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| 8-K - CURRENT REPORT - PALL CORP | a8-k_q2fy12xearningsreleas.htm |
Exhibit 99
Pall Corporation Second Quarter Sales Increase 8%
Port Washington, NY (March 7, 2012) -- Pall Corporation (NYSE:PLL) today reported financial results for the second quarter of fiscal year 2012 which ended on January 31, 2012.
Second Quarter and Six Months Sales and Earnings Overview
Second quarter sales were $698 million, an increase of 8.2% over last year. Sales in local currency ("LC") increased 8.0%. Orders in LC increased 3.4%.
Diluted earnings per share (“EPS”) were $0.72 in the quarter, compared to $0.64 last year. Pro forma EPS were $0.76 (excluding restructuring and other charges defined as “Discrete Items”). This compares to $0.68 last year, for an increase of 12%.
For the six months, sales increased 12.2% over last year. Sales in LC increased 9.9%. Orders in LC increased 6.9%. Foreign currency translation increased reported sales and orders in the six months by 2.3% and 2.6%, respectively.
Diluted EPS were $1.31 in the six months, compared to $1.25 for the same period last year. Pro forma EPS, excluding Discrete Items, were $1.50, a 16% increase compared to $1.29 a year earlier.
Larry Kingsley, president and CEO, said, “The sales increase in the quarter reflects good growth in both the Life Sciences and Industrial segments. On a global basis, emerging market sales grew over 20% in local currency driven by the Energy markets in MENA and Latin America. We continue to invest to grow in the emerging markets which represented about 20% of second quarter sales compared to about 17% a year ago.
“Organic orders growth for the quarter was mixed against a tough comparison for the same quarter in 2011. Consumables orders were up 5%, while systems orders decreased 6% driven by Food & Beverage, which experienced unusually high order volume in the second quarter of last year. Our current outlook supports our previously stated sales assumptions for the full year which is mid-single digit organic sales growth.
“Operating profit is up about 8%. This reflects continued unfavorable mix in the Industrial segment and planned spending associated with our enterprise system implementation. Restructuring activities underway will improve margin in the second half.
“Operating cash flow for the first half of the year improved to $204 million from $156 million in the prior year. Working capital improvement drove most of the year-over-year gain.
“Results for the first half are reasonable given the continued choppy environment. While we expect some EPS headwind in the second half as sales growth moderates and foreign exchange impacts our consolidated results, we should be able to offset most of the impact with cost and productivity actions underway. The previously announced ForteBio acquisition closed last week. That will be slightly dilutive to our 2012 results.
“With assumptions of the macro market, particularly the European economy and currency impact, we believe that the bottom end of our guided range is achievable and that our task is to deliver the previously stated midpoint of $3.20 or better.”
Life Sciences – Second Quarter Highlights
(Dollar Amounts in Thousands and Discussion of Sales and Orders Changes are in Local Currency) | ||||||||||||||
Sales: | JAN. 31, 2012 | JAN. 31, 2011 | % CHANGE | % CHANGE IN LC | ||||||||||
BioPharmaceuticals | $ | 201,647 | $ | 179,550 | 12.3 | 12.3 | ||||||||
Medical | 102,152 | 102,305 | (0.1 | ) | (0.2 | ) | ||||||||
Food & Beverage | 53,366 | 52,359 | 1.9 | 2.4 | ||||||||||
Total Life Sciences segment | $ | 357,165 | $ | 334,214 | 6.9 | 7.0 | ||||||||
Gross profit | $ | 199,606 | $ | 184,726 | ||||||||||
% of sales | 55.9 | 55.3 | ||||||||||||
Segment profit | $ | 88,706 | $ | 83,650 | ||||||||||
% of sales | 24.8 | 25.0 | ||||||||||||
Biopharmaceuticals: Pharmaceuticals sales increased 13% and reflect continued strength in the biotech industry in all regions. Consumables sales increased 10%, while systems sales grew 47%. Sales in Europe, the largest part of the market for Pall, increased 18%. Laboratory sales increased over 7% with all regions growing.
Medical: Blood Filtration sales increased 6%. New product sales in the Americas were a key growth driver. Medical OEM sales were down 7% reflecting timing of customer orders and the impact of the Thailand floods. Hospital sales were also down 7%, primarily a result of economic conditions in Europe.
Food and Beverage: Sales growth reflects strength in the Americas from new customer accounts and new products in North America and Latin America. Growth in Europe was offset by the divestiture of a non-strategic asset in Italy.
Industrial – Second Quarter Highlights
(Dollar Amounts in Thousands and Discussion of Sales and Orders Changes are in Local Currency) | ||||||||||||||
Sales: | JAN. 31, 2012 | JAN. 31, 2011 | % CHANGE | % CHANGE IN LC | ||||||||||
Process Technologies | $ | 211,654 | $ | 186,822 | 13.3 | 13.4 | ||||||||
Aerospace | 54,959 | 47,403 | 15.9 | 16.2 | ||||||||||
Microelectronics | 74,203 | 76,793 | (3.4 | ) | (5.5 | ) | ||||||||
Total Industrial segment | $ | 340,816 | $ | 311,018 | 9.6 | 9.2 | ||||||||
Gross profit | $ | 160,679 | $ | 147,759 | ||||||||||
% of sales | 47.1 | 47.5 | ||||||||||||
Segment profit | $ | 52,480 | $ | 47,942 | ||||||||||
% of sales | 15.4 | 15.4 | ||||||||||||
Effective in the second quarter of fiscal year 2012, the Company reorganized its Industrial markets as follows:
Energy & Water and the Machinery & Equipment submarket (previously reported as part of the Aeropower market) are now being combined and reported as the Process Technologies market.
With the exclusion of Machinery & Equipment from Aeropower, Aerospace is now the stand-alone descriptor for that part of the business.
Sales information by market for prior periods has been restated to reflect these changes. All discussions and amounts reported in this release are based on the reorganized structure. A table outlining the restated sales by market for the first quarter of fiscal year 2012 and all of fiscal year 2011 is appended to this earnings release.
Process Technologies: Sales in Fuels & Chemicals increased approximately 39%. Growth in all regions was strong driven by robust growth in the oil & gas, refining and alternative energy sectors.
Power Generation sales decreased about 17%. This reflects timing of systems projects and decreased demand from wind turbine OEMs in Asia.
Municipal Water sales decreased about 19% largely driven by sales in the Americas, which were down 37%.This was related to the timing of shipments.
Machinery & Equipment sales were up 18%, with all regions strong. The mining and mobile OEM sectors were key growth drivers.
Aerospace: Military Aerospace grew over 31% in the quarter, with all regions contributing. CH-47 helicopter program sales in the Americas were particularly strong. Commercial Aerospace sales were flat.
Microelectronics: Sales reflect continued weakness in the marketplace, particularly in the display, data storage and ink jet sectors. Sales to the semiconductor sector were flat.
Other Matters
The Company reached an agreement related to the securities class-action lawsuit filed in August 2007. Under the terms of the proposed settlement, the lawsuit will be dismissed and the Company and all individual defendants will be relieved of any liability. The settlement cost will be $22.5 million, substantially all of which is covered by insurance.
Conference Call
On Thursday March 8, 2012, at 8:30 am ET, Pall Corporation will host a conference call to review these results. The call can be accessed at www.pall.com/investor. The webcast will be archived for 30 days.
About Pall Corporation
Pall Corporation (NYSE:PLL) is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company’s engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.7 billion for fiscal year 2011, is an S&P 500 company with almost 11,000 employees serving customers worldwide. Pall has been named a “top green company” by Newsweek magazine. To see how Pall is helping enable a greener, safer, more sustainable future, follow us on Twitter @PallCorporation or visit www.pall.com/green.
Forward-Looking Statements
The matters discussed in this report contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Results for the second quarter are preliminary until the Company's Form 10-Q is filed with the Securities and Exchange Commission on or before March 12, 2012.
The matters discussed in this report contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Results for the second quarter are preliminary until the Company's Form 10-Q is filed with the Securities and Exchange Commission on or before March 12, 2012.
Forward-looking statements are those that address activities, events or developments that the Company or management intends, expects, projects, believes or anticipates will or may occur in the future. All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about its future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as “may,” “will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “predict,” “potential,” and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors.
The Company’s forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance, and actual results, developments and business decisions may differ materially from those envisaged by the Company’s forward-looking statements. Such risks and uncertainties include, but are not limited to, those discussed in Part I—Item 1A.—Risk Factors in the 2011 Form 10-K, and other reports the Company files with the Securities and Exchange Commission, including: the impact of legislative, regulatory and political developments globally; the impact of the uncertain global economic environment; the extent to which adverse economic conditions may affect our sales volume and results; changes in product mix, market mix and product pricing, particularly relating to the expansion of the systems business; demand for our products and business relationships with key customers and suppliers, which may be impacted by their cash flow and payment practices; delays or cancellations in shipments; our ability to develop and commercialize new technologies; our ability to obtain regulatory approval or market acceptance of new technologies; our ability to successfully complete our business improvement initiatives, which include supply chain enhancements and integrating and upgrading our information systems; the effect of a serious disruption in our information systems; fluctuations in our effective tax rate; volatility in foreign currency exchange rates, interest rates and energy costs and other macroeconomic challenges currently affecting us; increase in costs of manufacturing and operating costs; our ability to achieve and sustain the savings anticipated from cost reduction and gross margin improvement initiatives; our ability to attract and retain management talent; the impact of pricing and other actions by competitors; the effect of litigation and regulatory inquiries associated with the restatement of our prior period financial statements; the effect of the restrictive covenants in our debt facilities; our ability to enforce patents and protect proprietary products and manufacturing techniques; and our ability to successfully complete or integrate any acquisitions. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them, whether as a result of new information, future developments or otherwise.
Management uses certain non-GAAP measurements to assess the Company’s current and future financial performance. The non-GAAP measurements do not replace the presentation of the Company’s GAAP financial results. These measurements provide supplemental information to assist management in analyzing the Company’s financial position and results of operations. The Company has chosen to provide this information to facilitate meaningful comparisons of past, present and future operating results and as a means to emphasize the results of ongoing operations.
PALL CORPORATION | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in Thousands) | ||||||||
JAN. 31, 2012 | JUL. 31, 2011 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 527,904 | $ | 557,766 | ||||
Accounts receivable | 594,910 | 646,769 | ||||||
Inventories | 445,631 | 444,842 | ||||||
Other current assets | 191,855 | 159,831 | ||||||
Total current assets | 1,760,300 | 1,809,208 | ||||||
Property, plant and equipment | 824,550 | 794,599 | ||||||
Other assets | 621,336 | 628,609 | ||||||
Total assets | $ | 3,206,186 | $ | 3,232,416 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Short-term debt | $ | 140,457 | $ | 215,468 | ||||
Accounts payable, income taxes and other current liabilities | 598,049 | 574,539 | ||||||
Total current liabilities | 738,506 | 790,007 | ||||||
Long-term debt, net of current portion | 493,737 | 491,954 | ||||||
Deferred taxes and other non-current liabilities | 400,109 | 460,634 | ||||||
Total liabilities | 1,632,352 | 1,742,595 | ||||||
Stockholders' equity | 1,573,834 | 1,489,821 | ||||||
Total liabilities and stockholders' equity | $ | 3,206,186 | $ | 3,232,416 | ||||
PALL CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
SECOND QUARTER ENDED | SIX MONTHS ENDED | |||||||||||||||
JAN. 31, 2012 | JAN. 31, 2011 | JAN. 31, 2012 | JAN. 31, 2011 | |||||||||||||
Net sales | $ | 697,981 | $ | 645,232 | $ | 1,403,622 | $ | 1,250,709 | ||||||||
Cost of sales | 337,696 | 312,747 | 687,081 | 609,551 | ||||||||||||
Gross profit | 360,285 | 332,485 | 716,541 | 641,158 | ||||||||||||
% of sales | 51.6 | % | 51.5 | % | 51 | % | 51.3 | % | ||||||||
Selling, general and administrative expenses | 215,194 | 197,100 | 429,090 | 379,398 | ||||||||||||
% of sales | 30.8 | % | 30.5 | % | 30.6 | % | 30.3 | % | ||||||||
Research and development | 21,583 | 20,773 | 42,521 | 40,942 | ||||||||||||
Operating profit | 123,508 | 114,612 | 244,930 | 220,818 | ||||||||||||
% of sales | 17.7 | % | 17.8 | % | 17.4 | % | 17.7 | % | ||||||||
ROTC (a) | 5,813 | 4,789 | 28,797 | 6,198 | ||||||||||||
Interest expense, net | 5,386 | 5,814 | 11,331 | 13,108 | ||||||||||||
Earnings before income taxes | 112,309 | 104,009 | 204,802 | 201,512 | ||||||||||||
Provision for income taxes | 27,580 | 28,345 | 50,618 | 54,439 | ||||||||||||
Net earnings | $ | 84,729 | $ | 75,664 | $ | 154,184 | $ | 147,073 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.73 | $ | 0.65 | $ | 1.33 | $ | 1.26 | ||||||||
Diluted | $ | 0.72 | $ | 0.64 | $ | 1.31 | $ | 1.25 | ||||||||
Average shares outstanding: | ||||||||||||||||
Basic | 116,196 | 116,476 | 115,997 | 116,405 | ||||||||||||
Diluted | 117,914 | 118,266 | 117,555 | 118,102 | ||||||||||||
Net earnings as reported | $ | 84,729 | $ | 75,664 | $ | 154,184 | $ | 147,073 | ||||||||
Discrete items: | ||||||||||||||||
ROTC, after pro forma tax effect (a) | 4,386 | 4,738 | 22,142 | 5,792 | ||||||||||||
Pro forma earnings | $ | 89,115 | $ | 80,402 | $ | 176,326 | $ | 152,865 | ||||||||
Diluted earnings per share as reported | $ | 0.72 | $ | 0.64 | $ | 1.31 | $ | 1.25 | ||||||||
Discrete items: | ||||||||||||||||
ROTC, after pro forma tax effect (a) | 0.04 | 0.04 | 0.19 | 0.04 | ||||||||||||
Pro forma diluted earnings per share | $ | 0.76 | $ | 0.68 | $ | 1.50 | $ | 1.29 | ||||||||
Pro forma earnings exclude the items below as they are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. The pro forma tax effects disclosed were calculated using applicable entity-specific U.S. federal and/or foreign tax rates.
(a) ROTC in the quarter and six months ended January 31, 2012 of $5,813 ($4,386 after pro forma tax effect of $1,427) and $28,797 ($22,142 after pro forma tax effect of $6,655), respectively, includes expenses related to the Company's cost reduction initiatives, primarily in the Industrial segment and certain employment contract obligations. ROTC in the six months was partly offset by a gain on the sale of an investment.
ROTC in the quarter and six months ended January 31, 2011 of $4,789 ($4,738 after pro forma tax effect of $51) and $6,198 ($5,792 after pro forma tax effect of $406), respectively, primarily includes costs related to the Company's cost reduction initiatives.
PALL CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
(Amounts in Thousands) | ||||||||
SIX MONTHS ENDED | ||||||||
JAN. 31, 2012 | JAN. 31, 2011 | |||||||
Net cash provided by operating activities | $ | 203,983 | $ | 155,523 | ||||
Investing activities: | ||||||||
Acquisition of business | (25,669 | ) | — | |||||
Capital expenditures | (94,285 | ) | (59,945 | ) | ||||
Proceeds from sale of assets | 19,856 | 410 | ||||||
Other | (9,620 | ) | (14,415 | ) | ||||
Net cash used by investing activities | (109,718 | ) | (73,950 | ) | ||||
Financing activities: | ||||||||
Dividends paid | (40,274 | ) | (36,976 | ) | ||||
Repayments of notes payable and long-term borrowings | (75,169 | ) | (133,062 | ) | ||||
Purchase of treasury stock | — | (29,538 | ) | |||||
Other | 18,719 | 34,777 | ||||||
Net cash used by financing activities | (96,724 | ) | (164,799 | ) | ||||
Cash flow for period | (2,459 | ) | (83,226 | ) | ||||
Cash and cash equivalents at beginning of year | 557,766 | 498,563 | ||||||
Effect of exchange rate changes on cash | (27,403 | ) | 19,924 | |||||
Cash and cash equivalents at end of period | $ | 527,904 | $ | 435,261 | ||||
Free cash flow: | ||||||||
Net cash provided by operating activities | $ | 203,983 | $ | 155,523 | ||||
Less capital expenditures | 94,285 | 59,945 | ||||||
Free cash flow | $ | 109,698 | $ | 95,578 | ||||
PALL CORPORATION | ||||||||||||||||
SUMMARY SEGMENT PROFIT BY SEGMENT | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||
SECOND QUARTER ENDED | SIX MONTHS ENDED | |||||||||||||||
JAN. 31, 2012 | JAN. 31, 2011 | JAN. 31, 2012 | JAN. 31, 2011 | |||||||||||||
Life Sciences | ||||||||||||||||
Sales | $ | 357,165 | $ | 334,214 | $ | 713,298 | $ | 645,794 | ||||||||
Cost of sales | 157,559 | 149,488 | 314,809 | 291,149 | ||||||||||||
Gross profit | 199,606 | 184,726 | 398,489 | 354,645 | ||||||||||||
% of sales | 55.9 | % | 55.3 | % | 55.9 | % | 54.9 | % | ||||||||
Selling, general and administrative expenses | 96,642 | 88,188 | 193,238 | 171,662 | ||||||||||||
% of sales | 27.1 | % | 26.4 | % | 27.1 | % | 26.6 | % | ||||||||
Research and development | 14,258 | 12,888 | 27,563 | 26,145 | ||||||||||||
Segment profit | $ | 88,706 | $ | 83,650 | $ | 177,688 | $ | 156,838 | ||||||||
% of sales | 24.8 | % | 25 | % | 24.9 | % | 24.3 | % | ||||||||
Industrial | ||||||||||||||||
Sales | $ | 340,816 | $ | 311,018 | $ | 690,324 | $ | 604,915 | ||||||||
Cost of sales | 180,137 | 163,259 | 372,272 | 318,402 | ||||||||||||
Gross profit | 160,679 | 147,759 | 318,052 | 286,513 | ||||||||||||
% of sales | 47.1 | % | 47.5 | % | 46.1 | % | 47.4 | % | ||||||||
Selling, general and administrative expenses | 100,874 | 91,932 | 202,473 | 178,435 | ||||||||||||
% of sales | 29.6 | % | 29.6 | % | 29.3 | % | 29.5 | % | ||||||||
Research and development | 7,325 | 7,885 | 14,958 | 14,797 | ||||||||||||
Segment profit | $ | 52,480 | $ | 47,942 | $ | 100,621 | $ | 93,281 | ||||||||
% of sales | 15.4 | % | 15.4 | % | 14.6 | % | 15.4 | % | ||||||||
Consolidated: | ||||||||||||||||
Segment profit | $ | 141,186 | $ | 131,592 | $ | 278,309 | $ | 250,119 | ||||||||
Corporate services group | 17,678 | 16,980 | 33,379 | 29,301 | ||||||||||||
Operating profit | 123,508 | 114,612 | 244,930 | 220,818 | ||||||||||||
ROTC | 5,813 | 4,789 | 28,797 | 6,198 | ||||||||||||
Interest expense, net | 5,386 | 5,814 | 11,331 | 13,108 | ||||||||||||
Earnings before income taxes | $ | 112,309 | $ | 104,009 | $ | 204,802 | $ | 201,512 | ||||||||
PALL CORPORATION | ||||||||||||||||||
SUPPLEMENTAL SEGMENT SALES INFORMATION BY MARKET AND REGION | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||||
EXCHANGE | % CHANGE | |||||||||||||||||
RATE | IN LOCAL | |||||||||||||||||
SECOND QUARTER ENDED | JAN. 31, 2012 | JAN. 31, 2011 | % CHANGE | IMPACT | CURRENCY | |||||||||||||
Life Sciences | |---------------- Increase/(Decrease) ---------------| | |||||||||||||||||
By Market: | ||||||||||||||||||
BioPharmaceuticals | $ | 201,647 | $ | 179,550 | 12.3 | $ | (61 | ) | 12.3 | |||||||||
Medical | 102,152 | 102,305 | (0.1 | ) | 25 | (0.2 | ) | |||||||||||
Food & Beverage | 53,366 | 52,359 | 1.9 | (273 | ) | 2.4 | ||||||||||||
Total Life Sciences | $ | 357,165 | $ | 334,214 | 6.9 | $ | (309 | ) | 7.0 | |||||||||
By Region: | ||||||||||||||||||
Americas | $ | 120,446 | $ | 118,477 | 1.7 | $ | (477 | ) | 2.1 | |||||||||
Europe | 166,373 | 153,725 | 8.2 | (1,495 | ) | 9.2 | ||||||||||||
Asia | 70,346 | 62,012 | 13.4 | 1,663 | 10.8 | |||||||||||||
Total Life Sciences | $ | 357,165 | $ | 334,214 | 6.9 | $ | (309 | ) | 7.0 | |||||||||
Industrial | ||||||||||||||||||
By Market: | ||||||||||||||||||
Process Technologies | $ | 211,654 | $ | 186,822 | 13.3 | $ | (269 | ) | 13.4 | |||||||||
Aerospace | 54,959 | 47,403 | 15.9 | (118 | ) | 16.2 | ||||||||||||
Microelectronics | 74,203 | 76,793 | (3.4 | ) | 1,644 | (5.5 | ) | |||||||||||
Total Industrial | $ | 340,816 | $ | 311,018 | 9.6 | $ | 1,257 | 9.2 | ||||||||||
By Region: | ||||||||||||||||||
Americas | $ | 104,726 | $ | 105,079 | (0.3 | ) | $ | (553 | ) | 0.2 | ||||||||
Europe | 106,374 | 86,657 | 22.8 | (1,777 | ) | 24.8 | ||||||||||||
Asia | 129,716 | 119,282 | 8.7 | 3,587 | 5.7 | |||||||||||||
Total Industrial | $ | 340,816 | $ | 311,018 | 9.6 | $ | 1,257 | 9.2 | ||||||||||
PALL CORPORATION | ||||||||||||||||||
SUPPLEMENTAL SEGMENT SALES INFORMATION BY MARKET AND REGION | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||||
EXCHANGE | % CHANGE | |||||||||||||||||
RATE | IN LOCAL | |||||||||||||||||
SIX MONTHS ENDED | JAN. 31, 2012 | JAN. 31, 2011 | % CHANGE | IMPACT | CURRENCY | |||||||||||||
Life Sciences | |---------------- Increase/(Decrease) ---------------| | |||||||||||||||||
By Market: | ||||||||||||||||||
BioPharmaceuticals | $ | 397,659 | $ | 340,959 | 16.6 | $ | 8,980 | 14.0 | ||||||||||
Medical | 206,254 | 200,847 | 2.7 | 3,087 | 1.2 | |||||||||||||
Food & Beverage | 109,385 | 103,988 | 5.2 | 2,123 | 3.1 | |||||||||||||
Total Life Sciences | $ | 713,298 | $ | 645,794 | 10.5 | $ | 14,190 | 8.3 | ||||||||||
By Region: | ||||||||||||||||||
Americas | $ | 244,765 | $ | 228,128 | 7.3 | $ | (254 | ) | 7.4 | |||||||||
Europe | 333,563 | 299,113 | 11.5 | 8,249 | 8.8 | |||||||||||||
Asia | 134,970 | 118,553 | 13.8 | 6,195 | 8.6 | |||||||||||||
Total Life Sciences | $ | 713,298 | $ | 645,794 | 10.5 | $ | 14,190 | 8.3 | ||||||||||
Industrial | ||||||||||||||||||
By Market: | ||||||||||||||||||
Process Technologies | $ | 425,939 | $ | 355,007 | 20.0 | $ | 7,598 | 17.8 | ||||||||||
Aerospace | 111,592 | 98,160 | 13.7 | 764 | 12.9 | |||||||||||||
Microelectronics | 152,793 | 151,748 | 0.7 | 6,597 | (3.7 | ) | ||||||||||||
Total Industrial | $ | 690,324 | $ | 604,915 | 14.1 | $ | 14,959 | 11.6 | ||||||||||
By Region: | ||||||||||||||||||
Americas | $ | 213,791 | $ | 205,547 | 4.0 | $ | (257 | ) | 4.1 | |||||||||
Europe | 205,487 | 168,338 | 22.1 | 2,154 | 20.8 | |||||||||||||
Asia | 271,046 | 231,030 | 17.3 | 13,062 | 11.7 | |||||||||||||
Total Industrial | $ | 690,324 | $ | 604,915 | 14.1 | $ | 14,959 | 11.6 | ||||||||||
PALL CORPORATION | ||||||||||||||||||||
SUPPLEMENTAL INDUSTRIAL SEGMENT SALES INFORMATION BY MARKET | ||||||||||||||||||||
RESTATED FIRST QUARTER FISCAL YEAR 2012 AND FISCAL YEAR 2011 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||||||
Q1 | ||||||||||||||||||||
FISCAL YEAR 2012 | OCT. 31, 2011 | |||||||||||||||||||
Industrial | ||||||||||||||||||||
By Market: | ||||||||||||||||||||
Process Technologies | $ | 214,285 | ||||||||||||||||||
Aerospace | 56,633 | |||||||||||||||||||
Microelectronics | 78,590 | |||||||||||||||||||
Total Industrial | $ | 349,508 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | |||||||||||||||||
FISCAL YEAR 2011 | OCT. 31, 2010 | JAN. 31, 2011 | APR. 30, 2011 | JUL. 31, 2011 | TOTAL YEAR | |||||||||||||||
Industrial | ||||||||||||||||||||
By Market: | ||||||||||||||||||||
Process Technologies | $ | 168,185 | $ | 186,822 | $ | 208,238 | $ | 241,349 | $ | 804,594 | ||||||||||
Aerospace | 50,757 | 47,403 | 50,959 | 58,566 | 207,685 | |||||||||||||||
Microelectronics | 74,955 | 76,793 | 81,904 | 87,122 | 320,774 | |||||||||||||||
Total Industrial | $ | 293,897 | $ | 311,018 | $ | 341,101 | $ | 387,037 | $ | 1,333,053 | ||||||||||
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Contact:
Pall Corporation
Patricia Iannucci
V.P. Investor Relations & Corporate Communications
Telephone: 516-801-9848
Email: pat_iannucci@pall.com