On May 1, Invitrogen (NASDAQ:IVGN) released first-quarter earnings for the period ended March 31.
- Top-line growth was solid, although keep in mind that three percentage points came from positive currency effects and not from product sales.
- Diluted shares outstanding declined by 11.9% in the first quarter, primarily a result of the continued execution of the share-repurchase program. The company repurchased 1.5 million shares for $100 million in first quarter of 2007.
- Invitrogen divested two of its business units, BioReliance and BioSource Europe, in the first quarter of 2007.
- Management expects revenue from continuing operations to increase in the low-to-mid-single digits in 2007.
(Figures in millions, except per-share data.)
Income Statement Highlights
|
Q1 2007 |
Q1 2006 |
Change | |
|---|---|---|---|
|
Sales |
$308.7 |
$280.0 |
10.2% |
|
Net Profit* |
$29.9 |
$18.3 |
63.3% |
|
EPS |
$0.62 |
$0.34 |
82.4% |
|
Diluted Shares |
48.3 |
54.8 |
(11.9%) |
Get back to basics with the income statement.
Margin Checkup
|
Q1 2007 |
Q1 2006 |
Change* | |
|---|---|---|---|
|
Gross Margin |
64.4% |
64.2% |
0.2 |
|
Operating Margin |
14.4% |
9.9% |
4.5 |
|
Net Margin |
9.7% |
6.5% |
3.1 |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$333.6 |
$711.0 |
(53.1%) |
|
Accounts Rec. |
$178.0 |
$195.1 |
(8.7%) |
|
Inventory |
$152.9 |
$145.8 |
4.9% |
|
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Accounts Payable** |
$195.1 |
$206.4 |
(5.5%) |
|
Long-Term Debt |
$1,151.3 |
$1,341.6 |
(14.2%) |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
2007 |
2006 |
Change | |
|---|---|---|---|
|
Cash From Ops. |
$69.0 |
$33.2 |
108.0% |
|
Capital Expenditures |
$12.0 |
$14.2 |
(15.4%) |
|
Free Cash Flow |
$57.0 |
$19.0 |
200.2% |
Free cash flow is a Fool's best friend.
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