Danaher Corporation Announces Record Third Quarter Results
PRNewswire
WASHINGTON

Danaher Corporation announced today that net income for its third quarter ended September 29, 2000 was $83.6 million, 17% above the corresponding 1999 amount of $71.6 million (excluding the 1999 one-time charge associated with the acquisition of Hach Company). On a per share basis, the 2000 quarter at $.58 per share was 18% higher than the $.49 per share in the 1999 third quarter. After the one-time charge, 1999 third quarter net income was $61.8 million, or $.42 per share. Sales for the 2000 third quarter were $987 million, 26% higher than the $782 million for the quarter ended October 1, 1999.

Net earnings of $236.4 million, or $1.63 per share, for the nine month period ended September 29, 2000, were 20% and 21% higher, respectively, than the comparable 1999 net earnings of $197.1 million, or $1.35 per share (excluding the one-time charge associated with the Hach Company acquisition). Year to date sales for 2000 of $2.75 billion grew 17% over the $2.35 billion reported in 1999.

George M. Sherman, President and Chief Executive Officer, stated, "We are again pleased to report record sales and earnings. Core volume growth for the quarter was a solid 7%, 5% after negative currency translation effects. Our Process/Environmental Controls segment led this improvement with 11.5% core volume growth for the quarter, as our transition to higher growth businesses continues to produce results. We are confident that our positive sales and earnings growth will continue throughout the year and into 2001."

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         Nine Months Ended
                         September 29, October 1, September 29,  October 1,
                               2000       1999        2000         1999

  Net sales                  $986,786   $781,867   $2,745,408   $2,349,044
  Operating costs and expenses:
   Cost of sales              599,814    470,799    1,678,957    1,440,562
   Selling, general and
    administrative expenses   227,265    182,515      631,887      545,280
   Goodwill and other
    amortization               12,863      9,337       33,426       27,448
   Total operating costs and
    expenses                  839,942    662,651    2,344,270    2,013,290
  Operating profit            146,844    119,216      401,138      335,754
  Other (a)                        --     11,778           --       11,778
  Interest expense, net        11,965      2,720       19,769       15,233
  Earnings before
   income taxes               134,879    104,718      381,369      308,743
  Income taxes                 51,254     42,872      144,920      121,422

  Net Earnings               $ 83,625   $ 61,846   $  236,449   $  187,321

  Basic earnings per share      $ .59      $ .43        $1.66        $1.32

  Average shares outstanding  142,363    142,494      142,453      141,457

  Diluted earnings per share    $ .58      $ .42        $1.63        $1.28

  Average common stock and
   equivalent shares
   outstanding                145,290    146,785      145,301      145,852

  (a) One-time costs associated with the acquisition of Hach Company in
      July, 1999.  The after-tax effect for both the 1999 quarter and nine
      month period is $9.8 million, or $0.07 per diluted share.

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

SOURCE: Danaher Corporation

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