PerkinElmer Announces Q2 2005 Results.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- PerkinElmer PerkinElmer, Inc. (NYSE: PKI) is an American multinational technology corporation, focused in the business areas of: Life and Analytical Sciences, Optoelectronics, and Fluid Sciences. , Inc. (NYSE NYSE See: New York Stock Exchange : PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ) --EPS 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 up 53% --Operating Cash Flow of $87 million up 53% --Health Sciences Revenues up 8% PerkinElmer, Inc. (NYSE: PKI), a global leader in Health Sciences and Industrial Sciences, today announced GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings per share of $.26 from continuing operations on revenue of $425.5 million for the second quarter ended July July: see month. 3, 2005. This second quarter 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. represents an increase of 53% over the GAAP earnings per share of $.17 in the second quarter of 2004. Second quarter 2005 GAAP earnings per share of $.26 from continuing operations included a previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). tax benefit and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. which provided a net benefit to earnings of $.06 per share. The second quarter 2005 results also included intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. amortization expense of $7.4 million, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.04 per share. Excluding the net $.02 per share increase to earnings resulting from the tax and 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). items as well as the intangibles amortization, the Company announced earnings per share from continuing operations of $.24. This adjusted earnings per share met the Thomson First Call(TM) consensus estimate of $.24 for the second quarter of 2005, and was also at the high end of the Company's forecasted range of $.23 to $.24 for the quarter. Second quarter 2005 revenue of $425.5 million increased 3% over the second quarter of 2004. Revenue growth of 5% in Life and Analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. Sciences and 5% in Optoelectronics See optoelectronic. was partially offset by a decline of Fluid Sciences revenue of 6% during the second quarter of 2005 compared to the same period last year. The effects of foreign exchange and acquisitions increased total second quarter 2005 revenue by 2% over the second quarter of 2004. Second quarter 2005 revenue from Health Sciences end markets, representing 72% of total revenues for the quarter, increased 8% over the same period of 2004, driven primarily by continued strong revenue growth in the Company's genetic screening, medical imaging, environmental and service businesses. Second quarter 2005 revenue from Industrial Sciences end markets decreased 7% compared to the second quarter of 2004, as revenue growth in aerospace and certain consumer electronics applications was offset primarily by declines in revenues from semiconductor and photoflash lighting businesses. The Company's total revenue for the six months ended July 3, 2005 was $841.4 million, up 5% compared with the first six months of 2004. Health Sciences revenue for the first six months of 2005 increased 8% compared to the same period of 2004. Industrial Sciences revenue decreased 4% during the first six months of 2005 compared to the first six months of 2004. For the first six months ended July 3, 2005 compared to the same period of 2004, revenue from Life and Analytical Sciences increased 6%, Optoelectronics revenue increased 8% and Fluid Sciences revenue decreased 6%. The Company generated 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. of $86.8 million in the second quarter of 2005, up 53% compared to operating cash flow of $56.6 million for the second quarter of 2004. Free cash flow for the second quarter of 2005, defined as operating cash flow of $86.8 million less capital expenditures of $7.0 million, was $79.8 million for the second quarter of 2005, representing an increase of 55% over the same period of 2004. Free cash flow for the second quarter of 2004 was $51.5 million, and was comprised of operating cash flow of $56.6 million less capital expenditures of $5.1 million. During the second quarter of 2005, the Company reduced debt by $100 million, including paying off the remaining balance of its term loan. Cash and cash equivalents were $158.7 million at the end of the second quarter of 2005. "We were pleased to deliver a strong quarter of earnings growth and excellent cash flow," said Gregory L. Summe, 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. of the Company. "We continue to see good momentum in most of our growth platforms This article or section 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. with product lines representing about 40% of our revenue posting double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth. During the quarter, we reinvested some of our financial gains to further accelerate the Company's shift of resources into geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. regions and product lines that drive our growth strategy," added Summe. GAAP operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. during the second quarter of 2005 was $27.7 million. Attached to this press release is a reconciliation of second quarter 2005 GAAP operating profit by segment to earnings excluding intangibles amortization and restructuring charges. Excluding intangibles amortization and restructuring charges, operating profit for the second quarter of 2005 was $50.0 million or approximately 11.8% of revenues up from 11.6% in the second quarter of 2004. This increase in second quarter 2005 operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , excluding intangibles amortization and restructuring charges detailed in the attached reconciliation, was due to an increase of 120 basis points in Life and Analytical Sciences operating margin and an increase of 60 basis points in Optoelectronics operating margin, that were partially offset by a 390 basis point decline in Fluid Sciences operating margin. Financial overview by reporting segment: Life and Analytical Sciences reported revenue of $270.8 million for the second quarter of 2005, up 5% from revenue of $257.9 million in the second quarter of 2004, driven primarily by revenue growth in the Company's genetic screening, service and environmental businesses. The segment's GAAP operating profit for the second quarter of 2005 was $15.7 million. The segment's operating profit for the second quarter of 2005, excluding intangibles amortization and restructuring charges detailed in the attached reconciliation, was $33.2 million, or 12.3% of revenues, representing an increase of 120 basis points over the same period of 2004. Optoelectronics reported revenue of $98.4 million for the second quarter of 2005, an increase of 5% from revenue of $94.1 million for the second quarter of 2004, with growth in most of the segment's businesses, including medical imaging and sensors
The segment's GAAP operating profit for the second quarter of 2005 was $12.3 million. The segment's operating profit for the second quarter of 2005, excluding intangibles amortization and restructuring charges detailed in the attached reconciliation, was $16.2 million, or 16.4% of revenues, representing an increase of 60 basis points over the same period of 2004. Fluid Sciences reported revenue of $56.3 million for the second quarter of 2005, down 6% from revenue of $60.1 million in the second quarter of 2004, as revenue growth in the Company's aerospace business was offset by a decline in revenue from the Company's semiconductor business. The segment's GAAP operating profit for the second quarter of 2005 was $5.8 million. The segment's operating profit for the second quarter of 2005, excluding intangibles amortization and restructuring charges detailed in the attached reconciliation, was $6.7 million, or 11.8% of revenues, down 390 basis points over the same period of 2004. Total net income for the second quarter of 2005 was $28.9 million and included a loss from the results and disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of 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 income taxes, of $5.2 million. Net earnings per share, including a loss from the results and disposition of discontinued operations of $.04 per share for the second quarter of 2005, were $.22 per share. For the third quarter of 2005, the Company projects GAAP earnings per share from continuing operations of between $.22 and $.23. Excluding the impact of intangibles amortization, the Company projects earnings per share from continuing operations of between $.26 and $.27 for the third quarter of 2005. For the full year 2005, the Company increased its guidance for GAAP earnings per share to a range between $.96 and $1.01 that includes the net effect from the tax benefit and restructuring charges recorded in the second quarter of 2005. Excluding the impact of intangibles amortization and the second quarter tax benefit and restructuring charges, the Company is raising the lower end of its full year 2005 earnings per share guidance to a new range of $1.07 to $1.10. The Company will discuss its second quarter results in a conference call on July 27, 2005 at 10:00 a.m. Eastern Time (ET). To listen to the call live, please tune into the webcast via www.perkinelmer.com. A playback Playback could mean:
Use of Non-GAAP Financial Measures In addition to financial measures prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP), this press release also contains non-GAAP financial measures of earnings per share, operating profit and operating margin, in each case excluding amortization of acquisition-related 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. and restructuring charges. This press release also contains a non-GAAP financial measure of earnings per share excluding intangibles amortization, restructuring charges and a tax benefit. We exclude the amortization of acquisition-related intangibles, restructuring charges, and, where applicable, the tax benefit in calculating these non-GAAP measures because such items are outside of our normal operations Generally and collectively, the broad functions that a combatant commander undertakes when assigned responsibility for a given geographic or functional area. Except as otherwise qualified in certain unified command plan paragraphs that relate to particular commands, "normal operations" of . We believe that the inclusion of these non-GAAP financial measures in this press release also helps investors to gain a meaningful 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. PerkinElmer's management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of our competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . These measures are also used by management in their financial and operating decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from . This press release also contains a non-GAAP financial measure of free cash flow. We define free cash flow as our net cash provided by operating activities minus our capital expenditures. We use free cash flow, and ratios based on this measure, to conduct and evaluate our business and, specifically, to determine incentive compensation, to allocate To reserve a resource such as memory or disk. See memory allocation. resources to debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan and for cash investing and financing activities. Therefore, we believe that this measure may be similarly useful and informative to investors. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similar measures used by other companies. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. exhibits to, this press release. Factors Affecting Future Performance This press release contains "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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, including, but not limited to, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc estimates and projections of future earnings per share and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities. Words such as "believes," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions, and references to guidance, are intended to identify 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. . Such statements are based on management's current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. or projected in any forward-looking statements. These factors include, without limitation: (1) economic and geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. forces that may limit any continued or expected economic or end market strengthening or recoveries; (2) risks related to our failure to introduce new products in a timely manner; (3) the impact of our debt on our cash flow and investment opportunities: (4) our ability to comply with financial covenants contained in our credit agreements and our debt instruments: (5) a delay in resolution of the Company's tax audits and an adverse determination by the Internal Revenue Service with respect to the Company's tax audits; (6) 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. downturns continuing to affect several of the industries into which we sell our products; (7) our ability to adjust our operations to address unexpected changes; (8) our ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution acquisitions and license technologies and successfully integrate acquired businesses and licensed technologies into our existing business; (9) the loss of any of our licenses that may require us to stop selling products or lose competitive advantage; (10) competition; (11) regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance; (12) regulatory changes; (13) our failure to obtain and enforce intellectual property protection; (14) our defense of third party claims of patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. and our ability to realize the full value of our intangible assets; (15) other factors which we describe under the caption "Forward-Looking Information and Factors Affecting Future Performance" in our most recent annual report 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 in our most recent quarterly report on Form 10-Q Form 10-Q See 10-Q. and in our other filings with the Securities and Exchange Commission. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. Other Information Health Sciences end markets include genetic screening, environmental, service, biopharma, and medical imaging. Industrial Sciences end markets include military/aerospace, semiconductor, consumer electronics, safety and security, and other. PerkinElmer, Inc. is a global technology leader driving growth and innovation in Health Sciences and Industrial Sciences markets to improve the quality of life. The Company reported revenues of $1.7 billion in 2004, has 10,000 employees serving customers in more than 125 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE.
PerkinElmer, Inc. and Subsidiaries
INCOME STATEMENTS
Three Months Ended Six Months Ended
------------------ ------------------
(In thousands, except 3-Jul-05 27-Jun-04 3-Jul-05 27-Jun-04
per share data)
--------------------- -------------------------------------
Sales $425,546 $412,080 $841,433 $804,346
Cost of Sales 254,571 245,506 501,156 484,961
Research and Development Expenses 22,900 21,539 46,479 41,417
In-Process Research and
Development Charge - - 194 -
Selling, General and
Administrative Expenses 97,673 97,214 199,880 192,535
Restructuring Charges, Net 14,935 - 14,935 -
Losses (Gains) on Dispositions, Net 397 - 397 (363)
Amortization of Intangible Assets 7,400 7,077 14,732 14,178
-------- -------- -------- --------
Operating Income From Continuing
Operations 27,670 40,744 63,660 71,618
Extinguishment of Debt 6,210 366 6,210 1,532
Interest Income (625) (355) (1,297) (840)
Interest Expense 8,100 9,272 16,556 19,047
Gains on Dispositions of
Investments, Net (5,444) - (5,444) -
Other (Income) Expense, Net (350) 578 144 (342)
-------- -------- -------- --------
Income From Continuing
Operations Before Income Taxes 19,779 30,883 47,491 52,221
(Benefit From) Provision for
Income Taxes (14,330) 8,704 (6,762) 14,832
-------- -------- -------- --------
Net Income From Continuing
Operations 34,109 22,179 54,253 37,389
Loss From Discontinued
Operations, Net of Income Taxes (409) (1,344) (801) (3,085)
Loss on Disposition of
Discontinued Operations, Net of
Income Taxes (4,802) - (4,725) (198)
-------- -------- -------- --------
Net Income $ 28,898 $ 20,835 $ 48,727 $ 34,106
======== ======== ======== ========
Diluted Earnings (Loss) Per Share:
Continuing Operations $ 0.26 $ 0.17 $ 0.41 $ 0.29
Loss From Discontinued
Operations, Net of Income Taxes - (0.01) (0.01) (0.02)
Loss on Disposition of
Discontinued Operations, Net of
Income Taxes (0.04) - (0.04) -
-------- -------- -------- --------
Net Income $ 0.22 $ 0.16 $ 0.37 $ 0.26
======== ======== ======== ========
Weighted Average Diluted Shares of
Common Stock Outstanding 130,718 129,362 130,887 129,148
ABOVE PREPARED IN ACCORDANCE WITH GAAP
Additional Supplemental Information:
(per share, continuing operations)
GAAP Diluted EPS from Continuing Operations $0.26 $0.17
Amortization of Intangible Assets, Net of Income
Taxes 0.04 0.04
Restructuring Charges, Net of Income Taxes 0.09 -
Tax Benefit - $19.923M (0.15) -
----------------
EPS excluding Amortization of Intangible Assets
and Other Items $0.24 $0.21
================
Thomson First Call(TM) EPS $0.24
========
PerkinElmer, Inc. and Subsidiaries
Sales and Operating Profit (Loss)
Three Months Ended Six Months Ended
------------------ ------------------
July 3, June 27, July 3, June 27,
(In thousands) 2005 2004 2005 2004
-------------- ----------------------------------------
Life and Analytical Sciences
Sales $270,777 $257,869 $535,551 $507,116
OP$ reported 15,667 22,135 37,625 38,118
Amortization expense 6,538 6,551 13,113 13,125
Restructuring charges 11,035 - 11,035 -
-------- -------- -------- --------
OP$ adjusted 33,240 28,686 61,773 51,243
OP% adjusted 12.3% 11.1% 11.5% 10.1%
Optoelectronics
Sales 98,425 94,147 194,818 179,679
OP$ reported 12,318 14,530 25,546 26,154
Amortization expense(a) 642 306 1,373 613
Restructuring charges 3,210 - 3,210 -
-------- -------- -------- --------
OP$ adjusted 16,170 14,836 30,129 26,767
OP% adjusted 16.4% 15.8% 15.5% 14.9%
Fluid Sciences
Sales 56,344 60,064 111,064 117,551
OP$ reported 5,761 9,181 12,573 17,490
Amortization expense 220 220 440 440
Restructuring charges 690 - 690 -
-------- -------- -------- --------
OP$ adjusted 6,671 9,401 13,703 17,930
OP% adjusted 11.8% 15.7% 12.3% 15.3%
Other
OP$ reported (6,076) (5,102) (12,084) (10,144)
Continuing Operations
Sales $425,546 $412,080 $841,433 $804,346
OP$ reported 27,670 40,744 63,660 71,618
Amortization expense(a) 7,400 7,077 14,926 14,178
Restructuring charges 14,935 - 14,935 -
-------- -------- -------- --------
OP$ adjusted $ 50,005 $ 47,821 $ 93,521 $ 85,796
======== ======== ======== ========
OP% adjusted 11.8% 11.6% 11.1% 10.7%
(a) Includes In-Process Research and Development Charge in the amount
of $194 in Q1 2005.
SALES AND REPORTED OPERATING PROFIT PREPARED IN ACCORDANCE WITH GAAP
PERKINELMER, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
July 3, April 3, January 2, June 27,
2005 2005 2005 2004
----------- ----------- ----------- -----------
(In thousands)
Current assets:
Cash and cash
equivalents $158,733 $184,213 $197,513 $196,728
Accounts receivable, net 269,216 286,292 286,927 273,589
Inventories 192,919 200,302 192,518 187,395
Other current assets 74,623 70,601 68,874 98,344
Current assets of
discontinued
operations 552 1,823 1,798 3,930
----------- ----------- ----------- -----------
Total current assets 696,043 743,231 747,630 759,986
Property, plant and equipment:
At cost 619,092 634,207 628,793 616,403
Accumulated
depreciation (403,611) (404,345) (393,726) (370,512)
----------- ----------- ----------- -----------
Net property, plant and
equipment 215,481 229,862 235,067 245,891
Marketable securities
and investments 9,220 10,302 10,479 10,073
Intangible assets, net 411,120 399,215 397,445 410,571
Goodwill 1,058,715 1,078,266 1,073,869 1,026,959
Other assets 101,847 104,848 110,016 98,833
Long-term assets of
discontinued operations - 786 1,001 1,530
----------- ----------- ----------- -----------
Total assets $2,492,426 $2,566,510 $2,575,507 $2,553,843
=========== =========== =========== ===========
Current liabilities:
Short-term debt $5,887 $9,663 $9,714 $4,945
Accounts payable 145,372 145,395 145,859 128,591
Accrued restructuring
and integration costs 14,538 1,987 3,045 5,152
Accrued expenses 300,071 275,396 286,313 300,963
Current liabilities of
discontinued
operations 4,570 1,291 1,036 2,183
----------- ----------- ----------- -----------
Total current
liabilities 470,438 433,732 445,967 441,834
Long-term debt 268,334 364,761 364,874 484,431
Long-term liabilities 295,953 307,327 304,581 260,388
----------- ----------- ----------- -----------
Total liabilities 1,034,725 1,105,820 1,115,422 1,186,653
Commitments and contingencies
Total stockholders'
equity 1,457,701 1,460,690 1,460,085 1,367,190
----------- ----------- ----------- -----------
Total liabilities and
stockholders' equity $2,492,426 $2,566,510 $2,575,507 $2,553,843
=========== =========== =========== ===========
PREPARED IN ACCORDANCE WITH GAAP
PerkinElmer, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Three Months Ended Six Months Ended
-------------------- -------------------
July 3, June 27, July 3, June 27,
2005 2004 2005 2004
---------- --------- --------- ---------
(In thousands)
Operating Activities:
Net income $28,898 $20,835 $48,727 $34,106
Loss from discontinued
operations, net of income
taxes 409 1,344 801 3,085
Loss from disposition of
discontinued operations,
net of income taxes 4,802 - 4,725 198
---------- --------- --------- ---------
Net income from continuing
operations 34,109 22,179 54,253 37,389
---------- --------- --------- ---------
Adjustments to reconcile net
income from continuing
operations to net cash
provided by continuing
operations:
Stock based compensation 4,560 4,289 5,481 5,095
Amortization of debt
discount and issuance
costs 2,903 1,350 3,721 3,561
Depreciation and
amortization 18,813 18,946 37,983 38,088
In-process research and
development - - 194 -
Losses (gains) on
dispositions, net 397 - 397 (363)
Changes in operating assets
and liabilities:
Accounts receivable 7,974 5,394 4,435 10,876
Inventories 3,429 5,807 (4,750) (1,910)
Accounts payable 1,954 (11,702) 2,177 (24,436)
Accrued restructuring
and integration costs 12,551 (864) 11,493 (2,903)
Accrued expenses and
other 25 11,495 (15,112) 18,837
---------- --------- --------- ---------
Net Cash Provided by
Continuing Operations 86,715 56,894 100,272 84,234
---------- --------- --------- ---------
Net Cash Provided by (Used in)
Discontinued Operations 125 (257) 38 (1,151)
---------- --------- --------- ---------
Net Cash Provided by Operating
Activities 86,840 56,637 100,310 83,083
---------- --------- --------- ---------
Investing Activities:
Capital expenditures (7,019) (5,073) (11,944) (8,260)
Proceeds from disposition of
property, plant and
equipment, net 5,936 - 6,258 2,056
Proceeds from disposition or
settlement of business, net 6,306 - 6,556 -
Proceeds received (cash
used) related to
acquisitions, net of cash
acquired - 2,765 (13,138) 2,765
---------- --------- --------- ---------
Net Cash Provided by (Used in)
Continuing Operations 5,223 (2,308) (12,268) (3,439)
---------- --------- --------- ---------
Net Cash Provided by
Discontinued Operations - 306 395 306
---------- --------- --------- ---------
Net Cash Provided by (Used in)
Investing Activities 5,223 (2,002) (11,873) (3,133)
---------- --------- --------- ---------
Financing Activities:
Prepayment of senior
subordinated debt (34,125) - (34,125) -
Prepayment of term loan debt (69,825) (15,000) (70,000) (60,000)
(Decrease) increase in other
credit facilities (732) 8 (950) (456)
Proceeds from issuance of
common stock for employee
benefit plans 1,333 1,703 3,976 5,361
Cash dividends (9,073) (8,942) (18,110) (17,846)
---------- --------- --------- ---------
Net Cash Used in Financing
Activities (112,422) (22,231) (119,209) (72,941)
---------- --------- --------- ---------
Effect of Exchange Rate
Changes on Cash and Cash
Equivalents (5,121) (1,147) (8,008) (1,780)
---------- --------- --------- ---------
Net (Decrease) Increase in
Cash and Cash Equivalents (25,480) 31,257 (38,780) 5,229
Cash and Cash Equivalents at
Beginning of Period 184,213 165,471 197,513 191,499
---------- --------- --------- ---------
Cash and Cash Equivalents at
End of Period $158,733 $196,728 $158,733 $196,728
========== ========= ========= =========
PREPARED IN ACCORDANCE WITH GAAP
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