Mettler-Toledo International (MTD) 8-K Mettler-toledo International Inc. Reports Fourth Quarter 2009 Results

Exhibit 99.1

FOR IMMEDIATE RELEASE

METTLER-TOLEDO INTERNATIONAL INC. REPORTS
FOURTH QUARTER 2009 RESULTS

— Excellent Operating Margin —
— Solid EPS Growth —

COLUMBUS, Ohio, USA — February 4, 2010 — Mettler-Toledo International Inc. (NYSE: MTD) today announced fourth quarter results for 2009. Provided below are the highlights:

• Sales in local currency declined by 5% in the quarter compared with the prior year. Reported sales growth was 0% due to a 5% benefit from currency.

• Net earnings per diluted share as reported (EPS) were $2.01, compared with $1.84 in the fourth quarter of 2008. Adjusted EPS was $2.09, a 5% increase over the prior-year amount of $2.00. Adjusted EPS is a non-GAAP measure and excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items. A reconciliation to EPS is provided on the last page of the attached schedules.

Fourth Quarter Results

Olivier Filliol, President and Chief Executive Officer, stated, “We saw improved business conditions in some segments during the quarter, particularly in China. With our solid market positions, comprehensive product portfolio and extensive marketing programs, we are benefiting as our markets gradually recover from the economic downturn. Markets remain challenging in the Americas and Europe in our core industrial and food retailing businesses. Improved market conditions and the benefits of our cost reduction programs helped us to generate record operating margins in the quarter. We are pleased that we generated operating profit and EPS growth in the quarter despite the decline in sales.”

EPS was $2.01, compared with the prior-year amount of $1.84. Adjusted EPS was $2.09, compared with the prior-year amount of $2.00.

Sales were $511.7 million, a 5% decline in local currency sales, as compared with $509.7 million in the prior year. Reported sales growth was 0% due to a 5% currency benefit. By region, local currency sales decreased 10% in Europe and 5% in the Americas. In Asia / Rest of World, local currency sales increased 3%. Adjusted operating income amounted to $107.3 million, a 6% increase from the prior-year amount of $101.0 million. Adjusted operating income is a non-GAAP measure, and a reconciliation to earnings before taxes is provided in the attached schedules.

Cash flow from operations was $44.1 million, compared with $62.5 million in 2008.

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Full Year 2009 Results

EPS was $5.03, compared with the prior-year amount of $5.79. Adjusted EPS was $5.58, compared with the prior-year amount of $5.84.

Sales were $1.73 billion, a 10% decline in local currency sales, as compared with $1.97 billion in 2008. Reported sales declined by 12%, which includes a negative 2% currency impact. By region, local currency sales decreased 14% in Europe, 11% in the Americas and 2% in Asia / Rest of World. Adjusted operating income amounted to $294.5 million, a 5% decrease from the prior-year amount of $311.0 million.

Cash flow from operations was $232.6 million, compared with $223.1 million in 2008.

In the fourth quarter of 2008, the Company announced a Cost Reduction Program aimed at reducing costs by approximately $100 million annually. The Program, which consisted primarily of work force reductions and other cost efficiency measures, is substantially completed and will meet its target. Total restructuring charges associated with the Program are expected to be $40 million, of which $37.8 million has been incurred to date.

Bolt-On Acquisitions

Recently, the Company paid approximately $27 million for two small bolt-on acquisitions. One acquisition, completed at the end of 2009, extends the Company’s offering in the Product Inspection business with vision inspection technology. The other acquisition, which occurred in early 2010, expands the Company’s market penetration for Liquid Handling products in Europe. The Company expects these acquisitions will add modestly to sales growth in 2010 and will be neutral to earnings.

Share Repurchase Program

The Company announced that late in the fourth quarter 2009 it re-started its share repurchase program which was suspended in the fourth quarter 2008 due to uncertainty in the global economy and instability in the financial markets.

2010 Outlook

The Company stated that forecasting continues to be challenging given the ongoing uncertainty in the global economy. Based on today’s assessment, management anticipates that local currency sales growth in 2010 will be in the range of 3% to 5% and Adjusted EPS will be in the range of $5.90 to $6.15, an increase of 6% to 10%. Adjusted EPS excludes purchased intangible amortization, discrete tax items, restructuring charges and other one-time items.

For the first quarter 2010, the Company anticipates local currency sales to be in the range of 1% to 3% and Adjusted EPS in the range of $0.98 to $1.04, an increase of 3% to 9%.

While the Company has provided an outlook for Adjusted EPS, it has not provided an outlook for EPS. EPS guidance would require an estimate of non-recurring items, which are not yet known.

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Conclusion

Filliol concluded, “Although the business environment remains challenging, we enter 2010 well positioned to capitalize on improving market conditions. Our product pipeline is very strong, including numerous launches in the coming months for our laboratory business as well as products developed specifically for emerging markets. We have continued to invest in sales and marketing programs throughout the downturn, which we believe further strengthens our competitive position. We expect to see growth in emerging markets; however conditions in Europe and the Americas are likely to remain challenging. We will continue to be diligent in our cost management and will benefit from the cost reduction actions taken in 2009. Our capital structure and cash flow generation are very strong, and we have re-started the share repurchase program.”

Other Matters

The Company will host a conference call to discuss its fourth quarter results today (Thursday, February 4) at 5:00 p.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Company’s website atwww.mt.com/investors. The presentation referenced in the conference call will be located on the website prior to the call.

METTLER TOLEDO is a leading global supplier of precision instruments and services. The Company is the world’s largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. The Company also holds top-three market positions in several related analytical instruments and is a leading provider of automated chemistry systems used in drug and chemical compound discovery and development. In addition, the Company is the world’s largest supplier of metal detection and other end-of-line inspection systems used in production and packaging and holds a leading position in certain process analytics applications. Additional information about METTLER TOLEDO can be found at “www.mt.com.”

Statements in this press release which are not historical facts constitute “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties and other factors that may cause our or our businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of those terms or other comparable terminology. For a discussion of these risks and uncertainties, please see the discussion on forward-looking statements in our current report on Form 8-K to which this release has been furnished as an exhibit. All of the forward-looking statements are qualified in their entirety by reference to the factors discussed under the captions “Factors affecting our future operating results” and in the “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K for the most recently completed fiscal year, which describe risks and factors that could cause results to differ materially from those projected in those forward-looking statements.

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METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)

	Three months ended					Three months ended
	December 31, 2009			% of sales		December 31, 2008		% of sales
Net sales	$	511,682	(a)		100.0	$	509,687		100.0
Cost of sales		241,694			47.2		245,449		48.2
Gross profit		269,988			52.8		264,238		51.8
Research and development		23,731			4.6		24,771		4.9
Selling, general and administrative		138,968			27.2		138,495		27.2
Amortization		3,110			0.6		2,753		0.5
Interest expense		6,142			1.2		6,667		1.3
Other charges (income), net		3,205			0.7		6,361		1.2
Earnings before taxes		94,832			18.5		85,191		16.7
Provision for taxes		25,394			4.9		22,267		4.4
Net earnings	$	69,438			13.6	$	62,924		12.3
Basic earnings per common share:
Net earnings	$	2.05				$	1.88
Weighted average number of common shares		33,815,082					33,553,946
Diluted earnings per common share:
Net earnings	$	2.01				$	1.84
Weighted average number of common and common equivalent shares		34,560,581					34,153,116

Note:
(a)	Local currency sales decreased 5% as compared to the same period in 2008.

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME

	Three months ended					Three months ended
	December 31, 2009			% of sales		December 31, 2008			% of sales
Earnings before taxes	$	94,832				$	85,191
Amortization		3,110					2,753
Interest expense		6,142					6,667
Other charges (income), net		3,205	(b)				6,361	(b)
Adjusted operating income	$	107,289	(c)		21.0	$	100,972			19.8

Notes:
(b)	Includes restructuring charges of $3.0 million and $6.4 million which primarily represent severance and lease termination costs during the three months ended December 31, 2009 and December 31, 2008, respectively.
(c)	Adjusted operating income increased 6% as compared to the same period in 2008.

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METTLER-TOLEDO INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except share data)
(unaudited)

	Twelve months ended					Twelve months ended
	December 31, 2009			% of sales		December 31, 2008		% of sales
Net sales	$	1,728,853	(a)		100.0	$	1,973,344		100.0
Cost of sales		839,516			48.6		980,263		49.7
Gross profit		889,337			51.4		993,081		50.3
Research and development		89,685			5.2		102,282		5.2
Selling, general and administrative		505,177			29.2		579,806		29.4
Amortization		11,844			0.7		10,553		0.5
Interest expense		25,117			1.4		25,390		1.3
Other charges (income), net		32,752			1.9		8,981		0.4
Earnings before taxes		224,762			13.0		266,069		13.5
Provision for taxes		52,169			3.0		63,291		3.2
Net earnings	$	172,593			10.0	$	202,778		10.3
Basic earnings per common share:
Net earnings	$	5.12				$	5.92
Weighted average number of common shares		33,716,353					34,250,310
Diluted earnings per common share:
Net earnings	$	5.03				$	5.79
Weighted average number of common and common equivalent shares		34,290,771					35,048,859

Note:

(a) Local currency sales decreased 10% as compared to the same period in 2008.

RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME

	Twelve months ended					Twelve months ended
	December 31, 2009			% of sales		December 31, 2008			% of sales
Earnings before taxes	$	224,762				$	266,069
Amortization		11,844					10,553
Interest expense		25,117	(b)				25,390
Other charges (income), net		32,752	(c)				8,981	(c)
Adjusted operating income	$	294,475	(d)		17.0	$	310,993			15.8

Notes:

(b)	Includes costs to tender $75 million of the Company’s 4.85% $150 million Senior Notes and other financing-related costs totaling $1.8 million during the twelve months ended December 31, 2009.
(c)	Includes restructuring charges of $31.4 million and $6.4 million which primarily represent severance and lease termination costs during the twelve months ended December 31, 2009 and December 31, 2008, respectively.
(d)	Adjusted operating income decreased 5% as compared to the same period in 2008.

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METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)

	December 31, 2009		December 31, 2008
Cash and cash equivalents	$	85,031	$	78,073
Trade accounts receivable, net		312,998		348,614
Inventories		168,042		170,613
Other current assets and prepaid expenses		80,036		73,565
Total current assets		646,107		670,865
Property, plant and equipment, net		316,334		285,008
Goodwill and other intangible assets, net		546,234		520,721
Other non-current assets		210,112		187,462
Total assets	$	1,718,787	$	1,664,056
Short-term borrowings	$	89,968	$	12,492
Trade accounts payable		103,160		111,442
Accrued and other liabilities		301,547		300,938
Total current liabilities		494,675		424,872
Long-term debt		203,590		441,588
Other non-current liabilities		309,384		294,349
Total liabilities		1,007,649		1,160,809
Shareholders’ equity		711,138		503,247
Total liabilities and shareholders’ equity	$	1,718,787	$	1,664,056

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METTLER-TOLEDO INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)

	Three months ended						Twelve months ended
	December 31,						December 31,
	2009			2008			2009			2008
Cash flows from operating activities:
Net earnings	$	69,438		$	62,924		$	172,593		$	202,778
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation		7,708			6,793			29,634			28,987
Amortization		3,110			2,753			11,844			10,553
Deferred tax provision		19,539			12,094			3,766			4,137
Excess tax benefits from share-based payment arrangements		(1,528	)		(610	)		(2,137	)		(1,609	)
Other		3,048			1,232			11,533			5,339
Increase (decrease) in cash resulting from changes in operating assets and liabilities		(57,185	)		(22,662	)		5,372			(27,036	)
Net cash provided by operating activities		44,130			62,524			232,605			223,149
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment		102			123			2,081			13,307
Purchase of property, plant and equipment		(23,395	)		(23,548	)		(60,041	)		(61,008	)
Acquisitions		(14,450	)		(392	)		(14,620	)		(999	)
Net cash used in investing activities		(37,743	)		(23,817	)		(72,580	)		(48,700	)
Cash flows from financing activities:
Proceeds from borrowings		63,364			70,892			261,436			306,602
Repayments of borrowings		(98,864	)		(138,443	)		(422,812	)		(259,566	)
Debt issuance costs		(50	)		(264	)		(670	)		(3,349	)
Debt extinguishment costs		—			—			(1,316	)		—
Proceeds from exercise of stock options		4,995			1,909			11,068			5,228
Repurchases of common stock		(5,988	)		(4,375	)		(5,988	)		(229,671	)
Excess tax benefits from share-based payment arrangements		1,528			610			2,137			1,609
Other financing activities		(314	)		372			(1,298	)		615
Net cash used in financing activities		(35,329	)		(69,299	)		(157,443	)		(178,532	)
Effect of exchange rate changes on cash and cash equivalents		25			(2,374	)		4,376			934
Net (decrease) increase in cash and cash equivalents		(28,917	)		(32,966	)		6,958			(3,149	)
Cash and cash equivalents:
Beginning of period		113,948			111,039			78,073			81,222
End of period	$	85,031		$	78,073		$	85,031		$	78,073
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
Net cash provided by operating activities	$	44,130		$	62,524		$	232,605		$	223,149
Excess tax benefits from share-based payment arrangements		1,528			610			2,137			1,609
Payments in respect of restructuring activities		3,649			667			22,187			667
Proceeds from sale of property, plant and equipment		102			123			2,081			13,307
Purchase of property, plant and equipment		(23,395	)		(23,548	)		(60,041	)		(61,008	)
Free cash flow	$	26,014		$	40,376		$	198,969		$	177,724

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METTLER-TOLEDO INTERNATIONAL INC.
OTHER OPERATING STATISTICS

LOCAL CURRENCY SALES GROWTH BY DESTINATION
(unaudited)

	Europe			Americas			Asia/RoW			Total
Three Months Ended December 31, 2009		-10	%		-5	%		3	%		-5	%
Twelve Months Ended December 31, 2009		-14	%		-11	%		-2	%		-10	%

RECONCILIATION OF DILUTED EPS AS REPORTED TO ADJUSTED DILUTED EPS
(unaudited)

	Three months ended									Twelve months ended
	December 31,									December 31,
	2009			2008			% Growth			2009			2008			% Growth
EPS as reported, diluted	$	2.01		$	1.84			9	%	$	5.03		$	5.79			-13	%
Restructuring charges, net of tax		0.06	(a)		0.14	(a)					0.67	(a)		0.14	(a)
Debt extinguishment and financing costs, net of tax		—			—						0.04	(b)		—
Purchased intangible amortization, net of tax		0.02	(c)		0.02	(c)					0.08	(c)		0.08	(c)
Discrete tax items		—			—						(0.24	)(d)		(0.17	)(e)
Adjusted EPS, diluted	$	2.09		$	2.00			5	%	$	5.58		$	5.84			-4	%

Notes:

(a)	Represents the EPS impact of restructuring charges of $3.0 million ($2.2 million after tax) and 31.4 million ($23.0 million after tax) for the three months and twelve months ended December 31, 2009, respectively and $6.4 million ($4.7 million after tax) for the three and twelve months ended December 31, 2008, which primarily include severance and lease termination costs.
(b)	Represents the EPS impact of costs to tender $75 million of the Company’s 4.85% $150 million Senior Notes and other financing-related costs totaling $1.8 million ($1.3 million after tax) for the twelve months ended December 31, 2009.
(c)	Represents the EPS impact of purchased intangibles amortization, net of tax, of $0.7 million for both the three months ended December 31, 2009 and 2008 and $2.7 million for both the twelve months ended December 31, 2009 and 2008.
(d)	Discrete tax items in 2009 pertain to the EPS impact of a net tax benefit of $8.3 million primarily related to the favorable resolution of certain prior year tax matters recorded during the first quarter.
(e)	Discrete tax items in 2008 pertain to the EPS impact of a discrete tax benefit of $2.5 million related to favorable withholding tax law changes in China recorded during the first quarter and a discrete net tax benefit of $3.5 million related to the closure of certain tax matters recorded during the third quarter.

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