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July 22, 2003 | Corporate News | English

Second quarter sales decrease by 2.2% to CHF 80.2 million; Earnings per share increase by 10.2%

Zurich, Switzerland, 22 July 2003 – Tecan today reported second quarter and half-year results for 2003.

Sales results

Following weak first quarter sales in 2003 of CHF 69.9 million, second quarter sales were significantly stronger at CHF 80.2 million, which represents a decrease of 2.2% compared with CHF 82.0 million recorded in the second quarter 2002. Excluding the impact of currency, sales increased by 5.4%. For the first six months of 2003, sales decreased by 11.1% or by 2.4% in local currency to CHF 150.0 million.  

Biopharma (Genomics/Proteomics/Drug Discovery), with sales of CHF 47.6 million, showed a very good performance in the second quarter 2003 with an increase of 17.5% in Swiss francs or 30.5% in local currency. Sales in Diagnostics of CHF 32.6 million showed an improvement in the second quarter compared to the first quarter (CHF 27.9 million), but registered a decline of 21.2% versus the second quarter 2002. This result is in line with the performance registered during the last three quarters and is due, for the most part, to reduced sales of the FE500 workcell.

Mike Baronian, Chairman of the Tecan Board of Directors and interim CEO of the company, commented: “Our base business in Diagnostics is solid. But we want to ensure that all our instruments are the best available solutions from a technological and cost point of view. The recently launched Freedom EVO series platform and the decision of the Board of Directors to focus its activities primarily on its existing business will certainly be of help in this respect.”  Regarding the future development of sales, the company will not provide guidance. Tecan’s order book entry during the second quarter was in line with the orders registered over the last 2 years.

Profit statement

Earnings per share of CHF 0.54 for the second quarter 2003 increased by 10.2% over 2002, but by 30.1% excluding a special charge. The special charge is a settlement of CHF 1.7 million for the former Chief Executive Officer. Earnings per share of CHF 0.82 for the first half of 2003 decreased by 34.9%, but by 27.0% excluding the special charge. This reflects the impact of the weak first quarter results coupled with the negative currency impact.

Outlook

Web cast

A conference call discussing the Half Year results 2003 will take place today at 2pm (CET). This event will also be relayed by live audio web cast which interested parties may access via Tecan’s Corporate home page at www.tecan.com. A link to the web cast will be provided immediately prior to the event.  Additionally, the web cast will be available for replay until close of business on July 25th, 2003.        

For more information, please contact :

Tecan:

Mike Baronian
Interim Chief Executive Officer
Phone: +41 (0)44 922 88 88
Fax:     +41 (0)44 922 88 89

Rudolf Eugster
Chief Financial Officer
Phone : +41 (0)44 922 8186
Fax :     +41 (0)44 922 8889

e-mail : investor@tecan.com
Internet: www.tecan.com

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