H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are pleased to report record first quarter 2003 earnings. Record sales were driven by acquisition growth of 15% and core volume growth of 1%. Currency gains added approximately 3% to sales. Organic growth in our Process/Environmental Controls segment, in particular in our Motion business, offset the expected decline in the Tools and Components segment. Our operating cash flow of $214 million was more than twice net income. We are pleased with our performance through this period of uncertainty but we remain cautious regarding the economic challenges that persist. Nevertheless, we remain confident in our ability to deliver positive results for the balance of the year. "
Danaher Corporation is a leading manufacturer of Process/Environmental Controls and Tools and Components. (www.danaher.com)
Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include risks and uncertainties relating to customer and supplier relationships and prices, competition, market demand, litigation and other contingent liabilities, the integration and operation of acquired businesses, and economic, political, governmental and technological factors affecting the Company's operations, markets, products, services and prices, among others, as set forth in the Company's SEC filings.
DANAHER CORPORATION Results of Operations (thousands, except per share amounts) (unaudited) Three Months Ended March 28, March 29, 2003 2002 Sales $1,196,215 $1,004,207 Operating costs and expenses: Cost of sales 728,816 628,184 Selling, general and administrative expenses 301,181 238,802 Gain on sale of real estate (775) -- Total operating expenses 1,029,222 866,986 Operating profit 166,993 137,221 Interest expense, net 11,916 10,908 Earnings before income taxes and effect of accounting change 155,077 126,313 Income taxes 51,951 43,578 Net earnings, before effect of accounting change 103,126 82,735 Effect of accounting change, net of tax -- (173,750) Net earnings (loss) $103,126 $(91,015) Basic earnings (loss) per share: Net earnings before effect of accounting change $.67 $.57 Less: Effect of accounting change -- (1.20) Net earnings (loss) $.67 $(.63) Diluted net earnings (loss) per share: Net earnings before effect of accounting change $.65 $.55 Less: Effect of accounting change -- (1.13) Net earnings (loss) $.65 $(.58) Average common stock and common equivalent shares outstanding Basic 152,877 145,173 Diluted 160,667 153,942
A complete copy of Danaher's Form 10-Q financial statements is available on the Company's web site (www.danaher.com).
SOURCE: Danaher Corporation
CONTACT: Patrick Allender, Chief Financial Officer of Danaher
Web site: http://www.danaher.com/