Bruker Corp (BRKR) 2005 Q4 法說會逐字稿

Good day, ladies and gentlemen. We thank you for your patience. And welcome to the Bruker BioSciences' Fourth Quarter Earnings Call. My name is Bill and I will be your conference coordinator for today. [OPERATOR INSTRUCTIONS] I would now like to turn the conference over to your host for today's presentation, Mr. Bill Knight, Chief Financial Officer. Please proceed, sir.

美好的一天，女士們先生們。我們感謝您的耐心等待。歡迎參加布魯克生物科學公司第四季財報電話會議。我叫比爾，我將擔任你們今天的會議協調員。 [操作員說明] 現在我想將會議轉交給今天的演講主持人，財務長 Bill Knight 先生。請繼續，先生。

Okay. Thanks, Bill. Good morning and welcome to the Bruker BioSciences' fourth quarter 2005 financial results conference call. With me on the call, is Frank Laukien, President and CEO of Bruker BioSciences, and Brian Monahan, our Corporate Controller.

好的。謝謝，比爾。早安，歡迎參加布魯克生物科學公司 2005 年第四季財務業績電話會議。與我一起參加電話會議的是布魯克生物科學公司 (Bruker BioSciences) 總裁兼執行長 Frank Laukien 和我們的公司財務長 Brian Monahan。

During the call today, Frank will provide an overview of the fourth quarter and full-year 2005 results, and then I will discuss the financial results in more detail. After that, we will open it up for questions-and-answers. Before we begin though, I'd like to start off are reading the "Safe Harbor" statement.

在今天的電話會議上，弗蘭克將概述 2005 年第四季和全年業績，然後我將更詳細地討論財務業績。之後，我們將開放問答環節。在我們開始之前，我想先閱讀“安全港”聲明。

This discussion will include "forward-looking statements." These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, risks and uncertainties relating to technological approaches, product development, manufacturing, market acceptance, cost and pricing of our products, exposure to currency fluctuations, dependence on collaborative partners, suppliers, competition, intellectual property, litigation, and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission. We expressly disclaim any obligation to release publicly any revisions to any forward-looking statements. These statements may not be rebroadcast, recorded, transcribed or otherwise used without the written consent of Bruker BioSciences.

這次討論將包括「前瞻性陳述」。這些陳述受到風險和不確定性的影響，可能導致實際結果與預測結果有重大差異，包括但不限於與我們產品的技術方法、產品開發、製造、市場接受度、成本和定價相關的風險和不確定性，貨幣波動風險、對合作夥伴、供應商的依賴、競爭、智慧財產權、訴訟以及我們向美國證券交易委員會提交的文件中不時討論的其他風險因素。我們明確表示不承擔公開發布對任何前瞻性陳述的任何修訂的義務。未經布魯克生物科學公司書面同意，不得轉播、記錄、轉錄或以其他方式使用這些聲明。

During this call, we may refer to certain financial measures that are not in accordance with generally accepted accounting principles, or GAAP. Non-GAAP financial measures are not meant to be a better presentation or substitute for results of operations prepared in accordance with U.S. GAAP. We believe that discussing these measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods or forecasts. A reconciliation of non-GAAP financial measures used on this call to the most directly comparable GAAP measure is available in our earnings press release.

在本次電話會議中，我們可能會提及某些不符合公認會計原則（GAAP）的財務指標。非公認會計原則財務指標並不意味著更好地表述或取代根據美國公認會計原則編制的營運結果。我們相信，討論這些指標有助於投資者更好地了解我們的核心經營業績和未來前景，與管理層衡量和預測公司業績的方式保持一致，特別是在將這些結果與以前的時期或預測進行比較時。我們的收益新聞稿中提供了本次電話會議中使用的非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節表。

With that, I would like to turn the call over to Frank to discuss highlights from the quarter and progress we've made at Bruker BioSciences.

至此，我想將電話轉給 Frank，討論本季的亮點以及我們在布魯克生物科學公司的進展。

Thank you, Bill. And good morning everyone. This is Frank Laukien. We appreciate you joining us today. I would like to start off by highlighting some key financial results for the fourth quarter and the full year 2005. First off, I'm pleased with our improved profitability and strong operating cash flow in the fourth quarter.

謝謝你，比爾。大家早安。這是弗蘭克·勞金。我們感謝您今天加入我們。首先我想重點介紹 2005 年第四季和全年的一些重要財務表現。首先，我對第四季度我們獲利能力的提高和強勁的營運現金流感到滿意。

Our commitment to improve profitability has been evident in our results all year, and we ended 2005 with four consecutive quarters of profitability. We believe many opportunities exist for continued profitability improvements in 2006 and 2007, as we work towards our financial goal of industry-standard profitability. Later on, Bill will bring you through the Q4 financials in more detail, but I wanted to highlight a few items first.

我們對提高盈利能力的承諾在我們全年的業績中得到了體現，並且我們在 2005 年結束時連續四個季度實現了盈利。我們相信，在我們努力實現行業標準盈利能力的財務目標的過程中，2006 年和 2007 年存在許多持續提高盈利能力的機會。稍後，比爾將向您詳細介紹第四季度的財務狀況，但我想先強調一些項目。

For the topline, excluding the effects of foreign exchange, we experienced growth of 1% in the fourth quarter of 2005 compared to the fourth quarter of 2004. Please keep in mind that Q4 of 2004 was an exceptionally strong quarter for us, during which we were able to ship products that had been delayed from the second and third quarter of 2004. For the full-year 2005, our revenue grew by 5%, and foreign exchange effects were negligible.

就營收而言，排除外匯影響，2005 年第四季的營收比 2004 年第四季成長了 1%。請記住，2004 年第四季度對我們來說是一個異常強勁的季度，在此期間我們能夠發貨自 2004 年第二季度和第三季度以來延遲的產品。2005 年全年，我們的收入成長了 5%，外匯影響可以忽略不計。

Due to our significantly improved adjusted EBITDA and good balance sheet management in 2005, our cash position increased to 99.7 million, at December 31st 2005, on strong operating cash flows of 41 million during the year 2005. Moreover, our operating margin improved both year-over-year and sequentially through the combination of revenue growth, improved gross margins and reduced operating expenses.

由於 2005 年調整後 EBITDA 的顯著改善和良好的資產負債表管理，截至 2005 年 12 月 31 日，我們的現金狀況增至 9,970 萬美元，而 2005 年的營運現金流強勁，達到 4,100 萬美元。此外，透過收入成長、毛利率提高和營運費用減少，我們的營運利潤率同比和環比均有所提高。

During the fourth quarter 2005, we experienced strong new order bookings for both our Bruker Daltonics and Bruker AXS businesses, and we had a very robust backlog at the end of 2005. While pharma and biotech demand was lower than expected in 2005, other industrial customers as well as our academic, medical research and government customers provided healthy demand for our products.

2005 年第四季度，我們的 Bruker Daltonics 和 Bruker AXS 業務都收到了強勁的新訂單預訂，在 2005 年底我們的積壓訂單非常強勁。雖然 2005 年製藥和生物技術的需求低於預期，但其他工業客戶以及我們的學術、醫學研究和政府客戶為我們的產品提供了健康的需求。

Our November 2005 acquisitions of Roentec and the PGT microanalysis business, which together now comprise our new Bruker AXS Microanalysis Group, are off to a very good start. We continue to be excited about the additional market segments these acquisitions provide us access to. Our new Bruker AXS Microanalysis business has performance-leading technologies, and we have already begun some new product introductions in the microanalysis business, as you may have seen from our recent February press release.

我們在 2005 年 11 月收購了 Roentec 和 PGT 微量分析業務，現在它們一起組成了我們新的 Bruker AXS 微量分析集團，這是一個很好的開始。我們仍然對這些收購為我們提供的額外市場領域感到興奮。我們新的布魯克 AXS 微量分析業務擁有性能領先的技術，我們已經開始在微量分析業務中推出一些新產品，正如您可能從我們最近 2 月的新聞稿中看到的那樣。

We will be at showcasing and introducing these new microanalysis products as well as, of course, many other new Bruker Daltonics and Bruker AXS products and solutions at the Pittcon Conference in a few weeks. Our Bruker AXS business has also completed the acquisition of SOCABIM in January 2006, which will strengthen our proprietary x-ray analysis software technology, and it will also continue to improve our gross margins at Bruker AXS.

我們將在幾週後的 Pittcon 會議上展示和介紹這些新的微量分析產品，當然還有許多其他新的 Bruker Daltonics 和 Bruker AXS 產品和解決方案。我們的 Bruker AXS 業務也於 2006 年 1 月完成了對 SOCABIM 的收購，這將加強我們專有的 X 射線分析軟體技術，也將繼續提高我們 Bruker AXS 的毛利率。

Going forward, we expect the combination of above-industry average topline growth and operating margin expansion to result in further steady improvements in our overall Bruker BioSciences' probability. As you know, we do not provide quarterly guidance, but our financial goals for 2006 are as follows. Revenue growth of approximately 10% compared to 2005; at least a doubling of our 2005 earnings per share, or EPS; and continued strong cash flows from operations.

展望未來，我們預計高於行業平均的營收成長和營業利潤率擴張將導致布魯克生物科學公司整體業績進一步穩步提高。如您所知，我們不提供季度指導，但我們 2006 年的財務目標如下。與2005年相比，營收成長約10%；至少是 2005 年每股盈餘 (EPS) 的兩倍；以及持續強勁的營運現金流。

Looking further ahead, in 2007, we expect to reach industry-standard profitability, while maintaining above industry-standard topline growth. I hope this provides a summary of our 2005 trends and expectations for 2006. Now, here is our CFO, Bill Knight, again, with a more detailed overview of our financial results.

展望未來，我們預計 2007 年獲利能力將達到行業標準，同時保持高於行業標準的收入成長。我希望這能總結我們 2005 年的趨勢和對 2006 年的期望。現在，我們的財務長比爾奈特再次對我們的財務表現進行了更詳細的概述。

Thanks, Frank. I would like to take the next few minutes to provide a little more information on the fourth quarter and full year 2005 financial results. Our fourth-quarter 2005 revenues, excluding foreign currency effects, increased by 1% to 80.6 million compared to revenues of 85.6 million in the fourth quarter of 2004. As Frank mentioned earlier, the fourth quarter of 2004 was an exceptionally strong quarter, as we shipped products that were delayed in the second and third quarters of 2004.

謝謝，弗蘭克。我想利用接下來幾分鐘的時間提供有關 2005 年第四季和全年財務業績的更多資訊。2005 年第四季的營收（不包括外匯影響）成長了 1%，達到 8,060 萬美元，而 2004 年第四季的營收為 8,560 萬美元。正如 Frank 之前所提到的，2004 年第四季是一個異常強勁的季度，因為我們出貨了 2004 年第二季和第三季延遲的產品。

For the full year 2005, revenues increased by 5% to 297.6 million compared to revenues of 284.4 million in 2004, and currency effects were not significant. Revenues for the Bruker Daltonics business increased approximately 6% to 161.4 million, and revenues for the Bruker AXS business increased approximately 4% to 137.4 million in 2005.

2005 年全年營收比 2004 年的 2.844 億美元成長了 5%，達到 2.976 億美元，而且貨幣影響並不顯著。2005 年，Bruker Daltonics 業務的營收成長了約 6%，達到 1.614 億美元，Bruker AXS 業務的營收成長了約 4%，達到 1.374 億美元。

Gross profit margins on products and services in 2005 were 41.9%, up from 41.2% in 2004. Gross margins for the Bruker AXS business were 39.0% in 2005, up from 37.6% in 2004. Gross margins for the Bruker Daltonics business were consistent year-over-year, at 44.2%.

2005年產品及服務毛利率為41.9%，高於2004年的41.2%。2005 年布魯克 AXS 業務的毛利率為 39.0%，高於 2004 年的 37.6%。布魯克道爾頓 (Bruker Daltonics) 業務的毛利率與去年同期持平，為 44.2%。

Continuing to improve our overall gross profit margins with the goal of achieving industry-standard levels over the next several years remains one of our top priorities. In 2005, we made steady progress on improving our gross profit margins, although we acknowledge much work remains to be done, but we look forward to the benefits we will realize from these initiatives.

繼續提高我們的整體毛利率，以在未來幾年達到行業標準水平的目標仍然是我們的首要任務之一。2005年，我們在提高毛利率方面取得了穩步進展，儘管我們承認還有很多工作要做，但我們期待著從這些舉措中實現的效益。

In 2005, selling, general and administrative expenses as a percent of revenue decreased to 25% from 27% in 2004, and research and development expenses decreased to 14% of revenue in 2005 from 15.3% of revenue in 2004. Both of these decreases as a percentage of revenue reflect our growing revenues and also cost savings generated through various productivity initiatives implemented in late 2004, for which the benefits were more significant in 2005 as compared to 2004.

2005年，銷售、一般及管理費用佔收入的比例從2004年的27%下降到25%，研發費用佔收入的比例從2004年的15.3%下降到2005年的14%。佔收入百分比的這兩項下降反映了我們收入的增長以及透過 2004 年末實施的各種生產力舉措所節省的成本，與 2004 年相比，2005 年的效益更為顯著。

Our continued focus on increasing revenues, improving gross profit margins, and controlling operating expenses resulted in operating income of 4.3 million in the fourth quarter of 2005 compared to 2.5 million in 2004. For the full year of 2005, our operating income was 10.6 million compared to an operating loss of 1.1 million in 2004.

我們持續專注於增加收入、提高毛利率和控制營業費用，使得 2005 年第四季營業收入達到 430 萬美元，而 2004 年為 250 萬美元。2005 年全年，我們的營業收入為 1,060 萬美元，而 2004 年的營業虧損為 110 萬美元。

For 2005, we incurred 8.3 million of income tax expense on a pre-tax income of 11.9 million, resulting in an effective tax rate of 69.1% compared to a tax rate of negative 58.5% in 2004. The high effective tax rate is primarily driven by net operating losses in the United States, which currently cannot yet be benefited.

2005年，我們的稅前收入為1,190萬，但產生了830萬的所得稅費用，有效稅率為69.1%，而2004年的稅率為負58.5%。高有效稅率主要是由美國的淨經營虧損推動的，而美國目前尚無法受益。

Although our effective tax rate has gradually decreased each quarter during 2005, we are not where we should be yet and expect that as we continue driving to become profitable in the U.S., our effective tax rate will continue to decrease.

儘管我們的有效稅率在 2005 年每個季度都在逐漸下降，但我們還沒有達到我們應該達到的水平，預計隨著我們繼續在美國實現盈利，我們的有效稅率將繼續下降。

Moving on to the bottom line, net income for the fourth quarter of 2005 was 1.9 million or $0.02 per diluted share compared to a net loss of 0.9 million or $0.01 per share in the fourth quarter of 2004. For the full year of 2005, net income was 3.6 million or $0.04 per diluted share, compared to a net loss of 7.8 million or $0.09 per share in 2004.

說到利潤，2005 年第四季的淨利潤為 190 萬美元，即稀釋後每股收益 0.02 美元，而 2004 年第四季的淨虧損為 90 萬美元，即每股 0.01 美元。2005 年全年，淨利為 360 萬美元，即每股攤薄收益 0.04 美元，而 2004 年淨虧損為 780 萬美元，即每股 0.09 美元。

Before I expand a bit on our financial goals for 2006, I'd like to briefly highlight some trends when comparing our balance sheet as of December 31st, 2005 to our balance sheet as of December 31st, 2004. First off, our cash increased by 22 million, even with two acquisitions being completed in the fourth quarter of 2005.

在詳細闡述我們 2006 年的財務目標之前，我想簡要強調一下將截至 2005 年 12 月 31 日的資產負債表與截至 2004 年 12 月 31 日的資產負債表進行比較時的一些趨勢。首先，即使在 2005 年第四季完成了兩次收購，我們的現金仍增加了 2,200 萬美元。

As Frank briefly described, this increase in cash was driven by strong operating cash flows of approximately 41 million during the year. We also experienced meaningful decreases in our accounts receivable as our DSOs have come down from 74 days a year ago to 66 days at the end of 2005. Inventory also increased considerably -- decreased considerably as manufacturing turns increased from 2.1 in 2004 to 2.5 in 2005.

正如 Frank 簡要描述的那樣，現金的增加是由年內約 4,100 萬美元的強勁營運現金流推動的。我們的應收帳款也大幅減少，因為我們的 DSO 時間從一年前的 74 天減少到 2005 年底的 66 天。庫存也大幅增加——隨著製造週轉率從 2004 年的 2.1 增加到 2005 年的 2.5，庫存大幅減少。

Now to reiterate our goals for 2006, we expect, again, revenue growth of approximately 10% as compared to 2005, at least a doubling of our 2005 earnings per share, and this earnings per share goal includes the impact of expensing stock-based compensation, which we expect will impact our EPS by anywhere from $0.01 to $0.02 per share, a continuing reduction in our effective tax rate bringing us more in line with U.S. statutory levels and continued strong operating cash flows. These estimates do not include any additional acquisitions which we may make in 2006.

現在重申我們 2006 年的目標，我們再次預計收入將比 2005 年增長約 10%，至少是 2005 年每股收益的兩倍，而這一每股收益目標包括費用化股票薪酬的影響，我們預計這將對我們的每股盈餘產生0.01 美元至0.02 美元的影響，有效稅率的持續降低使我們更加符合美國法定水平，並持續強勁的營運現金流。這些估計不包括我們 2006 年可能進行的任何額外收購。

With that, we would like to open it up for questions.

至此，我們願意開放提問。

Thank you very much sir. [OPERATOR INSTRUCTIONS] And our first question comes from the line of Derik De Bruin of UBS. Please proceed.

先生非常感謝您。 [操作員說明] 我們的第一個問題來自 UBS 的 Derik De Bruin。請繼續。

Hi. Good morning.

你好。早安.

Good morning, Derik.

早上好，德瑞克。

So when - when do you expect to see -- were you profitable in the U.S. in any quarter during 2005?

那麼，2005 年期間，您預計什麼時候在美國的某個季度獲利？

No.

不。

No. Okay. So you don't see them -- so basically we can start thinking about tax rate maintaining general levels in '06, but hopefully by '07 we should start seeing some return to normalized levels?

不。好的。所以你看不到它們 - 所以基本上我們可以開始考慮在 06 年維持稅率的總體水平，但希望到 07 年我們應該開始看到一些回歸到正常化水平？

We expect to see improved tax rates in 2006, as we said, approximately at the U.S. statutory rate, which is 40%. So -- and we do expect to see certainly improved operations in the U.S. in 2006 as well.

正如我們所說，我們預計 2006 年稅率將有所提高，約達到美國法定稅率 40%。因此，我們確實預期 2006 年美國的業務也會明顯改善。

Okay.

好的。

The improvement in tax rate -- further improvement in tax rate is absolutely expected in 2006 and not only 2007.

稅率的提高－稅率的進一步提高絕對會在2006年而不只是2007年發生。

Okay. Now the 10% revenue growth rate you're talking in '06, how much of this is from -- would be from the recent acquisitions?

好的。現在，您所說的 06 年 10% 的收入成長率，其中有多少來自最近的收購？

Approximately 3 to 4% of the 10% would be from our acquisitions.

這 10% 中大約有 3% 到 4% 來自我們的收購。

Okay. All right. And when you're talking about industry standard profitability in '07, I guess it depends on which company you're using in the sector as the comp. If we say something, I guess, the net margin in the realm of the 6 to 8% range is kind of what you're talking about?

好的。好的。當您談論 07 年的行業標準盈利能力時，我想這取決於您在該行業中使用哪家公司作為比較。如果我們說些什麼，我想，6% 到 8% 範圍內的淨利潤率就是您所說的那種情況？

Are you talking about operating margin --

你是在談論營業利潤率嗎——

Net, the net margin.

淨額，淨利率。

In the 6 to --

在 6 到——

8% range. Yes.

8%範圍。是的。

6 to 8% range, that is correct. We expect we hope to be in 2007 above 6% net income margins.

6% 到 8% 的範圍，這是正確的。我們預計 2007 年淨利潤率將達到 6% 以上。

Okay. That's -- I mean just looking at comparable mix companies, that's at -- some of the earlier stages that's kind of where the numbers tend to come in at. And I guess could you just comment if you've had any initial feedback from customers, potential problems -- or potential, let's say, problems [sort of] potential of implications of Agilent introducing some new entrants in the mass spec market, talking about putting these in with a much lower price point in some of the current triple quads and Q-TOF that are out there?

好的。那就是——我的意思是只專注於可比較的混合公司，也就是處於——一些早期階段，這些數字往往是在這些階段出現的。我想您是否可以評論一下您是否從客戶那裡得到了任何初步反饋，潛在的問題，或者潛在的，比方說，安捷倫在質譜市場引入一些新進入者的影響的潛在問題，談論將這些以低得多的價格放入當前的一些三重四極桿和Q-TOF 中？

Well, if you recall, Derik, we at Bruker Daltonics are not in triple quadrupole market --

好吧，如果你還記得，Derik，我們 Bruker Daltonics 並不涉足三重四極桿市場——

Right.

正確的。

-- so I think that announcement at aggressive pricing, I would agree, does not affect us. It may affect others, triple quad manufacturers and you know who they are. The benchtop Q Q-TOF introduction by Agilent has been expected for some time. If you recall, we were the first to do that in 2005, introducing a very high performance benchtop Q-TOF, meant here as a generic description, which we called the MicroTQF-Q. And as we look at the new introductions, we believe, first of all, this validates our trend of offering very high performance and highest performance Q Q-TOF Systems as more convenient and lower cost benchtop systems.

- 所以我認為，我同意，以激進的定價宣布不會影響我們。它可能會影響其他人，三重四極桿製造商，你知道他們是誰。人們期待安捷倫推出桌上型 Q Q-TOF 一段時間了。如果你還記得的話，我們是在 2005 年第一個這樣做的，推出了一個非常高效能的桌上型 Q-TOF，這裡的意思是作為通用描述，我們稱之為 MicroTQF-Q。當我們看到新推出的產品時，我們相信，首先，這證實了我們提供非常高性能和最高性能 Q Q-TOF 系統作為更方便和更低成本的桌上型系統的趨勢。

So, quite honestly, we think it may help our marketing efforts as we think the market paradigm for these Q Q-TOF Systems may very well shift from the large -- from primarily large floor standings systems to expect more robust, more convenient, yet equally high or even higher performance systems that are benchtop -- that are bench-top systems. So think this supports our marketing strategy and we still believe we will have the highest performance benchtop Q Q-TOF System in the industry.

因此，老實說，我們認為這可能有助於我們的行銷工作，因為我們認為這些 Q Q-TOF 系統的市場範式很可能會從大型落地式系統轉變為期望更強大、更方便，但同樣高效能甚至更高效能的桌上型系統——即桌上型系統。因此，我認為這支持了我們的行銷策略，我們仍然相信我們將擁有業界最高效能的桌上型 Q Q-TOF 系統。

Great. And just one final question. Is there anything that really stands out in terms of the industrial end markets, one particular segment that's doing better than the others? Just a -- any additional color on what you're seeing globally and in the industrial business and with your product lines in particular?

偉大的。最後還有一個問題。就工業終端市場而言，有什麼真正突出的地方，即比其他領域表現更好的特定領域嗎？關於您在全球和工業業務中看到的情況，特別是您的產品線，還有什麼其他的看法嗎？

Well, it's really been across the board -- it's been pretty healthy across the board. Obviously some raw materials manufacturers in Asia have been growing rapidly. And we've had some very good success in the U.S. and in Europe with our advanced solutions for cement analysis. We've been in that market for some time, but making very good progress there.

嗯，確實是全面的──全面的都非常健康。顯然，亞洲的一些原材料製造商一直在快速成長。我們憑藉先進的水泥分析解決方案在美國和歐洲取得了非常好的成功。我們進入這個市場已經有一段時間了，但已經取得了很好的進展。

We have also, with our X-ray products -- we've always been in semiconductor research, but we have very seriously entered the semicon fab market. And we believe that will be successful for us as well as we have, again, performance leading, very high quality, very reliable products for those segments. This is sort of maybe recent trends that are a departure from areas where we have -- industrial areas where we have been successful already previously.

我們也透過 X 射線產品——我們一直從事半導體研究，但我們已經非常認真地進入半導體晶圓廠市場。我們相信這對我們來說將會取得成功，並且我們再次為這些細分市場提供性能領先、品質非常高、非常可靠的產品。這可能是最近的趨勢，與我們之前已經取得成功的工業領域不同。

Great. Oh, and actually one -- I do have a follow-up. Now, the stock option expense, you said $0.01 to $0.02, was that per quarter or for the full year in '06?

偉大的。哦，實際上有一個——我確實有一個後續行動。現在，您說的股票選擇權費用為 0.01 美元到 0.02 美元，是 06 年的每個季度還是全年？

That's for the full year.

這是全年的情況。

Great. Thank you very much.

偉大的。非常感謝。

And just to clarify, as -- we take this affect into account as we set our goal of at least doubling our EPS.

澄清一下，我們在設定每股盈餘至少翻倍的目標時考慮到了這種影響。

Great.

偉大的。

So this effect is included in that -- in setting that goal for 2006.

因此，這種影響也包含在 2006 年目標的製定中。

Good. Thank you very much.

好的。非常感謝。

Thanks Derik.

謝謝德里克。

[OPERATOR INSTRUCTIONS] At this time, gentlemen, we have no further questions.

[操作員說明] 先生們，目前我們沒有其他問題了。

Well, then we would like to thank you for participating in this conference call. We hope to see many of you at the Pittcon or at other financial conferences or earnings calls. Thank you very much. Have a good day. Bye-bye.

好吧，那我們要感謝您參加這次電話會議。我們希望在 Pittcon 或其他財務會議或財報電話會議上見到你們中的許多人。非常感謝。祝你有美好的一天。再見。

Thank you very much gentlemen. Thank you, ladies and gentlemen, for your participation in today's conference call. This concludes the presentation. And you may now disconnect. Have a good day.

非常感謝先生們。女士們、先生們，感謝你們參加今天的電話會議。演示到此結束。您現在可以斷開連線。祝你有美好的一天。