HBIO Reports First Quarter 2012 Revenue Growth of 8% Over First Quarter 2011

HOLLISTON, Mass., May 3, 2012 (GLOBE NEWSWIRE) — Harvard Bioscience, Inc. (HBIO – News), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial results for the three months ended March 31, 2012.

First Quarter Reported Results

Revenues for the three months ended March 31, 2012 were $28.3 million, an increase of $2.0 million, or 7.6%, compared to revenues of $26.3 million for the three months ended March 31, 2011. Currency exchange rates had a negative 1.0% effect on revenues in the first quarter of 2012 compared with the first quarter of 2011. The Company’s acquisitions of CMA Microdialysis AB (“CMA”) in July 2011 and AHN Biotechnologie GmbH (“AHN”) in February 2012 had a positive 4.4% effect on revenues. Excluding the effects of currency changes and acquisitions, the Company’s organic revenue growth for the first quarter of 2012 was 4.2% over the same period in the previous year.

Net income, as measured under U.S. generally accepted accounting principles (“GAAP”), was $0.5 million, or $0.02 per diluted share for the three months ended March 31, 2012 compared to $1.7 million, or $0.06 per diluted share, for the same period in 2011. The unfavorable year-to-year quarterly GAAP earnings comparison was primarily due to increased spending in the Company’s development-stage Regenerative Medicine Device (“RMD”) business.

On a non-GAAP adjusted basis, earnings per share for our core Life Science Research Tools (“LSRT”) business for the first quarter of 2012 were $0.09 per diluted share compared with $0.08 per diluted share for the first quarter of 2011. Non-GAAP adjusted earnings per share for our RMD business for the first quarter of 2012 was a loss of $0.03 per diluted share, compared with a loss of $0.01 per diluted share for the first quarter of 2011, and reflected greater activities in developing this new initiative. The Company’s total non-GAAP adjusted earnings per share, reflecting LSRT and RMD combined, were $0.06 per diluted share for the first quarter of 2012 compared with $0.07 per diluted share for the first quarter of 2011.

Commenting on the Company’s performance Chane Graziano, CEO, stated, “We are pleased with our first quarter 2012 performance. Overall our organic growth in orders was 6% and for revenues was 4% versus the first quarter of 2011, fueled by demand in each of our four major product groups. During the first quarter of 2012 we hired a new general manager at our Denville Scientific subsidiary and introduced an exciting new nano spectrophotometer product at our Biochrom subsidiary. We expect each to have a significant impact in the second half of 2012.”

Mr. Graziano continued “In the second quarter of 2012, we expect revenues to be in the $28-$29 million range and we expect non-GAAP diluted earnings per share for our core LSRT business to be in the 9-10 cents per share range. In RMD, we expect second quarter operating expenses to be about 4 cents per diluted share. For the year, we are maintaining our guidance at $115-$120 million range for revenues and 39-42 cents non-GAAP diluted earnings per share range for our core LSRT business. We also continue to expect our RMD operating expenses to be about 13 cents per diluted share this year.”

Our second quarter 2012 revenue and earnings guidance was calculated using exchange rates (USD 1.62/GBP and USD 1.32/Euro) approximating April 27, 2012 rates and assumes a continuation of the business conditions as we see them at this time. The non-GAAP adjusted earnings per diluted share guidance excludes amortization of intangible assets, impact of future acquisitions, acquisition costs, any future restructuring actions, and stock-based compensation expense recognized under the provisions of FASB ASC Topic 718, “Compensation — Stock Compensation.” See the table below for a reconciliation of our estimated non-GAAP adjusted earnings per diluted share to our estimated GAAP earnings per diluted share. See Exhibits 4, 5 and 6 for reconciliations of GAAP to non-GAAP adjusted operating income, GAAP to non-GAAP adjusted net income and GAAP diluted earnings per common share to non-GAAP adjusted diluted earnings per common share for the three months ended March 31, 2012 and 2011, respectively.

Operating Results for Continuing Operations

Three months ended March 31, 2012 compared to three months ended March 31, 2011:

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(1) HBIO Reports First Quarter 2012 Revenue Growth of 8% Over First Quarter 2011
URL: http://finance.yahoo.com/news/hbio-reports-first-quarter-2012-110000891.html;_ylt=A2KJjam6t6RPuy0A3lz_wgt.



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