Exhibit 99.2
SELECTED CONSOLIDATED FINANCIAL DATA
The following table presents our selected historical consolidated financial information. The financial information set forth below should be read in conjunction with our consolidated financial statements and the related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” filed as Exhibits 99.1 and 99.3, respectively, to this Form 8-K.
Year Ended September 30, | ||||||||||||||||||||
2002 | 2001 | 2000 | 1999(1) | 1998(1) | ||||||||||||||||
(dollar amounts in thousands) | (unaudited) | |||||||||||||||||||
Consolidated Statement of Income Data: | ||||||||||||||||||||
Net sales | $ | 1,027,913 |
| $ | 938,819 |
| $ | 843,567 |
| $ | 696,621 |
| $ | 562,499 |
| |||||
Total cost of sales |
| (522,019 | ) |
| (471,318 | ) |
| (426,004 | ) |
| (357,840 | ) |
| (288,186 | ) | |||||
Gross profit |
| 505,894 |
|
| 467,501 |
|
| 417,563 |
|
| 338,781 |
|
| 274,313 |
| |||||
Total selling, general and administrative expenses |
| 257,954 |
|
| 256,485 |
|
| 234,018 |
|
| 177,710 |
|
| 152,918 |
| |||||
Operating income |
| 247,940 |
|
| 211,016 |
|
| 183,545 |
|
| 161,071 |
|
| 121,395 |
| |||||
Other income (expense): | ||||||||||||||||||||
Interest expense |
| (40,737 | ) |
| (48,820 | ) |
| (49,584 | ) |
| (41,228 | ) |
| (35,270 | ) | |||||
Amortization of deferred financing fees |
| (3,461 | ) |
| (472 | ) |
| (521 | ) |
| (224 | ) |
| (151 | ) | |||||
Other, net |
| 1,569 |
|
| 5,152 |
|
| 1,319 |
|
| (286 | ) |
| (185 | ) | |||||
Income before income taxes and extraordinary item |
| 205,311 |
|
| 166,876 |
|
| 134,759 |
|
| 119,333 |
|
| 85,789 |
| |||||
Income taxes |
| 75,144 |
|
| 65,472 |
|
| 53,775 |
|
| 46,757 |
|
| 34,714 |
| |||||
Income from continuing operations before extraordinary item |
| 130,167 |
|
| 101,404 |
|
| 80,984 |
|
| 72,576 |
|
| 51,075 |
| |||||
Discontinued operations (net of income tax expense (benefit)) |
| (9,018 | ) |
| (3,357 | ) |
| 47,337 |
|
| 52,800 |
|
| 24,968 |
| |||||
Extraordinary item (net of tax benefit) |
| — |
|
| (2,106 | ) |
| — |
|
| 17,171 |
|
| — |
| |||||
Net income | $ | 121,149 |
| $ | 95,941 |
| $ | 128,321 |
| $ | 142,547 |
| $ | 76,043 |
| |||||
Other Data: | ||||||||||||||||||||
Gross margin |
| 49.2 | % |
| 49.8 | % |
| 49.5 | % |
| 48.6 | % |
| 48.8 | % | |||||
Depreciation and amortization | $ | 55,414 |
| $ | 73,348 |
| $ | 62,901 |
| $ | 47,054 |
| $ | 38,830 |
| |||||
Expenditures for property, plant and equipment |
| 63,630 |
|
| 50,120 |
|
| 41,324 |
|
| 29,566 |
|
| 32,797 |
| |||||
Net cash provided by operating activities |
| 192,150 |
|
| 179,393 |
|
| 115,375 |
|
| 114,498 |
|
| 104,655 |
| |||||
EBITDA(2) | $ | 301,462 |
| $ | 289,062 |
| $ | 247,244 |
| $ | 209,556 |
| $ | 159,889 |
| |||||
EBITDA Margin(3) |
| 29.3 | % |
| 30.8 | % |
| 29.3 | % |
| 30.1 | % |
| 28.4 | % | |||||
Ratio of earnings to fixed charges(4) |
| 5.2x |
|
| 4.2x |
|
| 3.5x |
|
| 3.7x |
|
| 3.3x |
| |||||
Consolidated Balance Sheet Data (at period end): | ||||||||||||||||||||
Cash and cash equivalents | $ | 16,327 |
| $ | 9,192 |
| $ | 12,411 |
| $ | 12,401 |
| ||||||||
Working capital |
| 230,125 |
|
| 150,371 |
|
| 269,396 |
|
| 268,149 |
| ||||||||
Total assets |
| 2,036,085 |
|
| 1,828,080 |
|
| 1,792,364 |
|
| 1,539,975 |
| ||||||||
Total liabilities |
| 1,060,947 |
|
| 989,590 |
|
| 1,042,848 |
|
| 914,631 |
| ||||||||
Shareholders’ equity | $ | 975,138 |
| $ | 838,490 |
| $ | 749,516 |
| $ | 625,344 |
| ||||||||
| (1) | The financial information for fiscal years 1998 and 1999 have been restated, on an unaudited basis, to reflect the reclassification of Applied Biotech, Inc. and BioRobotics Group Ltd. as discontinued operations. |
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| (2) | EBITDA is calculated as income from operations before income taxes and extraordinary item before depreciation and amortization. We have included information concerning EBITDA because we believe that EBITDA is used by certain investors as one measure of a company’s historical ability to service its debt. EBITDA should not be considered as an alternative to, or more meaningful than, net income as an indicator of our operating performance or cash flows as a measure of liquidity. EBITDA has not been prepared in accordance with generally accepted accounting principles. EBITDA, as presented by us, may not be comparable to similarly titled measures reported by other companies. EBITDA is calculated as follows: |
Year Ended September 30, | ||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||
(Unaudited) | ||||||||||
Income from continuing operations before income taxes and extraordinary item | 205,311 | 166,876 | 134,759 | 119,333 | 85,789 | |||||
Interest expense | 40,737 | 48,820 | 49,584 | 41,228 | 35,270 | |||||
Depreciation | 38,354 | 32,809 | 29,009 | 23,893 | 18,970 | |||||
Amortization | 17,060 | 40,539 | 33,892 | 23,161 | 19,860 | |||||
EBITDA | 301,462 | 289,044 | 247,244 | 209,556 | 159,889 | |||||
| (3) | EBITDA margin is calculated as the ratio of EBITDA to net sales. |
| (4) | The ratio of earnings to fixed charges is computed by dividing: |
| • | income from continuing operations before income taxes and extraordinary item plus fixed charges, by |
| • | fixed charges. |
| Fixed charges consist of interest expense, amortization of deferred financing fees and an estimate of interest within rental expense. |
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