|
BIOWIRE2K
ST. LOUIS--(BW HealthWire)--July 23, 2002--Sigma-Aldrich
(NASDAQ:SIAL)
One-Time Charge Taken to Discontinue Diagnostics Business
BASIS OF PRESENTATION:
All financial information presents separate results for the
continuing Chemical business (Scientific Research, Biotechnology and
Fine Chemicals) and discontinued Diagnostics business as a result of
the Company's decision (announced on April 23, 2002) to exit the
Diagnostics business. Income statements presenting continuing and
discontinued operations for all quarters of 2001 and the first quarter
of 2002 are presented on the last page in this release.
HIGHLIGHTS:
Continuing Operations:
-
Reported and currency adjusted sales in the 2nd quarter
increased 9.6 % and 8.3%, respectively, as the U.S. dollar
weakened.
-
Sales growth improved in Q2, driven by stronger Biotechnology
and international sales.
-
Diluted EPS (excluding goodwill amortization and a one-time
charge for purchased in-process research and development in
2001) increased 7.4% to $.58 in the second quarter and 6.4% to
$1.16 for the first six months. Currency reduced Q2 and YTD
diluted EPS by $.02 and $.04, respectively.
-
Sales growth rates and EPS for the remainder of 2002 are both
expected to benefit from a weaker dollar.
-
Currency adjusted sales growth in Q3 and Q4 is expected to
improve over first half levels.
-
Expected full year 2002 diluted EPS range raised slightly
to $2.26 to $2.30.
Discontinued (Diagnostics) Operations:
-
Smaller than expected net operating loss of $.03 per diluted
share in Q2 brought YTD net operating loss to $.07.
-
Recorded previously announced one-time net income charge of
$63 million ($.85 per share) to reflect cost of
discontinuance.
-
Efforts to sell assets and transfer customer commitments to
other vendors continue.
OVERALL RESULTS:
Continuing Operations:
Reported sales for the second quarter of 2002 for the Company's
Scientific Research, Biotechnology and Fine Chemicals businesses
increased 9.6%. For the first time in over three years the weaker U.S.
dollar enhanced reported quarterly sales gains, resulting in a lower
currency adjusted sales gain of 8.3%. Growth in our Scientific
Research and Biotechnology businesses improved from first quarter 2002
levels, partially as a result of the timing of observed holidays.
Reported year-to-date sales growth was 7.1%. Year-to-date,
currency-adjusted sales increased 7.8%, as the negative impact of
exchange rates in the first quarter exceeded the benefit realized in
the current quarter. Overall, the Company has experienced only modest
impacts from slowed growth in the worldwide economy.
Diluted net income per share for the second quarter (adjusting
2001 results to exclude goodwill amortization) rose 7.4% to $.58 in
2002 from $.54 in 2001. Year-to-date diluted net income per share
(adjusting 2001 results to exclude goodwill amortization and a
one-time charge for purchased in-process research and development)
increased 6.4% to $1.16 in 2002 from $1.09 in 2001. Currency impacts
masked even stronger performance in the Company's underlying
operations by reducing otherwise reportable second quarter and
year-to-date diluted per share earnings by $.02 and $.04,
respectively.
Discontinued (Diagnostics) Operations:
Ongoing efforts to sell the assets of and discontinue the
Diagnostics business resulted in the sale of the EIA product line to
IVAX Diagnostics in June 2002 and the signing of a non-binding letter
of intent to sell the coagulation product line to Trinity Biotech plc.
These two product lines represented approximately 42% of Diagnostics
sales in 2001(after reclassifying products that contributed $11
million in 2001 Diagnostics sales to the Company's Scientific Research
unit). Efforts to sell other product lines continue. Activities to
minimize costs while continuing to supply customers under contract --
including reassignment of Diagnostics employees to other parts of the
Company -- reduced an expected $.05 second quarter diluted EPS
operating loss to an actual quarterly loss of $.03 per diluted share,
bringing year-to-date operating results to a loss of $.07 per diluted
share. A previously announced one-time charge of $63 million ($.85 per
share) was recorded in the second quarter of 2002. This one-time
charge included reductions in the carrying value of applicable assets,
including unamortized goodwill and other intangible assets of $21
million, to an expected realizable amount and the costs of staff
reductions. The Company continues to expect that the discontinuance of
this business will provide at least $20 million in after-tax cash.
NET INCOME ANALYSIS:
A summary of the Company's reported net income and diluted
earnings per share for the three and six months ended June 30, 2002
and 2001 -- before and after currency impacts in 2002 and goodwill
amortization and a one-time charge in 2001 -- as well as net income
and diluted EPS for continuing and discontinued operations is as
follows:
Three Months Ended June 30,
2002 2001
---------------------- ---------------------
Diluted Diluted
Net Income Earnings Net Income Earnings
(millions) Per Share (millions) Per Share
---------- ---------- ---------- ----------
Net income from
continuing operations
before currency impact,
goodwill amortization
and one-time charge $ 44.3 $ 0.60 $ 41.5 $ 0.54
Currency impact (1.4) (0.02) -- --
---------- ---------- ---------- ----------
Net income from
continuing operations
before goodwill
amortization and
one-time charge 42.9 0.58 41.5 0.54
Goodwill amortization -- -- (1.3) (0.01)
One-time charge - purchased
in-process R&D -- -- -- --
---------- ---------- ---------- ----------
Net income from
continuing operations 42.9 0.58 40.2 0.53
Net operating loss from
discontinued business (2.2) (0.03) (3.2) (0.04)
Net loss on disposition
of discontinued
operations (63.0) (0.85) -- --
---------- ---------- ---------- ----------
Reported net income $(22.3) $ (0.30) $ 37.0 $ 0.49
========== ========== ========== ==========
Six Months Ended June 30,
2002 2001
---------------------- ---------------------
Diluted Diluted
Net Income Earnings Net Income Earnings
(millions) Per Share (millions) Per Share
---------- ---------- ---------- ----------
Net income from
continuing operations
before currency impact,
goodwill amortization
and one-time charge $ 88.3 $ 1.20 $ 82.8 $ 1.09
Currency impact (2.8) (0.04) -- --
---------- ---------- ---------- ----------
Net income from continuing
operations before goodwill
amortization and
one-time charge 85.5 1.16 82.8 1.09
Goodwill amortization -- -- (2.5) (0.03)
One-time charge - purchased
in-process R&D -- -- (0.8) (0.01)
---------- ---------- ---------- ----------
Net income from
continuing operations 85.5 1.16 79.5 1.05
Net operating loss from
discontinued business (5.1) (0.07) (5.9) (0.08)
Net loss on disposition
of discontinued
operations (63.0) (0.85) -- --
---------- ---------- ---------- ----------
Reported net income $ 17.4 $ 0.24 $ 73.6 $ 0.97
========== ========== ========== ==========
RESULTS FOR CONTINUING OPERATIONS:
Reported sales increased 9.6% to $304.3 million for the second
quarter and 7.1% to $605.9 million year-to-date. On a
currency-adjusted basis, second quarter and year-to-date sales gains
were 8.3% and 7.8%, respectively. Sales volumes for Scientific
Research and Biotechnology rebounded from the impact of the holidays
at the close of the first quarter of 2002 and overall year-to-date
price gains improved to 3.1%. A summary of reported and
currency-adjusted sales gains is as follows:
Three Months Ended Six Months Ended
June 30, 2002 June 30, 2002
---------------------- ----------------------
Currency Currency
Reported Adjusted Reported Adjusted
---------- ---------- ---------- ----------
Scientific Research 8.3% 7.0% 5.4% 6.2%
Biotechnology 13.5% 12.5% 10.1% 11.2%
Fine Chemicals 9.5% 7.8% 8.8% 9.0%
Total 9.6% 8.3% 7.1% 7.8%
-
Scientific Research sales gains (excluding currency impacts,
but including product sales reclassified from Diagnostics for
both 2001 and 2002) improved in international markets in the
second quarter while growth in sales to U.S. customers was in
line with first quarter levels.
-
Biotechnology sales gains improved in the second quarter to
exceed expectations. Percentage growth in key life science
areas was in the mid to high teens, with sales of
chromatography products providing modest growth in the
quarter. Market opportunities, new product development efforts
and enhanced sales activities all contributed to this improved
growth.
-
Customers continued to increase their ordering using the
Company's web site. Electronic orders increased to 21% of our
U.S. and 14% of our worldwide research sales.
-
Fine Chemicals growth moderated in the last quarter as slower
growth in sales to U.S. customers was partially offset by
improved gains in international markets. Booked orders,
including those from pharmaceutical customers, remained
strong.
Pretax income from continuing operations was 20.4% and 20.5% of
related sales for the second quarter and first six months of 2002,
respectively. After adjusting prior year results for goodwill
amortization and a one-time charge for purchased in-process research
and development, the current pretax income level shows a modest
improvement over the 20.3% achieved for the entire year of 2001.
Results benefited from price gains, process improvement savings and
the abatement of higher utility costs that had been experienced in the
first half of 2001. These benefits were offset by new costs to operate
our Life Science and High Technology Center, higher insurance and
employee benefit costs and the reassignment of roughly 80 former
Diagnostics employees to various open positions in the continuing
business. Interest expense for the first half of 2002 declined by $0.9
million from that incurred in the first half of 2001 due to interest
rate reductions and reduced short-term borrowing levels resulting from
lower tax payments and capital expenditures in the second quarter.
OUTLOOK:
Reported sales gains from our continuing Scientific Research,
Biotechnology and Fine Chemicals businesses are expected to benefit
from both the weakening of the U.S. dollar and the ongoing
implementation of our strategic plan initiatives throughout the
balance of 2002. Overall currency-adjusted sales gains in the second
half of 2002 are expected to improve from those achieved to date.
Pricing should continue to benefit from special initiatives in 2002.
New product additions, active promotion of existing and new products,
an expected continuing growth of web-based sales, the recent
distribution of a new Cell Signaling and Neuroscience catalog and the
issuance of new Aldrich and Fluka/Riedel-de Haen catalogs in the
upcoming months are expected to drive sales growth. Additional growth
from acquisitions remains questionable for 2002, as seller's
expectations remain unrealistic and we remain committed to our
longer-term goal to grow profits in line with sales. Profit
improvement initiatives and the weaker U.S. dollar are expected to
enhance earnings and management is raising its expected EPS range from
continuing operations slightly to $2.26 to $2.30 for 2002. As
previously announced, operating our discontinued Diagnostics business
as assets are held for sale is expected to continue to reduce
otherwise reportable diluted earnings per share by as much as $.01 in
both the third and fourth quarters of the year.
Commenting on first half results and the outlook for the remainder
of 2002, Chairman and CEO David Harvey said "We are encouraged by our
improved growth in the second quarter. While we've certainly heard
concerns about slowdowns in some of our markets, we did not see a
significant change in the first half of 2002. So, we expect to improve
on first half growth levels in all of our businesses with continuing
selling price increases, new catalogs and promotions."
OTHER INFORMATION:
Share Repurchase: No shares were repurchased during the second
quarter. Cumulative repurchases remain at 29.7 million (out of an
authorized repurchase of 35 million) shares, with an average purchase
price of $32.12 per share. There were 73.4 million shares outstanding
at June 30, 2002. The Company expects to resume share repurchases to
acquire the remaining 5.3 million authorized shares, but timing and
number of shares purchased, if any, will depend upon market conditions
and other factors.
Working Capital, Capital Expenditures and Debt: Initiatives to
manage working capital continued in the second quarter. Accounts
receivable days outstanding increased by one day from the December 31,
2001 level to 61 days as improvements in domestic receivables were
offset by the stronger growth in international sales and the currency
impact on valuing international receivables. Inventory management
programs in continuing operations reduced inventory by nearly $16
million from prior year-end levels, but was almost exactly offset by
the impact of currency in valuing inventories. These initiatives
together with $26 million less in capital expenditures significantly
improved cash flow, enabling us to reduce total borrowings by $103.6
million in the first half of 2002 to $344.5 million. At June 30, 2002,
short-term borrowings were $167.6 million at a weighted average
interest rate of 2.2% and long-term debt was $176.9 million at a
weighted average interest rate of 6.6%. The Company's return on equity
improved to 17.5%. We remain committed to achieving a 20% return on
equity by 2004.
Export matter: In April 1997, a wholly-owned subsidiary of the
Company ("RBI") acquired the assets of Research Biochemicals Limited
Partnership ("RBLP"), which engaged in the business of supplying
research products for neuroscience discovery. The Company, RBI and an
intermediate subsidiary have received charging letters from the U.S.
Department of Commerce alleging that they had violated Export
Administration Regulations as a result of exports by RBLP and/or RBI
of certain toxins without requisite licenses between January 1995 and
April 1998. These shipments represented approximately $200,000 of
revenues in total, the majority of which took place prior to the
acquisition of the assets of RBLP. RBI has since applied for and
received licenses for all subsequent shipments of such toxins. After
attempting unsuccessfully to reach an acceptable settlement with the
Department of Commerce, the Company submitted motions for summary
judgment to an Administrative Law Judge, who heard arguments on the
motions in June 2002 and is expected to rule on them by the end of
August. If required, a trial on this matter is scheduled for October.
The total number of charges against the Company and its
subsidiaries is 1,751. If overlapping charges are eliminated, the
total is 1,019. The maximum possible penalty for all three entities is
$10,780,000, assuming overlapping charges are eliminated. While the
charging letters do not specify the amount sought, the Department of
Commerce demanded $3,760,000 to settle the case prior to the letters
being sent. The charging letters state that the Department may seek
the maximum civil penalty allowed by law and, although believed
unlikely, the denial of export privileges.
The Company believes there are substantial legal defenses to a
number of the charges and expects that some of the charges will be
dismissed and/or consolidated. Although the Company intends to defend
its position vigorously, it is unable to predict the outcome of these
motions or the ultimate resolution of this matter. While the Company
believes that an adverse determination on the civil penalties would
not have a material adverse effect on its consolidated financial
condition, it could have a material adverse effect on the Company's
results of operations in a given quarter or year.
About Sigma-Aldrich: Sigma-Aldrich is a leading Life Science and
High Technology company. Our biochemical and organic chemical products
and kits are used in scientific and genomic research, biotechnology,
pharmaceutical development, the diagnosis of disease and chemical
manufacturing. We have customers in life science companies, university
and government institutions, hospitals and in industry. Sigma-Aldrich
operates in 34 countries and has 6,300 employees providing excellent
service worldwide. We are committed to the success of our Customers,
Employees and Shareholders through leadership in Life Science, High
Technology and Service.
Cautionary Statement: This release contains forward-looking
statements relating to future performance, goals, strategic actions
and initiatives and similar intentions and beliefs, including without
limitation the "Highlights", "Overall Results-Discontinued
(Diagnostics) Operations", "Outlook" and "Other Information-Export
Matter" sections contained above and other statements regarding the
Company's expectations, goals, beliefs, intentions and the like
regarding future sales, earnings, return on equity, the discontinuance
of its Diagnostics business, including the effect on sales and
earnings from running the discontinued business as assets are held for
sale and possible cash proceeds from the discontinuance, and other
matters. These statements involve assumptions regarding Company
operations, investments and acquisitions, conditions in the markets
the Company serves and the sale of assets and actions related to the
discontinuance of its Diagnostics business. Although the Company
believes its expectations are based on reasonable assumptions, such
statements are subject to risks and uncertainties, including, among
others, certain economic, political and technological factors. Actual
results could differ materially from those stated or implied in this
news release, due to, but not limited to, such factors as changes in
pricing and the competitive environment, other changes in the business
environment in which the Company operates, changes in research
funding, uncertainties surrounding government healthcare reform,
government regulations applicable to the business including, without
limitation, export controls, the impact of fluctuations in interest
rates and foreign currency exchange rates, the effectiveness of the
Company's further implementation of its global software systems,
expectations for the discontinuance of the Diagnostics business,
including the ability to supply customers while assets are held for
sale and the ability to retain customers, suppliers and employees and
the outcome of the export matter described in "Other Information"
above. The Company does not undertake any obligation to update these
forward-looking statements.
For more information about Sigma-Aldrich, please visit our
award-winning web site at www.sigma-aldrich.com.
SIGMA-ALDRICH CORPORATION
Consolidated Statements of Income (Unaudited)
(in thousands except per share amounts)
Three Months Six Months
Ended June 30, Ended June 30,
--------------------- ----------------------
2002 2001 2002 2001
--------- --------- --------- ---------
Net sales $304,288 $277,532 $605,893 $565,958
Cost of products sold 148,516 131,174 295,369 268,150
--------- --------- --------- ---------
Gross profit 155,772 146,358 310,524 297,808
Selling, general and
administrative
expenses 79,598 74,348 158,210 153,776
Research and
development expenses 10,323 9,825 20,581 19,009
Purchased in-process
research and
development -- -- -- 1,200
Interest, net 3,698 3,971 7,761 8,645
--------- --------- --------- ---------
Income from continuing
operations before
income taxes 62,153 58,214 123,972 115,178
Provision for income
taxes 19,266 18,046 38,430 35,627
--------- --------- --------- ---------
Net income from
continuing operations 42,887 40,168 85,542 79,551
Discontinued operations:
Net loss from operations
of discontinued
business, net of taxes (2,171) (3,121) (5,091) (5,861)
Net loss on disposition
of discontinued
operations, net of
taxes (63,000) -- (63,000) --
--------- --------- --------- ---------
Net income (loss) $(22,284) $37,047 $17,451 $73,690
========= ========= ========= =========
Supplemental net income
information
Net income from
continuing operations $42,887 $40,168 $85,542 $79,551
Add back: goodwill
amortization, net
of taxes -- 1,343 -- 2,492
--------- --------- --------- ---------
Adjusted net income
from continuing
operations $42,887 $41,511 $85,542 $82,043
========= ========= ========= =========
Weighted average number
of shares outstanding
- Basic 73,253 75,342 73,135 75,425
========= ========= ========= =========
Weighted average number
of shares outstanding
- Diluted 73,941 76,095 73,753 76,098
========= ========= ========= =========
Net income per share - Basic
Net income from
continuing operations $0.59 $0.53 $1.17 $1.06
Net loss from operations
of discontinued
business, net of taxes (0.03) (0.04) (0.07) (0.08)
Net loss on disposition
of discontinued
operations, net of
taxes (0.86) -- (0.86) --
--------- --------- --------- ---------
Net income (loss) $(0.30) $0.49 $0.24 $0.98
========= ========= ========= =========
Net income per share - Diluted
Net income from
continuing operations $0.58 $0.53 $1.16 $1.05
Net loss from operations
of discontinued
business, net of taxes (0.03) (0.04) (0.07) (0.08)
Net loss on disposition
of discontinued
operations, net of
taxes (0.85) -- (0.85) --
--------- --------- --------- ---------
Net income (loss) $(0.30) $0.49 $0.24 $0.97
========= ========= ========= =========
Supplemental net income
per share - Diluted
Net income from
continuing operations $0.58 $0.53 $1.16 $1.05
Add back: goodwill
amortization, net of
taxes -- 0.01 -- 0.03
--------- --------- --------- ---------
Adjusted net income
from continuing
operations $0.58 $0.54 $1.16 $1.08
========= ========= ========= =========
SIGMA-ALDRICH CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
June 30, Dec. 31,
2002 2001
---------- ----------
ASSETS
Cash and cash equivalents $52,425 $37,637
Accounts receivable, net 214,861 181,450
Inventories 427,419 427,094
Other current assets 31,483 35,231
Current assets held for sale 6,598 45,899
---------- ----------
Total current assets 732,786 727,311
Property, plant and equipment, net 534,078 531,391
Other assets 145,862 140,844
Noncurrent assets held for sale -- 40,256
---------- ----------
Total assets $1,412,726 $1,439,802
========== ==========
June 30, Dec. 31,
2002 2001
---------- ----------
LIABILITIES AND
STOCKHOLDERS' EQUITY
Short-term debt $167,654 $270,382
Accounts payable 61,044 59,509
Accrued expenses 64,738 54,281
Accrued income taxes 3,585 13,391
Current liabilities of discontinued operations 18,972 --
---------- ----------
Total current liabilities 315,993 397,563
Long-term debt 176,870 177,700
Noncurrent liabilities 57,323 54,824
Stockholders' equity 862,540 809,715
---------- ----------
Total liabilities and equity $1,412,726 $1,439,802
========== ==========
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Six Months Ended
June 30,
---------------------
2002 2001
--------- ---------
Cash flows from operating activities:
Net income $17,451 $73,690
Adjustments:
Net loss from operations of
discontinued business 5,091 5,861
Net loss on disposition of
discontinued operations 63,000 --
Depreciation and amortization 32,940 33,681
Purchased in-process research
and development -- 1,200
Net changes in assets and
liabilities 45,807 (54,732)
--------- ---------
Net cash provided by operating activities
of continuing operations 164,289 59,700
Net cash (used in) operating activities
of discontinued operations (4,153) (3,672)
--------- ---------
Net cash provided by operating activities 160,136 56,028
--------- ---------
Cash flows from investing activities:
Net property additions (28,943) (53,967)
Acquisitions -- (37,574)
Proceeds from disposition of discontinued
operations 2,259 --
Other (952) (6,906)
--------- ---------
Net cash (used in) investing activities
of continuing operations (27,636) (98,447)
Net cash (used in) investing activities
of discontinued operations (2,286) (2,196)
--------- ---------
Net cash (used in) investing activities (29,922) (100,643)
--------- ---------
Cash flows from financing activities:
Net (repayment) borrowings of debt (104,592) 128,873
Payment of dividends (12,440) (12,453)
Treasury stock purchases (3,129) (92,171)
Exercise of stock options 13,075 20,769
--------- ---------
Net cash (used in) provided by financing
activities (107,086) 45,018
--------- ---------
Effect of exchange rate changes on cash (8,340) 6,370
--------- ---------
Net change in cash and cash equivalents 14,788 6,773
Cash and cash equivalents at January 1 37,637 31,058
--------- ---------
Cash and cash equivalents at June 30 $52,425 $37,831
========= =========
SIGMA-ALDRICH CORPORATION
Supplemental Financial Information - Continuing Operations (Unaudited)
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- ----------------------
Business Unit Sales 2002 2001 2002 2001
-------- -------- -------- --------
Scientific Research $179,989 $166,178 $357,427 $339,016
Biotechnology 67,165 59,195 133,009 120,849
Fine Chemicals 57,134 52,159 115,457 106,093
-------- -------- -------- --------
Total $304,288 $277,532 $605,893 $565,958
======== ======== ======== ========
Research and Development Amount % of Sales
-------- ----------
First Quarter 2001 $ 9,184 3.2%
Second Quarter 2001 9,825 3.5%
Third Quarter 2001 9,263 3.4%
Fourth Quarter 2001 9,650 3.5%
First Quarter 2002 10,258 3.4%
Second Quarter 2002 10,323 3.4%
Six Months Ended
June 30,
--------------------
Selected Financial
Information 2002 2001
-------- --------
Property, plant and
equipment additions,
net $ 28,943 $ 53,967
Share repurchase 3,129 92,171
Supplemental Financial Information (Unaudited)
(in thousands except per share amounts)
Twelve Three
Months Months
Ended Ended
Three Months Ended 2001 2001 2002
----------------------------------- ---------- --------
March 31 June 30 Sept. 30 Dec. 31 Dec.31 March 31
-------- -------- -------- -------- ---------- --------
Net sales $288,426 $277,532 $272,816 $275,714 $1,114,488 $301,605
Cost of
products
sold 136,976 131,174 134,396 129,720 532,266 146,853
-------- -------- -------- -------- ---------- --------
Gross profit 151,450 146,358 138,420 145,994 582,222 154,752
Selling,
general and
administrative
expenses 79,428 74,348 73,094 80,571 307,441 78,612
Research and
development
expenses 9,184 9,825 9,263 9,650 37,922 10,258
Purchased
in-process
research and
development 1,200 -- -- -- 1,200 --
Interest, net 4,674 3,971 4,598 3,299 16,542 4,063
-------- -------- -------- -------- ---------- --------
Income from
continuing
operations
before income
taxes 56,964 58,214 51,465 52,474 219,117 61,819
Provision for
income taxes 17,581 18,046 14,454 16,266 66,348 19,164
-------- -------- -------- -------- ---------- --------
Net income from
continuing
operations 39,383 40,168 37,011 36,208 152,769 42,655
Discontinued
operations:
Net loss from
operations
of discontinued
business,
net of taxes (2,740) (3,121) (3,228) (2,975) (12,064) (2,920)
Net loss on
disposition
of discontinued
operations,
net of taxes -- -- -- -- -- --
-------- -------- -------- -------- ---------- --------
Net income $36,643 $37,047 $33,783 $33,233 $140,705 $39,735
======== ======== ======== ======== ========== ========
Supplemental net
income information
Net income
from continuing
operations $39,383 $40,168 $37,011 $36,208 $152,769 $42,655
Add back:
goodwill
amortization,
net of taxes 1,149 1,343 1,286 1,291 5,070 --
-------- -------- -------- -------- ---------- --------
Adjusted net
income from
continuing
operations $40,532 $41,511 $38,297 $37,499 $157,839 $42,655
======== ======== ======== ======== ========== ========
Weighted average
number of shares
outstanding
- Basic 75,510 75,342 74,196 73,217 74,559 73,017
======== ======== ======== ======== ========== ========
Weighted average
number of shares
outstanding
- Diluted 76,134 76,095 74,826 73,771 75,175 73,604
======== ======== ======== ======== ========== ========
Net income per
share - Basic
Net income
from continuing
operations $0.53 $0.53 $0.50 $0.49 $2.05 $0.58
Net loss from
operations of
discontinued
business,
net of taxes (0.04) (0.04) (0.04) (0.04) (0.16) (0.04)
-------- -------- -------- -------- ---------- --------
Net income $0.49 $0.49 $0.46 $0.45 $1.89 $0.54
======== ======== ======== ======== ========== ========
Net income per share -
Diluted
Net income
from continuing
operations $0.52 $0.53 $0.49 $0.49 $2.03 $0.58
Net loss from
operations
of discontinued
business,
net of taxes (0.04) (0.04) (0.04) (0.04) (0.16) (0.04)
-------- -------- -------- -------- ---------- --------
Net income $0.48 $0.49 $0.45 $0.45 $1.87 $0.54
======== ======== ======== ======== ========== ========
Supplemental
net income per
share - Diluted
Net income
from continuing
operations $0.52 $0.53 $0.49 $0.49 $2.03 $0.58
Add back:
goodwill
amortization,
net of taxes 0.01 0.01 0.01 0.01 0.07 --
-------- -------- -------- -------- ---------- --------
Adjusted net
income from
continuing
operations $0.53 $0.54 $0.50 $0.50 $2.10 $0.58
======== ======== ======== ======== ========== ========
--30--DH/na*
| CONTACT: |
Sigma-Aldrich, St. Louis |
| |
Kirk A. Richter, 314/286-8004 |
| |
www.sigma-aldrich.com |
|
|
|
