NEW YORK, Aug. 12 - Bruker AXS today said that it has fired an undisclosed number of staff as its second-quarter net income shrank despite increased net sales.
For the period ended June 30, Bruker said net sales grew to $24 million from $20 million one year ago. R&D spending in the quarter also picked up, to $2.8 million from $1.9 in the second quarter of 2001.
Second-quarter net income for the quarter, however, tumbled three-fold to $600,000, or $.01 per share, from $1.8 million, or $.04 per share, year over year, Bruker said.
Though "pleased that we continue to meet our revenue objectives" amid "rapid expansion," CFO Laura Francis said Bruker intends to eliminate "a number of redundant positions" in an attempt to reduce costs.
She said the restructuring will cost the company between $1.5 million and $2.5 million during the third quarter but save it between $2 million and $3 million annually.
Martin Haase, president and CEO, said he expects Bruker AXS to pull in between $99 million and $100 million by the end of the year, a 20-percent improvement over 2001.
Bruker said it had $50.7 million in cash and cash equivalents as of June 30.
Company officials declined to comment. A conference call is set to take place tomorrow at 11:00 a.m. Eastern time.