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Bruker's Q1 Revenues Climb 14.9 Percent; Swings to Loss on Acquisition Charges

NEW YORK (GenomeWeb News) – Bruker today reported a 14.9 percent increase in first-quarter revenues, aided by a 9.9 percent currency benefit, but posted a loss due to $5.8 million in acquisition charges.
 
The Billerica, Mass.-based firm reported revenues of $238.4 million for the three-month period ended March 31, compared to revenues of $207.5 million in the first quarter of 2007. Bruker’s product revenues rose to $207 million from $181.6 million year over year, while service revenues increased to $30 million from $25.2 million.
 
The firm’s R&D spending increased 20 percent to $31.2 million from $26 million, and its SG&A expenses were up 23.1 percent at $60.2 million from $48.9 million.
 
Bruker posted a net loss of $685,000, or $.00 per share, compared to a profit of $14.4 million, or $.09 per share, for the first quarter of 2007. The company registered acquisition-related charges of $5.8 million during the first three months of 2008. It also announced two weeks ago that it absorbed pre-tax foreign exchange losses of around $12 million for its first quarter.
 
“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 explained in a statement at the time.
 
Bruker completed the $1.1 billion acquisition of affiliated company Bruker BioSpin in February.
 
Bruker finished the quarter with $321.3 million in cash and short-term investments.

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