QGEN CC is tomorrow morning @ 9:30 ET, should be good...
UPDATE 1-Qiagen income climbs on new tests, acquisitions
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Reuters U.S. Company News
4:10 p.m. 11/13/2006
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FRANKFURT, Nov 13 (Reuters) - Qiagen <QGEN.DE> (QGEN) reported rises in third-quarter sales and adjusted net income on Monday as the maker of genetic test kits launched new products and benefited from acquisitions.
Net income excluding acquisition, integration and amortisation charges increased 18 percent to $21.86 million, or 14 U.S. cents a share, which was slightly higher than an average forecast of $21.3 million in a Reuters survey of eight analysts.
"Business was very good," Chief Executive Peer Schatz told Reuters in a interview. "We are continuing to invest heavily, and the integrations (of acquisitions) are going quite nicely."
Sales rose 20 percent to $117.9 million, also slightly above the average forecast of $117.1 million.
The Netherlands-based company reiterated expectations for 2006 sales between $453 million and $462 million and adjusted earnings per share between 52 and 56 cents.
Qiagen late last month said it would buy Genaco Biomedical Products Inc., whose tests screen for multiple targets, for $22 million in cash plus 125,000 Qiagen shares.
Schatz said Qiagen had about $500 million in its coffers for acquisitions but did not give details.
"We have the firing power if we want to do larger acquisitions," he said. Qiagen has made several acquisitions in the past year and typically has bought companies for less than $50 million.
During the quarter, the company launched 14 new products and saw sales grow 63 percent in Asia, boosted by strong growth in China.
About 46 percent of the company's sales come from North America, 42 percent from Europe and the rest from Asia, mainly Japan.
The company said that organic sales -- which exclude the impact of currency effects and acquisitions -- rose 10 percent in the quarter. Acquisitions contributed to 7 percent of growth in sales.
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