|
Years ended
December 31,1999
|
1999 |
%
of
Sales |
1998 |
%
of
Sales
|
1997
|
% of
Sales
|
1999
Compared
to 1998(2)
|
1998
Compared
to 1997(2)
|
|
Sales
|
|
|
|
|
|
|
|
|
|
Clinical diagnostics
|
$1,418.2
|
78.4
|
$1,342.5
|
78.1
|
$815.2
|
$68.0
|
$75.7
|
$527.3
|
|
Life science
research
|
390.5
|
21.6
|
375.7
|
21.9
|
382.8
|
32.0
|
14.8
|
(7.1)
|
|
Total sales
|
$1,808.7
|
100.0
|
$1,718.2
|
100.0
|
$1,198.0
|
100.0
|
$90.5
|
$520.2
|
|
Cost of sales
|
942.1
|
52.1
|
920.6
|
53.6
|
609.7
|
50.9
|
21.5
|
310.9
|
|
Gross Profit
|
866.6
|
47.9
|
797.6
|
46.4
|
609.7
|
50.9
|
69.0
|
209.3
|
|
Selling, general
& administrative
|
476.9
|
26.4
|
492.3
|
28.7
|
360.3
|
30.1
|
(15.4)
|
132.0
|
|
Research & development
|
173.4
|
9.5
|
171.4
|
10.0
|
123.6
|
10.3
|
2.0
|
47.8
|
|
Operating income(1)
|
216.3
|
12.0
|
133.9
|
7.8
|
104.4
|
8.7
|
82.4
|
29.5
|
|
Net
nonoperating expense
|
61.8
|
3.4
|
68.2
|
4.0
|
14.9
|
1.2
|
(6.4)
|
53.3
|
|
Earnings before
income taxes(1)
|
154.5
|
8.6
|
65.7
|
3.8
|
89.5
|
7.5
|
88.8
|
(23.8)
|
|
Income tax provision(1)
|
48.6
|
2.7
|
21.0
|
1.2
|
35.5
|
3.0
|
27.6
|
(14.5)
|
|
Earnings before special charges, after taxes(1) |
$
105.9
|
5.9
|
44.7
|
$2.6
|
$
54.0
|
4.5
|
$
61.2
|
$
(9.3)
|
|
Net earnings
(loss)
|
$
106.0
|
$33.5
|
5.9
|
1.9
|
$
(264.4)
|
(22.1)
|
$
72.5
|
$297.9
|
|
Diluted earnings
per
share before
special charges
|
$
3.57 |
|
$
1.52
|
|
$
1.88 |
|
$
2.05 |
$(0.36) |
|
Diluted earnings
(loss) per share
|
$
3.57 |
|
$
1.14
|
|
$
(9.58) |
|
$
2.43
|
$10.72
|
|
Dividends paid
per
share of common stock
|
$
0.64 |
|
$
0.61 |
|
$
0.60
|
|
$
0.03 |
$
0.01
|
(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.
|
