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Millipore Reports Modest Third-Quarter Revenue Growth

NEW YORK (GenomeWeb News) – Millipore increased its total third-quarter revenues 6 percent over the same quarter last year, including a 4 percent benefit from currency translation, the firm said after the close of the market Thursday.
The company’s revenues for the three-month period ended Sept. 27 were $395 million. Its Bioprocess Division’s revenues increased five percent from $210.5 million in Q3 2007 to $220.9 million in Q3 2008, and the Bioscience Division’s revenues increased eight percent from $160.7 million in Q3 2007 to $174.1 million in Q3 2008.
After excluding a 4 percent benefit from foreign currency changes, the revenues grew 2 percent overall and 4 percent in the Bioscience Division, while the Bioprocesses Division was unchanged.
Millipore Chairman and CEO Martin Madaus said in a statement that the firm saw “slightly improved business dynamics” during the third quarter. “We remain focused on reducing our costs and streamlining our organization to generate higher levels of earnings and cash flow,” he said.
Millipore’s Q3 profit climbed 9 percent to $39.7 million, or $0.71 per share, from $36.3 million, or $0.66 per share, year over year.
R&D spending decreased 4 percent to $25.4 million from $26.5 million, while SG&A expenses during increased 5 percent to $124 million from $118.1 million.
Millipore finished the third quarter with $23.1 million in cash and cash equivalents.

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