WALTHAM, Mass., Apr 30, 2009 (BUSINESS WIRE) --PerkinElmer, Inc. (NYSE: PKI), a global leader focused on improving the health and safety of people and the environment, today reported financial results for the first quarter ended April 5, 2009. The Company reported GAAP earnings per share from continuing operations of $0.13, down from the same period a year ago due primarily to a restructuring charge and a higher tax rate. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the Company announced adjusted earnings per share of $0.26, which exceeds the Company's prior guidance of $0.21-$0.23.
Organic revenue growth, which includes the adjustments noted in the attached reconciliation, was flat as compared to the first quarter of 2008. Revenue from continuing operations in the Human Health and Environmental Health segments decreased by 2% and 9% respectively as compared to the same period a year ago. Organic revenue in the Human Health segment was up by 3% and organic revenue in the Environmental Health segment was down by 3% as compared to the same period a year ago.
"We are pleased to have started 2009 with better than expected results in both revenue and adjusted earnings per share," said Robert Friel, chairman and chief executive officer of PerkinElmer. "Our increased focus on human and environmental health applications and our broad array of service offerings is enabling us to do relatively well despite the challenging economic environment."
GAAP operating profit from continuing operations for the first quarter of 2009 was $25.7 million, compared to $33.4 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, adjusted operating profit for the first quarter of 2009 was $48.4 million as compared to $48.4 million in the first quarter of 2008, representing a 70 basis point expansion in adjusted operating profit margins.
GAAP earnings per share from continuing operations for the first quarter of 2009 was $0.13 as compared to $0.18 for the same period in 2008. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, adjusted earnings per share for the first quarter of 2009 was $0.26, which was flat as compared to $0.26 in the first quarter of 2008.
For the first quarter of 2009, operating cash flow from continuing operations was $18.8 million as compared to $24.9 million from the same period one year ago. In the first quarter of 2009, the Company reduced the amount drawn under an accounts receivable securitization facility by $10.0 million, resulting in an unfavorable impact to operating cash flow. On a non-GAAP basis, which excludes the reduction in the amount outstanding under this facility, the adjusted operating cash flow was $28.8 million in the first quarter of 2009 representing a 16% increase from the same period a year ago.
Financial Overview by Reporting Segment
Human Health reported revenue of $177.3 million for the first quarter of 2009. The segment's GAAP operating profit for the first quarter of 2009 was $12.7 million, compared to $11.8 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment's adjusted operating profit for the first quarter 2009 was $27.6 million, as compared to $23.1 million in the first quarter of 2008. As a percentage of revenue, the segment's adjusted operating profit for the first quarter of 2009 was up 280 basis points as compared to the first quarter of 2008.
Environmental Health reported revenue of $254.3 million for the first quarter of 2009. The segment's GAAP operating profit for the first quarter of 2009 was $20.6 million, compared to $31.6 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment's adjusted operating profit for the first quarter of 2009 was $28.4 million, as compared to $35.4 million in the first quarter of 2008. As a percentage of revenue, the segment's adjusted operating profit for the first quarter of 2009 was down 150 basis points as compared to the first quarter of 2008.
Financial Guidance
"While several of our end markets appear to be stabilizing, we believe there continues to be risk in the global economy. Therefore, despite our strong first quarter financial performance, we feel it prudent, at this time, to keep our full year revenue and adjusted earnings guidance unchanged," said Friel.
In January of 2009, the Company forecasted for the full year 2009 organic revenue growth relative to 2008 to be flat to down mid-single digits. The Company forecasted 2009 earnings per share relative to 2008 to be down mid-single digits to mid-teens on both a GAAP and non-GAAP basis, which includes the impact of stock option expense in both periods.
Conference Call Information
The Company will discuss its first quarter results and its outlook for business trends in a conference call on April 30, 2009 at 5:00 p.m. Eastern Time (ET). To access the call, please dial (617) 213-8052 prior to the scheduled conference call time and provide the access code 77376121. A replay of this conference call will be available approximately two hours after the call. The replay phone number is (617) 801-6888 and the code number is 70103308.
A live audio webcast of the call will be available on the Investor section of the Company's Web site, www.perkinelmer.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Company's Web site for a two week period beginning approximately two hours after the call.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities. Words such as "believes," "intends," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products decline or do not grow as anticipated; (2) fluctuations in the global economic and political environments; (3) our failure to introduce new products in a timely manner; (4) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (5) our failure to adequately protect our intellectual property; (6) the loss of any of our licenses or licensed rights; (7) our ability to compete effectively; (8) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (9) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (10) disruptions in the supply of raw materials and supplies; (11) the manufacture and sale of products may expose us to product liability claims; (12) our failure to maintain compliance with applicable government regulations; (13) regulatory changes; (14) our failure to comply with health care industry regulations; (15) economic, political and other risks associated with foreign operations; (16) our ability to retain key personnel; (17) significant disruption in our information technology systems; (18) restrictions in our credit agreements; (19) our ability to realize the full value of our intangible assets; (20) significant fluctuations in our stock price; (21) reduction or elimination of dividends on our common stock; and (22) other factors which we describe under the caption "Risk Factors" in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
About PerkinElmer
PerkinElmer, Inc. is a global leader focused on improving the health and safety of people and the environment. The Company reported revenue of approximately $2 billion in 2008, has around 8,500 employees serving customers in more than 150 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE.
For more information, see attached document.
SOURCE: PerkinElmer, Inc.
Investor Relations:
PerkinElmer, Inc.
David C. Francisco
781-663-5677
dave.francisco@perkinelmer.com
or
Media Contact:
PerkinElmer, Inc.
Stephanie R. Wasco
781-663-5701
stephanie.wasco@perkinelmer.com
or
Additional Media Contact:
Porter Novelli
Kate Weiss
617-897-8255
kweiss@pnlifesciences.com
Copyright Business Wire 2009