Millipore's First Quarter Earnings Up 133 Percent; Revenues Up 25 Percent - Company Financial Information

Edge: Work-Group Computing Report, April 24, 2000

Millipore Corporation (NYSE:MIL) announced Monday that its first quarter revenues were $225 million, up 25 percent from the same period last year. Earnings were $0.56 per share compared to $0.25 per share in the first quarter last year.

C. William Zadel, Millipore's Chairman and CEO said: "This is a great start to the new year: profitability up over 100 percent compared to the first quarter of last year and revenues up in all markets and all geographic regions. The main story is Microelectronics, with revenues up 77 percent in local currency compared to the same period last year and a sequential growth rate of 19 percent from the fourth quarter of 1999 to the first quarter of 2000. There is continued momentum in this market, and we are in the enviable position of dealing with high growth and continued high demand. Profitability grew much faster than revenues in this business segment, a reflection of the leverage we have achieved with our organization and infrastructure."

Zadel continued, "Our Biopharmaceutical & Research segment, two-thirds of our overall business, also performed very well, growing 9 percent in local currency over the same period last year. Within this segment we see continued strong growth in sales of our products for life science research and biotechnology drug processing. The emphasis on genomic research, the number of new drugs in development, and the number of biotechnology drugs in clinical trials all bode well for Millipore - and for our performance in 2000."

Millipore's revenue growth by business segment and geographic area was as follows ($'s in millions):

Revenues by Business Segment
                                                    % Growth Local
                       Q1 1999   Q1 2000   % Growth    Currency

   Biopharmaceutical &
Research (1)             $138       $148       7%          9%
   Microelectronics (2)    42         77      83%         77%

   Total                 $180       $225      25%         25%

Revenues by Geographic Area
                                                    % Growth Local
                       Q1 1999   Q1 2000   % Growth    Currency

   Americas               $74        $97       29%        29%
   Europe                  60         60        1%        11%
   Asia / Pacific          46         68       47%        36%

   Total                 $180       $225       25%        25%

Footnotes: (1) Millipore's Biopharmaceutical & Research business segment includes products and services provided to pharmaceutical companies, biotechnology companies, food and beverage companies, university and government laboratories, and research institutes.

(2) Millipore's Microelectronics business segment includes products and services provided to semiconductor fabrication companies, OEM suppliers to those companies, and other microelectronics component manufacturers.

Millipore is a multinational, high technology company that applies its purification technology to critical research and manufacturing applications in the biopharmaceutical and microelectronics industries. For more information go to www.millipore.com.

Millipore Corporation
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

                                             Three Months Ended
                                                  March 31,
                                            2000            1999

Net sales                                $ 224,823      $ 180,403

Cost of sales                              100,326         84,895

 Gross profit                              124,497         95,508

Selling, general &
 administrative expenses                    70,034         61,833

Research & development expenses             14,714         12,345

   Operating income                         39,749         21,330

Interest income                                466            699

Interest expense                            (7,034)        (7,779)

 Income before income taxes                 33,181         14,250

Income tax expense                           6,968          2,993

Net income                               $  26,213      $  11,257

Per share information:

 Diluted net income per share            $    0.56      $    0.25

  Cash dividends                         $    0.11      $    0.11

Diluted weighted average
 shares outstanding:                        46,452         44,477

Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)

                                            March 31, December 31,
                                              2000         1999

Assets                                     (Unaudited)

Cash and cash equivalents                   $ 65,565     $ 32,420
Cash held as collateral                       14,784       18,640
Accounts receivable, net                     201,425      195,751
Inventories                                  120,614      105,040
Other current assets                          10,152        7,096
 Total current assets                        412,540      358,947

Property, plant and equipment, net           213,565      226,477
Deferred income taxes                        109,822      109,822
Intangible assets                             68,535       70,238
Other assets                                  34,064       27,249

Total assets                                $838,526     $792,733

Liabilities and  shareholders' equity

Notes payable                               $128,000     $115,645
Accounts payable                              62,802       63,053
Accrued expenses                              70,515       73,512
Dividends payable                              5,034        4,970
Accrued retirement plan
 contributions                                 3,601        7,333
Accrued income taxes payable                  10,538        5,270
 Total current liabilities                   280,490      269,783

Long-term debt                               312,396      313,107
Other liabilities                             34,692       32,992
Shareholders' equity                         210,948      176,851

Total liabilities and shareholders' equity  $838,526     $792,733

Millipore Corporation
Summary of Segment Data
(In thousands)

                                             Three Months Ended
                                                   March 31,
Consolidated Net Sales                       2000            1999

Biopharmaceutical & Research            $ 151,592       $ 138,861
Microelectronics                           75,066          42,345
Foreign exchange                           (1,835)           (803)

 Total net sales                        $ 224,823       $ 180,403

                                               Three Months Ended
                                                    March 31,
Consolidated Operating Income                 2000           1999

Biopharmaceutical & Research              $ 36,141       $ 30,230
Microelectronics                            16,755          1,218
Corporate                                  (14,011)        (9,082)
Foreign exchange                               864         (1,036)

 Total operating income                   $ 39,749       $ 21,330