Exhibit 99.1
Pall Corporation Reports Fourth Quarter and Full Year Results
PORT WASHINGTON, N.Y., August 29, 2013 -- Pall Corporation (NYSE:PLL) today reported financial results for the fourth quarter and fiscal year ended July 31, 2013.
Fourth Quarter and Full Year Continuing Operations Sales and Earnings Overview (1)
Fourth quarter sales were $716.8 million compared to $722.4 million last year, a decrease of 1%. Sales in local currency (“LC”) were up slightly. Diluted EPS were $0.76 in the quarter, compared to $0.64 last year. Pro forma diluted EPS(2) were $0.90, a 5% increase compared to $0.86 a year earlier, including a negative impact of approximately $0.03 from foreign currency translation.
For the full year, sales declined 1% over last year. Sales in LC increased 1%. Diluted EPS were $2.89 for the full year, compared to $2.39 for the same period last year. Pro forma diluted EPS(2) were $3.04, a 9% increase compared to $2.80 a year earlier, including a negative impact of approximately $0.10 from foreign currency translation.
Larry Kingsley, Pall President and CEO, said, “In light of continued economic challenges, particularly impacting our Industrial business, we delivered solid results this year. This was largely due to improved operational execution and the benefit of our structural cost actions.”
Life Sciences – Fourth Quarter Highlights
(Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency) | ||||||||||||||
Sales: | JUL. 31, 2013 | JUL. 31, 2012 | % CHANGE | % CHANGE IN LC | ||||||||||
BioPharmaceuticals | $ | 215 | $ | 205 | 5 | 6 | ||||||||
Food & Beverage | 47 | 50 | (5 | ) | (4 | ) | ||||||||
Medical | 54 | 51 | 5 | 5 | ||||||||||
Total Consumables | 316 | 306 | 4 | 4 | ||||||||||
Systems | 38 | 29 | 31 | 33 | ||||||||||
Total Life Sciences segment | $ | 354 | $ | 335 | 6 | 6 | ||||||||
Gross profit | $ | 201 | $ | 194 | ||||||||||
% of sales | 56.8 | 57.9 | ||||||||||||
Segment profit | $ | 86 | $ | 86 | ||||||||||
% of sales | 24.2 | 25.7 |
BioPharmaceuticals: Consumables sales grew 6% compared to last year, on continued strength in the Biotech sector.
Food and Beverage: Consumables sales were down 4% compared to last year, on weakness in China as well as in several European countries.
Medical: Consumables sales grew 5% compared to last year, on strong sales in Hospital Critical Care and Blood Media.
Systems: Sales increased 33% compared to last year, on timing of BioPharmaceuticals and Food & Beverage capital spend.
Industrial – Fourth Quarter Highlights
(Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency) | ||||||||||||||
Sales: | JUL. 31, 2013 | JUL. 31, 2012 | % CHANGE | % CHANGE IN LC | ||||||||||
Process Technologies | $ | 151 | $ | 151 | — | 1 | ||||||||
Aerospace | 60 | 67 | (11 | ) | (10 | ) | ||||||||
Microelectronics | 73 | 83 | (12 | ) | (7 | ) | ||||||||
Total Consumables | 284 | 301 | (6 | ) | (4 | ) | ||||||||
Systems | 79 | 87 | (9 | ) | (9 | ) | ||||||||
Total Industrial segment | $ | 363 | $ | 388 | (7 | ) | (5 | ) | ||||||
Gross profit | $ | 168 | $ | 179 | ||||||||||
% of sales | 46.3 | 46.0 | ||||||||||||
Segment profit | $ | 68 | $ | 68 | ||||||||||
% of sales | 18.8 | 17.4 |
Process Technologies: Consumables sales grew 1% compared to last year, on strength in Fuels & Chemicals.
Aerospace: Consumables sales were down 10% compared to last year, on weakness in Military Aerospace. This decline was largely due to strong helicopter program sales last year that did not repeat. Commercial Aerospace consumables sales grew 4%.
Microelectronics: Consumables sales were down 7% compared to last year, on continued weakness in the display and data storage end-markets.
Systems: Sales declined 9% compared to last year, on weakness in Municipal Water.
Conclusion/Outlook
Kingsley concluded, “In fiscal year 2014, we expect revenue growth in the low-to-mid single digits, resulting in pro forma EPS of $3.30 to $3.50, growth of 9% to 15%, representing significant operating leverage.”
Kingsley concluded, “In fiscal year 2014, we expect revenue growth in the low-to-mid single digits, resulting in pro forma EPS of $3.30 to $3.50, growth of 9% to 15%, representing significant operating leverage.”
Conference Call
On Thursday, August 29, 2013, 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.
On Thursday, August 29, 2013, 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 is an S&P 500 company 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.
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 is an S&P 500 company 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 presentation contain “forward-looking statements” as defined in the Private
The matters discussed in this presentation contain “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Results for fiscal year 2013 are preliminary until the Company's Form 10-K is filed with the Securities and Exchange Commission on or before September 30, 2013. 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, dilution from the disposition or future allocation of capital 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 2012 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 the Company’s sales volume and results; demand for the Company’s 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; the Company’s ability to develop and commercialize new technologies or obtain regulatory approval or market acceptance of new technologies; the Company’s ability to enforce patents and protect proprietary products and manufacturing techniques; increase in costs of manufacturing and operating costs; the Company’s ability to achieve and sustain the savings anticipated from its structural cost improvement initiatives; volatility in foreign currency exchange rates, interest rates and energy costs and other macroeconomic challenges currently affecting the Company; the Company’s ability to meet its regulatory obligations; costs and outcome of pending or future claims or litigation; the Company’s ability to comply with environmental, health and safety laws and regulations; changes in product mix, market mix and product pricing, particularly relating to the expansion of the systems business; the effect of a serious disruption in the Company’s information systems; fluctuations in the Company’s effective tax rate; the Company’s ability to successfully complete or integrate any acquisitions; competition, including the impact of pricing and other actions by the Company’s competitors; the effect of litigation and regulatory inquiries associated with the restatement of the Company’s prior period financial statements; the Company’s ability to attract and retain management talent or the loss of members of its senior management team; the effect of the restrictive covenants in the Company’s debt facilities; and the effect of product defects and recalls. Factors or events that could cause the Company’s 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.
Notes to Release:
(1) | As discussed in our news release dated August 1, 2012, the Company completed the sale of certain assets of its Blood product line. Accordingly, discussion of results from continuing operations excludes the Blood product line. Tables appended to this release are presented on a continuing operations basis (with reconciliation to include the discontinued Blood product line). |
(2) | Pro forma diluted EPS are defined as Reported diluted EPS on a continuing operations basis adjusted for “Discrete Items.” Discrete items are defined as Restructuring & Other Charges (ROTC) and other items that are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. A reconciliation of Reported to Pro forma amounts can be found in the Reconciliation of Pro forma Earnings table accompanying this release. |
(3) | Reflects assets held for sale related to the Blood product line. |
(4) | Cash flows are inclusive of discontinued operations. |
# # #
Contact:
Pall Corporation
R. Brent Jones
R. Brent Jones
Vice President of Finance & Treasurer
Telephone: 516-801-9848
Email: investor_relations@pall.com
Email: investor_relations@pall.com
PALL CORPORATION | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(Unaudited) | |||||||||
(Amounts in Thousands) | |||||||||
JUL. 31, 2013 | JUL. 31, 2012 | ||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 936,886 | $ | 500,274 | |||||
Accounts receivable | 566,335 | 655,436 | |||||||
Inventories | 381,047 | 364,766 | |||||||
Other current assets | 165,761 | 195,464 | |||||||
Assets held for sale | — | 136,517 | (3) | ||||||
Total current assets | 2,050,029 | 1,852,457 | |||||||
Property, plant and equipment | 774,948 | 750,993 | |||||||
Other assets | 647,862 | 744,442 | |||||||
Total assets | $ | 3,472,839 | $ | 3,347,892 | |||||
Liabilities and Stockholders' Equity: | |||||||||
Short-term debt | $ | 170,387 | $ | 205,393 | |||||
Accounts payable, income taxes and other current liabilities | 558,684 | 646,735 | |||||||
Total current liabilities | 729,071 | 852,128 | |||||||
Long-term debt, net of current portion | 467,319 | 490,706 | |||||||
Deferred taxes and other non-current liabilities | 461,493 | 495,023 | |||||||
Total liabilities | 1,657,883 | 1,837,857 | |||||||
Stockholders' equity | 1,814,956 | 1,510,035 | |||||||
Total liabilities and stockholders' equity | $ | 3,472,839 | $ | 3,347,892 |
PALL CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
FOURTH QUARTER ENDED | YEAR ENDED | |||||||||||||||
JUL. 31, 2013 | JUL. 31, 2012 | JUL. 31, 2013 | JUL. 31, 2012 | |||||||||||||
Net sales | $ | 716,818 | $ | 722,371 | $ | 2,648,063 | $ | 2,671,656 | ||||||||
Cost of sales | 347,940 | 350,216 | 1,276,060 | 1,291,558 | ||||||||||||
Gross profit | 368,878 | 372,155 | 1,372,003 | 1,380,098 | ||||||||||||
% of sales | 51.5 | % | 51.5 | % | 51.8 | % | 51.7 | % | ||||||||
Selling, general and administrative expenses | 208,789 | 210,239 | 810,358 | 843,221 | ||||||||||||
% of sales | 29.1 | % | 29.1 | % | 30.6 | % | 31.6 | % | ||||||||
Research and development | 25,634 | 22,581 | 94,216 | 82,932 | ||||||||||||
Operating profit | 134,455 | 139,335 | 467,429 | 453,945 | ||||||||||||
% of sales | 18.8 | % | 19.3 | % | 17.7 | % | 17 | % | ||||||||
Restructuring and other charges ("ROTC") (a) | 18,685 | 35,857 | 40,182 | 66,858 | ||||||||||||
Interest expense, net (c) | 4,874 | 2,495 | 15,621 | 20,177 | ||||||||||||
Earnings from continuing operations before income taxes | 110,896 | 100,983 | 411,626 | 366,910 | ||||||||||||
Provision for income taxes (b) | 24,689 | 25,272 | 81,664 | 85,963 | ||||||||||||
Net earnings from continuing operations | $ | 86,207 | $ | 75,711 | $ | 329,962 | $ | 280,947 | ||||||||
Earnings/(loss) from discontinued operations, net of income taxes | (579 | ) | 10,496 | 244,973 | 38,362 | |||||||||||
Net Earnings | $ | 85,628 | $ | 86,207 | $ | 574,935 | $ | 319,309 | ||||||||
Average shares outstanding: | ||||||||||||||||
Basic | 112,179 | 115,940 | 112,803 | 116,061 | ||||||||||||
Diluted | 113,544 | 117,519 | 114,236 | 117,663 | ||||||||||||
Earnings/(loss) per share: | ||||||||||||||||
From continuing operations: | ||||||||||||||||
Basic | $ | 0.77 | $ | 0.65 | $ | 2.93 | $ | 2.42 | ||||||||
Diluted | $ | 0.76 | $ | 0.64 | $ | 2.89 | $ | 2.39 | ||||||||
From discontinued operations: | ||||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.09 | $ | 2.17 | $ | 0.33 | |||||||
Diluted | $ | (0.01 | ) | $ | 0.09 | $ | 2.14 | $ | 0.32 | |||||||
Total | ||||||||||||||||
Basic | $ | 0.76 | $ | 0.74 | $ | 5.10 | $ | 2.75 | ||||||||
Diluted | $ | 0.75 | $ | 0.73 | $ | 5.03 | $ | 2.71 | ||||||||
Pro forma diluted earnings per share: | ||||||||||||||||
From continuing operations | $ | 0.90 | $ | 0.86 | $ | 3.04 | $ | 2.80 |
PALL CORPORATION | ||||||||||||||||
RECONCILIATION OF PRO FORMA EARNINGS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
FOURTH QUARTER ENDED | YEAR ENDED | |||||||||||||||
JUL. 31, 2013 | JUL. 31, 2012 | JUL. 31, 2013 | JUL. 31, 2012 | |||||||||||||
Pro forma earnings reconciliation from continuing operations | ||||||||||||||||
Net earnings from continuing operations as reported | $ | 86,207 | $ | 75,711 | $ | 329,962 | $ | 280,947 | ||||||||
Discrete items: | ||||||||||||||||
ROTC, after pro forma tax effect (a) | 15,496 | 29,499 | 31,741 | 52,992 | ||||||||||||
Tax adjustments (b) | — | (1,264 | ) | (10,193 | ) | (1,264 | ) | |||||||||
Interest adjustments, after pro forma tax effect (c) | — | (2,859 | ) | (4,268 | ) | (2,859 | ) | |||||||||
Total discrete items | 15,496 | 25,376 | 17,280 | 48,869 | ||||||||||||
Pro forma earnings from continuing operations | $ | 101,703 | $ | 101,087 | 347,242 | 329,816 | ||||||||||
FOURTH QUARTER ENDED | YEAR ENDED | |||||||||||||||
JUL. 31, 2013 | JUL. 31, 2012 | JUL. 31, 2013 | JUL. 31, 2012 | |||||||||||||
Diluted earnings per share from continuing operations as reported | $ | 0.76 | $ | 0.64 | $ | 2.89 | $ | 2.39 | ||||||||
Discrete items: | ||||||||||||||||
ROTC, after pro forma tax effect (a) | 0.14 | 0.25 | 0.28 | 0.44 | ||||||||||||
Tax adjustments (b) | — | (0.01 | ) | (0.09 | ) | (0.01 | ) | |||||||||
Interest adjustments, after pro forma tax effect (c) | — | (0.02 | ) | (0.04 | ) | (0.02 | ) | |||||||||
Total discrete items | 0.14 | 0.22 | 0.15 | 0.41 | ||||||||||||
Pro forma diluted earnings per share from continuing operations | $ | 0.90 | $ | 0.86 | $ | 3.04 | $ | 2.80 |
Pro forma earnings measures exclude the items described 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 tax rates.
(a) ROTC in the quarter and year ended July 31, 2013 of $18,685 ($15,496 after pro forma tax effect of $3,189) and $40,182 ($31,741 after pro forma tax effect of $8,441), respectively primarily includes severance costs related to the Company's structural cost improvement initiatives, certain employment contract obligations and an adjustment to environmental reserves.
ROTC in the quarter and year ended July 31, 2012 of $35,857 ($29,499 after pro forma tax effect of $6,358) and $66,858 ($52,992 after pro forma tax effect of $13,866), respectively, primarily includes severance costs related to
the Company's structural cost improvement initiatives. ROTC in the year ended July 31, 2012 also includes expenses related to certain employment contract obligations, and a gain on the sale of assets.
(b) Provision for income taxes in the year ended July 31, 2013 includes a net benefit of $10,193 related to the resolution of a U.S. tax audit partially offset by the tax cost of repatriation of foreign earnings.
Provision for income taxes in the quarter and year ended July 31, 2012 includes a net benefit of $1,264 primarily related to the settlement of certain issues with the Internal Revenue Service and the expiration of a foreign statute of limitation, partly offset by the tax cost of repatriation of foreign earnings.
(c) Interest expense, net, in the year ended July 31, 2013 includes the reversal of accrued interest of $6,704 ($4,268 after pro forma tax effect of $2,436) related to the resolution of a U.S. tax audit as described in (b) above.
Interest expense, net, in the quarter and year ended July 31, 2012 includes the reversal of accrued interest of $4,435 ($2,859 after pro forma tax effect of $1,576) primarily relating to the settlement of certain issues with the Internal Revenue Service as described in (b) above.
PALL CORPORATION | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(Unaudited) | ||||||||||
(Amounts in Thousands) | ||||||||||
YEAR ENDED | ||||||||||
JUL. 31, 2013 | (4) | JUL. 31, 2012 | (4) | |||||||
Net cash provided by operating activities | $ | 384,459 | $ | 474,848 | ||||||
Investing activities: | ||||||||||
Acquisitions of businesses | (21,970 | ) | (167,638 | ) | ||||||
Capital expenditures | (110,182 | ) | (158,909 | ) | ||||||
Proceeds from sale of assets | 537,625 | 26,551 | ||||||||
Other | (6,173 | ) | (9,829 | ) | ||||||
Net cash provided/(used) by investing activities | 399,300 | (309,825 | ) | |||||||
Financing activities: | ||||||||||
Dividends paid | (108,054 | ) | (88,955 | ) | ||||||
Repayments of notes payable and long-term borrowings | (35,420 | ) | (10,422 | ) | ||||||
Purchase of treasury stock | (250,000 | ) | (121,164 | ) | ||||||
Other | 49,009 | 47,319 | ||||||||
Net cash used by financing activities | (344,465 | ) | (173,222 | ) | ||||||
Cash flow for period | 439,294 | (8,199 | ) | |||||||
Cash and cash equivalents at beginning of year | 500,274 | 557,766 | ||||||||
Effect of exchange rate changes on cash | (2,682 | ) | (49,293 | ) | ||||||
Cash and cash equivalents at end of period | $ | 936,886 | $ | 500,274 | ||||||
Free cash flow: | ||||||||||
Net cash provided by operating activities | $ | 384,459 | $ | 474,848 | ||||||
Less capital expenditures | 110,182 | 158,909 | ||||||||
Free cash flow | $ | 274,277 | $ | 315,939 |
PALL CORPORATION | ||||||||||||||||
SUMMARY SEGMENT PROFIT BY SEGMENT FROM CONTINUING OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||
FOURTH QUARTER ENDED | YEAR ENDED | |||||||||||||||
JUL. 31, 2013 | JUL. 31, 2012 | JUL. 31, 2013 | JUL. 31, 2012 | |||||||||||||
Life Sciences | ||||||||||||||||
Sales | $ | 354,145 | $ | 334,640 | $ | 1,309,375 | $ | 1,253,594 | ||||||||
Cost of sales | 153,135 | 141,031 | 552,651 | 523,902 | ||||||||||||
Gross profit | 201,010 | 193,609 | 756,724 | 729,692 | ||||||||||||
% of sales | 56.8 | % | 57.9 | % | 57.8 | % | 58.2 | % | ||||||||
Selling, general and administrative expenses | 98,754 | 92,026 | 375,970 | 357,722 | ||||||||||||
% of sales | 27.9 | % | 27.5 | % | 28.7 | % | 28.5 | % | ||||||||
Research and development | 16,499 | 15,462 | 61,483 | 52,658 | ||||||||||||
Segment profit | $ | 85,757 | $ | 86,121 | $ | 319,271 | $ | 319,312 | ||||||||
% of sales | 24.2 | % | 25.7 | % | 24.4 | % | 25.5 | % | ||||||||
Industrial | ||||||||||||||||
Sales | $ | 362,673 | $ | 387,731 | $ | 1,338,688 | $ | 1,418,062 | ||||||||
Cost of sales | 194,805 | 209,185 | 723,409 | 767,656 | ||||||||||||
Gross profit | 167,868 | 178,546 | 615,279 | 650,406 | ||||||||||||
% of sales | 46.3 | % | 46 | % | 46 | % | 45.9 | % | ||||||||
Selling, general and administrative expenses | 90,658 | 103,875 | 367,748 | 421,385 | ||||||||||||
% of sales | 25 | % | 26.8 | % | 27.5 | % | 29.7 | % | ||||||||
Research and development | 9,135 | 7,119 | 32,733 | 30,274 | ||||||||||||
Segment profit | $ | 68,075 | $ | 67,552 | $ | 214,798 | $ | 198,747 | ||||||||
% of sales | 18.8 | % | 17.4 | % | 16 | % | 14 | % | ||||||||
Consolidated: | ||||||||||||||||
Segment profit | $ | 153,832 | $ | 153,673 | $ | 534,069 | $ | 518,059 | ||||||||
Corporate services group | 19,377 | 14,338 | 66,640 | 64,114 | ||||||||||||
Operating profit | 134,455 | 139,335 | 467,429 | 453,945 | ||||||||||||
% of sales | 18.8 | % | 19.3 | % | 17.7 | % | 17 | % | ||||||||
ROTC | 18,685 | 35,857 | 40,182 | 66,858 | ||||||||||||
Interest expense, net | 4,874 | 2,495 | 15,621 | 20,177 | ||||||||||||
Earnings from continuing operations before income taxes | $ | 110,896 | $ | 100,983 | $ | 411,626 | $ | 366,910 | ||||||||
PALL CORPORATION | ||||||||||||||||||
SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION | ||||||||||||||||||
FROM CONTINUING OPERATIONS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||||
EXCHANGE | % CHANGE | |||||||||||||||||
RATE | IN LOCAL | |||||||||||||||||
FOURTH QUARTER ENDED | JUL. 31, 2013 | JUL. 31, 2012 | % CHANGE | IMPACT | CURRENCY | |||||||||||||
Life Sciences | |------------- Increase/(Decrease) ------------| | |||||||||||||||||
By Product/Market: | ||||||||||||||||||
BioPharmaceuticals | $ | 215,211 | $ | 204,778 | 5.1 | $ | (1,021 | ) | 5.6 | |||||||||
Food & Beverage | 47,364 | 49,701 | (4.7 | ) | (255 | ) | (4.2 | ) | ||||||||||
Medical | 53,965 | 51,487 | 4.8 | (90 | ) | 5.0 | ||||||||||||
Total Consumables | 316,540 | 305,966 | 3.5 | (1,366 | ) | 3.9 | ||||||||||||
Systems | 37,605 | 28,674 | 31.1 | (409 | ) | 32.6 | ||||||||||||
Total Life Sciences | $ | 354,145 | $ | 334,640 | 5.8 | $ | (1,775 | ) | 6.4 | |||||||||
By Region: | ||||||||||||||||||
Americas | $ | 112,360 | $ | 114,514 | (1.9 | ) | $ | (834 | ) | (1.2 | ) | |||||||
Europe | 162,338 | 145,965 | 11.2 | 5,234 | 7.6 | |||||||||||||
Asia | 79,447 | 74,161 | 7.1 | (6,175 | ) | 15.5 | ||||||||||||
Total Life Sciences | $ | 354,145 | $ | 334,640 | 5.8 | $ | (1,775 | ) | 6.4 | |||||||||
Industrial | ||||||||||||||||||
By Product/Market: | ||||||||||||||||||
Process Technologies | $ | 151,299 | $ | 151,457 | (0.1 | ) | $ | (1,710 | ) | 1.0 | ||||||||
Aerospace | 59,417 | 66,573 | (10.7 | ) | (229 | ) | (10.4 | ) | ||||||||||
Microelectronics | 72,746 | 82,541 | (11.9 | ) | (4,398 | ) | (6.5 | ) | ||||||||||
Total Consumables | 283,462 | 300,571 | (5.7 | ) | (6,337 | ) | (3.6 | ) | ||||||||||
Systems | 79,211 | 87,160 | (9.1 | ) | (423 | ) | (8.6 | ) | ||||||||||
Total Industrial | $ | 362,673 | $ | 387,731 | (6.5 | ) | $ | (6,760 | ) | (4.7 | ) | |||||||
By Region: | ||||||||||||||||||
Americas | $ | 115,617 | $ | 141,226 | (18.1 | ) | $ | (752 | ) | (17.6 | ) | |||||||
Europe | 105,925 | 107,431 | (1.4 | ) | 3,123 | (4.3 | ) | |||||||||||
Asia | 141,131 | 139,074 | 1.5 | (9,131 | ) | 8.0 | ||||||||||||
Total Industrial | $ | 362,673 | $ | 387,731 | (6.5 | ) | $ | (6,760 | ) | (4.7 | ) |
PALL CORPORATION | ||||||||||||||||||
SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION | ||||||||||||||||||
FROM CONTINUING OPERATIONS | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(Dollar Amounts in Thousands) | ||||||||||||||||||
EXCHANGE | % CHANGE | |||||||||||||||||
RATE | IN LOCAL | |||||||||||||||||
YEAR ENDED | JUL. 31, 2013 | JUL. 31, 2012 | % CHANGE | IMPACT | CURRENCY | |||||||||||||
Life Sciences | |-------------- Increase/(Decrease) -------------| | |||||||||||||||||
By Product/Market: | ||||||||||||||||||
BioPharmaceuticals | $ | 812,328 | $ | 754,906 | 7.6 | $ | (14,920 | ) | 9.6 | |||||||||
Food & Beverage | 177,633 | 182,294 | (2.6 | ) | (4,065 | ) | (0.3 | ) | ||||||||||
Medical | 208,544 | 195,149 | 6.9 | (3,177 | ) | 8.5 | ||||||||||||
Total Consumables | 1,198,505 | 1,132,349 | 5.8 | (22,162 | ) | 7.8 | ||||||||||||
Systems | 110,870 | 121,245 | (8.6 | ) | (1,422 | ) | (7.4 | ) | ||||||||||
Total Life Sciences | $ | 1,309,375 | $ | 1,253,594 | 4.4 | $ | (23,584 | ) | 6.3 | |||||||||
By Region: | ||||||||||||||||||
Americas | $ | 416,170 | $ | 384,757 | 8.2 | $ | (3,157 | ) | 9.0 | |||||||||
Europe | 627,647 | 606,397 | 3.5 | (7,871 | ) | 4.8 | ||||||||||||
Asia | 265,558 | 262,440 | 1.2 | (12,556 | ) | 6.0 | ||||||||||||
Total Life Sciences | $ | 1,309,375 | $ | 1,253,594 | 4.4 | $ | (23,584 | ) | 6.3 | |||||||||
Industrial | ||||||||||||||||||
By Product/Market: | ||||||||||||||||||
Process Technologies | $ | 584,125 | $ | 627,644 | (6.9 | ) | $ | (10,974 | ) | (5.2 | ) | |||||||
Aerospace | 237,371 | 224,016 | 6.0 | (1,786 | ) | 6.8 | ||||||||||||
Microelectronics | 275,684 | 307,682 | (10.4 | ) | (9,542 | ) | (7.3 | ) | ||||||||||
Total Consumables | 1,097,180 | 1,159,342 | (5.4 | ) | (22,302 | ) | (3.4 | ) | ||||||||||
Systems | 241,508 | 258,720 | (6.7 | ) | (2,308 | ) | (5.8 | ) | ||||||||||
Total Industrial | $ | 1,338,688 | $ | 1,418,062 | (5.6 | ) | $ | (24,610 | ) | (3.9 | ) | |||||||
By Region: | ||||||||||||||||||
Americas | $ | 433,316 | $ | 455,227 | (4.8 | ) | $ | (3,314 | ) | (4.1 | ) | |||||||
Europe | 406,868 | 416,555 | (2.3 | ) | (5,379 | ) | (1 | ) | ||||||||||
Asia | 498,504 | 546,280 | (8.7 | ) | (15,917 | ) | (5.8 | ) | ||||||||||
Total Industrial | $ | 1,338,688 | $ | 1,418,062 | (5.6 | ) | $ | (24,610 | ) | (3.9 | ) |