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ots Ad hoc-Service: Qiagen N.V.
Qiagen reports strong growth in revenues and earnings in the third quarter 2000
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Venlo, Netherlands (ots Ad hoc-Service) -
Venlo, The Netherlands, October 30, 2000 - QIAGEN N.V. (Nasdaq: QGENF, Neuer Markt: QIA, Easdaq: QGEN) today announced the results of operations for its third quarter ended September 30, 2000.
The Managing Board of QIAGEN reports that QIAGEN experienced a very successful third quarter 2000. The Company observed strong unit growth in all geographic areas and product groups. Its position as a key supplier to the fast growing, existing markets for life science applications as well as to new markets applying such knowledge and techniques is demonstrated by the rapidly growing demand for QIAGEN's products and technologies. During the third quarter, the Company progressed well on its strategic path. Highlights include the introduction of a range of new products, such as high speed DNA plasmid purification systems and an exciting product range for the stabilization of RNA. QIAGEN believes that its stabilization technologies will have significant opportunities in nucleic acid handling and purification in molecular diagnostics.
The Company reported that consolidated net sales for its third quarter increased 29% to $50.5 million, from $39.1 million for the same period in 1999. Net income for the quarter ended September 30, 2000 increased 35% to $6.5 million from $4.8 million in the same quarter of 1999. Diluted earnings per share increased 34% to $0.05 (based on 144.4 million average shares and share equivalents outstanding) from $0.03 (based on 141.2 million average shares and share equivalents outstanding) in the comparable quarter of 1999. Operating profit increased 39% to $10.6 million from $7.6 million in the comparable quarter of 1999.
Adjusted for the effects of currency, net sales for QIAGEN's third quarter 2000 increased 36% to $53.4 million, from $39.1 million for the same period in 1999 and net income increased 50% to 7.1% from $4.8 million in the same quarter of 1999.
Revenues for the first nine months of 2000 increased 29% to $147.3 million from $114.2 million in the first nine months of 1999. Excluding the effect of one-time charges related to the acquisition of Operon Technologies Inc., net income for the first nine months of 2000 increased 46% to $19.0 million from $13.0 million in the comparable period of 1999, and diluted earnings per share for the first nine months of 2000 increased 45% to $0.13 (based on 142.6 million average shares and share equivalents outstanding) from $0.09 (based on 141.0 million average shares and share equivalents outstanding) in the first nine months of 1999.
On July 13, 2000, QIAGEN effected a four-for-one stock split which was approved by its shareholders on June 16, 2000. For the purpose of above comparisons, this stock split is reflected in the calculations of earnings per share and weighted average shares outstanding for both the three-month and the nine-month periods ended September 30, 2000 and 1999. An after-tax charge of approximately $350,000 related to this stock split were charged to administrative expenses in the financial results for the third quarter 2000.
QIAGEN is one of the largest suppliers to the life science industry with 14 subsidiaries covering the global markets and over 1200 employees in research, manufacturing, marketing and administration. The Company's operations in Germany employ over 550 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 handling, 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, synthetic nucleic acid products 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 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, genomics and synthetic nucleic acid related markets, 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 and Operon's products (including seasonal fluctuations), difficulties in successfully adapting QIAGEN's and Operon's s products to integrated solutions and producing such products, the ability of each of QIAGEN and Operon to identify and develop new products and to differentiate its products from competitors, and the integration of acquisitions of technologies and businesses. For further information, refer to the discussion in reports that QIAGEN has filed with the U.S. Securities and Exchange Commission (SEC).
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