Apogent Reports Record Fourth Quarter and Full Year Results.Business Editors & Health/Medical Writers BIOWIRE2K PORTSMOUTH Portsmouth, city, England Portsmouth, city (1991 pop. 174,218) and district, Hampshire, S England, on Spithead Channel. The district includes Portsea (naval station), Southsea (residential district and resort), and the old town of Portsmouth proper. , N.H.--(BUSINESS WIRE)--Nov. 14, 2002 Apogent Technologies Inc. (NYSE NYSE See: New York Stock Exchange : AOT AOT Agency of Transportation (Vermont, USA) AOT Ahead-of-Time AOT Assisted Outpatient Treatment AOT Aerosol Optical Thickness AOT All of Them (band) AOT As Opposed To AOT Among Other Things ), a leading manufacturer of clinical diagnostic and life science research products, today reported record financial results for the fourth quarter and year ended September September: see month. 30, 2002. "Record sales of $284 million this quarter, an increase of 9.6%, were driven by our fiscal 2002 acquisitions and by continued double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in our life science consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" products, which are used in cell culture, toxicology toxicology, study of poisons, or toxins, from the standpoint of detection, isolation, identification, and determination of their effects on the human body. Toxicology may be considered the branch of pharmacology devoted to the study of the poisonous effects of drugs. testing, drug discovery, and other research applications. For the year, we surpassed for the first time $1.0 billion in sales, an increase of 9.4%, reflecting our ability to grow even in difficult industry conditions," stated Frank H. Jellinek Jellinek is a surname and may refer to:
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were 34 cents. Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share from continuing operations were 35 cents for the fourth quarter, in line with our guidance." Mr. Jellinek continued, "As these results indicate, the fundamental elements of our strategy have proven effective and are still sound. Our strategy has been to maximize profit growth by combining high margin, modest internal growth businesses with focused, low risk acquisitions. These businesses generate consistent and significant levels of cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , which we will continue to utilize to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: shareholder returns. We have developed a management team that understands this strategy, believes in it, and has exhibited the ability to execute it. Given this as a base, we are excited about our business prospects for the next year." FOURTH QUARTER AND FISCAL YEAR 2002 FINANCIAL RESULTS Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight Effective September 30, 2002, the Company adopted the Emerging Issues Task Force (EITF EITF Emerging Issues Task Force EITF Edinburgh International Television Festival EITF Europe International Taekwon-Do Federation ) Issue No. 00-10, Accounting for Shipping and Handling Fees and Costs, which requires all amounts charged to customers for shipping and handling to be classified as sales revenues. Accordingly, all historical sales revenue amounts have been adjusted to reflect these changes. The costs related to shipping and handling are classified as selling expense in selling, general and administrative expense. Please refer to Schedule 5 attached to this press release for the quarterly impact of this reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. . Net sales for the fourth quarter were $284 million, an increase of 9.6% over the fourth quarter of last year. Quarterly comparisons of net sales by business segment are as follows:
Quarters Ended 9/30 (in 000's)
Business Segment 2002 2001 Variance
Clinical Diagnostics $133,675 $122,177 9.4%
Labware and Life Sciences 119,034 106,361 11.9%
Laboratory Equipment 31,781 30,998 2.5%
TOTAL $284,490 $259,536 9.6%
Increases in Clinical Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler sales for the quarter were driven, principally, by fiscal 2002 acquisitions. With the exception of microbiology microbiology: see biology. microbiology Scientific study of microorganisms, a diverse group of simple life-forms including protozoans, algae, molds, bacteria, and viruses. and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. microscope slide sales, which were strong for the quarter, the balance of this segment reported soft internal sales growth compared to last year. Labware and Life Sciences sales growth of 11.9% was supported by double-digit growth in life science consumable products and by fiscal 2002 acquisitions. Growth in this segment was offset by continued softness in the life science instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. business. Laboratory Equipment reported its first quarter of positive growth in net sales since the third quarter of last year. Apogent's net sales for its fiscal year 2002 were $1.07 billion, an increase of 9.4% over fiscal year 2001. Annual comparisons of net sales by business segment are as follows:
Years Ended 9/30 (in 000's)
Business Segment 2002 2001 Variance
Clinical Diagnostics $514,342 $469,438 9.6%
Labware and Life Sciences 439,345 385,810 13.9%
Laboratory Equipment 120,932 126,919 (4.7%)
TOTAL $1,074,619 $982,167 9.4%
For the year, Clinical Diagnostics sales growth was attributable to strong performances in microbiology, anatomical pathology anatomical pathology n. The study of the structural and compositional changes that occur in organs and tissues as a result of disease. Also called pathological anatomy. , European microscope slides and disposable disposable Nursing adjective Referring to that which is discarded or disposed of noun An item used in health care-related Pt contact which is discarded after use–eg masks, gloves, gowns, needles, paper products, syringes, wipes. See Biohazardous waste. glass culture tubes, and acquisitions. Offsetting these strong sales performances was continuing weakness in drugs of abuse testing -- both rapid tests and reagents. The Labware and Life Sciences segment had another excellent year in net sales growth driven primarily by life science consumable products, such as, pipette pipette /pi·pette/ (pi-pet´) [Fr.] 1. a glass or transparent plastic tube used in measuring or transferring small quantities of liquid or gas. 2. to dispense by means of a pipette. tips, microtitre plates and cell culture products. Reducing the overall benefit of the strong consumable sales, sales of life science instrumentation finished approximately 25% behind fiscal year 2001. Despite an improvement in the fourth quarter, the Lab Equipment segment was not able to achieve last year's sales levels. We believe that capital budgets for mid-priced capital equipment were pared back this year at our customers including biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. , pharmaceutical, and industrial accounts and that this reduction in spending unfavorably influenced year over year sales growth. Apogent's annual sales by geographic area are as follows:
Years Ended 9/30 (in 000's)
Geographic Area 2002 2001 Variance
North America $792,154 $744,783 6.4%
Europe 190,451 161,073 18.2%
Asia 77,755 69,417 12.0%
Other 14,259 6,894 106.8%
TOTAL $1,074,619 $982,167 9.4%
Detailed Financial Results Results for fiscal 2001 have been adjusted for the adoption of Financial Accounting Standards No. 142 ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142") Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. had it been adopted October October: see month. 1, 2000 and reflect Vacuum Process Technologies, Inc. as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma results adjust for restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities and the nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. loss and gains on the sales of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → for both fiscal years 2001 and 2002. A reconciliation of reported results to pro forma results is detailed in the attached Schedule 4. Reported gross profit for the quarter and year were $141.6 million and $527.8 million -- increases of 8.5% and 7.5%, respectively. Pro forma gross profit for the quarter and year were $142.1 million and $533.4 million -- increases of 8.9% and 8.6%, respectively. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. reported for the quarter was $69.7 million versus $67.2 million for the comparable quarter last year, an increase of 3.8%. Pro forma operating income for the quarter was $69.9 million versus $67.2 million, an increase of 4.0%. For the year, reported operating income was $255.9 million versus $252.3 million last year, an increase of 1.4%. Pro forma operating income for the year was $262.8 million versus $252.9 million last year, an increase of 3.9%. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The effective tax rate for the year was 36.6%. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with the 37.0% reported last year. The Company has increased the tax efficiency of the structure of its international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and has developed programs to increase domestic tax credits. These timely, proactive tax programs helped to reduce the effective rate this year and are expected to provide ongoing benefits in future years for the Company and its shareholders. Reported income from continuing operations before extraordinary items was $36.4 million for the fourth quarter versus $36.3 million for the fourth quarter last year. Pro forma income from continuing operations before extraordinary items for the quarter was $37.7 million versus $36.3 million, an increase of 3.9%. For the year, reported income from continuing operations before extraordinary items was $135.2 million versus $131.3 million last year, an increase of 3.0%. Pro forma income from continuing operations before extraordinary items for the year was $140.8 million versus $129.0 million last year, an increase of 9.1%. For the fourth quarter, reported and pro forma fully diluted earnings per share from continuing operations were $0.34 and $0.35, respectively. Reported and pro forma fully diluted earnings per share from continuing operations for the year were $1.24 and $1.30, respectively. Apogent finished fiscal year 2002 with no outstanding borrowings under its $500 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. and reported a significantly strengthened debt to total capital ratio of 40.9% versus 44.0% at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2001. OTHER CORPORATE MATTERS On November November: see month. 6, 2002, Mr. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack U. Parfet resigned from the Apogent Board of Directors in order to dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. more time to MPI MPI - Message Passing Interface Research, Inc., of which he is Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Parfet has also recently resigned from the boards of certain other non-Apogent companies. Apogent acknowledges and thanks Mr. Parfet, a member of the Board of Directors since 1997, and a member of the Board's Audit Committee, for the significant contributions he has made to the Company during his tenure as a director. EARNINGS CONFERENCE CALL On Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , November 15, 2002, at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , Apogent will host a conference call to discuss its fourth quarter and year-end financial results for the period ended September 30, 2002. The dial-in numbers for the teleconference are: Domestic Callers (877) 679-9054 International Callers (952) 556-2807 The conference call will be simultaneously audio webcast in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of Apogent's website at www.apogent.com and will be available there until December December: see month. 13, 2002. A telephone replay of the call will also be available until 1:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. on Tuesday Tuesday: see week. , November 19, 2002. The telephone replay numbers are (800) 615-3210 (Domestic Callers) or (703) 326-3020 (International Callers), passcode 6067517.
UPCOMING INVESTOR CONFERENCES
Conference Details
JPMorgan H&Q Healthcare Conference January 6-9, 2003
Westin St. Francis
San Francisco, CA
Lehman Brothers Global Healthcare March 3-5, 2003
Conference Loews Miami Beach Hotel
South Beach, FL
UPCOMING COMPANY TRADE SHOW EXHIBITS
Show Details
LabAutomation 2003 February 1-5, 2003
Palm Springs, CA
www.labautomation.org
ABOUT APOGENT Apogent is a diversified diversified (di·verˑ·s worldwide leader in the design, manufacture, and sale of value-added laboratory and life science products essential for healthcare diagnostics and scientific research. Apogent's companies are divided into three business segments: Clinical Diagnostics, Labware and Life Sciences, and Laboratory Equipment. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements made in this press release regarding future matters are forward-looking statements that involve risks and uncertainties. Forward-looking statements, including those dealing with competitors, customers, acquisitions, sales, profit margins, earnings, product development, financial performance, and growth strategies are based on current expectations. Our actual results may differ materially from those presently anticipated. Factors that could cause actual results to differ materially include, among others: financial risks associated with our holding company structure; currency and other risks associated with our international operations; risks from rapid technological change and new product introductions; the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of some of the industries and markets into which we sell our products; changes in customers purchasing patterns; competitive factors; transitional challenges associated with acquisitions; the possibility of future restructuring or impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges against our reported earnings; our dependence upon key distributors and original equipment manufacturers; possible disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. from labor unrest labor unrest n (US) → conflictividad f laboral , shortages of critical materials or other causes; regulatory and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risks; and the other "Cautionary Factors" contained in Item 7 of the Company's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and our subsequent reports filed with the Securities and Exchange Commission from time to time. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
SCHEDULE 1
APOGENT TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
September 30,
2002 2001(1)
Net sales $284,490 $259,536
Cost of sales:
Cost of products sold 142,169 128,678
Restructuring charge 490 -
Depreciation of purchase accounting
adjustments 193 371
Total cost of sales 142,852 129,049
Gross profit 141,638 130,487
Selling, general and administrative expenses 67,093 59,070
Restructuring charge (351) -
Depreciation and amortization of purchase
accounting adjustments 5,166 4,225
Total selling, general and administrative
expenses 71,908 63,295
Operating income 69,730 67,192
Other income (expense):
Interest expense (9,883) (11,589)
Amortization of deferred financing fees (782) (181)
Other, net (1,726) (222)
Income from continuing operations before
income taxes and extraordinary item 57,339 55,200
Income taxes 20,986 18,947
Income from continuing operations before
extraordinary item 36,353 36,253
Discontinued operations:
Loss from operations of VPT (net of income
tax benefit of $70 and $89, respectively) (196) (154)
Net income $36,157 $36,099
Basic earnings per common share from
continuing operations $0.34 $0.34
Discontinued operations (0.00) (0.00)
Basic earnings per common share $0.34 $0.34
Diluted earning per common share from
continuing operations $0.34 $0.34
Discontinued operations (0.00) (0.00)
Diluted earnings per common share $0.34 $0.33
Weighted average basic shares outstanding 106,511 105,517
Weighted average diluted shares outstanding 107,626 108,072
(1) NOTE: Prior year information reflects the adoption of SFAS 142
had it been effective during that time.
SCHEDULE 2
APOGENT TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Fiscal Year Ended
September 30,
2002 2001(1)
Net sales $1,074,619 $982,167
Cost of sales:
Cost of products sold 538,260 490,160
Restructuring charge 5,603 -
Depreciation of purchase accounting
adjustments 2,973 1,010
Total cost of sales 546,836 491,170
Gross profit 527,783 490,997
Selling, general and administrative expenses 252,604 223,107
Restructuring charge 1,262 583
Depreciation and amortization of purchase
accounting adjustments 17,975 15,016
Total selling, general and administrative
expenses 271,841 238,706
Operating income 255,942 252,291
Other income (expense):
Interest expense (40,687) (48,698)
Amortization of deferred financing fees (3,461) (563)
Other, net 1,490 5,284
Income from continuing operations before
income taxes and extraordinary item 213,284 208,314
Income taxes 78,062 77,052
Income from continuing operations before
extraordinary item 135,222 131,262
Discontinued operations:
(Loss) income from operations of VPT
including estimated loss on sale of
$13,200 (net of income tax benefit (expense)
of $497, and ($620), respectively) (14,073) 972
(Loss) income from operations of SDS (net of
income tax expense of $0, and $435,
respectively) - (11,824)
Income before extraordinary item 121,149 120,410
Extraordinary item (net of income tax benefit
of $1,359) - (2,106)
Net income $121,149 $118,304
Basic earnings per common share from
continuing operations $1.27 $1.24
Discontinued operations (0.13) (0.10)
Extraordinary item - (0.02)
Basic earnings per common share $1.14 $1.12
Diluted earning per common share from
continuing operations $1.24 $1.21
Discontinued operations (0.13) (0.10)
Extraordinary item - (0.02)
Diluted earnings per common share $1.11 $1.09
Weighted average basic shares outstanding 106,467 105,517
Weighted average diluted shares outstanding 108,656 108,072
(1) NOTE: Prior year information reflects the adoption of SFAS 142,
had it been effective during that time.
SCHEDULE 3
APOGENT TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2002 2001
Assets
Current assets:
Cash and cash equivalents $16,327 $9,192
Accounts receivable (less allowance for
doubtful accounts of $5,723 and $3,975,
respectively) 186,950 183,278
Inventories 203,997 167,436
Deferred income taxes 14,127 12,135
Prepaid expenses and other current assets 19,689 20,985
Assets of Vacuum Process Technology,
Inc. ("VPT") avail. for sale 5,436 -
Total current assets 446,526 393,026
Available for sale security 60,183 55,072
Property, plant and equipment, net 270,893 223,687
Intangible assets 1,243,113 1,140,334
Other assets 15,370 15,961
Total assets $2,036,085 $1,828,080
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $53,779 $53,822
Current portion of long-term debt 35,901 73,642
Income taxes payable 53,064 38,747
Accrued payroll and employee benefits 32,009 33,236
Accrued interest expense 16,630 15,292
Restructuring reserve 1,548 1,552
Other current liabilities 23,379 26,364
Total current liabilities 216,310 242,655
Long-term debt 634,980 583,788
Securities lending agreement 60,183 55,072
Deferred income taxes 136,220 101,073
Other liabilities 17,374 7,002
Commitments and contingent liabilities - -
Shareholders' equity:
Preferred stock, $0.01 par value; authorized
20,000,000 shares - -
Common stock, $0.01 par value; authorized
250,000,000 shares issued 106,976,877 and
105,875,768 shares respectively; outstanding
105,967,853 and 105,875,548 shares respectively 1,070 1,059
Equity rights, 50 rights at $1.09 per right - -
Additional paid-in capital 271,682 254,637
Retained earnings 748,790 627,642
Accumulated other comprehensive income (loss) (30,538) (44,848)
Treasury common stock, 1,009,024 and 220
shares, at cost (19,986) -
Total shareholders' equity 971,018 838,490
Total liabilities and
shareholders' equity $2,036,085 $1,828,080
SCHEDULE 4
APOGENT TECHNOLOGIES INC
RECONCILIATION OF REPORTED TO PRO FORMA RESULTS
(Unaudited)
Quarter Ended September 30
2002 Restructuring Asset Sale Pro Forma
Net Sales $284,490 $- $- $284,490
Gross Profit 141,638 490 - 142,128
Gross Profit Percentage 49.8% 50.0%
Operating Income 69,730 139 - 69,869
Income from Continuing
Operations 36,353 88 1,229 37,670
EBITDA 83,943 139 1,939 86,021
Fully diluted earnings
per share from
continuing operations $0.34 $- $0.01 $0.35
Quarter Ended September 30
2001 Asset Sale Restructuring Pro Forma
Net Sales $259,536 $- $- $259,536
Gross Profit 130,487 - - 130,487
Gross Profit Percentage 50.3% 50.3%
Operating Income 67,192 - - 67,192
Income from Continuing
Operations 36,253 - - 36,253
EBITDA 79,677 - - 79,677
Fully diluted earnings
per share from
continuing operations $0.34 $- $- $0.34
Fiscal Year Ended September 30,
2002 Restructuring Asset Sale Pro Forma
Net Sales $1,074,619 $- $- $1,074,619
Gross Profit 527,783 5,603 - 533,386
Gross Profit
Percentage 49.1% 49.6%
Operating Income 255,942 6,865 - 262,807
Income from Continuing
Operations 135,222 4,352 1,229 140,803
EBITDA 314,212 6,865 1,939 323,016
Fully diluted earnings
per share from
continuing operations $1.24 $0.05 $0.01 $1.30
Fiscal Year Ended September 30,
2001(1) Asset Sale Restructuring Pro Forma
Net Sales $982,167 $- $- $982,167
Gross Profit 490,997 - - 490,997
Gross Profit Percentage 50.0% 50.0%
Operating Income 252,291 - 583 252,874
Income from Continuing
Operations 131,262 (2,566) 350 129,046
EBITDA 305,614 (4,376) 583 301,821
Fully diluted earnings
per share from
continuing operations $1.21 $(0.02) $- $1.19
(1) NOTE: Fiscal 2001 amounts reflect the effect of SFAS 142, had
it been effective during that time.
SCHEDULE 5
APOGENT TECHNOLOGIES INC.
PRO FORMA QUARTER RESULTS AFTER THE IMPACT OF EITF 00-10 AND
THE RELATED RECLASSIFICATION OF FREIGHT INCOME AND EXPENSE
First Second Third Fourth Total
2002 Quarter Quarter Quarter Quarter Year
Net sales $243,190 $266,238 $280,701 $284,490 $1,074,619
Cost of sales 124,454 132,632 141,785 142,362 541,233
Gross profit 118,736 133,606 138,916 142,128 533,386
Selling, general
and Administrative
expense 61,683 66,447 70,188 72,259 270,579
Operating income 57,053 67,159 68,728 69,869 262,807
Other income
(expense) (9,586) (10,413) (10,268) (10,452) (40,719)
Income from continuing
operations before
income taxes 47,467 56,746 58,460 59,417 222,088
Income taxes 17,378 20,787 21,373 21,747 81,285
Income from continuing
operations 30,089 35,959 37,087 37,670 140,803
Discontinued
operations (122) (13,654) (101) (196) (14,073)
Net income $29,967 $22,305 $36,986 $37,474 $126,730
First Second Third Fourth Total
2001 Quarter Quarter Quarter Quarter Year
Net sales $220,491 $243,484 $258,657 $259,536 $982,167
Cost of sales 111,783 120,179 130,160 129,049 491,171
Gross profit 108,708 123,305 128,497 130,487 490,997
Selling, general
and administrative
expense 52,224 59,521 63,083 63,295 238,123
Operating income 56,484 63,784 65,414 67,192 252,874
Other income
(expense) (12,859) (10,892) (12,610) (11,992) (48,353)
Income from continuing
operations before
income taxes and
extraordinary item 43,625 52,892 52,804 55,200 204,521
Income taxes 16,797 20,433 19,298 18,947 75,475
Income from continuing
operations before
extraordinary item 26,828 32,459 33,506 36,253 129,046
Discontinued
operations (10,744) (351) 397 (154) (10,852)
Income before
extraordinary item 16,084 32,108 33,903 36,099 118,194
Extraordinary item (745) - (1,361) - (2,106)
Net income $15,339 $32,108 $32,542 $36,099 $116,088
NOTE: Proforma results adjust for the impact of restructuring
activities and non-recurring gains and loss on the sales of
fixed assets. Prior year information reflects the adoption of
SFAS 142, had it been effective during that time.
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