Danaher Corporation announced today that net earnings for its second quarter ended June 28, 2002 were $103.7 million, 10% above the corresponding 2001 period earnings of $94.2 million. Diluted earnings per share for the 2002 quarter were $0.66, an increase of 5% over the $0.63 reported for the 2001 second quarter. In accordance with the adoption of Statement of Financial Accounting Standards 142 (SFAS 142), the Company stopped amortizing goodwill as of January 1, 2002. Excluding goodwill amortization from the second quarter of 2001, earnings per share would have been $0.71. The second quarter of 2002 included a $1.6 million after-tax gain ($0.01 per share) from the sale of real estate. Sales for the 2002 second quarter were $1,146.3 million, 20% higher than the $956.6 million for the quarter ended June 29, 2001.

For the six month period ended June 28, 2002, net earnings, before the effect of a change in accounting principle in connection with the Company's adoption of SFAS 142, were $186.4 million, up 5% from the $176.8 million reported in 2001. Diluted earnings per share for the 2002 six month period of $1.21 (before the effect of the change in accounting principle related to SFAS 142) increased 2% from the $1.19 in 2001. Excluding goodwill amortization from the 2001 six month period, earnings per share would have been $1.35. Net earnings for the 2002 six month period, after the effect of a first quarter $173.8 million one-time non-cash charge for impairment of goodwill, was $12.7 million. Sales of $2,150.5 million for the 2002 six month period were 10% higher than the $1,961.9 million reported in 2001.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are pleased with our second quarter results. Total sales for the quarter grew 20%, resulting primarily from our first quarter acquisitions of Gilbarco, Videojet and Viridor. Although continued softness in several of our Process/Environmental Controls businesses led to a 7% overall core volume decline for the quarter, our Tools and Components segment reported 5% core volume growth. Our pace to achieve record 2002 cash flow continues, with operating cash flow of $393 million for the six month period 26% higher than in 2001. We are optimistic that our results will show continued improvement throughout 2002, as the markets we serve stabilize and as we fully integrate our recent restructuring initiatives and acquisitions."

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
                          Results of Operations

                  (thousands, except per share amounts)
                               (unaudited)

                            Quarter Ended            Six Months Ended
                         June 28,     June 29,    June 28,      June 29,
                          2002          2001        2002          2001

  Net sales           $1,146,326     $ 956,641   $2,150,533    $1,961,924
  Operating costs
   and expenses:
    Cost of sales        701,908       581,300    1,330,092     1,209,698
  Selling, general and
   administrative
    expenses             273,576       203,347      509,629       427,209
  Goodwill and other
   amortization            1,267        15,381        4,016        29,986
  Total operating
   expenses              976,751       800,028    1,843,737     1,666,893
  Operating profit       169,575       156,613      306,796       295,031
  Interest expense, net   11,308         5,845       22,216        12,141
  Earnings before income
   taxes and effect of
    accounting change    158,267       150,768      284,580       282,890
  Income taxes            54,602        56,538       98,180       106,083
  Net earnings, before
   effect of accounting
    change               103,665        94,230      186,400       176,807
  Effect of accounting
   change, net of tax,
    adoption of SFAS
     No. 142                  --            --     (173,750)           --

  Net earnings          $103,665       $94,230      $12,650      $176,807

  Per share amounts before
   accounting change
    Basic earnings per
     share                 $ .69         $ .65        $1.26         $1.23
  Weighted average
   shares outstanding
    -- Basic             151,274       144,016      148,223       143,445
    Diluted earnings per
     share                 $ .66         $ .63        $1.21         $1.19
  Weighted average shares
   outstanding
    -- Diluted           160,045       152,642      156,994       151,554

  Per share amounts after
   accounting change
    Basic earnings per
     share                 $ .69         $ .65        $ .09         $1.23
    Diluted earnings
     per share             $ .66         $ .63        $ .11         $1.19

  Per share effect of
   accounting change
    -- Basic                  --            --        $1.17            --
  Per share effect of
   accounting change
    -- Diluted                --            --        $1.10            --


  Notes:
  1)  Net earnings, before effect of
      accounting change and after adjustment
      for 2001 goodwill amortization  $103,665  $107,404  $186,400  $202,471
       Per diluted share              $   0.66  $   0.71  $   1.21  $   1.35

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

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SOURCE: Danaher Corporation