Diagnostic Products Corporation Announces Record Quarterly Revenue
27 April 2006 - 2:00PM
Business Wire
Diagnostic Products Corporation (NYSE:DP) today reported first
quarter sales of $129.6 million, a 14% increase over the first
quarter of 2005. Earnings were $18.0 million, or $.60 per diluted
share, an increase of 12% from $16.1 million or $.54 reported for
the first quarter of 2005. The 2006 results included $1.4 million
in compensation expense related to stock options in accordance with
the adoption of FAS 123(R), "Share-based Payment." The Euro
weakened and the Brazilian Real strengthened relative to the
dollar, and the net effect of foreign currency movements was a 2%
decrease in sales. International sales increased 12% to $90.7
million while domestic sales increased 18% to $38.9 million. Sales
of IMMULITE products grew 15% over the first quarter of 2005.
IMMULITE product line sales reached $119.1 million for the quarter,
92% of the total sales of the Company. IMMULITE reagent sales
increased 11% this quarter over the first quarter of 2005 to $101.3
million, while IMMULITE instrument and service revenue increased by
42% to $17.9 million. Sales of RIA products were $5.2 million, a 7%
decline from last year's first quarter. Sales of other products
were $5.3 million, up from $4.8 million in the same period last
year. "We were very pleased with our revenue levels, as well as the
number of instruments we shipped," said Michael Ziering, CEO of
DPC. The Company shipped a total of 231 IMMULITE Instruments in the
first quarter including 175 IMMULITE 2000s and 2500s. The total
number of IMMULITEs shipped is now over 11,000. About Diagnostic
Products Corporation Diagnostic Products Corporation, founded in
1971, is a leader in the global in vitro diagnostics market. DPC's
product offering includes the widely accepted IMMULITE(R) series of
immunoassay systems, more than 75 immunoassays and an expanding
menu of essential specific allergens and allergy panels that are
run just like other immunoassays. DPC also designs and manufactures
automated laboratory instrumentation and automation solutions that
provide fast, accurate results while enabling our customers to do
"more with less" in a leaner laboratory. DPC's combined chemistry
and immunoassay menu is one of the largest and most diversified
available, covering most laboratory tests requested. DPC sells its
products to hospitals, clinics and laboratories in more than 100
countries. Additional Company information can be found on DPC's
website at www.dpcweb.com. Except for the historical information
contained herein, this press release contains forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially. These factors include
governmental or other action relating to the Company's Chinese
affiliate; the rate of customer demand for the Company's products;
the Company's ability to successfully market new and existing
products; its dependence on certain suppliers; domestic and foreign
government regulation; its ability to keep abreast of technological
innovations and to translate them into new products; competition;
political and economic instability in certain markets including the
movements of foreign currencies relative to the dollar; and other
risks and uncertainties disclosed from time to time in the
Company's SEC reports and filings. -0- *T DIAGNOSTIC PRODUCTS
CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(unaudited) (Amounts in Thousands, Except Per Share Data) Three
Months Ended March 31, ----------------------- 2006 2005 --------
-------- SALES: Non-Affiliated Customers $119,206 $106,703
Unconsolidated Affiliates 10,417 7,123 -------- -------- Total
Sales 129,623 113,826 COST OF SALES 57,454 48,470 -------- --------
Gross Profit 72,169 65,356 OPERATING EXPENSES: Selling 22,294
19,800 Research and Development 13,686 12,266 General and
Administrative 13,176 12,556 Equity in Income of Affiliates (2,990)
(2,553) -------- -------- OPERATING EXPENSES-NET 46,166 42,069
-------- -------- OPERATING INCOME 26,003 23,287 Interest/Other
Income -Net 2,133 180 -------- -------- INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 28,136 23,467 PROVISION FOR INCOME TAXES
9,299 6,993 MINORITY INTEREST 807 340 -------- -------- NET INCOME
$ 18,030 $ 16,134 ======== ======== EARNINGS PER SHARE: BASIC $
0.61 $ 0.55 DILUTED $ 0.60 $ 0.54 WEIGHTED AVERAGE SHARES
OUTSTANDING: BASIC 29,558 29,274 DILUTED 30,111 30,105 *T
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