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Exhibit 99.1

LOGO

DANAHER REPORTS RECORD SECOND QUARTER 2011 RESULTS

WASHINGTON, D.C., July 21, 2011 — Danaher Corporation (NYSE:DHR) announced today that net earnings from continuing operations for the quarter ended July 1, 2011 were $449.6 million, or $0.65 per share on a diluted basis, a 23% increase as compared to diluted net earnings per share from continuing operations for the second quarter 2010. On a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule, second quarter 2011 adjusted diluted net earnings per share from continuing operations, excluding the impact of the acquisition of Beckman Coulter, were $0.69, a 28% increase over 2010 second quarter adjusted diluted net earnings per share from continuing operations.

Sales from continuing operations for the 2011 second quarter were $3.7 billion, 15.5% higher than the $3.2 billion reported sales from continuing operations for the 2010 second quarter. Core revenues increased 7.5% in the quarter compared to the second quarter of 2010.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, “We’ve been very pleased by our strong start to 2011 and our team’s execution led to yet another quarter of solid core revenue and earnings growth. Our investments in new product development and go-to-market initiatives continued to drive organic growth and margin expansion and with our increasing exposure to higher growth emerging markets and the addition of Beckman Coulter to the portfolio, we believe we are well positioned to continue to outperform for the remainder of 2011 and beyond.”

Danaher will discuss its results during its investor conference call today starting at 8:00 a.m. EDT. The call and an accompanying slide presentation will be webcast on the “Investors” section of Danaher’s website at www.danaher.com. A replay of the webcast can be accessed on the “Investors” section of Danaher’s website (under the subheading “Investor Events”) shortly after the conclusion of the presentation, and the webcast will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 800-946-0785 within the U.S. or 719-325-2155 outside the US a few minutes before the 8:00 a.m. EDT start and telling the operator that you are dialing in for Danaher’s investor conference call, access code 4214214. A replay of the conference call will be available shortly after the conclusion of the call and through Thursday, July 28, 2011. You can access the replay by dialing 888-203-1112 within the U.S. or 719-457-0820 outside the U.S. with the access code 4214214. In addition, presentation materials relating to Danaher’s results have been posted to the “Investors” section of Danaher’s website under the subheading “Earnings.”

* * *

Danaher is a science and technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Our premier brands are among the most highly recognized in each of the markets we serve. The Danaher Business System provides a foundation to our 59,000 associates around the world, serving customers in more than 125 countries. In 2010, we generated $12.8 billion of revenue. For more information please visit our website: www.danaher.com.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached.

Statements in this release that are not strictly historical, including the statements regarding the Company’s investments in new product development and go-to-market initiatives, business in emerging economies and positioning and expectations for 2011 and future periods and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be “forward-looking” statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ


materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, uncertainty in the economy and financial markets, the impact of our restructuring activities on our ability to grow, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, our ability to successfully identify, consummate and integrate appropriate acquisitions (including our acquisition of Beckman Coulter, Inc. and our ability to effectively integrate the business and realize the anticipated benefits from the acquisition), contingent liabilities relating to acquisitions (including our acquisition of Beckman Coulter), risks relating to potential impairment of goodwill and other long-lived assets, currency exchange rates, our compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reduction and other changes in the healthcare industry, tax audits and changes in our tax rate and income tax liabilities, litigation and other contingent liabilities including intellectual property and environmental matters, risks relating to product defects and recalls, the impact of our debt obligations on our operations, pension plan costs, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, labor matters, our relationships with and the performance of our channel partners, risks relating to man-made and natural disasters, our ability to achieve projected cost reductions and growth, and international economic, political, legal and business factors. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2010 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the first quarter of 2011. These forward-looking statements speak only as of the date of this release and the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

Please contact:

Matt R. McGrew

Vice President, Investor Relations

Danaher Corporation

2200 Pennsylvania Ave, NW

Suite 800W

Washington, D.C. 20037

Telephone:

Fax:

  

(202) 828-0850

(202) 828-0860


DANAHER CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

($ in thousands)

(unaudited)

 

      July 1, 2011      December 31, 2010  

ASSETS

     

Current Assets:

     

Cash and equivalents

   $ 551,583       $ 1,632,980   

Trade accounts receivable, net

     3,099,418         2,159,503   

Inventories:

     

Finished goods

     1,115,452         582,331   

Work in process

     314,060         185,658   

Raw material and supplies

     635,537         412,194   
                 

Total inventories

     2,065,049         1,180,183   

Prepaid expenses and other current assets

     838,750         1,070,215   
                 

Total current assets

     6,554,800         6,042,881   

Property, plant and equipment, net of accumulated depreciation of $1,583,010 and $1,462,686, respectively

     2,226,119         1,160,886   

Investment in joint venture

     533,136         511,283   

Other assets

     1,247,548         696,498   

Goodwill

     14,741,004         10,482,998   

Other intangible assets, net

     6,210,769         3,322,584   
                 

Total assets

   $ 31,513,376       $ 22,217,130   
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current Liabilities:

     

Notes payable and current portion of long-term debt

   $ 47,932       $ 40,761   

Trade accounts payable

     1,515,113         1,169,185   

Accrued expenses and other liabilities

     2,718,251         2,110,756   
                 

Total current liabilities

     4,281,296         3,320,702   

Other long-term liabilities

     4,151,630         2,339,755   

Long-term debt

     6,524,931         2,783,907   

Stockholders’ equity:

     

Common stock - $0.01 par value

     7,585         7,295   

Additional paid-in capital

     3,746,995         2,412,401   

Retained earnings

     11,997,077         10,945,928   

Accumulated other comprehensive income

     737,839         345,386   
                 

Total Danaher stockholders’ equity

     16,489,496         13,711,010   

Non-controlling interest

     66,023         61,756   
                 

Total stockholders’ equity

     16,555,519         13,772,766   
                 

Total liabilities and stockholders’ equity

   $ 31,513,376       $ 22,217,130   
                 

A complete copy of Danaher’s Form 10-Q financial statements will be available when filed with the Securities and Exchange Commission on the Company’s website (www.danaher.com)


DANAHER CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in thousands, except per share amounts)

(unaudited)

 

     Three Months Ended     Six Months Ended  
     July 1, 2011     July 2, 2010     July 1, 2011     July 2, 2010  

Sales

   $ 3,711,674      $ 3,217,428      $ 7,057,376      $ 6,225,257   

Cost of sales

     1,768,479        1,611,875        3,350,793        3,150,992   
                                

Gross profit

     1,943,195        1,605,553        3,706,583        3,074,265   

Operating costs and other:

        

Selling, general and administrative expenses

     1,095,749        896,588        2,065,451        1,762,919   

Research and development expenses

     235,803        191,199        453,376        372,035   

Earnings from unconsolidated joint venture

     (14,460     —          (28,935     —     
                                

Operating profit

     626,103        517,766        1,216,691        939,311   

Non-operating income (expense):

        

Interest expense

     (31,709     (28,944     (62,434     (58,988

Interest income

     2,280        1,039        4,395        2,592   
                                

Earnings from continuing operations before income taxes

     596,674        489,861        1,158,652        882,915   

Income taxes

     (147,028     (127,738     (288,760     (228,046
                                

Earnings from continuing operations

     449,646        362,123        869,892        654,869   

Earnings from discontinued operations, net of income taxes

     199,118        10,353        208,230        17,840   
                                

Net earnings

   $ 648,764      $ 372,476      $ 1,078,122      $ 672,709   
                                

Earnings per share from continuing operations:

        

Basic

   $ 0.67      $ 0.55      $ 1.31      $ 1.01   
                                

Diluted

   $ 0.65      $ 0.53      $ 1.26      $ 0.97   
                                

Earnings per share from discontinued operations:

        

Basic

   $ 0.30      $ 0.02      $ 0.31      $ 0.03   
                                

Diluted

   $ 0.29      $ 0.02      $ 0.30      $ 0.03   
                                

Net earnings per share:

        

Basic

   $ 0.97      $ 0.57      $ 1.62      $ 1.03
                                

Diluted

   $ 0.94      $ 0.55      $ 1.56      $ 1.00   
                                

Average common stock and common equivalent shares outstanding (in thousands):

        

Basic

     667,207        652,478        664,403        650,723   

Diluted

     694,599        682,338        691,464        681,230   

 

* Earnings per share amounts do not add due to rounding.

A complete copy of Danaher’s Form 10-Q financial statements will be available when filed with the Securities and Exchange

Commission on the Company’s website (www.danaher.com)


DANAHER CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

($ in thousands)

(unaudited)

 

     Six Months Ended  
     July 1, 2011     July 2, 2010  

Cash flows from operating activities:

    

Net earnings

   $ 1,078,122      $ 672,709   

Less: earnings from discontinued operations, net of tax

     208,230        17,840   
                

Net earnings from continued operations

     869,892        654,869   

Non-cash items:

    

Depreciation

     106,628        96,364   

Amortization

     118,673        94,362   

Stock compensation expense

     45,966        40,882   

Earnings from unconsolidated joint venture, net of cash dividends received

     (16,586     —     

Change in trade accounts receivable, net

     (14,850     (63,664

Change in inventories

     (32,280     (157,413

Change in accounts payable

     36,658        174,265   

Change in prepaid expenses and other assets

     54,345        123,737   

Change in accrued expenses and other liabilities

     (11,733     (47,252
                

Total operating cash flows from continuing operations

     1,156,713        916,150   

Total operating cash flows from discontinued operations

     (57,581     15,652   
                

Net cash flows from operating activities

     1,099,132        931,802   
                

Cash flows from investing activities:

    

Payments for additions to property, plant and equipment

     (108,094     (89,119

Proceeds from disposals of property, plant and equipment

     3,431        627   

Cash paid for acquisitions

     (6,056,279     (1,398,526
                

Total investing cash flows from continuing operations

     (6,160,942     (1,487,018

Investing cash flows from discontinued operations

     (1,521     (3,219

Proceeds from sale of discontinued operations

     680,105        —     
                

Net cash used in investing activities

     (5,482,358     (1,490,237
                

Cash flows from financing activities:

    

Proceeds from issuance of common stock

     1,050,322        92,850   

Payment of dividends

     (26,973     (26,012

Net proceeds of borrowings (maturities of 90 days or less)

     462,147        21,543   

Proceeds of borrowings (maturities greater than 90 days)

     1,785,764        —     

Repayments of borrowings (maturities greater than 90 days)

     (2,021     —     
                

Net cash provided by financing activities

     3,269,239        88,381   
                

Effect of exchange rate changes on cash and equivalents

     32,590        (18,930
                

Net change in cash and equivalents

     (1,081,397     (488,984

Beginning balance of cash and equivalents

     1,632,980        1,721,920   
                

Ending balance of cash and equivalents

   $ 551,583      $ 1,232,936   
                

Supplemental disclosures:

    

Cash interest payments

   $ 38,439      $ 39,192   

Cash income tax payments (including $53 million related to the gain on sale of the discontinued Pacific Scientific Aerospace business – refer to Note 3)

   $ 162,696      $ 114,440   

A complete copy of Danaher’s Form 10-Q financial statements will be available when filed with the Securities and Exchange

Commission on the Company’s website (www.danaher.com)


DANAHER CORPORATION AND SUBSIDIARIES

SEGMENT INFORMATION

 

($ in millions, unaudited)             
      Three Months Ended     Six Months Ended  
     July 1, 2011     July 2, 2010     July 1, 2011     July 2, 2010  
Sales         

Test & Measurement

   $ 848.2      $ 682.2      $ 1,678.7      $ 1,334.3   

Environmental

     730.6        696.0        1,398.6        1,307.7   

Life Sciences & Diagnostics

     704.8        540.1        1,331.4        1,056.6   

Dental

     504.7        428.3        968.2        860.1   

Industrial Technologies

     923.4        698.5        1,680.5        1,351.0   

Businesses contributed to Apex JV attributable to periods prior to contribution

     —          172.3        —          315.6   
                                

Total Company

   $ 3,711.7      $ 3,217.4      $ 7,057.4      $ 6,225.3   
                                
Operating Profit         

Test & Measurement

   $ 190.2      $ 145.3      $ 362.4      $ 269.1   

Environmental

     158.4        150.6        287.3        254.6   

Life Sciences & Diagnostics

     34.5        32.4        124.9        69.2   

Dental

     55.0        46.2        104.5        82.8   

Industrial Technologies

     200.5        144.8        362.1        270.0   

Businesses contributed to Apex joint venture:

        

Attributable to periods prior to contribution

     —          22.7        —          41.5   

Equity method earnings subsequent to JV formation

     14.5        —          28.9        —     

Other

     (27.0     (24.2     (53.4     (47.9
                                

Total Company

   $ 626.1      $ 517.8      $ 1,216.7      $ 939.3   
                                
Operating Margins         

Test & Measurement

     22.4     21.3     21.6     20.2

Environmental

     21.7     21.6     20.5     19.5

Life Sciences & Diagnostics

     4.9     6.0     9.4     6.5

Dental

     10.9     10.8     10.8     9.6

Industrial Technologies

     21.7     20.7     21.6     20.0

Total Company

     16.9     16.1     17.2     15.1

This information is presented for reference only. Final unaudited financial statements will include footnotes, which should be

referenced when available, to more fully understand the contents of this information


DANAHER CORPORATION AND SUBSIDIARIES

SALES GROWTH INFORMATION

 

     Components of Sales Change  
     Existing
Businesses
    Acquisitions     Impact of Currency
Translation
    Total  

Three Months Ended July 1, 2011:

        

Test & Measurement

     9.5     11.0     4.0     24.5

Environmental

     -0.5     0.5     5.0     5.0

Life Sciences & Diagnostics

     8.0     15.0     7.5     30.5

Dental

     6.5     4.5     7.0     18.0

Industrial Technologies

     14.5     13.0     4.5     32.0

Total Company

     7.5     3.0     5.0     15.5
     Components of Sales Change  
     Existing
Businesses
    Acquisitions     Impact of Currency
Translation
    Total  

Six Months Ended July 1, 2011:

        

Test & Measurement

     11.5     12.0     2.5     26.0

Environmental

     3.0     1.0     3.0     7.0

Life Sciences & Diagnostics

     8.5     12.5     5.0     26.0

Dental

     6.0     2.5     4.0     12.5

Industrial Technologies

     14.5     7.5     2.5     24.5

Total Company

     8.5     1.5     3.5     13.5

This information is presented for reference only. Final unaudited financial statements will include footnotes, which

should be referenced when available, to more fully understand the contents of this information


DANAHER CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

($ in 000’s except per share data)

 

     Three Months Ended            Six Months Ended        
      July 1, 2011     July 2, 2010      %
Change
    July 1, 2011     July 2, 2010     %
Change
 

Adjusted Net Earnings from Continuing Operations

             

Net Earnings from Continuing Operations (GAAP)

   $ 449,646      $ 362,123         24.2   $ 869,892      $ 654,869        32.8
                         

Acquisition-related transaction costs deemed significant ($26 million pre-tax for each of the three and six months ended July 1, 2011 and $8 million pre-tax for the six months ended July 2, 2010) and fair value adjustments to acquisition related inventory and deferred revenue balances and change-in-control payments ($29 million pre-tax for each of the three and six months ended July 1, 2011 and $9 million and $38 million pre-tax, respectively, for the three and six months ended July 2, 2010) (“Acquisition Related Costs”)

     41,348        6,331           41,348        34,894     

Gains from net reduction in income tax reserves, other discrete tax items and reduction of effective tax rate (“Income Tax Items”)

     (4,109     —             (4,109     (4,027  
                                     

Adjusted Net Earnings from Continuing Operations (Non-GAAP)

   $ 486,885      $ 368,454         32.1   $ 907,131      $ 685,736        32.3
                                                 

Adjusted Diluted Net Earnings Per Share from Continuing Operations

             

Diluted Net Earnings Per Share from Continuing Operations (GAAP)

   $ 0.65      $ 0.53         22.6   $ 1.26      $ 0.97        29.9
                         

Acquisition Related Costs

     0.06        0.01           0.06        0.05     

Income Tax Items

     (0.01     —             (0.01     (0.01  
                                     

Adjusted Diluted Net Earnings Per Share from Continuing Operations (Non-GAAP)

   $ 0.70      $ 0.54         29.6   $ 1.31      $ 1.01        29.7

Adjusted Diluted Net Earnings Per Share Provided by Beckman Coulter, Inc. from June 25 to July 1, 2011 ($12 million pre-tax for the three months and six months ended July 1, 2011)

     (0.01     —             (0.01     —       
                                     

Adjusted Diluted Net Earnings Per Share from Continuing Operations Excluding Beckman Coulter, Inc. (Non-GAAP)

   $ 0.69      $ 0.54         27.8   $ 1.30      $ 1.01        28.7
                                                 


Core Revenue Growth

 

Components of Revenue Growth

   Three Months
Ended July 1,
2011 vs.
Comparable
2010 Period
    Six Months
Ended July 1,
2011 vs.
Comparable
2010 Period
 

Core (non-GAAP)

     7.5     8.5

Acquisitions (net of reduction in revenues relating to Apex JV) (non-GAAP)

     3.0     1.5

Impact of currency translation (non-GAAP)

     5.0     3.5
                

Total Revenue Growth (GAAP)

     15.5     13.5
                

Adjusted Net Earnings from Continuing Operations and Adjusted Diluted Net Earnings Per Share from Continuing Operations

We disclose the non-GAAP measures of adjusted net earnings from continuing operations and adjusted diluted net earnings per share from continuing operations, which refer to GAAP net earnings from continuing operations and GAAP diluted net earnings per share from continuing operations, respectively, excluding the items identified in the reconciliation schedule above. We also present these measures on a basis which excludes Beckman Coulter. These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

Management believes that these measures provide useful information to investors by reflecting additional ways of viewing aspects of Danaher’s operations that, when reconciled to the corresponding GAAP measures, help our investors to better understand the long-term profitability trends of our business, and facilitate easier comparisons of our profitability to prior and future periods and to our peers. The items described above have been excluded from these measures because items of this nature and/or size occur with inconsistent frequency, occur for reasons that may be unrelated to Danaher’s commercial performance during the period and/or we believe are not indicative of Danaher’s ongoing operating costs or gains in a given period, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. We excluded the results attributable to Beckman Coulter to identify the impact of that acquisition on our business during the brief period during the quarter that we owned the business. The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company’s larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs that Danaher typically incurs in a given period.

The Company estimates the tax effect of the items identified in the reconciliation schedule above by applying the Company’s overall estimated effective tax rate to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

Core Revenue and Core Revenue Growth

We use the term “core revenue” or “sales from existing businesses” to refer to GAAP revenue excluding (1) sales from acquired businesses recorded prior to the first anniversary of the acquisition (“acquisition sales”), (2) first half 2010 sales attributable to the businesses contributed to the Apex joint venture, and (3) the impact of currency translation. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in GAAP revenue (excluding acquisition sales and first half 2010 sales attributable to the businesses contributed to the Apex joint venture) and (b) the period-to-period change in revenue (excluding acquisition sales and first half 2010 sales attributable to the businesses contributed to the Apex joint venture) after applying current period foreign exchange rates to the prior year period. We use the term “core revenue growth” to refer to the measure of comparing current period core revenue with the corresponding period of the prior year. These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

Management believes that these measures provide useful information to investors by reflecting additional ways of viewing aspects of Danaher’s operations that, when reconciled to the corresponding GAAP measures, help our investors to better identify underlying growth trends in our business and facilitate easier comparisons of our revenue performance with prior and future periods and to our peers. We exclude the effect of currency translation from these measures because currency translation is not under management’s control, is subject to volatility and can obscure underlying business trends. We exclude the effect of acquisitions because the nature, size and number of acquisitions can vary dramatically from period to period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. We exclude the effect of the first half 2010 sales attributable to the businesses contributed to the Apex joint venture because as a result of application of the equity method of accounting beginning with the formation of the joint venture on July 4, 2010, the Company did not recognize sales from those businesses in the first half of 2011.