Danaher Corporation announced today results for the fourth quarter and year ended December 31, 2001. Net earnings for the fourth quarter of 2001, excluding restructuring charges, were $76.6 million, compared to $87.8 million for the 2000 fourth quarter. Diluted earnings per share, excluding restructuring charges, were $0.52 for the 2001 fourth quarter, a decrease of 13% from $0.60 in 2000. During the fourth quarter of 2001, the company recorded a restructuring charge of $69.7 million ($43.5 million after tax), or $0.29 per share, related to the consolidation of several of its manufacturing facilities. Fourth quarter 2001 net earnings after this charge were $33.1 million, or $0.23 per share. Sales for the 2001 fourth quarter were $918.9 million, compared to $1,032.4 million for the fourth quarter of 2000, a decrease of 11%.

For the full year 2001, net earnings, excluding restructuring charges, were $341.2 million, compared to $324.2 million for the year ended December 31, 2000, an increase of 5%. Diluted earnings per share before restructuring charges were $2.30 for 2001, a 3% increase compared to $2.23 in 2000. Net earnings after restructuring charges were $297.7 million, or $2.01 per share. Sales in 2001 were $3.782 billion, compared to $3.778 billion in 2000.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "Despite the difficult economic environment that existed during 2001, Danaher was able to deliver superior results. Full year earnings per share, before restructuring charges, grew 3% during a period in which the industrial economy contracted and core volume declined approximately 8%. Our operating cash flow of $608.5 million was again a record for Danaher, exceeding 2000 by 19%. Aggressive cost reductions implemented throughout 2001, as well as the restructuring actions announced last month, enabled Danaher to grow earnings in 2001 and effectively position ourselves for 2002."

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 AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF EARNINGS
                 (in thousands, except per share amounts)

                             Quarter Ended               Year Ended
                              (unaudited)

                        12/31/01      12/31/00    12/31/01      12/31/00

  Net sales              918,932    $1,032,369   $3,782,444    $3,777,777

  Cost of sales          580,699       636,774    2,338,027     2,315,731

  Selling, general
   and administrative
   expenses              209,167       244,584      872,680       909,897

  Restructuring
   expenses (1)           69,726            --       69,726            --

  Total operating
   expenses              859,592       881,358    3,280,433     3,225,628

  Operating profit        59,340       151,011      502,011       552,149

  Interest expense         6,362         9,456       25,747        29,225

  Earnings before
   income taxes           52,978       141,555      476,264       522,924

  Income taxes            19,866        53,791      178,599       198,711

  Net earnings           $33,112       $87,764     $297,665      $324,213

  Basic earnings
   per share                $.23          $.62        $2.07         $2.28

  Average shares
   outstanding           143,794       142,516      143,630       142,469

  Diluted earnings
   per share                $.23          $.60        $2.01         $2.23

  Average shares
   and equivalents
   outstanding           152,088       146,095      151,848       145,499

  (1) After-tax
      effect of
      restructuring
      expenses            43,500            --       43,500            --

    Per diluted share       $.29            --         $.29            --

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SOURCE: Danaher Corporation