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ots Ad hoc-Service: Qiagen N.V.
QIAGEN REPORTS STRONG GROWTH IN THE FOURTH QUARTER
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QIAGEN N.V. (Nasdaq: QGENF, Neuer Markt: QIA, 901626) today announced the results of operations for its fourth quarter ended December 31, 1999 and its fiscal year 1999. The results are a demonstration of the successful growth of the Company.
The Company reported that consolidated net sales for its fourth quarter 1999 increased 30% to $39.1 million, from $30.1 million for the same period in 1998. Excluding the effect of purchased in- process research and development related to the acquisition of Rapigene Inc., operating income for the fourth quarter 1999 increased 113% to $7.5 million from $3.5 million in the comparable period in 1998 and net income for the quarter ended December 31, 1999 increased 47% to $5.5 million from $3.7 million in the same quarter of 1998. Excluding the effect of purchased in- process research and development related to the acquisition of Rapigene Inc., diluted earnings per share increased 45% to $0.16 (based on 34.9 million average shares outstanding) from $0.11 (based on 34.5 million average shares outstanding) in the comparable quarter of 1998.
During the fiscal year 1999, total reported net sales increased 31% to $144.0 million from $110.2 million in the comparable period of 1998. Excluding the effect of purchased in-process research and development related to the Rapigene Inc. acquisition, operating income for the year ended December 31, 1999 increased 80% to $26.5 million from $14.7 million in the comparable period in 1998 and net income for the year ended December 31, 1999 increased 42% to $17.7 million from $12.4 million in the same period of 1998. Excluding the effect of purchased in-process research and development related to the Rapigene Inc. acquisition, diluted earnings per share increased to $0.51 (based on 34.7 million average shares outstanding) from $0.36 (based on 34.5 million average shares outstanding) in the comparable quarter of 1998. Cash and cash equivalents along with marketable securities at December 31, 1999 totaled $44.2 million.
In December of 1999, QIAGEN N.V. acquired 100% of the outstanding shares of Rapigene Inc. In the financial statements for the period, the Company recorded an after tax charge of $5.1 million (or $0.15 a share) for purchased in-process research and development. In addition, based on the preliminary purchase price allocation QIAGEN intends to amortize approximately $4.8 million of developed technology and goodwill related to this transaction over a period of 7 and 10 years, respectively.
QIAGEN reported a successful expansion of the Company's revenues and income for the fourth quarter of 1999. The markets QIAGEN serves grew very dynamically and build a superb basis for the future growth of the Company. In the fourth quarter of 1999, the Company also significantly expanded its strategic position through alliances with companies such as Affymetrix and SciQuest.com, through investments such as in Zeptosens AG and through the acquisition of Rapigene Inc.
In the fiscal year 1999, the Company built further strategic and operational strength. The markets QIAGEN serves experienced significant developments and strong growth. QIAGEN revenues from products sold to researchers in industry and academia grew rapidly and contributed to the expansion in the Company's margins. QIAGEN expanded its technology and product portfolio and introduced 24 new products. In fiscal 1999, QIAGEN also accomplished important strategic milestones in its genomics, molecular diagnostics and gene therapy businesses.
QIAGEN is today one of the largest companies serving the biotechnology industry and employs over 1000 employees in manufacturing, research, sales, marketing and administration in 12 group companies world-wide. The German group company, which is mainly active in the areas of research and manufacturing, employs over 500 employees. Over half of the Company's consolidated net sales are recorded in the United States of America.
QIAGEN N.V., a Netherlands holding company with subsidiaries in Germany, the United States, Japan, the United Kingdom, Switzerland, France, Australia and Canada, believes it is the world's leading provider of innovative enabling technologies and products for the separation, purification and handling of nucleic acids. The Company has developed a comprehensive portfolio of more than 280 proprietary, consumable products for nucleic acid separation, purification and handling, nucleic acid amplification, as well as automated instrumentation and related services. QIAGEN's products are sold in more than 42 countries throughout the world to academic research markets and to leading pharmaceutical and biotechnology companies. In addition, the Company is positioning its products for sale into developing commercial markets, including DNA sequencing and genomics, nucleic acid-based molecular diagnostics, and genetic vaccination and gene therapy. QIAGEN employs approximately 1000 people worldwide. Further information on QIAGEN can be found at www.qiagen.com.
Certain of the statements contained in this news release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products and markets and operating results are forward-looking, such statements are based on current expectations that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations), variability of operating results, the commercial development of the DNA sequencing and genomics market, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, competition, rapid or unexpected changes in technologies, fluctuations in demand for QIAGEN's products (including seasonal fluctuations), difficulties in successfully adapting the Company's products to integrated solutions and producing such products, and the Company's ability to identify and develop new products and to differentiate its products from competitors. For further information, refer to the discussion in reports that the Company has filed with the U.S. Securities and Exchange Commission (SEC).
Contact: Peer M. Schatz, Chief Financial Officer, QIAGEN N.V., 0031 77 320 8400, eMail: email@example.com
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