PORT WASHINGTON, N.Y., Feb 27, 2013 (BUSINESS WIRE) —
Pall Corporation
/quotes/zigman/237641/quotes/nls/pll PLL
+1.59%
today reported financial results for the second quarter of fiscal year
2013 which ended on January 31, 2013.
Second Quarter and Six Months Continuing Operations Sales and
Earnings Overview(1)
Second quarter sales were $662.5 million compared to $640.0 million last
year, an increase of 3.5%. Sales in local currency (“LC”) were up 3.9%
year over year. Diluted EPS were $0.70 in the quarter, compared to $0.63
last year. Pro forma diluted EPS(2) were $0.73 compared to
$0.67 last year, an increase of 9.0%. Foreign currency translation
negatively impacted second quarter EPS by $0.01.
For the six months, sales were flat year over year (+1.9% in LC).
Diluted EPS were $1.48 in the six months, compared to $1.14 for the same
period last year. Pro forma EPS were $1.41, a 6.0% increase compared to
$1.33 a year earlier, including a negative impact of approximately $0.04
from foreign currency translation.
Larry Kingsley, Pall President and CEO, said, “Life Sciences continued
to perform well, with all three markets achieving solid sales growth.
BioPharmaceuticals in particular had a strong quarter. The Industrial
segment continues to face the headwinds that we characterized last
quarter. Some end markets are down year-over-year and others are flat.
The exception in the segment is Aerospace, which grew double digits in
the quarter.”
Life Sciences - Second Quarter Highlights
(Dollar Amounts in Thousands and Discussion of Sales Changes are
in Local Currency)
Sales: JAN. 31, 2013 JAN. 31, 2012 % % CHANGE IN
CHANGE LC
--------------------------- ------------- ------------- ------ -----------
BioPharmaceuticals $ 218,775 $ 201,647 8.5 9.0
Food & Beverage 56,948 53,366 6.7 7.6
Medical 53,459 44,218 20.9 21.4
------- -------
Total Life Sciences segment $ 329,182 $ 299,231 10.0 10.6
====== ======= ====== =======
Gross profit $ 192,136 $ 177,683
% of sales 58.4 59.4
Segment profit $ 82,477 $ 78,088
% of sales 25.1 26.1
BioPharmaceuticals: Within
BioPharmaceuticals, our Pharmaceuticals sales increased 11%.
Consumables sales to Pharmaceuticals customers grew 14%. Continued
strength in the biotech market, as well as a strong contribution from
ForteBio, drove consumables sales growth. Systems sales were down 11%.
Laboratory sales were down 6% overall, on weakness in the Americas and
Europe.
Food and Beverage:
Consumables sales were up 5%. This reflects strong consumables sales
growth in the Americas, due in part to Latin America and accompanied by
solid growth in Asia. Europe continued to be affected by lower beer and
wine production levels. Overall systems sales grew about 20%, with
contributions from all regions.
Medical: Medical grew on
strong sales in the OEM market and blood media. Hospital Critical Care
contributed solid growth as well.
Industrial - Second Quarter Highlights
(Dollar Amounts in Thousands and Discussion of Sales Changes are
in Local Currency)
Sales: JAN. 31, 2013 JAN. 31, 2012 % % CHANGE IN
CHANGE LC
------------------------ ------------- ------------- -------- ----------
Process Technologies $ 200,435 $ 211,654 (5.3) (5.1)
Aerospace 64,287 54,959 17.0 16.5
Microelectronics 68,551 74,203 (7.6) (6.5)
------- -------
Total Industrial segment $ 333,273 $ 340,816 (2.2) (1.9)
====== ======= ====== =======
Gross profit $ 149,827 $ 160,482
% of sales 45.0 47.1
Segment profit $ 48,104 $ 48,129
% of sales 14.4 14.1
Process Technologies: Machinery
& Equipment sales were down almost 8%. In-plant sales declined due to
weak end-market demand in Europe and Asia, despite strength in the
Americas. In addition, the heavy off-road equipment market was soft
globally.
Sales in Fuels & Chemicals were flat as growth in the Americas and Asia
was offset by a decline in Europe.
Power Generation sales decreased 1% on weakness in both capital spend in
Europe and the wind turbine market in China.
Municipal Water sales declined 19% primarily on weakness in the
Americas, as capital spending pressure and project delays impacted
results.
Aerospace: Commercial
Aerospace sales increased about 39%, on strength in all three regions.
Fulfillment of past due backlog also contributed. Military Aerospace
sales were flat year over year.
Microelectronics: The year
over year result reflects continuing global weakness in
semiconductor and data storage end markets.
Conclusion/Outlook
Kingsley concluded, “As we factor in first half performance and what we
are hearing from our customers, our view is generally consistent with
what we said last quarter. We still expect overall revenue for the full
year to have flat-to-low single digit growth excluding FX, and full year
pro forma EPS to be in the range of $2.95-$3.15(2).”
Conference Call
On Thursday, February 28, 2013, at 8:30 am ET, Pall Corporation will
host a conference call to review these results. The call can be accessed
at www.pall.com/investor.
The webcast will be archived for 30 days.
About Pall Corporation
Pall Corporation
/quotes/zigman/237641/quotes/nls/pll PLL
+1.59%
is a filtration, separation and purification leader providing solutions
to meet the critical fluid management needs of customers across the
broad spectrum of life sciences and industry. Pall works with customers
to advance health, safety and environmentally responsible technologies.
The Company’s engineered products enable process and product innovation
and minimize emissions and waste. Pall Corporation is an S&P 500 company
serving customers worldwide. Pall has been named a “top green company”
by Newsweek magazine. To see how Pall is helping enable a
greener, safer, more sustainable future, follow us on Twitter @PallCorporation
or visit www.pall.com/green.
Forward-Looking Statements
The matters discussed in this presentation contain “forward-looking
statements” as defined in the Private Securities Litigation Reform Act
of 1995. Results for the second quarter of fiscal year 2013 are
preliminary until the Company’s Form 10-Q is filed with the Securities
and Exchange Commission on or before March 12, 2013. Forward-looking
statements are those that address activities, events or developments
that the Company or management intends, expects, projects, believes or
anticipates will or may occur in the future. All statements regarding
future performance, earnings projections, earnings guidance,
management’s expectations about its future cash needs, dilution from the
disposition or future allocation of capital and effective tax rate, and
other future events or developments are forward-looking statements.
Forward-looking statements are those that use terms such as “may,”
“will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,”
“estimate,” “forecast,” “project,” “plan,” “predict,” “potential,” and
similar expressions. Forward-looking statements contained in this and
other written and oral reports are based on management’s assumptions and
assessments in light of past experience and trends, current conditions,
expected future developments and other relevant factors.
The Company’s forward-looking statements are subject to risks and
uncertainties and are not guarantees of future performance, and actual
results, developments and business decisions may differ materially from
those envisaged by the Company’s forward-looking statements. Such risks
and uncertainties include, but are not limited to, those discussed in
Part I-Item 1A.-Risk Factors in the 2012 Form 10-K, and other reports
the Company files with the Securities and Exchange Commission,
including: the impact of legislative, regulatory and political
developments globally; the impact of the uncertain global economic
environment; the extent to which adverse economic conditions may affect
the Company’s sales volume and results; demand for the Company’s
products and business relationships with key customers and suppliers,
which may be impacted by their cash flow and payment practices; delays
or cancellations in shipments; the Company’s ability to develop and
commercialize new technologies or obtain regulatory approval or market
acceptance of new technologies; the Company’s ability to enforce patents
and protect proprietary products and manufacturing techniques; increase
in costs of manufacturing and operating costs; the Company’s ability to
achieve and sustain the savings anticipated from its structural cost
improvement initiatives; volatility in foreign currency exchange rates,
interest rates and energy costs and other macroeconomic challenges
currently affecting the Company; the Company’s ability to meet its
regulatory obligations; costs and outcome of pending or future claims or
litigation; the Company’s ability to comply with environmental, health
and safety laws and regulations; changes in product mix, market mix and
product pricing, particularly relating to the expansion of the systems
business; the effect of a serious disruption in the Company’s
information systems; fluctuations in the Company’s effective tax rate;
the Company’s ability to successfully complete or integrate any
acquisitions; competition, including the impact of pricing and other
actions by the Company’s competitors; the effect of litigation and
regulatory inquiries associated with the restatement of the Company’s
prior period financial statements; the Company’s ability to attract and
retain management talent or the loss of members of its senior management
team; the effect of the restrictive covenants in the Company’s debt
facilities; and the effect of product defects and recalls. Factors or
events that could cause the Company’s actual results to differ may
emerge from time to time, and it is not possible for the Company to
predict all of them. The Company makes these statements as of the date
of this disclosure and undertakes no obligation to update them, whether
as a result of new information, future developments or otherwise.
Management uses certain non-GAAP measurements to assess the Company’s
current and future financial performance. The non-GAAP measurements do
not replace the presentation of the Company’s GAAP financial results.
These measurements provide supplemental information to assist management
in analyzing the Company’s financial position and results of operations.
The Company has chosen to provide this information to facilitate
meaningful comparisons of past, present and future operating results and
as a means to emphasize the results of ongoing operations.
Notes to Release:
--------------------------------------------------------------------------------------------------------------------
(1) As discussed in our news release dated August 1, 2012, the Company
completed the sale of certain assets of its Blood product line.
Accordingly, discussion of results from continuing operations
excludes the Blood product line. Tables appended to this release
are presented on a continuing operations basis (with
reconciliation to include the discontinued Blood product line).
Further, Life Sciences and Industrial segment profit for fiscal
year 2012 have been restated to reflect a change in the allocation
of certain shared expenses on a continuing operations basis.
(2) Pro forma diluted EPS are defined as Reported diluted EPS on a
continuing operations basis adjusted for "Discrete Items."
Discrete items are defined as ROTC and other items that are deemed
to be non-recurring in nature and/or not considered by management
to be indicative of underlying operating performance. A
reconciliation of Reported to Pro forma amounts can be found in
the Reconciliation of Pro forma Earnings table accompanying this
release.
(3) Reflects assets held for sale related to the Blood product line.
(4) Cash flows are inclusive of discontinued operations.
# # #
PALL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in Thousands)
JAN. 31, 2013 JUL. 31, 2012
----------------- -----------------
Assets:
Cash and cash equivalents $ 870,232 $ 500,274
Accounts receivable 580,031 655,436
Inventories 404,651 364,766
Other current assets 185,242 195,464
Assets held for sale - 136,517 (3)
--------- ---------
Total current assets 2,040,156 1,852,457
--------- ---------
Property, plant and equipment 764,182 750,993
Other assets 648,755 744,442
--------- ---------
Total assets $ 3,453,093 $ 3,347,892
====== ========= ====== =========
Liabilities and Stockholders' Equity:
Short-term debt $ 235,421 $ 205,393
Accounts payable, income taxes and other current liabilities 568,057 646,735
--------- ---------
Total current liabilities 803,478 852,128
Long-term debt, net of current portion 474,492 490,706
Deferred taxes and other non-current liabilities 471,550 495,023
--------- ---------
Total liabilities 1,749,520 1,837,857
Stockholders' equity 1,703,573 1,510,035
--------- ---------
Total liabilities and stockholders' equity $ 3,453,093 $ 3,347,892
====== ========= ====== =========
PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)
SECOND QUARTER ENDED SIX MONTHS ENDED
------------------------------------- -----------------------------------------
JAN. 31, 2013 JAN. 31, 2012 JAN. 31, 2013 JAN. 31, 2012
------------------ ------------------ -------------------- --------------------
Net sales $ 662,455 $ 640,047 $ 1,290,055 $ 1,291,309
Cost of sales 320,492 301,882 621,009 617,792
------- ------- --------- ---------
Gross profit 341,963 338,165 669,046 673,517
------- ------- --------- ---------
% of sales 51.6 % 52.8 % 51.9 % 52.2 %
Selling, general and administrative expenses 206,009 209,576 401,974 417,756
% of sales 31.1 % 32.7 % 31.2 % 32.4 %
Research and development 23,399 20,050 45,974 39,571
------- ------- --------- ---------
Operating profit 112,555 108,539 221,098 216,190
% of sales 17.0 % 17.0 % 17.1 % 16.7 %
Restructuring and other charges ("ROTC") (a) 4,399 5,156 8,673 28,140
Interest expense, net (c) 6,017 5,386 5,449 11,331
------- ------- --------- ---------
Earnings from continuing operations before income taxes 102,139 97,997 206,976 176,719
Provision for income taxes (b) 21,820 23,351 37,492 42,421
------- ------- --------- ---------
Net earnings from continuing operations $ 80,319 $ 74,646 $ 169,484 $ 134,298
Earnings/(loss) from discontinued operations, net of income taxes (3,549) 10,083 246,758 19,886
------- ---- ------- --------- ---------
Net Earnings $ 76,770 $ 84,729 $ 416,242 $ 154,184
==== ======= ==== ======= ==== ========= ==== =========
Average shares outstanding:
Basic 112,420 116,196 113,398 115,997
Diluted 113,809 117,914 114,784 117,555
Earnings/(loss) per share:
-----------------------------------------------------------------
From continuing operations:
Basic $ 0.71 $ 0.64 $ 1.49 $ 1.16
Diluted $ 0.70 $ 0.63 $ 1.48 $ 1.14
From discontinued operations:
Basic $ (0.03) $ 0.09 $ 2.18 $ 0.17
Diluted $ (0.03) $ 0.09 $ 2.15 $ 0.17
---- ------- ---- ---- ------- ---- --------- ---- ---------
Total
Basic $ 0.68 $ 0.73 $ 3.67 $ 1.33
Diluted $ 0.67 $ 0.72 $ 3.63 $ 1.31
==== ======= ==== ======= ==== ========= ==== =========
Pro forma diluted earnings per share:
-----------------------------------------------------------------
From continuing operations $ 0.73 $ 0.67 $ 1.41 $ 1.33
==== ======= ==== ======= ==== ========= ==== =========
PALL CORPORATION
RECONCILIATION OF PRO FORMA EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)
SECOND QUARTER ENDED SIX MONTHS ENDED
----------------------------- ----------------------------------
JAN. 31, 2013 JAN. 31, 2012 JAN. 31, 2013 JAN. 31, 2012
-------------- -------------- ------------------ ---------------
Pro forma earnings reconciliation from
Continuing Operations
-----------------------------------------------------------------
Net earnings from continuing operations as reported $ 80,319 $ 74,646 $ 169,484 $ 134,298
Discrete items:
ROTC, after pro forma tax effect (a) 3,122 3,965 6,962 21,721
Tax adjustments (b) - - (10,193) -
- - (4,268) -
Interest adjustments, after pro forma tax effect (c)
------ ------ ------- ---- -------
Total discrete items 3,122 3,965 (7,499) 21,721
------ ------ ------- ---- -------
Pro forma earnings from continuing operations $ 83,441 $ 78,611 161,985 156,019
====== ====== ====== ====== ======= =======
FISCAL YEAR
SECOND QUARTER ENDED SIX MONTHS ENDED 2013 (ESTIMATE
----------------------------- ----------------------------------
JAN. 31, 2013 JAN. 31, 2012 JAN. 31, 2013 JAN. 31, 2012 AT MIDPOINT)
-------------- -------------- ------------------ --------------- ----------------
Diluted earnings per share from continuing operations as reported $ 0.70 $ 0.63 $ 1.48 $ 1.14 $ 3.12
Discrete items:
ROTC, after pro forma tax effect (a) 0.03 0.04 0.06 0.19 0.06
Tax adjustments (b) - - (0.09) - (0.09)
- - (0.04) - (0.04)
Interest adjustments, after pro forma tax effect (c)
------ ------ ------- ---- ------- ----- ----
Total discrete items 0.03 0.04 (0.07) 0.19 (0.07)
------ ------ ------- ---- ------- ----- ----
Pro forma diluted earnings per share from continuing operations $ 0.73 $ 0.67 $ 1.41 $ 1.33 $ 3.05
====== ====== ====== ====== ==== ======= ====== ======= ==== =====
Pro forma earnings measures exclude the items described below as they
are deemed to be non-recurring in nature and/or not considered by
management to be indicative of underlying operating performance. The pro
forma tax effects disclosed were calculated using applicable
entity-specific U.S. federal and/or foreign tax rates.
(a) ROTC in the quarter and six months ended January 31, 2013 of $4,399
($3,122 after pro forma tax effect of $1,277) and $8,673 ($6,962 after
pro forma tax effect of $1,711), respectively primarily includes
severance costs related to the Company’s structural cost improvement
initiatives.
ROTC in the quarter and six months ended January 31, 2012 of $5,156
($3,965 after pro forma tax effect of $1,191) and $28,140 ($21,721 after
pro forma tax effect of $6,419), respectively, includes expenses related
to the Company’s cost reduction initiatives, primarily in the Industrial
segment and certain employment contract obligations. ROTC in the six
months was partly offset by a gain on the sale of an investment.
(b) Provision for income taxes in the six months ended January 31, 2013
includes a net benefit of $10,193 related to the resolution of a U.S.
tax audit partially offset by the tax cost of repatriation of foreign
earnings.
(c) Interest expense, net, in the six months ended January 31, 2013
includes the reversal of accrued interest of $6,704 ($4,268 after pro
forma tax effect of $2,436) related to the resolution of a U.S. tax
audit as described in (b) above.
PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in Thousands)
SIX MONTHS ENDED
-------------------------------------------
JAN. 31, 2013 (4) JAN. 31, 2012 (4)
---------------- ----------------
Net cash provided by operating activities $ 89,382 $ 203,983
---- -------- ---- --------
Investing activities:
Acquisitions of businesses - (25,669)
Capital expenditures (42,403) (94,285)
Proceeds from sale of assets 542,088 19,856
Other 1,062 (9,620)
-------- -------- ----
Net cash provided/(used) by investing activities 500,747 (109,718)
-------- -------- ----
Financing activities:
Dividends paid (52,634) (40,274)
Borrowings/(repayments) of notes payable and long-term borrowings 29,800 (75,169)
Purchase of treasury stock (250,000) -
Other 33,049 18,719
-------- --------
Net cash used by financing activities (239,785) (96,724)
-------- ---- -------- ----
Cash flow for period 350,344 (2,459)
Cash and cash equivalents at beginning of year 500,274 557,766
Effect of exchange rate changes on cash 19,614 (27,403)
-------- -------- ----
Cash and cash equivalents at end of period $ 870,232 $ 527,904
==== ======== ==== ========
Free cash flow:
-----------------------------------------------------------------
Net cash provided by operating activities $ 89,382 $ 203,983
Less capital expenditures 42,403 94,285
-------- --------
Free cash flow $ 46,979 $ 109,698
==== ======== ==== ========
PALL CORPORATION
SUMMARY SEGMENT PROFIT BY SEGMENT FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
SECOND QUARTER ENDED SIX MONTHS ENDED
------------------------------------- -------------------------------------
JAN. 31, 2013 JAN. 31, 2012 JAN. 31, 2013 JAN. 31, 2012
------------------ ------------------ ------------------ ------------------
Life Sciences
-------------------------------------------------------
Sales $ 329,182 $ 299,231 $ 629,133 $ 600,985
Cost of sales 137,046 121,548 261,043 245,089
------- ------- ------- -------
Gross profit 192,136 177,683 368,090 355,896
% of sales 58.4 % 59.4 % 58.5 % 59.2 %
Selling, general and administrative expenses 94,414 87,341 185,319 174,407
% of sales 28.7 % 29.2 % 29.5 % 29.0 %
Research and development 15,245 12,254 30,452 23,684
------- ------- ------- -------
Segment profit $ 82,477 $ 78,088 $ 152,319 $ 157,805
==== ======= ==== ======= ==== ======= ==== =======
% of sales 25.1 % 26.1 % 24.2 % 26.3 %
Industrial
-------------------------------------------------------
Sales $ 333,273 $ 340,816 $ 660,922 $ 690,324
Cost of sales 183,446 180,334 359,966 372,703
------- ------- ------- -------
Gross profit 149,827 160,482 300,956 317,621
% of sales 45.0 % 47.1 % 45.5 % 46.0 %
Selling, general and administrative expenses 93,569 104,557 184,564 209,970
% of sales 28.1 % 30.7 % 27.9 % 30.4 %
Research and development 8,154 7,796 15,522 15,887
------- ------- ------- -------
Segment profit $ 48,104 $ 48,129 $ 100,870 $ 91,764
==== ======= ==== ======= ==== ======= ==== =======
% of sales 14.4 % 14.1 % 15.3 % 13.3 %
Consolidated:
-------------------------------------------------------
Segment profit $ 130,581 $ 126,217 $ 253,189 $ 249,569
Corporate services group 18,026 17,678 32,091 33,379
------- ------- ------- -------
Operating profit 112,555 108,539 221,098 216,190
% of sales 17.0 % 17.0 % 17.1 % 16.7 %
ROTC 4,399 5,156 8,673 28,140
Interest expense, net 6,017 5,386 5,449 11,331
------- ------- ------- -------
Earnings from continuing operations before income taxes $ 102,139 $ 97,997 $ 206,976 $ 176,719
==== ======= ==== ======= ==== ======= ==== =======
PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY MARKET AND REGION
FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
EXCHANGE % CHANGE
RATE IN LOCAL
SECOND QUARTER ENDED JAN. 31, 2013 JAN. 31, 2012 % CHANGE IMPACT CURRENCY
-------------------- --------------- --------------- -------- --------------- --------------------------
Life Sciences |-------------- Increase/(Decrease) -------------|
--------------------
By Market:
BioPharmaceuticals $ 218,775 $ 201,647 8.5 $ (934) 9.0
Food & Beverage 56,948 53,366 6.7 (495) 7.6
Medical 53,459 44,218 20.9 (211) 21.4
------- ------- ------ -
Total Life Sciences $ 329,182 $ 299,231 10.0 $ (1,640) 10.6
====== ======= ====== ======= ===== ====== =
By Region:
Americas $ 104,018 $ 84,014 23.8 $ (789) 24.8
Europe 159,360 152,027 4.8 603 4.4
Asia 65,804 63,190 4.1 (1,454) 6.4
------- ------- ------ -
Total Life Sciences $ 329,182 $ 299,231 10.0 $ (1,640) 10.6
====== ======= ====== ======= ===== ====== =
Industrial
--------------------
By Market:
Process Technologies $ 200,435 $ 211,654 (5.3) $ (523) (5.1)
Aerospace 64,287 54,959 17.0 245 16.5
Microelectronics 68,551 74,203 (7.6) (807) (6.5)
------- ------- ------ -
Total Industrial $ 333,273 $ 340,816 (2.2) $ (1,085) (1.9)
====== ======= ====== ======= ===== ====== =
By Region:
Americas $ 105,636 $ 104,726 0.9 $ (732) 1.6
Europe 105,502 106,374 (0.8) 928 (1.7)
Asia 122,135 129,716 (5.8) (1,281) (4.9)
------- ------- ------ -
Total Industrial $ 333,273 $ 340,816 (2.2) $ (1,085) (1.9)
====== ======= ====== ======= ===== ====== =
PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY MARKET AND REGION
FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
EXCHANGE % CHANGE
RATE IN LOCAL
SIX MONTHS ENDED JAN. 31, 2013 JAN. 31, 2012 % CHANGE IMPACT CURRENCY
-------------------- --------------- --------------- -------- ---------------- -------------------------
Life Sciences |-------------- Increase/(Decrease) -------------|
--------------------
By Market:
BioPharmaceuticals $ 421,352 $ 397,659 6.0 $ (9,850) 8.4
Food & Beverage 106,534 109,385 (2.6) (3,097) 0.2
Medical 101,247 93,941 7.8 (2,082) 10.0
------- ------- ------- -
Total Life Sciences $ 629,133 $ 600,985 4.7 $ (15,029) 7.2
====== ======= ====== ======= ===== ======= =
By Region:
Americas $ 201,816 $ 174,738 15.5 $ (1,525) 16.4
Europe 303,025 305,905 (0.9) (10,856) 2.6
Asia 124,292 120,342 3.3 (2,648) 5.5
------- ------- ------- -
Total Life Sciences $ 629,133 $ 600,985 4.7 $ (15,029) 7.2
====== ======= ====== ======= ===== ======= =
Industrial
--------------------
By Market:
Process Technologies $ 398,969 $ 425,939 (6.3) $ (7,597) (4.5)
Aerospace 122,722 111,592 10.0 (806) 10.7
Microelectronics 139,231 152,793 (8.9) (2,168) (7.5)
------- ------- ------- -
Total Industrial $ 660,922 $ 690,324 (4.3) $ (10,571) (2.7)
====== ======= ====== ======= ===== ======= =
By Region:
Americas $ 210,309 $ 213,791 (1.6) $ (1,469) (0.9)
Europe 204,179 205,487 (0.6) (6,802) 2.7
Asia 246,434 271,046 (9.1) (2,300) (8.2)
------- ------- ------- -
Total Industrial $ 660,922 $ 690,324 (4.3) $ (10,571) (2.7)
====== ======= ====== ======= ===== ======= =
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130227006625r1&sid=cmtx4&distro=nx
SOURCE: Pall Corporation
Pall Corporation
Brent Jones
Vice President of Finance & Treasurer
Telephone: 516-801-9848
Email: investor_relations@pall.com
Copyright Business Wire 2013
Source Article from http://www.marketwatch.com/story/pall-corporation-reports-second-quarter-results-2013-02-27
