MIRA INFORM REPORT
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Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BRUKER CORPORATION |
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Registered Office : |
40 Manning Park, Billerica, MA 01821 |
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Country : |
United States |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
2003 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Global Manufacturer of scientific instruments |
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No. of Employees
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5400 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Bruker Corporation
40 Manning Park
Billerica, MA 01821
United States
Tel: 978-663-3660
Fax: 978-667-5993
Web: www.bruker.com
synthesis
Employees: 5,400
Company Type: Public
Parent
Corporate Family: 91
Companies
Traded:
NASDAQ: BRKR
Incorporation Date: 2003
Auditor: Ernst & Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2010
Reporting Currency: US
Dollar
Annual Sales: 1,304.9
Net Income: 95.4
Total Assets: 1,549.8
Market Value: 2,245.6
(20-Jan-2012)
Business Description
Bruker Corporation is a global manufacturer of scientific instruments that address the rapidly evolving needs of a diverse array of customers in life science, pharmaceutical, biotechnology, clinical and molecular diagnostics research, as well as in materials and chemical analysis in various industries and government applications. The Company’s technology platforms include magnetic resonance technologies, mass spectrometry technologies, gas chromatography technologies, X-ray technologies, spark-optical emission spectroscopy, atomic force microscopy, stylus and optical metrology technology and infrared and Raman molecular spectroscopy technologies. It manufactures and distributes a range of field analytical systems for chemical, biological, radiological, nuclear and explosives (CBRNE), detection. The Company operates through two business segments: Scientific Instruments and Energy & Supercon Technologies. In October 2011, the Company acquired Center for Tribology, Inc. For the three months ended 31 March 2011, Bruker Corporation's revenues increased 29% to $357M. Net income decreased 30% to $11.3M. Revenues reflect higher income from scientific instruments and increased income from energy & supercon technologies divisions. Net income also reflects an increase in cost of revenue, higher selling & administrative expense, rise in research & development expense and rise in other charges.
Industry
Industry Scientific and Technical
Instruments
ANZSIC 2006: 2419 - Other
Professional and Scientific Equipment Manufacturing
NACE 2002: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
NAICS 2002: 334516 -
Analytical Laboratory Instrument Manufacturing
UK SIC 2003: 3320 - Manufacture of instruments and
appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
US SIC 1987: 3826 - Laboratory
Analytical Instruments
Key Executives
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Name |
Title |
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Frank H. Laukien |
Chairman of the Board, President, Chief Executive Officer |
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Collin J. D'Silva |
President - Chemical Analysis |
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William J. Knight |
interim Chief Operating Officer, Chief Financial Officer |
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Frank Thibodeau |
Vice President, Business Development |
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Richard M. Stein |
Secretary, Director |
Significant
Developments
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Topic |
#* |
Most Recent Headline |
Date |
|
Mergers & Acquisitions |
4 |
Bruker Corporation Completes Acquisition of Center for Tribology, Inc. |
13-Oct-2011 |
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Officer Changes |
2 |
Bruker CorporatioAppoints William J. Knight As Chief Financial Officer |
14-Sep-2011 |
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Strategic Combinations |
3 |
Bruker Corporation and Institute of Medical Microbiology at University
of Zurich Announce Collaboration for Mass Spectrometry-Based Microbial
Identification |
27-Jun-2011 |
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Business Deals |
7 |
Bruker Corporation Announces $1.3 Million Contract With ThyssenKrupp
Stainless USA For Elemental Analysis Equipment In New Steel Melt Shop |
16-Jan-2012 |
|
Products |
2 |
Bruker Corporation Launches D8 QUEST And D8 VENTURE X-ray
Crystallography Systems |
27-May-2011 |
* number of significant developments within the last 12 months
News
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Title |
Date |
|
Bruker Corporation at JPMorgan Global
Healthcare Conference - Final |
27-Jan-2012 |
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Bruker and SISCAPA Assay Technologies
Announce Joint Publication on SISCAPA-MALDI-TOF Mass Spectrometry for
Biomarker Validation and Clinical Research |
27-Jan-2012 |
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Research from Bruker Yields New Findings
on Cancer Therapy |
18-Jan-2012 |
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Research on Bacterial Infections Described
by Investigators at Bruker |
21-Dec-2011 |
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Research from Bruker Broadens
Understanding of Analytical Chemistry |
7-Dec-2011 |
Financial Summary
As of 30-Sep-2011
Key Ratios Company Industry
Current Ratio (MRQ) 1.27 2.15
Quick Ratio (MRQ) 0.62 1.49
Debt to Equity (MRQ) 0.52 0.39
Sales 5 Year Growth 28.51 12.74
Net Profit Margin (TTM) % 5.30 11.13
Return on Assets (TTM) % 5.73 8.07
Return on Equity (TTM) % 15.12 16.21
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ABI Number: 250878816
Corporate Overview
Location
40 Manning Park
Billerica, MA, 01821
Middlesex County
United States
Tel: 978-663-3660
Fax: 978-667-5993
Web: www.bruker.com
Quote Symbol - Exchange
BRKR - NASDAQ
Sales USD(mil): 1,304.9
Assets USD(mil): 1,549.8
Employees: 5,400
Fiscal Year End: 31-Dec-2010
Industry: Scientific
and Technical Instruments
Incorporation Date: 2003
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the Board,
President, Chief Executive Officer: Frank
H. Laukien
Company Web Links
· Company Contact/E-mail
· Corporate History/Profile
· Employment Opportunities
· Executives
· Financial Information
· Home Page
· Investor Relations
· News Releases
· Products/Services
Contents
· Industry Codes
· Business Description
· Product Codes
· Financial Data
· Market Data
· Key Corporate Relationships
· Additional Information
Industry Codes
ANZSIC 2006 Codes:
2419 - Other Professional and Scientific Equipment Manufacturing
2439 - Other Electrical Equipment Manufacturing
2429 - Other Electronic Equipment Manufacturing
NACE 2002 Codes:
3210 - Manufacture of electronic valves and tubes and other
electronic components
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
3162 - Manufacture of other electrical equipment not elsewhere
classified
NAICS 2002 Codes:
335999 - All Other Miscellaneous Electrical Equipment and Component
Manufacturing
334516 - Analytical Laboratory Instrument Manufacturing
334419 - Other Electronic Component Manufacturing
US SIC 1987:
3679 - Electronic Components, Not Elsewhere Classified
3699 - Electrical Machinery, Equipment, and Supplies, Not
Elsewhere Classified
3826 - Laboratory Analytical Instruments
UK SIC 2003:
3210 - Manufacture of electronic valves and tubes and other
electronic components
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
3162 - Manufacture of other electrical equipment not elsewhere
classified
Business
Description
Bruker Corporation
is a global manufacturer of scientific instruments that address the rapidly
evolving needs of a diverse array of customers in life science, pharmaceutical,
biotechnology, clinical and molecular diagnostics research, as well as in
materials and chemical analysis in various industries and government
applications. The Company’s technology platforms include magnetic resonance
technologies, mass spectrometry technologies, gas chromatography technologies,
X-ray technologies, spark-optical emission spectroscopy, atomic force
microscopy, stylus and optical metrology technology and infrared and Raman
molecular spectroscopy technologies. It manufactures and distributes a range of
field analytical systems for chemical, biological, radiological, nuclear and
explosives (CBRNE), detection. The Company operates through two business
segments: Scientific Instruments and Energy & Supercon Technologies. In
October 2011, the Company acquired Center for Tribology, Inc.
In May 2010, the
Company completed the acquisition of three former Varian, Inc. (Varian) product
lines. The Company acquired certain assets in Varian's coupled plasma mass
spectrometry instruments business, laboratory gas chromatography instruments
business, and gas chromatography triple-quadrupole mass spectrometry
instruments business (collectively, the chemical analysis business). In October
2010, the Company completed the acquisition of Veeco Metrology Inc., a scanning
probe microscopy and optical industrial metrology instruments business (the
nano surfaces business), from Veeco Instruments Inc. (Veeco). In March 2011,
the Company acquired Michrom Bioresources, Inc.
Scientific Instruments
The operations of
the Scientific Instruments segment include the design, manufacture and
distribution of advanced instrumentation and automated solutions based on
magnetic resonance technology, mass spectrometry technology, gas chromatography
technology, X-ray technology, spark-optical emission spectroscopy (spark-OES),
technology, atomic force microscopy, stylus and optical metrology technology
and infrared and Raman molecular spectroscopy technology. Typical customers of
the Scientific Instruments segment include: pharmaceutical, biotechnology, and
molecular diagnostic companies; academic institutions, medical schools and
other non-profit organizations, and clinical microbiology laboratories;
government departments and agencies; nanotechnology, semiconductor, chemical,
cement, metals and petroleum companies, and food, beverage and agricultural
analysis companies and laboratories.
Bruker BioSpin
manufactures and distributes enabling life science tools based on magnetic
resonance technology. Magnetic resonance is a natural phenomenon occurring when
a molecule placed in a magnetic field gives off a signature radio frequency.
Bruker Corporation markets and sells to its customers a magnetic resonance
imaging (MRI) system, known as pre-clinical MRI; a nuclear magnetic resonance
(NMR) system, or an electron paramagnetic resonance system (EPR). Bruker
BioSpin also offers high-field original equipment manufacturer (OEM) MRI
magnets to medical device manufacturers.
Bruker Daltonics
manufactures and distributes life-science mass spectrometry instruments that
can be integrated and used along with other sample preparation or
chromatography instruments, as well as its CBRNE detection products. Its mass
spectrometers are sophisticated devices that measure the mass or weight of a
molecule and can provide accurate information on the identity, quantity, and
primary structure of molecules. It offers mass spectrometry systems and
integrated solutions for applications in multiple existing and life-science
markets and chemical and applied markets, including expression proteomics,
clinical proteomics, metabolic and peptide biomarker profiling, drug discovery
and development, molecular diagnostics research, and molecular and systems
biology, as well as basic molecular medicine research and clinical microbiology
(for research use only outside the European Union).
The Company is
engaged in supplying various systems based on mass spectrometry, ion mobility
spectrometry, infrared spectroscopy, and radiological/nuclear detectors for
chemical, biological, radiological, nuclear and explosives (CBRNE) detection in
emergency response, homeland security, and defense applications. Customers of
its Bruker Daltonics operating segment include pharmaceutical, biotechnology,
and diagnostics companies, academic institutions, medical schools, nonprofit or
for-profit forensics, food and beverage safety, environmental and clinical
microbiology laboratories, and government departments and agencies.
Bruker MAT
includes the operations of Bruker AXS and the nano surfaces business. Within
the Bruker MAT operating segment, it manufactures and distributes Bruker AXS
advanced X-ray and spark-OES systems, as well as AFM and SOM instrumentation.
Bruker AXS X-ray systems are advanced instruments that use electromagnetic
radiation with extremely short wavelengths to determine the characteristics of
matter and the three-dimensional structure of molecules. Bruker AXS spark-OES
systems are used to identify the presence of metallic elements in samples. Its
AFM instruments provide atomic or near atomic resolution of surface topography
using nano scale probes or white light interferometry. Bruker Optics
manufactures and distributes research, analytical, and process analysis
instruments and solutions based on infrared and Raman molecular spectroscopy
technologies. These products are utilized in industry, government, and academia
for a range of applications and solutions for life science, pharmaceutical,
food and agricultural analysis, quality control, and process analysis
applications.
NMR is a
qualitative and quantitative analytical technique that is used to determine the
molecular structure and purity of a sample. Molecules are placed in a magnetic
field and give off a radio frequency (RF), signature that is recorded by a
sensitive detector. MRI is a process of creating an image from the manipulation
of hydrogen atoms in a magnetic field. Customers use its MRI systems in
pharmaceutical research, including metabonomics, to study a number of diseases
including degenerative joint diseases, oncology, and cardiovascular disorders.
EPR is a process of absorption of microwave radiation by paramagnetic ions or
molecules with at least one unpaired electron that spins in the presence of a
static magnetic field. Its EPR instruments are used for a range of applications
including advanced materials research, materials analysis, and quality control.
Bruker Daltonics
mass spectrometry instruments address a range of life sciences applications.
Mass spectrometry is the method of choice for protein primary structure
analysis, including the determination of amino acid sequence and
post-translational modifications and protein quantification. During the year
ended December 31, 2010, the Company expanded the Bruker Daltonics product
lines with a number of new systems and applications in its matrix-assisted
laser desorption ionization time-of-flight mass spectrometers and Fourier
transform mass spectrometers. Bruker Daltonics' solutions are based on
technology platforms, such as Matrix-assisted laser desorption ionization
time-of-flight (MALDI-TOF); Electrospray ionization time-of-flight (ESI-TOF);
Fourier transform mass spectrometry (FTMS); Ion trap mass spectrometry (ITMS);
Inductively coupled plasma mass spectrometry (ICP-MS); Laboratory gas
chromatography (Laboratory GC), and Gas chromatography-mass spectrometry (GC-MS).
Bruker
Corporation’s MALDI-TOF mass spectrometers are particularly useful for
applications in clinical diagnostics, environmental and taxonomical research,
and food processing and quality control. Specific applications include:
oligonucleotide and synthetic polymer analysis; protein identification and
quantification; peptide de novo sequencing; determination of post-translational
modifications of proteins; interaction proteomics and protein function
analysis; drug discovery and development, and fast body fluid and tissue
peptide or protein biomarker detection. Its MALDI Biotyper solution enables
identification, taxonomical classification, or dereplication of microorganisms
like bacteria, yeasts, and fungi.
ESI-TOF mass
spectrometers utilize an electrospray ionization process to analyze liquid
samples. ESI-TOF mass spectrometers are useful for: identification, protein
analysis and functional complex analysis in proteomics and protein function;
molecular identification in metabonomics, natural product and drug metabolite
analysis; combinatorial chemistry high throughput screening, and fast liquid
chromatography mass spectrometry, or liquid chromatography mass spectrometry
(LC/MS), in drug discovery and development. FTMS systems are particularly
useful for the study of structure and function of biomolecules including
proteins, deoxyribonucleic acid (DNA) and natural products; complex mixture
analysis including body fluids or combinatorial libraries; high-throughput
proteomics and metabonomics, and top-down proteomics of intact proteins without
the need for enzymatic digestion of the proteins prior to analysis.
Ion trap mass
spectrometers are useful for sequencing and identification based on peptide
structural analysis; quantitative liquid chromatography-mass spectrometry;
identification of combinatorial libraries, and generally enhancing the speed
and efficiency of the drug discovery and development process. ICP-MS systems
are used for both routine analysis and research in a variety of areas including
environmental, geochemical and food and agriculture fields. Its Laboratory GC
systems can be utilized in a variety of configurations and are designed to
enhance system efficiency and performance and to provide analysts with a degree
of flexibility in choosing their platform or customizing their system to meet
their particular application need. Its Laboratory GC systems are particularly
useful for applications in food and product safety, forensics and
environmental, petroleum, fuel and hydrocarbon analysis.
Bruker
Corporation’s GC-MS systems are available in single and triple quadrupole
configurations and can be configured with a variety of options to suit a range
of applications. Its GC-MS systems have applications in food and product
safety, forensics, clinical and toxicology testing and environmental,
pharmaceutical and chemical analysis. It sells a range of portable analytical
and bioanalytical detection systems and related products for CBRNE detection.
Its customers use these devices for nuclear, biological agent and chemical
agent defense applications, anti-terrorism, law enforcement, and process and
facilities monitoring. It also provides integrated, comprehensive detection
suites that include its multiple detection systems, consumables, training, and
simulators.
Bruker MAT X-ray
systems are based on the technology platforms, which include Polycrystalline
X-ray diffraction, often referred to as X-ray diffraction (XRD); X-ray
fluorescence, also called X-ray spectrometry, including handheld XRF systems
(XRF); Single crystal X-ray diffraction, often referred to as X-ray
crystallography (SC-XRD); X-ray microanalysis (MA); Optical emission
spectroscopy for carbon, sulfur, oxygen, nitrogen, and hydrogen (CS/ONH) metals
analysis (Elemental Analysis); Atomic force microscopy (AFM), and Stylus and
optical metrology (SOM). Its XRD systems contribute to a reduction in the
development cycles for new products in the catalyst, polymer, electronic,
optical material, and semiconductor industries. Customers also use its XRD systems
for analyses in a variety of other fields, including forensics, art, and
archaeology.
The Company’s
XRF products provide automated solutions on a turn-key basis for industrial
users that require automated, controlled production processes. Its XRF products
cover all of the periodic table and can analyze solid, powder, or liquid
samples. Its SC-XRD systems are designed for use in the life sciences industry,
academic research, and a variety of other applications. Its MA systems are used
for a range of applications including nanotechnology and advanced materials
research, as well as materials analysis and quality control. Customers for MA
systems include industrial customers, academia, and government research
facilities. Elemental Analysis systems, including spark-OES and CS/ONH
instruments, are used for analyzing metals.
The Company’s
AFM systems are used for applications in materials and biological research and
semiconductor, data storage hard drive, light emitting diode (LED), battery,
solar cells, polymers and pharmaceutical product development and manufacturing.
SOM profilers support a range of applications in research, product development,
tribology, quality control and failure analysis related to materials and
machining in the automotive, orthopedic, ophthalmic, high brightness LED,
semiconductor, data storage, optics and other markets.
Bruker Optics
systems are based on the technology platforms, which include Fourier
transform-infrared spectroscopy (FT-IR), Near-infrared spectroscopy (NIR) and
Raman spectroscopy (Raman). FT-IR is a spectroscopic method that utilizes the
mid- and far-infrared regions of the electromagnetic spectrum. FT-IR is
commonly used for various quality control and materials research applications.
NIR is a spectroscopic method that utilizes the near-infrared region of the
electromagnetic spectrum. This technique is used for quality and process
control applications in the pharmaceutical, food and agriculture, and chemical
industries. Raman spectroscopy is the measurement of the wavelength and
intensity of inelastically scattered light. The technique also has applications
in life sciences, forensics, and artwork authentication.
The Company
competes with Agilent, JEOL, Oxford Instruments, Danaher, Agilent,
GE-Healthcare, Waters, Thermo Fisher Scientific, Shimadzu/Kratos, Hitachi,
Smiths Detection, Rigaku, Oxford Instruments, Ametek, Olympus, PerkinElmer,
Agilent, Foss, ABB Bomem, Renishaw, Buchi, Shimadzu, and Jasco.
Energy & Supercon Technologies Segment
The Energy &
Supercon Technologies Segment include the design, manufacture and marketing of
superconducting materials, primarily metallic low temperature superconductors
for use in magnetic resonance imaging, nuclear magnetic resonance and fusion
energy research, and ceramic high temperature superconductors for use in fusion
energy research and other applications. Typical customers of the Energy &
Supercon Technologies segment include companies in the medical industry,
private and public research and development laboratories in the fields of
fundamental and applied sciences and energy research and academic institutions
and government agencies. The Energy & Supercon Technologies segment is also
developing superconductors and superconducting-enabled devices for applications
in power and energy, as well as industrial processing industries.
Bruker Energy
& Supercon Technologies (BEST) products include superconducting materials
as well as superconductivity-enabled tools and devices for markets in
healthcare and big science research. It also provides non-superconducting
materials and conventional devices, which largely share its core platforms of
technologies and processes, and which give it access to additional markets. Low
temperature superconducting products are used in diagnostic and research tools
for the healthcare and life science industries, including clinical MRI and
ultra-high field NMR spectroscopy. Low temperature superconducting materials
are also used in products developed or in development for a range of renewable
energy and big science research applications, including energy storage, high
energy physics and fusion research. High temperature superconducting (HTS),
materials are used in a range of pre-commercial HTS applications, including
motors, generators, superconducting fault current limiters, transformers,
cables and current leads.
The Company
competes with Oxford Instruments, Luvata, Sumitomo, Innost, Babcock Noell, ASG
Superconductors, FMB Oxford, Xradia, Zanon, Mitsubishi Electric, AES, Thales,
Toshiba, CPI International, and Mitsubishi Heavy Industries.
More Business
Descriptions
Bruker Corporation
is a global manufacturer of scientific instruments that address the rapidly
evolving needs of a diverse array of customers in life science, pharmaceutical,
biotechnology, clinical and molecular diagnostics research, as well as in materials
and chemical analysis in various industries and government applications. The
Company’s technology platforms include magnetic resonance technologies, mass
spectrometry technologies, gas chromatography technologies, X-ray technologies,
spark-optical emission spectroscopy, atomic force microscopy, stylus and
optical metrology technology and infrared and Raman molecular spectroscopy
technologies. It manufactures and distributes a range of field analytical
systems for chemical, biological, radiological, nuclear and explosives (CBRNE),
detection. The Company operates through two business segments: Scientific
Instruments and Energy & Supercon Technologies. In October 2011, the
Company acquired Center for Tribology, Inc. For the three months ended 31 March
2011, Bruker Corporation's revenues increased 29% to $357M. Net income decreased
30% to $11.3M. Revenues reflect higher income from scientific instruments and
increased income from energy & supercon technologies divisions. Net income
also reflects an increase in cost of revenue, higher selling &
administrative expense, rise in research & development expense and rise in
other charges.
Bruker Corporation
is engaged in the designing, manufacturing and marketing of life science and
materials research systems and related products worldwide. It was formerly
known as as Bruker BioSciences Corporation. The major technology platforms of
the company comprise magnetic resonance technologies, X-ray technologies, mass
spectrometry technologies, optical emission spectroscopy and infrared and Raman
molecular spectroscopy technologies. Bruker Corporation operates technical and
manufacturing centers in Europe, North America and Japan as well as sales
offices across the world.Bruker is organized into five operating divisions:
Bruker AXS, Bruker BioSpin, Bruker Daltonics, Bruker Optics, and Bruker Energy &
Supercon Technologies. It has two reportable operating segments, Scientific
Instruments segment and Energy & Supercon Technologies segment. Scientific
Instruments segments consists of Bruker BioSpin, Bruker Optics, Bruker AXS and
Bruker Daltonics divisions. Scientific Instruments Segment: this segment is
engaged in the design, manufacture, and distribution of advanced
instrumentation and automated solutions based on X-ray technology, atomic force
microscopy, spark-OES technology, magnetic resonance technology, mass
spectrometry technology and infrared and Raman molecular spectroscopy
technology. ruker AXS is engaged in the design, manufacture and distribution of
advanced X-ray, spark optical emission spectroscopy, instrumentation used in
molecular, materials, atomic force microscopy and elemental analysis. Bruker
BioSpin is specialized in the manufacture and distribution of life science
tools based on magnetic resonance technology. Bruker Daltonics is into
designing, manufacturing, and distributing life-science mass spectrometry
instruments and offering solutions for proteomics, metabolomics, and clinical
research applications. Additionally, it designs, manufactures, and distributes
various analytical instruments for CBRNE detection. Bruker Optics is in the business
of designing, manufacturing, and distributing research, analytical, and process
analysis instruments and solutions based on infrared and Raman molecular
spectroscopy technologies. Bruker Energy & Supercon Technologies is in
engaged in developing and producing low temperature superconducting wire used
primarily in magnetic resonance technologies, high-energy physics and nuclear
fusion research magnet applications, and high temperature superconductors for
use in energy and other applications. During 2009, three new products are added
into Bruker AXS product line which include, benchtop X-ray diffraction (XRD)
system, a simultaneous wavelength-dispersive X-ray fluorescence spectrometer,
and a ‘plug-and-play’ high-performance XRD system. For the fiscal year
ended December 2010, this segment has recorded a sales revenue of $1225.1m,
accounting about 93% of total revenues.Energy & Supercon Technologies
Segment: Bruker Energy & Supercon Technologies is engaged in developing,
manufacturing and selling superconducting and normal conducting materials and
devices for a variety of commercial and scientific applications. Its key
products include, X-ray and laboratory systems, specialty magnets, synchrotron
beamline instruments, insertion devices, turnkey linear and compact circular
accelerators, normal and superconducting accelerator radio frequency, cavities,
rf power couplers, beam diagnostic instrumentation, electron and ion sources,
and particle beamlines, and other specialized products for use in manufacturing
and research. In addition, BEST manufactures and sells conventional
low-temperature superconducting, high-temperature superconductor and
HTS-enabled devices, wire and both first-generation bismuth strontium calcium
copper oxide and second-generation yttrium barium copper oxide. BEST is also
developing superconductor-enabled devices and superconducting materials for
applications both in existing markets and in emerging markets for alternative
energy and smart grid infrastructure development applications and clean
technology, tools for industrial processes. Its key customers include
manufacturers of healthcare and life sciences diagnostic and research tools,
power and energy companies, industrial manufacturers, private and public
research facilities and development laboratories in the fields of applied
sciences, energy research, biotechnology and proteomics, and academic
institutions and government agencies. For the fiscal year ended December 2010,
this segment has recorded a sales revenue of $90.5m, accounting about 7% of
total sales.For the fiscal year ended December 2010, the company reported the
research and development expenses of $141.4m compared to $126.4m for the
previous fiscal year.The company's key subsidiaries include the following,
Bruker Advanced Supercon Inc, Bruker BioSpin Corporation, Bruker Daltonics Inc,
Bruker Optics, Bruker Austria GmbH, Bruker do Brasil Ltda., Bruker Nano GmbH,
Bruker AXS Microanalysis GmbH, Spectral Solutions AB, Bruker AXS, Inc., Bruker
Daltonics Inc, Bruker Daltonik GmbH, Bruker Baltic Ltd and Bruker HTS GmbH.On
September 12, 2011, the company entered into an agreement to acquire Center for
Tribology, Inc. (CETR), a provider of testing and consulting services to
high-tech companies. In March 2011, ChromaDex Corp and Bruker Optics Inc., the
subsidiary of the company entered a co-development and co-marketing agreement
for promoting a new approach to dietary supplement testing. In February 2011,
the company signed an agreement to acquire Michrom Bioresources, Inc. In the same
month the company introduced NPFLEX-LA, an Optical Metrology Solution. In
January 2011, the company entered a business deal with Health Enhancement
Products, Inc. for providing Analytical Services. In December 2010, the company
acquired Sigma ElectroOptics GmbH to expand its infrared remote detection gas
analysis business.
Bruker Corporation
(Bruker) is one of the leading suppliers of life science and materials research
systems across the world. It is engaged in designing and manufacturing of life
science and materials research systems and related products. The company’s
core technology platforms include X-ray technologies, mass spectrometry
technologies, optical emission spectroscopy, magnetic resonance technologies
and infrared and Raman molecular spectroscopy technologies. Bruker Corporation
serves pharmaceutical, proteomics and molecular diagnostic, biotechnology,
semiconductor, cement, chemical, metals and petroleum, food, beverage, and
agricultural companies, as well as government agencies, academic institutions
and raw material manufacturers. In addition, the company produces and
distributes a wide range of field analytical systems for chemical, radiological
and nuclear, biological, or CBRN, detection. It develops and manufactures low
temperature and high temperature super conducting wire and super conducting
devices for use in advanced magnet technology, physics research, and energy
applications. The company is headquartered at Massachusetts, the US.The company
reported revenues of (U.S. Dollars) USD 1,304.90 million during the fiscal year
ended December 2010, an increase of 17.08% over 2009. The operating profit of
the company was USD 155.70 million during the fiscal year 2010, an increase of
13.90% over 2009. The net profit of the company was USD 95.40 million during
the fiscal year 2010, an increase of 17.49% over 2009.
Establishments
primarily engaged in manufacturing laboratory instruments and instrumentation
systems for chemical or physical analysis of the composition or concentration
of samples of solid, fluid, gaseous, or composite material.
Bruker
Corporation, through its subsidiaries and affiliates, develops life science,
materials research and industrial X-ray analysis tools based on mass
spectrometry. The company primarily serves pharmaceutical, diagnostics and
biotech customers, as well as academic institutions, medical schools and
government entities. Its products are used in numerous applications, including
x-ray crystallography for structural proteomics and automated systems for combinatorial
materials sciences. Bruker has headquarters in Billerica, Mass., and trades on
the NASDAQ.
Parent/holding
company with high-tech units involved in mass spectrometers, sample preparation
systems, nuclear magnetic resonance spectrometers, x-ray imaging systems, x-ray
crystal analyzers, and x-ray spectrometers.
Product Codes
Product Code Product Description
ZZZ-HC Parent/Holding company
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The Strategic Initiatives report is created using technology to extract
meaningful insights from analyst reports about a company's strategic projects
and investments. More about Strategic Initiatives
Strategic
Initiatives
Key Organizational
Changes
Our emphasis on product innovation, close customer collaborations, organic growth, disciplined acquisitions and operational excellence enabled us to deliver for the full year 2010: Bruker currency-adjusted revenue growth of 18% to $1.3 billion (exceeding our 2010 goal of growth >5%) Bruker operating cash flow of $156.1 million, and free cash flow of $124.2 million, which is defined as cash flow from operations less capital expenditures Bruker Scientific Instruments (BSI) segment adjusted operating margin of 14.8%, an increase of 190 basis points (bps) compared to 2009 BSI adjusted operating margin of 12.9% (exceeding our 2010 goal of BSI adjusted operating margin expansion by >125 bps) BSI adjusted EPS of $0.76, an increase of 49% over 2009 BSI adjusted EPS of $0.51 (exceeding our 2010 goal to grow BSI EPS by >15%) BSI Return on Invested Capital (RoIC) was 32.6% Bruker Energy & Supercon Technologies (BEST) segment currency-adjusted revenue growth of 59% (exceeding our 2010 goal of >25% BEST growth) BEST adjusted operating loss of $2.3 million (better than our goal of 2010 BEST operating loss of $7-8 million) BEST achieved approximately EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) break-even In 2010, Bruker also made two strategically important acquisitions: The acquisition of the three former Varian product lines Laboratory GC, GC-MS and ICP-MS, in May 2010, complements our existing life-science mass spectrometry products, and further strengthens Bruker’s position in many industrial and applied markets. The former Veeco AFM and SOM product lines fit perfectly into our high-performance scientific instruments strategy, and are complementary to our existing product portfolio for materials research and surface microscopy/metrology.
BEST adjusted operating loss of $2.3 million (better than our goal of 2010 BEST operating loss of $7-8 million) BEST achieved approximately EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) break-even In 2010, Bruker also made two strategically important acquisitions: The acquisition of the three former Varian product lines Laboratory GC, GC-MS and ICP-MS, in May 2010, complements our existing life-science mass spectrometry products, and further strengthens Bruker’s position in many industrial and applied markets. The former Veeco AFM and SOM product lines fit perfectly into our high-performance scientific instruments strategy, and are complementary to our existing product portfolio for materials research and surface microscopy/metrology. This acquisition expands the total addressable market segments for our materials and nanotechnology research and analysis systems to over $2 billion annually. Throughout the year 2010, we also continued to strengthen our market position by remaining true to our core competencies of delivering innovative, high performance and customer-focused life-science and analytical instruments.
We expect to grow by continuing to invest in R&D, developing new products, and through targeted acquisitions, that fill out our product portfolio and allow us to cover additional market segments. At Pittcon 2011, we introduced 13 new products, including several major new systems, more than double the number of new products introduced by any of our competitors. So far in 2011, we closed the acquisition of PROTECT US, which provides us with important radiation detection and identification systems for our Bruker Detection division, and we announced an agreement to acquire Michrom, a nano-UHPLC provider, to complement our proteomics LC/MS mass spectrometry products. Finally, our previous medium-term financial goals, which we adopted in early 2009, targeted a 15% BSI adjusted operating margin by 2012. As we now anticipate that BSI will exceed its 15% target one year earlier in 2011, we have established new medium-term financial targets for the full year 2014: Currency-adjusted revenue CAGR (Compound Annual Growth Rate) of greater than 10% in the years 2012 to 2014, to reach a Bruker total revenue target of greater than $2 billion in 2014, and Average annual BSI adjusted operating margin expansion by 75-100 bps in the years 2012-2014, with a BSI adjusted operating margin target of >18% in 2014.
Adjusted net
income for the nine months ended September 30, 2010 was $73.4 million, or $0.44
per diluted share, compared to adjusted net income of $38.3 million, or $0.23
per diluted share, for the nine months ended September 30, 2009. Bruker ended
the third quarter of 2010 with cash, cash equivalents and restricted cash of
$190.5 million, and net cash of $69.1 million. On October 7, 2010, Bruker
closed the acquisition of the Atomic Force Microscopy (AFM) and the Stylus
& Optical Metrology (SOM) businesses from Veeco Instruments Inc. for $229.4
million. Bruker paid $61.8 million from existing cash, and borrowed $167.6
million under its existing Senior Credit Facility at a variable interest rate,
which is presently less than 1% per annum. Bruker scientific instruments (bsi)
segment: In the third quarter of 2010, BSI revenue was $290.5 million, an
increase of 15% compared to $251.6 for the third quarter of 2009.
Credit Report as of 11/01/2011
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Location |
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40 Manning Rd |
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County: |
Middlesex |
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MSA: |
Boston, MA |
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Phone: |
978-663-3660 |
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Fax: |
978-667-5993 |
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ABI©: |
250878816 |
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Annual Sales: |
$1,304,900,000 (USD) |
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Employees: |
5,400 |
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Facility Size(ft2): |
40,000+ |
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Business Type: |
Public |
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Location Type: |
Headquarter |
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Ticker: |
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Exchange: |
NASDAQ |
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Primary Line of
Business: |
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SIC: |
3826-98 |
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NAICS: |
334516 - Analytical Laboratory Instrument Mfg |
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Secondary Lines
of Business: |
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NAICS: |
541613 - Marketing Consulting Svcs |
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541380 - Testing Laboratories |
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SICs: |
8734-02 - |
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8742-13 - |
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9999-66 - |
Corporate Family |
Corporate
Structure News: |
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Bruker
Corporation |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Bruker Corporation |
Parent |
Billerica, MA |
United States |
Scientific and Technical Instruments |
1,304.9 |
5,400 |
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Acquisition of
Center For Tribology Inc proposed/announced.See corporate structure news on Bruker Corporation for
details |
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Bruker Daltonics Inc. |
Subsidiary |
Billerica, MA |
United States |
Medical Equipment and Supplies |
188.6 |
700 |
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Bruker Daltonik GmbH |
Subsidiary |
Bremen, Bremen |
Germany |
Scientific and Technical Instruments |
101.0 |
500 |
|
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Bruker Daltonik GmbH |
Branch |
Leipzig |
Germany |
Medical Equipment and Supplies |
1.0 |
200 |
|
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Bruker Saxonia Mechanik GmbH |
Subsidiary |
Leipzig, Sachsen |
Germany |
Scientific and Technical Instruments |
|
41 |
|
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Bruker Daltonics Ltd. |
Subsidiary |
Coventry |
United Kingdom |
Scientific and Technical Instruments |
7.1 |
11 |
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Bruker Española Sa |
Subsidiary |
Rivas-Vaciamadrid, Madrid |
Spain |
Miscellaneous Capital Goods |
3.9 |
11 |
|
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Bruker Daltonics GmbH |
Subsidiary |
Fällanden |
Switzerland |
Medical Equipment and Supplies |
|
500 |
|
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Bruker Daltonics Inc. |
Branch |
Hsi Chih |
Taiwan |
Scientific and Technical Instruments |
1.0 |
100 |
|
|
Bruker Biosciences Española Sa |
Subsidiary |
Rivas-Vaciamadrid, Madrid |
Spain |
Medical Equipment and Supplies |
11.2 |
26 |
|
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Bruker Daltonics K. K. |
Subsidiary |
Yokohama |
Japan |
Medical Equipment and Supplies |
1.0 |
20 |
|
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Bruker Daltonics Scandinavia AB |
Subsidiary |
Solna, Stockholm |
Sweden |
Medical Equipment and Supplies |
41.2 |
12 |
|
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Bruker Daltonics B.V. |
Subsidiary |
Wormer |
Netherlands |
Medical Equipment and Supplies |
|
12 |
|
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Bruker Daltonique Sa |
Subsidiary |
Wissembourg |
France |
Scientific and Technical Instruments |
11.4 |
11 |
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Bruker Daltonics Pte. Limited |
Subsidiary |
Singapore |
Singapore |
Biotechnology and Drugs |
1.0 |
10 |
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Bruker Daltonics SA (Pty) Limited |
Branch |
Johannesburg |
South Africa |
Medical Equipment and Supplies |
|
10 |
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Bruker Daltonics SRL |
Subsidiary |
Macerata, Macerata |
Italy |
Miscellaneous Capital Goods |
3.6 |
5 |
|
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Bruker Daltonics |
Subsidiary |
Bruxelles |
Belgium |
Medical Equipment and Supplies |
0.0 |
5 |
|
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Bruker Daltonics s.r.o. |
Subsidiary |
Brno |
Czech Republic |
Medical Equipment and Supplies |
|
|
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Bruker Biosciences Korea Co, Ltd. |
Subsidiary |
Seoul |
Korea, Republic of |
Medical Equipment and Supplies |
|
|
|
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Bruker Axs, Inc. |
Subsidiary |
Madison, WI |
United States |
Electronic Instruments and Controls |
244.0 |
650 |
|
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Bruker AXS GmbH |
Subsidiary |
Karlsruhe |
Germany |
Medical Equipment and Supplies |
98.4 |
350 |
|
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Bruker Elemental GmbH |
Subsidiary |
Kalkar, Nordrhein-Westfalen |
Germany |
Scientific and Technical Instruments |
|
80 |
|
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Bruker Nano GmbH |
Subsidiary |
Berlin, Berlin |
Germany |
Scientific and Technical Instruments |
8.9 |
110 |
|
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Bruker Baltic |
Subsidiary |
Riga |
Latvia |
Medical Equipment and Supplies |
|
60 |
|
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Bruker Quantron GmbH |
Subsidiary |
Kalkar |
Germany |
Medical Equipment and Supplies |
10.4 |
48 |
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Bruker Axs |
Subsidiary |
Champs Sur Marne |
France |
Scientific and Technical Instruments |
13.7 |
34 |
|
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Bruker AXS Nordic AB |
Subsidiary |
Solna, Stockholm |
Sweden |
Medical Equipment and Supplies |
32.3 |
12 |
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Spectral Solutions AB |
Subsidiary |
Solna, Stockholm |
Sweden |
Medical Equipment and Supplies |
23.7 |
|
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Bruker AXS S.r.l. |
Subsidiary |
Milan |
Italy |
Medical Equipment and Supplies |
|
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Bruker Austria GmbH |
Subsidiary |
Wien |
Austria |
Medical Equipment and Supplies |
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InCoaTec GmbH |
Subsidiary |
Geesthacht |
Germany |
Chemical Manufacturing |
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Bruker AXS Analytical Instruments |
Subsidiary |
New Delhi |
India |
Medical Equipment and Supplies |
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Bruker AXS Pte. Ltd. |
Subsidiary |
Singapore |
Singapore |
Medical Equipment and Supplies |
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Bruker Mexicana, S.A. de C.V. |
Subsidiary |
México City |
Mexico |
Medical Equipment and Supplies |
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Bruker Polska Sp. z o.o. |
Subsidiary |
Poznan |
Poland |
Medical Equipment and Supplies |
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Bruker Nano GmbH |
Subsidiary |
Herzogenrath |
Germany |
Medical Equipment and Supplies |
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Bruker do Brasil Ltda. |
Subsidiary |
São Paulo |
Brazil |
Medical Equipment and Supplies |
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Bruker South Africa (Pty) Ltd. |
Subsidiary |
Johannesburg |
South Africa |
Medical Equipment and Supplies |
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Bruker Nano Inc |
Branch |
Goleta, CA |
United States |
Scientific and Technical Instruments |
53.4 |
200 |
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Bruker Axs B.V. |
Subsidiary |
Delft, Zuid-Holland |
Netherlands |
Miscellaneous Capital Goods |
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37 |
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Bruker AXS Hand Held Inc |
Branch |
Kennewick, WA |
United States |
Scientific and Technical Instruments |
22.2 |
34 |
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Bruker Nano Inc |
Branch |
Campbell, CA |
United States |
Electronic Instruments and Controls |
22.9 |
30 |
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Acquisition by Bruker Corporation proposed/announced.See corporate structure news on Bruker Corporation for details |
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Bruker AXS K.K. |
Subsidiary |
Kanagawa |
Japan |
Medical Equipment and Supplies |
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Bruker Energy & Supercon Tech Inc |
Subsidiary |
BILLERICA, MA |
United States |
Scientific and Technical Instruments |
60.1 |
305 |
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AIXUV GmbH |
Subsidiary |
Aachen |
Germany |
Scientific and Technical Instruments |
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Bruker Biospin Corporation |
Subsidiary |
Billerica, MA |
United States |
Medical Equipment and Supplies |
3.9 |
158 |
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Bruker Biospin Gmbh |
Subsidiary |
Rheinstetten |
Germany |
Scientific and Technical Instruments |
161.8 |
4,400 |
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Bruker BioSpin AG |
Subsidiary |
Fällanden, Zurich |
Switzerland |
Medical Equipment and Supplies |
|
750 |
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Bruker BioSpin Pty. Ltd. |
Subsidiary |
Alexandria, NSW |
Australia |
Miscellaneous Capital Goods |
1.0 |
5 |
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Bruker BioSpin MRI, Inc./ Bruker Biospin
Nmr Inc. |
Subsidiary |
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Bruker BioSpin AG |
Branch |
Bangkok |
Thailand |
Scientific and Technical Instruments |
1.0 |
8 |
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Bruker Biospin |
Subsidiary |
Wissembourg |
France |
Scientific and Technical Instruments |
85.6 |
374 |
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Bruker BioSpin MRI GmbH |
Subsidiary |
Ettlingen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
58.2 |
103 |
|
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European-Advanced Superconductors |
Subsidiary |
Hanau |
Germany |
Electronic Instruments and Controls |
1.0 |
|
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Bruker Italia SRL |
Subsidiary |
Milano, Milano |
Italy |
Miscellaneous Capital Goods |
13.5 |
39 |
|
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Bruker Nederland B.V. |
Subsidiary |
Wormer, Noord-Holland |
Netherlands |
Miscellaneous Capital Goods |
|
19 |
|
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Bruker Belgium |
Subsidiary |
Bruxelles |
Belgium |
Medical Equipment and Supplies |
0.0 |
13 |
|
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Bruker BioSpin Scandinavia AB |
Subsidiary |
Solna, Stockholm |
Sweden |
Medical Equipment and Supplies |
72.5 |
9 |
|
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Bruker Scientific Israel Ltd. |
Subsidiary |
Rehovot |
Israel |
Medical Equipment and Supplies |
|
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Bruker BioSpin K.K. |
Subsidiary |
Ibaraki |
Japan |
Medical Equipment and Supplies |
|
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Bruker EAS GmbH |
Subsidiary |
Hanau, Hessen |
Germany |
Miscellaneous Fabricated Products |
25.5 |
152 |
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Bruker Optics Inc |
Subsidiary |
Billerica, MA |
United States |
Medical Equipment and Supplies |
32.2 |
100 |
|
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Bruker Optik GmbH |
Subsidiary |
Ettlingen, Baden-Württemberg |
Germany |
Scientific and Technical Instruments |
71.3 |
250 |
|
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Bruker Optics Scandinavia AB |
Subsidiary |
Solna |
Sweden |
Medical Equipment and Supplies |
|
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Bruker Optics S.r.l. |
Subsidiary |
Milano |
Italy |
Medical Equipment and Supplies |
|
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Interspectrum OU |
Subsidiary |
Tartumaa |
Estonia |
Scientific and Technical Instruments |
|
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Bruker Optik Asia Pacific Ltd. |
Subsidiary |
Hong Kong |
Hong Kong |
Medical Equipment and Supplies |
|
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Bruker Optics Taiwan Limited |
Subsidiary |
San Chung |
Taiwan |
Medical Equipment and Supplies |
|
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Bruker Optik Southeast Asia Pte Ltd. |
Subsidiary |
Singapore |
Singapore |
Medical Equipment and Supplies |
|
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Bruker Optics Ukraine, Ltd. |
Subsidiary |
Kiev |
Ukraine |
Medical Equipment and Supplies |
|
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Bruker Optics B.V. |
Subsidiary |
Delft |
Netherlands |
Medical Equipment and Supplies |
|
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Bruker Optics |
Subsidiary |
Champs Sur Marne |
France |
Scientific and Technical Instruments |
5.5 |
14 |
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Bruker Optics GmbH |
Subsidiary |
Fällanden |
Switzerland |
Medical Equipment and Supplies |
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Bruker Optics K.K. |
Subsidiary |
Tokyo |
Japan |
Medical Equipment and Supplies |
|
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Bruker Optics Korea Ltd. |
Subsidiary |
Seoul |
Korea, Republic of |
Medical Equipment and Supplies |
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Bruker-Michrom Inc |
Subsidiary |
Auburn, CA |
United States |
Scientific and Technical Instruments |
4.0 |
15 |
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Acquisition by Bruker Corporation proposed/announced.See corporate structure news on Bruker Corporation for details |
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Bruker BioSpin Pte Ltd |
Subsidiary |
Singapore |
Singapore |
Medical Equipment and Supplies |
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6 |
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Bruker BioSciences Pty Ltd. |
Subsidiary |
Preston, VIC |
Australia |
Medical Equipment and Supplies |
|
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Bruker HTS GmbH |
Subsidiary |
Hanau |
Germany |
Medical Equipment and Supplies |
|
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Bruker India Scientific Pvt. Ltd. |
Subsidiary |
Bangalore |
India |
Medical Equipment and Supplies |
|
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Bruker (Malaysia) Sdn. Bhd. |
Subsidiary |
Petaling Jaya |
Malaysia |
Medical Equipment and Supplies |
|
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Bruker, LLC |
Subsidiary |
Moscow |
Russian Federation |
Medical Equipment and Supplies |
|
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Competitors
Report |
|
Company Name |
Location |
Employees |
Ownership |
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Agilent Technologies Inc. |
Santa Clara, California, United States |
18,700 |
Public |
|
AMETEK, Inc. |
Berwyn, Pennsylvania, United States |
11,600 |
Public |
|
Biophan Technologies, Inc. |
Pittsford, New York, United States |
2 |
Public |
|
Danaher Corporation |
Washington, District of Columbia, United
States |
48,200 |
Public |
|
Emd Millipore |
Billerica, Massachusetts, United States |
10,000 |
Public |
|
General Electric Company |
Fairfield, Connecticut, United States |
300,000 |
Public |
|
Hitachi, Ltd. |
Chiyoda-ku, Japan |
372,360 |
Public |
|
Jasco Electronics Holdings Limited |
Woodmead, South Africa |
827 |
Public |
|
JEOL Ltd. |
Akishima-shi, Japan |
2,926 |
Public |
|
OLYMPUS CORPORATION |
TOKYO, Japan |
34,391 |
Public |
|
Oxford Instruments plc |
Oxfordshire, United Kingdom |
1,498 |
Public |
|
PerkinElmer, Inc. |
Waltham, Massachusetts, United States |
6,200 |
Public |
|
Renishaw plc |
Gloucestershire, United Kingdom |
2,675 |
Public |
|
Shimadzu Corporation |
Kyoto-shi, Japan |
9,819 |
Public |
|
Thermo Fisher Scientific Inc. |
Waltham, Massachusetts, United States |
37,000 |
Public |
|
Waters Corporation |
Milford, Massachusetts, United States |
5,400 |
Public |
|
Welch Allyn Inc. |
Skaneateles Falls, New York, United States |
2,500 |
Private |
Executive report
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Board of
Directors |
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Chairman of the Board, President, Chief Executive Officer |
Chairman |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Lead Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Secretary, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chairman of the Board, President, Chief
Executive Officer |
Chief Executive Officer |
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President - Chemical Analysis |
President |
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Vice President and General Manager - Bruker Tribology & Mechanical
Testing |
Division Head Executive |
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Executive Vice President of Bruker Detection |
Division Head Executive |
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interim Chief Operating Officer, Chief Financial Officer |
Operations Executive |
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Secretary, Director |
Company Secretary |
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Director-Investor Relations |
Investment Executive |
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Vice President-Sales |
Sales Executive |
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Information Technology, Marketing |
Marketing Executive |
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Marketing |
Marketing Executive |
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Marketing |
Marketing Executive |
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Information Technology, Marketing |
Marketing Executive |
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Director of Investor Relations and Public
Relations |
Public Relations Executive |
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Vice President, Business Development |
Business Development Executive |
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Vice President of Radiation Detection |
Other |
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President - Bruker Optics Division |
Other |
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Significant
Developments
Bruker Corporation
Announces $1.3 Million Contract With ThyssenKrupp Stainless USA For Elemental
Analysis Equipment In New Steel Melt Shop Jan 16, 2012
Bruker Corporation
announced an order from ThyssenKrupp Stainless USA in Calvert, Alabama to
supply nearly $1.3 million in elemental analysis systems and automation
equipment for ThyssenKrupp's new, stainless steel melt shop. The contract
includes an industrial analysis automation system with automatic milling, X-ray
Fluorescence (XRF) and spark optical emission spectrometry (OES) systems for
the analysis of stainless steel, as well as individual laboratory instruments,
such as combustion gas analyzers for oxygen, nitrogen, carbon & sulfur, and
XRF for slag determination.
Bruker Corporation
Raises FY 2011 Revenue Guidance Oct 27, 2011
Bruker Corporation
announced that it is raising its fiscal 2011 total revenue forecast to a range
of $1.62-$1.64 billion, corresponding to year-over-year revenue growth of
24%-26%. According to I/B/E/S Estimates, analysts were expecting the Company to
report $1.63 billion for fiscal 2011.
Bruker Corporation
Completes Acquisition of Center for Tribology, Inc. Oct 13, 2011
Bruker Corporation
announced the closing of its acquisition of Center for Tribology, Inc. (CETR)
for $13 million in cash as an initial purchase price, with potential additional
earn-out payments of up to $4 million in cash, depending on growth and
profitability of the CETR-business within Bruker in 2012 and 2013. CETR, a
privately held tribology and mechanical testing company headquartered in
Campbell, CA, with 30 employees, has now become a part of the Bruker Nano
Surfaces division, joining the current AFM (atomic force microscope) and SOM
(stylus and optical metrology) businesses. Dr. Norm Gitis, the founder and CEO
of CETR, has joined Bruker as Vice President and General Manager of the new
Bruker Tribology & Mechanical Testing (TMT) business.
Bruker CorporatioAppoints William J. Knight As Chief Financial Officer
Sep 14, 2011
Bruker Corporation
announced that William J. ('Bill') Knight will step back into the Chief
Financial Officer role permanently. Bill Knight will also continue to serve as
interim Chief Operating Officer while the Company searches for senior
operational executives for the areas of manufacturing engineering, production,
logistics and global supply chain management in support of Bruker's continued
Operational initiative.
Bruker Corporation
Announces Agreement To Acquire CETR Sep 12, 2011
Bruker Corporation
announced the signing of a purchase agreement to acquire Center for Tribology,
Inc. (CETR) for an undisclosed amount. CETR, a privately held corporation
located in Silicon Valley in Campbell, CA, is projected to have calendar year
2011 revenue greater than $10 million and EBITDA greater than $2 million. The
transaction is expected to close at the end of the third quarter of 2011,
subject to customary closing conditions. After the closing, Bruker intends to
continue to operate CETR in Silicon Valley and to integrate its business
management, operations, research and development Alcon Selects Bruker
Corporation's ContourGT 3D Microscope For Intra-Ocular Lens R&D Aug 30,
2011
Bruker Corporation
announced that Alcon Corporation has selected the Company's ContourGT-X8 Optical
Surface Profiler to provide non-destructive, non-contact reference metrology
for critical dimensioning and 3D characterization of Alcon's current and
intra-ocular lenses (IOLs). Alcon is in eye care, offering the widest spectrum
of eye care products across surgical, pharmaceutical and vision care.
Bruker Corporation
Announces Contract For JPEO-CBD IPDS-LR Program Aug 11, 2011
Bruker Corporation
announced the award of a contract for 40 systems from the Improved Point
Detection System - Lifecycle Replacement (IPDS-LR) program through the Joint
Program Executive Office for Chemical and Biological Defense (JPEO-CBD) for use
by the United States Navy. The overall effort is being managed by the Joint
Project Manager for Nuclear, Biological and Chemical Contamination Avoidance
(JPM NBC CA). The deliveries of systems under this contract are scheduled to
begin late 2011, and continue into 2012. With two other awards related to
system support, total value of contracts to Bruker under this program is
approximately $5.8 million in 2011. The IPDS-LR system is based on Bruker's
RAID-S2, a trace gas detector for the detection of chemical warfare agents
(CWAs) and toxic industrial chemicals (TICs). This system utilizes
high-performance ion mobility spectrometry (IMS) technology. The RAID-S2 is
designed for long-term monitoring of ambient air for the presence of hazardous
chemical vapors in the interior or exterior of ships, buildings or shelters.
Bruker Corporation Raises FY 2011 Revenue Guidance Aug 03, 2011
Bruker Corporation announced that with current foreign exchange rates and strong bookings and record backlog, the Company now expect to exceed the high end of fiscal 2011 revenue goal of $1.57 billion by $30-$50 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.6 billion for fiscal 2011.
Bruker Corporation and Institute of Medical Microbiology at University of Zurich Announce Collaboration for Mass Spectrometry-Based Microbial Identification Jun 27, 2011
Bruker Corporation announced a collaboration with the Institute of Medical Microbiology (IMM) at the University of Zurich. The IMM is using Bruker¦s MALDI Biotyper system as their next-generation, rapid microbial identification system. The Institute of Medical Microbiology is the Swiss national reference centre for mycobacteria and its strain collections of coryneform bacteria, actinomycetes and fastidious gram negative bacteria and moulds are acknowledged worldwide. The IMM is faced with the characterization and identification of challenging microorganisms on a daily base. Therefore, the IMM has developed their own algorithms and workflows for identification and antibiotics susceptibility testing (AST). Their AST approaches are mainly based on Kirby-Bauer testing methods, which are now applied in combination with MALDI-TOF based identification technology. The focus of the collaboration between the Institute of Medical Microbiology and Bruker is the field of coryneform bacteria, actinomycetes, fastidious gram negative bacteria and moulds. The identification of these microorganisms is one of the most challenging tasks of many microbiological laboratories. The MALDI Biotyper provides a substantial contribution to a more thorough characterization of this group of microorganisms. Furthermore, the IMM microbiologists designed a study to validate the analytical performance of the MALDI Biotyper against their own molecular-characterized strain collection.
Laboratory Viollier Extends Business Relationship with Bruker Corporation Concerning MALDI Biotyper System for Mass Spectrometry-Based Microbial Identification Jun 27, 2011
Bruker Corporation announced the extension of its agreement with the private diagnostic laboratory Viollier AG, one of the Swiss diagnostic laboratories, located in Basel. Viollier has used Bruker's MALDI Biotyper system for MALDI-TOF mass spectrometry-based microbial identification now for more than two years and is fully satisfied with the analytical performance of the MALDI Biotyper and with the Bruker¦s service and support infrastructure.
Bruker Corporation and Francisco Soria Melguizo S.A. Expand their Exclusive Agreement for Distribution of MALDI Biotyper to Cover Spain and Portugal Jun 27, 2011
Bruker Corporation announced the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. Francisco Soria Melguizo is one of the market leaders for clinical microbiology in Spain, providing products for microbial identification and antibiotics susceptibility testing.
Bruker Corporation Announces CFO Transition Jun 02, 2011
Bruker Corporation announced that Brian Monahan has stepped down from his position as Bruker's Chief Financial Officer (CFO) for personal reasons, in order to spend more time with his young family. William Knight, Bruker's current Chief Operating Officer and previous CFO, has agreed to serve as Interim CFO, while the Company searches for a new permanent CFO.
Bruker Corporation Launches D8 QUEST And D8 VENTURE X-ray Crystallography Systems May 27, 2011
Bruker Corporation announced it will launch a new series of high-performance X-ray crystallography systems, including the D8 QUEST and the D8 VENTURE. Both systems incorporate X-ray source and detector technology to deliver performance, ease of use, reliability and value. The D8 QUEST is a compact and economical, yet high-performance, single X-ray source configuration for typical applications in chemical crystallography, while the D8 VENTURE provides the platform for all dual wavelength combinations for chemical and biological crystallography. The D8 QUEST and D8 VENTURE systems both feature the newly-developed PHOTON 100 detector, the first CMOS-based detector for chemical crystallography. The PHOTON 100 represents a paradigm change in area X-ray detector technology with respect to sensitivity, speed, dynamic range, resolution and detector size.
Bruker Corporation Announces Order For EPR Instrumentation In UK May 24,
2011
Bruker Corporation announced an order for EPR (electron paramagnetic resonance) instrumentation, a $3 million purchase by the University of Manchester. Bruker will supply a range of performance-leading multi-frequency pulsed and CW EPR systems that will form the basis of the improved EPSRC UK National EPR Service, based at the University. The range of advanced systems, from S- to W-band EPR, will enable researchers throughout the UK to study a variety of paramagnetic research topics, from inorganic metal complexes, through polymer and materials science applications, to various biochemical and drug metabolic pathways. Funding has been granted by the EPSRC and service provision will be supported by the University.
Bruker Corporation Announces $10 Million In New Orders May 12, 2011
Bruker Corporation announced that new order bookings for multiple Bruker tools from a global semiconductor foundry, totaling over $10 million. The Company is providing a variety of high-performance semiconductor metrology systems, ranging from fully automated InSight 3D atomic force microscopes, D8 FABLINE and D8 DISCOVER X-ray diffraction systems to S2 PICOFOX portable bench-top TXRF spectrometers. This combination of industry metrology technology and front- to back-end fab flexibility brings many R&D and QC benefits to nanoelectronics manufacturers, as the industry pursues sub-32 nanometer capabilities.
Bruker Corporation Announces Two Major Orders For Novel High-Field 395 GHz Solid State DNP-NMR Systems In Canada Apr 12, 2011
Bruker Corporation announced the receipt of two separate orders for novel 395 GHz Solid State DNP-NMR systems that utilize Dynamic Nuclear Polarization (DNP) in order to significantly enhance the sensitivity of solid state NMR experiments. Based on Bruker's 263 GHz Solid State DNP-NMR systems, and in addition to the 527 GHz ultra-high field system in development at Bruker for the University of Utrecht, The Netherlands, this new 395 GHz DNP-NMR instrument augments the field strength choices for commercial, high-performance DNP-NMR equipment. The first 395 GHz system will be installed at Bruker's U.S. applications facility in Billerica, MA to be available for continued developments, applied research and customer demonstrations. DNP-enhanced solid state NMR has found great applications in research on biological solids, such as the important field of membrane proteins. Recently, solid state DNP-NMR has also been shown to be a tool in materials research, and even as a means to look at surfaces.
Bruker Corporation Announces Closing of Michrom Bioresources, Inc. Acquisition Apr 04, 2011
Bruker Corporation announced the closing of its acquisition of Michrom Bioresources, Inc. (Michrom), a 20 year old, privately owned company located in Auburn, California, after receiving unanimous Michrom shareholder approval. Terms of the transaction were not disclosed.
ChromaDex Corp And Bruker Corporation 's Bruker Optics Sign Agreement Mar 02, 2011
ChromaDex Corp and Bruker Optics Inc., a subsidiary of Bruker Corporation announced a co-development and co-marketing agreement that will promote a new approach to dietary supplement testing. The collaboration will capitalize on the extensive phytochemical and botanical reference standard capabilities of ChromaDex and will initially focus on the near infrared spectrometer (NIR) technology created by Bruker Optics. The parties anticipate extending the relationship to include other Bruker analytical technologies. Through this collaboration, a dietary supplement producer will have the opportunity to obtain the in-house capabilities of a contract laboratory without the associated start-up costs. This new approach is accomplished by existing staff utilizing a Bruker NIR unit located in the manufacturer's facility.
Bruker Corporation Announces Agreement To Acquire Michrom Bioresources, Inc. Feb 24, 2011
Bruker Corporation announced that it has signed an agreement to acquire Michrom Bioresources, Inc. (Michrom), a 20 year old, privately owned company based in Auburn, California. Michrom provides liquid chromatography (LC) instrumentation, accessories, and consumables for applications in the life science, chemical and applied markets. In particular, Michrom recently has launched the novel Advance nanoflow ultra-high performance liquid chromatography (UHPLC) system and proprietary CaptiveSpray Ionization (CSI) sources for coupling to mass spectrometry (MS) in proteomics and other life-science applications. Financial details of the transaction were not disclosed, and the closing is expected within weeks. Michrom's revenue was approximately $3 million in 2010. Bruker intends to retain all of Michrom's employees, and Michrom's founder and president, Mr. Kerry Nugent, is expected to join Bruker as 'Senior Vice President - Liquid Chromatography'.
Bruker Corporation Issues FY 2011 Guidance; Revenue Above Analysts' Estimates Feb 23, 2011
Bruker Corporation announced that for fiscal 2011, it expects currency-adjusted revenue growth of greater than 18%, to reach revenue of $1.55-$1.57 billion, adjusted earnings per share (EPS) of approximately $0.90-$0.93. According to Reuters Estimates, analysts are expecting the Company to report EPS of $0.90 on revenues of $1.52 billion for fiscal 2011.
Bruker Corporation Introduces Optical Metrology Solution For Characterizing Lead Angle Of Rotary Dynamic Sealing Surfaces Feb 15, 2011
Bruker Corporation announced the NPFLEX-LA, the first non-contact, three-dimensional surface metrology system to provide quantitative lead angle and surface texture measurements for the control and reduction of fluid leakage of rotary dynamic sealing surfaces. The NPFLEX-LA combines the intrinsic benefits of Bruker's gage-capable, interferometry-based 3D optical profiling technology with new patent-pending metrology capabilities to quantifiably measure both shaft lead angle and surface texture of sealing surfaces in a single, integrated solution.
News
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Bruker Daltonics |
01-Dec-2011 |
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SWITZERLAND : Bruker Daltonics GmbH did
bidding for supply of mass spectrometer |
10-Oct-2011 |
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CZECH REPUBLIC : Bruker Daltonics s.r.o is
the winner of mass spectrometer supply contract |
07-Oct-2011 |
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Medical Equipment and Devices:
Manufacturers & Suppliers - Bruker Daltonics India Private Ltd |
06-Oct-2011 |
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CZECH REPUBLIC : Bruker Daltonics s.r.o.
bags contract for supply of analysers |
27-Sep-2011 |
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Annual income statement
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,296.5 |
1,107.7 |
1,101.8 |
1,028.6 |
846.8 |
|
Revenue |
1,296.5 |
1,107.7 |
1,101.8 |
1,028.6 |
846.8 |
|
Other Revenue |
8.4 |
6.8 |
5.3 |
3.8 |
4.6 |
|
Other Revenue, Total |
8.4 |
6.8 |
5.3 |
3.8 |
4.6 |
|
Total Revenue |
1,304.9 |
1,114.5 |
1,107.1 |
1,032.4 |
851.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
698.9 |
595.9 |
602.1 |
556.8 |
450.9 |
|
Cost of Revenue, Total |
698.9 |
595.9 |
602.1 |
556.8 |
450.9 |
|
Gross Profit |
597.6 |
511.8 |
499.7 |
471.8 |
395.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
297.3 |
253.3 |
252.7 |
219.7 |
186.0 |
|
Total Selling/General/Administrative Expenses |
297.3 |
253.3 |
252.7 |
219.7 |
186.0 |
|
Research & Development |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Amortization of Intangibles |
5.8 |
1.8 |
1.8 |
- |
- |
|
Depreciation/Amortization |
5.8 |
1.8 |
1.8 |
- |
- |
|
Restructuring Charge |
0.2 |
0.2 |
2.3 |
0.0 |
0.0 |
|
Impairment-Assets Held for Use |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
5.6 |
1.5 |
6.2 |
7.4 |
5.6 |
|
Unusual Expense (Income) |
5.8 |
0.4 |
8.5 |
7.4 |
5.6 |
|
Total Operating Expense |
1,149.2 |
977.8 |
998.9 |
894.7 |
745.1 |
|
|
|
|
|
|
|
|
Operating Income |
155.7 |
136.7 |
108.2 |
137.7 |
106.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.6 |
-7.5 |
-11.7 |
-2.3 |
-3.0 |
|
Interest Expense, Net Non-Operating |
-5.6 |
-7.5 |
-11.7 |
-2.3 |
-3.0 |
|
Interest Income -
Non-Operating |
0.9 |
1.0 |
4.9 |
10.4 |
8.6 |
|
Investment Income -
Non-Operating |
-1.5 |
-1.9 |
-11.2 |
-3.9 |
-8.4 |
|
Interest/Investment Income - Non-Operating |
-0.6 |
-0.9 |
-6.3 |
6.5 |
0.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-6.2 |
-8.4 |
-18.0 |
4.2 |
-2.8 |
|
Other Non-Operating Income (Expense) |
0.6 |
0.8 |
3.0 |
1.6 |
7.5 |
|
Other, Net |
0.6 |
0.8 |
3.0 |
1.6 |
7.5 |
|
Income Before Tax |
150.1 |
129.1 |
93.2 |
143.5 |
111.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Income After Tax |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.4 |
0.2 |
-0.3 |
-0.3 |
0.0 |
|
Net Income Before Extraord Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
164.4 |
163.5 |
162.7 |
161.2 |
159.1 |
|
Basic EPS Excl Extraord Items |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Basic/Primary EPS Incl Extraord Items |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Diluted Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Diluted Weighted Average Shares |
165.7 |
164.9 |
165.6 |
164.3 |
160.1 |
|
Diluted EPS Excl Extraord Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
Diluted EPS Incl Extraord Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
5.6 |
7.5 |
11.7 |
2.3 |
3.0 |
|
Depreciation, Supplemental |
30.3 |
27.9 |
27.5 |
25.9 |
23.8 |
|
Total Special Items |
5.8 |
1.1 |
8.5 |
7.4 |
5.6 |
|
Normalized Income Before Tax |
155.9 |
130.2 |
101.7 |
150.9 |
116.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.1 |
0.4 |
2.6 |
2.3 |
1.8 |
|
Inc Tax Ex Impact of Sp Items |
55.4 |
48.5 |
30.6 |
46.6 |
38.4 |
|
Normalized Income After Tax |
100.5 |
81.7 |
71.1 |
104.3 |
78.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
99.1 |
81.9 |
70.8 |
104.0 |
78.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.60 |
0.50 |
0.44 |
0.65 |
0.49 |
|
Diluted Normalized EPS |
0.60 |
0.50 |
0.43 |
0.63 |
0.49 |
|
Amort of Intangibles, Supplemental |
5.8 |
1.8 |
1.8 |
2.0 |
2.2 |
|
Rental Expenses |
15.8 |
13.8 |
10.7 |
7.8 |
5.4 |
|
Advertising Expense, Supplemental |
9.1 |
6.9 |
6.2 |
6.2 |
5.1 |
|
Research & Development Exp, Supplemental |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Reported Gross Profit |
- |
518.6 |
- |
475.6 |
400.5 |
|
Reported Operating Profit |
- |
136.7 |
- |
137.7 |
106.3 |
|
Normalized EBIT |
161.5 |
137.8 |
116.7 |
145.1 |
111.9 |
|
Normalized EBITDA |
197.6 |
167.5 |
146.0 |
173.0 |
137.9 |
|
Current Tax - Domestic |
0.3 |
1.6 |
0.2 |
3.1 |
0.0 |
|
Current Tax - Foreign |
56.6 |
47.8 |
28.4 |
41.7 |
30.4 |
|
Current Tax - Local |
0.0 |
0.8 |
0.4 |
0.7 |
0.6 |
|
Current Tax - Total |
56.9 |
50.2 |
29.0 |
45.5 |
31.0 |
|
Deferred Tax - Domestic |
0.3 |
-0.4 |
0.6 |
-1.2 |
0.2 |
|
Deferred Tax - Foreign |
-3.9 |
-1.7 |
-1.9 |
0.5 |
5.3 |
|
Deferred Tax - Local |
0.0 |
0.0 |
0.3 |
-0.5 |
0.1 |
|
Deferred Tax - Total |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Income Tax - Total |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Interest Cost - Domestic |
4.4 |
5.3 |
4.0 |
3.0 |
2.5 |
|
Service Cost - Domestic |
3.9 |
4.2 |
3.4 |
3.5 |
3.1 |
|
Expected Return on Assets - Domestic |
-3.4 |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
|
Other Pension, Net - Domestic |
0.6 |
1.0 |
0.0 |
0.0 |
0.6 |
|
Domestic Pension Plan Expense |
5.5 |
7.0 |
3.4 |
3.7 |
3.6 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.7 |
2.6 |
2.5 |
2.4 |
|
Total Pension Expense |
8.0 |
9.7 |
6.0 |
6.2 |
6.0 |
|
Discount Rate - Domestic |
1.20% |
2.00% |
2.00% |
2.20% |
2.20% |
|
Expected Rate of Return - Domestic |
3.50% |
3.50% |
4.30% |
4.30% |
3.80% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.50% |
1.50% |
1.50% |
|
Total Plan Interest Cost |
4.4 |
5.3 |
4.0 |
3.0 |
2.5 |
|
Total Plan Service Cost |
3.9 |
4.2 |
3.4 |
3.5 |
3.1 |
|
Total Plan Expected Return |
-3.4 |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
|
Total Plan Other Expense |
0.6 |
1.0 |
0.0 |
0.0 |
0.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
230.4 |
207.1 |
166.2 |
332.4 |
52.1 |
|
Cash and Short Term Investments |
230.4 |
207.1 |
166.2 |
332.4 |
52.1 |
|
Accounts Receivable -
Trade, Gross |
238.0 |
189.5 |
177.3 |
191.3 |
82.0 |
|
Provision for Doubtful
Accounts |
-5.1 |
-5.4 |
-5.4 |
-6.1 |
-2.4 |
|
Trade Accounts Receivable - Net |
232.9 |
184.1 |
171.9 |
185.2 |
79.6 |
|
Other Receivables |
- |
- |
- |
- |
9.0 |
|
Total Receivables, Net |
232.9 |
184.1 |
171.9 |
185.2 |
88.6 |
|
Inventories - Finished Goods |
143.9 |
138.1 |
143.0 |
153.6 |
32.2 |
|
Inventories - Work In Progress |
174.8 |
134.6 |
129.6 |
138.0 |
42.3 |
|
Inventories - Raw Materials |
143.7 |
108.8 |
115.8 |
117.6 |
45.4 |
|
Inventories - Other |
48.6 |
41.3 |
36.7 |
37.2 |
14.7 |
|
Total Inventory |
511.0 |
422.8 |
425.1 |
446.4 |
134.5 |
|
Restricted Cash - Current |
2.9 |
2.0 |
1.5 |
12.2 |
0.0 |
|
Deferred Income Tax - Current Asset |
8.6 |
7.9 |
21.6 |
- |
- |
|
Other Current Assets |
65.3 |
49.9 |
34.4 |
57.5 |
19.5 |
|
Other Current Assets, Total |
76.8 |
59.8 |
57.5 |
69.7 |
19.5 |
|
Total Current Assets |
1,051.1 |
873.8 |
820.7 |
1,033.7 |
294.7 |
|
|
|
|
|
|
|
|
Buildings |
231.5 |
233.8 |
226.0 |
210.4 |
88.5 |
|
Land/Improvements |
28.3 |
29.1 |
28.3 |
27.2 |
10.4 |
|
Machinery/Equipment |
281.0 |
254.5 |
231.8 |
221.5 |
73.0 |
|
Property/Plant/Equipment - Gross |
540.8 |
517.4 |
486.1 |
459.1 |
171.9 |
|
Accumulated Depreciation |
-307.1 |
-294.0 |
-264.8 |
-251.5 |
-81.6 |
|
Property/Plant/Equipment - Net |
233.7 |
223.4 |
221.3 |
207.6 |
90.3 |
|
Goodwill, Net |
98.3 |
47.5 |
46.4 |
40.8 |
39.8 |
|
Intangibles - Gross |
153.9 |
16.8 |
16.1 |
14.8 |
8.0 |
|
Accumulated Intangible Amortization |
-17.8 |
-11.9 |
-10.1 |
-8.6 |
-2.4 |
|
Intangibles, Net |
136.1 |
4.9 |
6.0 |
6.2 |
5.6 |
|
Deferred Income Tax - Long Term Asset |
12.5 |
13.4 |
13.6 |
- |
- |
|
Restricted Cash - Long Term |
- |
- |
- |
- |
1.1 |
|
Other Long Term Assets |
18.1 |
9.3 |
8.3 |
22.4 |
1.6 |
|
Other Long Term Assets, Total |
30.6 |
22.7 |
21.9 |
22.4 |
2.7 |
|
Total Assets |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
64.0 |
49.8 |
43.3 |
52.3 |
29.0 |
|
Accrued Expenses |
134.7 |
117.7 |
117.4 |
161.2 |
- |
|
Notes Payable/Short Term Debt |
185.5 |
0.1 |
22.7 |
13.2 |
19.4 |
|
Current Portion - Long Term Debt/Capital Leases |
28.9 |
21.9 |
18.3 |
22.4 |
2.5 |
|
Customer Advances |
312.5 |
270.3 |
244.3 |
273.4 |
49.5 |
|
Income Taxes Payable |
61.5 |
39.2 |
38.6 |
29.4 |
- |
|
Deferred Income Tax - Current Liability |
9.2 |
13.3 |
10.6 |
9.2 |
- |
|
Other Current Liabilities |
35.2 |
28.2 |
24.5 |
- |
94.8 |
|
Other Current liabilities, Total |
418.4 |
351.0 |
318.0 |
312.0 |
144.3 |
|
Total Current Liabilities |
831.5 |
540.5 |
519.7 |
561.1 |
195.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
Total Long Term Debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
Total Debt |
301.0 |
137.7 |
223.8 |
44.2 |
44.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
18.8 |
25.2 |
21.0 |
- |
- |
|
Deferred Income Tax |
18.8 |
25.2 |
21.0 |
- |
- |
|
Minority Interest |
2.7 |
1.6 |
0.8 |
0.5 |
0.2 |
|
Pension Benefits - Underfunded |
39.4 |
27.7 |
31.9 |
21.8 |
11.1 |
|
Other Long Term Liabilities |
46.1 |
44.4 |
48.2 |
83.7 |
12.4 |
|
Other Liabilities, Total |
85.5 |
72.1 |
80.1 |
105.5 |
23.5 |
|
Total Liabilities |
1,025.1 |
755.1 |
804.4 |
675.7 |
241.7 |
|
|
|
|
|
|
|
|
Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.0 |
|
Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.0 |
|
Additional Paid-In Capital |
21.7 |
8.4 |
0.0 |
202.3 |
149.5 |
|
Retained Earnings (Accumulated Deficit) |
349.2 |
253.8 |
172.6 |
282.6 |
17.5 |
|
Treasury Stock - Common |
-0.2 |
-0.1 |
-0.1 |
0.0 |
- |
|
Other Comprehensive Income |
152.4 |
153.5 |
137.8 |
148.5 |
23.5 |
|
Other Equity, Total |
152.4 |
153.5 |
137.8 |
148.5 |
23.5 |
|
Total Equity |
524.7 |
417.2 |
311.9 |
635.0 |
191.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
Total Common Shares Outstanding |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
5,400 |
4,500 |
4,400 |
4,250 |
1,905 |
|
Number of Common Shareholders |
85 |
92 |
105 |
116 |
96 |
|
Accumulated Intangible Amort, Suppl. |
17.8 |
11.9 |
10.1 |
8.6 |
2.4 |
|
Deferred Revenue - Current |
312.5 |
270.3 |
244.3 |
273.4 |
49.5 |
|
Deferred Revenue - Long Term |
29.3 |
34.1 |
35.4 |
39.1 |
- |
|
Total Long Term Debt, Supplemental |
115.5 |
137.6 |
201.1 |
25.1 |
25.3 |
|
Long Term Debt Maturing within 1 Year |
28.9 |
21.9 |
18.3 |
18.7 |
2.5 |
|
Long Term Debt Maturing in Year 2 |
83.7 |
28.9 |
25.4 |
2.2 |
16.9 |
|
Long Term Debt Maturing in Year 3 |
1.1 |
83.7 |
32.1 |
1.7 |
2.1 |
|
Long Term Debt Maturing in Year 4 |
0.7 |
1.2 |
86.2 |
1.2 |
1.6 |
|
Long Term Debt Maturing in Year 5 |
0.6 |
0.7 |
37.5 |
1.0 |
1.1 |
|
Long Term Debt Maturing in 2-3 Years |
84.8 |
112.6 |
57.5 |
3.9 |
19.0 |
|
Long Term Debt Maturing in 4-5 Years |
1.3 |
1.9 |
123.7 |
2.1 |
2.7 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.5 |
1.2 |
1.6 |
0.3 |
1.2 |
|
Total Operating Leases, Supplemental |
57.4 |
43.3 |
37.6 |
21.4 |
14.7 |
|
Operating Lease Payments Due in Year 1 |
15.0 |
11.3 |
9.6 |
4.9 |
3.6 |
|
Operating Lease Payments Due in Year 2 |
12.6 |
9.9 |
7.2 |
4.6 |
3.1 |
|
Operating Lease Payments Due in Year 3 |
9.7 |
8.2 |
6.1 |
3.7 |
2.8 |
|
Operating Lease Payments Due in Year 4 |
8.0 |
6.3 |
5.0 |
3.4 |
2.4 |
|
Operating Lease Payments Due in Year 5 |
7.0 |
5.6 |
4.1 |
3.5 |
2.4 |
|
Operating Lease Pymts. Due in 2-3 Years |
22.3 |
18.1 |
13.3 |
8.3 |
5.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
15.0 |
11.9 |
9.1 |
6.9 |
4.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
5.1 |
2.0 |
5.6 |
1.3 |
0.3 |
|
Pension Obligation - Domestic |
151.7 |
124.9 |
113.6 |
101.3 |
11.1 |
|
Plan Assets - Domestic |
111.3 |
95.7 |
80.9 |
83.9 |
- |
|
Funded Status - Domestic |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Accumulated Obligation - Domestic |
144.8 |
118.0 |
107.0 |
- |
10.9 |
|
Total Funded Status |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Discount Rate - Domestic |
1.20% |
2.00% |
2.00% |
2.20% |
4.50% |
|
Expected Rate of Return - Domestic |
3.50% |
3.50% |
4.30% |
4.30% |
- |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.50% |
1.50% |
2.50% |
|
Accrued Liabilities - Domestic |
-40.4 |
-29.2 |
-32.7 |
-22.1 |
- |
|
Other Assets, Net - Domestic |
-25.8 |
-12.2 |
-20.5 |
-4.9 |
- |
|
Net Assets Recognized on Balance Sheet |
-66.2 |
-41.4 |
-53.2 |
-27.0 |
- |
|
Equity % - Domestic |
32.26% |
30.00% |
- |
31.00% |
- |
|
Debt Securities % - Domestic |
43.04% |
45.00% |
- |
43.00% |
- |
|
Other Investments % - Domestic |
7.28% |
5.00% |
- |
12.00% |
- |
|
Total Plan Obligations |
151.7 |
124.9 |
113.6 |
101.3 |
11.1 |
|
Total Plan Assets |
111.3 |
95.7 |
80.9 |
83.9 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
Depreciation |
36.1 |
29.7 |
29.3 |
27.9 |
26.0 |
|
Depreciation/Depletion |
36.1 |
29.7 |
29.3 |
27.9 |
26.0 |
|
Deferred Taxes |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Unusual Items |
1.0 |
-1.3 |
0.0 |
0.0 |
- |
|
Other Non-Cash Items |
32.2 |
32.9 |
29.0 |
2.5 |
0.6 |
|
Non-Cash Items |
33.2 |
31.6 |
29.0 |
2.5 |
0.6 |
|
Accounts Receivable |
-27.3 |
-9.4 |
33.0 |
-30.0 |
0.1 |
|
Inventories |
-68.0 |
-4.4 |
-16.5 |
-3.5 |
-5.9 |
|
Other Assets |
-11.5 |
2.0 |
5.4 |
-12.5 |
10.1 |
|
Accounts Payable |
6.5 |
5.7 |
-39.3 |
2.3 |
-7.0 |
|
Other Liabilities |
93.9 |
15.7 |
1.8 |
22.9 |
-18.0 |
|
Changes in Working Capital |
-6.4 |
9.6 |
-15.6 |
-20.8 |
-20.7 |
|
Cash from Operating Activities |
156.1 |
149.8 |
106.9 |
107.6 |
85.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.9 |
-16.3 |
-47.4 |
-26.2 |
-25.2 |
|
Capital Expenditures |
-31.9 |
-16.3 |
-47.4 |
-26.2 |
-25.2 |
|
Acquisition of Business |
-269.8 |
-1.9 |
-11.4 |
-8.3 |
-25.2 |
|
Sale of Fixed Assets |
2.7 |
- |
- |
- |
- |
|
Sale/Maturity of Investment |
0.0 |
0.0 |
9.8 |
3.0 |
46.5 |
|
Purchase of Investments |
- |
0.0 |
-0.1 |
-0.5 |
-3.5 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
2.3 |
|
Other Investing Cash Flow Items, Total |
-267.1 |
-1.9 |
-1.7 |
-5.8 |
20.1 |
|
Cash from Investing Activities |
-299.0 |
-18.2 |
-49.1 |
-32.0 |
-5.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.1 |
-0.9 |
-410.4 |
-84.5 |
-103.5 |
|
Financing Cash Flow Items |
-1.1 |
-0.9 |
-410.4 |
-84.5 |
-103.5 |
|
Sale/Issuance of
Common |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Common Stock, Net |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Issuance (Retirement) of Stock, Net |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Short Term Debt, Net |
185.0 |
-62.4 |
33.1 |
-10.5 |
11.1 |
|
Long Term Debt Issued |
0.0 |
1.6 |
166.1 |
0.0 |
2.5 |
|
Long Term Debt
Reduction |
-21.6 |
-23.9 |
-26.2 |
-7.0 |
-16.9 |
|
Long Term Debt, Net |
-21.6 |
-22.3 |
139.9 |
-7.0 |
-14.4 |
|
Issuance (Retirement) of Debt, Net |
163.4 |
-84.7 |
173.0 |
-17.5 |
-3.3 |
|
Cash from Financing Activities |
168.3 |
-84.1 |
-233.7 |
-82.4 |
-105.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.1 |
-6.6 |
9.7 |
28.0 |
24.0 |
|
Net Change in Cash |
23.3 |
40.9 |
-166.2 |
21.2 |
-0.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
207.1 |
166.2 |
332.4 |
311.2 |
311.5 |
|
Net Cash - Ending Balance |
230.4 |
207.1 |
166.2 |
332.4 |
311.2 |
|
Cash Interest Paid |
4.5 |
6.3 |
10.8 |
3.3 |
3.2 |
|
Cash Taxes Paid |
38.7 |
54.2 |
38.7 |
51.9 |
65.7 |
Annual Income Statement
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Product Revenue |
1,145.4 |
985.3 |
974.9 |
913.2 |
758.9 |
|
Service Revenue |
151.1 |
122.4 |
126.9 |
115.4 |
87.9 |
|
Other Revenue |
8.4 |
6.8 |
5.3 |
3.8 |
4.6 |
|
Total Revenue |
1,304.9 |
1,114.5 |
1,107.1 |
1,032.4 |
851.4 |
|
|
|
|
|
|
|
|
Cost of revenues |
619.5 |
525.2 |
527.5 |
483.2 |
397.7 |
|
Cost of Service Revenue |
79.4 |
70.7 |
74.6 |
73.6 |
53.2 |
|
Sales & Marketing |
- |
- |
- |
160.1 |
134.0 |
|
Selling, general and administrative |
297.3 |
253.3 |
252.7 |
59.6 |
52.0 |
|
Restructuring charges |
0.2 |
0.2 |
2.3 |
0.0 |
0.0 |
|
Amortization of acquisition-related inta |
5.8 |
1.8 |
1.8 |
- |
- |
|
Research & Development |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Acquisition-related charges, net of barg |
1.8 |
0.8 |
6.2 |
7.4 |
5.6 |
|
Transition-related charges incurred in c |
2.8 |
0.0 |
0.0 |
- |
- |
|
Loss on divestiture of business |
1.0 |
0.0 |
0.0 |
- |
- |
|
Impairment charges |
0.0 |
0.7 |
0.0 |
- |
- |
|
Gain on bargain purchase |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Total Operating Expense |
1,149.2 |
977.8 |
998.9 |
894.7 |
745.1 |
|
|
|
|
|
|
|
|
Interest Income |
0.9 |
1.0 |
4.9 |
10.4 |
8.6 |
|
Interest Expense |
-5.6 |
-7.5 |
-11.7 |
-2.3 |
-3.0 |
|
Exchange Gains on Foreign Currency Trans |
-1.5 |
-1.9 |
-11.2 |
-3.9 |
-8.4 |
|
Other Expense |
0.6 |
0.8 |
3.0 |
1.6 |
7.5 |
|
Net Income Before Taxes |
150.1 |
129.1 |
93.2 |
143.5 |
111.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Net Income After Taxes |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncon |
-1.4 |
0.2 |
-0.3 |
-0.3 |
0.0 |
|
Net Income Before Extra. Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
164.4 |
163.5 |
162.7 |
161.2 |
159.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Basic EPS Including ExtraOrdinary Item |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Diluted Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Diluted Weighted Average Shares |
165.7 |
164.9 |
165.6 |
164.3 |
160.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
Diluted EPS Including ExtraOrd Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
155.9 |
130.2 |
101.7 |
150.9 |
116.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
55.4 |
48.5 |
30.6 |
46.6 |
38.4 |
|
Normalized Income After Taxes |
100.5 |
81.7 |
71.1 |
104.3 |
78.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
99.1 |
81.9 |
70.8 |
104.0 |
78.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.60 |
0.50 |
0.44 |
0.65 |
0.49 |
|
Diluted Normalized EPS |
0.60 |
0.50 |
0.43 |
0.63 |
0.49 |
|
Research & Development Exp |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Amort. of Intangibles |
5.8 |
1.8 |
1.8 |
2.0 |
2.2 |
|
Interest Expense |
5.6 |
7.5 |
11.7 |
2.3 |
3.0 |
|
Rental Expense |
15.8 |
13.8 |
10.7 |
7.8 |
5.4 |
|
Depreciation |
30.3 |
27.9 |
27.5 |
25.9 |
23.8 |
|
Advertising Expenses |
9.1 |
6.9 |
6.2 |
6.2 |
5.1 |
|
Current Tax - Federal |
0.3 |
1.6 |
0.2 |
3.1 |
0.0 |
|
Current Tax - State |
0.0 |
0.8 |
0.4 |
0.7 |
0.6 |
|
Current Tax - Foreign |
56.6 |
47.8 |
28.4 |
41.7 |
30.4 |
|
Current Tax - Total |
56.9 |
50.2 |
29.0 |
45.5 |
31.0 |
|
Deferred Tax - Federal |
0.3 |
-0.4 |
0.6 |
-1.2 |
0.2 |
|
Deferred Tax - State |
0.0 |
0.0 |
0.3 |
-0.5 |
0.1 |
|
Deferred Tax - Foreign |
-3.9 |
-1.7 |
-1.9 |
0.5 |
5.3 |
|
Deferred Tax - Total |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Income Tax - Total |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Gross profit |
- |
518.6 |
- |
475.6 |
400.5 |
|
Operating income |
- |
136.7 |
- |
137.7 |
106.3 |
|
Service Cost - Pension |
3.9 |
4.2 |
3.4 |
3.5 |
3.1 |
|
Interest Cost - Pension |
4.4 |
5.3 |
4.0 |
3.0 |
2.5 |
|
Expected return on plan assets - Pension |
-3.4 |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
|
Amortization - Pension |
0.6 |
1.0 |
0.0 |
0.0 |
0.6 |
|
Domestic Pension Plan Expense |
5.5 |
7.0 |
3.4 |
3.7 |
3.6 |
|
Defined Contribution Plan |
2.5 |
2.7 |
2.6 |
2.5 |
2.4 |
|
Total Pension Expense |
8.0 |
9.7 |
6.0 |
6.2 |
6.0 |
|
Discount Rate - Pension |
1.20% |
2.00% |
2.00% |
2.20% |
2.20% |
|
Expected return on plan assets |
3.50% |
3.50% |
4.30% |
4.30% |
3.80% |
|
Compensation Rate - Pension |
1.00% |
1.00% |
1.50% |
1.50% |
1.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
230.4 |
207.1 |
166.2 |
332.4 |
52.1 |
|
Restricted cash |
2.9 |
2.0 |
1.5 |
12.2 |
0.0 |
|
Accounts Receivable |
238.0 |
189.5 |
177.3 |
191.3 |
82.0 |
|
Provision for Doubtful Account |
-5.1 |
-5.4 |
-5.4 |
-6.1 |
-2.4 |
|
Due from Affiliated Companies |
- |
- |
- |
- |
9.0 |
|
Raw Materials |
143.7 |
108.8 |
115.8 |
117.6 |
45.4 |
|
Work in Progress |
174.8 |
134.6 |
129.6 |
138.0 |
42.3 |
|
Demonstration Units |
48.6 |
41.3 |
36.7 |
37.2 |
14.7 |
|
Finished Goods |
143.9 |
138.1 |
143.0 |
153.6 |
32.2 |
|
Deferred tax assets |
8.6 |
7.9 |
21.6 |
- |
- |
|
Other current assets |
65.3 |
49.9 |
34.4 |
57.5 |
19.5 |
|
Total Current Assets |
1,051.1 |
873.8 |
820.7 |
1,033.7 |
294.7 |
|
|
|
|
|
|
|
|
Land |
28.3 |
29.1 |
28.3 |
27.2 |
10.4 |
|
Buildings |
231.5 |
233.8 |
226.0 |
210.4 |
88.5 |
|
Machinery & Equipments |
281.0 |
254.5 |
231.8 |
221.5 |
73.0 |
|
Depreciation |
-307.1 |
-294.0 |
-264.8 |
-251.5 |
-81.6 |
|
Restricted Cash |
- |
- |
- |
- |
1.1 |
|
Other |
- |
- |
- |
- |
1.6 |
|
Goodwill |
98.3 |
47.5 |
46.4 |
40.8 |
39.8 |
|
Long-term deferred tax assets |
12.5 |
13.4 |
13.6 |
- |
- |
|
Existing Technology & Related Patents |
112.0 |
14.4 |
14.1 |
13.3 |
6.2 |
|
Customer Relationships |
20.2 |
2.0 |
1.6 |
1.1 |
1.1 |
|
Trade Names |
0.4 |
0.4 |
0.4 |
0.4 |
0.7 |
|
In-process research and development |
21.3 |
0.0 |
- |
- |
- |
|
Accumulated Amortization |
-17.8 |
-11.9 |
-10.1 |
-8.6 |
-2.4 |
|
Other long-term assets |
18.1 |
9.3 |
8.3 |
22.4 |
- |
|
Total Assets |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
Short-term borrowings |
185.5 |
0.1 |
22.7 |
13.2 |
19.4 |
|
Current Portion of Long Term Debts |
28.9 |
21.9 |
18.3 |
22.4 |
2.5 |
|
Accounts Payable |
64.0 |
49.8 |
43.3 |
52.3 |
23.1 |
|
Customer deposits |
242.2 |
219.2 |
199.6 |
233.5 |
49.5 |
|
Due to Affiliate |
- |
- |
- |
- |
5.9 |
|
Accrued Expense |
68.8 |
55.2 |
39.3 |
161.2 |
- |
|
Deferred revenue |
70.3 |
51.1 |
44.7 |
39.9 |
- |
|
Tax Payable |
61.5 |
39.2 |
38.6 |
29.4 |
- |
|
Accrued warranty |
28.4 |
22.9 |
24.5 |
- |
- |
|
Other accrued expenses |
65.9 |
62.5 |
78.1 |
- |
- |
|
Derivative liabilities |
6.8 |
5.3 |
- |
- |
- |
|
Other current liabilities |
- |
- |
- |
- |
94.8 |
|
Deferred tax liabilities |
9.2 |
13.3 |
10.6 |
9.2 |
- |
|
Total Current Liabilities |
831.5 |
540.5 |
519.7 |
561.1 |
195.1 |
|
|
|
|
|
|
|
|
Long term debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
Total Long Term Debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
|
|
|
|
|
|
|
Accrued Pension |
39.4 |
27.7 |
31.9 |
21.8 |
11.1 |
|
Other long-term liabilities |
16.8 |
10.3 |
12.8 |
44.6 |
12.4 |
|
Noncontrolling interest in consolidated |
2.7 |
1.6 |
0.8 |
0.5 |
0.2 |
|
Long-term deferred revenue |
29.3 |
34.1 |
35.4 |
39.1 |
- |
|
Long-term deferred tax liabilities |
18.8 |
25.2 |
21.0 |
- |
- |
|
Total Liabilities |
1,025.1 |
755.1 |
804.4 |
675.7 |
241.7 |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value 260,000,00 |
1.6 |
1.6 |
1.6 |
1.6 |
1.0 |
|
Additional paid-in capital |
21.7 |
8.4 |
0.0 |
202.3 |
149.5 |
|
Retained earnings |
349.2 |
253.8 |
172.6 |
282.6 |
17.5 |
|
Accumulated other comprehensive income |
152.4 |
153.5 |
137.8 |
148.5 |
23.5 |
|
Treasury stock at cost, 13,295 at Decemb |
-0.2 |
-0.1 |
-0.1 |
0.0 |
- |
|
Total Equity |
524.7 |
417.2 |
311.9 |
635.0 |
191.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
Total Common Shares Outstanding |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
S/O-Preferred Stock |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Revenue - Current |
312.5 |
270.3 |
244.3 |
273.4 |
49.5 |
|
Deferred Revenues Long Term |
29.3 |
34.1 |
35.4 |
39.1 |
- |
|
Accumulated Intangible Amortization |
17.8 |
11.9 |
10.1 |
8.6 |
2.4 |
|
Full-Time Employees |
5,400 |
4,500 |
4,400 |
4,250 |
1,905 |
|
Number of Common Shareholders |
85 |
92 |
105 |
116 |
96 |
|
Long Term Debt Maturing within 1 Year |
28.9 |
21.9 |
18.3 |
18.7 |
2.5 |
|
Long Term Debt Maturing within 2 Years |
83.7 |
28.9 |
25.4 |
2.2 |
16.9 |
|
Long Term Debt Maturing within 3 Years |
1.1 |
83.7 |
32.1 |
1.7 |
2.1 |
|
Long Term Debt Maturing within 4 Years |
0.7 |
1.2 |
86.2 |
1.2 |
1.6 |
|
Long Term Debt Maturing within 5 Years |
0.6 |
0.7 |
37.5 |
1.0 |
1.1 |
|
Long Term Debt Remaining Maturities |
0.5 |
1.2 |
1.6 |
0.3 |
1.2 |
|
Total Long Term Debt, Supplemental |
115.5 |
137.6 |
201.1 |
25.1 |
25.3 |
|
Operating Leases Maturing within 1 Year |
15.0 |
11.3 |
9.6 |
4.9 |
3.6 |
|
Operating Leases Maturing within 2 Years |
12.6 |
9.9 |
7.2 |
4.6 |
3.1 |
|
Operating Leases Maturing within 3 Years |
9.7 |
8.2 |
6.1 |
3.7 |
2.8 |
|
Operating Leases Maturing within 4 Years |
8.0 |
6.3 |
5.0 |
3.4 |
2.4 |
|
Operating Leases Maturing within 5 Years |
7.0 |
5.6 |
4.1 |
3.5 |
2.4 |
|
Operating Leases Maturing Thereafter |
5.1 |
2.0 |
5.6 |
1.3 |
0.3 |
|
Total Operating Leases |
57.4 |
43.3 |
37.6 |
21.4 |
14.7 |
|
Projected Benefit Obligation - Pension |
151.7 |
124.9 |
113.6 |
101.3 |
11.1 |
|
FV of Plan Assets - Pension |
111.3 |
95.7 |
80.9 |
83.9 |
- |
|
Funded Status - Pension |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Accumulated Benefit Obligation - Pension |
144.8 |
118.0 |
107.0 |
- |
10.9 |
|
Total Funded Status |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Discount Rate - Pension |
1.20% |
2.00% |
2.00% |
2.20% |
4.50% |
|
Expected Rate of Return - Pension |
3.50% |
3.50% |
4.30% |
4.30% |
- |
|
Compensation Rate - Pension |
1.00% |
1.00% |
1.50% |
1.50% |
2.50% |
|
Non-current assets - Pension |
- |
- |
0.0 |
0.0 |
- |
|
Current liabilities - Pension |
-1.0 |
-1.5 |
-0.8 |
-0.3 |
- |
|
Accrued Benefit Liability - Pension |
-39.4 |
-27.7 |
-31.9 |
-21.8 |
- |
|
Other Comprehensive Inc./Loss - Pension |
-25.8 |
-12.2 |
-20.5 |
-4.9 |
- |
|
Net Assets Recognized on Balance Sheet |
-66.2 |
-41.4 |
-53.2 |
-27.0 |
- |
|
Debt Securities % - Pension |
43.04% |
45.00% |
- |
43.00% |
- |
|
Equity Securities % - Pension |
32.26% |
30.00% |
- |
31.00% |
- |
|
Cash % - Pension |
7.28% |
5.00% |
- |
12.00% |
- |
|
Real Estate % - Pension |
11.67% |
10.00% |
- |
8.00% |
- |
|
Property % - Pension |
5.75% |
10.00% |
- |
6.00% |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
Depreciation |
36.1 |
29.7 |
29.3 |
27.9 |
26.0 |
|
Amortization of deferred financing costs |
0.6 |
0.7 |
0.6 |
0.0 |
- |
|
Write down of demonstration inventories |
24.4 |
26.1 |
24.5 |
- |
- |
|
Other non-cash expense (income) |
0.3 |
-0.2 |
-0.6 |
0.3 |
-0.9 |
|
Impairment charges |
- |
- |
0.0 |
0.0 |
- |
|
Gain on bargain purchase |
- |
- |
0.0 |
0.0 |
- |
|
Deferred Tax |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Stock based compensation |
6.9 |
6.3 |
4.5 |
2.2 |
1.5 |
|
Loss on divestiture of business |
1.0 |
0.0 |
0.0 |
- |
- |
|
Gain on bargain purchase |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Other Liabilities |
66.0 |
7.2 |
28.9 |
42.7 |
-10.1 |
|
Accounts Receivable |
-27.3 |
-9.4 |
33.0 |
-30.0 |
0.1 |
|
Other assets |
-11.5 |
2.0 |
5.4 |
-12.5 |
10.1 |
|
Inventories |
-68.0 |
-4.4 |
-16.5 |
-3.5 |
-5.9 |
|
Customer advances |
27.9 |
8.5 |
-27.1 |
-19.8 |
-7.9 |
|
Accounts Payable |
6.5 |
5.7 |
-39.3 |
2.3 |
-7.0 |
|
Cash from Operating Activities |
156.1 |
149.8 |
106.9 |
107.6 |
85.9 |
|
|
|
|
|
|
|
|
Purchases of property plant and equipme |
-31.9 |
-16.3 |
-47.4 |
-26.2 |
-25.2 |
|
Payments in connection with the acquisit |
- |
- |
- |
- |
-5.6 |
|
Payments in connection with the acquisit |
0.0 |
0.0 |
-6.8 |
-4.8 |
0.0 |
|
Acquisition |
-269.8 |
-1.9 |
-4.6 |
-3.5 |
-19.6 |
|
Sales of property, plant and equipment |
2.7 |
- |
- |
- |
- |
|
Purchase of short-term investments |
- |
0.0 |
-0.1 |
-0.5 |
-3.5 |
|
Redemption of short term investments |
0.0 |
0.0 |
9.8 |
3.0 |
46.5 |
|
Changes in restricted cash |
- |
- |
- |
- |
2.3 |
|
Cash from Investing Activities |
-299.0 |
-18.2 |
-49.1 |
-32.0 |
-5.1 |
|
|
|
|
|
|
|
|
Deemed dividend in connection with the a |
0.0 |
0.0 |
-386.0 |
0.0 |
0.0 |
|
Payment of deferred financing costs |
0.0 |
0.0 |
-2.9 |
0.0 |
0.0 |
|
Proceeds from revolving lines of credit, |
185.0 |
-62.4 |
33.1 |
-10.5 |
11.1 |
|
Deemed dividend in connection with the a |
- |
- |
- |
- |
-74.0 |
|
Excess tax benefit related to stock opti |
0.3 |
0.6 |
0.5 |
0.0 |
0.0 |
|
Changes in restricted cash |
-1.3 |
-1.5 |
1.4 |
0.9 |
- |
|
Repayment of term debt |
-21.6 |
-23.9 |
-26.2 |
-7.0 |
-16.9 |
|
Proceeds from term debt |
0.0 |
1.6 |
166.1 |
0.0 |
2.5 |
|
Proceeds from issuance of common stock |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Cash payments to shareholders |
-0.1 |
0.0 |
-23.4 |
-85.4 |
-29.5 |
|
Cash from Financing Activities |
168.3 |
-84.1 |
-233.7 |
-82.4 |
-105.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.1 |
-6.6 |
9.7 |
28.0 |
24.0 |
|
Net Change in Cash |
23.3 |
40.9 |
-166.2 |
21.2 |
-0.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
207.1 |
166.2 |
332.4 |
311.2 |
311.5 |
|
Net Cash - Ending Balance |
230.4 |
207.1 |
166.2 |
332.4 |
311.2 |
|
Cash Interest Paid |
4.5 |
6.3 |
10.8 |
3.3 |
3.2 |
|
Cash Taxes Paid |
38.7 |
54.2 |
38.7 |
51.9 |
65.7 |
Financial Health
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
27.36 |
22.44 |
22.09 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
28.83 |
35.43 |
42.91 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
10.31 |
13.59 |
12.36 |
10.71 |
|
Beta |
1.41 |
1.05 |
1.19 |
1.00 |
|
Price/Revenue (TTM) |
1.41 |
3.17 |
4.07 |
2.57 |
|
Price/Book (MRQ) |
3.75 |
3.96 |
4.73 |
3.67 |
|
Price to Tangible Book (MRQ) |
6.07 |
9.97 |
6.85 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
16.51 |
19.87 |
17.48 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
57.29 |
25.16 |
23.00 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
- |
1.32% |
1.65% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.00 |
0.98 |
0.71 |
1.99 |
|
Dividend 5 Yr Growth |
- |
-24.77% |
7.13% |
0.08% |
|
Payout Ratio (TTM) |
0.00% |
19.92% |
10.38% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
34.88% |
20.15% |
28.50% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
26.89% |
13.81% |
18.25% |
17.69% |
|
Revenue 5 Yr Growth |
28.51% |
12.74% |
16.94% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
-28.26% |
44.57% |
41.24% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
-25.26% |
29.26% |
49.53% |
32.55% |
|
EPS 5 Yr Growth |
42.97% |
11.75% |
20.44% |
9.86% |
|
Capital Spending 5 Yr Growth |
46.11% |
1.27% |
9.78% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
0.62 |
1.49 |
1.98 |
1.24 |
|
Current Ratio (MRQ) |
1.27 |
2.15 |
2.38 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.07 |
0.34 |
0.31 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.52 |
0.39 |
0.36 |
0.73 |
|
Interest Coverage (TTM) |
18.06 |
13.82 |
11.30 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
45.64% |
47.80% |
55.32% |
45.21% |
|
Gross Margin - 5 Yr Avg |
46.03% |
46.67% |
53.24% |
44.91% |
|
EBITD Margin (TTM) |
12.88% |
19.13% |
25.78% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
14.67% |
15.30% |
21.39% |
22.84% |
|
Operating Margin (TTM) |
9.64% |
15.77% |
22.29% |
20.63% |
|
Operating Margin - 5 Yr Avg |
11.91% |
12.35% |
17.62% |
18.28% |
|
Pretax Margin (TTM) |
9.09% |
14.90% |
22.54% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
11.59% |
11.76% |
18.75% |
17.10% |
|
Net Profit Margin (TTM) |
5.30% |
11.13% |
17.35% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
7.70% |
8.02% |
12.72% |
12.10% |
|
Effective Tax Rate (TTM) |
41.67% |
27.81% |
23.73% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
33.55% |
28.31% |
24.82% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
5.73% |
8.07% |
12.89% |
8.54% |
|
Return on Assets - 5 Yr Avg |
8.30% |
7.33% |
10.70% |
8.40% |
|
Return on Investment (TTM) |
11.80% |
7.46% |
13.09% |
7.90% |
|
Return on Investment - 5 Yr Avg |
15.38% |
6.30% |
11.50% |
8.27% |
|
Return on Equity (TTM) |
15.12% |
16.21% |
25.23% |
19.72% |
|
Return on Equity - 5 Yr Avg |
21.46% |
15.67% |
21.05% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
294,944.40 |
254,460.46 |
617,868.03 |
927,613.77 |
|
Net Income/Employee (TTM) |
15,629.63 |
30,421.18 |
132,630.14 |
116,121.92 |
|
Receivables Turnover (TTM) |
6.79 |
5.62 |
8.08 |
13.25 |
|
Inventory Turnover (TTM) |
1.58 |
8.13 |
19.61 |
14.53 |
|
Asset Turnover (TTM) |
1.08 |
0.75 |
0.75 |
0.93 |
|
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Stock Report
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Stock Snapshot |
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Annual Income Statement
Standardized
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,296.5 |
1,107.7 |
1,101.8 |
1,028.6 |
846.8 |
|
Revenue |
1,296.5 |
1,107.7 |
1,101.8 |
1,028.6 |
846.8 |
|
Other Revenue |
8.4 |
6.8 |
5.3 |
3.8 |
4.6 |
|
Other Revenue, Total |
8.4 |
6.8 |
5.3 |
3.8 |
4.6 |
|
Total Revenue |
1,304.9 |
1,114.5 |
1,107.1 |
1,032.4 |
851.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
698.9 |
595.9 |
602.1 |
556.8 |
450.9 |
|
Cost of Revenue, Total |
698.9 |
595.9 |
602.1 |
556.8 |
450.9 |
|
Gross Profit |
597.6 |
511.8 |
499.7 |
471.8 |
395.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
297.3 |
253.3 |
252.7 |
219.7 |
186.0 |
|
Total Selling/General/Administrative Expenses |
297.3 |
253.3 |
252.7 |
219.7 |
186.0 |
|
Research & Development |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Amortization of Intangibles |
5.8 |
1.8 |
1.8 |
- |
- |
|
Depreciation/Amortization |
5.8 |
1.8 |
1.8 |
- |
- |
|
Restructuring Charge |
0.2 |
0.2 |
2.3 |
0.0 |
0.0 |
|
Impairment-Assets Held for Use |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
5.6 |
1.5 |
6.2 |
7.4 |
5.6 |
|
Unusual Expense (Income) |
5.8 |
0.4 |
8.5 |
7.4 |
5.6 |
|
Total Operating Expense |
1,149.2 |
977.8 |
998.9 |
894.7 |
745.1 |
|
|
|
|
|
|
|
|
Operating Income |
155.7 |
136.7 |
108.2 |
137.7 |
106.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-5.6 |
-7.5 |
-11.7 |
-2.3 |
-3.0 |
|
Interest Expense, Net Non-Operating |
-5.6 |
-7.5 |
-11.7 |
-2.3 |
-3.0 |
|
Interest Income -
Non-Operating |
0.9 |
1.0 |
4.9 |
10.4 |
8.6 |
|
Investment Income -
Non-Operating |
-1.5 |
-1.9 |
-11.2 |
-3.9 |
-8.4 |
|
Interest/Investment Income - Non-Operating |
-0.6 |
-0.9 |
-6.3 |
6.5 |
0.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
-6.2 |
-8.4 |
-18.0 |
4.2 |
-2.8 |
|
Other Non-Operating Income (Expense) |
0.6 |
0.8 |
3.0 |
1.6 |
7.5 |
|
Other, Net |
0.6 |
0.8 |
3.0 |
1.6 |
7.5 |
|
Income Before Tax |
150.1 |
129.1 |
93.2 |
143.5 |
111.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Income After Tax |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.4 |
0.2 |
-0.3 |
-0.3 |
0.0 |
|
Net Income Before Extraord Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
164.4 |
163.5 |
162.7 |
161.2 |
159.1 |
|
Basic EPS Excl Extraord Items |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Basic/Primary EPS Incl Extraord Items |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Diluted Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Diluted Weighted Average Shares |
165.7 |
164.9 |
165.6 |
164.3 |
160.1 |
|
Diluted EPS Excl Extraord Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
Diluted EPS Incl Extraord Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
5.6 |
7.5 |
11.7 |
2.3 |
3.0 |
|
Depreciation, Supplemental |
30.3 |
27.9 |
27.5 |
25.9 |
23.8 |
|
Total Special Items |
5.8 |
1.1 |
8.5 |
7.4 |
5.6 |
|
Normalized Income Before Tax |
155.9 |
130.2 |
101.7 |
150.9 |
116.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.1 |
0.4 |
2.6 |
2.3 |
1.8 |
|
Inc Tax Ex Impact of Sp Items |
55.4 |
48.5 |
30.6 |
46.6 |
38.4 |
|
Normalized Income After Tax |
100.5 |
81.7 |
71.1 |
104.3 |
78.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
99.1 |
81.9 |
70.8 |
104.0 |
78.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.60 |
0.50 |
0.44 |
0.65 |
0.49 |
|
Diluted Normalized EPS |
0.60 |
0.50 |
0.43 |
0.63 |
0.49 |
|
Amort of Intangibles, Supplemental |
5.8 |
1.8 |
1.8 |
2.0 |
2.2 |
|
Rental Expenses |
15.8 |
13.8 |
10.7 |
7.8 |
5.4 |
|
Advertising Expense, Supplemental |
9.1 |
6.9 |
6.2 |
6.2 |
5.1 |
|
Research & Development Exp, Supplemental |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Reported Gross Profit |
- |
518.6 |
- |
475.6 |
400.5 |
|
Reported Operating Profit |
- |
136.7 |
- |
137.7 |
106.3 |
|
Normalized EBIT |
161.5 |
137.8 |
116.7 |
145.1 |
111.9 |
|
Normalized EBITDA |
197.6 |
167.5 |
146.0 |
173.0 |
137.9 |
|
Current Tax - Domestic |
0.3 |
1.6 |
0.2 |
3.1 |
0.0 |
|
Current Tax - Foreign |
56.6 |
47.8 |
28.4 |
41.7 |
30.4 |
|
Current Tax - Local |
0.0 |
0.8 |
0.4 |
0.7 |
0.6 |
|
Current Tax - Total |
56.9 |
50.2 |
29.0 |
45.5 |
31.0 |
|
Deferred Tax - Domestic |
0.3 |
-0.4 |
0.6 |
-1.2 |
0.2 |
|
Deferred Tax - Foreign |
-3.9 |
-1.7 |
-1.9 |
0.5 |
5.3 |
|
Deferred Tax - Local |
0.0 |
0.0 |
0.3 |
-0.5 |
0.1 |
|
Deferred Tax - Total |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Income Tax - Total |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Interest Cost - Domestic |
4.4 |
5.3 |
4.0 |
3.0 |
2.5 |
|
Service Cost - Domestic |
3.9 |
4.2 |
3.4 |
3.5 |
3.1 |
|
Expected Return on Assets - Domestic |
-3.4 |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
|
Other Pension, Net - Domestic |
0.6 |
1.0 |
0.0 |
0.0 |
0.6 |
|
Domestic Pension Plan Expense |
5.5 |
7.0 |
3.4 |
3.7 |
3.6 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.7 |
2.6 |
2.5 |
2.4 |
|
Total Pension Expense |
8.0 |
9.7 |
6.0 |
6.2 |
6.0 |
|
Discount Rate - Domestic |
1.20% |
2.00% |
2.00% |
2.20% |
2.20% |
|
Expected Rate of Return - Domestic |
3.50% |
3.50% |
4.30% |
4.30% |
3.80% |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.50% |
1.50% |
1.50% |
|
Total Plan Interest Cost |
4.4 |
5.3 |
4.0 |
3.0 |
2.5 |
|
Total Plan Service Cost |
3.9 |
4.2 |
3.4 |
3.5 |
3.1 |
|
Total Plan Expected Return |
-3.4 |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
|
Total Plan Other Expense |
0.6 |
1.0 |
0.0 |
0.0 |
0.6 |
Interim Income Statement
Standardized
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Calculated |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
416.3 |
398.9 |
355.7 |
412.7 |
308.8 |
|
Revenue |
416.3 |
398.9 |
355.7 |
412.7 |
308.8 |
|
Other Revenue |
2.1 |
2.3 |
1.3 |
3.4 |
1.4 |
|
Other Revenue, Total |
2.1 |
2.3 |
1.3 |
3.4 |
1.4 |
|
Total Revenue |
418.4 |
401.2 |
357.0 |
416.1 |
310.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
229.0 |
217.6 |
195.2 |
219.0 |
163.3 |
|
Cost of Revenue, Total |
229.0 |
217.6 |
195.2 |
219.0 |
163.3 |
|
Gross Profit |
187.3 |
181.3 |
160.5 |
193.7 |
145.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
103.3 |
98.7 |
88.7 |
95.0 |
72.2 |
|
Total Selling/General/Administrative Expenses |
103.3 |
98.7 |
88.7 |
95.0 |
72.2 |
|
Research & Development |
43.5 |
44.3 |
44.7 |
44.9 |
32.5 |
|
Amortization of Intangibles |
0.8 |
0.7 |
0.6 |
4.1 |
1.0 |
|
Depreciation/Amortization |
0.8 |
0.7 |
0.6 |
4.1 |
1.0 |
|
Restructuring Charge |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
4.0 |
1.2 |
2.1 |
2.0 |
1.9 |
|
Unusual Expense (Income) |
4.0 |
1.2 |
2.1 |
2.0 |
1.9 |
|
Other, Net |
0.3 |
0.0 |
0.0 |
-0.5 |
- |
|
Other Operating Expenses, Total |
0.3 |
0.0 |
0.0 |
-0.5 |
- |
|
Total Operating Expense |
380.9 |
362.5 |
331.3 |
364.5 |
270.9 |
|
|
|
|
|
|
|
|
Operating Income |
37.5 |
38.7 |
25.7 |
51.6 |
39.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.7 |
-1.6 |
-1.5 |
-1.6 |
-1.2 |
|
Interest Expense, Net Non-Operating |
-1.7 |
-1.6 |
-1.5 |
-1.6 |
-1.2 |
|
Interest Income -
Non-Operating |
0.2 |
0.2 |
0.2 |
0.5 |
0.1 |
|
Investment Income -
Non-Operating |
3.0 |
-3.8 |
-2.9 |
0.5 |
-0.1 |
|
Interest/Investment Income - Non-Operating |
3.2 |
-3.6 |
-2.7 |
1.0 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.5 |
-5.2 |
-4.2 |
-0.6 |
-1.2 |
|
Other Non-Operating Income (Expense) |
0.4 |
-0.5 |
-0.8 |
0.6 |
0.1 |
|
Other, Net |
0.4 |
-0.5 |
-0.8 |
0.6 |
0.1 |
|
Income Before Tax |
39.4 |
33.0 |
20.7 |
51.6 |
38.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
19.3 |
10.4 |
9.0 |
21.6 |
10.3 |
|
Income After Tax |
20.1 |
22.6 |
11.7 |
30.0 |
27.9 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.3 |
-0.5 |
-0.4 |
-0.7 |
-0.5 |
|
Net Income Before Extraord Items |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
Net Income |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
165.6 |
165.4 |
165.2 |
164.7 |
164.5 |
|
Basic EPS Excl Extraord Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Basic/Primary EPS Incl Extraord Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Diluted Net Income |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
Diluted Weighted Average Shares |
166.9 |
167.3 |
166.7 |
166.1 |
165.7 |
|
Diluted EPS Excl Extraord Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Diluted EPS Incl Extraord Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
1.7 |
1.6 |
1.5 |
1.6 |
1.2 |
|
Depreciation, Supplemental |
8.6 |
9.6 |
8.0 |
8.7 |
6.9 |
|
Total Special Items |
4.0 |
1.2 |
2.1 |
2.0 |
1.9 |
|
Normalized Income Before Tax |
43.4 |
34.2 |
22.8 |
53.6 |
40.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.0 |
0.4 |
0.9 |
0.8 |
0.5 |
|
Inc Tax Ex Impact of Sp Items |
21.3 |
10.8 |
9.9 |
22.4 |
10.8 |
|
Normalized Income After Tax |
22.1 |
23.4 |
12.9 |
31.2 |
29.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.8 |
22.9 |
12.5 |
30.5 |
28.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.13 |
0.14 |
0.08 |
0.19 |
0.18 |
|
Diluted Normalized EPS |
0.13 |
0.14 |
0.07 |
0.18 |
0.17 |
|
Amort of Intangibles, Supplemental |
5.0 |
4.2 |
3.9 |
3.6 |
1.0 |
|
Research & Development Exp, Supplemental |
43.5 |
44.3 |
44.7 |
44.9 |
32.5 |
|
Reported Gross Profit |
- |
- |
- |
-262.0 |
- |
|
Reported Operating Profit |
-37.5 |
-38.7 |
-25.7 |
13.2 |
- |
|
Normalized EBIT |
41.5 |
39.9 |
27.8 |
53.6 |
41.2 |
|
Normalized EBITDA |
55.1 |
53.7 |
39.7 |
65.9 |
49.1 |
|
Interest Cost - Domestic |
1.8 |
1.5 |
1.3 |
0.4 |
1.5 |
|
Service Cost - Domestic |
1.6 |
1.3 |
1.0 |
0.6 |
1.3 |
|
Expected Return on Assets - Domestic |
-1.1 |
-1.0 |
-0.8 |
-0.7 |
-0.9 |
|
Other Pension, Net - Domestic |
0.2 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Domestic Pension Plan Expense |
2.5 |
1.8 |
1.5 |
0.4 |
1.9 |
|
Total Pension Expense |
2.5 |
1.8 |
1.5 |
0.4 |
1.9 |
|
Total Plan Interest Cost |
1.8 |
1.5 |
1.3 |
0.4 |
1.5 |
|
Total Plan Service Cost |
1.6 |
1.3 |
1.0 |
0.6 |
1.3 |
|
Total Plan Expected Return |
-1.1 |
-1.0 |
-0.8 |
-0.7 |
-0.9 |
|
Total Plan Other Expense |
0.2 |
0.0 |
0.0 |
0.1 |
0.0 |
Annual Balance Sheet
Standardized
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
230.4 |
207.1 |
166.2 |
332.4 |
52.1 |
|
Cash and Short Term Investments |
230.4 |
207.1 |
166.2 |
332.4 |
52.1 |
|
Accounts Receivable -
Trade, Gross |
238.0 |
189.5 |
177.3 |
191.3 |
82.0 |
|
Provision for Doubtful
Accounts |
-5.1 |
-5.4 |
-5.4 |
-6.1 |
-2.4 |
|
Trade Accounts Receivable - Net |
232.9 |
184.1 |
171.9 |
185.2 |
79.6 |
|
Other Receivables |
- |
- |
- |
- |
9.0 |
|
Total Receivables, Net |
232.9 |
184.1 |
171.9 |
185.2 |
88.6 |
|
Inventories - Finished Goods |
143.9 |
138.1 |
143.0 |
153.6 |
32.2 |
|
Inventories - Work In Progress |
174.8 |
134.6 |
129.6 |
138.0 |
42.3 |
|
Inventories - Raw Materials |
143.7 |
108.8 |
115.8 |
117.6 |
45.4 |
|
Inventories - Other |
48.6 |
41.3 |
36.7 |
37.2 |
14.7 |
|
Total Inventory |
511.0 |
422.8 |
425.1 |
446.4 |
134.5 |
|
Restricted Cash - Current |
2.9 |
2.0 |
1.5 |
12.2 |
0.0 |
|
Deferred Income Tax - Current Asset |
8.6 |
7.9 |
21.6 |
- |
- |
|
Other Current Assets |
65.3 |
49.9 |
34.4 |
57.5 |
19.5 |
|
Other Current Assets, Total |
76.8 |
59.8 |
57.5 |
69.7 |
19.5 |
|
Total Current Assets |
1,051.1 |
873.8 |
820.7 |
1,033.7 |
294.7 |
|
|
|
|
|
|
|
|
Buildings |
231.5 |
233.8 |
226.0 |
210.4 |
88.5 |
|
Land/Improvements |
28.3 |
29.1 |
28.3 |
27.2 |
10.4 |
|
Machinery/Equipment |
281.0 |
254.5 |
231.8 |
221.5 |
73.0 |
|
Property/Plant/Equipment - Gross |
540.8 |
517.4 |
486.1 |
459.1 |
171.9 |
|
Accumulated Depreciation |
-307.1 |
-294.0 |
-264.8 |
-251.5 |
-81.6 |
|
Property/Plant/Equipment - Net |
233.7 |
223.4 |
221.3 |
207.6 |
90.3 |
|
Goodwill, Net |
98.3 |
47.5 |
46.4 |
40.8 |
39.8 |
|
Intangibles - Gross |
153.9 |
16.8 |
16.1 |
14.8 |
8.0 |
|
Accumulated Intangible Amortization |
-17.8 |
-11.9 |
-10.1 |
-8.6 |
-2.4 |
|
Intangibles, Net |
136.1 |
4.9 |
6.0 |
6.2 |
5.6 |
|
Deferred Income Tax - Long Term Asset |
12.5 |
13.4 |
13.6 |
- |
- |
|
Restricted Cash - Long Term |
- |
- |
- |
- |
1.1 |
|
Other Long Term Assets |
18.1 |
9.3 |
8.3 |
22.4 |
1.6 |
|
Other Long Term Assets, Total |
30.6 |
22.7 |
21.9 |
22.4 |
2.7 |
|
Total Assets |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
64.0 |
49.8 |
43.3 |
52.3 |
29.0 |
|
Accrued Expenses |
134.7 |
117.7 |
117.4 |
161.2 |
- |
|
Notes Payable/Short Term Debt |
185.5 |
0.1 |
22.7 |
13.2 |
19.4 |
|
Current Portion - Long Term Debt/Capital Leases |
28.9 |
21.9 |
18.3 |
22.4 |
2.5 |
|
Customer Advances |
312.5 |
270.3 |
244.3 |
273.4 |
49.5 |
|
Income Taxes Payable |
61.5 |
39.2 |
38.6 |
29.4 |
- |
|
Deferred Income Tax - Current Liability |
9.2 |
13.3 |
10.6 |
9.2 |
- |
|
Other Current Liabilities |
35.2 |
28.2 |
24.5 |
- |
94.8 |
|
Other Current liabilities, Total |
418.4 |
351.0 |
318.0 |
312.0 |
144.3 |
|
Total Current Liabilities |
831.5 |
540.5 |
519.7 |
561.1 |
195.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
Total Long Term Debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
Total Debt |
301.0 |
137.7 |
223.8 |
44.2 |
44.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
18.8 |
25.2 |
21.0 |
- |
- |
|
Deferred Income Tax |
18.8 |
25.2 |
21.0 |
- |
- |
|
Minority Interest |
2.7 |
1.6 |
0.8 |
0.5 |
0.2 |
|
Pension Benefits - Underfunded |
39.4 |
27.7 |
31.9 |
21.8 |
11.1 |
|
Other Long Term Liabilities |
46.1 |
44.4 |
48.2 |
83.7 |
12.4 |
|
Other Liabilities, Total |
85.5 |
72.1 |
80.1 |
105.5 |
23.5 |
|
Total Liabilities |
1,025.1 |
755.1 |
804.4 |
675.7 |
241.7 |
|
|
|
|
|
|
|
|
Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.0 |
|
Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.0 |
|
Additional Paid-In Capital |
21.7 |
8.4 |
0.0 |
202.3 |
149.5 |
|
Retained Earnings (Accumulated Deficit) |
349.2 |
253.8 |
172.6 |
282.6 |
17.5 |
|
Treasury Stock - Common |
-0.2 |
-0.1 |
-0.1 |
0.0 |
- |
|
Other Comprehensive Income |
152.4 |
153.5 |
137.8 |
148.5 |
23.5 |
|
Other Equity, Total |
152.4 |
153.5 |
137.8 |
148.5 |
23.5 |
|
Total Equity |
524.7 |
417.2 |
311.9 |
635.0 |
191.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
Total Common Shares Outstanding |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Employees |
5,400 |
4,500 |
4,400 |
4,250 |
1,905 |
|
Number of Common Shareholders |
85 |
92 |
105 |
116 |
96 |
|
Accumulated Intangible Amort, Suppl. |
17.8 |
11.9 |
10.1 |
8.6 |
2.4 |
|
Deferred Revenue - Current |
312.5 |
270.3 |
244.3 |
273.4 |
49.5 |
|
Deferred Revenue - Long Term |
29.3 |
34.1 |
35.4 |
39.1 |
- |
|
Total Long Term Debt, Supplemental |
115.5 |
137.6 |
201.1 |
25.1 |
25.3 |
|
Long Term Debt Maturing within 1 Year |
28.9 |
21.9 |
18.3 |
18.7 |
2.5 |
|
Long Term Debt Maturing in Year 2 |
83.7 |
28.9 |
25.4 |
2.2 |
16.9 |
|
Long Term Debt Maturing in Year 3 |
1.1 |
83.7 |
32.1 |
1.7 |
2.1 |
|
Long Term Debt Maturing in Year 4 |
0.7 |
1.2 |
86.2 |
1.2 |
1.6 |
|
Long Term Debt Maturing in Year 5 |
0.6 |
0.7 |
37.5 |
1.0 |
1.1 |
|
Long Term Debt Maturing in 2-3 Years |
84.8 |
112.6 |
57.5 |
3.9 |
19.0 |
|
Long Term Debt Maturing in 4-5 Years |
1.3 |
1.9 |
123.7 |
2.1 |
2.7 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.5 |
1.2 |
1.6 |
0.3 |
1.2 |
|
Total Operating Leases, Supplemental |
57.4 |
43.3 |
37.6 |
21.4 |
14.7 |
|
Operating Lease Payments Due in Year 1 |
15.0 |
11.3 |
9.6 |
4.9 |
3.6 |
|
Operating Lease Payments Due in Year 2 |
12.6 |
9.9 |
7.2 |
4.6 |
3.1 |
|
Operating Lease Payments Due in Year 3 |
9.7 |
8.2 |
6.1 |
3.7 |
2.8 |
|
Operating Lease Payments Due in Year 4 |
8.0 |
6.3 |
5.0 |
3.4 |
2.4 |
|
Operating Lease Payments Due in Year 5 |
7.0 |
5.6 |
4.1 |
3.5 |
2.4 |
|
Operating Lease Pymts. Due in 2-3 Years |
22.3 |
18.1 |
13.3 |
8.3 |
5.9 |
|
Operating Lease Pymts. Due in 4-5 Years |
15.0 |
11.9 |
9.1 |
6.9 |
4.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
5.1 |
2.0 |
5.6 |
1.3 |
0.3 |
|
Pension Obligation - Domestic |
151.7 |
124.9 |
113.6 |
101.3 |
11.1 |
|
Plan Assets - Domestic |
111.3 |
95.7 |
80.9 |
83.9 |
- |
|
Funded Status - Domestic |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Accumulated Obligation - Domestic |
144.8 |
118.0 |
107.0 |
- |
10.9 |
|
Total Funded Status |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Discount Rate - Domestic |
1.20% |
2.00% |
2.00% |
2.20% |
4.50% |
|
Expected Rate of Return - Domestic |
3.50% |
3.50% |
4.30% |
4.30% |
- |
|
Compensation Rate - Domestic |
1.00% |
1.00% |
1.50% |
1.50% |
2.50% |
|
Accrued Liabilities - Domestic |
-40.4 |
-29.2 |
-32.7 |
-22.1 |
- |
|
Other Assets, Net - Domestic |
-25.8 |
-12.2 |
-20.5 |
-4.9 |
- |
|
Net Assets Recognized on Balance Sheet |
-66.2 |
-41.4 |
-53.2 |
-27.0 |
- |
|
Equity % - Domestic |
32.26% |
30.00% |
- |
31.00% |
- |
|
Debt Securities % - Domestic |
43.04% |
45.00% |
- |
43.00% |
- |
|
Other Investments % - Domestic |
7.28% |
5.00% |
- |
12.00% |
- |
|
Total Plan Obligations |
151.7 |
124.9 |
113.6 |
101.3 |
11.1 |
|
Total Plan Assets |
111.3 |
95.7 |
80.9 |
83.9 |
- |
Interim Balance Sheet
Standardized
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
195.8 |
169.8 |
193.3 |
230.4 |
188.0 |
|
Cash and Short Term Investments |
195.8 |
169.8 |
193.3 |
230.4 |
188.0 |
|
Trade Accounts Receivable - Net |
271.1 |
273.7 |
250.5 |
232.9 |
195.4 |
|
Total Receivables, Net |
271.1 |
273.7 |
250.5 |
232.9 |
195.4 |
|
Inventories - Finished Goods |
175.2 |
174.9 |
154.4 |
143.9 |
127.2 |
|
Inventories - Work In Progress |
185.9 |
227.1 |
204.0 |
174.8 |
181.4 |
|
Inventories - Raw Materials |
185.3 |
159.8 |
163.1 |
143.7 |
132.0 |
|
Inventories - Other |
55.0 |
56.9 |
50.1 |
48.6 |
47.2 |
|
Total Inventory |
601.4 |
618.7 |
571.6 |
511.0 |
487.8 |
|
Restricted Cash - Current |
3.0 |
3.3 |
3.0 |
2.9 |
2.5 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
8.6 |
- |
|
Other Current Assets |
97.8 |
101.6 |
97.4 |
65.3 |
80.3 |
|
Other Current Assets, Total |
100.8 |
104.9 |
100.4 |
76.8 |
82.8 |
|
Total Current Assets |
1,169.1 |
1,167.1 |
1,115.8 |
1,051.1 |
954.0 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
249.4 |
265.9 |
246.8 |
233.7 |
218.7 |
|
Goodwill, Net |
96.4 |
100.1 |
98.4 |
98.3 |
48.4 |
|
Intangibles - Gross |
159.3 |
159.8 |
158.8 |
153.9 |
38.3 |
|
Accumulated Intangible Amortization |
-26.2 |
-22.2 |
-22.5 |
-17.8 |
-13.6 |
|
Intangibles, Net |
133.1 |
137.6 |
136.3 |
136.1 |
56.0 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
- |
12.5 |
- |
|
Other Long Term Assets |
22.4 |
29.2 |
26.6 |
18.1 |
- |
|
Other Long Term Assets, Total |
22.4 |
29.2 |
26.6 |
30.6 |
- |
|
Total Assets |
1,670.4 |
1,699.9 |
1,623.9 |
1,549.8 |
1,277.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
76.5 |
82.0 |
81.0 |
64.0 |
60.1 |
|
Notes Payable/Short Term Debt |
217.0 |
185.5 |
185.5 |
185.5 |
27.1 |
|
Current Portion - Long Term Debt/Capital Leases |
53.6 |
42.1 |
30.9 |
28.9 |
- |
|
Customer Advances |
250.6 |
259.3 |
264.0 |
242.2 |
211.7 |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
9.2 |
- |
|
Other Current Liabilities |
321.8 |
332.8 |
309.9 |
301.7 |
292.7 |
|
Other Current liabilities, Total |
572.4 |
592.1 |
573.9 |
553.1 |
504.4 |
|
Total Current Liabilities |
919.5 |
901.7 |
871.3 |
831.5 |
591.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
40.8 |
60.2 |
79.0 |
86.6 |
94.3 |
|
Total Long Term Debt |
40.8 |
60.2 |
79.0 |
86.6 |
94.3 |
|
Total Debt |
311.4 |
287.8 |
295.4 |
301.0 |
121.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
- |
- |
18.8 |
- |
|
Deferred Income Tax |
- |
- |
- |
18.8 |
- |
|
Minority Interest |
3.6 |
3.4 |
3.2 |
2.7 |
2.2 |
|
Pension Benefits - Underfunded |
- |
- |
- |
39.4 |
- |
|
Other Long Term Liabilities |
107.0 |
107.2 |
102.1 |
46.1 |
97.2 |
|
Other Liabilities, Total |
107.0 |
107.2 |
102.1 |
85.5 |
97.2 |
|
Total Liabilities |
1,070.9 |
1,072.5 |
1,055.6 |
1,025.1 |
785.3 |
|
|
|
|
|
|
|
|
Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Common Stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Additional Paid-In Capital |
- |
- |
- |
21.7 |
- |
|
Retained Earnings (Accumulated Deficit) |
- |
- |
- |
349.2 |
- |
|
Treasury Stock - Common |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Other Equity |
598.1 |
626.0 |
566.9 |
- |
490.4 |
|
Other Comprehensive Income |
- |
- |
- |
152.4 |
- |
|
Other Equity, Total |
598.1 |
626.0 |
566.9 |
152.4 |
490.4 |
|
Total Equity |
599.5 |
627.4 |
568.3 |
524.7 |
491.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,670.4 |
1,699.9 |
1,623.9 |
1,549.8 |
1,277.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
165.8 |
165.8 |
165.5 |
165.2 |
164.8 |
|
Total Common Shares Outstanding |
165.8 |
165.8 |
165.5 |
165.2 |
164.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Shares Outstanding - Preferred Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Stock Outstanding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Treasury Shares - Preferred Primary Issue |
0.0 |
0.0 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
26.2 |
22.2 |
22.5 |
17.8 |
13.6 |
|
Deferred Revenue - Current |
250.6 |
259.3 |
264.0 |
242.2 |
211.7 |
|
Deferred Revenue - Long Term |
- |
- |
- |
29.3 |
- |
|
Total Long Term Debt, Supplemental |
94.4 |
102.3 |
109.9 |
115.5 |
121.4 |
|
Long Term Debt Maturing within 1 Year |
53.6 |
42.1 |
30.9 |
28.9 |
27.1 |
|
Long Term Debt Maturing in Year 2 |
19.8 |
29.4 |
38.7 |
83.7 |
46.2 |
|
Long Term Debt Maturing in Year 3 |
19.8 |
29.4 |
38.7 |
1.1 |
46.2 |
|
Long Term Debt Maturing in Year 4 |
0.6 |
0.6 |
0.7 |
0.7 |
0.7 |
|
Long Term Debt Maturing in Year 5 |
0.6 |
0.6 |
0.7 |
0.6 |
0.7 |
|
Long Term Debt Maturing in 2-3 Years |
39.5 |
58.7 |
77.3 |
84.8 |
92.3 |
|
Long Term Debt Maturing in 4-5 Years |
1.2 |
1.2 |
1.3 |
1.3 |
1.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.1 |
0.3 |
0.4 |
0.5 |
0.7 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
57.4 |
- |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
15.0 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
- |
- |
12.6 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
- |
9.7 |
- |
|
Operating Lease Payments Due in Year 4 |
- |
- |
- |
8.0 |
- |
|
Operating Lease Payments Due in Year 5 |
- |
- |
- |
7.0 |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
- |
22.3 |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
- |
15.0 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
5.1 |
- |
Annual Cash Flows
Standardized
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
Depreciation |
36.1 |
29.7 |
29.3 |
27.9 |
26.0 |
|
Depreciation/Depletion |
36.1 |
29.7 |
29.3 |
27.9 |
26.0 |
|
Deferred Taxes |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Unusual Items |
1.0 |
-1.3 |
0.0 |
0.0 |
- |
|
Other Non-Cash Items |
32.2 |
32.9 |
29.0 |
2.5 |
0.6 |
|
Non-Cash Items |
33.2 |
31.6 |
29.0 |
2.5 |
0.6 |
|
Accounts Receivable |
-27.3 |
-9.4 |
33.0 |
-30.0 |
0.1 |
|
Inventories |
-68.0 |
-4.4 |
-16.5 |
-3.5 |
-5.9 |
|
Other Assets |
-11.5 |
2.0 |
5.4 |
-12.5 |
10.1 |
|
Accounts Payable |
6.5 |
5.7 |
-39.3 |
2.3 |
-7.0 |
|
Other Liabilities |
93.9 |
15.7 |
1.8 |
22.9 |
-18.0 |
|
Changes in Working Capital |
-6.4 |
9.6 |
-15.6 |
-20.8 |
-20.7 |
|
Cash from Operating Activities |
156.1 |
149.8 |
106.9 |
107.6 |
85.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-31.9 |
-16.3 |
-47.4 |
-26.2 |
-25.2 |
|
Capital Expenditures |
-31.9 |
-16.3 |
-47.4 |
-26.2 |
-25.2 |
|
Acquisition of Business |
-269.8 |
-1.9 |
-11.4 |
-8.3 |
-25.2 |
|
Sale of Fixed Assets |
2.7 |
- |
- |
- |
- |
|
Sale/Maturity of Investment |
0.0 |
0.0 |
9.8 |
3.0 |
46.5 |
|
Purchase of Investments |
- |
0.0 |
-0.1 |
-0.5 |
-3.5 |
|
Other Investing Cash Flow |
- |
- |
- |
- |
2.3 |
|
Other Investing Cash Flow Items, Total |
-267.1 |
-1.9 |
-1.7 |
-5.8 |
20.1 |
|
Cash from Investing Activities |
-299.0 |
-18.2 |
-49.1 |
-32.0 |
-5.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.1 |
-0.9 |
-410.4 |
-84.5 |
-103.5 |
|
Financing Cash Flow Items |
-1.1 |
-0.9 |
-410.4 |
-84.5 |
-103.5 |
|
Sale/Issuance of
Common |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Common Stock, Net |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Issuance (Retirement) of Stock, Net |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Short Term Debt, Net |
185.0 |
-62.4 |
33.1 |
-10.5 |
11.1 |
|
Long Term Debt Issued |
0.0 |
1.6 |
166.1 |
0.0 |
2.5 |
|
Long Term Debt
Reduction |
-21.6 |
-23.9 |
-26.2 |
-7.0 |
-16.9 |
|
Long Term Debt, Net |
-21.6 |
-22.3 |
139.9 |
-7.0 |
-14.4 |
|
Issuance (Retirement) of Debt, Net |
163.4 |
-84.7 |
173.0 |
-17.5 |
-3.3 |
|
Cash from Financing Activities |
168.3 |
-84.1 |
-233.7 |
-82.4 |
-105.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.1 |
-6.6 |
9.7 |
28.0 |
24.0 |
|
Net Change in Cash |
23.3 |
40.9 |
-166.2 |
21.2 |
-0.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
207.1 |
166.2 |
332.4 |
311.2 |
311.5 |
|
Net Cash - Ending Balance |
230.4 |
207.1 |
166.2 |
332.4 |
311.2 |
|
Cash Interest Paid |
4.5 |
6.3 |
10.8 |
3.3 |
3.2 |
|
Cash Taxes Paid |
38.7 |
54.2 |
38.7 |
51.9 |
65.7 |
Interim Cash Flows
Standardized
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
9 Months |
6 Months |
3 Months |
12 Months |
9 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
54.4 |
34.3 |
11.7 |
96.8 |
66.8 |
|
Depreciation |
39.3 |
25.7 |
11.9 |
36.1 |
23.8 |
|
Depreciation/Depletion |
39.3 |
25.7 |
11.9 |
36.1 |
23.8 |
|
Deferred Taxes |
-1.6 |
-4.3 |
-4.2 |
-3.6 |
-7.5 |
|
Unusual Items |
0.0 |
0.0 |
- |
1.0 |
0.0 |
|
Other Non-Cash Items |
37.7 |
24.2 |
9.0 |
32.2 |
7.2 |
|
Non-Cash Items |
37.7 |
24.2 |
9.0 |
33.2 |
7.2 |
|
Accounts Receivable |
-38.5 |
-28.4 |
-10.2 |
-27.3 |
-11.4 |
|
Inventories |
-114.6 |
-82.0 |
-44.2 |
-68.0 |
-55.5 |
|
Other Assets |
- |
- |
- |
-11.5 |
- |
|
Accounts Payable |
11.6 |
13.0 |
14.3 |
6.5 |
10.8 |
|
Other Liabilities |
7.5 |
2.9 |
13.8 |
93.9 |
-2.1 |
|
Other Assets & Liabilities, Net |
-0.2 |
-11.0 |
-31.5 |
- |
30.6 |
|
Changes in Working Capital |
-134.2 |
-105.5 |
-57.8 |
-6.4 |
-27.6 |
|
Cash from Operating Activities |
-4.4 |
-25.6 |
-29.4 |
156.1 |
62.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-38.4 |
-31.2 |
-9.9 |
-31.9 |
-20.5 |
|
Capital Expenditures |
-38.4 |
-31.2 |
-9.9 |
-31.9 |
-20.5 |
|
Acquisition of Business |
-1.3 |
-1.3 |
-0.2 |
-269.8 |
-37.8 |
|
Sale of Fixed Assets |
- |
- |
- |
2.7 |
- |
|
Sale/Maturity of Investment |
- |
- |
- |
0.0 |
- |
|
Purchase of Investments |
- |
- |
- |
0.0 |
- |
|
Other Investing Cash Flow Items, Total |
-1.3 |
-1.3 |
-0.2 |
-267.1 |
-37.8 |
|
Cash from Investing Activities |
-39.7 |
-32.5 |
-10.1 |
-299.0 |
-58.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.1 |
-3.0 |
-0.8 |
-1.1 |
-0.9 |
|
Financing Cash Flow Items |
-2.1 |
-3.0 |
-0.8 |
-1.1 |
-0.9 |
|
Sale/Issuance of
Common |
3.1 |
3.0 |
2.5 |
6.0 |
2.7 |
|
Common Stock, Net |
3.1 |
3.0 |
2.5 |
6.0 |
2.7 |
|
Issuance (Retirement) of Stock, Net |
3.1 |
3.0 |
2.5 |
6.0 |
2.7 |
|
Short Term Debt, Net |
31.0 |
-0.3 |
0.0 |
185.0 |
-0.5 |
|
Long Term Debt Issued |
- |
- |
- |
0.0 |
- |
|
Long Term Debt
Reduction |
-21.5 |
-13.7 |
-5.8 |
-21.6 |
-15.8 |
|
Long Term Debt, Net |
-21.5 |
-13.7 |
-5.8 |
-21.6 |
-15.8 |
|
Issuance (Retirement) of Debt, Net |
9.5 |
-14.0 |
-5.8 |
163.4 |
-16.3 |
|
Cash from Financing Activities |
10.5 |
-14.0 |
-4.1 |
168.3 |
-14.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.0 |
11.5 |
6.5 |
-2.1 |
-9.0 |
|
Net Change in Cash |
-34.6 |
-60.6 |
-37.1 |
23.3 |
-19.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
230.4 |
230.4 |
230.4 |
207.1 |
207.1 |
|
Net Cash - Ending Balance |
195.8 |
169.8 |
193.3 |
230.4 |
188.0 |
|
Cash Interest Paid |
- |
- |
- |
4.5 |
- |
|
Cash Taxes Paid |
- |
- |
- |
38.7 |
- |
Annual Income Statement
As Reported
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Product Revenue |
1,145.4 |
985.3 |
974.9 |
913.2 |
758.9 |
|
Service Revenue |
151.1 |
122.4 |
126.9 |
115.4 |
87.9 |
|
Other Revenue |
8.4 |
6.8 |
5.3 |
3.8 |
4.6 |
|
Total Revenue |
1,304.9 |
1,114.5 |
1,107.1 |
1,032.4 |
851.4 |
|
|
|
|
|
|
|
|
Cost of revenues |
619.5 |
525.2 |
527.5 |
483.2 |
397.7 |
|
Cost of Service Revenue |
79.4 |
70.7 |
74.6 |
73.6 |
53.2 |
|
Sales & Marketing |
- |
- |
- |
160.1 |
134.0 |
|
Selling, general and administrative |
297.3 |
253.3 |
252.7 |
59.6 |
52.0 |
|
Restructuring charges |
0.2 |
0.2 |
2.3 |
0.0 |
0.0 |
|
Amortization of acquisition-related inta |
5.8 |
1.8 |
1.8 |
- |
- |
|
Research & Development |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Acquisition-related charges, net of barg |
1.8 |
0.8 |
6.2 |
7.4 |
5.6 |
|
Transition-related charges incurred in c |
2.8 |
0.0 |
0.0 |
- |
- |
|
Loss on divestiture of business |
1.0 |
0.0 |
0.0 |
- |
- |
|
Impairment charges |
0.0 |
0.7 |
0.0 |
- |
- |
|
Gain on bargain purchase |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Total Operating Expense |
1,149.2 |
977.8 |
998.9 |
894.7 |
745.1 |
|
|
|
|
|
|
|
|
Interest Income |
0.9 |
1.0 |
4.9 |
10.4 |
8.6 |
|
Interest Expense |
-5.6 |
-7.5 |
-11.7 |
-2.3 |
-3.0 |
|
Exchange Gains on Foreign Currency Trans |
-1.5 |
-1.9 |
-11.2 |
-3.9 |
-8.4 |
|
Other Expense |
0.6 |
0.8 |
3.0 |
1.6 |
7.5 |
|
Net Income Before Taxes |
150.1 |
129.1 |
93.2 |
143.5 |
111.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Net Income After Taxes |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncon |
-1.4 |
0.2 |
-0.3 |
-0.3 |
0.0 |
|
Net Income Before Extra. Items |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
164.4 |
163.5 |
162.7 |
161.2 |
159.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Basic EPS Including ExtraOrdinary Item |
0.58 |
0.50 |
0.40 |
0.61 |
0.47 |
|
Diluted Net Income |
95.4 |
81.2 |
64.9 |
98.9 |
74.4 |
|
Diluted Weighted Average Shares |
165.7 |
164.9 |
165.6 |
164.3 |
160.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
Diluted EPS Including ExtraOrd Items |
0.58 |
0.49 |
0.39 |
0.60 |
0.46 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
155.9 |
130.2 |
101.7 |
150.9 |
116.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
55.4 |
48.5 |
30.6 |
46.6 |
38.4 |
|
Normalized Income After Taxes |
100.5 |
81.7 |
71.1 |
104.3 |
78.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
99.1 |
81.9 |
70.8 |
104.0 |
78.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.60 |
0.50 |
0.44 |
0.65 |
0.49 |
|
Diluted Normalized EPS |
0.60 |
0.50 |
0.43 |
0.63 |
0.49 |
|
Research & Development Exp |
141.4 |
126.4 |
133.8 |
110.8 |
102.6 |
|
Amort. of Intangibles |
5.8 |
1.8 |
1.8 |
2.0 |
2.2 |
|
Interest Expense |
5.6 |
7.5 |
11.7 |
2.3 |
3.0 |
|
Rental Expense |
15.8 |
13.8 |
10.7 |
7.8 |
5.4 |
|
Depreciation |
30.3 |
27.9 |
27.5 |
25.9 |
23.8 |
|
Advertising Expenses |
9.1 |
6.9 |
6.2 |
6.2 |
5.1 |
|
Current Tax - Federal |
0.3 |
1.6 |
0.2 |
3.1 |
0.0 |
|
Current Tax - State |
0.0 |
0.8 |
0.4 |
0.7 |
0.6 |
|
Current Tax - Foreign |
56.6 |
47.8 |
28.4 |
41.7 |
30.4 |
|
Current Tax - Total |
56.9 |
50.2 |
29.0 |
45.5 |
31.0 |
|
Deferred Tax - Federal |
0.3 |
-0.4 |
0.6 |
-1.2 |
0.2 |
|
Deferred Tax - State |
0.0 |
0.0 |
0.3 |
-0.5 |
0.1 |
|
Deferred Tax - Foreign |
-3.9 |
-1.7 |
-1.9 |
0.5 |
5.3 |
|
Deferred Tax - Total |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Income Tax - Total |
53.3 |
48.1 |
28.0 |
44.3 |
36.6 |
|
Gross profit |
- |
518.6 |
- |
475.6 |
400.5 |
|
Operating income |
- |
136.7 |
- |
137.7 |
106.3 |
|
Service Cost - Pension |
3.9 |
4.2 |
3.4 |
3.5 |
3.1 |
|
Interest Cost - Pension |
4.4 |
5.3 |
4.0 |
3.0 |
2.5 |
|
Expected return on plan assets - Pension |
-3.4 |
-3.5 |
-4.0 |
-2.8 |
-2.6 |
|
Amortization - Pension |
0.6 |
1.0 |
0.0 |
0.0 |
0.6 |
|
Domestic Pension Plan Expense |
5.5 |
7.0 |
3.4 |
3.7 |
3.6 |
|
Defined Contribution Plan |
2.5 |
2.7 |
2.6 |
2.5 |
2.4 |
|
Total Pension Expense |
8.0 |
9.7 |
6.0 |
6.2 |
6.0 |
|
Discount Rate - Pension |
1.20% |
2.00% |
2.00% |
2.20% |
2.20% |
|
Expected return on plan assets |
3.50% |
3.50% |
4.30% |
4.30% |
3.80% |
|
Compensation Rate - Pension |
1.00% |
1.00% |
1.50% |
1.50% |
1.50% |
Interim Income Statement
As Reported
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Calculated |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Product Revenue |
366.5 |
352.1 |
312.1 |
364.7 |
269.7 |
|
Service revenue |
49.8 |
46.8 |
43.6 |
48.0 |
39.1 |
|
Other revenue |
2.1 |
2.3 |
1.3 |
3.4 |
1.4 |
|
Total Revenue |
418.4 |
401.2 |
357.0 |
416.1 |
310.2 |
|
|
|
|
|
|
|
|
Cost of revenues |
198.4 |
188.2 |
167.4 |
192.7 |
143.5 |
|
Cost of Sales Service Revenue |
26.4 |
25.9 |
24.5 |
26.3 |
19.8 |
|
Amortization of acquisition-related inta |
4.2 |
3.5 |
3.3 |
- |
- |
|
Selling, general and administrative |
101.3 |
97.5 |
88.7 |
95.0 |
72.2 |
|
Write-off of deferred offering costs |
3.4 |
0.0 |
0.0 |
- |
0.0 |
|
Amortization of acquisition-related inta |
0.8 |
0.7 |
0.6 |
4.1 |
1.0 |
|
Acquisition-related charges |
0.3 |
0.0 |
0.6 |
0.1 |
1.0 |
|
Transition-related charges incurred in c |
0.3 |
1.2 |
1.5 |
1.9 |
0.9 |
|
Professional fees incurred in connection |
2.0 |
1.2 |
0.0 |
- |
- |
|
Loss on divestiture of business |
0.0 |
0.0 |
0.0 |
- |
- |
|
Restructuring charges |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other charges (credits), net |
0.3 |
0.0 |
0.0 |
-0.5 |
- |
|
Research & Development |
43.5 |
44.3 |
44.7 |
44.9 |
32.5 |
|
Total Operating Expense |
380.9 |
362.5 |
331.3 |
364.5 |
270.9 |
|
|
|
|
|
|
|
|
Interest Income |
0.2 |
0.2 |
0.2 |
0.5 |
0.1 |
|
Interest Expense |
-1.7 |
-1.6 |
-1.5 |
-1.6 |
-1.2 |
|
Exchange Losses on Foreign Currency |
3.0 |
-3.8 |
-2.9 |
0.5 |
-0.1 |
|
Other |
0.4 |
-0.5 |
-0.8 |
0.6 |
0.1 |
|
Net Income Before Taxes |
39.4 |
33.0 |
20.7 |
51.6 |
38.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
19.3 |
10.4 |
9.0 |
21.6 |
10.3 |
|
Net Income After Taxes |
20.1 |
22.6 |
11.7 |
30.0 |
27.9 |
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncon |
-0.3 |
-0.5 |
-0.4 |
-0.7 |
-0.5 |
|
Net Income Before Extra. Items |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
Net Income |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
165.6 |
165.4 |
165.2 |
164.7 |
164.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Basic EPS Including ExtraOrdinary Item |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Diluted Net Income |
19.8 |
22.1 |
11.3 |
29.3 |
27.4 |
|
Diluted Weighted Average Shares |
166.9 |
167.3 |
166.7 |
166.1 |
165.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
Diluted EPS Including ExtraOrd Items |
0.12 |
0.13 |
0.07 |
0.18 |
0.17 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
43.4 |
34.2 |
22.8 |
53.6 |
40.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
21.3 |
10.8 |
9.9 |
22.4 |
10.8 |
|
Normalized Income After Taxes |
22.1 |
23.4 |
12.9 |
31.2 |
29.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
21.8 |
22.9 |
12.5 |
30.5 |
28.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.13 |
0.14 |
0.08 |
0.18 |
0.18 |
|
Diluted Normalized EPS |
0.13 |
0.14 |
0.07 |
0.18 |
0.17 |
|
Research & Development Exp |
43.5 |
44.3 |
44.7 |
44.9 |
32.5 |
|
Interest Expense |
1.7 |
1.6 |
1.5 |
1.6 |
1.2 |
|
Amort of Intangibles |
5.0 |
4.2 |
3.9 |
3.6 |
1.0 |
|
Depreciation |
8.6 |
9.6 |
8.0 |
8.7 |
6.9 |
|
Gross profit |
- |
- |
- |
-262.0 |
- |
|
Operating income |
-37.5 |
-38.7 |
-25.7 |
13.2 |
- |
|
Service Cost - Pension |
1.6 |
1.3 |
1.0 |
0.6 |
1.3 |
|
Interest Cost - Pension |
1.8 |
1.5 |
1.3 |
0.4 |
1.5 |
|
Expected Return on Assets - Pension |
-1.1 |
-1.0 |
-0.8 |
-0.7 |
-0.9 |
|
Amort. of Pension |
0.2 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Domestic Pension Plan Expense |
2.5 |
1.8 |
1.5 |
0.4 |
1.9 |
|
Total Pension Expense |
2.5 |
1.8 |
1.5 |
0.4 |
1.9 |
Annual Balance Sheet
As Reported
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
230.4 |
207.1 |
166.2 |
332.4 |
52.1 |
|
Restricted cash |
2.9 |
2.0 |
1.5 |
12.2 |
0.0 |
|
Accounts Receivable |
238.0 |
189.5 |
177.3 |
191.3 |
82.0 |
|
Provision for Doubtful Account |
-5.1 |
-5.4 |
-5.4 |
-6.1 |
-2.4 |
|
Due from Affiliated Companies |
- |
- |
- |
- |
9.0 |
|
Raw Materials |
143.7 |
108.8 |
115.8 |
117.6 |
45.4 |
|
Work in Progress |
174.8 |
134.6 |
129.6 |
138.0 |
42.3 |
|
Demonstration Units |
48.6 |
41.3 |
36.7 |
37.2 |
14.7 |
|
Finished Goods |
143.9 |
138.1 |
143.0 |
153.6 |
32.2 |
|
Deferred tax assets |
8.6 |
7.9 |
21.6 |
- |
- |
|
Other current assets |
65.3 |
49.9 |
34.4 |
57.5 |
19.5 |
|
Total Current Assets |
1,051.1 |
873.8 |
820.7 |
1,033.7 |
294.7 |
|
|
|
|
|
|
|
|
Land |
28.3 |
29.1 |
28.3 |
27.2 |
10.4 |
|
Buildings |
231.5 |
233.8 |
226.0 |
210.4 |
88.5 |
|
Machinery & Equipments |
281.0 |
254.5 |
231.8 |
221.5 |
73.0 |
|
Depreciation |
-307.1 |
-294.0 |
-264.8 |
-251.5 |
-81.6 |
|
Restricted Cash |
- |
- |
- |
- |
1.1 |
|
Other |
- |
- |
- |
- |
1.6 |
|
Goodwill |
98.3 |
47.5 |
46.4 |
40.8 |
39.8 |
|
Long-term deferred tax assets |
12.5 |
13.4 |
13.6 |
- |
- |
|
Existing Technology & Related Patents |
112.0 |
14.4 |
14.1 |
13.3 |
6.2 |
|
Customer Relationships |
20.2 |
2.0 |
1.6 |
1.1 |
1.1 |
|
Trade Names |
0.4 |
0.4 |
0.4 |
0.4 |
0.7 |
|
In-process research and development |
21.3 |
0.0 |
- |
- |
- |
|
Accumulated Amortization |
-17.8 |
-11.9 |
-10.1 |
-8.6 |
-2.4 |
|
Other long-term assets |
18.1 |
9.3 |
8.3 |
22.4 |
- |
|
Total Assets |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
Short-term borrowings |
185.5 |
0.1 |
22.7 |
13.2 |
19.4 |
|
Current Portion of Long Term Debts |
28.9 |
21.9 |
18.3 |
22.4 |
2.5 |
|
Accounts Payable |
64.0 |
49.8 |
43.3 |
52.3 |
23.1 |
|
Customer deposits |
242.2 |
219.2 |
199.6 |
233.5 |
49.5 |
|
Due to Affiliate |
- |
- |
- |
- |
5.9 |
|
Accrued Expense |
68.8 |
55.2 |
39.3 |
161.2 |
- |
|
Deferred revenue |
70.3 |
51.1 |
44.7 |
39.9 |
- |
|
Tax Payable |
61.5 |
39.2 |
38.6 |
29.4 |
- |
|
Accrued warranty |
28.4 |
22.9 |
24.5 |
- |
- |
|
Other accrued expenses |
65.9 |
62.5 |
78.1 |
- |
- |
|
Derivative liabilities |
6.8 |
5.3 |
- |
- |
- |
|
Other current liabilities |
- |
- |
- |
- |
94.8 |
|
Deferred tax liabilities |
9.2 |
13.3 |
10.6 |
9.2 |
- |
|
Total Current Liabilities |
831.5 |
540.5 |
519.7 |
561.1 |
195.1 |
|
|
|
|
|
|
|
|
Long term debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
Total Long Term Debt |
86.6 |
115.7 |
182.8 |
8.6 |
22.9 |
|
|
|
|
|
|
|
|
Accrued Pension |
39.4 |
27.7 |
31.9 |
21.8 |
11.1 |
|
Other long-term liabilities |
16.8 |
10.3 |
12.8 |
44.6 |
12.4 |
|
Noncontrolling interest in consolidated |
2.7 |
1.6 |
0.8 |
0.5 |
0.2 |
|
Long-term deferred revenue |
29.3 |
34.1 |
35.4 |
39.1 |
- |
|
Long-term deferred tax liabilities |
18.8 |
25.2 |
21.0 |
- |
- |
|
Total Liabilities |
1,025.1 |
755.1 |
804.4 |
675.7 |
241.7 |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value 260,000,00 |
1.6 |
1.6 |
1.6 |
1.6 |
1.0 |
|
Additional paid-in capital |
21.7 |
8.4 |
0.0 |
202.3 |
149.5 |
|
Retained earnings |
349.2 |
253.8 |
172.6 |
282.6 |
17.5 |
|
Accumulated other comprehensive income |
152.4 |
153.5 |
137.8 |
148.5 |
23.5 |
|
Treasury stock at cost, 13,295 at Decemb |
-0.2 |
-0.1 |
-0.1 |
0.0 |
- |
|
Total Equity |
524.7 |
417.2 |
311.9 |
635.0 |
191.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,549.8 |
1,172.3 |
1,116.3 |
1,310.7 |
433.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
Total Common Shares Outstanding |
165.2 |
164.4 |
164.1 |
163.3 |
102.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
S/O-Preferred Stock |
0.0 |
0.0 |
- |
- |
- |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Revenue - Current |
312.5 |
270.3 |
244.3 |
273.4 |
49.5 |
|
Deferred Revenues Long Term |
29.3 |
34.1 |
35.4 |
39.1 |
- |
|
Accumulated Intangible Amortization |
17.8 |
11.9 |
10.1 |
8.6 |
2.4 |
|
Full-Time Employees |
5,400 |
4,500 |
4,400 |
4,250 |
1,905 |
|
Number of Common Shareholders |
85 |
92 |
105 |
116 |
96 |
|
Long Term Debt Maturing within 1 Year |
28.9 |
21.9 |
18.3 |
18.7 |
2.5 |
|
Long Term Debt Maturing within 2 Years |
83.7 |
28.9 |
25.4 |
2.2 |
16.9 |
|
Long Term Debt Maturing within 3 Years |
1.1 |
83.7 |
32.1 |
1.7 |
2.1 |
|
Long Term Debt Maturing within 4 Years |
0.7 |
1.2 |
86.2 |
1.2 |
1.6 |
|
Long Term Debt Maturing within 5 Years |
0.6 |
0.7 |
37.5 |
1.0 |
1.1 |
|
Long Term Debt Remaining Maturities |
0.5 |
1.2 |
1.6 |
0.3 |
1.2 |
|
Total Long Term Debt, Supplemental |
115.5 |
137.6 |
201.1 |
25.1 |
25.3 |
|
Operating Leases Maturing within 1 Year |
15.0 |
11.3 |
9.6 |
4.9 |
3.6 |
|
Operating Leases Maturing within 2 Years |
12.6 |
9.9 |
7.2 |
4.6 |
3.1 |
|
Operating Leases Maturing within 3 Years |
9.7 |
8.2 |
6.1 |
3.7 |
2.8 |
|
Operating Leases Maturing within 4 Years |
8.0 |
6.3 |
5.0 |
3.4 |
2.4 |
|
Operating Leases Maturing within 5 Years |
7.0 |
5.6 |
4.1 |
3.5 |
2.4 |
|
Operating Leases Maturing Thereafter |
5.1 |
2.0 |
5.6 |
1.3 |
0.3 |
|
Total Operating Leases |
57.4 |
43.3 |
37.6 |
21.4 |
14.7 |
|
Projected Benefit Obligation - Pension |
151.7 |
124.9 |
113.6 |
101.3 |
11.1 |
|
FV of Plan Assets - Pension |
111.3 |
95.7 |
80.9 |
83.9 |
- |
|
Funded Status - Pension |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Accumulated Benefit Obligation - Pension |
144.8 |
118.0 |
107.0 |
- |
10.9 |
|
Total Funded Status |
-40.4 |
-29.2 |
-32.7 |
-17.4 |
-11.1 |
|
Discount Rate - Pension |
1.20% |
2.00% |
2.00% |
2.20% |
4.50% |
|
Expected Rate of Return - Pension |
3.50% |
3.50% |
4.30% |
4.30% |
- |
|
Compensation Rate - Pension |
1.00% |
1.00% |
1.50% |
1.50% |
2.50% |
|
Non-current assets - Pension |
- |
- |
0.0 |
0.0 |
- |
|
Current liabilities - Pension |
-1.0 |
-1.5 |
-0.8 |
-0.3 |
- |
|
Accrued Benefit Liability - Pension |
-39.4 |
-27.7 |
-31.9 |
-21.8 |
- |
|
Other Comprehensive Inc./Loss - Pension |
-25.8 |
-12.2 |
-20.5 |
-4.9 |
- |
|
Net Assets Recognized on Balance Sheet |
-66.2 |
-41.4 |
-53.2 |
-27.0 |
- |
|
Debt Securities % - Pension |
43.04% |
45.00% |
- |
43.00% |
- |
|
Equity Securities % - Pension |
32.26% |
30.00% |
- |
31.00% |
- |
|
Cash % - Pension |
7.28% |
5.00% |
- |
12.00% |
- |
|
Real Estate % - Pension |
11.67% |
10.00% |
- |
8.00% |
- |
|
Property % - Pension |
5.75% |
10.00% |
- |
6.00% |
- |
Interim Balance Sheet
As Reported
|
Financials in:
REP (mil) Except for share
items (millions) and per share items (actual units) |
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted ca |
195.8 |
169.8 |
193.3 |
230.4 |
188.0 |
|
Restricted cash |
3.0 |
3.3 |
3.0 |
2.9 |
2.5 |
|
Accounts Receivable |
271.1 |
273.7 |
250.5 |
232.9 |
195.4 |
|
Raw Materials |
185.3 |
159.8 |
163.1 |
143.7 |
132.0 |
|
Work-in-Process |
185.9 |
227.1 |
204.0 |
174.8 |
181.4 |
|
Demonstration Units |
55.0 |
56.9 |
50.1 |
48.6 |
47.2 |
|
Finished Goods |
175.2 |
174.9 |
154.4 |
143.9 |
127.2 |
|
Deferred tax assets |
- |
- |
- |
8.6 |
- |
|
Other current assets |
97.8 |
101.6 |
97.4 |
65.3 |
80.3 |
|
Total Current Assets |
1,169.1 |
1,167.1 |
1,115.8 |
1,051.1 |
954.0 |
|
|
|
|
|
|
|
|
Property and equipment net |
249.4 |
265.9 |
246.8 |
233.7 |
218.7 |
|
Goodwill |
96.4 |
100.1 |
98.4 |
98.3 |
48.4 |
|
Long-term deferred tax assets |
- |
- |
- |
12.5 |
- |
|
Other long-term assets |
22.4 |
29.2 |
26.6 |
18.1 |
- |
|
Intangible and other long-term assets |
- |
- |
- |
- |
31.3 |
|
Existing Technology & Related Patents |
129.4 |
116.4 |
115.6 |
112.0 |
20.1 |
|
Customer Relationships |
21.5 |
21.7 |
21.5 |
20.2 |
17.8 |
|
Trade Names |
0.5 |
0.4 |
0.4 |
0.4 |
0.4 |
|
In-process research and development |
7.9 |
21.3 |
21.3 |
21.3 |
- |
|
Accumulated Amortization |
-26.2 |
-22.2 |
-22.5 |
-17.8 |
-13.6 |
|
Total Assets |
1,670.4 |
1,699.9 |
1,623.9 |
1,549.8 |
1,277.1 |
|
|
|
|
|
|
|
|
Short-term borrowings, including current |
217.0 |
185.5 |
185.5 |
185.5 |
27.1 |
|
Current portion of long-term debt |
53.6 |
42.1 |
30.9 |
28.9 |
- |
|
Accounts Payable |
76.5 |
82.0 |
81.0 |
64.0 |
60.1 |
|
Customer deposits |
250.6 |
259.3 |
264.0 |
242.2 |
211.7 |
|
Deferred tax liabilities |
- |
- |
- |
9.2 |
- |
|
Other current liabilities |
321.8 |
332.8 |
309.9 |
301.7 |
292.7 |
|
Total Current Liabilities |
919.5 |
901.7 |
871.3 |
831.5 |
591.6 |
|
|
|
|
|
|
|
|
Long-term debt |
40.8 |
60.2 |
79.0 |
86.6 |
94.3 |
|
Total Long Term Debt |
40.8 |
60.2 |
79.0 |
86.6 |
94.3 |
|
|
|
|
|
|
|
|
Long-term deferred revenue |
- |
- |
- |
29.3 |
- |
|
Long-term deferred tax liabilities |
- |
- |
- |
18.8 |
- |
|
Accrued pension |
- |
- |
- |
39.4 |
- |
|
Other long-term liabilities |
107.0 |
107.2 |
102.1 |
16.8 |
97.2 |
|
Noncontrolling interest in consolidated |
3.6 |
3.4 |
3.2 |
2.7 |
2.2 |
|
Total Liabilities |
1,070.9 |
1,072.5 |
1,055.6 |
1,025.1 |
785.3 |
|
|
|
|
|
|
|
|
Common stock |
1.6 |
1.6 |
1.6 |
1.6 |
1.6 |
|
Treasury stock at cost |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Additional paid-in capital |
- |
- |
- |
21.7 |
- |
|
Retained earnings |
- |
- |
- |
349.2 |
- |
|
Accumulated other comprehensive income |
- |
- |
- |
152.4 |
- |
|
Total shareholders’ equity |
598.1 |
626.0 |
566.9 |
- |
490.4 |
|
Total Equity |
599.5 |
627.4 |
568.3 |
524.7 |
491.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,670.4 |
1,699.9 |
1,623.9 |
1,549.8 |
1,277.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
165.8 |
165.8 |
165.5 |
165.2 |
164.8 |
|
Total Common Shares Outstanding |
165.8 |
165.8 |
165.5 |
165.2 |
164.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
S/O-Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Preferred Shares Outstanding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
T/S-Preferred Stock |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Revenue - Current |
250.6 |
259.3 |
264.0 |
242.2 |
211.7 |
|
Deferred Revenues Long Term |
- |
- |
- |
29.3 |
- |
|
Accumulated Amortization |
26.2 |
22.2 |
22.5 |
17.8 |
13.6 |
|
Long Term Debt Maturing within 1 Year |
53.6 |
42.1 |
30.9 |
28.9 |
27.1 |
|
Long Term Debt Maturing within 2 Years |
- |
- |
- |
83.7 |
- |
|
Long Term Debt Maturing within 3 Years |
39.5 |
58.7 |
77.3 |
1.1 |
92.3 |
|
Long Term Debt Maturing within 4 Years |
- |
- |
- |
0.7 |
- |
|
Long Term Debt Maturing within 5 Years |
1.2 |
1.2 |
1.3 |
0.6 |
1.3 |
|
Long Term Debt Remaining Maturities |
0.1 |
0.3 |
0.4 |
0.5 |
0.7 |
|
Total Long Term Debt, Supplemental |
94.4 |
102.3 |
109.9 |
115.5 |
121.4 |
|
Operating Leases Maturing within 1 Year |
- |
- |
- |
15.0 |
- |
|
Operating Leases Maturing within 2 Years |
- |
- |
- |
12.6 |
- |
|
Operating Leases Maturing within 3 Years |
- |
- |
- |
9.7 |
- |
|
Operating Leases Maturing within 4 Years |
- |
- |
- |
8.0 |
- |
|
Operating Leases Maturing within 5 Years |
- |
- |
- |
7.0 |
- |
|
Operating Leases MaturingThereafter |
- |
- |
- |
5.1 |
- |
|
Total Operating Leases |
- |
- |
- |
57.4 |
- |
Annual Cash Flows
As Reported
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
31-Dec-2006 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
96.8 |
81.0 |
65.2 |
99.2 |
74.4 |
|
Depreciation |
36.1 |
29.7 |
29.3 |
27.9 |
26.0 |
|
Amortization of deferred financing costs |
0.6 |
0.7 |
0.6 |
0.0 |
- |
|
Write down of demonstration inventories |
24.4 |
26.1 |
24.5 |
- |
- |
|
Other non-cash expense (income) |
0.3 |
-0.2 |
-0.6 |
0.3 |
-0.9 |
|
Impairment charges |
- |
- |
0.0 |
0.0 |
- |
|
Gain on bargain purchase |
- |
- |
0.0 |
0.0 |
- |
|
Deferred Tax |
-3.6 |
-2.1 |
-1.0 |
-1.2 |
5.6 |
|
Stock based compensation |
6.9 |
6.3 |
4.5 |
2.2 |
1.5 |
|
Loss on divestiture of business |
1.0 |
0.0 |
0.0 |
- |
- |
|
Gain on bargain purchase |
0.0 |
-1.3 |
0.0 |
- |
- |
|
Other Liabilities |
66.0 |
7.2 |
28.9 |
42.7 |
-10.1 |
|
Accounts Receivable |
-27.3 |
-9.4 |
33.0 |
-30.0 |
0.1 |
|
Other assets |
-11.5 |
2.0 |
5.4 |
-12.5 |
10.1 |
|
Inventories |
-68.0 |
-4.4 |
-16.5 |
-3.5 |
-5.9 |
|
Customer advances |
27.9 |
8.5 |
-27.1 |
-19.8 |
-7.9 |
|
Accounts Payable |
6.5 |
5.7 |
-39.3 |
2.3 |
-7.0 |
|
Cash from Operating Activities |
156.1 |
149.8 |
106.9 |
107.6 |
85.9 |
|
|
|
|
|
|
|
|
Purchases of property plant and equipme |
-31.9 |
-16.3 |
-47.4 |
-26.2 |
-25.2 |
|
Payments in connection with the acquisit |
- |
- |
- |
- |
-5.6 |
|
Payments in connection with the acquisit |
0.0 |
0.0 |
-6.8 |
-4.8 |
0.0 |
|
Acquisition |
-269.8 |
-1.9 |
-4.6 |
-3.5 |
-19.6 |
|
Sales of property, plant and equipment |
2.7 |
- |
- |
- |
- |
|
Purchase of short-term investments |
- |
0.0 |
-0.1 |
-0.5 |
-3.5 |
|
Redemption of short term investments |
0.0 |
0.0 |
9.8 |
3.0 |
46.5 |
|
Changes in restricted cash |
- |
- |
- |
- |
2.3 |
|
Cash from Investing Activities |
-299.0 |
-18.2 |
-49.1 |
-32.0 |
-5.1 |
|
|
|
|
|
|
|
|
Deemed dividend in connection with the a |
0.0 |
0.0 |
-386.0 |
0.0 |
0.0 |
|
Payment of deferred financing costs |
0.0 |
0.0 |
-2.9 |
0.0 |
0.0 |
|
Proceeds from revolving lines of credit, |
185.0 |
-62.4 |
33.1 |
-10.5 |
11.1 |
|
Deemed dividend in connection with the a |
- |
- |
- |
- |
-74.0 |
|
Excess tax benefit related to stock opti |
0.3 |
0.6 |
0.5 |
0.0 |
0.0 |
|
Changes in restricted cash |
-1.3 |
-1.5 |
1.4 |
0.9 |
- |
|
Repayment of term debt |
-21.6 |
-23.9 |
-26.2 |
-7.0 |
-16.9 |
|
Proceeds from term debt |
0.0 |
1.6 |
166.1 |
0.0 |
2.5 |
|
Proceeds from issuance of common stock |
6.0 |
1.5 |
3.7 |
19.6 |
1.7 |
|
Cash payments to shareholders |
-0.1 |
0.0 |
-23.4 |
-85.4 |
-29.5 |
|
Cash from Financing Activities |
168.3 |
-84.1 |
-233.7 |
-82.4 |
-105.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-2.1 |
-6.6 |
9.7 |
28.0 |
24.0 |
|
Net Change in Cash |
23.3 |
40.9 |
-166.2 |
21.2 |
-0.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
207.1 |
166.2 |
332.4 |
311.2 |
311.5 |
|
Net Cash - Ending Balance |
230.4 |
207.1 |
166.2 |
332.4 |
311.2 |
|
Cash Interest Paid |
4.5 |
6.3 |
10.8 |
3.3 |
3.2 |
|
Cash Taxes Paid |
38.7 |
54.2 |
38.7 |
51.9 |
65.7 |
Interim Cash Flows
As Reported
Financials in: REP (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
9 Months |
6 Months |
3 Months |
12 Months |
9 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
54.4 |
34.3 |
11.7 |
96.8 |
66.8 |
|
Depreciation |
39.3 |
25.7 |
11.9 |
36.1 |
23.8 |
|
Amortization of deferred financing costs |
0.4 |
0.3 |
0.1 |
0.6 |
0.5 |
|
Write down of inventories to net realiza |
30.4 |
19.4 |
- |
- |
- |
|
Other non-cash expense |
1.1 |
0.7 |
- |
0.3 |
1.7 |
|
Write down of demonstration inventories |
- |
- |
6.5 |
24.4 |
- |
|
Stock based compensation |
5.8 |
3.8 |
1.8 |
6.9 |
5.0 |
|
Loss on divestiture of business |
0.0 |
0.0 |
- |
1.0 |
- |
|
Gain on bargain purchase |
- |
- |
- |
0.0 |
- |
|
Deferred income taxes |
-1.6 |
-4.3 |
-4.2 |
-3.6 |
-7.5 |
|
Gain on bargain purchase |
- |
- |
- |
- |
0.0 |
|
Other non-cash expenses |
- |
- |
0.6 |
- |
- |
|
Accounts receivable |
-38.5 |
-28.4 |
-10.2 |
-27.3 |
-11.4 |
|
Other assets |
- |
- |
- |
-11.5 |
- |
|
Inventories |
-114.6 |
-82.0 |
-44.2 |
-68.0 |
-55.5 |
|
Accounts payable |
11.6 |
13.0 |
14.3 |
6.5 |
10.8 |
|
Other liabilities |
- |
- |
- |
66.0 |
- |
|
Customer advances |
7.5 |
2.9 |
13.8 |
27.9 |
-2.1 |
|
Other changes in operating assets and li |
-0.2 |
-11.0 |
-31.5 |
- |
30.6 |
|
Cash from Operating Activities |
-4.4 |
-25.6 |
-29.4 |
156.1 |
62.7 |
|
|
|
|
|
|
|
|
Purchases of property plant and equipme |
-38.4 |
-31.2 |
-9.9 |
-31.9 |
-20.5 |
|
Purchase of short term investments |
- |
- |
- |
0.0 |
- |
|
Redemption of short-term investments |
- |
- |
- |
0.0 |
- |
|
Acquisitions net of cash acquired |
-1.3 |
-1.3 |
-0.2 |
-269.8 |
-37.8 |
|
Payments in connection with the acquisit |
- |
- |
- |
0.0 |
- |
|
Sales of property, plant and equipment |
- |
- |
- |
2.7 |
- |
|
Cash from Investing Activities |
-39.7 |
-32.5 |
-10.1 |
-299.0 |
-58.3 |
|
|
|
|
|
|
|
|
Excess tax benefit related to stock opti |
- |
- |
- |
0.3 |
- |
|
Proceeds from revolving lines of credit, |
- |
- |
- |
185.0 |
- |
|
Changes in restricted cash |
-0.4 |
- |
- |
- |
-0.8 |
|
Repayments of revolving lines of credit, |
31.0 |
-0.3 |
0.0 |
- |
-0.5 |
|
Cash payments to noncontrolling interest |
-0.4 |
-0.4 |
- |
- |
-0.1 |
|
Issuance of common stock under stock pla |
3.1 |
3.0 |
2.5 |
6.0 |
2.7 |
|
Changes in restricted cash |
- |
-1.4 |
-0.8 |
-1.3 |
- |
|
Cash payments to shareholders |
- |
- |
- |
-0.1 |
- |
|
Proceeds from term debt |
- |
- |
- |
0.0 |
- |
|
Payment of deferred financing costs |
-1.3 |
-1.2 |
- |
- |
0.0 |
|
Repayment of term debt |
-21.5 |
-13.7 |
-5.8 |
-21.6 |
-15.8 |
|
Cash from Financing Activities |
10.5 |
-14.0 |
-4.1 |
168.3 |
-14.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-1.0 |
11.5 |
6.5 |
-2.1 |
-9.0 |
|
Net Change in Cash |
-34.6 |
-60.6 |
-37.1 |
23.3 |
-19.1 |
|
|
|
|
|
|
|
|
Cash & Equivalents - Beginning Balance |
230.4 |
230.4 |
230.4 |
207.1 |
207.1 |
|
Cash and cash equivalents at end of year |
195.8 |
169.8 |
193.3 |
230.4 |
188.0 |
|
Cash Interest Paid |
- |
- |
- |
4.5 |
- |
|
Cash Taxes Paid |
- |
- |
- |
38.7 |
- |
Geographic Segments
Financials in: As Reported (mil)
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Business Segments
Financials in: As Reported (mil)
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Business Segments
Financials in: As Reported (mil)
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Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating
Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The
U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the revisions
show that the recent recession was deeper than previously assumed, so the GDP
this year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we will
issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.13 |
|
UK Pound |
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.78 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.