Exhibit 99
FOR IMMEDIATE RELEASE
Contact Information: J. Timothy Corcoran
Phone: 781-622-1111
E-mail: tim.corcoran@thermo.com
Website: www.thermo.com
Thermo Electron Reports Third Quarter 2003 Results
WALTHAM, Mass. (October 21, 2003) - Thermo Electron Corporation (NYSE:TMO) today
reported that GAAP diluted earnings per share (EPS) increased to $.29 in the
third quarter of 2003, compared with $.23 in the year-ago period. Earnings in
2003 included significant after-tax gains from the disposal of discontinued
operations. Revenues were $497.1 million in 2003, versus $517.2 million in 2002.
Organic revenues declined 7 percent. Organic revenues exclude the effect of
currency translation (which increased revenues by 4 percent) and the impact of
acquisitions and divestitures. GAAP operating margin for the quarter was 8.5
percent in 2003, versus 8.7 percent a year ago.
Adjusted EPS for the third quarter of 2003 rose 8 percent to $.27, compared with
$.25 in 2002. Adjusted operating margin for the quarter increased 110 basis
points to 11.9 percent in 2003, compared with 10.8 percent a year ago. Adjusted
EPS and adjusted operating margin exclude restructuring and other costs/income
and amortization of acquisition-related intangible assets. Adjusted EPS also
excludes income from the sale of shares of FLIR Systems and Thoratec
Corporation, gains/losses on the early retirement of debt, gains/losses on
disposal of discontinued operations, tax provisions/benefits related to the
previous items, and benefit from tax credit carryforwards. For a reconciliation
of these non-GAAP financial measures to the most directly comparable GAAP
financial measures, see the accompanying table entitled "Consolidated Statement
of Income."
Marijn E. Dekkers, president and chief executive officer of Thermo Electron,
said, "Our earnings improvement continues to gain momentum, with increases in
productivity outweighing persistent industry challenges. We are particularly
pleased with the rise in our adjusted operating margins, which were up
significantly both year-to-year and sequentially. As we move into the fourth
quarter, we are cautiously optimistic that the general tone of business is
improving, evidenced by our significantly stronger book-to-bill ratio of 1.04.
"While productivity improvement remains an important objective, our primary
focus is on driving revenue growth - both organically and through acquisitions.
We are aggressively pursuing numerous commercial initiatives to stimulate
growth. In our Life and Laboratory Sciences sector, for example, we are now
packaging complete solutions under a single Thermo brand, working in partnership
with our customers to help them equip their laboratories. We also recently
announced the acquisition of Jouan SA, a $92 million business that expands our
sample preparation and storage product line and adds distribution channels in
emerging markets such as Eastern Europe, Russia, and Latin America. We expect to
complete this acquisition by year-end."
Mr. Dekkers continued, "Going into the fourth quarter of 2003, we expect our
earnings improvement trend to continue. Our goal is to report $.32 to $.34 in
adjusted EPS for the fourth quarter and $1.07 to $1.09 for the full year." This
guidance excludes $.01 of expense per quarter from the amortization of
acquisition-related intangible assets, and also excludes restructuring and other
costs/income and gains and losses from the sale of businesses, real estate, and
our remaining interest in Thoratec, as well as unusual items we may have in the
future.
Life and Laboratory Sciences
Third quarter 2003 revenues for the Life and Laboratory Sciences sector
increased slightly to $301 million; organic revenues declined 3 percent. Ongoing
weakness in industrial markets for instrumentation and scientific equipment was
offset in part by higher sales of clinical diagnostics and laboratory
informatics products during the quarter. GAAP operating margin was 14.5 percent
in the third quarter of 2003, up from 14.3 percent a year ago. Adjusted
operating margin improved to 16.7 percent, compared with 16.0 percent in 2002,
resulting from productivity gains.
We continue to make good progress in positioning Thermo as the premier supplier
of laboratory products and services. New products, such as the Finnigan LTQ-FT
Fourier-transform mass spectrometer introduced earlier this year, are generating
strong orders. In the quarter, we accelerated efforts to integrate our
commercial organization and opened One Thermo customer demonstration centers in
Frankfurt, Paris, and Beijing. We also formed a strategic alliance with Qiagen
N.V., a leading supplier of innovative products for nucleic acid separation,
purification, and handling, to co-market related technologies for use in life
sciences research and molecular diagnostics.
Measurement and Control
Revenues in the Measurement and Control sector were $147 million in the third
quarter of 2003, versus $155 million in 2002; organic revenues declined 8
percent. Although many process markets we serve remain weak, some specific
markets, such as the steel industry, are showing positive signs. In addition,
homeland security initiatives continue to generate strong sales. GAAP operating
margin increased to 7.4 percent in 2003, versus 5.6 percent a year ago. Adjusted
operating margin was 9.6 percent, compared with 9.4 percent in 2002. To sharpen
the sector's market focus, we acquired Siemens' Electronic Personal Dosimetry
business, which broadens our radiation-monitoring offerings, and sold our test
and measurement business to SPX Corporation - both after quarter-end.
Optical Technologies
In the Optical Technologies sector, revenues were $52 million for the third
quarter of 2003, versus $65 million in 2002. While continued weakness in
scientific and industrial end-markets resulted in a 21 percent decline in
organic revenues year-to-year, sequentially, revenues were flat. GAAP operating
margin was negative 10.3 percent for the 2003 period, versus 0.4 percent in
2002, primarily due to the writedown of our molecular-beam epitaxy (MBE) product
line, which we sold to Oxford Instruments plc just after quarter-end. The sector
reported adjusted operating margin of 1.2 percent in 2003, compared with
negative 0.6 percent last year, reflecting the positive impact of restructuring
efforts and continued productivity improvements. During the quarter, we
announced a strategic alliance with German photonics leader Jenoptik AG to
develop and market thin-disk lasers, a key technology platform for the future.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), we use the non-GAAP financial measures of
adjusted EPS and adjusted operating margin, which exclude restructuring and
other costs/income and amortization of acquisition-related intangible assets.
Adjusted EPS also excludes certain other gains and losses, tax
provisions/benefits related to the previous items, and benefit from tax credit
carryforwards. We exclude these items because they are outside of our normal
operations and, in certain cases, are difficult to forecast accurately for
future periods. We believe that the inclusion of such non-GAAP measures helps
investors to gain a better understanding of our core operating results and
future prospects, consistent with how management measures and forecasts the
company's performance, especially when comparing such results to previous
periods or forecasts.
Specifically:
o We exclude costs and tax effects associated with restructuring
activities, such as reducing overhead and consolidating facilities, in
connection with the final phase of our overall reorganization, which
we expect will be substantially complete in 2004. We believe that the
costs related to these restructuring activities are not indicative of
our normal operating costs.
o We exclude the expense and tax effects associated with the
amortization of acquisition-related intangible assets because a
significant portion of the purchase price for acquisitions may be
allocated to intangible assets that have lives of 5 to 10 years.
Exclusion of the amortization expense allows comparisons of operating
results that are consistent over time.
o We also exclude certain gains/losses and related tax effects, as well
as benefit from tax credit carryforwards, that are either isolated or
cannot be expected to occur again with any regularity or
predictability, such as those arising from the sale of a business or
real estate, the sale of our remaining equity interests in Thoratec
and FLIR Systems, and the early retirement of debt, which we believe
are not indicative of our normal operating gains and losses.
Thermo's management uses these non-GAAP measures, in addition to GAAP financial
measures, as the basis for measuring the company's core operating performance
and comparing such performance to that of prior periods and to the performance
of our competitors. Such measures are also used by management in their financial
and operating decision-making and for compensation purposes.
The non-GAAP financial measures of Thermo's results of operations included in
this press release are not meant to be considered superior to or a substitute
for Thermo's results of operations prepared in accordance with GAAP.
Reconciliations of such non-GAAP financial measures to the most directly
comparable GAAP financial measures are set forth in the accompanying tables.
Thermo's earnings guidance, however, is only provided on an adjusted basis. It
is not feasible to provide GAAP EPS guidance because the items excluded, other
than the amortization expense, are difficult to predict and estimate and are
primarily dependent on future events, such as decisions concerning the location
and timing of facility consolidations, and the timing of and proceeds from the
sale of our remaining equity interest in Thoratec. We no longer own any shares
of FLIR Systems.
Conference Call
Thermo Electron will hold its earnings conference call on Wednesday, October 22,
2003, at 11 a.m. Eastern time. To listen, dial 888-872-9028 within the U.S., or
973-633-6740 outside the U.S. You can also listen to the call live on the Web by
visiting www.thermo.com and clicking on "Investors." An audio archive of the
call will be available in that section of our Web site until Friday, November
21, 2003. Also in that section, you will find this press release and the
accompanying reconciliation of non-GAAP financial measures under the heading
"News & Events."
About Thermo Electron
A world leader in high-tech instruments, Thermo Electron Corporation helps life
science, laboratory, and industrial customers advance scientific knowledge,
enable drug discovery, improve manufacturing processes, and protect people and
the environment with instruments, scientific equipment, and integrated software
solutions. Based in Waltham, Massachusetts, Thermo Electron has revenues of more
than $2 billion, and employs approximately 10,000 people in 30 countries
worldwide. For more information, visit www.thermo.com.
The following constitutes a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This press release contains forward-looking
statements that involve a number of risks and uncertainties. Important factors
that could cause actual results to differ materially from those indicated by
such forward-looking statements are set forth under the heading "Forward-Looking
Statements" in the company's Quarterly Report on Form 10-Q for the fiscal
quarter ended June 28, 2003. These include risks and uncertainties relating to:
the need to develop new products and adapt to significant technological change,
dependence on customers that operate in cyclical industries, general worldwide
economic slowdown and related uncertainties, the effect of changes in
governmental regulations, dependence on customers' capital spending policies and
government funding policies, use and protection of intellectual property,
retention of contingent liabilities from businesses we sold, integration and
consolidation of instrument businesses, realization of potential future savings
from new sourcing initiatives, implementation of new branding strategy,
implementation of strategies for improving internal growth, the effect of
exchange rate fluctuations on international operations, and potential impairment
of goodwill. We undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or otherwise.
Consolidated Statement of Income (unaudited)
Three Months Ended
----------------------------------------------------------------------
Sept. 27, 2003 Sept. 28, 2002
--------------------------------- ---------------------------------
(In thousands except per share amounts) Reported (a) Adjusted (b) Reported (a) Adjusted (b)
- ------------------------------------------------------------ --------------------------------- ---------------------------------
Revenues $ 497,116 $ 497,116 $ 517,171 $ 517,171
--------------- ------------ -------------- --------------
Costs and Operating Expenses:
Cost of revenues (c) 271,213 271,213 288,514 286,788
Selling, general, and administrative expenses 131,879 131,879 137,114 137,114
Amortization of acquisition-related intangible assets 2,470 - 2,212 -
Research and development expenses 34,900 34,900 37,553 37,553
Restructuring and other costs, net (d) 14,273 - 6,907 -
--------------- ------------ -------------- --------------
454,735 437,992 472,300 461,455
--------------- ------------ -------------- --------------
Operating Income 42,381 59,124 44,871 55,716
Interest Income 2,909 2,909 11,210 11,210
Interest Expense (3,551) (3,551) (8,864) (8,864)
Other Income, Net (e) 10,646 1,293 9,444 2,833
--------------- ------------ -------------- --------------
Income from Continuing Operations Before Income Taxes 52,385 59,775 56,661 60,895
Provision for Income Taxes (f) (13,388) (15,369) (17,644) (18,235)
--------------- ------------ -------------- --------------
Income from Continuing Operations 38,997 44,406 39,017 42,660
Gain on Disposal of Discontinued Operations (includes
tax benefit of $2,600) 9,518 - - -
--------------- ------------ -------------- --------------
Net Income $ 48,515 $ 44,406 $ 39,017 $ 42,660
=============== ============= ============== ==============
Earnings per Share from Continuing Operations:
Basic $ .24 $ .24
=============== ==============
Diluted $ .24 $ .23
=============== ==============
Earnings per Share (g):
$ .30 $ .24
=============== ==============
Diluted $ .29 $ .27 $ .23 $ .25
=============== ============= ============== ===============
Weighted Average Shares:
Basic 162,531 165,701
=============== ==============
Diluted (h)
169,155 169,155 176,342 179,859
=============== ============= ============== ===============
(a) Reported results were determined in accordance with U.S. generally accepted
accounting principles (GAAP).
(b) Adjusted results exclude inventory charges in 2002 (note c), amortization
of acquisition-related intangible assets, restructuring and other
costs/income (note d), certain other income/expense (note e), the tax
consequences of these items (note f) and, in 2003, gain on disposal of
discontinued operations.
(c) Reported results in 2002 include $1,726,000 of charges for the sale of
inventories revalued at the date of acquisition.
(d) Reported results in 2003 include restructuring and other items consisting
principally of severance; abandoned facility and other expenses of real
estate consolidation; a writedown to with a reorganization of the company's
non-U.S. subsidiary structure. These items are net of gains on the sale of
businesses.
(e) Reported results include $10,329,000 of gains from the sale of shares of
Thoratec Corporation in 2003, and $6,559,000 of gains from the sale of
shares of FLIR Systems, Inc. in 2002. Reported results also include losses
of $976,000 in 2003 and gains of $52,000 in 2002 on the early retirement of
debt. These items have been excluded from adjusted results.
(f) Adjusted provision for income taxes excludes $1,981,000 and $591,000 of
incremental tax benefit in 2003 and 2002, respectively, for the items in
(b) through (e).
(g) Reported earnings per share excludes interest expense on convertible
debentures of $871,000 and $1,938,000, net of tax, in 2003 and 2002,
respectively, for the assumed conversion for the assumed conversion of such
convertible debentures.
(h) Adjusted weighted average diluted shares reflect the dilutive effect on the
convertible debentures of the adjustments to net income as described in
notes (b) through (g).
Segment Data (i)(j)(k)(l) Three Months Ended
--------------------------------------------------
(In thousands except percentage amounts) Sept. 27, 2003 Sept. 28, 2002
-------------------------------------------------------------------------------------------------------------------------------
Life and Laboratory Sciences
Revenues $ 301,451 $ 300,040
-------------- --------------
GAAP Operating Income 43,674 42,771
Cost of Revenue Charges (m) - 423
Restructuring and Other Items (n) 4,870 3,038
Amortization of Acquisition-related Intangible Assets 1,662 1,659
-------------- --------------
Adjusted Operating Income $ 50,206 $ 47,891
-------------- --------------
GAAP Operating Margin 14.5% 14.3%
Adjusted Operating Margin 16.7% 16.0%
Measurement and Control
Revenues $ 146,667 $ 155,176
-------------- --------------
GAAP Operating Income 10,882 8,762
Cost of Revenue Charges (m) - 1,330
Restructuring and Other Items (n) 2,662 4,249
Amortization of Acquisition-related Intangible Assets 600 286
-------------- --------------
Adjusted Operating Income $ 14,144 $ 14,627
-------------- --------------
GAAP Operating Margin 7.4% 5.6%
Adjusted Operating Margin 9.6% 9.4%
Optical Technologies
Revenues $ 52,141 $ 64,910
-------------- --------------
GAAP Operating Income (Loss) (5,376) 274
Cost of Revenue Charges (m) - (27)
Restructuring and Other Items (n) 5,770 (931)
Amortization of Acquisition-related Intangible Assets 208 267
-------------- --------------
Adjusted Operating Income (Loss) $ 602 $ (417)
-------------- --------------
GAAP Operating Margin (10.3%) 0.4%
Adjusted Operating Margin 1.2% (0.6%)
Consolidated (including Corporate Costs)
Revenues $ 497,116 $ 517,171
-------------- --------------
GAAP Operating Income $ 42,381 $ 44,871
Cost of Revenue Charges (m) - 1,726
Restructuring and Other Items (n) 14,273 6,907
Amortization of Acquisition-related Intangible Assets 2,470 2,212
-------------- --------------
Adjusted Operating Income $ 59,124 $ 55,716
-------------- --------------
GAAP Operating Margin 8.5% 8.7%
Adjusted Operating Margin 11.9% 10.8%
(i) GAAP operating income (loss) and GAAP operating margin were determined in
accordance with U.S. generally accepted accounting principles.
(j) Adjusted operating income (loss) and adjusted operating margin exclude the
items in notes (c) and (d) and amortization of acquisition-related
intangible assets.
(k) Segment data for 2002 has been revised, consistent with the presentation in
2003, to reflect a realignment of several businesses among the segments and
for an allocation to the segments of some costs previously reported as
corporate expenses.
(l) Depreciation expense in 2003 was $5,873,000 at Life and Laboratory
Sciences, $2,382,000 at Measurement and Control, $2,965,000 at Optical
Technologies, and $12,062,000 Consolidated. Depreciation expense in 2002
was $5,260,000 at Life and Laboratory Sciences, $2,723,000 at Measurement
and Control, $2,901,000 at Optical Technologies, and $11,615,000
Consolidated.
(m) Includes items described in note (c).
(n) Includes items described in note (d).
Consolidated Statement of Income (unaudited) Nine Months Ended
----------------------------------------------------------------------
Sept. 27, 2003 Sept. 28, 2002
(In thousands except per share amounts) Reported (a) Adjusted (b) Reported (a) Adjusted (b)
- ------------------------------------------------------------ --------------------------------- ---------------------------------
Revenues $ 1,513,726 $ 1,513,726 $ 1,517,610 $ 1,517,610
----------- ------------- ----------- -------------
Costs and Operating Expenses:
Cost of revenues (c) 830,840 830,840 835,509 832,232
Selling, general, and administrative expenses 408,925 408,925 412,102 412,102
Amortization of acquisition-related intangible assets 7,402 - 5,508 -
Research and development expenses 109,353 109,353 116,933 116,933
Restructuring and other costs, net (d) 27,247 - 30,777 -
----------- ------------- ----------- -------------
1,383,767 1,349,118 1,400,829 1,361,267
----------- ------------- ----------- -------------
Operating Income 129,959 164,608 116,781 156,343
Interest Income 17,671 17,671 38,189 38,189
Interest Expense (15,888) (15,888) (32,559) (32,559)
Other Income, Net (e) 26,317 3,310 104,411 10,910
----------- ------------- ----------- -------------
Income from Continuing Operations Before Income Taxes and
Minority Interest 158,059 169,701 226,822 172,883
Provision for Income Taxes (f) (34,532) (45,819) (74,945) (53,932)
Minority Interest Income (f) - - 331 324
----------- ------------- ----------- -------------
Income from Continuing Operations 123,527 123,882 152,208 119,275
Gain on Disposal of Discontinued Operations (net of income tax
provision of $964 in 2003; includes tax benefit of $13,408 in 2002) 14,554 - 70,370 -
----------- ------------- ----------- -------------
Net Income $ 138,081 $ 123,882 $ 222,578 $ 119,275
=========== ============== =========== =============
Earnings per Share from Continuing Operations:
Basic $ .76 $ .89
=========== ===========
Diluted $ .75 $ .86
=========== ===========
Earnings per Share (g):
Basic $ .85 $ 1.31
=========== ===========
Diluted $ .83 $ .75 $ 1.23 $ .69
=========== ============= =========== =============
Weighted Average Shares:
Basic 162,474 170,358
=========== ===========
Diluted (h)
171,703 171,703 190,399 185,567
=========== ============= =========== ==============
(a) Reported results were determined in accordance with U.S. generally accepted
accounting principles (GAAP).
(b) Adjusted results exclude inventory charges in 2002 (note c), amortization
of acquisition-related intangible assets, restructuring and other
costs/income (note d), certain other income/expense (note e), the tax
consequences of these items and other tax benefit (note f), and gain on
disposal of discontinued operations.
(c) Reported results in 2002 include charges of $1,159,000 for the abandonment
of product lines and $2,118,000 of charges for the sale of inventories
revalued at the date of acquisition.
(d) Reported results in 2003 include restructuring and other items consisting
principally of severance; abandoned facility and other expenses of real
estate consolidation; a writedown to disposal value of a product line and a
business that were sold in October 2003; net gains on the sale of a product
line and property; and legal/advisory fees associated with a reorganization
of the company's non-U.S. subsidiary structure. Reported results in 2002
include restructuring and other items consisting principally of charges for
abandoned equipment at Spectra-Physics; severance; abandoned facility and
other expenses of real estate consolidation; cancellation penalties on
capital equipment purchases; impairment of abandoned assets; and
legal/advisory fees associated with a reorganization of the company's
non-U.S. subsidiary structure. These items are net of gains on the sale of
businesses.
(e) Reported results include $10,329,000 of gains from the sale of shares of
Thoratec Corporation in 2003, and $13,654,000 and $94,495,000 of gains from
the sale of shares of FLIR Systems, Inc. in 2003 and 2002, respectively.
Reported results also include losses of $976,000 and $994,000 in 2003 and
2002, respectively, on the early retirement of debt. These items have been
excluded from adjusted results.
(f) Adjusted results exclude $2,261,000 of incremental tax benefit in 2003, and
$21,013,000 and $7,000 of incremental tax provision and minority interest
income, respectively, in 2002, for the items in (b) through (e) and in 2003
exclude $9,026,000 of tax benefit from the reversal of a valuation
allowance due to expected utilization of foreign tax credit carryforwards.
(g) Reported earnings per share excludes interest expense on convertible
debentures of $4,417,000 and $11,832,000, net of tax, in 2003 and 2002,
respectively, for the assumed conversion of such convertible debentures.
Adjusted earnings per share excludes interest expense on convertible
debentures of $4,417,000 and $8,247,000, net of tax, in 2003 and 2002,
respectively, for the assumed conversion of such convertible debentures.
(h) Adjusted weighted average diluted shares reflect the dilutive effect on the
convertible debentures of the adjustments to net income as described in
notes (b) through (g).
Segment Data (i)(j)(k)(l) Nine Months Ended
--------------------------------------------------
(In thousands except percentage amounts) Sept. 27, 2003 Sept. 28, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
Life and Laboratory Sciences
Revenues $ 914,707 $ 871,545
-------------- --------------
GAAP Operating Income 126,582 125,310
Cost of Revenue Charges (m) - 1,230
Restructuring and Other Items (n) 11,351 5,872
Amortization of Acquisition-related Intangible Assets 4,907 3,856
-------------- --------------
Adjusted Operating Income $ 142,840 $ 136,268
-------------- --------------
GAAP Operating Margin 13.8% 14.4%
Adjusted Operating Margin 15.6% 15.6%
Measurement and Control
Revenues 452,981 460,379
-------------- --------------
GAAP Operating Income 35,076 36,065
Cost of Revenue Charges (m) - 1,330
Restructuring and Other Items (n) 6,115 5,137
Amortization of Acquisition-related Intangible Assets 1,799 850
-------------- --------------
Adjusted Operating Income $ 42,990 $ 43,382
-------------- --------------
GAAP Operating Margin 7.7% 7.8%
Adjusted Operating Margin 9.5% 9.4%
Optical Technologies
Revenues 154,941 194,640
-------------- --------------
GAAP Operating Loss (10,884) (23,229)
Cost of Revenue Charges (m) - 717
Restructuring and Other Items (n) 7,422 17,625
Amortization of Acquisition-related Intangible Assets 696 802
-------------- --------------
Adjusted Operating Loss $ (2,766) $ (4,085)
-------------- --------------
GAAP Operating Margin (7.0%) (11.9%)
Adjusted Operating Margin (1.8%) (2.1%)
Consolidated (including Corporate Costs)
Revenues 1,513,726 1,517,610
-------------- --------------
GAAP Operating Income 129,959 116,781
Cost of Revenue Charges (m) - 3,277
Restructuring and Other Items (n) 27,247 30,777
Amortization of Acquisition-related Intangible Assets 7,402 5,508
-------------- --------------
Adjusted Operating Income $ 164,608 $ 156,343
-------------- --------------
GAAP Operating Margin 8.6% 7.7%
Adjusted Operating Margin 10.9% 10.3%
(i) GAAP operating income (loss) and GAAP operating margin were determined in
accordance with U.S. generally accepted accounting principles.
(j) Adjusted operating income (loss) and adjusted operating margin exclude the
items in notes (c) and (d) and amortization of acquisition-related
intangible assets.
(k) Segment data for 2002 has been revised, consistent with the presentation in
2003, to reflect a realignment of several businesses among the segments and
for an allocation to the segments of some costs previously reported as
corporate expenses.
(l) Depreciation expense in 2003 was $17,459,000 at Life and Laboratory
Sciences, $7,680,000 at Measurement and Control, $8,669,000 at Optical
Technologies, and $36,184,000 Consolidated. Depreciation expense in 2002
was $16,213,000 at Life and Laboratory Sciences, $8,516,000 at Measurement
and Control, $9,808,000 at Optical Technologies, and $36,691,000
Consolidated.
(m) Includes items described in note (c).
(n) Includes items described in note (d).
Condensed Consolidated Balance Sheet (unaudited)
(In thousands) Sept. 27, 2003 Dec. 28, 2002
- ------------------------------------------------------------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 207,546 $ 339,038
Short-term available-for-sale investments 185,840 536,430
Accounts receivable, net 423,945 429,740
Inventories 338,439 332,804
Other current assets 141,980 133,547
-------------- --------------
1,297,750 1,771,559
-------------- --------------
Property, Plant, and Equipment, Net 267,357 272,908
-------------- --------------
Other Assets 116,693 186,390
-------------- --------------
Goodwill 1,440,986 1,416,205
-------------- --------------
$ 3,122,786 $ 3,647,062
============== ==============
Current Liabilities:
Short-term obligations and current maturities of long-term obligations 36,165 484,480
Other current liabilities 558,085 619,240
-------------- --------------
594,250 1,103,720
-------------- --------------
Long-term Deferred Income Taxes and Other Long-term Liabilities 69,118 58,678
-------------- --------------
Long-term Obligations:
Senior notes 141,468 141,032
Subordinated convertible obligations 77,375 304,549
Other 5,105 5,760
-------------- --------------
223,948 451,341
-------------- --------------
Total Shareholders' Equity 2,235,470 2,033,323
-------------- --------------
$ 3,122,786 $ 3,647,062
============== ==============