PerkinElmer Reports Third Quarter 2002 Results.Business Editors BOSTON--(BUSINESS WIRE)--Oct. 29, 2002 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 ): -- GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). 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. of $0.08; Cash EPS of $0.11 from continuing operations -- Free Cash Flow of $69 Million from continuing operations -- Debt Reduced by $114 Million -- Commitment Received for $445 Million Financing PerkinElmer, Inc. (NYSE: PKI) today announced third quarter 2002 GAAP earnings per share 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 of $0.08 on revenue of $366 million. For the same period last year, GAAP earnings per share from continuing operations were $0.33 on revenue of $348 million. Cash earnings per share from continuing operations (which exclude the amortization of intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. ) for the third quarter of 2002 were $0.11, including a $0.04 per share net benefit from the early retirement of debt and the 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. of the Fluid Sciences business unit into continuing operations. This compares to cash earnings per share of $0.40 for the prior year period (which exclude the amortization of intangibles, goodwill and non-recurring items). Net earnings per share from total continued and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the third quarter of 2002 were $0.06 on a GAAP basis and $0.09 on a cash basis. Revenue from continuing operations for the third quarter of 2002 was up 5% over the same period last year. Third quarter organic revenue, which excludes the effects of acquisitions and divestitures and the impact of foreign exchange, declined 5% from the same period last year. PerkinElmer reports organic revenue to provide investors with a consistent basis for comparing the performance of its operations over different periods. As a result of market conditions, the company decided to retain its Fluid Sciences business unit, which provides sealing solutions and advanced fluid containment containment Strategic U.S. foreign policy of the late 1940s and early 1950s intended to check the expansionist designs of the Soviet Union through economic, military, diplomatic, and political means. It was conceived by George Kennan soon after World War II. technologies to the aerospace, semiconductor and power generation markets. The company reclassified the results of its Fluid Sciences business unit into continuing operations. All financial data in this press release, including data for prior periods, have been adjusted to give effect to the reclassification of the results of the Fluid Sciences business unit into continuing operations. In addition, the company today announced the combination of its Life Sciences 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. Instruments business units into a new integrated business named Life and Analytical Sciences. The new business will leverage the strengths of the respective sales, service, and R&D organizations along with the operational scale to better serve customers. Peter B. Coggins, PhD., formerly president of PerkinElmer Life Sciences, will serve as president of the organization. "An integrated Life and Analytical Sciences organization will enable PerkinElmer to provide a single, unified face to our customers in the biopharmaceutical and 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 markets, as well as bring greater resources to our analytical customers," 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 PerkinElmer, Inc. The company also announced that it has received a commitment from Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Capital Corporation to provide a senior secured credit facility of up to $445 million, including a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility of $100 million. The company intends to use borrowings under these facilities to repay existing debt. Merrill Mer·rill , James 1926-1995. American poet whose works include Divine Comedies (1976), which won a Pulitzer Prize. Lynch's commitment for the new financing is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent completion of confirmatory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , final documentation, issuance by PerkinElmer of $225 million of new subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". securities, and other customary conditions. Free cash flow was $69 million in the third quarter. During the third quarter the company retired $114 million of debt. At the end of the quarter, PerkinElmer had outstanding indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. of $592 million and cash and cash equivalents of $98 million. "Our strong 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 and working capital improvement strengthened our balance sheet during the quarter. We believe that the third quarter debt retirement, together with the anticipated financing from Merrill Lynch, will relieve re·lieve v. 1. To cause a lessening or alleviation of something, such as pain, tension, or a symptom. 2. To free an individual from pain, anxiety, or distress. some of the concerns about our near term debt maturities," said Summe. Financial overview by segment: Life Sciences reported revenue of $118 million for the quarter, up 57% over the third quarter of 2001, due to the inclusion of Packard BioScience bioscience /bio·sci·ence/ (-si´ens) the study of biology wherein all the applicable sciences (physics, chemistry, etc.) are applied. bi·o·sci·ence n. See life science. . Organically, revenue declined 7%. Double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in genetic screening, and growth in reagents and service sales was offset by weakness in sales of instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. to large pharmaceutical customers. During the quarter, the business unit introduced the SmartStation(TM) ultra high throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. screening integrated platform to provide integrated assay ASSAY. A chemical examination of metals, by which the quantity of valuable or precious metal contained in any mineral or metallic mixture is ascertained. 2. By the acts of Congress of March 3, 1823, 3 Story's L. U. S. 1924; of June 25, 1834, 4 Shars. cont. Story's L. U. S. development, secondary screening, and ADME/Tox solutions for pharmaceutical and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. customers. The unit's SNP SNP Scottish National Party Noun 1. SNP - (genetics) genetic variation in a DNA sequence that occurs when a single nucleotide in a genome is altered; SNPs are usually considered to be point mutations that have been evolutionarily detection system, the AcycloPrime(TM)-FP, was voted "Product of the Year" by readers of Genome genome: see genetics. genome all the genetic content contained within an organism. An organism's genome is made up of molecules of deoxyribonucleic acid (DNA) that form long strands that are tightly wound into chromosomes, which are found in the Technology magazine. GAAP operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the quarter of 4% and cash operating margin of 9% were down year-over-year reflecting the impact of lower volume and investments in sales and marketing. Optoelectronics See optoelectronic. reported revenue of $84 million, down 7% from the same quarter last year on a reported basis and down 3% on an organic basis, reflecting weakness in lighting end markets, somewhat offset by growth in sales of biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. components. The unit shipped its first Digital Angiography angiography or arteriography X-ray examination of arteries and veins with a contrast medium to differentiate them from surrounding organs. The contrast medium is introduced through a catheter to show the blood vessels and the structures they supply, including Detectors for customers in the biomedical market during the quarter. It also showcased several new technologies that deliver high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" flash systems, and a new family of Cermax Xenon xenon (zē`nŏn) [Gr.,=strange], gaseous chemical element; symbol Xe; at. no. 54; at. wt. 131.29; m.p. −111.9°C;; b.p. −107.1°C;; density 5.86 grams per liter at STP; valence usually 0. Short Arc Lamps, which enable high-intensity light for medical applications. GAAP operating margin for the quarter of 7%, and cash operating margin of 8%, were down year-over-year due to unabsorbed overhead resulting from the low revenue base. Analytical Instruments reported revenue of $115 million for the quarter, a decline of 12% from the same period in 2001 on a reported basis and down 5% on an organic basis. The decline was driven by weak instrument sales. During the quarter, the unit introduced the Optima(TM)4300V, an ICP-OES ICP-OES Inductively Coupled Plasma-Optical Emission Spectroscopy spectrometer spectrometer Device for detecting and analyzing wavelengths of electromagnetic radiation, commonly used for molecular spectroscopy; more broadly, any of various instruments in which an emission (as of electromagnetic radiation or particles) is spread out according to some featuring a vertically aligned torch, the AAnalyst(TM)200 atomic Indivisible. An atomic operation, or atomicity, implies an operation that must be performed entirely or not at all. For example, if machine failure prevents a transaction to be processed to completion, the system will be rolled back to the start of the transaction. absorption spectrometer, and the Clarus Clarus (Greek Klaros) in the territory of Colophon in the Ionian coast of Asia Minor was a much-revered, much-famed cult center described by Pausanias (vii. 3, 1). (TM)500 gas chromatograph gas chromatograph n. An instrument used in gas chromatography to separate a sample of a volatile substance into its components. . Scientific Computing computing - computer and Instrumentation magazine readers selected PerkinElmer Instruments' AutoSystem XL(TM)GC as the Chromatography chromatography (krō'mətŏg`rəfē), resolution of a chemical mixture into its component compounds by passing it through a system that retards each compound to a varying degree; a system capable of accomplishing this is called a System 2002 Readers' Choice Award Winner. PerkinElmer Instruments was also voted as a Readers' Choice finalist in the areas of chromatography data and spectroscopy spectroscopy Branch of analysis devoted to identifying elements and compounds and elucidating atomic and molecular structure by measuring the radiant energy absorbed or emitted by a substance at characteristic wavelengths of the electromagnetic spectrum (including gamma ray, systems for its TotalChrom(TM) Workstation Chromatography Data System and Spectrum(TM) Spotlight Spotlight can refer to at least three types of lighting:
Fluid Sciences reported revenue of $49 million for the quarter, a 7% decline from the same period in 2001 on a reported basis and a 4% organic decline, reflecting weakness in the aerospace market. During the quarter, the unit announced that it had been selected by Airbus to develop and supply the advanced high-pressure high-pres·sure adj. 1. Of or relating to pressures higher than normal, especially higher than atmospheric pressure. 2. Informal a. hydraulic accumulators Hydraulic accumulator A pressure vessel which oper-ates as a fluid source device or shock absorber. It is used to store fluid under pressure or to absorb excessive pressure increases. for the A380 aircraft. PerkinElmer's high-pressure hydraulic accumulators use welded metal bellows Bellows technology of the twentieth and twenty-first century is centered on metal bellows. These high-technology products bear little resemblance to the original leather bellows used traditionally in fireplaces and forges. technology to eliminate elastomeric separators that limit life on other types of accumulators. GAAP operating margin for the quarter of 11%, and cash operating margin of 12% declined year-over-year as a result of lower volumes. "During the quarter each of our businesses continued to deliver a steady pipeline of application-focused, new products and improve their operational processes," said Summe. "While our end markets remain challenging, we believe the company will continue to make significant progress in driving growth in earnings and cash flow." For the third quarter of 2002, cash operating margins from continuing operations described above exclude $5.5 million, $0.3 million, $1.1 million and $0.2 million of intangibles amortization for Life Sciences, Optoelectronics, Analytical Instruments, and Fluid Sciences, respectively. In addition to reporting GAAP results, PerkinElmer reports cash earnings per share (excluding amortization of intangibles and goodwill) to provide investors with a measure of business performance comparable to that used by other companies in similar industries and to eliminate the impact of the implementation of FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). no. 142 on period-to-period comparisons. Amortization of intangibles, other than goodwill, was $0.03 per share for the third quarter of 2002 and $0.02 per share for the third quarter of 2001. Amortization of goodwill was $0.06 per share for the third quarter of 2001. 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 FASB no. 142, PerkinElmer ceased amortizing goodwill beginning with the 2002 fiscal year. The company will discuss the third quarter 2002 results in a conference call on Tuesday Tuesday: see week. , October October: see month. 29, 2002, at 10:00 a.m. Eastern Time (ET). To listen to this call live, please tune into the webcast via www.perkinelmer.com. A playback Playback could mean:
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. Any statements contained in this press release that relate to prospective events or developments are deemed to be 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. . Words such as "believes," "anticipates," "plans," "expects," "will" and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by these forward-looking statements, including the possibility that the proposed new financing is not consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. , including without limitation as a result of an inability to satisfy the conditions to Merrill Lynch's obligations set forth in the commitment agreement, risks related to our debt levels, a downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in our customers' markets, our failure to introduce new products in a timely manner, 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. , our inability to integrate acquired businesses into our existing business, competition and other factors which we describe under the caption "Forward-Looking Information and Factors Affecting Future Performance" in our quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June June: see month. 30, 2002. 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. IMPORTANT ADDITIONAL INFORMATION ABOUT PERKINELMER'S OFFER TO PURCHASE ITS OUTSTANDING ZERO COUPON A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer CONVERTIBLE DEBENTURES Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. WILL BE FILED WITH THE SEC. PerkinElmer plans to file with the SEC a Schedule TO in connection with its intended offer to purchase its outstanding zero coupon convertible debentures. The Schedule TO will contain important information about PerkinElmer, the zero coupon convertible debentures, PerkinElmer's offer to purchase the debentures and related matters. Investors and security holders are urged to read the Schedule TO carefully when it becomes available. Investors and security holders will be able to obtain free copies of the Schedule TO and other documents filed with the SEC by PerkinElmer through the web site maintained by the SEC at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . In addition, investors and security holders will be able to obtain free copies of the Schedule TO from PerkinElmer by contacting PerkinElmer Investor Relations Investor relations The process by which the corporation communicates with its investors. at 781-431-4306. PerkinElmer, Inc. is a global technology leader focused in the following businesses - Life Sciences, Optoelectronics, Analytical Instruments, and Fluid Sciences. Combining operational excellence and technology expertise with an intimate understanding of our customers' needs, PerkinElmer creates innovative solutions - backed by unparalleled service and support - for customers in health sciences, semiconductor, aerospace, and other markets whose applications demand precision and speed. The company operates 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
GAAP INCOME STATEMENTS
Three Months Ended Nine Months Ended
------------------ -----------------
(In thousands except
per share data) 29-Sep-02 30-Sep-01 29-Sep-02 30-Sep-01
--------- --------- --------- ---------
Sales $366,011 $348,322 $1,095,400 $1,119,358
Cost of Sales 219,256 192,649 663,017 622,553
Research and Development
Expenses 20,505 18,488 64,915 61,086
Selling, General and
Administrative Expenses 109,556 86,998 344,253 293,329
Gains on dispositions and
restructuring charges,
net - (2,500) 4,008 (13,348)
-- ------- ------ --------
Operating Income From
Continuing Operations 16,694 52,687 19,207 155,738
Other Expense, Net 4,731 4,486 26,782 23,362
------ ------ ------- -------
Income From Continuing
Operations Before Income
Taxes 11,963 48,201 (7,575) 132,376
Provision for Income
Taxes 2,213 14,215 (2,742) 43,231
------ ------- ------- -------
Net Income From Continuing
Operations 9,750 33,986 (4,833) 89,145
Income From Discontinued
Operations, Net of
Income Tax (2,604) (2,767) (15,711) (5,020)
Gain on Disposition of
Discontinued Operations,
Net of Income Tax - - (10,966) -
------ ------ -------- -------
Net Income before
Effect of Accounting
Change 7,146 31,219 (31,510) 84,125
Effect of Accounting
Change, Net of Income
Tax - - (117,800) -
------ ------ --------- ------
Net Income (Loss) $7,146 $31,219 $(149,310) $84,125
======== ========= =========== =========
Diluted Earnings Per
Share:
Continuing Operations $0.08 $0.33 $(0.04) $0.86
Income From Discontinued
Operations, Net of
Income Tax (0.02) (0.03) (0.13) (0.05)
Gain on Disposition of
Discontinued Operations,
Net of Income Tax - - (0.09) -
-- -- ------ --
Net Income before Effect
of Accounting Change 0.06 0.30 (0.25) 0.81
Effect of Accounting
Change, Net of Income
Tax - - (0.94) -
------- ------- -------- --------
Net Income (Loss) $0.06 $0.30 $(1.19) $0.81
======= ======= ======== =======
Weighted Average Diluted
Shares of Common Stock
Outstanding 126,775 104,341 125,335 104,179
PerkinElmer, Inc. and Subsidiaries
ADJUSTED INCOME STATEMENTS
Excludes Goodwill/Intangibles Amortization, Gains,
Restructuring and Other Nonrecurring Items
Three Months Ended Nine Months Ended
------------------ -----------------
(In thousands except
per share data) 29-Sep-02 30-Sep-01 29-Sep-02 30-Sep-01
--------- --------- --------- ---------
Sales $366,011 $348,322 $1,095,400 $1,119,358
Cost of Sales 219,256 189,174 644,284 616,978
Research and Development
Expenses 20,505 18,488 64,915 58,593
Selling, General and
Administrative Expenses 102,436 75,025 319,742 258,302
-------- ------- -------- -------
Operating Income From
Continuing Operations 23,814 65,635 66,459 185,485
Other Expense, Net 4,731 7,875 26,782 26,751
------ ------ ------- ------
Income From Continuing
Operations Before
Income Taxes 19,083 57,760 39,677 158,734
Provision for Income
Taxes 4,876 16,105 11,902 46,095
------ ------- ------- ------
Net Income From
Continuing Operations 14,207 41,655 27,775 112,639
Income From Discontinued
Operations, Net of
Income Tax (2,604) (2,767) (15,711) (5,020)
Gain on Disposition of
Discontinued Operations,
Net of Income Tax - - (10,966) -
------- ------ -------- --------
Net Income $11,603 $38,888 $1,098 $107,619
======= ======= ======== ========
Diluted Earnings Per Share:
Net Income From Continuing
Operations $0.11 $0.40 $0.22 $1.08
Income From Discontinued
Operations, Net of
Income Tax (0.02) (0.03) (0.12) (0.05)
Gain on Disposition of
Discontinued Operations,
Net of Income Tax - - (0.09) -
------- -------- -------- -------
Net Income $0.09 $0.37 $0.01 $1.03
======= ======== ======== =======
Weighted Average Diluted
Shares of Common
Stock Outstanding 126,775 104,341 126,497 104,179
PerkinElmer, Inc. and Subsidiaries
Sales and Operating Profit
Before Goodwill/ Intangibles Amortization, Gains,
Restructuring and Unusual Items
3rd Quarter Nine months
-------------------------------------------
-------------------------------------------
(In thousands) 2002 2001 2002 2001
-------------- ---- ---- ---- ----
Life Sciences Sales $117,729 $74,764 $363,523 $221,637
OP$ 10,510 14,948 36,414 40,702
OP% 8.9% 20.0% 10.0% 18.4%
Optoelectronics Sales 84,349 90,657 236,472 295,105
OP$ 6,476 21,167 10,330 58,972
OP% 7.7% 23.3% 4.4% 20.0%
Analytical
Instruments Sales 115,138 130,187 354,551 421,262
OP$ 5,653 16,704 18,518 50,865
OP% 4.9% 12.8% 5.2% 12.1%
Fluid Sciences Sales 48,795 52,714 140,854 181,354
OP$ 5,647 15,062 13,315 43,325
OP% 11.6% 28.6% 9.5% 23.9%
Other OP$ (4,472) (2,246) (12,118) (8,379)
Continuing
Operations Sales $366,011 $348,322 $1,095,400 $1,119,358
======== ======== ========== ==========
======== ======== ========== ==========
OP$ $23,814 65,635 $66,459 $185,485
======== ======== ========== ==========
======== ======== ========== ==========
OP% 6.5% 18.8% 6.1% 16.6%
Note: Nonrecurring items represent income and expenses associated
with acquisition, restructuring, divestiture or other unusual
items which are not expected to have an impact on ongoing
operations.
PerkinElmer, Inc. and Subsidiaries
RECONCILIATION
Adjusted Net Income to Reported Net Income
For the Three Months For the Nine Months
Ended Ended
-------------------- -------------------
(In thousands)
29-Sep-02 30-Sep-01 29-Sep-02 30-Sep-01
--------- --------- --------- ---------
Adjusted Income from
Continuing Operations
before Income Taxes $19,083 $57,760 $39,677 $158,734
Nonrecurring Items:
Acquisition-related
Charges - (1,390) (1,500) (4,173)
Gains on Dispositions,
net - 5,390 5,216 13,738
Restructuring Actions - 500 (9,224) 3,000
Integration and
Reorganization-related
Charges - (3,917) (3,242) (9,127)
-------- ------- ------- -------
Net Nonrecurring
Items - 583 (8,750) 3,438
Inventory Adjustment - - (17,233) -
Goodwill and Intangibles
Amortization (7,120) (10,142) (21,269) (29,796)
------- -------- -------- --------
Income (Loss) From
Continuing Operations
Before Income Taxes 11,963 48,201 (7,575) 132,376
Provision for
Income Taxes 2,213 14,215 (2,742) 43,231
------ ------- ------- ------
Net Income (Loss) From
Continuing Operations
before Effect of
Accounting Change $9,750 $33,986 $(4,833) $89,145
======= ======== ======== ========
======= ======== ======== ========
PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
September 29, June 30, December 30,
2002 2002 2001
------------- -------- ------------
------------- -------- ------------
(In thousands)
Current assets:
Cash and cash equivalents $97,549 $143,343 $138,250
Accounts receivable 294,651 309,660 319,063
Inventories 221,536 227,173 244,841
Other current assets 168,457 170,904 150,686
Current assets of
discontinued operations 10,212 12,046 90,518
-------- ----------- -----------
-------- ----------- -----------
Total current assets 792,405 863,126 943,358
Property, plant and
equipment:
At cost 556,280 559,328 530,327
Accumulated
depreciation (280,006) (273,933) (247,703)
---------- ----------- -----------
---------- ----------- -----------
Net property, plant
and equipment 276,274 285,395 282,624
Investments 14,293 16,500 18,197
Intangible assets 1,446,689 1,453,867 1,530,053
Other assets 62,497 81,717 102,055
Long-term assets of
discontinued operations 7,157 7,336 93,651
----------- ----------- ------------
----------- ----------- ------------
Total assets $2,599,315 $2,707,941 $2,969,938
=========== =========== ============
=========== =========== ============
Current liabilities:
Short-term debt $153,218 $100,000 $125,984
Accounts payable 138,260 132,819 128,952
Accrued restructuring
costs 31,970 33,902 51,735
Accrued expenses 345,697 327,916 427,550
Current liabilities of
discontinued operations 3,684 5,719 20,814
----------- ------------ -----------
----------- ------------ -----------
Total current
liabilities 672,829 600,356 755,035
Long-term debt 438,792 606,537 598,125
Long-term liabilities 272,599 275,433 253,164
Long-term liabilities of
discontinued operations 2,158 2,222 57
Commitment and contingencies
Stockholders equity:
Preferred stock - - -
Common stock 145,101 145,101 145,101
Capital in excess of
par value 644,188 644,218 641,164
Retained earnings 666,255 667,786 842,004
Accumulated other
comprehensive loss (45,023) (35,794) (60,940)
Cost of shares held
in treasury (197,584) (197,918) (203,772)
----------- ------------ -----------
----------- ------------ -----------
Total stockholders'
equity 1,212,937 1,223,393 1,363,557
----------- ------------ ------------
----------- ------------ ------------
Total liabilities and
stockholders' equity $2,599,315 $2,707,941 $2,969,938
=========== ============ ============
=========== ============ ============
PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
September 29, September 30,
(In thousands) 2002 2001
---- ----
Operating activities:
Net income $7,146 $31,219
Add net loss from
discontinued operations 2,604 2,767
---------- ----------
---------- ----------
Income from continuing
operations 9,750 33,986
Depreciation and amortization 19,525 19,712
Amortization of deferred debt
issuance costs and accretion
of discount 5,239 5,455
Gains on disposal of
business, net - (8,732)
Gain on purchase of debt, net (4,068) -
Changes in assets and liabilities
which provided (used) cash,
excluding effects from companies
purchased and divested:
Accounts receivable 12,006 (7,425)
Inventories 3,973 (10,769)
Accounts payable 5,614 12,800
Tax refund 27,446 -
Restructuring (1,768) (6,392)
Accrued expenses and other (3,330) (830)
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Net Cash Provided by (Used in)
Continuing Operations 74,387 37,805
Net Cash Provided by (Used in)
Discontinued Operations (3,443) (7,352)
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Net Cash Provided by (Used in)
Operating Activities 70,944 30,453
Investing Activities:
Capital expenditures (5,489) (30,725)
Proceeds from dispositions of
businesses and sales of PP&E,
net 10,284 4,226
Costs of acquisitions, net of
cash acquired (6,300) -
Proceeds from sales of
investments, net 858 2,132
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Net Cash Provided by (Used in)
Continuing Operations (647) (24,367)
Net Cash Provided by (Used in)
Discontinued Operations (6) (7,348)
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Net Cash Provided by (Used in)
Investing Activities (653) (31,715)
Financing Activities:
Prepayment of zero coupon
bonds (84,440) -
Increase (decrease) in
commercial paper borrowings - (2,000)
Decrease in other debt (27,000) (2,951)
Proceeds from issuance of
common stock 5,336 4,330
Purchases of common stock - (1,466)
Cash dividends (8,842) (7,091)
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Net Cash Provided by (Used in)
Continuing Operations (114,946) (9,178)
Net Cash Provided by (Used in)
Discontinued Operation - -
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Net Cash Provided by (Used in)
Financing Activities (114,946) (9,178)
Effect of Exchange Rate
Changes on Cash and Cash
Equivalents (1,139) 4,904
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Decrease in Cash and Cash
Equivalents (45,794) (5,536)
Cash and Cash Equivalents at
Beginning of Period 143,343 133,935
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-------------- ------------
Cash and Cash Eqivalents
at End of Period $97,549 $128,399
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