| |
|
Years Ended
December 31,
|
1999
|
1998
|
1997
|
1996
|
1995
|
|
Summary
of Operations
|
|
|
|
|
|
|
Sales
|
$1,808.7
|
$1,718.2
|
$1,198.0
|
$1,028.0
|
$930.1
|
| Operating
income before special charges(1) |
$
216.3
|
$
133.9
|
$
104.4
|
$
122.5
|
$110.8
|
|
Earnings before
special and
|
|
|
|
|
|
|
non-recurring
charges, after taxes
|
$
105.9
|
$
44.7
|
$
54.0
|
$
74.7
|
$
66.1
|
| Special
charges: |
|
|
|
|
|
| In-process
research and development |
—
|
—
|
(282.0)
|
—
|
—
|
| Restructure
credit (charge), net of tax |
0.1
|
(11.2)
|
(36.4)
|
—
|
(17.2)
|
|
Net earnings
(loss)
|
$
106.0
|
$
33.5
|
$
(264.4)
|
$
74.7
|
$
48.9
|
|
Diluted earnings
per
|
|
|
|
|
|
|
share before
special charges
|
$
3.57
|
$
1.52
|
$ 1.88
|
$
2.58
|
$
2.29
|
|
Diluted earnings
(loss) per share
|
$
3.57
|
$
1.14
|
$
(9.58)
|
$
2.58
|
$ 1.70
|
|
Dividends
paid per share of common stock
|
$
0.64
|
$
0.61
|
$
0.60
|
$
0.52
|
$ 0.44
|
|
Shares outstanding
(millions)
|
29.0
|
28.4
|
27.6
|
28.0
|
28.3
|
|
Weighted average
common shares and dilutive
|
|
|
|
|
|
|
common share
equivalents (millions)(2)
|
29.7
|
29.3
|
27.6
|
28.9
|
28.8
|
|
Other Information
|
|
|
|
|
|
|
Total assets
|
$2,110.8
|
$2,133.3
|
$2,331.0
|
$
960.1
|
$907.8
|
|
Long-term
debt, less current maturities
|
$
980.7
|
$
982.2
|
$1,181.3
|
$ 176.6
|
$162.7
|
|
Working capital
|
$
390.5
|
$ 237.3
|
$
81.8
|
$
300.1
|
$282.1
|
|
EBIT before
special charges(1)(3)
|
$
228.3
|
$
153.5
|
$
118.9
|
$
129.6
|
$113.5
|
|
Depreciation
and amortization expense
|
$
143.7
|
$
152.4
|
$
109.1
|
$
87.8
|
$
79.1
|
|
EBITDA before
special charges(1)(3)
|
$
372.0
|
$
305.9
|
$
228.0
|
$ 217.4
|
$192.6
|
|
EBITDA(3)
|
$
372.2
|
$ 286.8
|
$
(113.4)
|
$
217.4
|
$164.9
|
|
Debt to EBITDA
before special charges(1)(3)
|
2.8
|
3.7
|
5.5
|
0.9
|
0.9
|
|
Capital expenditures
|
$
134.9
|
$
165.2
|
$
100.9
|
$
110.5
|
$103.2
|
|
Number of
employees at December 31,
|
9,520
|
10,064
|
11,171
|
6,079
|
5,702
|
(1)
Excludes pre-tax special charges. Special charges include: 1) restructure
(credits) charges of $(0.2), $19.1, $59.4, and $27.7 in 1999, 1998,
1997, and 1995, respectively, and 2) a one time write-off of $282.0
of acquired in-process research and development relating to the Coulter
acquisition in 1997. Including these special charges, the Company reported
operating income (loss) of $216.5, $114.8, ($237.0), and $83.1 in 1999,
1998, 1997, and 1995 respectively. The Company did not incur any special
charges in 1996.
(2) Under Generally Accepted Accounting Principles (“GAAP”), as the
Company was in a net loss position in 1997, 1.0 million common share
equivalents were not used to compute diluted loss per share, as the
effect was antidilutive.
(3) EBIT is earnings before interest expense and taxes; EBITDA is EBIT
before depreciation and amortization expense.
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