Danaher Corporation announced today that net earnings for its third quarter ended September 26, 2003 were $138.6 million, 19% above the corresponding 2002 period earnings of $116.0 million. Diluted earnings per share for the 2003 quarter were $0.87, an increase of 18% over the $0.74 reported for the 2002 third quarter. Sales for the 2003 third quarter were $1,309.5 million, 14% higher than the $1,151.7 million for the quarter ended September 27, 2002.

For the nine month period ended September 26, 2003, net earnings were $366.9 million, up 21% from the $302.4 million reported in 2002 before the effect of a change in accounting related to goodwill. Diluted earnings per share for the 2003 nine month period of $2.31 increased 18% from the $1.95 in 2002 before the effect of the accounting change. Net earnings for the 2002 nine month period, after the effect of a first quarter $173.8 million non-cash charge for impairment of goodwill, were $128.7 million, or $0.85 per diluted share. Sales of $3,805.1 million for the 2003 nine month period were 15% higher than the $3,302.3 million reported in 2002.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are again pleased to report record third quarter results. Although we continue to operate in a challenging economic environment, we achieved an 18% increase in earnings per share for the quarter. Sales for the quarter grew 14% compared to last year's third quarter, driven primarily by revenues from recent acquisitions. Operating cash flow was a record $619 million for the 2003 nine month period and 10% higher than in 2002. Organic growth remains a priority. We have recently seen some encouraging developments in our businesses, but we will continue to drive cost reductions to fund our targeted growth opportunities."

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
              CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                 (000's omitted except per share amounts)
                               (unaudited)

                           Three Months Ended           Nine Months Ended
                         Sept. 26,      Sept. 27,     Sept. 26,   Sept. 27,
                           2003           2002          2003        2002

   Net sales            $1,309,451     $1,151,721    $3,805,098  $3,302,254

   Operating costs and
    expenses:
    Cost of sales          766,948        691,648     2,270,310   2,021,740
    Selling, general and
     administrative
     expenses              326,831        275,317       951,687     791,493
    Gains on sale of real
     estate, net               (93)        (2,674)         (868)     (5,205)

    Total operating
     expenses            1,093,686        964,291     3,221,129   2,808,028
   Operating profit        215,765        187,430       583,969     494,226
   Interest expense        (14,520)       (14,788)      (44,003)    (39,429)
   Interest income           2,605          4,501         7,148       6,926
   Earnings before income
    taxes and effect of
    accounting change      203,850        177,143       547,114     461,723
   Income taxes            (65,232)       (61,114)     (180,226)   (159,294)
   Net earnings, before
    effect of accounting
    change                 138,618        116,029       366,888     302,429

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


   Net earnings           $138,618       $116,029      $366,888    $128,679

   Basic earnings per share:

     Net earnings before
      effect of accounting
      change                 $0.90          $0.76         $2.39       $2.02

     Less:
      Effect of accounting
       change                   --             --            --       (1.16)

     Net earnings            $0.90          $0.76         $2.39       $0.86

   Diluted net earnings
    per share:

     Net earnings before
      effect of accounting
      change                 $0.87          $0.74         $2.31       $1.95

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

     Net earnings            $0.87          $0.74         $2.31       $0.85

   Average common stock
    and common equivalent
    shares outstanding:

     Basic                 153,538        151,842       153,200     149,432

     Diluted               161,771        159,611       161,213     157,868

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

SOURCE: Danaher Corporation