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Advancing Life Science Together - Bioscience research, Biopharmaceutical manufacturing - Millipore broad range of Life Science tools, technologies, and services make it possible for us to create personalized solutions to industry challenges and assure scientific success
Millipore Corporation has announced that it will begin distributing the Flexmap 3D system from Luminex Corporation.
Millipore Corporation (MIL)Q3 2009 Earnings Call TranscriptNovember 5, 2009 4:45 pm ET<a
PerkinElmer has announced the launch of the Columbus 2.0 platform, its high content screening (HCS) data management software for cellular imaging and analysis. The Columbus 2.
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Nov 04, 2009 (Wall Street Horizon via COMTEX) --
Millipore Corp. (MIL)
Expected next earnings release: Announcement date: 11/5/2009 - After Market Earnings Quarter: Q3 Announcement Status: Verified
Expected next investor conference call information: Conference Call Date: 11/5/2009 Conference Call Time (ET): 4:45 PM Conference Call URL: http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.millipore.com%2F&esheet=6074606&lan=en_US&anchor=www.millipore.com&index=2&md5=2bb0e6cd7b64193ed11fb6d3d7af4e60
Tags: conference corporate earnings market
Companies: Millipore Corp. (MIL)
BILLERICA, Mass., Nov 05, 2009 (BUSINESS WIRE) --
Millipore Corporation (NYSE:MIL), a leading provider of technologies, tools and services for the global life science industry, today reported financial results for its third quarter ended October 3, 2009.
Revenues for the third quarter grew 4 percent from the previous year, totaling $412 million. Excluding a 3 percent unfavorable impact from changes in foreign currency, Millipore generated organic revenue growth of 7 percent. On a divisional basis, excluding changes in foreign currency, Millipore's Bioprocess Division generated organic revenue growth of 8 percent, while the Company's Bioscience Division generated organic revenue growth of 4 percent from the previous year.
Millipore's third quarter earnings per share were $0.71 per share, compared to $0.68 per share in the third quarter of 2008. Non-GAAP earnings per share were $0.95, compared to $0.93 per share in the third quarter of 2008. A reconciliation of GAAP to non-GAAP financial measures is provided in the Company's financial tables accompanying this press release.
"Our performance in the third quarter continued the trend of healthy organic revenue growth and exceptional cash flow that we have experienced throughout 2009," said Martin Madaus, Chairman & CEO of Millipore. "Our top-line growth is being driven by our Bioprocess Division, which is benefitting from increased spending from large biotechnology customers, strong demand for products used to manufacture the H1N1 flu vaccine, and expanded sales in Asia. We continue to drive above-market growth in our Bioscience Division due to the resiliency of our consumable product portfolio and strength at academic customers. This growth is being partially offset by weakness at large pharmaceutical accounts, particularly for drug discovery services and laboratory instrumentation.
"The overall health of our business is enabling us to invest in innovation at a time when many of our competitors are constrained by weakness in their businesses. We significantly increased our R&D spending in the third quarter and we are expanding our presence in fast-growing markets such as disposable manufacturing, virus filtration and multiplex immunoassays. I am excited about the potential of this investment to further expand our competitive position and drive attractive growth in 2010 and beyond."
Through the first nine months of 2009, Millipore's revenues grew 2 percent totaling $1.2 billion. Excluding a 6 percent unfavorable impact from changes in foreign currency and a 1 percent contribution from acquisitions, organic revenue growth in the period was 7 percent. On a divisional basis, excluding changes in foreign currency and acquisitions not in the base period, Millipore's Bioscience Division grew 3 percent, while the Company's Bioprocess Division grew 9 percent from the previous year. Net income attributable to Millipore was $133 million, or $2.38 per share. Non-GAAP net income attributable to Millipore was $168 million, or $3.00 per share, resulting in approximately 13 percent earnings per share growth over the first nine months of 2008.
"We generated $112 million of free cash flow in the third quarter, which puts us on pace to surpass our cash flow expectations for the full year," said Charles Wagner, Chief Financial Officer of Millipore. "This exceptional performance is primarily the result of working capital initiatives we put in place over the past 18 months to reduce our inventory, improve our cash collections, and more effectively manage our capital spending. I am pleased with how quickly and effectively the organization has executed these programs."
Q3 2009 Highlights
-- Bioprocess Division generated 8 percent organic revenue growth. The division grew in all geographies and saw strength for its chromatography media, virus filtration, and Mobius(R) disposable manufacturing products.
-- Bioscience Division generated 4 percent organic revenue growth. The performance was highlighted by solid performance for multiplex immunoassays and increasing demand from customers conducting protein and neuroscience research.
-- Completed the acquisition of BioAnaLab to extend the Company's biopharmaceutical services offering to the European market.
-- Generated approximately $112 million of free cash flow, representing 74 percent growth over the third quarter of 2008.
-- Paid down $57 million of borrowings under the Company's $678 million primary revolving credit facility, leaving approximately $14 million drawn against it at the end of the quarter.
-- Received Supplier Consistency Award from Amgen in recognition of Millipore's efforts to drive improvements in delivery, support and service.
-- Millipore's innovation strategy produced the following key product launches: FlowCellect(TM) kits for benchtop flow cytometry, MilliTrace(TM) stem cell lines, which express green fluorescent protein under the control of various embryonic and neural stem cell markers, and LC-Pak(TM), which is an accessory for the Milli-Q(R) lab water instruments.
-- Advanced the Company's sustainability strategy with the completion of a solar energy project, which is one of the largest solar photovoltaic projects ever completed in Massachusetts and is the first renewable energy project the Company has implemented in the United States.
Revenue Growth by Geography ($ millions):
Three Months Ended Nine Months Ended
October 3, September 27, % October 3, September 27, %
2009 2008 Growth 2009 2008 Growth
Americas $ 165.6 $ 159.9 4% $ 499.5 $ 459.5 9%
Europe 166.9 166.7 --- 493.2 527.3 (6%)
Asia/Pacific 79.4 68.4 16% 235.7 218.6 8%
Total $ 411.9 $ 395.0 4% $ 1,228.4 $ 1,205.4 2%
Revenue Growth by Division ($ millions):
Three Months Ended Nine Months Ended
October 3, September 27, % October 3, September 27, %
2009 2008 Growth 2009 2008 Growth
Bioprocess $ 233.9 $ 220.9 6% $ 693.8 $ 667.3 4%
Bioscience 178.0 174.1 2% 534.6 538.1 (1%)
Total $ 411.9 $ 395.0 4% $ 1,228.4 $ 1,205.4 2%
Quarterly Earnings Call
Millipore will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters at 4:45 p.m. Eastern Standard Time today. The call can be accessed through Millipore's website: http://www.millipore.com. A replay of the call will be archived on the Investor Relations section of the website and will also be available via telephone by dialing 800-642-1687 or 706-645-9291 and entering confirmation code: 35709281. The telephonic replay will be available beginning at 6:45 p.m. Eastern Standard Time on November 5, 2009 until 11:59 p.m. Eastern Standard Time on November 9, 2009.
About Millipore
Millipore (NYSE: MIL) is a life science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world's challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 5,900 employees in 30 countries worldwide.
Advancing Life Science Together(R)
Research. Development. Production.
Use of Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are non-GAAP gross profit, gross profit margin, operating profit, operating margin, pre-tax income, net income attributable to Millipore, diluted earnings per share, and free cash flow. Non-GAAP gross profit, gross profit margin, operating profit, operating margin, pre-tax income, net income attributable to Millipore and diluted earnings per share exclude costs related to global supply chain initiatives, acquisition and related integration expenses, amortization of acquired intangible assets, inventory fair value adjustments related to business acquisitions, curtailment gain related to modifications to our postretirement benefit plan, gain on business acquisition, and non-cash interest expense on convertible debt. We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment. There are limitations in using non-GAAP financial measures as they are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies.
We believe that the non-GAAP financial measures provide useful and supplementary information to investors regarding our quarterly performance. It is our belief that these non-GAAP financial measures have been particularly useful to investors over the last few years because of the significant changes that have occurred outside of our day-to-day business in accordance with the execution of our new strategy. This strategy includes strengthening our leadership position with biopharmaceutical customers, becoming a strategic supplier in bioscience research markets, leading our industry in product quality and manufacturing effectiveness, and becoming a magnet for talent. The financial impact of certain elements of these activities, particularly acquisitions, are often large relative to our overall financial performance and most of the related charges are recorded in one or two fiscal quarters but not in other fiscal quarters, which can adversely affect the comparability of our results from period to period. Our global supply chain initiatives will significantly reduce our cost structure and improve operational efficiency primarily through the consolidation of manufacturing locations. Non-cash interest expense on convertible debt is the incremental interest expense as a result of a change in accounting principles. This interest expense is non-cash and we can not control the amount of this expense without modifying our capital structure. We believe free cash flow is a useful measure to evaluate our business as it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, strategic acquisitions, investments in our business, and repayment of debt.
We regularly use non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions. We also measure our employees and compensate them, in part, based on such non-GAAP measures. For the same reasons, we also use this information for our forecasting activities. The non-GAAP financial measures presented herein also facilitate comparisons to our historical operating results, which have consistently been presented in this manner.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release. Our earnings guidance, however, is only provided on a non-GAAP basis. It is not feasible to provide GAAP diluted earnings per share guidance because the items excluded, other than amortization expense and non-cash interest expense, are difficult to predict and estimate and are primarily dependent on future events.
Forward Looking Statements:
The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Potential risks and uncertainties that could affect Millipore's future operating results include, without limitation, failure to achieve design wins into our pharmaceutical and biotechnology customers' manufacturing design phase for a particular drug; delay, suspension or termination of a customer's volume production; lack of availability of raw materials or component products on a timely basis; regulatory delay in the approval of customers' therapeutics; limitations on cash flow available for operations and investment due to increased debt service obligations; the inability to establish and maintain necessary product and process quality levels; reduced demand for animal-derived cell culture products; the inability to realize the expected benefits of development, marketing, licensing and other alliances; competitive factors such as new membrane or chromatography technology; the inability to achieve anticipated cost benefits of our supply chain initiatives; risks relating to our concentration of principal manufacturing operations; the inability to utilize technology in current or planned products due to overriding rights by third parties; potential environmental liabilities; conditions in the economy in general and in the bioscience and bioprocess markets in particular; foreign exchange fluctuations; reduced private and government research funding; exposure to product liability claims; and difficulties inherent in transferring or outsourcing of manufacturing operations. Please refer to our filings with the SEC, including our most recent Annual Report on Form 10-K, for more information on these and other risks that could cause actual results to differ.
Millipore Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
October 3, September 27, October 3, September 27,
2009 2008 2009 2008
(As Adjusted) (a) (As Adjusted) (a)
Revenues $ 411,865 $ 395,005 $ 1,228,396 $ 1,205,385
Cost of revenues 188,223 185,835 552,537 557,915
Gross profit 223,642 209,170 675,859 647,470
Selling, general and administrative expenses 131,153 123,974 388,690 383,960
Research and development expenses 29,349 25,421 83,675 76,602
Operating profit 63,140 59,775 203,494 186,908
Gain on business acquisition - - 8,542 -
Interest income 171 213 589 594
Interest expense (14,549 ) (17,359 ) (43,635 ) (53,825 )
Income before provision for income taxes 48,762 42,629 168,990 133,677
Provision for income taxes 8,562 4,123 33,630 24,344
Net income 40,200 38,506 135,360 109,333
Less: Net income attributable to noncontrolling interest 538 706 2,279 2,836
Net income attributable to Millipore $ 39,662 $ 37,800 $ 133,081 $ 106,497
Diluted earnings per share $ 0.71 $ 0.68 $ 2.38 $ 1.91
Diluted weighted average shares outstanding 56,197 55,844 56,033 55,719
(a) On January 1, 2009, the Company adopted new accounting standards concerning convertible debt and reporting and disclosure of noncontrolling interest in consolidated subsidiaries. These new standards require adjustments to prior period financial statements to conform with current accounting treatment.
Millipore Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
October 3, December 31,
2009 2008
(As Adjusted) (a)
ASSETS
Current assets:
Cash and cash equivalents $ 189,775 $ 115,462
Accounts receivable, net 300,629 274,529
Inventories 268,059 259,360
Deferred income taxes and other current assets 92,741 103,092
Total current assets 851,204 752,443
Property, plant and equipment, net 599,901 577,410
Deferred income taxes 18,615 10,926
Intangible assets, net 351,269 369,473
Goodwill 1,018,968 1,004,694
Other assets 17,209 18,155
Total assets $ 2,857,166 $ 2,733,101
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt $ 58,571 $ 4,391
Accounts payable 84,106 70,037
Income taxes payable 8,424 9,966
Accrued expenses and other current liabilities 204,266 162,969
Total current liabilities 355,367 247,363
Deferred income taxes 8,122 7,263
Long-term debt 906,711 1,082,058
Other liabilities 94,440 84,122
Equity 1,492,526 1,312,295
Total liabilities and equity $ 2,857,166 $ 2,733,101
(a) On January 1, 2009, the Company adopted new accounting standards concerning convertible debt and reporting and disclosure of noncontrolling interest in consolidated subsidiaries. These new standards require adjustments to prior period financial statements to conform with current accounting treatment.
Millipore Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
October 3, September 27,
2009 2008
(As Adjusted) (a)
Cash flows from operating activities:
Net income $ 135,360 $ 109,333
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 93,722 98,725
Stock-based compensation 19,881 16,916
Amortization of deferred financing costs 2,544 2,597
Amortization of debt discount 11,285 10,559
Deferred income tax provision 6,420 5,764
Gain on business acquisition (8,542 ) -
Business acquisition inventory fair value adjustment 1,057 -
Other 8,392 (3,974 )
Changes in operating assets and liabilities, net of effects of
business acquisitions:
Accounts receivable (15,208 ) (12,137 )
Inventories 2,150 (7,419 )
Other assets 7,356 934
Accounts payable 10,370 (18,958 )
Accrued expenses and other current liabilities 13,224 (3,390 )
Other liabilities (1,126 ) (10,107 )
Net cash provided by operating activities 286,885 188,843
Cash flows from investing activities:
Additions to property, plant and equipment (53,314 ) (52,691 )
Acquisition of businesses, net of cash acquired (29,940 ) -
Settlement of derivative transactions - (32,332 )
Other (3,291 ) (4,638 )
Net cash (used for) investing activities (86,545 ) (89,661 )
Cash flows from financing activities:
Proceeds from issuance of common stock under stock plans 9,557 16,364
Net repayments under the revolving credit facility (194,174 ) (127,722 )
Net borrowings of short-term debt 49,119 540
Dividends paid to noncontrolling interest (2,104 ) (1,738 )
Net cash (used for) financing activities (137,602 ) (112,556 )
Effect of foreign exchange rates on cash and cash equivalents 11,575 320
Net increase (decrease) in cash and cash equivalents 74,313 (13,054 )
Cash and cash equivalents at beginning of year 115,462 36,177
Cash and cash equivalents at end of period $ 189,775 $ 23,123
(a) On January 1, 2009, the Company adopted new accounting standards concerning convertible debt and reporting and disclosure of noncontrolling interest in consolidated subsidiaries. These new standards require adjustments to prior period financial statements to conform with current accounting treatment.
Millipore Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures *
Three Months Ended October 3, 2009
(dollars in thousands, except EPS data)
Gross Gross Operating Operating Pre-tax Net income Diluted EPS
Profit Profit Profit Margin Income attributable to
Margin Millipore
GAAP results, three months ended October 3, 2009 $ 223,642 54.3 % $ 63,140 15.3 % $ 48,762 $ 39,662 $ 0.71
Non-GAAP adjustments:
Costs related to global supply chain initiatives 2,199 0.5 % 2,311 0.6 % 2,311 1,502 0.03
Acquisition and related integration expenses 10 - 237 0.1 % 237 154 -
Purchased intangibles amortization 2,092 0.5 % 14,455 3.5 % 14,455 9,391 0.17
Non-cash interest expense on convertible debt - - - - 3,711 2,411 0.04
Total non-GAAP adjustments 4,301 1.0 % 17,003 4.2 % 20,714 13,458 0.24
Non-GAAP results, three months ended October 3, 2009 $ 227,943 55.3 % $ 80,143 19.5 % $ 69,476 $ 53,120 $ 0.95
* Please refer to our press release for a full explanation for the use of non-GAAP measures.
Millipore Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures *
Nine Months Ended October 3, 2009
(dollars in thousands, except EPS data)
Gross Gross Operating Operating Pre-tax Net income Diluted EPS
Profit Profit Profit Margin Income attributable to
Margin Millipore
GAAP results, nine months ended October 3, 2009 $ 675,859 55.0 % $ 203,494 16.6 % $ 168,990 $ 133,081 $ 2.38
Non-GAAP adjustments:
Costs related to global supply chain initiatives 10,492 0.9 % 11,134 0.9 % 11,134 7,181 0.13
Business acquisition inventory fair value adjustment 1,057 0.1 % 1,057 0.1 % 1,057 679 0.01
Acquisition and related integration expenses 19 - 1,718 0.1 % 1,718 1,107 0.02
Purchased intangibles amortization 6,051 0.5 % 42,676 3.5 % 42,676 27,549 0.48
Gain on business acquisition - - - - (8,542 ) (8,542 ) (0.15 )
Non-cash interest expense on convertible debt - - - - 10,921 7,050 0.13
Total non-GAAP adjustments 17,619 1.5 % 56,585 4.6 % 58,964 35,024 0.62
Non-GAAP results, nine months ended October 3, 2009 $ 693,478 56.5 % $ 260,079 21.2 % $ 227,954 $ 168,105 $ 3.00
* Please refer to our press release for a full explanation for the use of non-GAAP measures.
Millipore Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures *
Three Months Ended September 27, 2008
(dollars in thousands, except EPS data)
Gross Gross Operating Operating Pre-tax Net income Diluted EPS
Profit Profit Profit Margin Income attributable to
Margin Millipore
GAAP results, three months ended September 27, 2008 (As adjusted) $ 209,170 53.0% $ 59,775 15.1% $ 42,629 $ 37,800 $ 0.68
Non-GAAP adjustments:
Costs related to global supply chain initiatives 5,809 1.4% 6,349 1.6% 6,349 3,947 0.07
Purchased intangibles amortization 2,363 0.6% 15,822 4.0% 15,822 9,833 0.17
Curtailment of post retirement plan - - (2,733) (0.6%) (2,733) (1,699) (0.03)
Non-cash interest expense on convertible debt - - - - 3,460 2,150 0.04
Total non-GAAP adjustments 8,172 2.0% 19,438 5.0% 22,898 14,231 0.25
Non-GAAP results, three months ended September 27, 2008 (As adjusted) $ 217,342 55.0% $ 79,213 20.1% $ 65,527 $ 52,031 $ 0.93
* Please refer to our press release for a full explanation for the use of non-GAAP measures.
Millipore Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures *
Nine Months Ended September 27, 2008
(dollars in thousands, except EPS data)
Gross Gross Operating Operating Pre-tax Net income Diluted EPS
Profit Profit Profit Margin Income attributable to
Margin Millipore
GAAP results, nine months ended September 27, 2008 (As adjusted) $ 647,470 53.7 % $ 186,908 15.5 % $ 133,677 $ 106,497 $ 1.91
Non-GAAP adjustments:
Costs related to global supply chain initiatives 9,728 0.8 % 10,268 0.9 % 10,268 6,419 0.12
Purchased intangibles amortization 7,109 0.6 % 47,512 3.9 % 47,512 29,748 0.53
Curtailment of post retirement plan - - (2,733 ) (0.2 %) (2,733 ) (1,699 ) (0.03 )
Non-cash interest expense on convertible debt - - - - 10,183 6,374 0.11
Total non-GAAP adjustments 16,837 1.4 % 55,047 4.6 % 65,230 40,842 0.73
Non-GAAP results, nine months ended September 27, 2008 (As adjusted) $ 664,307 55.1 % $ 241,955 20.1 % $ 198,907 $ 147,339 $ 2.64
* Please refer to our press release for a full explanation for the use of non-GAAP measures.
SOURCE: Millipore Corporation
Millipore Corporation Joshua Young, 978-715-1527 or 800-225-3384 Director, Investor Relations joshua_young@millipore.com or Millipore Corporation Karen Hall, 978-715--1567 Director, Corporate Communications karen_hall@millipore.com
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Companies: Millipore Corp. (MIL)
Nov 03, 2009 (Wall Street Horizon via COMTEX) --
Millipore Corp. (MIL)
Expected next earnings release: Announcement date: 11/5/2009 - After Market Earnings Quarter: Q3 Announcement Status: Verified
Expected next investor conference call information: Conference Call Date: 11/5/2009 Conference Call Time (ET): 4:45 PM Conference Call URL: http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.millipore.com%2F&esheet=6074606&lan=en_US&anchor=www.millipore.com&index=2&md5=2bb0e6cd7b64193ed11fb6d3d7af4e60
Tags: conference corporate earnings market
Companies: Millipore Corp. (MIL)
BILLERICA, Mass., Oct 19, 2009 (BUSINESS WIRE) --
Millipore Corporation (NYSE:MIL), a Life Science leader providing technologies, tools and services for bioscience research and biopharmaceutical manufacturing, today announced the completion of a $2 million solar panel installation project at its Bedford, Massachusetts, facility. Millipore Chairman and CEO Martin Madaus was joined by Massachusetts Governor Deval Patrick and other dignitaries at a ribbon-cutting ceremony to unveil the system, which will provide renewable energy for Millipore's Bedford and Billerica, Mass. facilities.
"Millipore's investment in solar energy reflects our commitment to reducing our environmental impact and developing the industry's leading sustainability program," said Madaus. "Our solar panel project would not have been possible without the support of the Governor and the State of Massachusetts. We look forward to a continued partnership with the State and hope other companies will implement sustainability initiatives to reduce their environmental impact, lower their costs, and make themselves more desirable business partners."
Millipore's solar panel project is one of the largest solar photovoltaic projects ever completed in Massachusetts and is the first renewable energy project the company has implemented in the U.S.
"Millipore is not only a leading employer in Massachusetts, but also a leader in creating our clean energy future," said Governor Patrick. "Millipore is setting an impressive standard for energy efficiency and renewable energy, and showing other companies how to save energy and reduce their emissions through the Governor's Clean Energy Challenge. Martin Madaus, who serves as co-chair of the state's Climate Protection and Green Economy Advisory Committee, deserves to be commended for his leadership on climate change."
Over the past six months, Millipore worked with several vendors to design and install the solar panel system, which includes 1383 Sharp panels and 4 Solectria inverters. It will produce about 352,000 KWH/yr or, approximately 35 homes worth of electricity, which will be used to augment the electricity purchased from the grid to run Millipore's facilities.
"The primary focus of our sustainability program has been on reducing our environmental impacts--particularly waste, water and climate change," said David Newman, Director of Sustainability for Millipore. "The changes we are implementing not only make sense for the environment, but they also have a considerable positive impact on our business. We are excited about completing the solar panel project, which marks an important continuation of our efforts to embrace renewable energy throughout the company."
MILLIPORE'S SUSTAINABILITY INITIATIVE:
Launched in 2008, Millipore's sustainability initiative is sponsored by the company's CEO, Martin Madaus, PhD. It is focused on reducing the Company's impact on climate change, reducing waste, and changing employee behaviors. Millipore has set a goal of reducing its greenhouse gas emissions by 20 percent between 2006 and 2011, and has already cut its emissions by 14 percent just two years into the program.
The company's energy programs involve a multi-pronged approach, including intensive energy auditing, upgrades to boilers, compressors and lighting. In addition, demand response programs and installations of alternative energy complement our existing efficiency projects. At the Bedford campus alone, the company has cut its electricity consumption by 12 percent in the last year through energy efficiency measures alone. This is equivalent to 200 homes' worth of energy.
About Millipore:
Millipore (NYSE: MIL) is a Life Science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world's challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 5,900 employees worldwide. For more information, please contact Millipore Tech Service at 1-800-548-7853 or 951-676-8080 or visit www.millipore.com.
ADVANCING LIFE SCIENCE TOGETHER(TM)
Research. Development. Production.
Safe Harbor Statement
Certain of the matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Potential risks and uncertainties that could affect Millipore's future operating results include, without limitation, failure to achieve design wins into our pharmaceutical and biotechnology customers' manufacturing design phase for a particular drug or vaccine; delay, suspension or termination of a customer's volume production; fluctuations in the timing of customers' orders; lack of availability of raw materials or component products on a timely basis; regulatory delay in the approval of new therapeutics; limitations on cash flow for operations and investment due to debt service obligations; the inability to establish and maintain necessary product and process quality levels; reduced demand for cell culture products using bovine serum; the inability to realize the expected benefits of development, marketing, licensing and other alliances; competitive factors such as new membrane or chromatography technology; risks relating to our concentration of principal manufacturing operations; the inability to successfully integrate acquired businesses; the inability to utilize technology in current or planned products due to overriding rights by third parties; potential environmental liabilities; conditions in the economy in general and in the bioscience and bioprocess markets in particular; foreign exchange fluctuations; reduced private and government research funding; exposure to product liability claims; and difficulties inherent in transferring or outsourcing of manufacturing operations. Please refer to our filings with the SEC, including our most recent Annual Report on Form 10-K, for more information on these and other risks that could cause actual results to differ.
SOURCE: Millipore Corporation
Millipore Media Contact: Millipore Corporation Karen Marinella Hall Director of Corporate Communications Office: 978-715-1567 Cell: 508-212-9476 karen_hall@millipore.com or Investors: Joshua Young Director, Investor Relations 978-715-1527 joshua_young@millipore.com
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Companies: Millipore Corp. (MIL)
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Millipore Corporation (NYSE: MIL) founded in 1954, listed among the S&P 500 since the early 1990s, is an international biosciences company, known widely for its micrometer pore ...
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Millipore Corporation. The Group's principal activities are to provide technologies, tools and services for the discovery, development and production of therapeutic drugs. The ...
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