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Bruker to Report $12M in Foreign Exchange Losses

NEW YORK (GenomeWeb News) – Bruker said after the close of the market today that based on preliminary data it expects to report pre-tax foreign exchange losses of around $12 million for its first quarter ended March 31.
The firm said that it expects the currency effects to cut its earnings per share by $.06. Bruker noted that the preliminary financial data has not been fully reviewed by its auditors.
The Billerica, Mass.-based firm said that the foreign exchange losses were due to the continued weakening of the US dollar and the unexpected strengthening of the Swiss franc relative to both the US dollar and the euro by approximately 11 percent and 3 percent respectively.
“The foreign exchange losses in the first quarter of 2008 relate primarily to the revaluation of inter-company receivables within the Bruker group, to large cash balances held by Swiss Bruker BioSpin subsidiaries in various non-CHF currencies, as well as to a CHF-denominated, short-term inter-company loan from a Swiss to a German Bruker subsidiary which was used to finance a portion of the acquisition of the Bruker BioSpin Group by Bruker Corporation,” the firm said in a statement.
Bruker said that it recently hired a company treasurer with global oversight and responsibility. It also said that it is taking a number of measures to reduce the effects of currency fluctuation, such as more effectively hedging or settling inter-company balances and paying down the initial $183 million of Swiss franc and euro-dominated portions of a senior credit facility.
Bruker will release its first-quarter results in early May. The firm expects to report revenues of $235 million to $240 million for the quarter.

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