order intake-up 21.4% and
10.8%, respectively, for the third quarter and nine-months from the
comparable year- ago periods." To be added to New Brunswick
Scientific's e-mail distribution list, please click on the link
below:
http://www.clearperspectivegroup.com/clearsite/nbsc/emailoptin.html
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. The forward-looking
statements involve a number of risks and uncertainties, including
but not limited to, changes in economic conditions, demand for the
Company's products, pricing pressures, intense competition in the
industries in which the Company operates, the need for the Company
to keep pace with technological developments and respond in a
timely manner to changes in customer needs, the Company's
dependence on third-party suppliers, the effect on foreign sales of
currency fluctuations, acceptance of new products, the labor
relations of the Company and its customers and other factors
identified in the Company's Securities and Exchange Commission
filings. 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. 1, 2005 Oct. 2, 2004 Oct. 1, 2005 Oct. 2, 2004 Restated(1)
Restated(1) Net sales $16,137 $15,192 $47,425 $44,719 Operating
costs and expenses: Cost of sales 9,352 9,223 28,425 26,797
Selling, general and administrative expenses 4,279 4,540 13,402
13,243 Research, development and engineering expenses 1,170 902
3,546 2,778 Total operating costs and expenses 14,801 14,665 45,373
42,818 Income from operations 1,336 527 2,052 1,901 Other income
(expense): Interest income 69 22 180 57 Interest expense (86) (173)
(267) (328) Other, net 34 (1) 55 (70) 17 (152) (32) (341) Income
before income tax expense 1,353 375 2,020 1,560 Income tax expense
520 146 776 619 Net income $ 833 $ 229 $ 1,244 $ 941 Basic income
per share $ 0.09 $ 0.03 $ 0.14 $ 0.11 Diluted income per share $
0.09 $ 0.03 $ 0.14 $ 0.11 Basic weighted average number of shares
outstanding 8,996 8,768 8,945 8,709 Diluted weighted average number
of shares outstanding 9,048 8,899 9,003 8,857 SELECTED CONSOLIDATED
BALANCE SHEET ITEMS (Dollars in thousands) (Unaudited) October 1,
2005 December 31, 2004 Cash and cash equivalents $ 11,171 $ 10,846
Accounts receivable, net 9,672 11,332 Inventories 14,135 12,139
Property, plant and equipment, net 6,010 6,495 Total assets 53,622
53,795 Accounts payable and accrued expenses 8,868 7,592 Long-term
debt, net of current installments 5,438 6,022 Shareholders' equity
35,952 35,955 Working capital 27,117 27,198 Current ratio 3.6 to 1
3.9 to 1 (1) Restatement of consolidated financial statements: On
March 21, 2005, the Company announced that certain of its
historical financial statements required restatement because of a
misapplication of Statement No. 133 "Accounting for Derivative
Instruments and Hedging Activities" (SFAS No. 133) as it applies to
three interest rate swaps that were entered into in 1999 and 2004
to fix the interest rates on variable rate debt incurred primarily
for acquisitions in 1999 and 2003. The required changes affected
the previously filed financial statements for the years ended
December 31, 2001, 2002 and 2003 as well as for the 2003 quarters
and the 2004 quarters through October 2, 2004. The restatement did
not affect the Company's reported cash and cash equivalents or
income (loss) from operations in any of the above periods.
DATASOURCE: New Brunswick Scientific Co., Inc. CONTACT: Samuel
Eichenbaum, Vice President, Finance and Treasurer, New Brunswick
Scientific Co., Inc., +1-732-650-2500, ; Matthew J. Dennis, CFA,
NBS Investor Relations, Clear Perspective Group, LLC,
+1-440-353-0552, Web site: http://www.nbsc.com/
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