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Thermo Q3 Revenues Up 21 Percent to $542 Million As 04 Restructuring Charges Drop

Thermo Electron after market close on Tuesday reported revenues of $542 million for the third quarter, a 21 percent increase over revenues of $449 million for the same quarter in 2003.

Third-quarter GAAP earnings jumped to $106.5 million, or $.66 per basic share, from $48.5 million, or $.30 per basic share, for the year-ago period. This increase included a gain of $.40 per basic share from discontinued operations, primarily from the sale of its Spectra-Physics business, and tax benefits from another business sold previously, the company said.

The company’s life and laboratory sciences business segment, which manages Thermo’s mass spectrometry product lines, reported revenues of $383 million, compared to revenues of $301.7 million for the year-ago quarter. The segment reported GAAP operating income of $54.5 million for the period, compared to $43.8 million for the year-ago quarter, and adjusted operating income of $62 million, compared to $50 million in adjusted operating income for the year-ago quarter. During that time, the company recognized $276,000 for accelerated depreciation on manufacturing equipment abandoned due to facility consolidations, as well as $2.1 million for restructuring charges from real estate consolidation, and amortization of acquisition-related intangible assets.

Thermo said the business segment’s revenues benefited 5 percent from foreign currency exchange rates, and 14 percent from acquisitions.

The company spent some $65 million to purchase InnaPhase of Philadelphia in September after spending $74.7 million to buy asset manager US Counseling Services of Brookfield, Wis., in April. The company has completed five acquisitions over the last 12 months, adding $195 million in revenues.

Thermo reported research and development expenses of $32 million for the quarter, matching the spend of the year-ago period.

The company had $335 million in cash and cash equivalents on hand, and another $90 million in short-term investments, as of Oct. 2, compared to $303 million and $114 million, respectively, as of Dec. 31, 2003.

— Mo Krochmal ([email protected])


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