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Millipore's Q1 Revenues Decline Excluding Currency Benefit

NEW YORK (GenomeWeb News) – Millipore reported after the close of the market yesterday that its first-quarter revenues rose 7 percent but declined 1 percent when excluding currency effects.
 
The Billerica, Mass.-based firm generated revenues of $396.2 million fro the three months ended March 29, compared to revenues of $372 million for the first quarter of 2007. Currency translation contributed 8 percent to the revenue growth for the quarter.
 
Millipore’s Bioprocess Division had first-quarter revenues of $216.6 million, up 1 percent from revenues of $214.3 million in the 2007 first quarter. However, excluding currency translation, revenues for the division declined 7 percent.
 
The firm’s Bioscience Division brought in revenues of $179.6 million, up 14 percent from revenues of $157.7 million a year earlier. Excluding currency translation, that division had 6 percent revenue growth.
 
Millipore’s sales to the Americas fell 10 percent to $146.3 million in the quarter, while sales to Europe climbed 17 percent to $171.3 million, and sales to Asia-Pacific were up 25 percent at $78.6 million.
 
"The revenue growth in our Bioscience Division was more than offset by a decline in revenues in our Bioprocess Division," said Millipore Chairman and CEO Martin Madaus in a statement.
 
"The same dynamic that we first saw in the third quarter of 2007 continued this quarter: our Bioprocess business is being adversely affected by a handful of our largest North American biotech customers who are reducing their purchases," he said. "Outside of revenues associated with these accounts, our other biotech customers are generating double-digit revenue growth and we expect the division’s revenue growth to improve in the second half of 2008."
 
Millipore’s net income for the first quarter increased 22.1 percent to $32.6 million, or $.59 per share, from $26.7 million, or $.49 per share, a year earlier.
 
Its R&D spending fell 9.1 percent to $25 million from $27.5 million, while its SG&A expenses rose 2.2 percent to $125.5 million from $122.8 million.
 
Millipore finished the quarter with $29.1 million in cash and cash equivalents.

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