BW20021204002593 20021204T234956Z UTC
( BW)(PALL-CORPORATION)(PLC) 1st Quarter Results
Business Editors
UK REGULATORY NEWS
EAST HILLS, N.Y.--(BUSINESS WIRE)--Dec. 4, 2002--
Pall Corporation Reports First Quarter Sales Up 21%
Pall Corporation (NYSE: PLL), the filtration, separation and
purification industry leader, today reported sales and earnings
results for the first quarter fiscal 2003, ended November 2, 2002.
Sales for the quarter grew 21% to $332.2 million, compared to
$274.1 million last year. Favorable foreign exchange rates increased
sales $7.3 million or 2 1/2% in the quarter. Excluding restructuring
and other nonrecurring items, pro forma earnings were $16.8 million or
14 cents per share, compared to $19.4 million or 16 cents per share
last year. Restructuring and other nonrecurring items of $41.3
million, or 33 cents per share including the pro forma tax effect,
were recorded in the quarter primarily to write-off the recently
acquired Filtration and Separations Group's ("FSG") in-process
research and development. This reduced the quarterly result to a loss
of $23.1 million or 19 cents per share.
Eric Krasnoff, Chairman and CEO, said, "First quarter earnings
were within the range we published last quarter and we are maintaining
our prior guidance on earnings for the year. We have performed to plan
in an economic environment that can best be characterized as
challenging. Overall, sales came in as expected. A shortfall in
Medical sales to our major blood center customer was fully offset by
better than expected sales in other parts of our business. Medical
still increased its operating profit margin from 6.8% to 7.8% for the
quarter.
The BioPharmaceuticals segment grew 12% in the quarter buoyed by
strong biotech and lab sales. In the General Industrial segment, Food
and Beverage and Water Processing stood out. Food and Beverage sales
almost tripled in the quarter. Sales in Water Processing more than
doubled compared with last year's first quarter and orders set a
record high.
The Microelectronics segment continues to show signs of a recovery
with its second consecutive quarter of double-digit sales growth.
Compared to last year's first quarter, orders were up 55% and
operating profits increased from .1% to 13.1%.
Looking at our quarterly sales by geography, Europe sales grew 32
1/2%. The Western Hemisphere turned in double-digit growth despite the
shortfall in Medical sales, reflecting strong growth in
Microelectronics, Food and Beverage, Fuels and Chemicals and Water
Processing. Asia grew at about 9 1/2% also reflecting strong growth in
Microelectronics."
Commenting on earnings, Mr. Krasnoff said, "We estimate that both
FSG and the effect of foreign exchange rates were neutral to earnings
in the quarter. The reduction in earnings per share, on a pro forma
basis, compared to last year's first quarter is primarily attributable
to lower sales volume when compared to the prior year quarter's pro
forma sales."
Looking ahead, Mr. Krasnoff continued, "We continue to expect to
see good sales and earnings growth in the second quarter and expect
earnings per share to be in the range of 18 cents to 23 cents. Looking
at the full year, we look for FSG to contribute 8 to 10 cents to our
bottom line. Our estimate of $3.0 million in acquisition-related
synergies for the quarter indicates we are on track to achieve $15
million for the full year. At current rates, foreign exchange should
add 8 cents to our bottom line. We continue to expect earnings per
share to be in the range of 95 cents to $1.15 for the full year."
Tomorrow, December 5, 2002, at 8:30 am ET, Pall Corporation will
host its quarterly earnings conference call. Individuals can access
this event live on the "For the Investor" page of the Company's web
site, http://www.pall.com/investor. 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
fields 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
are $1.3 billion. The Company is headquartered in East Hills, New York
and has major operations in more than 30 countries. Further
information is available at http://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 and in integrating
the operations of FSG into the Company's existing business; 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 http://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: http://www.sec.gov.
-0-
*T
PALL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
NOV. 2, AUG. 3,
2002 2002
Assets
Cash and short-term investments $ 113,107 $ 145,424
Accounts receivable, net 364,293 415,853
Inventories, net 279,832 256,910
Other current assets 82,111 97,795
Total current assets 839,343 915,982
Property, plant and equipment, net 599,587 605,095
Other assets 477,243 506,145
Total assets $ 1,916,173 $ 2,027,222
Liabilities and Stockholders' Equity
Short-term debt $ 70,751 $ 103,546
Accounts payable, income taxes
and other current liabilities 293,855 334,625
Total current liabilities 364,606 438,171
Long-term debt 617,904 619,705
Deferred taxes and other
non-current liabilities 144,628 149,626
Total liabilities 1,127,138 1,207,502
Stockholders' equity 789,035 819,720
Total liabilities and
stockholders' equity $ 1,916,173 $ 2,027,222
PALL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
FIRST QUARTER ENDED
NOV. 2, OCT. 27,
2002 2001
Net sales $ 332,210 $ 274,119
Cost of sales 174,261 135,070
Gross Profit 157,949 139,049
Selling, general and
administrative expenses 116,860 98,074
Research and development 13,045 12,847
Restructuring and other
charges 40,375(a) -
Interest expense, net 7,266 3,263
(Loss) earnings before
income taxes (19,597) 24,865
Provision for
income taxes 3,541 5,473
Net (loss) earnings $ (23,138) $ 19,392
(Loss) earnings per share:
Basic: $ (0.19) $ 0.16
Diluted: $ (0.19) $ 0.16
Average number of
shares outstanding:
Basic: 122,825 122,190
Diluted: 122,825 123,486
Diluted (loss)earnings
per share as reported $ (0.19) $ 0.16
Restructuring and
other charges 0.32(a) -
Integration costs
(included in SG&A) 0.01 -
Pro forma diluted
earnings per share $ 0.14 $ 0.16
(a) Restructuring and other charges include $37,600 (30 cents per
share) of acquired in-process research and development and
restructuring costs of $2,775 (2 cents per share, after pro forma
tax effect).
PALL CORPORATION MARKET SEGMENT ANDGEOGRAPHIC INFORMATION
(DOLLAR AMOUNTS IN THOUSANDS)
% CHANGE
SALES % IN LOCAL
FIRST QUARTER ENDED NOV. 2, OCT. 27, CHANGE CURRENCY
2002 2001
MARKET SEGMENT
INFORMATION:
Medical (a) $ 57,966 $ 67,435 (14) (15 1/2)
BioPharmaceuticals (a) 74,063 64,529 15 12
Total Life Sciences 132,029 131,964 - (2 1/2)
General Industrial 126,379 79,957 58 54 1/2
Aerospace 36,953 37,644 (2) (4)
Microelectronics 36,849 24,554 50 48
Total Industrial 200,181 142,155 41 38
Total $ 332,210 $ 274,119 21 18 1/2
GEOGRAPHIC INFORMATION:
SALES
TO UNAFFILIATED CUSTOMERS
Western
Hemisphere $ 138,067 $ 125,692 10 12
Europe 135,050 94,736 42 1/2 32 1/2
Asia 59,093 53,691 10 9 1/2
Total $ 332,210 $ 274,119 21 18 1/2
TOTAL SALES
Western
Hemisphere $ 177,637 $ 153,747
Europe 153,351 106,816
Asia 59,967 54,092
Eliminations (58,745) (40,536)
Total $ 332,210 $ 274,119
(a) Certain prior year amounts have been reclassified to conform to
the current year presentation.
OPERATING PROFIT
FIRST QUARTER ENDED NOV. 2, OCT.
2002 % 27,2001 %
MARKET SEGMENT
INFORMATION:
Medical(a) $ 4,527 7.8 $ 4,599 6.8
BioPharmaceuticals (a) 15,172 20.5 16,918 26.2
Life Sciences 19,699 14.9 21,517 16.3
General Industrial 10,824 8.6 10,464 13.1
Aerospace 8,487 23.0 11,465 30.5
Microelectronics 4,814 13.1 30 0.1
Industrial 24,125 12.1 21,959 15.4
Subtotal 43,824 13.2 43,476 15.9
Restructuring and other
charges (40,375) -
General corporate expenses (15,780) (15,348)
Interest expense, net (7,266) (3,263)
(Loss) earnings
before income taxes $ (19,597) $ 24,865
GEOGRAPHIC INFORMATION:
Western Hemisphere $ 19,949 11.2 $ 18,235 11.9
Europe 17,727 11.6 15,486 14.5
Asia 6,459 10.8 8,804 16.3
Eliminations (311) 951
Subtotal 43,824 13.2 43,476 15.9
Restructuring and other
charges (40,375) -
General corporate expenses (15,780) (15,348)
Interest expense, net (7,266) (3,263)
(Loss) earnings
before income taxes $ (19,597) $ 24,865
(a) Certain prior year amounts have been reclassified to conform to
the current year presentation.
*T
Short Name: Pall Corporation
Category Code: QRF
Sequence Number: 00001357
Time of Receipt (offset from UTC): 20021204T223844+0000
--30--EB/ny
CONTACT: Pall Corporation
John Adamovich, 516/801-9808
Please visit our website at: http://www.pall.com
KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: PHARMACEUTICAL BIOTECHNOLOGY MANUFACTURING
CHEMICALS/PLASTICS EARNINGS CONFERENCE CALLS
SOURCE: Pall Corporation
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