PerkinElmer Announces Q2 2005 Results
PerkinElmer, Inc. announced GAAP earnings per share of $.26 from continuing operations on revenue of $425.5 million for the second quarter ended July 3, 2005. This second quarter EPS represents an increase of 53% over the GAAP earnings per share of $.17 in the second quarter of 2004.
Second quarter 2005 GAAP earnings per share of $.26 from continuing operations included a previously disclosed tax benefit and restructuring charges which provided a net benefit to earnings of $.06 per share. The second quarter 2005 results also included intangibles amortization expense of $7.4 million, or approximately $.04 per share. Excluding the net $.02 per share increase to earnings resulting from the tax and restructuring items as well as the intangibles amortization, the Company announced earnings per share from continuing operations of $.24. This adjusted earnings per share met the Thomson First Call(TM) consensus estimate of $.24 for the second quarter of 2005, and was also at the high end of the Company's forecasted range of $.23 to $.24 for the quarter.
Second quarter 2005 revenue of $425.5 million increased 3% over the second quarter of 2004. Revenue growth of 5% in Life and Analytical Sciences and 5% in Optoelectronics was partially offset by a decline of Fluid Sciences revenue of 6% during the second quarter of 2005 compared to the same period last year. The effects of foreign exchange and acquisitions increased total second quarter 2005 revenue by 2% over the second quarter of 2004.
Second quarter 2005 revenue from Health Sciences end markets, representing 72% of total revenues for the quarter, increased 8% over the same period of 2004, driven primarily by continued strong revenue growth in the Company's genetic screening, medical imaging, environmental and service businesses. Second quarter 2005 revenue from Industrial Sciences end markets decreased 7% compared to the second quarter of 2004, as revenue growth in aerospace and certain consumer electronics applications was offset primarily by declines in revenues from semiconductor and photoflash lighting businesses.
The Company's total revenue for the six months ended July 3, 2005 was $841.4 million, up 5% compared with the first six months of 2004. Health Sciences revenue for the first six months of 2005 increased 8% compared to the same period of 2004. Industrial Sciences revenue decreased 4% during the first six months of 2005 compared to the first six months of 2004. For the first six months ended July 3, 2005 compared to the same period of 2004, revenue from Life and Analytical Sciences increased 6%, Optoelectronics revenue increased 8% and Fluid Sciences revenue decreased 6%.
The Company generated operating cash flow of $86.8 million in the second quarter of 2005, up 53% compared to operating cash flow of $56.6 million for the second quarter of 2004. Free cash flow for the second quarter of 2005, defined as operating cash flow of $86.8 million less capital expenditures of $7.0 million, was $79.8 million for the second quarter of 2005, representing an increase of 55% over the same period of 2004. Free cash flow for the second quarter of 2004 was $51.5 million, and was comprised of operating cash flow of $56.6 million less capital expenditures of $5.1 million. During the second quarter of 2005, the Company reduced debt by $100 million, including paying off the remaining balance of its term loan. Cash and cash equivalents were $158.7 million at the end of the second quarter of 2005.
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