UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________________________
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 30, 2015
PerkinElmer, Inc.
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(Exact Name of Registrant as Specified in Charter)
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Massachusetts
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001-05075
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04-2052042
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(State
or Other Jurisdiction of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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940
Winter Street, Waltham, Massachusetts
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02451
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s telephone number, including area code: (781)
663-6900
Not applicable.
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(Former Name or Former Address, if Changed Since Last Report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2.
below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On July 30, 2015, PerkinElmer, Inc. announced its financial results for
the quarter ended June 28, 2015. The full text of the press release
issued in connection with the announcement is furnished as Exhibit 99.1
to this Current Report on Form 8-K.
The information in this Form 8-K (including Exhibit 99.1) shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933 or the Exchange Act, except as
expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
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(d)
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Exhibits
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The following exhibit relating to Item 2.02 shall be deemed to be
furnished, and not filed:
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99.1 Press Release entitled “PerkinElmer Announces Financial
Results for the Second Quarter of 2015”, issued by PerkinElmer,
Inc. on July 30, 2015.
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SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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PERKINELMER,
INC.
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Date:
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July
30, 2015
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By: /s/ Frank A. Wilson
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Frank A. Wilson
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Senior Vice President and Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press release entitled “PerkinElmer Announces Financial Results
for the Second Quarter of 2015”, issued by PerkinElmer, Inc. on
July 30, 2015.
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Exhibit 99.1
PerkinElmer
Announces Financial Results for the Second Quarter of 2015
-
GAAP
revenue of $564 million; Constant currency adjusted revenue growth 8%;
Organic revenue growth 4%
-
GAAP
earnings per share from continuing operations of $0.43; Adjusted
earnings per share of $0.60 representing 12% constant currency
adjusted EPS growth
-
Updates
Full Year 2015 Guidance
WALTHAM, Mass.--(BUSINESS WIRE)--July 30, 2015--PerkinElmer, Inc. (NYSE:
PKI), a global leader focused on improving the health and safety of
people and the environment, today reported financial results for the
second quarter ended June 28, 2015.
The Company reported GAAP earnings per share from continuing operations
of $0.43, compared to $0.46 in the second quarter of 2014. Revenue in
the second quarter of 2015 was $563.9 million, compared to $556.2
million in the second quarter of 2014. GAAP operating income from
continuing operations for the second quarter of 2015 was $68.1 million,
compared to $69.6 million in the second quarter of 2014. GAAP operating
profit margin from continuing operations was 12.1% in the second quarter
of 2015, compared to 12.5% in the second quarter of 2014.
Adjusted earnings per share was $0.60, compared to $0.59 in the second
quarter of 2014. Adjusted revenue increased 1% and organic revenue
increased 4%, compared to the second quarter of 2014. Adjusted revenue
was $564.1 million, compared to $556.6 million in the second quarter of
2014. Adjusted operating income for the second quarter of 2015 was $95.8
million, compared to $93.3 million for the same period a year ago.
Adjusted operating profit margin was 17.0% as a percentage of adjusted
revenue, as compared to 16.8% for the same period a year ago.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations. Certain of these non-GAAP
financial measures are presented on a ‘constant currency’ basis, so that
financial results can be viewed without the fluctuations in foreign
currency exchange rates, allowing for a period-to-period comparison of
underlying business performance.
“I am pleased with our accomplishments in the quarter and am
particularly encouraged by the broad based strength of our financial
performance through the first half of the year,” said Robert Friel,
chairman and chief executive officer of PerkinElmer. “While we remain
mindful of the economic uncertainties in various parts of the world, our
continued focus on execution and new product innovation gives us the
confidence in our ability to deliver on our commitments in the second
half.”
Cash Flow
For the six months ended June 28, 2015, GAAP operating cash flow from
continuing operations, after taking into account approximately $22.0
million of voluntary pension funding, was $101.2 million as compared to
$122.6 million for the same period a year ago.
Financial Overview by Reporting Segment for the Second Quarter 2015
Human Health
-
Revenue of $341.5 million, as compared to $342.5 million for the
second quarter of 2014.
-
Operating income of $60.5 million, as compared to $57.9 million for
the same period a year ago.
-
Adjusted revenue of $341.7 million, as compared to $343.0 million for
the second quarter of 2014. Organic revenue increased 5%.
-
Adjusted operating income of $78.0 million, as compared to $76.3
million for the same period a year ago.
-
Adjusted operating profit margin was 22.8% as a percentage of adjusted
revenue, an increase of approximately 60 basis points as compared to
the second quarter of 2014.
Environmental Health
-
Revenue of $222.4 million, as compared to $213.6 million for the
second quarter of 2014. Revenue increased 4% and organic revenue
increased 3%.
-
Operating income of $19.4 million, as compared to $25.6 million for
the same period a year ago.
-
Adjusted operating income of $28.9 million, as compared to $27.4
million for the same period a year ago.
-
Adjusted operating profit margin was 13.0% as a percentage of revenue,
an increase of approximately 20 basis points as compared to the second
quarter of 2014.
Financial Guidance – Full Year 2015 - Updated
For the full year 2015, the Company now forecasts GAAP earnings per
share from continuing operations in the range of $2.00 to $2.05 and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share in the range of
$2.55 to $2.60 representing 13-15% constant currency adjusted earnings
per share growth.
Conference Call Information
The Company will discuss its second quarter results and its outlook for
business trends in a conference call on July 30, 2015 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 399-5127 prior
to the scheduled conference call time and provide the access code
13142415.
A live audio webcast of the call will be available on the Investor
section of the Company’s Web site, www.perkinelmer.com.
Please go to the site at least 15 minutes prior to the call in order to
register, download, and install any necessary software. An archived
version of the webcast will be posted on the Company’s Web site for a
two week period beginning approximately two hours after the call.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings announcement also
contains non-GAAP financial measures. The reasons that we use these
measures, a reconciliation of these measures to the most directly
comparable GAAP measures, and other information relating to these
measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements relating to estimates and
projections of future earnings per share, cash flow and revenue growth
and other financial results, developments relating to our customers and
end-markets, plans concerning business development opportunities and
divestitures and effects of foreign currency exchange rates. Words such
as "believes," "intends," "anticipates," "plans," "expects," "projects,"
"forecasts," "will" and similar expressions, and references to guidance,
are intended to identify forward-looking statements. Such statements are
based on management's current assumptions and expectations and no
assurances can be given that our assumptions or expectations will prove
to be correct. A number of important risk factors could cause actual
results to differ materially from the results described, implied or
projected in any forward-looking statements. These factors include,
without limitation: (1) markets into which we sell our products
declining or not growing as anticipated; (2) fluctuations in the global
economic and political environments; (3) our failure to introduce new
products in a timely manner; (4) our ability to execute acquisitions and
license technologies, or to successfully integrate acquired businesses
and licensed technologies into our existing business or to make them
profitable, or successfully divest businesses; (5) our failure to
adequately protect our intellectual property; (6) the loss of any of our
licenses or licensed rights; (7) our ability to compete effectively; (8)
fluctuation in our quarterly operating results and our ability to adjust
our operations to address unexpected changes; (9) significant disruption
in third-party package delivery and import/export services or
significant increases in prices for those services; (10) disruptions in
the supply of raw materials and supplies; (11) the manufacture and sale
of products exposing us to product liability claims; (12) our failure to
maintain compliance with applicable government regulations; (13)
regulatory changes; (14) our failure to comply with healthcare industry
regulations; (15) economic, political and other risks associated with
foreign operations; (16) our ability to retain key personnel; (17)
significant disruption in our information technology systems; (18) our
ability to obtain future financing; (19) restrictions in our credit
agreements; (20) our ability to realize the full value of our intangible
assets; (21) significant fluctuations in our stock price; (22) reduction
or elimination of dividends on our common stock; and (23) other factors
which we describe under the caption "Risk Factors" in our most recent
quarterly report on Form 10-Q and in our other filings with the
Securities and Exchange Commission. We disclaim any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this press release.
About PerkinElmer
PerkinElmer, Inc. is a global leader focused on improving the health and
safety of people and the environment. The Company reported revenue of
approximately $2.2 billion in 2014, has about 7,700 employees serving
customers in more than 150 countries, and is a component of the S&P 500
Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.
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PerkinElmer, Inc. and Subsidiaries
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CONDENSED CONSOLIDATED INCOME STATEMENTS
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Three Months Ended
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Six Months Ended
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(In thousands, except per share data)
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June 28, 2015
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June 29, 2014
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June 28, 2015
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June 29, 2014
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Revenue
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$
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563,906
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$
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556,170
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$
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1,090,807
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$
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1,086,780
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Cost of revenue
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311,394
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308,186
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602,921
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603,083
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Selling, general and administrative expenses
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146,742
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147,253
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292,615
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299,690
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Research and development expenses
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32,683
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30,352
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64,803
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59,731
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Restructuring and contract termination charges, net
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4,956
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742
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4,956
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2,877
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Operating income from continuing operations
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68,131
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69,637
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125,512
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121,399
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Interest income
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(132
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)
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(151
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)
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(341
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)
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(245
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)
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Interest expense
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9,302
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9,079
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18,690
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18,298
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Other expense, net
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1,673
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36
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1,915
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2,200
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Income from continuing operations, before income taxes
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57,288
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60,673
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105,248
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101,146
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Provision for income taxes
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8,292
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8,670
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15,941
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14,192
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Income from continuing operations
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48,996
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52,003
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89,307
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86,954
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Gain (loss) from discontinued operations, before income taxes
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35
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(2,084
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)
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(2
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)
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(3,114
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)
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Loss on disposition of discontinued operations, before income taxes
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(10
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)
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(302
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)
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(23
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)
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(374
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)
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Provision for (benefit from) income taxes on discontinued operations
and dispositions
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47
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(873
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)
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(26
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)
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(1,248
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)
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(Loss) gain from discontinued operations and dispositions
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(22
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(1,513
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)
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1
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(2,240
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)
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Net income
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$
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48,974
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$
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50,490
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$
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89,308
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$
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84,714
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Diluted earnings per share:
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Income from continuing operations
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$
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0.43
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$
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0.46
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$
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0.79
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$
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0.76
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(Loss) gain from discontinued operations and dispositions
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(0.00
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)
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(0.01
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)
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0.00
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(0.02
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)
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Net income
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$
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0.43
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$
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0.44
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$
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0.79
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$
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0.74
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Weighted average diluted shares of common stock outstanding
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113,833
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113,971
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113,636
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113,874
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ABOVE PREPARED IN ACCORDANCE WITH GAAP
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Additional Supplemental Information (1):
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(per share, continuing operations)
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GAAP EPS from continuing operations
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$
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0.43
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$
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0.46
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$
|
0.79
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|
|
|
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$
|
0.76
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Amortization of intangible assets, net of income taxes
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0.12
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|
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0.12
|
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|
|
|
|
|
0.23
|
|
|
|
|
|
|
0.24
|
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Purchase accounting adjustments, net of income taxes
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|
|
|
0.01
|
|
|
|
|
|
|
(0.01
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)
|
|
|
|
|
|
0.05
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|
|
|
|
|
|
(0.00
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)
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Significant litigation matter, net of income taxes
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|
|
|
-
|
|
|
|
|
|
|
0.02
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|
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|
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-
|
|
|
|
|
|
|
0.04
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Mark to market on postretirement benefits, net of income taxes
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|
|
|
|
0.01
|
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|
|
|
|
|
-
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|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
(0.00
|
)
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
0.03
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
0.03
|
|
|
|
|
|
|
0.02
|
|
Adjusted EPS
|
|
|
|
$
|
0.60
|
|
|
|
|
|
$
|
0.59
|
|
|
|
|
|
$
|
1.10
|
|
|
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries
|
REVENUE AND OPERATING INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Six Months Ended
|
(In thousands, except percentages)
|
|
|
|
June 28, 2015
|
|
|
|
June 29, 2014
|
|
|
|
|
June 28, 2015
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
Reported revenue
|
$
|
|
|
341,488
|
|
$
|
|
|
342,543
|
|
$
|
|
|
|
667,541
|
|
$
|
|
|
672,576
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
195
|
|
|
|
|
426
|
|
|
|
|
|
464
|
|
|
|
|
1,878
|
|
|
|
|
|
Adjusted Revenue
|
|
|
|
341,683
|
|
|
|
|
342,969
|
|
|
|
|
|
668,005
|
|
|
|
|
674,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income from continued operations
|
|
|
|
60,531
|
|
|
|
|
57,908
|
|
|
|
|
|
116,413
|
|
|
|
|
101,890
|
|
|
|
|
|
OP%
|
|
|
|
17.7
|
%
|
|
|
|
16.9
|
%
|
|
|
|
|
17.4
|
%
|
|
|
|
15.1
|
%
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
15,270
|
|
|
|
|
18,288
|
|
|
|
|
|
30,743
|
|
|
|
|
36,308
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
225
|
|
|
|
|
(337
|
)
|
|
|
|
|
525
|
|
|
|
|
1,201
|
|
|
|
|
|
Acquisition-related costs
|
|
|
|
137
|
|
|
|
|
40
|
|
|
|
|
|
209
|
|
|
|
|
69
|
|
|
|
|
|
Restructuring and contract termination charges, net
|
|
|
|
1,820
|
|
|
|
|
365
|
|
|
|
|
|
1,820
|
|
|
|
|
855
|
|
|
|
|
|
Adjusted operating income
|
|
|
|
77,983
|
|
|
|
|
76,264
|
|
|
|
|
|
149,710
|
|
|
|
|
140,323
|
|
|
|
|
|
Adjusted OP%
|
|
|
|
22.8
|
%
|
|
|
|
22.2
|
%
|
|
|
|
|
22.4
|
%
|
|
|
|
20.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
Reported revenue
|
|
|
|
222,418
|
|
|
|
|
213,627
|
|
|
|
|
|
423,266
|
|
|
|
|
414,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income from continued operations
|
|
|
|
19,422
|
|
|
|
|
25,578
|
|
|
|
|
|
30,768
|
|
|
|
|
47,185
|
|
|
|
|
|
OP%
|
|
|
|
8.7
|
%
|
|
|
|
12.0
|
%
|
|
|
|
|
7.3
|
%
|
|
|
|
11.4
|
%
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
4,583
|
|
|
|
|
2,288
|
|
|
|
|
|
8,948
|
|
|
|
|
4,963
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
1,617
|
|
|
|
|
(830
|
)
|
|
|
|
|
6,467
|
|
|
|
|
(830
|
)
|
|
|
|
|
Acquisition-related costs
|
|
|
|
93
|
|
|
|
|
30
|
|
|
|
|
|
216
|
|
|
|
|
112
|
|
|
|
|
|
Restructuring and contract termination charges, net
|
|
|
|
3,136
|
|
|
|
|
377
|
|
|
|
|
|
3,136
|
|
|
|
|
2,022
|
|
|
|
|
|
Adjusted operating income
|
|
|
|
28,851
|
|
|
|
|
27,443
|
|
|
|
|
|
49,535
|
|
|
|
|
53,452
|
|
|
|
|
|
Adjusted OP%
|
|
|
|
13.0
|
%
|
|
|
|
12.8
|
%
|
|
|
|
|
11.7
|
%
|
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
Reported operating (loss) income
|
|
|
|
(11,822
|
)
|
|
|
|
(13,849
|
)
|
|
|
|
|
(21,669
|
)
|
|
|
|
(27,676
|
)
|
|
|
|
|
Significant litigation matter
|
|
|
|
-
|
|
|
|
|
3,418
|
|
|
|
|
|
-
|
|
|
|
|
6,645
|
|
|
|
|
|
Mark to market on postretirement benefits
|
|
|
|
832
|
|
|
|
|
-
|
|
|
|
|
|
1,066
|
|
|
|
|
(54
|
)
|
|
|
|
|
Adjusted operating loss
|
|
|
|
(10,990
|
)
|
|
|
|
(10,431
|
)
|
|
|
|
|
(20,603
|
)
|
|
|
|
(21,085
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
|
Reported revenue
|
$
|
|
|
563,906
|
|
$
|
|
|
556,170
|
|
$
|
|
|
|
1,090,807
|
|
$
|
|
|
1,086,780
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
195
|
|
|
|
|
426
|
|
|
|
|
|
464
|
|
|
|
|
1,878
|
|
|
|
|
|
Adjusted Revenue
|
|
|
|
564,101
|
|
|
|
|
556,596
|
|
|
|
|
|
1,091,271
|
|
|
|
|
1,088,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income from continued operations
|
|
|
|
68,131
|
|
|
|
|
69,637
|
|
|
|
|
|
125,512
|
|
|
|
|
121,399
|
|
|
|
|
|
OP%
|
|
|
|
12.1
|
%
|
|
|
|
12.5
|
%
|
|
|
|
|
11.5
|
%
|
|
|
|
11.2
|
%
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
19,853
|
|
|
|
|
20,576
|
|
|
|
|
|
39,691
|
|
|
|
|
41,271
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
1,842
|
|
|
|
|
(1,167
|
)
|
|
|
|
|
6,992
|
|
|
|
|
371
|
|
|
|
|
|
Acquisition-related costs
|
|
|
|
230
|
|
|
|
|
70
|
|
|
|
|
|
425
|
|
|
|
|
181
|
|
|
|
|
|
Significant litigation matter
|
|
|
|
-
|
|
|
|
|
3,418
|
|
|
|
|
|
-
|
|
|
|
|
6,645
|
|
|
|
|
|
Mark to market on postretirement benefits
|
|
|
|
832
|
|
|
|
|
-
|
|
|
|
|
|
1,066
|
|
|
|
|
(54
|
)
|
|
|
|
|
Restructuring and contract termination charges, net
|
|
|
|
4,956
|
|
|
|
|
742
|
|
|
|
|
|
4,956
|
|
|
|
|
2,877
|
|
|
|
|
|
Adjusted operating income
|
$
|
|
|
95,844
|
|
$
|
|
|
93,276
|
|
$
|
|
|
|
178,642
|
|
$
|
|
|
172,690
|
|
|
|
|
|
Adjusted OP%
|
|
|
|
17.0
|
%
|
|
|
|
16.8
|
%
|
|
|
|
|
16.4
|
%
|
|
|
|
15.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN
ACCORDANCE WITH GAAP
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
June 28, 2015
|
|
|
|
|
December 28, 2014
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
192,170
|
|
|
|
|
|
$
|
174,821
|
|
Accounts receivable, net
|
|
|
|
|
425,698
|
|
|
|
|
|
|
470,563
|
|
Inventories, net
|
|
|
|
|
304,754
|
|
|
|
|
|
|
285,457
|
|
Other current assets
|
|
|
|
|
147,706
|
|
|
|
|
|
|
137,710
|
|
Total current assets
|
|
|
|
|
1,070,328
|
|
|
|
|
|
|
1,068,551
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
|
At cost
|
|
|
|
|
492,497
|
|
|
|
|
|
|
492,814
|
|
Accumulated depreciation
|
|
|
|
|
(326,180
|
)
|
|
|
|
|
|
(316,620
|
)
|
Property, plant and equipment, net
|
|
|
|
|
166,317
|
|
|
|
|
|
|
176,194
|
|
Marketable securities and investments
|
|
|
|
|
1,633
|
|
|
|
|
|
|
1,568
|
|
Intangible assets, net
|
|
|
|
|
454,251
|
|
|
|
|
|
|
490,265
|
|
Goodwill
|
|
|
|
|
2,275,898
|
|
|
|
|
|
|
2,284,077
|
|
Other assets, net
|
|
|
|
|
114,329
|
|
|
|
|
|
|
113,420
|
|
Total assets
|
|
|
|
$
|
4,082,756
|
|
|
|
|
|
$
|
4,134,075
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
|
$
|
1,974
|
|
|
|
|
|
$
|
1,075
|
|
Accounts payable
|
|
|
|
|
170,677
|
|
|
|
|
|
|
173,953
|
|
Short-term accrued restructuring and contract termination charges
|
|
|
|
|
15,402
|
|
|
|
|
|
|
17,124
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
384,182
|
|
|
|
|
|
|
403,021
|
|
Current liabilities of discontinued operations
|
|
|
|
|
2,109
|
|
|
|
|
|
|
2,137
|
|
Total current liabilities
|
|
|
|
|
574,344
|
|
|
|
|
|
|
597,310
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
986,452
|
|
|
|
|
|
|
1,051,892
|
|
Long-term liabilities
|
|
|
|
|
401,056
|
|
|
|
|
|
|
442,771
|
|
Total liabilities
|
|
|
|
|
1,961,852
|
|
|
|
|
|
|
2,091,973
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
|
2,120,904
|
|
|
|
|
|
|
2,042,102
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
4,082,756
|
|
|
|
|
|
$
|
4,134,075
|
|
|
|
|
|
|
|
|
|
|
|
PREPARED IN ACCORDANCE WITH GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Six Months Ended
|
|
|
|
|
June 28, 2015
|
|
|
|
June 29, 2014
|
|
|
|
|
June 28, 2015
|
|
|
|
June 29, 2014
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
48,974
|
|
|
|
|
$
|
50,490
|
|
|
|
|
|
$
|
89,308
|
|
|
|
|
$
|
84,714
|
|
Less: loss (gain) from discontinued operations and dispositions, net
of income taxes
|
|
|
|
|
22
|
|
|
|
|
|
1,513
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
2,240
|
|
Income from continuing operations
|
|
|
|
|
48,996
|
|
|
|
|
|
52,003
|
|
|
|
|
|
|
89,307
|
|
|
|
|
|
86,954
|
|
Adjustments to reconcile income from continuing operations to
net cash provided by continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
4,206
|
|
|
|
|
|
4,803
|
|
|
|
|
|
|
8,193
|
|
|
|
|
|
9,319
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
4,956
|
|
|
|
|
|
742
|
|
|
|
|
|
|
4,956
|
|
|
|
|
|
2,877
|
|
Amortization of deferred debt issuance costs and accretion of
discount
|
|
|
|
|
365
|
|
|
|
|
|
358
|
|
|
|
|
|
|
677
|
|
|
|
|
|
662
|
|
Depreciation and amortization
|
|
|
|
|
28,259
|
|
|
|
|
|
28,579
|
|
|
|
|
|
|
56,593
|
|
|
|
|
|
57,907
|
|
Amortization of acquired inventory revaluation
|
|
|
|
|
1,617
|
|
|
|
|
|
-
|
|
|
|
|
|
|
6,467
|
|
|
|
|
|
-
|
|
Changes in operating assets and liabilities which (used)
provided cash, excluding effects from companies
purchased and divested:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
(6,739
|
)
|
|
|
|
|
(3,298
|
)
|
|
|
|
|
|
30,843
|
|
|
|
|
|
23,434
|
|
Inventories, net
|
|
|
|
|
(10,829
|
)
|
|
|
|
|
1,982
|
|
|
|
|
|
|
(33,327
|
)
|
|
|
|
|
(15,737
|
)
|
Accounts payable
|
|
|
|
|
10,794
|
|
|
|
|
|
(12,826
|
)
|
|
|
|
|
|
(1,541
|
)
|
|
|
|
|
(11,867
|
)
|
Accrued expenses and other
|
|
|
|
|
(18,112
|
)
|
|
|
|
|
(17,886
|
)
|
|
|
|
|
|
(61,007
|
)
|
|
|
|
|
(30,979
|
)
|
Net cash provided by operating activities of continuing operations
|
|
|
|
|
63,513
|
|
|
|
|
|
54,457
|
|
|
|
|
|
|
101,161
|
|
|
|
|
|
122,570
|
|
Net cash used in operating activities of discontinued operations
|
|
|
|
|
(42
|
)
|
|
|
|
|
(62
|
)
|
|
|
|
|
|
(27
|
)
|
|
|
|
|
(464
|
)
|
Net cash provided by operating activities
|
|
|
|
|
63,471
|
|
|
|
|
|
54,395
|
|
|
|
|
|
|
101,134
|
|
|
|
|
|
122,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(5,620
|
)
|
|
|
|
|
(8,427
|
)
|
|
|
|
|
|
(10,099
|
)
|
|
|
|
|
(14,447
|
)
|
Changes in restricted cash balances
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
|
59
|
|
|
|
|
|
-
|
|
Proceeds from surrender of life insurance policies
|
|
|
|
|
-
|
|
|
|
|
|
425
|
|
|
|
|
|
|
-
|
|
|
|
|
|
425
|
|
Activity related to acquisitions and investments, net of cash and
cash equivalents acquired
|
|
|
|
|
(14,116
|
)
|
|
|
|
|
(350
|
)
|
|
|
|
|
|
(18,735
|
)
|
|
|
|
|
(350
|
)
|
Net cash used in investing activities of continuing operations
|
|
|
|
|
(19,736
|
)
|
|
|
|
|
(8,352
|
)
|
|
|
|
|
|
(28,775
|
)
|
|
|
|
|
(14,372
|
)
|
Net cash used in investing activities of discontinued operations
|
|
|
|
|
-
|
|
|
|
|
|
(213
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(213
|
)
|
Net cash used in investing activities
|
|
|
|
|
(19,736
|
)
|
|
|
|
|
(8,565
|
)
|
|
|
|
|
|
(28,775
|
)
|
|
|
|
|
(14,585
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on revolving credit facility
|
|
|
|
|
(151,000
|
)
|
|
|
|
|
(137,000
|
)
|
|
|
|
|
|
(249,000
|
)
|
|
|
|
|
(232,000
|
)
|
Proceeds from revolving credit facility
|
|
|
|
|
123,000
|
|
|
|
|
|
103,000
|
|
|
|
|
|
|
184,000
|
|
|
|
|
|
193,000
|
|
Payments of debt issuance costs
|
|
|
|
|
-
|
|
|
|
|
|
(121
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
(1,845
|
)
|
Settlement of hedges
|
|
|
|
|
7,905
|
|
|
|
|
|
-
|
|
|
|
|
|
|
23,468
|
|
|
|
|
|
-
|
|
Net proceeds from (payments on) other credit facilities
|
|
|
|
|
607
|
|
|
|
|
|
(255
|
)
|
|
|
|
|
|
344
|
|
|
|
|
|
(507
|
)
|
Proceeds from issuance of common stock under stock plans
|
|
|
|
|
3,829
|
|
|
|
|
|
12,223
|
|
|
|
|
|
|
12,669
|
|
|
|
|
|
19,454
|
|
Purchases of common stock
|
|
|
|
|
(141
|
)
|
|
|
|
|
(35,060
|
)
|
|
|
|
|
|
(4,095
|
)
|
|
|
|
|
(38,976
|
)
|
Dividends paid
|
|
|
|
|
(7,923
|
)
|
|
|
|
|
(7,922
|
)
|
|
|
|
|
|
(15,799
|
)
|
|
|
|
|
(15,809
|
)
|
Net cash used in financing activities
|
|
|
|
|
(23,723
|
)
|
|
|
|
|
(65,135
|
)
|
|
|
|
|
|
(48,413
|
)
|
|
|
|
|
(76,683
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
3,234
|
|
|
|
|
|
450
|
|
|
|
|
|
|
(6,597
|
)
|
|
|
|
|
1,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
23,246
|
|
|
|
|
|
(18,855
|
)
|
|
|
|
|
|
17,349
|
|
|
|
|
|
32,016
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
168,924
|
|
|
|
|
|
224,113
|
|
|
|
|
|
|
174,821
|
|
|
|
|
|
173,242
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
192,170
|
|
|
|
|
$
|
205,258
|
|
|
|
|
|
$
|
192,170
|
|
|
|
|
$
|
205,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREPARED IN ACCORDANCE WITH GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
(In millions, except per share data and percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
563.9
|
|
|
|
|
|
|
|
|
$
|
556.2
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
Adjusted revenue
|
|
|
|
$
|
564.1
|
|
|
|
|
|
|
|
|
$
|
556.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
|
$
|
252.5
|
|
|
|
|
44.8
|
%
|
|
|
|
$
|
248.0
|
|
|
|
|
44.6
|
%
|
Amortization of intangible assets
|
|
|
|
|
10.8
|
|
|
|
|
1.9
|
%
|
|
|
|
|
12.3
|
|
|
|
|
2.2
|
%
|
Purchase accounting adjustments
|
|
|
|
|
1.8
|
|
|
|
|
0.3
|
%
|
|
|
|
|
0.4
|
|
|
|
|
0.1
|
%
|
Adjusted gross margin
|
|
|
|
$
|
265.1
|
|
|
|
|
47.0
|
%
|
|
|
|
$
|
260.7
|
|
|
|
|
46.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted SG&A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
|
|
$
|
146.7
|
|
|
|
|
26.0
|
%
|
|
|
|
$
|
147.3
|
|
|
|
|
26.5
|
%
|
Amortization of intangible assets
|
|
|
|
|
(8.9
|
)
|
|
|
|
-1.6
|
%
|
|
|
|
|
(8.1
|
)
|
|
|
|
-1.5
|
%
|
Purchase accounting adjustments
|
|
|
|
|
(0.0
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
1.6
|
|
|
|
|
0.3
|
%
|
Acquisition-related costs
|
|
|
|
|
(0.2
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
(0.1
|
)
|
|
|
|
0.0
|
%
|
Significant litigation matter
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
|
|
(3.4
|
)
|
|
|
|
-0.6
|
%
|
Mark to market on postretirement benefits
|
|
|
|
|
(0.8
|
)
|
|
|
|
-0.1
|
%
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
Adjusted SG&A
|
|
|
|
$
|
136.7
|
|
|
|
|
24.2
|
%
|
|
|
|
$
|
137.2
|
|
|
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted R&D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D
|
|
|
|
$
|
32.7
|
|
|
|
|
5.8
|
%
|
|
|
|
$
|
30.4
|
|
|
|
|
5.5
|
%
|
Amortization of intangible assets
|
|
|
|
|
(0.1
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
(0.1
|
)
|
|
|
|
0.0
|
%
|
Adjusted R&D
|
|
|
|
$
|
32.6
|
|
|
|
|
5.8
|
%
|
|
|
|
$
|
30.2
|
|
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
68.1
|
|
|
|
|
12.1
|
%
|
|
|
|
$
|
69.6
|
|
|
|
|
12.5
|
%
|
Amortization of intangible assets
|
|
|
|
|
19.9
|
|
|
|
|
3.5
|
%
|
|
|
|
|
20.6
|
|
|
|
|
3.7
|
%
|
Purchase accounting adjustments
|
|
|
|
|
1.8
|
|
|
|
|
0.3
|
%
|
|
|
|
|
(1.2
|
)
|
|
|
|
-0.2
|
%
|
Acquisition-related costs
|
|
|
|
|
0.2
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.1
|
|
|
|
|
0.0
|
%
|
Significant litigation matter
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
|
|
3.4
|
|
|
|
|
0.6
|
%
|
Mark to market on postretirement benefits
|
|
|
|
|
0.8
|
|
|
|
|
0.1
|
%
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
5.0
|
|
|
|
|
0.9
|
%
|
|
|
|
|
0.7
|
|
|
|
|
0.1
|
%
|
Adjusted operating income
|
|
|
|
$
|
95.8
|
|
|
|
|
17.0
|
%
|
|
|
|
$
|
93.3
|
|
|
|
|
16.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS
|
|
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
$
|
0.44
|
|
|
|
|
|
Discontinued operations, net of income taxes
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
0.46
|
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
Significant litigation matter, net of income taxes
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
0.02
|
|
|
|
|
|
Acquisition-related costs, net of income taxes
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
Mark to market on postretirement benefits, net of income taxes
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
Adjusted EPS
|
|
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant currency adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS
|
|
|
|
$
|
0.43
|
|
|
|
|
|
|
|
|
$
|
0.44
|
|
|
|
|
|
Discontinued operations, net of income taxes
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
0.46
|
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
Significant litigation matter, net of income taxes
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
0.02
|
|
|
|
|
|
Acquisition-related costs, net of income taxes
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
Mark to market on postretirement benefits, net of income taxes
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
Effect of currency changes from prior year period
|
|
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
Constant currency adjusted EPS
|
|
|
|
$
|
0.66
|
|
|
|
|
|
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
341.5
|
|
|
|
|
|
|
|
|
$
|
342.5
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
0.4
|
|
|
|
|
|
Adjusted revenue
|
|
|
|
$
|
341.7
|
|
|
|
|
|
|
|
|
$
|
343.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
60.5
|
|
|
|
|
17.7
|
%
|
|
|
|
$
|
57.9
|
|
|
|
|
16.9
|
%
|
Amortization of intangible assets
|
|
|
|
|
15.3
|
|
|
|
|
4.5
|
%
|
|
|
|
|
18.3
|
|
|
|
|
5.3
|
%
|
Purchase accounting adjustments
|
|
|
|
|
0.2
|
|
|
|
|
0.1
|
%
|
|
|
|
|
(0.3
|
)
|
|
|
|
-0.1
|
%
|
Acquisition-related costs
|
|
|
|
|
0.1
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.0
|
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
1.8
|
|
|
|
|
0.5
|
%
|
|
|
|
|
0.4
|
|
|
|
|
0.1
|
%
|
Adjusted operating income
|
|
|
|
$
|
78.0
|
|
|
|
|
22.8
|
%
|
|
|
|
$
|
76.3
|
|
|
|
|
22.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
222.4
|
|
|
|
|
|
|
|
|
$
|
213.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
19.4
|
|
|
|
|
8.7
|
%
|
|
|
|
$
|
25.6
|
|
|
|
|
12.0
|
%
|
Amortization of intangible assets
|
|
|
|
|
4.6
|
|
|
|
|
2.1
|
%
|
|
|
|
|
2.3
|
|
|
|
|
1.1
|
%
|
Purchase accounting adjustments
|
|
|
|
|
1.6
|
|
|
|
|
0.7
|
%
|
|
|
|
|
(0.8
|
)
|
|
|
|
-0.4
|
%
|
Acquisition-related costs
|
|
|
|
|
0.1
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.0
|
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
3.1
|
|
|
|
|
1.4
|
%
|
|
|
|
|
0.4
|
|
|
|
|
0.2
|
%
|
Adjusted operating income
|
|
|
|
$
|
28.9
|
|
|
|
|
13.0
|
%
|
|
|
|
$
|
27.4
|
|
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except per share data and percentages)
|
|
|
|
|
PKI
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
1,090.8
|
|
|
|
|
|
|
|
|
$
|
1,086.8
|
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
1.9
|
|
|
|
|
|
|
Adjusted revenue
|
|
|
|
$
|
1,091.3
|
|
|
|
|
|
|
|
|
$
|
1,088.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
|
$
|
487.9
|
|
|
|
|
44.7
|
%
|
|
|
|
$
|
483.7
|
|
|
|
|
44.5
|
%
|
|
Amortization of intangible assets
|
|
|
|
|
21.5
|
|
|
|
|
2.0
|
%
|
|
|
|
|
25.0
|
|
|
|
|
2.3
|
%
|
|
Purchase accounting adjustments
|
|
|
|
|
7.0
|
|
|
|
|
0.6
|
%
|
|
|
|
|
1.9
|
|
|
|
|
0.2
|
%
|
|
Mark to market on postretirement benefits
|
|
|
|
|
0.2
|
|
|
|
|
0.0
|
%
|
|
|
|
|
(0.1
|
)
|
|
|
|
0.0
|
%
|
|
Adjusted gross margin
|
|
|
|
$
|
516.6
|
|
|
|
|
47.3
|
%
|
|
|
|
$
|
510.6
|
|
|
|
|
46.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted SG&A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
|
|
$
|
292.6
|
|
|
|
|
26.8
|
%
|
|
|
|
$
|
299.7
|
|
|
|
|
27.6
|
%
|
|
Amortization of intangible assets
|
|
|
|
|
(17.9
|
)
|
|
|
|
-1.6
|
%
|
|
|
|
|
(16.0
|
)
|
|
|
|
-1.5
|
%
|
|
Purchase accounting adjustments
|
|
|
|
|
(0.0
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
1.5
|
|
|
|
|
0.1
|
%
|
|
Acquisition-related costs
|
|
|
|
|
(0.4
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
(0.2
|
)
|
|
|
|
0.0
|
%
|
|
Significant litigation matter
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
|
|
(6.6
|
)
|
|
|
|
-0.6
|
%
|
|
Mark to market on postretirement benefits
|
|
|
|
|
(0.8
|
)
|
|
|
|
-0.1
|
%
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
Adjusted SG&A
|
|
|
|
$
|
273.4
|
|
|
|
|
25.1
|
%
|
|
|
|
$
|
278.4
|
|
|
|
|
25.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted R&D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D
|
|
|
|
$
|
64.8
|
|
|
|
|
5.9
|
%
|
|
|
|
$
|
59.7
|
|
|
|
|
5.5
|
%
|
|
Amortization of intangible assets
|
|
|
|
|
(0.2
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
(0.3
|
)
|
|
|
|
0.0
|
%
|
|
Adjusted R&D
|
|
|
|
$
|
64.6
|
|
|
|
|
5.9
|
%
|
|
|
|
$
|
59.4
|
|
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
125.5
|
|
|
|
|
11.5
|
%
|
|
|
|
$
|
121.4
|
|
|
|
|
11.2
|
%
|
|
Amortization of intangible assets
|
|
|
|
|
39.7
|
|
|
|
|
3.6
|
%
|
|
|
|
|
41.3
|
|
|
|
|
3.8
|
%
|
|
Purchase accounting adjustments
|
|
|
|
|
7.0
|
|
|
|
|
0.6
|
%
|
|
|
|
|
0.4
|
|
|
|
|
0.0
|
%
|
|
Acquisition-related costs
|
|
|
|
|
0.4
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.2
|
|
|
|
|
0.0
|
%
|
|
Significant litigation matter
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
|
|
|
|
6.6
|
|
|
|
|
0.6
|
%
|
|
Mark to market on postretirement benefits
|
|
|
|
|
1.1
|
|
|
|
|
0.1
|
%
|
|
|
|
|
(0.1
|
)
|
|
|
|
0.0
|
%
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
5.0
|
|
|
|
|
0.5
|
%
|
|
|
|
|
2.9
|
|
|
|
|
0.3
|
%
|
|
Adjusted operating income
|
|
|
|
$
|
178.6
|
|
|
|
|
16.4
|
%
|
|
|
|
$
|
172.7
|
|
|
|
|
15.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS
|
|
|
|
$
|
0.79
|
|
|
|
|
|
|
|
|
$
|
0.74
|
|
|
|
|
|
|
Discontinued operations, net of income taxes
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
0.79
|
|
|
|
|
|
|
|
|
|
0.76
|
|
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
0.23
|
|
|
|
|
|
|
|
|
|
0.24
|
|
|
|
|
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
0.05
|
|
|
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
Significant litigation matter, net of income taxes
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
0.04
|
|
|
|
|
|
|
Acquisition-related costs, net of income taxes
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
Mark to market on postretirement benefits, net of income taxes
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
0.02
|
|
|
|
|
|
|
Adjusted EPS
|
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 3, 2016
|
|
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
Projected
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.00 - $2.05
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.46
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.05
|
|
Mark to market on postretirement benefits, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.03
|
|
Adjusted EPS
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.55 - $2.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 3, 2016
|
|
Constant Currency Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
Projected
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.00 - $2.05
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.46
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.05
|
|
Mark to market on postretirement benefits, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.01
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
0.03
|
|
Effect of currency changes from prior year period
|
|
|
|
|
|
|
|
|
|
|
|
|
0.23
|
|
Constant currency adjusted EPS
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.78 - $2.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
667.5
|
|
|
|
|
|
|
|
|
$
|
672.6
|
|
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
1.9
|
|
|
|
|
|
|
Adjusted revenue
|
|
|
|
$
|
668.0
|
|
|
|
|
|
|
|
|
$
|
674.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
116.4
|
|
|
|
|
17.4
|
%
|
|
|
|
$
|
101.9
|
|
|
|
|
15.1
|
%
|
|
Amortization of intangible assets
|
|
|
|
|
30.7
|
|
|
|
|
4.6
|
%
|
|
|
|
|
36.3
|
|
|
|
|
5.4
|
%
|
|
Purchase accounting adjustments
|
|
|
|
|
0.5
|
|
|
|
|
0.1
|
%
|
|
|
|
|
1.2
|
|
|
|
|
0.2
|
%
|
|
Acquisition-related costs
|
|
|
|
|
0.2
|
|
|
|
|
0.0
|
%
|
|
|
|
|
0.1
|
|
|
|
|
0.0
|
%
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
1.8
|
|
|
|
|
0.3
|
%
|
|
|
|
|
0.9
|
|
|
|
|
0.1
|
%
|
|
Adjusted operating income
|
|
|
|
$
|
149.7
|
|
|
|
|
22.4
|
%
|
|
|
|
$
|
140.3
|
|
|
|
|
20.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 28, 2015
|
|
|
|
|
|
|
|
June 29, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
423.3
|
|
|
|
|
|
|
|
|
$
|
414.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
30.8
|
|
|
|
|
7.3
|
%
|
|
|
|
$
|
47.2
|
|
|
|
|
11.4
|
%
|
|
Amortization of intangible assets
|
|
|
|
|
8.9
|
|
|
|
|
2.1
|
%
|
|
|
|
|
5.0
|
|
|
|
|
1.2
|
%
|
|
Purchase accounting adjustments
|
|
|
|
|
6.5
|
|
|
|
|
1.5
|
%
|
|
|
|
|
(0.8
|
)
|
|
|
|
-0.2
|
%
|
|
Acquisition-related costs
|
|
|
|
|
0.2
|
|
|
|
|
0.1
|
%
|
|
|
|
|
0.1
|
|
|
|
|
0.0
|
%
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
3.1
|
|
|
|
|
0.7
|
%
|
|
|
|
|
2.0
|
|
|
|
|
0.5
|
%
|
|
Adjusted operating income
|
|
|
|
$
|
49.5
|
|
|
|
|
11.7
|
%
|
|
|
|
$
|
53.5
|
|
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
June 28, 2015
|
Organic revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
1%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-7%
|
Less: effect of acquisitions including purchase accounting
adjustments
|
|
|
|
|
4%
|
Organic revenue growth
|
|
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
June 28, 2015
|
Constant currency adjusted revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
1%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-7%
|
Less: effect of purchase accounting adjustments
|
|
|
|
|
0%
|
Constant currency adjusted revenue growth
|
|
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
June 28, 2015
|
Organic revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
0%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-6%
|
Less: effect of acquisitions including purchase accounting
adjustments
|
|
|
|
|
0%
|
Organic revenue growth
|
|
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
June 28, 2015
|
Organic revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
4%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-8%
|
Less: effect of acquisitions including purchase accounting
adjustments
|
|
|
|
|
9%
|
Organic revenue growth
|
|
|
|
|
3%
|
Adjusted Revenue and Adjusted Revenue Growth
We use the term “adjusted revenue” to refer to GAAP revenue, including
estimated revenue from contracts acquired in various acquisitions that
will not be fully recognized due to business combination accounting
rules. We use the related term “adjusted revenue growth” to refer to the
measure of comparing current period adjusted revenue with the
corresponding period of the prior year. We believe that these non-GAAP
measures, when taken together with our GAAP financial measures, allow us
and our investors to better measure the performance of our investments
in technology, to evaluate long-term performance trends and to assess
our ability to invest in our business. Adjusted revenue growth also
provides for easier comparisons of our performance with prior and future
periods and relative comparisons to our peers. Our GAAP revenue for the
periods subsequent to our acquisitions does not reflect the full amount
of revenue on such contracts that would have otherwise been recorded by
the acquired businesses. The non-GAAP adjustment is intended to reflect
the full amount of such revenue. We believe our investors will use this
adjustment as a measure of the ongoing performance of the acquired
businesses because customers have historically entered into such
contracts for renewed and/or developmental support, although there can
be no assurance that customers will do so in the future.
Constant Currency Adjusted Revenue and Constant Currency Adjusted
Revenue Growth
We use the term “constant currency adjusted revenue” to refer to GAAP
revenue, excluding the impact from foreign currency exchange rates on
the current period, and including estimated revenue from contracts
acquired in various acquisitions that will not be fully recognized due
to business combination accounting rules. We use the related term
“constant currency adjusted revenue growth” to refer to the measure of
comparing current period constant currency adjusted revenue with the
corresponding period of the prior year. We believe that these non-GAAP
measures, when taken together with our GAAP financial measures, allow us
and our investors to better measure the performance of our investments
in technology, to evaluate long-term performance trends and to assess
our ability to invest in our business. We exclude the impact of foreign
currency exchanges rates from these measures by using the prior period’s
foreign currency exchange rates for the current period because foreign
currency exchange rates are subject to volatility and can obscure
underlying trends. We include estimated revenue from contracts acquired
with various acquisitions that will not be fully recognized due to
business combination rules because we believe our investors will use
this adjustment as a measure of the ongoing performance of the acquired
businesses, as a result of customers having historically entered into
such contracts for renewed and/or developmental support, although there
can be no assurance that customers will do so in the future.
Organic Revenue and Organic Revenue Growth
We use the term “organic revenue” to refer to GAAP revenue, excluding
the effect of foreign currency translation and acquisitions, and
including estimated revenue from contracts acquired in various
acquisitions that will not be fully recognized due to business
combination accounting rules. We use the related term “organic revenue
growth” to refer to the measure of comparing current period organic
revenue with the corresponding period of the prior year. We believe that
these non-GAAP measures, when taken together with our GAAP financial
measures, allow us and our investors to better measure the performance
of our investments in technology, to evaluate long-term performance
trends and to assess our ability to invest in our business. Organic
revenue growth also provides for easier comparisons of our performance
with prior and future periods and relative comparisons to our peers. We
exclude the effect of foreign currency translation from these measures
because foreign currency translation is subject to volatility and can
obscure underlying trends. We exclude the effect of acquisitions because
acquisition activity can vary dramatically between reporting periods and
between us and our peers, which we believe makes comparisons of
long-term performance trends difficult for management and investors, and
could result in overstating or understating to our investors the
performance of our operations. We include estimated revenue from
contracts acquired with various acquisitions that will not be fully
recognized due to business combination rules because we believe our
investors will use this adjustment as a measure of the ongoing
performance of the acquired businesses, as a result of customers having
historically entered into such contracts for renewed and/or
developmental support, although there can be no assurance that customers
will do so in the future.
Adjusted Gross Margin and Adjusted Gross Margin Percentage
We use the term “adjusted gross margin” to refer to GAAP gross margin,
excluding amortization of intangible assets, inventory fair value
adjustments related to business acquisitions, other costs related to
business acquisitions, and including estimated revenue from contracts
acquired in various acquisitions that will not be fully recognized due
to business combination accounting rules. We also exclude adjustments
for mark-to-market accounting on post-retirement benefits, therefore
only our projected costs have been used to calculate our non-GAAP
measure. We use the related term “adjusted gross margin percentage” to
refer to adjusted gross margin as a percentage of adjusted revenue. We
believe that these non-GAAP measures, when taken together with our GAAP
financial measures, allow us and our investors to better measure the
performance of our investments in technology, to evaluate the long-term
profitability trends and to assess our ability to invest in our
business. We exclude amortization of intangible assets and adjustments
for mark-to-market accounting on post-retirement benefits from these
measures because these charges do not represent what we believe our
investors consider to be costs of producing our products and could
distort the additional value generated over the cost of producing those
products. In addition, inventory fair value adjustments related to
business acquisitions and other costs related to business acquisitions
are excluded because they only occur due to an acquisition and the
potential subsequent repositioning of the business that could distort
the performance measures of costs used in producing our products. We
include estimated revenue from contracts acquired with various
acquisitions that will not be fully recognized due to business
combination rules because we believe our investors will use this
adjustment as a measure of the ongoing performance of the acquired
businesses, as a result of customers having historically entered into
such contracts for renewed and/or developmental support, although there
can be no assurance that customers will do so in the future.
Adjusted Selling, General and Administrative (“SG&A”) Expense and
Adjusted SG&A Percentage
We use the term “adjusted SG&A expense” to refer to GAAP SG&A expense,
excluding amortization of intangible assets, changes to the fair values
assigned to contingent consideration, other costs related to business
acquisitions, and a significant litigation matter. We use the related
term “adjusted SG&A percentage” to refer to adjusted SG&A expense as a
percentage of adjusted revenue. We believe that these non-GAAP measures,
when taken together with our GAAP financial measures, allow us and our
investors to better measure the cost of the internal operating
structure, our ability to leverage that structure and the level of
investment required to grow our business. We exclude amortization of
intangible assets and a significant litigation matter because these
charges do not represent what we believe our investors consider to be
costs that support our internal operating structure and could distort
the efficiencies of that structure. We exclude changes to the fair
values assigned to contingent consideration and other costs related to
business acquisitions because they only occur due to an acquisition and
the potential subsequent repositioning of the business that could
distort the performance measures of costs to support our internal
operating structure.
Adjusted Research and Development (“R&D”) Expense and Adjusted R&D
Percentage
We use the term “adjusted R&D expense” to refer to GAAP R&D expense,
excluding amortization of intangible assets. We use the related term
“adjusted R&D percentage” to refer to adjusted R&D expense as a
percentage of adjusted revenue. We believe that these non-GAAP measures,
when taken together with our GAAP financial measures, allow us and our
investors to better understand and evaluate our internal technology
investments. We exclude amortization of intangible assets from these
measures because these charges do not represent what we believe our
investors consider to be internal investments in R&D activities and
could distort our R&D investment level.
Adjusted Operating Income, Adjusted Operating Profit Percentage,
Adjusted Operating Profit Margin and Adjusted Operating Margin
We use the term “adjusted operating income,” to refer to GAAP operating
income, excluding amortization of intangible assets, inventory fair
value adjustments related to business acquisitions, changes to the fair
values assigned to contingent consideration, other costs related to
business acquisitions, a significant litigation matter, and
restructuring and contract termination charges, and including estimated
revenue from contracts acquired in various acquisitions that will not be
fully recognized due to business combination accounting rules. We also
exclude adjustments for mark-to-market accounting on post-retirement
benefits, therefore only our projected costs have been used to calculate
our non-GAAP measure. Adjusted operating income is calculated by
subtracting adjusted R&D expense and adjusted SG&A expense from adjusted
gross margin. We use the related terms “adjusted operating profit
percentage,” “adjusted operating profit margin,” or “adjusted operating
margin” to refer to adjusted operating income as a percentage of
adjusted revenue. We believe that these non-GAAP measures, when taken
together with our GAAP financial measures, allow us and our investors to
analyze the costs of the different components of producing and selling
our products, to better measure the performance of our internal
investments in technology and to evaluate the long-term profitability
trends of our core operations. Adjusted operating income also provides
for easier comparisons of our performance and profitability with prior
and future periods and relative comparisons to our peers. We believe our
investors do not consider the items that we exclude from adjusted
operating income to be costs of producing our products, investments in
technology and production or costs to support our internal operating
structure, and so we present this non-GAAP measure to avoid overstating
or understating to our investors the performance of our operations. We
exclude restructuring and contract termination charges because they tend
to occur due to an acquisition, divestiture, repositioning of the
business or other unusual event that could distort the performance
measures of our internal investments and costs to support our internal
operating structure. We include estimated revenue from contracts
acquired with various acquisitions that will not be fully recognized due
to business combination rules because we believe our investors will use
this adjustment as a measure of the ongoing performance of the acquired
businesses, as a result of customers having historically entered into
such contracts for renewed and/or developmental support, although there
can be no assurance that customers will do so in the future.
Adjusted Earnings Per Share and Adjusted EPS
We use the term “adjusted earnings per share,” or “adjusted EPS,” to
refer to GAAP earnings per share, excluding discontinued operations,
amortization of intangible assets, inventory fair value adjustments
related to business acquisitions, changes to the fair values assigned to
contingent consideration, other costs related to business acquisitions,
a significant litigation matter, restructuring and contract termination
charges, and including estimated revenue from contracts acquired in
various acquisitions that will not be fully recognized due to business
combination accounting rules. We also exclude adjustments for
mark-to-market accounting on post-retirement benefits, therefore only
our projected costs have been used to calculate our non-GAAP measure.
Adjusted earnings per share is calculated by subtracting the items above
included in adjusted gross margin, adjusted R&D expense, adjusted SG&A
expense, restructuring and contract termination charges, and the
provision for taxes related to these items from GAAP earnings per share.
We believe that this non-GAAP measure, when taken together with our GAAP
financial measures, allows us and our investors to analyze the costs of
producing and selling our products and the performance of our internal
investments in technology and our internal operating structure, to
evaluate the long-term profitability trends of our core operations and
to calculate the underlying value of the core business on a dilutive
share basis, which is a key measure of the value of the Company used by
our management and we believe used by investors as well. Adjusted
earnings per share also facilitates the overall analysis of the value of
the Company and the core measure of the success of our operating
business model as compared to prior and future periods and relative
comparisons to our peers. We exclude discontinued operations,
amortization of intangible assets, inventory fair value adjustments
related to business acquisitions, changes to the fair values assigned to
contingent consideration, other costs related to business acquisitions,
adjustments for mark-to-market accounting on post-retirement benefits, a
significant litigation matter, and restructuring and contract
termination charges, as these items do not represent what we believe our
investors consider to be costs of producing our products, investments in
technology and production, and costs to support our internal operating
structure, which could result in overstating or understating to our
investors the performance of our operations. We include estimated
revenue from contracts acquired with various acquisitions that will not
be fully recognized due to business combination rules because we believe
our investors will use this adjustment as a measure of the ongoing
performance of the acquired businesses, as a result of customers having
historically entered into such contracts for renewed and/or
developmental support, although there can be no assurance that customers
will do so in the future.
The second quarter tax effect on adjusted EPS for (i) discontinued
operations was a provision of $0.00 in 2015 and a benefit of $0.01 in
2014, (ii) amortization of intangible assets was an expense of $0.06 in
both 2015 and 2014, (iii) inventory fair value adjustments related to
business acquisitions was an expense of $0.00 in 2015, (iv) significant
litigation matter was an expense of $0.01 in 2014, and (v) restructuring
and contract termination charges was an expense of $0.01 in 2015 and
$0.00 in 2014. The second quarter tax effect on adjusted EPS for each of
the remaining items (changes to the fair values assigned to contingent
consideration, other costs related to business acquisitions, adjustments
for mark-to-market accounting on post-retirement benefits, and the
estimated revenue from contracts acquired with various acquisitions that
will not be fully recognized due to business combination accounting
rules) was $0.00 in both 2015 and 2014.
The full year tax effect on adjusted EPS for (i) discontinued operations
was a benefit of $0.00 in 2015 and a benefit of $0.01 in 2014, (ii)
amortization of intangible assets was an expense of $0.12 in both 2015
and 2014, (iii) inventory fair value adjustments related to business
acquisitions was an expense of $0.01 in 2015, (iv) significant
litigation matter was an expense of $0.02 in 2014, (v) restructuring and
contract termination charges was an expense of $0.01 in both 2014 and
2015, and (vi) the estimated revenue from contracts acquired with
various acquisitions that will not be fully recognized due to business
combination accounting rules was an expense of $0.00 in 2015 and $0.01
in 2014. The full year tax effect on adjusted EPS for each of the
remaining items (changes to the fair values assigned to contingent
consideration, other costs related to business acquisitions, and
adjustments for mark-to-market accounting on post-retirement benefits)
was $0.00 in both 2015 and 2014.
Constant Currency Adjusted Earnings Per Share and Constant
Currency Adjusted EPS
We use the term “constant currency adjusted earnings per share,” or
“constant currency adjusted EPS,” to refer to GAAP earnings per share,
excluding the impact from foreign currency exchange rates on the current
period, discontinued operations, amortization of intangible assets,
inventory fair value adjustments related to business acquisitions,
changes to the fair values assigned to contingent consideration, other
costs related to business acquisitions, a significant litigation matter,
restructuring and contract termination charges, and including estimated
revenue from contracts acquired in various acquisitions that will not be
fully recognized due to business combination accounting rules. We also
exclude adjustments for mark-to-market accounting on post-retirement
benefits, therefore only our projected costs have been used to calculate
our non-GAAP measure. We believe that this non-GAAP measure, when taken
together with our GAAP financial measures, allows us and our investors
to analyze the costs of producing and selling our products and the
performance of our internal investments in technology and our internal
operating structure, to evaluate the long-term profitability trends of
our core operations and to calculate the underlying value of the core
business on a dilutive share basis, which is a key measure of the value
of the Company used by our management and we believe used by investors
as well. Constant currency adjusted earnings per share also facilitates
the overall analysis of the value of the Company and the core measure of
the success of our operating business model as compared to prior and
future periods and relative comparisons to our peers. We exclude the
impact of foreign currency exchanges rates from these measures by using
the prior period’s foreign currency exchange rates for the current
period because foreign currency exchange rates are subject to volatility
and can obscure underlying trends. We exclude discontinued operations,
amortization of intangible assets, inventory fair value adjustments
related to business acquisitions, changes to the fair values assigned to
contingent consideration, other costs related to business acquisitions,
adjustments for mark-to-market accounting on post-retirement benefits, a
significant litigation matter, and restructuring and contract
termination charges, as these items do not represent what we believe our
investors consider to be costs of producing our products, investments in
technology and production, and costs to support our internal operating
structure, which could result in overstating or understating to our
investors the performance of our operations. We include estimated
revenue from contracts acquired with various acquisitions that will not
be fully recognized due to business combination rules because we believe
our investors will use this adjustment as a measure of the ongoing
performance of the acquired businesses, as a result of customers having
historically entered into such contracts for renewed and/or
developmental support, although there can be no assurance that customers
will do so in the future.
The second quarter tax effect on adjusted EPS for (i) discontinued
operations was a provision of $0.00 in 2015 and a benefit of $0.01 in
2014, (ii) amortization of intangible assets was an expense of $0.06 in
both 2015 and 2014, (iii) inventory fair value adjustments related to
business acquisitions was an expense of $0.00 in 2015, (iv) significant
litigation matter was an expense of $0.01 in 2014, (v) restructuring and
contract termination charges was an expense of $0.01 in 2015 and $0.00
in 2014 and (vi) the impact from foreign currency exchange rates on the
current period by using the prior period’s exchange rates for the
current period’s expense was an expense of $0.02 in 2015. The second
quarter tax effect on adjusted EPS for each of the remaining items
(changes to the fair values assigned to contingent consideration, other
costs related to business acquisitions, adjustments for mark-to-market
accounting on post-retirement benefits, and the estimated revenue from
contracts acquired with various acquisitions that will not be fully
recognized due to business combination accounting rules) was $0.00 in
both 2015 and 2014.
The full year tax effect on adjusted EPS for (i) discontinued operations
was a benefit of $0.00 in 2015 and a benefit of $0.01 in 2014, (ii)
amortization of intangible assets was an expense of $0.12 in both 2015
and 2014, (iii) inventory fair value adjustments related to business
acquisitions was an expense of $0.01 in 2015, (iv) significant
litigation matter was an expense of $0.02 in 2014, (v) restructuring and
contract termination charges was an expense of $0.01 in both 2014 and
2015, (vi) the estimated revenue from contracts acquired with various
acquisitions that will not be fully recognized due to business
combination accounting rules was an expense of $0.00 in 2015 and $0.01
in 2014 and (vii) the impact from foreign currency exchange rates on the
current period by using the prior period’s exchange rates for the
current period’s expense was an expense of $0.05 in 2015. The full year
tax effect on adjusted EPS for each of the remaining items (changes to
the fair values assigned to contingent consideration, other costs
related to business acquisitions, and adjustments for mark-to-market
accounting on post-retirement benefits) was $0.00 in both 2015 and 2014.
# # #
The tax effect for discontinued operations is calculated based on the
authoritative guidance in the Financial Accounting Standards Board’s
Accounting Standards Codification 740, Income Taxes. The tax effect for
amortization of intangible assets, inventory fair value adjustments
related to business acquisitions, changes to the fair values assigned to
contingent consideration, other costs related to business acquisitions,
a significant litigation matter, adjustments for mark-to-market
accounting on post-retirement benefits, restructuring and contract
termination charges, and the estimated revenue from contracts acquired
with various acquisitions is calculated based on operational results and
applicable jurisdictional law, which contemplates tax rates currently in
effect to determine our tax provision. The tax effect for the impact
from foreign currency exchange rates on the current period is calculated
based on the average rate currently in effect to determine our tax
provision.
The non-GAAP financial measures described above are not meant to be
considered superior to, or a substitute for, our financial statements
prepared in accordance with GAAP. There are material limitations
associated with non-GAAP financial measures because they exclude charges
that have an effect on our reported results and, therefore, should not
be relied upon as the sole financial measures to evaluate our financial
results. Management compensates and believes that investors should
compensate for these limitations by viewing the non-GAAP financial
measures in conjunction with the GAAP financial measures. In addition,
the non-GAAP financial measures included in this earnings announcement
may be different from, and therefore may not be comparable to, similar
measures used by other companies.
Each of the non-GAAP financial measures listed above are also used by
our management to evaluate our operating performance, communicate our
financial results to our Board of Directors, benchmark our results
against our historical performance and the performance of our peers,
evaluate investment opportunities including acquisitions and
discontinued operations, and determine the bonus payments for senior
management and employees.
CONTACT:
Investor Relations:
PerkinElmer, Inc.
Tommy J. Thomas,
CPA, 781-663-5889
tommy.thomas@perkinelmer.com
or
Media
Contact:
PerkinElmer, Inc.
Fara Goldberg, 781-663-5699
fara.goldberg@perkinelmer.com
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