Danaher Corporation Announces Second Quarter Results
PRNewswire
WASHINGTON

Danaher Corporation announced today that net earnings for its second quarter ended June 29, 2001 were a record $94.2 million, 16% above the corresponding 2000 period earnings of $81.3 million. Diluted earnings per share for the 2001 quarter were $.63, 12.5% above the comparable $.56 for the 2000 second quarter. Sales for the 2001 second quarter were $956.6 million, 7% higher than the $890.8 million for the quarter ended June 30, 2000.

For the six month period ended June 29, 2001, net earnings were $176.8 million or $1.19 per diluted share compared to $152.8 million or $1.05 per diluted share for the six months ended June 30, 2000. Record sales of $1.962 billion for the 2001 six month period were 11.5% higher than the $1.759 billion reported in 2000.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are pleased to report record second quarter financial performance. Although total sales grew over 7%, a worsening domestic economy continued to impact many of our product lines, resulting in a 4.5% core volume decline. Despite this softness, earnings per share grew 12.5%, as cost reduction and containment measures have been aggressively implemented throughout the Company. Cash flow also remains strong, with operating cash flow for the six month period reaching a record $311 million. As a near-term economic recovery appears unlikely, aggressive cost control will remain in place through the balance of the year, but without sacrificing our key strategic initiatives."

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 29,    June 30,  June 29,   June 30,
                                    2001        2000      2001       2000

  Net sales                    $ 956,641   $ 890,775  $1,961,924  $1,758,622
  Operating costs and expenses:
    Cost of sales                581,300     541,185   1,209,698   1,079,143
    Selling, general and
     administrative expenses     203,347     202,136     427,209     404,622
    Goodwill and other
     amortization                 15,381      10,789      29,986      20,563
    Total operating costs
     and expenses                800,028     754,110   1,666,893   1,504,328
  Operating profit               156,613     136,665     295,031     254,294
  Interest expense, net            5,845       5,591      12,141       7,804
  Earnings before income taxes   150,768     131,074     282,890     246,490
  Income taxes                    56,538      49,807     106,083      93,666

  Net Earnings                 $  94,230   $  81,267  $  176,807  $  152,824

  Basic earnings per share         $ .65       $ .57       $1.23       $1.07

  Average shares outstanding     144,016     142,246     143,445     142,498

  Diluted earnings per share       $ .63       $ .56       $1.19       $1.05

  Average common stock and
   equivalent shares
   outstanding                   152,642     145,243     151,554     145,306

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

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SOURCE: Danaher Corporation

Contact: Patrick Allender, Chief Financial Officer of Danaher
Corporation, +1-202-828-0850