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QIAGEN REPORTS STRONG GROWTH IN REVENUES AND EARNINGS IN THE SECOND QUARTER 2000
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Venlo, The Netherlands (ots Ad hoc-Service) - QIAGEN REPORTS STRONG GROWTH IN REVENUES AND EARNINGS IN THE SECOND QUARTER 2000
QIAGEN N.V. (Nasdaq: QGENF, Neuer Markt: QIA, 901626, Easdaq: QGEN) today announced financial results for its second quarter ended June 30, 2000.
Management of QIAGEN reports that the Company expanded its market and technology leadership in the second quarter 2000 and also introduced a range of new products. Management further reports that the growth of the Company accelerated in the second quarter. In addition, the acquisition of Operon Technologies further strengthened QIAGEN's position in the market segment for genomics and added a well positioned and market leading product portfolio to QIAGEN's products in this fast growing market segment.
The Company reported that consolidated net sales for its second quarter 2000 increased 30% to $49.8 million, from $38.3 million for the same period in 1999. Excluding the effect of one-time charges related to the acquisition of Operon Technologies Inc., operating income for the second quarter 2000 increased 61% to $10.6 million from $6.6 million in the comparable period in 1999 and net income for the quarter ended June 30, 2000 increased 61% to $6.8 million from $4.2 million in the same quarter of 1999. The Company reported diluted earnings per share of $0.01 for the three months ended June 30, 2000. Excluding the effect of charges related to the acquisition of Operon Technologies Inc., diluted earnings per share increased to $0.05 (based on 144.2 million average shares outstanding) from $0.03 (based on 141.1 million average shares outstanding) in the comparable quarter of 1999.
For the six-month period ended June 30, 2000, total reported net sales increased 29% to $96.8 million from $75.0 million in the comparable period of 1999. Excluding the effect of charges related to the acquisition of Operon Technologies Inc., operating income for the first six months of the year 2000 increased 48% to $18.6 million from $12.6 million in 1999 and net income increased 50% to $12.4 million from $8.3 million in 1999. The Company reported diluted earnings per share of $0.05 for the six months ended June 30, 2000. Excluding the effect of charges related to the Operon Technologies Inc. merger, diluted earnings per share for the 2000 period increased to $0.09 (based on 143.9 million average shares outstanding) from $0.06 (based on 141.0 million average shares outstanding) for 1999.
On July 13, 2000, QIAGEN effected a four-for-one stock split which was approved by the Company's shareholders on June 16. For the purpose of above comparisons, this stock split is reflected in the calculations of earnings per share and weighted average shares outstanding for the three- and six- month periods ended June 30, 2000 and 1999.
In June 2000, QIAGEN announced the closing of the acquisition of Operon Technologies, Inc. Under the terms of the agreement, QIAGEN issued approximately 2,392,000 shares (post split) of common stock and assumed options on Operon Technologies common stock exercisable for an additional 422,000 shares (post split) of QIAGEN common stock. The transaction is accounted for as a pooling of interests. Pursuant to the accounting principles of such transactions, periods prior to the acquisition are restated to reflect the financial results of Operon Technologies. In addition, as previously announced, QIAGEN recorded a charge related to the acquisition of approximately $5.4 million for the second quarter ended June 30, 2000. $3.85 million of this charge is settled not by QIAGEN but by the former shareholders of Operon Technologies. As required by applicable accounting rules, QIAGEN is reflecting this charge as a gross expense and without an offsetting tax benefit.
QIAGEN is one of the largest suppliers to the life science industry with 14 subsidiaries covering the global markets and over 1,200 employees in research, manufacturing, marketing and administration. The Company's operations in Germany employ over 500 people and is focused principally on research and manufacturing. Over half of the Company's consolidated revenues are recorded in the United States.
QIAGEN N.V., a Netherlands holding company with subsidiaries in Germany, the United States, Japan, the United Kingdom, Switzerland, France, Italy, 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 40 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 1,200 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).
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