Danaher Corporation announced today that net earnings for its second quarter ended June 27, 2003 were $125.1 million, 21% above the corresponding 2002 period earnings of $103.7 million. Diluted earnings per share for the 2003 quarter were $0.79, an increase of 20% over the $0.66 reported for the 2002 second quarter. Sales for the 2003 second quarter were $1,299.4 million, 13% higher than the $1,146.3 million for the quarter ended June 28, 2002.

For the six month period ended June 27, 2003, net earnings were $228.3 million, up 22% from the $186.4 million reported in 2002 before the effect of a change in accounting related to goodwill. Diluted earnings per share for the 2003 six month period of $1.44 increased 19% from the $1.21 in 2002 before the effect of the accounting change. 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, were $12.7 million, or $0.11 per diluted share. Sales of $2,495.6 million for the 2003 six month period were 16% higher than the $2,150.5 million reported in 2002.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are again pleased to report record second quarter results. Despite the continued sluggish economic environment, we were able to achieve a 20% increase in earnings per share for the quarter. Sales for the quarter grew 13% compared to last year's second quarter, driven primarily by revenues from recently completed acquisitions. Operating cash flow was a record $449.2 million for the six month period and 14% higher than in 2002. We are optimistic that our targeted growth opportunities, coupled with a continued drive on cost reduction and acquisition integration, will provide positive results for the balance of the year and position us well for the eventual industrial economic upturn."

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 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)

                          Three Months Ended         Six Months Ended
                         June 27,     June 28,     June 27,     June 28,
                           2003         2002         2003         2002

  Net sales             $1,299,432   $1,146,326   $2,495,647   $2,150,533

  Operating costs and expenses:
    Cost of sales          774,546      701,908    1,503,362    1,330,092
    Selling, general and
     administrative
     expenses              323,675      277,374      624,856      516,176
    Gain on sale
     of real estate             --       (2,531)        (775)      (2,531)

    Total operating
     expenses            1,098,221      976,751    2,127,443    1,843,737
  Operating profit         201,211      169,575      368,204      306,796
  Interest expense, net     13,024       11,308       24,940       22,216
  Earnings before
   income taxes
   and effect of
   accounting change       188,187      158,267      343,264      284,580
  Income taxes              63,043       54,602      114,994       98,180
  Net earnings,
   before effect of
   accounting change       125,144      103,665      228,270      186,400

  Effect of accounting
   change, net of tax           --           --           --     (173,750)

  Net earnings            $125,144     $103,665     $228,270      $12,650

  Basic earnings per share:

    Net earnings before
     effect of accounting
     change                  $0.82        $0.69        $1.49        $1.26

    Less:  Effect of
           accounting
           change               --           --           --        (1.17)

    Net earnings             $0.82        $0.69        $1.49        $0.09

  Diluted net earnings
   per share:

    Net earnings before
     effect of accounting
     change                  $0.79        $0.66        $1.44        $1.21

    Less:  Effect of
           accounting
           change               --           --           --        (1.10)

    Net earnings             $0.79        $0.66        $1.44        $0.11

  Average common stock
   and common equivalent
   shares outstanding:

    Basic                  153,185      151,274      153,031      148,223

    Diluted                161,201      160,045      160,934      156,994

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

SOURCE: Danaher Corporation