Printer Friendly

DANAHER CORPORATION ANNOUNCES FIRST QUARTER RESULTS

 WASHINGTON, April 21 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) announced today that net earnings before the cumulative effect of accounting changes for its first quarter ending April 2, 1993, were $10.1 million, 95 percent above net earnings for the corresponding 1992 period of $5.2 million. Earnings per share before the cumulative effect of accounting changes were $.35 compared to $.18 for the corresponding 1992 period. Net revenues for the 1993 first quarter were $248 million, 17 percent higher than the $212 million for the quarter ended March 27, 1992.
 As previously reported, the company has adopted new accounting methods for post retirement benefits and income taxes as of Jan. 1, 1993. The non-cash charge for post retirement benefits, which the company elected to recognize immediately, was $36 million, net of a $20 million tax benefit. The accounting change for income taxes did not impact net earnings. After this change, a $25.9 million net loss was reported for the quarter ended April 2, 1993.
 George M. Sherman, president and chief executive officer stated, "We are pleased to report another quarter of double-digit sales growth and substantially improved operating profitability. Each of our business groups contributed to the improved sales and operating profits.
 In April, we took further steps to enhance our capital structure with the completion of a $30 million ten-year private placement debt financing at a 7 percent interest rate. In addition, we have paid our first regular quarterly dividend, as we continue to take steps to improve overall shareholder value.
 Our sales increases and associated earnings leverage continue to be driven by new products and increased market penetration coupled with productivity improvement and cost reductions. We remain confident that, despite an uncertain economy, these factors will continue to provide increased sales and profit growth for the balance of the year."
 Danaher Corporation is a leading manufacturer of Tools, Process/Environmental Controls and Transportation Products.
 DANAHER CORPORATION
 Results of Operations
 (000 omitted, except per share amounts)
 Quarter ended 4/2/93 3/27/92
 Net revenues $248,384 $ 211,704
 Earnings before taxes and cumulative
 effect of accounting change 17,388 8,904
 Earnings before cumulative
 effect of accounting change 10,085 5,164
 Cumulative effect of
 accounting change (36,000) --
 Net earnings (loss) (25,915) 5,164
 Earnings per share:
 Earnings before cumulative
 effect of accounting change $.35 $.18
 Cumulative effect of accounting
 change (1.25) --
 Net earnings (loss) $.90 $.18
 Average shares outstanding 28,793,238 28,652,885
 -0- 4/21/93
 /CONTACT" Patrick W. Allender, chief financial officer of Danaher Corporation, 202-828-0850/
 (DHR)


CO: Danaher Corporation ST: District of Columbia IN: SU: ERN

PS-OS -- NY001 -- 8525 04/21/93 09:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1993
Words:448
Previous Article:HOWTEK ANNOUNCES 1993 FIRST QUARTER RESULTS
Next Article:LIVING CENTERS OF AMERICA SECOND QUARTER RESULTS UP 34.4 PERCENT
Topics:


Related Articles
DANAHER ANNOUNCES SECOND QUARTER RESULTS
DANAHER CORPORATION REPORTS FOURTH QUARTER AND 1992 RESULTS
DANAHER CORPORATION ANNOUNCES LETTER OF INTENT TO PURCHASE CONTROLS BUSINESSES
DANAHER CORPORATION ANNOUNCES SECOND QUARTER RESULTS
DANAHER CORPORATION ANNOUNCES THIRD QUARTER RESULTS
DANAHER CORPORATION REPORTS FOURTH QUARTER AND 1993 RESULTS
DANAHER CORPORATION ANNOUNCES RECORD FIRST QUARTER RESULTS
DANAHER CORPORATION REPORTS RECORD FOURTH QUARTER AND 1994 RESULTS
DANAHER CORPORATION ANNOUNCES RECORD FIRST QUARTER RESULTS
DANAHER CORPORATION ANNOUNCES RECORD SECOND QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters