Home | Business News | Browse by Publication | P | PR Newswire

QIAGEN Reports Strong Third Quarter 2006 Results.

Article Excerpt
18% Constant Currency and 11% Organic Revenue Growth in Consumables $0.14 Adjusted Earnings per Share: 17% Growth

VENLO, The Netherlands, November 13 /PRNewswire-FirstCall/ -- QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) today announced the results of operations for the third quarter and the nine-month period ended September 30, 2006.

The reported net sales for the third quarter 2006 were in line and the adjusted earnings per share were on the high end of the guidance provided by the Company on May 9, 2006.

QIAGEN's Third Quarter: Constant currency on guidance Guidance Jan 31, 2006 Reported Net sales (US$ million) 115 - 118 116 118 Operating margin, adj.(1) 26% - 28% 26% EPS, adj. (US$)1 0.13 - 0.14 0.14 (1) excluding acquisition, integration and restructuring related charges as well as amortization of acquired IP and equity-based compensation

The Company reported that consolidated net sales for its third quarter 2006 increased 20% to $117.9 million from $98.7 million for the same period in 2005. Reported operating income for the quarter increased 3% to $26.7 million from $25.9 million in the same quarter of 2005, and net income for the quarter increased 10% to $19.4 million from $17.6 million in the same quarter of 2005. Diluted earnings per share for the third quarter increased to $0.13 in 2006 (based on 153.8 million weighted average shares and share equivalents outstanding) from $0.12 in 2005 (based on 150.1 million weighted average shares and share equivalents outstanding).

The Company has regularly reported adjusted results to give an additional insight into the Company's financial performance. Adjusted results should be considered in addition to the reported results prepared in accordance with generally accepted accounting principles, but should not be considered a substitute. Costs and charges excluded from adjusted results include acquisition, integration, restructuring and related costs, acquisition-related amortization, and beginning in the first quarter of 2006, compensation cost due to equity based compensation in accordance with the adoption of revised Statement of Financial Accounting Standards No. 123 (SFAS 123R).

QIAGEN's Adjustments to Operating Income, Net Income and EPS: In US$ millions unless indicated Q3 2006 Q3 2005 Operating income, reported 26.74 25.88 Acquisition and integration related 1.45 expenses 0.30 SFAS 123R Impact 0.04 - Amortization on acquisition-related 2.36 intangibles 1.18 Operating income, adjusted 30.59 27.36 Net income, reported 19.36 17.64 Acquisition and integration related 0.93 expenses 0.19 SFAS 123R Impact 0.03 - Amortization on acquisition-related 1.54 intangibles 0.75 Net income, adjusted 21.86 18.58 Weighted average number of diluted common 153,755,000 150,085,000 shares EPS, reported in US$ 0.13 0.12 EPS, adjusted in...