SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____________________ to _____________________
Commission File Number 0-27316
Molecular Devices Corporation
(Exact name of registrant as specified in its charter)
Delaware 94-2914362
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1311 Orleans Drive
Sunnyvale, California 94089
(Address of principal executive offices, including zip code)
(408) 747-1700
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
--- ---
As of August 11, 1997, 9,132,162 shares of the Registrant's Common Stock were
outstanding.
<PAGE>
<TABLE>
MOLECULAR DEVICES CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 1997
INDEX
<CAPTION>
PAGE
PART I. FINANCIAL INFORMATION NUMBER
<S> <C>
ITEM 1. FINANCIAL STATEMENTS (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 1997 and December 31, 1996............................................................ 3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Six Months Ended June 30, 1997 and 1996.............................................. 4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1997 and 1996........................................................ 5
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS........................................... 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS............................................................ 8
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK.................................................................................... 10
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.............................................................................. 11
ITEM 2. CHANGES IN SECURITIES.......................................................................... 11
ITEM 3. DEFAULTS UPON SENIOR SECURITIES................................................................ 11
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS............................................ 11
ITEM 5. OTHER INFORMATION.............................................................................. 11
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K............................................................... 11
SIGNATURE ............................................................................................................ 12
</TABLE>
2
<PAGE>
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
June 30, December 31,
1997 1996
-------- --------
ASSETS: (unaudited)
Current assets:
Cash and cash equivalents $ 22,134 $ 23,727
Accounts receivable, net 7,808 5,396
Inventories 3,765 2,470
Deferred tax assets 2,631 3,216
Other current assets 171 142
-------- --------
Total current assets 36,509 34,951
Equipment and leasehold improvements, net 1,560 1,632
Other assets 210 250
-------- --------
$ 38,279 $ 36,833
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 2,344 $ 1,933
Accrued liabilities 2,950 3,527
Deferred revenue 839 596
Current Obligations under Promissory Notes -- 1,500
-------- --------
Total current liabilities 6,133 7,556
Stockholders' equity
Preferred stock, no par value; 3,000,000
authorized; no shares outstanding -- --
Common stock, $.001 par value; 30,000,000
shares authorized; 9,118,789 and 8,988,094
shares issued and outstanding at
June 30, 1997 and December 31, 1996,
respectively 9 9
Additional paid-in-capital 37,968 37,462
Accumulated deficit (5,506) (7,848)
Deferred compensation (333) (401)
Accumulated translation adjustment 8 55
-------- --------
Total stockholders' equity 32,146 29,277
-------- --------
$ 38,279 $ 36,833
======== ========
The accompanying notes are an integral part of these statements.
3
<PAGE>
<TABLE>
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES:
Product revenues $ 9,814 $ 7,532 $ 18,117 $ 13,537
Contract revenues 4 115 7 212
-------- -------- -------- --------
Total Revenues 9,818 7,647 18,124 13,749
-------- -------- -------- --------
COST OF REVENUES:
Cost of product revenues 3,875 2,801 7,066 4,997
Cost of contract revenues -- 58 -- 105
-------- -------- -------- --------
Total cost of revenues 3,875 2,859 7,066 5,102
-------- -------- -------- --------
Gross Margin 5,943 4,788 11,058 8,647
-------- -------- -------- --------
OPERATING EXPENSES:
Company-funded research and
development 1,108 1,236 2,187 2,265
Write-off of acquired in-process
research and development -- 4,637 -- 4,637
Selling, general and administrative 3,008 2,433 5,668 4,535
-------- -------- -------- --------
Total operating expenses 4,116 8,306 7,855 11,437
-------- -------- -------- --------
Income (loss) from operations 1,827 (3,518) 3,203 (2,790)
Other income (expense), net 294 259 575 524
-------- -------- -------- --------
Income (loss) before income taxes 2,121 (3,259) 3,778 (2,266)
Income tax (provision) benefit (806) 116 (1,436) 216
-------- -------- -------- --------
Net Income (Loss) $ 1,315 $ (3,143) $ 2,342 $ (2,050)
======== ======== ======== ========
Net Income (Loss) Per Share $ .14 $ (.36) $ .24 $ (.23)
======== ======== ======== ========
Shares used in computing net
income (loss) per share 9,670 8,754 9,664 8,724
======== ======== ======== ========
<FN>
The accompanying notes are an integral part of these statements.
</FN>
</TABLE>
4
<PAGE>
<TABLE>
MOLECULAR DEVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
<CAPTION>
Six Months Ended
June 30,
1997 1996
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 2,342 $ (2,050)
Adjustments to reconcile net income (loss) to net
cash (used in) provided by operating activities:
Depreciation and amortization 334 302
Loss on disposal of fixed assets 22 32
Charge for acquired in-process research and development -- 4,427
Amortization of deferred compensation 68 68
(Increase) decrease in assets:
Accounts receivable (2,412) (982)
Inventories (1,295) (206)
Deferred tax asset 585 (412)
Other current assets (29) 66
Increase (decrease) in liabilities:
Accounts payable 411 423
Accrued liabilities (402) 26
Deferred revenue 243 11
-------- --------
Net cash (used in) provided by operating activities (133) 1,705
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (284) (219)
Acquisition of NovelTech Systems Inc., net of cash on hand -- (1,198)
Other assets 40 (2)
-------- --------
Net cash used in investing activities (244) (1,419)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments on credit arrangements -- (34)
Repayment on promissory notes (1,500) --
Issuance of common stock, net 331 85
-------- --------
Net cash (used in) provided by financing activities (1,169) 51
-------- --------
EFFECT OF EXCHANGE RATE CHANGES ON CASH: (47) (11)
-------- --------
Net (decrease) increase in cash and cash equivalents (1,593) 326
Cash and cash equivalents at beginning of period 23,727 20,379
-------- --------
Cash and cash equivalents at end of period $ 22,134 $ 20,705
======== ========
<FN>
The accompanying notes are an integral part of these statements.
</FN>
</TABLE>
5
<PAGE>
MOLECULAR DEVICES CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Basis of interim presentations
The accompanying unaudited condensed consolidated financial statements included
herein have been prepared by the Company, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations, although the Company believes
the disclosures which are made are adequate to make the information presented
not misleading. These condensed consolidated financial statements should be read
in conjunction with the consolidated financial statements and the notes thereto
included in the Company's Annual Report to Stockholders for the fiscal year
ended December 31, 1996.
The unaudited condensed consolidated financial statements included herein
reflect all adjustments (which include only normal, recurring adjustments) which
are, in the opinion of management, necessary to state fairly the results for the
periods presented. The results for the three and six month periods ended June
30, 1997 are not necessarily indicative of the results to be expected for the
entire fiscal year ending December 31, 1997.
Reclassifications
Certain reclassifications have been made to the financial statements for the
three and six month periods ended June 30, 1996 to conform with the 1997
presentation for those periods.
Note 2. New Accounting Standards
In February 1997, the Financial Accounting Standards Board issued Statements of
Financial Accounting Standards (FAS) 128, "Earnings per Share," and FAS 129,
"Disclosure of Information about Capital Structure," which are required to be
adopted on December 31, 1997. At that time, the Company will be required to
change the method currently used to compute earnings per share (EPS) and to
restate all prior periods as required by FAS 128. Under the new requirements for
calculating EPS, the dilutive effect of stock options will be excluded from a
new EPS measure, Basic EPS. The impact is expected to result in an increase in
Basic EPS for the three and six month periods ended June 30, 1997 and June 30,
1996; however, this impact is not expected to be material. The impact of FAS 128
on the calculation of the second new EPS measure, Diluted Earnings Per Share,
for these periods is not expected to be material.
FAS 129 consolidates existing guidance relating to disclosure about a company's
capital structure. Since the Company has been in compliance with existing
disclosure requirements of its capital structure, adoption of FAS 129 is not
expected to have a material impact on the financial position, results of
operations or cash flows of the Company.
In 1997 Financial Accounting Standard No. 130 (FAS 130), "Reporting
Comprehensive Income" was issued and is effective for fiscal years commencing
after December 15, 1997. The Company will comply with the requirements of FAS
130 in fiscal year 1998.
In 1997 Financial Accounting Standards 131 (FAS 131), "Disclosure About Segments
of an Enterprise and Related Information" was issued and is effective for fiscal
years commencing after December 15, 1997. The Company will comply with the
requirements of FAS 131 in fiscal year 1998.
6
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Note 3. Inventories
Inventories consist of (in thousands):
June 30, 1997 December 31, 1996
------------- -----------------
Finished goods $1,822 $1,087
Work in process 599 488
Raw materials and subassemblies 1,344 895
------ ------
$3,765 $2,470
====== ======
Note 4. Promissory Notes
The Company repaid in full two promissory notes valued at $750,000 each on
January 2, 1997.
Note 5. Income Taxes
Income tax provisions of $806,000 and $1,436,000 were recorded for the three and
six month periods ended June 30, 1997, respectively. Income tax benefits of
$116,000 and $216,000 were recorded for the three and six month periods ended
June 30, 1996, respectively. The benefits recorded for the three and six month
periods ended June 30, 1996, resulted primarily from the reduction of the
valuation allowance on the net deferred tax assets due to anticipated pretax
income. As of December 31, 1996, management concluded that no valuation
allowance was required on the net deferred tax asset based on its assessment
that current levels of income would be sufficient to realize the tax benefit.
Note 6. Net Income Per Share
Net income per share is computed using the weighted average number of shares of
common stock and dilutive common equivalent shares from stock options (using the
treasury stock method).
7
<PAGE>
MOLECULAR DEVICES CORPORATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Except for the historical information contained herein, the following discussion
contains forward-looking statements that involve risks and uncertainties. The
Company's actual results could differ materially from those discussed here.
Factors that could cause or contribute to such differences include, but are not
limited to, those discussed in this section, as well as those identified in the
Company's Annual Report on Form 10-K for the year ended December 31, 1996 as
filed with the Securities and Exchange Commission on March 27, 1997.
The following discussion should be read in conjunction with the unaudited
condensed consolidated financial statements and notes thereto included in Part I
- - Item 1 of this Quarterly Report and the audited consolidated financial
statements and notes thereto and Management's Discussion and Analysis of
Financial Condition and Results of Operations for the year ended December 31,
1996 contained in the Company's 1996 Annual Report to Stockholders. The results
for the three and six month periods ended June 30, 1997 are not necessarily
indicative of the results to be expected for the entire fiscal year ending
December 31, 1997.
Results of Operations - Three and Six Months Ended June 30, 1997 and 1996.
PRODUCT REVENUES. Product revenues for the second quarter of 1997 increased 30%
to approximately $9.8 million from approximately $7.5 million in the second
quarter of 1996. The Maxline and Cell Analysis product families showed increased
levels of revenue. Maxline product revenues increased primarily due to: (1) the
introduction of the SPECTRAmax PLUS in the second quarter of 1997; (2) greater
sales of the f MAX worldwide; and (3) increased penetration of Maxline products
into the international distribution channels. Cell Analysis product revenues
increased primarily due to greater sales of the FLIPR product worldwide.
Threshold product family revenues decreased primarily due to lower shipments to
the US Army.
Product revenues for the first six months of 1997 increased 34% to approximately
$18.1 from approximately $13.5 million. The Maxline and Cell Analysis product
families showed increased levels of revenue. Maxline product revenues increased
primarily due to greater sales of SPECTRAmax products (including the SPECTRAmax
PLUS introduced in the second quarter of 1997) and the f MAX worldwide. Cell
Analysis product revenues increased primarily due to greater sales of the FLIPR
product worldwide. Threshold product family revenues decreased primarily due to
lower shipments to the US Army and decreased shipments of Threshold products
worldwide.
GROSS MARGIN ON PRODUCT REVENUES. The gross margin on product revenues declined
to 60.5% in the second quarter of 1997 from 62.8% in the second quarter of 1996.
The gross margin on product revenues declined to 61% in the first six months of
1997 from 63.1% in the same period of 1996. The margin deterioration for both
periods relates primarily to increased sales of new lower margin products and
increased penetration of the Maxline product family into the international
distribution channels. In addition, the margin was negatively impacted by
decreased shipments of Threshold products.
COMPANY-FUNDED RESEARCH AND DEVELOPMENT. Company-funded research and development
expenses for the second quarter of 1997 decreased by 10% to approximately $1.1
million (11.3% of total product revenues) from approximately $1.2 million (16.4%
of total product revenues) for the second quarter of 1996. Company-funded
research and development expenses for the first six months of 1997 decreased by
3% to approximately $2.19 million (12.1% of total product revenues) from
approximately $2.27 million (16.7% of total product revenues) for the same
period of 1996. The decreased spending for both periods relates primarily to
development costs incurred during the second quarter and first six months of
1996 related to the development of a robotics product for the Maxline product
family.
CHARGE FOR ACQUIRED IN-PROCESS RESEARCH AND DEVELOPMENT. The Company recorded a
one-time charge of approximately $4.6 million during the second quarter of 1996
due to the write-off of acquired in-process research and development related to
the Company's acquisition of NovelTech Systems, Inc. on June 7, 1996.
SELLING, GENERAL AND ADMINISTRATIVE. Selling, general and administrative
expenses for the second quarter of 1997 increased by 24% to approximately $3
million (30.7% of total product revenues) from approximately $2.4 million (32.3%
of total product revenues) for the second quarter of 1996. Selling, general and
administrative expenses for the first six months of 1997 increased by 25% to
approximately $5.7 million (31.3% of total product revenues) from approximately
$4.5 million (33.5% of total product revenues) for the
8
<PAGE>
same period of 1996. The increased spending for both periods is primarily the
result of additional spending on marketing, sales and service related activities
(including increased headcount) as the Company continued to expand worldwide
market coverage.
PROVISION FOR TAXES. Income tax provisions of $806,000 and $1.4 million recorded
in the second quarter and first six months of 1997, respectively, decreased net
income, whereas income tax benefits of $116,000 and $216,000 recorded in the
second quarter and first six months of 1996, respectively, increased net income.
The benefits recorded during 1996 related primarily to a reduced valuation
allowance on the Company's net deferred tax assets. As of December 31, 1996,
management concluded that no valuation allowance was required on the net
deferred tax asset based on its assessment that current levels of income would
be sufficient to realize the tax benefit.
Liquidity and Capital Resources.
The Company had cash and cash equivalents of $22.1 million at June 30, 1997. The
Company used $133,000, $244,000 and $1.2 million of cash for operating,
investing and financing activities, respectively, during the first six months of
1997. The cash used in operating activities is primarily due to the Company's
increased accounts receivable and inventory balances required to support sales
growth and new products. The cash used in investing activities relates primarily
to capital expenditures. The cash used in financing activities related to the
$1.5 million repayment of the promissory notes as offset by $331,000 of cash
provided by stock option exercises.
The Company believes that its existing capital resources and cash expected to be
generated from future operations will be sufficient to fund its operations and
anticipated capital expenditures through at least 1998. However, the Company's
future liquidity and capital requirements will depend upon numerous factors,
including the resources the Company devotes to developing, manufacturing and
marketing its products, the extent to which the Company's products generate
market acceptance and demand, potential acquisition opportunities that may arise
and other factors. As such, there can be no assurances that the Company will not
require additional financing within this time frame and, therefore, the Company
may in the future seek to raise additional funds through bank facilities, debt
or equity offerings or other sources of capital. Additional funding may not be
available when needed or on terms acceptable to the Company, which could have a
material adverse effect on the Company's business, financial condition and
results of operations.
Factors That May Affect Future Results
The Company's business, financial condition and results of operations are
subject to various risk factors, including those described below and elsewhere
in this report.
o UNCERTAINTY OF FUTURE OPERATING RESULTS. Future operating results will
depend on many factors, including demand for the Company's products,
the levels and timing of government and private sector funding of life
sciences research activities, the timing of the introduction of new
products by the Company or by competing companies, the integration of
acquired products and technology into manufacturing and distribution
processes, the Company's ability to control costs and its ability to
attract and retain highly qualified personnel. Furthermore, the
Company's gross margins can be significantly affected by many factors,
including shifts in product mix, the mix of direct sales as compared
with sales through distributors, competitive price pressures or
quarterly fluctuations in sales levels relative to fixed costs.
o FLUCTUATIONS IN QUARTERLY OPERATING RESULTS; LACK OF BACKLOG. The
Company manufactures its products to forecast rather than to
outstanding orders, and products are typically shipped within 30 to 90
days of purchase order receipt. As a result, the Company does not
believe the amount of backlog at any particular date is indicative of
its future level of sales. The Company's manufacturing procedures may
in certain instances create a risk of excess or inadequate inventory
levels if orders do not match forecasts. The Company's expense levels
are based, in part, on expected future sales. If sales levels in a
particular quarter do not meet expectations, the Company may not be
able to adjust operating expenses sufficiently quickly to compensate
for the shortfall, and the Company's results of operations may be
materially adversely affected. Many of the Company's products are
subject to long customer procurement processes. Accordingly, the timing
of capital equipment purchases by customers is expected to be uneven
and difficult to predict. In addition, a significant portion of the
Company's revenues is typically derived from sales of a small number of
relatively high-priced systems, and sales of such products may increase
as a percentage of revenue in the future. Delays in receipt of
anticipated orders or such products could lead to substantial
variability from quarter to quarter. In addition, the Company has
historically received purchase orders and made a significant portion of
each quarter's product shipments near the end of the quarter. If that
pattern
9
<PAGE>
continues, even short delays in the receipt of orders or shipment of
products at the end of a quarter could have a material adverse effect
on results of operations for that quarter. The Company typically
experiences a decrease in the level of sales in the first calendar
quarter as compared to the fourth quarter of the preceding year because
of budgetary and capital equipment purchasing patterns in the life
sciences industry. In 1995, the Company also experienced a decrease in
product revenues in the third quarter compared to the second quarter,
related to seasonality primarily associated with lower European and
academic sales during the summer months. The Company's product revenues
increased in the third quarter of 1996 compared to the second quarter
of 1996 primarily due to the introduction of a new Cell Analysis
product. The Company, however, expects the third quarter seasonality
trend to continue in future years as the Company increases its efforts
to penetrate international markets. Operating results in any period
should not be considered indicative of the results to be expected for
any future period.
o DEPENDENCY ON NEW PRODUCTS; RAPID TECHNOLOGICAL CHANGE. The life
sciences instrumentation market is characterized by rapid technological
change and frequent new product introductions. The Company's future
success will depend on its ability to enhance its current products and
to develop and introduce, on a timely basis, new products that address
the evolving needs of its customers.
o OTHER FACTORS. The Company's business is affected by other factors,
including: (i) the possibility that the introduction or announcement of
new products would render existing products obsolete or result in a
delay or decrease in purchase orders for existing products; (ii) the
extent to which and the timing in which the Company's products achieve
market acceptance; (iii) the capital spending policies of the Company's
customers (which depend on various factors, including the resources
available to such customers, the spending priorities among various
types of research equipment and the policies regarding capital
expenditures during recessionary periods), including those policies of
universities, government research laboratories and other institutions
whose funding is dependent on grants from government agencies; (iv)
competition; (v) the Company's ability to obtain and maintain patent
and other intellectual property protection for its products and
technology; (vi) the Company's ability to obtain in a timely manner
certain components used in its products which are currently obtained
from single sources; (vii) compliance with governmental regulations,
including those promulgated by the United Sates Food and Drug
Administration and similar state and foreign agencies; and (viii) the
extent of the Company's sales outside the United States, which involve
certain specific risks, including risks related to currency
fluctuations, imposition of government controls, export license
requirements, restrictions on export of critical technology, political
and economic instability or conflicts, trade restrictions, changes in
tariffs and taxes, difficulties in staffing and managing international
operations and international distributor relationships and general
economic conditions.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
None.
10
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MOLECULAR DEVICES CORPORATION
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not currently a party to any material legal proceedings.
ITEM 2. CHANGES IN SECURITIES
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Matters presented at the Annual Meeting of Stockholders on May 16, 1997,
and the voting of stockholders were as follows:
(a) Election of directors for the ensuing year:
Total Vote For Each Total Vote Withheld
Director From Each Director
-------- -------------
James P. Iuliano 7,500,201 483
Moshe H. Alafi 7,497,557 3,127
David L. Anderson 7,500,201 483
A. Blaine Bowman 7,500,201 483
Paul Goddard 7,500,201 483
Andre F. Marion 7,500,201 483
Harden M. McConnell 7,497,557 3,127
J. Allan Waitz 7,500,201 483
(b) Ratification of Ernst & Young LLP as the Company's independent
auditors for the fiscal year ending December 31, 1997.
For: 7,494,123 Against: 533 Abstain: 6,028
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company during the
quarter ended June 30, 1997.
11
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MOLECULAR DEVICES CORPORATION
By: Andrew Galligan
----------------------------------
Vice President, Finance and Chief
Financial Officer (Duly Authorized
and Principal Financial and
Accounting Officer)
Date: August 12, 1997
12
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EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
27.1 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracts from the
condensed consolidated balance sheet as of June 30, 1997 and the condensed
consolidated statement of operations for the six months ended June 30, 1997
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 22,134
<SECURITIES> 0
<RECEIVABLES> 7,993
<ALLOWANCES> 185
<INVENTORY> 3,765
<CURRENT-ASSETS> 36,509
<PP&E> 5,735
<DEPRECIATION> (4,175)
<TOTAL-ASSETS> 38,279
<CURRENT-LIABILITIES> 6,133
<BONDS> 0
0
0
<COMMON> 9
<OTHER-SE> 32,137
<TOTAL-LIABILITY-AND-EQUITY> 38,279
<SALES> 18,117
<TOTAL-REVENUES> 18,124
<CGS> 7,066
<TOTAL-COSTS> 7,066
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,778
<INCOME-TAX> 1,436
<INCOME-CONTINUING> 2,342
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,342
<EPS-PRIMARY> .24
<EPS-DILUTED> .24
</TABLE>
