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Share Name | Share Symbol | Market | Type |
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Plc Systems, | AMEX:PLC | AMEX | Ordinary Share |
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BW20030603002205 20030604T060046Z UTC ( BW)(PALL-CORPORATION)(PLC) Pall Corporation Third Quarter Sales and Earnings Surge Business Editors UK REGULATORY NEWS EAST HILLS, N.Y--(BUSINESS WIRE)--June 4, 2003-- Pall Corporation (NYSE: PLL) today reported sales and earnings results for the third quarter and nine months of fiscal 2003, which ended May 3, 2003. Sales for the third quarter increased 39 1/2% to $421.5 million compared with $302.4 million last year. Foreign exchange rates increased sales 12% or $36.6 million. Earnings increased nearly 70% and were $44.6 million, or 36 cents per share, excluding restructuring and other charges, compared to last year's $26.4 million, or 21 cents per share. Reported earnings for the third quarter were $40.4 million, or 33 cents per share. Sales for the nine months increased 32 1/2% to $1.142 billion compared to $861.9 million last year. Foreign exchange rates increased sales 8% or $68.1 million. Earnings were $92.8 million, or 75 cents per share, excluding restructuring and other charges, compared to last year's $64.3 million, or 52 cents per share. Restructuring and other charges of $46.4 million, or 36 cents per share (including the pro forma tax effect), were recorded in the nine months primarily to write-off the in-process research and development from the acquired Filtration and Separations Group ("FSG"). This reduced the reported results for the nine months to earnings of $48.6 million, or 39 cents per share. Eric Krasnoff, Pall's Chairman and CEO, said, "We are pleased to have produced another solid quarter. Sales increased 39 1/2%. Earnings and earnings per share each increased nearly 70%. Our results exceeded analyst consensus estimates. Cash flow for the nine months was strong and net debt has been reduced by $63 million. "The first nine months of the fiscal year have seen substantial progress on our three main goals. Those are to improve profitability, to aggressively reduce debt and to successfully integrate FSG into Pall. We are well ahead of our targets in each of these areas. "The end of April marked our first anniversary as the "new Pall" with FSG now fully integrated into our sales, marketing and technical organizations. We are selling more to shared and new customers than we could have alone. As important, operating margins have improved to 19.8% from 16.9% in the third quarter last year. Among the highlights for the quarter: "All Industrial business segments experienced double-digit sales growth in the quarter ranging from 25 1/2 to 57%. In total, Industrial sales were up 47%. Operating profit improved 114% to $43.7 million. The General Industrial segment, which serves industries including food and beverage, water processing and chemicals, achieved sales growth of 57%. Microelectronics posted its fourth consecutive quarter of double-digit sales growth in a semiconductor market that is slowly recovering. Aerospace also turned in a double-digit increase in sales as Military Aerospace sales increased 55%. Commercial Aerospace held steady in the quarter. "Turning to Life Sciences, BioPharmaceuticals grew 16 1/2% compared to last year's third quarter, buoyed by strong biotechnology sales. Medical sales increased 6% sequentially over the second quarter but were flat compared to the same quarter last year. Blood filter sales were down 1 1/2% compared to last year as we continue to focus on improving margins. Third quarter Medical profits came in at 19.5%, building on the pattern of sequential operating profit improvement that began with 7.8% in the first quarter. "By region, Europe posted sales growth of 39%, Asia's sales grew by 36 1/2% and Western Hemisphere sales were up by 15% compared to last year's third quarter. With sales growth of $33 million in the quarter compared to our second quarter, operating margins in each geography have improved considerably." Commenting on the quarter's earnings growth compared to last year, Mr. Krasnoff said, "The 15 cent improvement in earnings per share is attributable to organic growth, aided by continuing cost reduction programs, FSG synergies and also includes about 4 cents per share for foreign exchange translation. Our estimate of $7 million in acquisition-related synergies for this quarter indicates that full year synergies continue to run ahead of our goal." Looking ahead, Mr. Krasnoff continued, "We anticipate earnings per share for the year in the range of $1.14 to $1.19. The midpoint of this range is an increase of 9 cents per share from the midpoint of our prior guidance range and, if achieved, represents a 42% increase from the prior year's 82 cents per share." Tomorrow, June 4, 2003, at 8:30 a.m. EST, Pall Corporation will host its quarterly earnings conference call. Individuals can access the webcast on the home page of the Company's website, www.pall.com. Listening to the webcast requires speakers and Microsoft Windows Media Player audio software. The webcast will be archived for 14 days. About Pall Corporation: Pall Corporation is the global leader in the rapidly growing field of filtration, separations and purification. Pall's business is organized around two broad markets: Life Sciences and Industrial. The Company provides leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceuticals, transfusion medicine, semiconductors, municipal drinking water and aerospace. Total revenues in the last twelve months were about $1.5 billion. The Company is headquartered in East Hills, New York. Further information can be found on its Web site www.pall.com. This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: fluctuations in foreign currency exchange rates; regulatory approval and market acceptance of new technologies; changes in product mix and product pricing and in interest rates and cost of raw materials; the Company's success in enforcing its patents and protecting its proprietary products and manufacturing techniques; global and regional economic conditions and legislative, regulatory and political developments; and domestic and international competition in the Company's global markets. Additional information regarding these and other factors is available on the web at www.pall.com and is included in the Company's reports filed with the U.S. Securities and Exchange Commission. Copies of such reports can be obtained, without charge, at: www.sec.gov. Financial Tables to Follow... PALL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) MAY 3, AUG. 3, 2003 2002 ------------------------------------------------------------------ Assets Cash and short-term investments $ 148,763 $ 145,424 Accounts receivable, net 394,166 415,853 Inventories, net 293,529 256,910 Other current assets 106,960 94,947 --------- --------- Total current assets 943,418 913,134 Property, plant and equipment, net 597,993 605,095 Other assets 486,436 492,214 ----------- ----------- Total assets $2,027,847 $2,010,443 ----------- ----------- Liabilities and Stockholders' Equity Short-term debt $ 57,626 $ 103,546 Accounts payable, income taxes and other current liabilities 332,604 331,777 ---------- ----------- Total current liabilities 390,230 435,323 Long-term debt 606,139 619,705 Deferred taxes and other non-current liabilities 142,673 135,695 --------- ---------- Total liabilities 1,139,042 1,190,723 Stockholders' equity 888,805 819,720 ---------- ----------- Total liabilities and stockholders' equity $2,027,847 $2,010,443 ------------ ----------- PALL CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except per share data) THIRD QUARTER ENDED NINE MONTHS ENDED ------------------- ----------------- MAY 3, APR. 27, MAY 3, APR. 27, 2003 2002 2003 2002 ---------------------------------------------------------------------- Net sales $421,491 $302,377 $1,142,223 $861,931 Cost of sales 205,587 145,482 579,933 425,946 -------- -------- --------- ------- Gross profit 215,904 156,895 562,290 435,985 Selling, general and administrative expenses 138,664 107,245 384,361 306,471 Research and development 14,255 13,159 39,715 38,474 Restructuring and other charges 5,036 - 46,335 - Interest expense, net 5,765 2,590 19,238 8,668 -------- ------- ------- ------- Earnings before income taxes 52,184 33,901 72,641 82,372 Provision for income taxes 11,829 7,458 24,045 18,122 --------- ------- -------- -------- Net earnings $ 40,355 $ 26,443 $ 48,596 $ 64,250 --------- -------- -------- --------- Earnings per share: Basic: $ 0.33 $ 0.22 $ 0.40 $ 0.53 ------- ------ ------ ------- Diluted: $ 0.33 $ 0.21 $ 0.39 $ 0.52 ------- ------ ------- ------ Average number of shares outstanding: Basic: 123,146 122,336 122,983 122,242 Diluted: 123,891 123,512 123,745 123,478 Net earnings as reported $ 40,355 $ 26,443 $ 48,596 $ 64,250 Restructuring and other charges after pro forma tax effect 4,277(a) - 44,205(a) - ---------- ------ -------- ------ Pro forma earnings $ 44,632 $ 26,443 $ 92,801 $ 64,250 ------- ------ ------ ------- Diluted earnings per share as reported $ 0.33 $ 0.21 $ 0.39 $ 0.52 Restructuring and other charges $ 0.03(a)$ - $ 0.36(a)$ - ------ ----- ------- ------ Pro forma diluted earnings per share $ 0.36 $ 0.21 $ 0.75 $ 0.52 ----- ----- ------- ----- (a) Restructuring and other charges for the nine months includes $37,600 (30 cents per share) of acquired in-process research and development and $8,735 (6 cents per share, after pro forma tax effect) of restructuring costs inclusive of $5,036 (3 cents per share, after pro forma tax effect) incurred in the third quarter. PALL CORPORATION MARKET SEGMENT AND GEOGRAPHIC INFORMATION (DOLLAR AMOUNTS IN THOUSANDS) % CHANGE SALES MAY 3, APR. 27 % IN LOCAL THIRD QUARTER ENDED: 2003 2002, CHANGE CURRENCY ------------------------------------------------------------------ MARKET SEGMENT INFORMATION: Medical(a) $ 83,985 $ 79,075 6 - BioPharmaceuticals (a) 93,295 73,093 27 1/2 16 1/2 ------ ------- Total Life Sciences 177,280 152,168 16 1/2 8 -------- ------- General Industrial 150,050 84,351 78 57 Aerospace 51,060 38,454 33 25 1/2 Microelectronics 43,101 27,404 57 1/2 46 ------- ------- Total Industrial 244,211 150,209 62 1/2 47 -------- ------- Total $421,491 $302,377 39 1/2 27 1/2 --------- -------- GEOGRAPHIC INFORMATION: SALES TO UNAFFILIATED CUSTOMERS --------------------------- Western Hemisphere $164,410 $141,829 16 15 Europe 178,536 107,328 66 1/2 39 Asia 78,545 53,220 47 1/2 36 1/2 ------- -------- Total $421,491 $302,377 39 1/2 27 1/2 -------- -------- TOTAL SALES ----------- Western Hemisphere $206,492 $172,721 Europe 202,241 123,853 Asia 79,680 53,609 Eliminations (66,922) (47,806) --------- -------- Total $421,491 $302,377 --------- -------- (a) Certain prior year amounts have been reclassified to conform to the current year presentation. OPERATING PROFIT MAY 3, APR. 27, THIRD QUARTER ENDED: 2003 % 2002 % ---------------------------------------------------------------------- MARKET SEGMENT INFORMATION: Medical(a) $16,413 19.5 $12,370 15.6 BioPharmaceuticals(a) 23,269 24.9 18,290 25.0 ------- -------- Total Life Sciences 39,682 22.4 30,660 20.1 -------- -------- General Industrial 19,582 13.1 9,042 10.7 Aerospace 16,354 32.0 8,961 23.3 Microelectronics 7,761 18.0 2,416 8.8 ------- ------ Total Industrial 43,697 17.9 20,419 13.6 ------- ------ Subtotal 83,379 19.8 51,079 16.9 Restructuring and other charges (5,036) - General corporate expenses (20,394) (14,588) Interest expense, net (5,765) (2,590) -------- -------- Earnings before income taxes $52,184 $33,901 -------- ------- GEOGRAPHIC INFORMATION: Western Hemisphere $31,801 15.4 $19,981 11.6 Europe 36,996 18.3 22,956 18.5 Asia 13,858 17.4 8,607 16.1 Eliminations 724 (465) -------- ------- Subtotal 83,379 19.8 51,079 16.9 Restructuring and other charges (5,036) General corporate expenses (20,394) (14,588) Interest expense, net (5,765) (2,590) --------- ------- Earnings before income taxes $52,184 $33,901 --------- -------- (a) Certain prior year amounts have been reclassified to conform to the current year presentation. PALL CORPORATION MARKET SEGMENT AND GEOGRAPHIC INFORMATION (DOLLAR AMOUNTS IN THOUSANDS) % CHANGE SALES MAY 3, APR. 27, % IN LOCAL NINE MONTHS ENDED: 2003 2002 CHANGE CURRENCY ---------------------------------------------------------------------- MARKET SEGMENT INFORMATION: Medical(a) $221,070 $219,243 1 (3 1/2) BioPharmaceuticals (a) 249,010 205,967 21 13 1/2 ----------- ---------- Total Life Sciences 470,080 425,210 10 1/2 4 1/2 ----------- ---------- General Industrial 417,317 245,046 70 1/2 57 1/2 Aerospace 134,032 114,836 16 1/2 11 1/2 Microelectronics 120,794 76,839 57 49 1/2 ----------- ---------- Total Industrial 672,143 436,721 54 44 ----------- ---------- Total $1,142,223 $861,931 32 1/2 24 1/2 ----------- ---------- GEOGRAPHIC INFORMATION: SALES TO UNAFFILIATED CUSTOMERS ------------------------- Western Hemisphere $453,569 $393,841 15 16 Europe 479,556 307,348 56 36 Asia 209,098 160,742 30 24 ----------- ---------- Total $1,142,223 $861,931 32 1/2 24 1/2 ----------- ---------- TOTAL SALES ----------- Western Hemisphere $573,848 $479,596 Europe 541,140 350,238 Asia 211,953 162,097 Eliminations (184,718) (130,000) ----------- ---------- Total $1,142,223 $861,931 ----------- ---------- (a) Certain prior year amounts have been reclassified to conform to the current year presentation. OPERATING PROFIT NINE MONTHS ENDED: MAY 3, APR. 27, 2003 % 2002 % ---------------------------------------------------------------------- MARKET SEGMENT INFORMATION: Medical(a) $ 33,605 15.2 $ 28,566 13.0 BioPharmaceuticals(a) 54,480 21.9 51,558 25.0 ---------- --------- Life Sciences 88,085 18.7 80,124 18.8 ---------- --------- General Industrial 44,619 10.7 25,338 10.3 Aerospace 37,593 28.0 27,672 24.1 Microelectronics 19,821 16.4 2,560 3.3 ---------- --------- Industrial 102,033 15.2 55,570 12.7 ---------- --------- Subtotal 190,118 16.6 135,694 15.7 Restructuring and other charges (46,335) - General corporate expenses (51,904) (44,654) Interest expense, net (19,238) (8,668) ---------- --------- Earnings before income taxes $ 72,641 $ 82,372 ---------- --------- GEOGRAPHIC INFORMATION: Western Hemisphere $ 76,477 13.3 $ 51,564 10.8 Europe 83,994 15.5 57,640 16.5 Asia 31,509 14.9 26,174 16.1 Eliminations (1,862) 316 ---------- --------- Subtotal 190,118 16.6 135,694 15.7 Restructuring and other charges (46,335) - General corporate expenses (51,904) (44,654) Interest expense, net (19,238) (8,668) ---------- --------- Earnings before income taxes $ 72,641 $ 82,372 ---------- --------- (a) Certain prior year amounts have been reclassified to conform to the current year presentation. Short Name: Pall Corporation Category Code: QRT Sequence Number: 00005444 Time of Receipt (offset from UTC): 20030603T214401+0100 --30--CK/ny* CONTACT: Pall Corporation John Adamovich, 516/801-9808 KEYWORD: NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL MEDICAL DEVICES PHARMACEUTICAL CONFERENCE CALLS EARNINGS SOURCE: Pall Corporation Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com
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