Danaher Corporation Announces Record Second Quarter Results
PRNewswire
WASHINGTON

Danaher Corporation announced today that net earnings for its second quarter ended June 30, 2000 were a record $81.3 million, 22% above the corresponding 1999 period earnings of $66.4 million. Diluted earnings per share for the 2000 quarter were $.56, 22% above the comparable $.46 for the 1999 second quarter. Sales for the 2000 second quarter were $890.8 million, 15% higher than the $774.1 million for the quarter ended July 2, 1999.

For the six month period ended June 30, 2000, net earnings were $152.8 million or $1.05 per share compared to $125.5 million or $.86 per share for the six months ended July 2, 1999. Sales of $1.759 billion for the 2000 six month period were 12% higher than the $1.567 billion reported in 1999.

George M. Sherman, President and Chief Executive Officer, stated, "We are pleased to report that our second quarter sales and earnings per share rose 15% and 22%, respectively. We are particularly encouraged by our core volume growth, which was 8-1/2% for the quarter, 7% after negative currency translation effects. Our Process/Environmental Controls segment led this improvement with 12% core volume growth for the quarter. We are confident that core growth prospects, coupled with the recent acquisitions in our motion platform, will accelerate our sales growth and position us well to continue earnings growth for the balance of the year."

Danaher Corporation is a leading manufacturer of Process/Environmental Controls and Tools and Components. (http://www.danaher.com/)

Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings.

                           Danaher Corporation
              Consolidated Condensed Statements of Earnings
                 (000's omitted except per share amounts)
                               (unaudited)

                                Quarter Ended            Six Months Ended
                            June 30,       July 2,     June 30,      July 2,
                               2000          1999         2000         1999

  Net sales                $890,775      $774,133   $1,758,622   $1,567,177
  Operating costs
   and expenses:
   Cost of sales            541,185       472,203    1,079,143      969,763
   Selling, general
    and administrative
    expenses                202,136       179,159      404,622      362,765
   Goodwill and other
    amortization             10,789         8,914       20,563       18,111
   Total operating
    costs and
    expenses                754,110       660,276    1,504,328    1,350,639
  Operating profit          136,665       113,857      254,294      216,538
  Interest expense, net       5,591         5,965        7,804       12,513
  Earnings before
   income taxes             131,074       107,892      246,490      204,025
  Income taxes               49,807        41,539       93,666       78,550

  Net Earnings             $ 81,267      $ 66,353   $  152,824   $  125,475

  Basic earnings
   per share                  $ .57         $ .47        $1.07        $ .89

  Average shares
   outstanding              142,246       141,083      142,498      140,938

  Diluted earnings
   per share                  $ .56         $ .46        $1.05        $ .86

  Average common stock
   and equivalent
   shares outstanding       145,243       145,682      145,306      145,385

A complete copy of Danaher's Form 10-Q financial statements is available on the Company's web site (http://www.danaher.com/).

SOURCE: Danaher Corporation

Contact: Patrick Allender, Chief Financial Officer of Danaher,
202-828-0850