Beckman Coulter Settles Claim Against 1997 Acquisition Escrow Account.Business Editors/Health/Medical Writers FULLERTON, Calif.--(BUSINESS WIRE)--April 1, 2003 Beckman Coulter This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , Inc. (NYSE NYSE See: New York Stock Exchange :BEC) announced today that in the first quarter of 2003, it will record a $28.9 million non-taxable credit to 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. associated with the settlement of its claims against an escrow account. The company will also record a tax-deductible charge of approximately $2.0 million for additional legal fees related to its escrow claim and the escrow settlement. The escrow account was created as part of the Beckman Instruments, Inc. 1997 acquisition of Coulter Corporation to cover contingent pre-acquisition liabilities. After taxes, the $27.7 million credit covers all of Beckman Coulter's claims against the escrow account, including the charges taken in the fourth quarter of 2002. Beckman Coulter, Inc. is a global biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. company, headquartered in Fullerton, California Fullerton is a city located in northern Orange County, California, United States. As of the 2000 census, the city had a total population of 126,003. It was founded in 1887 by George and Edward Amerige and named for George H. . The company develops and markets instruments, chemistries, software and supplies that simplify and automate laboratory processes throughout the biomedical testing continuum. Through pioneering medical research and drug discovery, specialty testing, and patient care diagnostics, Beckman Coulter supports all phases of the battle against disease. Annual sales for the company totaled $2.06 billion in 2002, with 62% of this amount generated by recurring revenue from supplies, test kits and services. For more information, visit www.beckmancoulter.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion