Fisher Scientific's First-Quarter Revenues Up 35 Percent; Company Reports Record Sales and Earnings; Reaffirms 2005 EPS Guidance of $3.45 to $3.60.HAMPTON, N.H. -- Fisher Scientific Fisher Scientific, formally Fisher Scientific International, Inc. and colloquially Fisher was a biotechnology company that provided products and services to the global scientific research and United States clinical laboratory markets. International Inc. (NYSE NYSE See: New York Stock Exchange : FSH FSH follicle-stimulating hormone. FSH abbr. follicle-stimulating hormone Facioscapulohumeral muscular dystrophy (FSH) ), a world leader in serving science, today reported record sales and earnings for the first quarter ended March 31, 2005, reflecting strong sales of its scientific products and services and increased demand from healthcare customers. "Fisher had a strong quarter with sales increasing 35 percent and earnings reaching a new high," said Paul M. Montrone, chairman and chief executive officer. "Our largest business segment posted solid results and we also achieved outstanding growth in our healthcare business. Our integration of Apogent Technologies is going very well and we're pleased that its businesses are making positive contributions to our performance." First-Quarter Reported Results Sales for the first quarter increased 35 percent to $1,351.2 million compared with $1,003.1 million in the first quarter of 2004. Excluding the effect of foreign exchange, first-quarter sales totaled $1,337.2 million, a 33 percent increase over the same quarter in 2004, with approximately 3 points of this increase from organic growth. First-quarter net income increased to $77.0 million, or 61 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with net income of $34.6 million, or 51 cents per diluted share, in the first quarter of 2004. Net income for the first quarter includes $23.5 million, net of tax ($36.3 million pre-tax) of nonrecurring costs and special items, which are excluded from 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 discussed below. Cash from operations for the quarter ended March 31, 2005, totaled $71.2 million, reflecting integration costs related to the Apogent merger and increased investment in working capital. Capital expenditures were $28.0 million, primarily related to investments in the company's biosciences business and the integration of 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. . Pro Forma Financial Results The following discussion excludes nonrecurring costs and special items in 2004 and 2005. In the attached supplementary information tables, these items are reconciled to the most directly comparable financial measures computed in accordance with accounting principles generally accepted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). 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. for the first quarter increased 125 percent to $172.6 million compared with $76.8 million in the same quarter of 2004. First-quarter net income increased 144 percent to $100.5 million compared with net income of $41.2 million in the corresponding period of 2004, reflecting an improvement in operating income partially offset by an increase in interest expense. Diluted earnings per share diluted earnings per share 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 (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) grew 33 percent to 80 cents in the first quarter from 60 cents in the first quarter of 2004. Business-Segment Results First-quarter sales of scientific products and services reached $983.8 million, a 33 percent increase compared with the prior-year period. Excluding the effect of foreign exchange, sales of scientific products and services in the first quarter totaled $970.7 million, a 31 percent increase compared with the same period in 2004, with approximately 2 points of this increase from organic growth. Strong sales to biotechnology and industrial customers combined with solid revenue from pharmaceutical customers drove growth in this segment. Sales growth was partially offset by the timing of government orders for safety products and a modest decline in European sales. Operating income nearly doubled to $129.4 million from $66.6 million in the corresponding period of 2004. Sales of healthcare products and services totaled $336.7 million in the first quarter, compared with $227.5 million in the prior year's quarter. Excluding the effect of foreign exchange, sales of healthcare products and services totaled $335.8 million in the first quarter, an increase of 48 percent compared with the prior year's quarter, with approximately 5 points of this increase from organic growth. The organic growth rate reflects the positive effects of a strong flu season
Adjective 1. having four times as many or as much 2. composed of four parts Adverb by four times as many or as much Adj. 1. to $43.0 million in the first quarter compared with $10.4 million in the same period in 2004. First-quarter sales in the laboratory-workstations segment increased to $46.3 million from $38.4 million in the prior year. Operating income also increased to $0.2 million in the first quarter from an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $0.2 million in the corresponding period of the prior year. Order activity in the laboratory-workstations segment improved slightly with backlog at approximately $136 million at the end of the first quarter, compared with $114 million at the end of the corresponding period of 2004. Additional Items --On Feb. 25, Fisher acquired privately held Gotesborg Termometerfabrik AB (GTF GTF glucose tolerance factor. ) for approximately $6 million in cash. Based in Sweden, GTF is a leading Swedish distributor of 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!" lab supplies, chemicals, and equipment for life sciences with annual revenues of approximately $15 million. --On April 5, Fisher Scientific completed its sale of Atos Medical AB, a manufacturer of ear, nose and throat medical devices with revenues of $35 million, to Nordic Capital for $110 million in cash. This business is reflected 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. in the accompanying financial tables. --On April 14, Fisher commenced a cash tender offer for all $304 million principal amount of its outstanding 8 1/8 percent senior subordinated notes due 2012. The tender expires on May 11. As of April 27, $289.7 million, or 95 percent, had been tendered pursuant to an early-settlement option. --On March 15, Fisher's board of directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a $300 million share-repurchase program. This two-year program authorizes management, at its discretion, to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares from time to time on the open market or in privately negotiated transactions, subject to market conditions and other factors. --Earlier today, the company filed a shelf-registration statement that allows Fisher to issue up to $1 billion in debt and equity securities. This shelf-registration statement replaces the existing shelf-registration statement that was filed on Sept. 3, 2003. Company Outlook For 2005, Fisher is confirming its previously issued full-year adjusted EPS guidance of $3.45 to $3.60, which includes approximately 25 cents of intangible amortization expense. Guidance for the year excludes stock-based compensation expense. Fisher continues to expect full-year revenue growth, excluding foreign-exchange effects, of approximately 20.0 percent to 22.0 percent and adjusted operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 13.3 percent to 13.5 percent. The company's outlook for 2005 by segment follows:
Segment Revenue Growth Rate Operating Margin
------- ------------------- ----------------
(excluding foreign exchange)
Scientific products and
services 21.0% to 24.0% 13.7% to 14.0%
Healthcare products and
services 20.0% to 23.0% 13.0% to 13.3%
Lab workstations 4.0% to 7.0% 1.0% to 2.0%
Consolidated 20.0% to 22.0% 13.3% to 13.5%
Fisher's guidance assumes a 30 percent tax rate and an estimated diluted share count of 127 million, which includes the effect of outstanding convertible notes based on the treasury-stock method. The company's guidance continues to include Apogent integration savings of $55 million, which, on a quarterly basis, will increase throughout the year, with roughly $20 million to be realized in the first half of the year. The company's adjusted earnings guidance and adjusted operating margins above exclude one-time costs for the Apogent transaction of approximately $60 million ($38.5 million, net of tax) related to inventory step-up amounts, restructuring and other integration costs. These one-time costs include cash charges of approximately $40 million. The adjusted earnings guidance also excludes approximately $32 million ($20.5 million, net of tax) of cash charges related to the tender for the 8 1/8 percent notes. Fisher continues to expect 2005 operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. in the range of $540 million to $570 million. The company confirmed its guidance for capital expenditures of approximately $155 million in 2005, which include facility expansions related to the integration of manufacturing operations and the transfer of production to lower-cost facilities. Free cash flow, defined as operating cash flow less capital expenditures, is projected to be in the range of $385 million to $415 million. Fisher Scientific expects second-quarter adjusted EPS to be in the range of 85 cents to 88 cents. Upcoming Presentations Fisher Scientific will present at the following conferences: --Robert W. Baird & Company Growth Stock Conference, May 12, 9:40 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT (10:40 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) at The Four Seasons Hotel in Chicago. A webcast of Fisher's presentation (slides and audio) will be available through the company's Web site, www.fisherscientific.com. The webcast will be listen-only and will be archived on the Web site until June 3. --Banc of America Securities Healthcare Conference, May 17, 8:40 a.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT (11:40 a.m., EDT) at the Four Seasons Hotel in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . A webcast of Fisher's presentation (slides and audio) will be available through the company's Web site. The webcast will be listen-only and will be archived on the Web site until June 3. --Goldman Sachs Annual Global Healthcare Conference, June 15, at the Ritz-Carlton Laguna Niguel Hotel in Dana Point, Calif. Fisher's presentation time and information concerning the webcast will be announced at a later date. Conference Call Scheduled Fisher will host a teleconference to discuss its first-quarter financial results and 2005 guidance on Tuesday, May 10, at 10 a.m. EDT. Interested parties who would like to participate may call 800-299-8538 (title: Fisher Scientific Earnings Call - no access code needed). International callers should dial (+1) 617-786-2902. Following the call, an audio replay will be available for 10 days. Callers from the United States should dial 888-286-8010. International callers should dial (+1) 617-801-6888. The conference replay code is 65070001. The conference call will also be webcast on Fisher's Web site. The webcast may be accessed on the Investor Relations Investor relations The process by which the corporation communicates with its investors. Info page and will be archived until June 9. Fisher Scientific: A World Leader in Serving Science Fisher Scientific International Inc. (NYSE: FSH) is a leading provider of products and services to the scientific community. Fisher facilitates discovery by supplying researchers and clinicians in labs around the world with the tools they need. We serve pharmaceutical and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. companies; colleges and universities; medical-research institutions; hospitals; reference, quality-control, process-control and R&D labs in various industries; as well as government agencies. From biochemicals, cell-culture media and proprietary RNAi technology to rapid-diagnostic tests, safety products and other consumable supplies, Fisher provides more than 600,000 products and services. This broad offering, combined with Fisher's globally integrated supply chain and unmatched sales and marketing presence, helps make our 350,000 customers more efficient and effective at what they do. Founded in 1902, Fisher Scientific is a FORTUNE 500 company and is a component of the S&P 500 Index. Fisher has approximately 17,500 employees worldwide, and our annual revenues are expected to exceed $5.5 billion in 2005. Fisher Scientific is a company committed to high standards and delivering on our promises -- to customers, shareholders and employees alike. Additional information about Fisher is available on the company's Web site at www.fisherscientific.com. 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. This announcement includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All such statements are based on current expectations and projections about future events. No assurances can be given that Fisher Scientific's assumptions and expectations will prove to have been correct, and actual results could vary materially from these assumptions and expectations. Important factors that could cause actual results to differ materially from the results predicted include challenges presented by our acquisitions; economic and political risks related to our 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. ; changes in the healthcare industry; the impact of government regulation; dependence on our customers' research and development efforts; and changes or disruptions in our relationships with our customers, suppliers and key employees, together with other potential risks and uncertainties, all of which are detailed under the captions "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in Fisher Scientific's annual reports on 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 its other filings with the Securities and Exchange Commission. Copies of such reports are available on Fisher Scientific's Web site at www.fisherscientific.com and on the SEC's Web site at www.sec.gov. Fisher Scientific undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. -0- *T Table 1 Fisher Scientific International Inc. Statement of Operations See Income statement. (in millions, except per share data) (unaudited) Three Months Ended March 31, ------------------- 20052004 --------- --------- Sales$1,351.2$1,003.1 Cost of sales901.8732.5 Selling, general and administrative expense305.3204.0 Restructuring expense8.3- --------- --------- Operating income135.866.6 Interest expense30.622.0 Other income(1.0)(0.6) --------- --------- Income before income taxes106.245.2 Income tax provision30.112.4 --------- --------- Income 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 76.132.8 Income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , net of tax of $0.2 and $0.0, respectively (a)0.91.8 --------- --------- Net income$77.0$34.6 ========= ========= Basic net income per common share: Income from continuing operations$0.63$0.51 Income from discontinued operations (a)0.010.03 --------- --------- Net income$0.64$0.54 ========= ========= Diluted net income per common share: Income from continuing operations$0.60$0.48 Income from discontinued operations (a)0.010.03 --------- --------- Net income$0.61$0.51 ========= ========= Weighted average common shares outstanding: Basic119.663.6 ========= ========= Diluted126.068.4 ========= ========= (a)Atos Medical AB was sold on April 5, 2005 and is reflected as a discontinued operation. Table 2 Fisher Scientific International Inc. Segment Results (in millions) (unaudited) Three Months Ended March 31, ----------------------------- Growth 2005Rate2004 --------- --------- --------- Revenue ------- Scientific Products and Services$983.832.6%$742.0 Healthcare Products and Services (a)336.748.0%227.5 Laboratory Workstations46.320.6%38.4 Eliminations(15.6)(4.8) ------------------ Total$1,351.234.7%$1,003.1 ================== Three Months Ended March 31, --------------------------------------- OperatingOperating 2005Margin2004Margin --------- --------- --------- --------- Operating Income ---------------- Scientific Products and Services$129.413.2%$66.69.0% Healthcare Products and Services (a)43.012.8%10.44.6% Laboratory Workstations0.20.4%(0.2)-0.5% Eliminations-- ------------------ Segment sub-total172.612.8%76.87.7% ------------------ Restructuring expense(8.3)- Acquisition and integration costs(11.4)- Inventory step-up(17.1)(10.2) ------------------ Operating income$135.810.1%$66.66.6% ================== (a) Excludes the operating results of Atos Medical AB, which was sold on April 5, 2005 and is reflected as a discontinued operation. Table 3 Fisher Scientific International Inc. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Balance Sheet (in millions) March 31,December 31, 20052004 ------------ ------------ (unaudited) ASSETS Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and cash equivalents$237.3$162.5 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net697.3632.8 Inventories600.2622.4 Assets held for sale (a)95.794.6 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 269.0264.5 ------------ ------------ Total current assets1,899.51,776.8 Property, plant and equipment767.8785.4 Goodwill and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 5,492.65,528.0 ------------ ------------ Total assets$8,159.9$8,090.2 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. $57.7$39.4 Accounts payable468.6468.4 Liabilities held for sale (a)8.68.3 Accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. and other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. 436.1453.7 ------------ ------------ Total current liabilities971.0969.8 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. 2,285.52,309.2 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 943.1941.2 ------------ ------------ Total liabilities4,199.64,220.2 ------------ ------------ Stockholders' equity3,960.33,870.0 ------------ ------------ Total liabilities and stockholders' equity$8,159.9$8,090.2 ============ ============ (a)Atos Medical AB was sold on April 5, 2005 and is reflected as a discontinued operation. Table 4 Fisher Scientific International Inc. Condensed Statement of Cash Flows (in millions) (unaudited) Three Months Ended March 31, ------------------- 20052004 --------- --------- Cash flows from operating activities: Net income$77.0$34.6 Depreciation and amortization47.824.1 Other adjustments to reconcile net income to cash provided by operating activities24.03.6 Changes in working capital and other assets and liabilities(77.6)3.7 --------- --------- Cash provided by operating activities71.266.0 --------- --------- Cash flows from investing activities: Capital expenditures(28.0)(13.1) Acquisitions(6.7)(331.2) Other investing activity4.7(4.1) --------- --------- Cash used in investing activities(30.0)(348.4) --------- --------- Cash flows from financing activities:36.8255.5 --------- --------- Effect of exchange rate changes on cash(3.2)(0.5) --------- --------- Net change in cash and cash equivalents74.8(27.4) Cash and cash equivalents - beginning of period162.583.8 --------- --------- Cash and cash equivalents - end of period$237.3$56.4 ========= ========= Table 5 Fisher Scientific International Inc. Statement of Operations Supplemental Information (in millions, except per share data) (unaudited) Three Months Ended ------------------------------------------------------- March 31, 2005March 31, 2004 --------------------------- --------------------------- AsAdjust-AsAsAdjust-As ReportedmentsAdjustedReportedmentsAdjusted ------------------------------------------------------- Sales$1,351.2$-$1,351.2$1,003.1$-$1,003.1 Cost of sales901.8(20.3)881.5732.5(10.2)722.3 Selling, general and administrative expense305.3(8.2)297.1204.0-204.0 Restructuring expense8.3(8.3)---- --------- ------- --------- --------- ------- --------- Operating income135.836.8172.666.610.276.8 Interest expense30.6-30.622.0-22.0 Other (income) expense, net(1.0)0.5(0.5)(0.6)-(0.6) --------- ------- --------- --------- ------- --------- Income before income taxes106.236.3142.545.210.255.4 Income tax provision30.112.842.912.43.616.0 --------- ------- --------- --------- ------- --------- Income from continuing operations76.123.599.632.86.639.4 Income from discontinued operations (a)0.9-0.91.8-1.8 --------- ------- --------- --------- ------- --------- Net income$77.0$23.5$100.5$34.6$6.6$41.2 ========= ======= ========= ========= ======= ========= Diluted net income per common share$0.61$0.19$0.80$0.51$0.09$0.60 ========= ======= ========= ========= ======= ========= Diluted weighted average common shares outstanding126.0126.068.468.4 ================== ================== (a)Atos Medical AB was sold on April 5, 2005 and is reflected as a discontinued operation. Table 5A Fisher Scientific International Inc. Statement of Operations Supplemental Information - Adjustments (in millions) (unaudited) Three Months Ended March 31, 2005 Cost ofSG&ARestructuring Operating Other Pro Forma AdjustmentSalesExpenseExpenseIncomeIncome -------------------- ------- ------- ------------- --------- ------ (1)Acquisition and integration costs$(20.3)$(8.2)$-$28.5$0.5 (2)Restructuring expense--(8.3)8.3- ------- ------- ------------- --------- ------ $(20.3)$(8.2)$(8.3)$36.8$0.5 ======= ======= ============= ========= ====== Income from Income Before Income Tax ContinuingNet Pro Forma Adjustment Income TaxesProvisionOperationsIncome --------------------- ------------- ---------- ------------ ------- (1)Acquisition and integration costs$28.0$10.0$18.0$18.0 (2)Restructuring expense8.32.85.55.5 ------------- ---------- ------------ ------- $36.3$12.8$23.5$23.5 ============= ========== ============ ======= Three Months Ended March 31, 2004 Cost ofSG&ARestructuring Operating Other Pro Forma AdjustmentSalesExpenseExpenseIncomeIncome -------------------- ------- ------- ------------- --------- ------ (1)Acquisition and integration costs$(10.2)$-$-$10.2$- ------- ------- ------------- --------- ------ $(10.2)$-$-$10.2$- ======= ======= ============= ========= ====== Income from Income Before Income Tax ContinuingNet Pro Forma Adjustment Income TaxesProvisionOperationsIncome --------------------- ------------- ---------- ------------ ------- (1)Acquisition and integration costs$10.2$3.6$6.6$6.6 ------------- ---------- ------------ ------- $10.2$3.6$6.6$6.6 ============= ========== ============ ======= (1)Represents planned inventory step-up ($17.1 and $10.2 in 2005 and 2004, respectively), integration costs ($11.4 and $0.0 in 2005 and 2004, respectively), and other nonrecurring income ($0.5 and $0.0 in 2005 and 2004, respectively). (2)Represents integration related costs. *T |
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