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): November 5, 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.
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Results of Operations and Financial Condition
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On November 5, 2015, PerkinElmer, Inc. announced its financial results
for the quarter ended October 4, 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.
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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 Third Quarter of 2015”, issued by PerkinElmer,
Inc. on November 5, 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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November
5, 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 Third Quarter of 2015”, issued by PerkinElmer, Inc. on
November 5, 2015.
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Exhibit 99.1
PerkinElmer
Announces Financial Results for the Third Quarter of 2015
-
GAAP
revenue of $563 million; Constant currency adjusted revenue growth
10%; Organic revenue growth 6%
-
GAAP
earnings per share from continuing operations of $0.48; Adjusted
earnings per share of $0.60 representing 16% constant currency
adjusted EPS growth
-
Narrows
full year 2015 guidance and maintains midpoint of range
WALTHAM, Mass.--(BUSINESS WIRE)--November 5, 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
third quarter ended October 4, 2015.
The Company reported GAAP earnings per share from continuing operations
of $0.48, compared to $0.38 in the third quarter of 2014. Revenue in the
third quarter of 2015 was $563.4 million, compared to $542.0 million in
the third quarter of 2014. GAAP operating income from continuing
operations for the third quarter of 2015 was $75.9 million, compared to
$58.8 million in the third quarter of 2014. GAAP operating profit margin
from continuing operations was 13.5% in the third quarter of 2015,
compared to 10.8% in the third quarter of 2014.
Adjusted earnings per share was $0.60, compared to $0.57 in the third
quarter of 2014. Adjusted revenue increased 4% and organic revenue
increased 6%, compared to the third quarter of 2014. Adjusted revenue
was $563.6 million, compared to $542.9 million in the third quarter of
2014. Adjusted operating income for the third quarter of 2015 was $95.7
million, compared to $91.3 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 effects of fluctuations in
foreign currency exchange rates, allowing for a period-to-period
comparison of underlying business performance.
“I am pleased to report another solid quarterly performance as we
delivered strong and broad-based revenue growth and profitability
despite a somewhat mixed global macro-environment,” said Robert Friel,
chairman and chief executive officer of PerkinElmer. “We continue to
believe that the strength and differentiation of PerkinElmer’s products
and solutions coupled with a relentless focus on executing against our
strategic priorities will afford us the ability to deliver on our
balance of year commitments and position us well for 2016 and beyond.”
Financial Overview by Reporting Segment for the Third Quarter 2015
Human Health
-
Revenue of $343.6 million, as compared to $336.9 million for the third
quarter of 2014.
-
Operating income of $63.1 million, as compared to $48.1 million for
the same period a year ago.
-
Adjusted revenue of $343.8 million, as compared to $337.8 million for
the third quarter of 2014. Organic revenue increased 7%.
-
Adjusted operating income of $78.9 million, as compared to $73.6
million for the same period a year ago.
-
Adjusted operating profit margin was 22.9% as a percentage of adjusted
revenue, an increase of approximately 110 basis points as compared to
the third quarter of 2014.
Environmental Health
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Revenue of $219.8 million, as compared to $205.1 million for the third
quarter of 2014. Revenue increased 7% and organic revenue increased 5%.
-
Operating income of $22.8 million, as compared to $18.5 million for
the same period a year ago.
-
Adjusted operating income of $26.9 million, as compared to $25.5
million for the same period a year ago.
-
Adjusted operating profit margin was 12.2% as a percentage of revenue,
a decline of approximately 30 basis points as compared to the third
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 $2.02 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
$2.56 to $2.59 representing 13-14% constant currency adjusted earnings
per share growth.
Conference Call Information
The Company will discuss its third quarter results and its outlook for
business trends in a conference call on November 5, 2015 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (541) 797-2422 prior
to the scheduled conference call time and provide the access code
49211111.
A live audio webcast of the call will be available on the Investors
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, including significant fluctuations in foreign
currency exchange rates; (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 $2.2 billion in 2014, has about 7,700 employees serving
customers in more than 150 countries, and is a component of the S&P 500
Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.
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PerkinElmer, Inc. and Subsidiaries CONDENSED
CONSOLIDATED INCOME STATEMENTS
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Three Months Ended
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Nine Months Ended
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(In thousands, except per share data)
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October 4, 2015
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September 28, 2014
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October 4, 2015
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September 28, 2014
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Revenue
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$
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563,436
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$
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542,049
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$
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1,654,243
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$
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1,628,829
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Cost of revenue
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308,833
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298,740
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911,754
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901,823
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Selling, general and administrative expenses
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147,728
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142,997
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440,343
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442,687
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Research and development expenses
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31,095
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30,444
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95,898
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90,175
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Restructuring and contract termination charges, net
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(118
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)
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11,092
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4,838
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13,969
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Operating income from continuing operations
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75,898
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58,776
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201,410
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180,175
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Interest income
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(147
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)
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(130
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)
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(488
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(375
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)
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Interest expense
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9,874
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8,909
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28,564
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27,207
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Other expense, net
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2,217
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2,187
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4,132
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4,387
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Income from continuing operations, before income taxes
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63,954
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47,810
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169,202
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148,956
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Provision for income taxes
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9,057
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4,912
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24,998
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19,104
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Income from continuing operations
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54,897
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42,898
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144,204
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129,852
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Gain (loss) from discontinued operations, before income taxes
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8
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(1,091
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)
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6
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(4,205
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Loss on disposition of discontinued operations, before income taxes
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(3
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(7
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(26
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(381
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)
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Provision for (benefit from) income taxes on discontinued operations
and dispositions
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39
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(477
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13
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(1,725
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Loss from discontinued operations and dispositions
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(34
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(621
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(33
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(2,861
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Net income
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$
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54,863
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$
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42,277
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$
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144,171
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$
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126,991
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Diluted earnings per share:
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Income from continuing operations
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$
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0.48
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$
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0.38
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$
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1.27
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$
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1.14
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Loss from discontinued operations and dispositions
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(0.00
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(0.01
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(0.00
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(0.03
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Net income
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$
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0.48
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$
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0.37
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$
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1.27
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$
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1.12
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Weighted average diluted shares of common stock outstanding
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113,422
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113,759
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113,565
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113,836
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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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0.48
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$
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0.38
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$
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1.27
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$
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1.14
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Amortization of intangible assets, net of income taxes
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0.11
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0.11
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0.34
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0.35
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Purchase accounting adjustments, net of income taxes
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0.01
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0.00
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0.05
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0.00
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Significant litigation matter, net of income taxes
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-
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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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-
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-
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0.01
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(0.00
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)
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Restructuring and contract termination charges, net of income taxes
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(0.00
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)
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0.07
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0.03
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0.09
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Adjusted EPS
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$
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0.60
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$
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0.57
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$
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1.70
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$
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1.62
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(1) amounts may not sum due to rounding
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PerkinElmer, Inc. and Subsidiaries REVENUE AND
OPERATING INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Nine Months Ended
|
(In thousands, except percentages)
|
|
|
|
|
October 4, 2015
|
|
|
September 28, 2014
|
|
|
|
|
October 4, 2015
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
Reported revenue
|
|
|
|
|
$
|
343,636
|
|
|
|
$
|
336,949
|
|
|
|
|
|
$
|
1,011,177
|
|
|
|
$
|
1,009,525
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
164
|
|
|
|
|
811
|
|
|
|
|
|
|
628
|
|
|
|
|
2,689
|
|
|
|
|
Adjusted revenue
|
|
|
|
|
|
343,800
|
|
|
|
|
337,760
|
|
|
|
|
|
|
1,011,805
|
|
|
|
|
1,012,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income from continued operations
|
|
|
|
|
|
63,147
|
|
|
|
|
48,089
|
|
|
|
|
|
|
179,560
|
|
|
|
|
149,979
|
|
|
|
|
OP%
|
|
|
|
|
|
18.4
|
%
|
|
|
|
14.3
|
%
|
|
|
|
|
|
17.8
|
%
|
|
|
|
14.9
|
%
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
15,298
|
|
|
|
|
18,402
|
|
|
|
|
|
|
46,041
|
|
|
|
|
54,710
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
195
|
|
|
|
|
836
|
|
|
|
|
|
|
720
|
|
|
|
|
2,037
|
|
|
|
|
Acquisition-related costs
|
|
|
|
|
|
74
|
|
|
|
|
18
|
|
|
|
|
|
|
283
|
|
|
|
|
87
|
|
|
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
184
|
|
|
|
|
6,285
|
|
|
|
|
|
|
2,004
|
|
|
|
|
7,140
|
|
|
|
|
Adjusted operating income
|
|
|
|
|
|
78,898
|
|
|
|
|
73,630
|
|
|
|
|
|
|
228,608
|
|
|
|
|
213,953
|
|
|
|
|
Adjusted OP%
|
|
|
|
|
|
22.9
|
%
|
|
|
|
21.8
|
%
|
|
|
|
|
|
22.6
|
%
|
|
|
|
21.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
Reported revenue
|
|
|
|
|
|
219,800
|
|
|
|
|
205,100
|
|
|
|
|
|
|
643,066
|
|
|
|
|
619,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income from continued operations
|
|
|
|
|
|
22,838
|
|
|
|
|
18,540
|
|
|
|
|
|
|
53,606
|
|
|
|
|
65,725
|
|
|
|
|
OP%
|
|
|
|
|
|
10.4
|
%
|
|
|
|
9.0
|
%
|
|
|
|
|
|
8.3
|
%
|
|
|
|
10.6
|
%
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
3,551
|
|
|
|
|
2,177
|
|
|
|
|
|
|
12,499
|
|
|
|
|
7,140
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
808
|
|
|
|
|
-
|
|
|
|
|
|
|
7,275
|
|
|
|
|
(830
|
)
|
|
|
|
Acquisition-related costs
|
|
|
|
|
|
19
|
|
|
|
|
17
|
|
|
|
|
|
|
235
|
|
|
|
|
129
|
|
|
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
(302
|
)
|
|
|
|
4,807
|
|
|
|
|
|
|
2,834
|
|
|
|
|
6,829
|
|
|
|
|
Adjusted operating income
|
|
|
|
|
|
26,914
|
|
|
|
|
25,541
|
|
|
|
|
|
|
76,449
|
|
|
|
|
78,993
|
|
|
|
|
Adjusted OP%
|
|
|
|
|
|
12.2
|
%
|
|
|
|
12.5
|
%
|
|
|
|
|
|
11.9
|
%
|
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
Reported operating loss
|
|
|
|
|
|
(10,087
|
)
|
|
|
|
(7,853
|
)
|
|
|
|
|
|
(31,756
|
)
|
|
|
|
(35,529
|
)
|
|
|
|
Significant litigation matter
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
6,645
|
|
|
|
|
Mark to market on postretirement benefits
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
1,066
|
|
|
|
|
(54
|
)
|
|
|
|
Adjusted operating loss
|
|
|
|
|
|
(10,087
|
)
|
|
|
|
(7,853
|
)
|
|
|
|
|
|
(30,690
|
)
|
|
|
|
(28,938
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing Operations
|
|
|
Reported revenue
|
|
|
|
|
$
|
563,436
|
|
|
|
$
|
542,049
|
|
|
|
|
|
$
|
1,654,243
|
|
|
|
$
|
1,628,829
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
164
|
|
|
|
|
811
|
|
|
|
|
|
|
628
|
|
|
|
|
2,689
|
|
|
|
|
Adjusted revenue
|
|
|
|
|
|
563,600
|
|
|
|
|
542,860
|
|
|
|
|
|
|
1,654,871
|
|
|
|
|
1,631,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income from continued operations
|
|
|
|
|
|
75,898
|
|
|
|
|
58,776
|
|
|
|
|
|
|
201,410
|
|
|
|
|
180,175
|
|
|
|
|
OP%
|
|
|
|
|
|
13.5
|
%
|
|
|
|
10.8
|
%
|
|
|
|
|
|
12.2
|
%
|
|
|
|
11.1
|
%
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
18,849
|
|
|
|
|
20,579
|
|
|
|
|
|
|
58,540
|
|
|
|
|
61,850
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
1,003
|
|
|
|
|
836
|
|
|
|
|
|
|
7,995
|
|
|
|
|
1,207
|
|
|
|
|
Acquisition-related costs
|
|
|
|
|
|
93
|
|
|
|
|
35
|
|
|
|
|
|
|
518
|
|
|
|
|
216
|
|
|
|
|
Significant litigation matter
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
6,645
|
|
|
|
|
Mark to market on postretirement benefits
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
1,066
|
|
|
|
|
(54
|
)
|
|
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
(118
|
)
|
|
|
|
11,092
|
|
|
|
|
|
|
4,838
|
|
|
|
|
13,969
|
|
|
|
|
Adjusted operating income
|
|
|
|
|
$
|
95,725
|
|
|
|
$
|
91,318
|
|
|
|
|
|
$
|
274,367
|
|
|
|
$
|
264,008
|
|
|
|
|
Adjusted OP%
|
|
|
|
|
|
17.0
|
%
|
|
|
|
16.8
|
%
|
|
|
|
|
|
16.6
|
%
|
|
|
|
16.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN
ACCORDANCE WITH GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
October 4, 2015
|
|
|
December 28, 2014
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
195,066
|
|
|
|
$
|
174,821
|
|
Accounts receivable, net
|
|
|
|
|
|
414,193
|
|
|
|
|
470,563
|
|
Inventories
|
|
|
|
|
|
313,047
|
|
|
|
|
285,457
|
|
Other current assets
|
|
|
|
|
|
151,531
|
|
|
|
|
137,710
|
|
Total current assets
|
|
|
|
|
|
1,073,837
|
|
|
|
|
1,068,551
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
At cost
|
|
|
|
|
|
494,768
|
|
|
|
|
492,814
|
|
Accumulated depreciation
|
|
|
|
|
|
(330,591
|
)
|
|
|
|
(316,620
|
)
|
Property, plant and equipment, net
|
|
|
|
|
|
164,177
|
|
|
|
|
176,194
|
|
Marketable securities and investments
|
|
|
|
|
|
1,574
|
|
|
|
|
1,568
|
|
Intangible assets, net
|
|
|
|
|
|
424,239
|
|
|
|
|
490,265
|
|
Goodwill
|
|
|
|
|
|
2,253,943
|
|
|
|
|
2,284,077
|
|
Other assets, net
|
|
|
|
|
|
113,897
|
|
|
|
|
113,420
|
|
Total assets
|
|
|
|
|
$
|
4,031,667
|
|
|
|
$
|
4,134,075
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
|
|
$
|
1,107
|
|
|
|
$
|
1,075
|
|
Accounts payable
|
|
|
|
|
|
149,684
|
|
|
|
|
173,953
|
|
Short-term accrued restructuring and contract termination charges
|
|
|
|
|
|
12,111
|
|
|
|
|
17,124
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
389,274
|
|
|
|
|
403,021
|
|
Current liabilities of discontinued operations
|
|
|
|
|
|
2,100
|
|
|
|
|
2,137
|
|
Total current liabilities
|
|
|
|
|
|
554,276
|
|
|
|
|
597,310
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
|
|
|
1,027,269
|
|
|
|
|
1,051,892
|
|
Long-term liabilities
|
|
|
|
|
|
395,798
|
|
|
|
|
442,771
|
|
Total liabilities
|
|
|
|
|
|
1,977,343
|
|
|
|
|
2,091,973
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
|
|
|
2,054,324
|
|
|
|
|
2,042,102
|
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
4,031,667
|
|
|
|
$
|
4,134,075
|
|
|
|
|
|
|
|
|
|
|
PREPARED IN ACCORDANCE WITH GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
September 28, 2014
|
|
|
|
|
October 4, 2015
|
|
|
September 28, 2014
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
54,863
|
|
|
|
$
|
42,277
|
|
|
|
|
|
$
|
144,171
|
|
|
|
$
|
126,991
|
|
Loss from discontinued operations and dispositions, net of income
taxes
|
|
|
|
|
|
34
|
|
|
|
|
621
|
|
|
|
|
|
|
33
|
|
|
|
|
2,861
|
|
Income from continuing operations
|
|
|
|
|
|
54,897
|
|
|
|
|
42,898
|
|
|
|
|
|
|
144,204
|
|
|
|
|
129,852
|
|
Adjustments to reconcile income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to net cash provided by continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
|
|
|
4,290
|
|
|
|
|
2,450
|
|
|
|
|
|
|
12,483
|
|
|
|
|
11,769
|
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
(118
|
)
|
|
|
|
11,092
|
|
|
|
|
|
|
4,838
|
|
|
|
|
13,969
|
|
Amortization of deferred debt issuance costs and accretion of
discounts
|
|
|
|
|
|
435
|
|
|
|
|
409
|
|
|
|
|
|
|
1,112
|
|
|
|
|
1,071
|
|
Depreciation and amortization
|
|
|
|
|
|
27,164
|
|
|
|
|
28,926
|
|
|
|
|
|
|
83,757
|
|
|
|
|
86,833
|
|
Amortization of acquired inventory revaluation
|
|
|
|
|
|
808
|
|
|
|
|
-
|
|
|
|
|
|
|
7,275
|
|
|
|
|
-
|
|
Changes in operating assets and liabilities which provided (used)
cash, excluding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
effects from companies purchased and divested:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
|
5,518
|
|
|
|
|
3,407
|
|
|
|
|
|
|
36,361
|
|
|
|
|
26,841
|
|
Inventories
|
|
|
|
|
|
(17,497
|
)
|
|
|
|
(12,799
|
)
|
|
|
|
|
|
(50,824
|
)
|
|
|
|
(28,536
|
)
|
Accounts payable
|
|
|
|
|
|
(18,375
|
)
|
|
|
|
7,858
|
|
|
|
|
|
|
(19,916
|
)
|
|
|
|
(4,009
|
)
|
Accrued expenses and other
|
|
|
|
|
|
3,646
|
|
|
|
|
(21,154
|
)
|
|
|
|
|
|
(57,361
|
)
|
|
|
|
(52,133
|
)
|
Net cash provided by operating activities of continuing operations
|
|
|
|
|
|
60,768
|
|
|
|
|
63,087
|
|
|
|
|
|
|
161,929
|
|
|
|
|
185,657
|
|
Net cash used in operating activities of discontinued operations
|
|
|
|
|
|
(43
|
)
|
|
|
|
(160
|
)
|
|
|
|
|
|
(70
|
)
|
|
|
|
(624
|
)
|
Net cash provided by operating activities
|
|
|
|
|
|
60,725
|
|
|
|
|
62,927
|
|
|
|
|
|
|
161,859
|
|
|
|
|
185,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
(7,715
|
)
|
|
|
|
(7,767
|
)
|
|
|
|
|
|
(17,814
|
)
|
|
|
|
(22,214
|
)
|
Proceeds from surrender of life insurance policies
|
|
|
|
|
|
757
|
|
|
|
|
65
|
|
|
|
|
|
|
757
|
|
|
|
|
490
|
|
Changes in restricted cash balances
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
59
|
|
|
|
|
-
|
|
Activity related to acquisitions and investments, net of cash and
cash equivalents acquired
|
|
|
|
|
|
-
|
|
|
|
|
(1,529
|
)
|
|
|
|
|
|
(18,735
|
)
|
|
|
|
(1,879
|
)
|
Net cash used in investing activities of continuing operations
|
|
|
|
|
|
(6,958
|
)
|
|
|
|
(9,231
|
)
|
|
|
|
|
|
(35,733
|
)
|
|
|
|
(23,603
|
)
|
Net cash used in investing activities of discontinued operations
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
(213
|
)
|
Net cash used in investing activities
|
|
|
|
|
|
(6,958
|
)
|
|
|
|
(9,231
|
)
|
|
|
|
|
|
(35,733
|
)
|
|
|
|
(23,816
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on revolving credit facility
|
|
|
|
|
|
(122,000
|
)
|
|
|
|
(73,000
|
)
|
|
|
|
|
|
(371,000
|
)
|
|
|
|
(305,000
|
)
|
Proceeds from revolving credit facility
|
|
|
|
|
|
163,000
|
|
|
|
|
34,000
|
|
|
|
|
|
|
347,000
|
|
|
|
|
227,000
|
|
Payments of debt issuance costs
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
(1,845
|
)
|
Settlement of hedges
|
|
|
|
|
|
(4,258
|
)
|
|
|
|
-
|
|
|
|
|
|
|
19,210
|
|
|
|
|
-
|
|
Net payments on other credit facilities
|
|
|
|
|
|
(1,144
|
)
|
|
|
|
(718
|
)
|
|
|
|
|
|
(800
|
)
|
|
|
|
(1,225
|
)
|
Payments for acquisition-related contingent consideration
|
|
|
|
|
|
(26
|
)
|
|
|
|
(855
|
)
|
|
|
|
|
|
(26
|
)
|
|
|
|
(855
|
)
|
Proceeds from issuance of common stock under stock plans
|
|
|
|
|
|
412
|
|
|
|
|
1,493
|
|
|
|
|
|
|
13,081
|
|
|
|
|
20,947
|
|
Purchases of common stock
|
|
|
|
|
|
(72,063
|
)
|
|
|
|
(28
|
)
|
|
|
|
|
|
(76,158
|
)
|
|
|
|
(39,004
|
)
|
Dividends paid
|
|
|
|
|
|
(7,938
|
)
|
|
|
|
(7,904
|
)
|
|
|
|
|
|
(23,737
|
)
|
|
|
|
(23,713
|
)
|
Net cash used in financing activities
|
|
|
|
|
|
(44,017
|
)
|
|
|
|
(47,012
|
)
|
|
|
|
|
|
(92,430
|
)
|
|
|
|
(123,695
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
|
(6,854
|
)
|
|
|
|
(8,259
|
)
|
|
|
|
|
|
(13,451
|
)
|
|
|
|
(7,081
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
|
2,896
|
|
|
|
|
(1,575
|
)
|
|
|
|
|
|
20,245
|
|
|
|
|
30,441
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
192,170
|
|
|
|
|
205,258
|
|
|
|
|
|
|
174,821
|
|
|
|
|
173,242
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
$
|
195,066
|
|
|
|
$
|
203,683
|
|
|
|
|
|
$
|
195,066
|
|
|
|
$
|
203,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREPARED IN ACCORDANCE WITH GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (1)
|
|
|
|
|
|
|
(In millions, except per share data and percentages)
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
563.4
|
|
|
|
|
|
|
$
|
542.0
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
0.2
|
|
|
|
|
|
|
|
0.8
|
|
|
|
|
Adjusted revenue
|
|
|
|
|
$
|
563.6
|
|
|
|
|
|
|
$
|
542.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
|
|
$
|
254.6
|
|
|
|
45.2
|
%
|
|
|
$
|
243.3
|
|
|
|
44.9
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
10.7
|
|
|
|
1.9
|
%
|
|
|
|
12.4
|
|
|
|
2.3
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
1.0
|
|
|
|
0.2
|
%
|
|
|
|
0.8
|
|
|
|
0.2
|
%
|
Adjusted gross margin
|
|
|
|
|
$
|
266.3
|
|
|
|
47.2
|
%
|
|
|
$
|
256.5
|
|
|
|
47.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted SG&A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
|
|
|
$
|
147.7
|
|
|
|
26.2
|
%
|
|
|
$
|
143.0
|
|
|
|
26.4
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
(8.0
|
)
|
|
|
-1.4
|
%
|
|
|
|
(8.0
|
)
|
|
|
-1.5
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
%
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
%
|
Acquisition-related costs
|
|
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
%
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
%
|
Adjusted SG&A
|
|
|
|
|
$
|
139.6
|
|
|
|
24.8
|
%
|
|
|
$
|
134.9
|
|
|
|
24.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted R&D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D
|
|
|
|
|
$
|
31.1
|
|
|
|
5.5
|
%
|
|
|
$
|
30.4
|
|
|
|
5.6
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
%
|
|
|
|
(0.2
|
)
|
|
|
0.0
|
%
|
Adjusted R&D
|
|
|
|
|
$
|
31.0
|
|
|
|
5.5
|
%
|
|
|
$
|
30.3
|
|
|
|
5.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
75.9
|
|
|
|
13.5
|
%
|
|
|
$
|
58.8
|
|
|
|
10.8
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
18.8
|
|
|
|
3.3
|
%
|
|
|
|
20.6
|
|
|
|
3.8
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
1.0
|
|
|
|
0.2
|
%
|
|
|
|
0.8
|
|
|
|
0.2
|
%
|
Acquisition-related costs
|
|
|
|
|
|
0.1
|
|
|
|
0.0
|
%
|
|
|
|
0.0
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
%
|
|
|
|
11.1
|
|
|
|
2.0
|
%
|
Adjusted operating income
|
|
|
|
|
$
|
95.7
|
|
|
|
17.0
|
%
|
|
|
$
|
91.3
|
|
|
|
16.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
|
$
|
0.37
|
|
|
|
|
Discontinued operations, net of income taxes
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
0.48
|
|
|
|
|
|
|
|
0.38
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
0.11
|
|
|
|
|
|
|
|
0.11
|
|
|
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
Acquisition-related costs, net of income taxes
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
0.07
|
|
|
|
|
Adjusted EPS
|
|
|
|
|
$
|
0.60
|
|
|
|
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
Impact of tax Expense related to non-gaap adjustments on
adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
$
|
(0.07
|
)
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
Acquisition-related costs
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
Restructuring and contract termination charges
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
Impact of tax expense related to non-gaap adjustments on adjusted EPS
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant currency adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
|
$
|
0.37
|
|
|
|
|
Discontinued operations, net of income taxes
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
0.48
|
|
|
|
|
|
|
|
0.38
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
0.11
|
|
|
|
|
|
|
|
0.11
|
|
|
|
|
Purchase accounting adjustments, net of income taxes
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
Acquisition-related costs, net of income taxes
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
0.00
|
|
|
|
|
Restructuring and contract termination charges, net of income taxes
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
0.07
|
|
|
|
|
Effect of currency changes from prior year period
|
|
|
|
|
|
0.06
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Constant currency adjusted EPS
|
|
|
|
|
$
|
0.66
|
|
|
|
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
Tax Expense related to non-gaap adjustments on constant currency
adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
$
|
(0.07
|
)
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
Acquisition-related costs
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
Restructuring and contract termination charges
|
|
|
|
|
|
0.00
|
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
Effect of currency changes from prior year period
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
Impact of tax expense related to non-gaap adjustments on constant
currency adjusted EPS
|
|
|
|
|
$
|
(0.07
|
)
|
|
|
|
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
343.6
|
|
|
|
|
|
|
$
|
336.9
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
0.2
|
|
|
|
|
|
|
|
0.8
|
|
|
|
|
Adjusted revenue
|
|
|
|
|
$
|
343.8
|
|
|
|
|
|
|
$
|
337.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
63.1
|
|
|
|
18.4
|
%
|
|
|
$
|
48.1
|
|
|
|
14.3
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
15.3
|
|
|
|
4.5
|
%
|
|
|
|
18.4
|
|
|
|
5.5
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
0.2
|
|
|
|
0.1
|
%
|
|
|
|
0.8
|
|
|
|
0.2
|
%
|
Acquisition-related costs
|
|
|
|
|
|
0.1
|
|
|
|
0.0
|
%
|
|
|
|
0.0
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
0.2
|
|
|
|
0.1
|
%
|
|
|
|
6.3
|
|
|
|
1.9
|
%
|
Adjusted operating income
|
|
|
|
|
$
|
78.9
|
|
|
|
22.9
|
%
|
|
|
$
|
73.6
|
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
219.8
|
|
|
|
|
|
|
$
|
205.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
22.8
|
|
|
|
10.4
|
%
|
|
|
$
|
18.5
|
|
|
|
9.0
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
3.6
|
|
|
|
1.6
|
%
|
|
|
|
2.2
|
|
|
|
1.1
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
0.8
|
|
|
|
0.4
|
%
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Acquisition-related costs
|
|
|
|
|
|
0.0
|
|
|
|
0.0
|
%
|
|
|
|
0.0
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
(0.3
|
)
|
|
|
-0.1
|
%
|
|
|
|
4.8
|
|
|
|
2.3
|
%
|
Adjusted operating income
|
|
|
|
|
$
|
26.9
|
|
|
|
12.2
|
%
|
|
|
$
|
25.5
|
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
1,654.2
|
|
|
|
|
|
|
$
|
1,628.8
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
2.7
|
|
|
|
|
Adjusted revenue
|
|
|
|
|
$
|
1,654.9
|
|
|
|
|
|
|
$
|
1,631.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
|
|
|
|
$
|
742.5
|
|
|
|
44.9
|
%
|
|
|
$
|
727.0
|
|
|
|
44.6
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
32.2
|
|
|
|
1.9
|
%
|
|
|
|
37.4
|
|
|
|
2.3
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
7.9
|
|
|
|
0.5
|
%
|
|
|
|
2.7
|
|
|
|
0.2
|
%
|
Mark to market on postretirement benefits
|
|
|
|
|
|
0.2
|
|
|
|
0.0
|
%
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
%
|
Adjusted gross margin
|
|
|
|
|
$
|
782.9
|
|
|
|
47.3
|
%
|
|
|
$
|
767.1
|
|
|
|
47.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted SG&A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SG&A
|
|
|
|
|
$
|
440.3
|
|
|
|
26.6
|
%
|
|
|
$
|
442.7
|
|
|
|
27.2
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
(26.0
|
)
|
|
|
-1.6
|
%
|
|
|
|
(24.0
|
)
|
|
|
-1.5
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
(0.0
|
)
|
|
|
0.0
|
%
|
|
|
|
1.5
|
|
|
|
0.1
|
%
|
Acquisition-related costs
|
|
|
|
|
|
(0.5
|
)
|
|
|
0.0
|
%
|
|
|
|
(0.2
|
)
|
|
|
0.0
|
%
|
Significant litigation matter
|
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
(6.6
|
)
|
|
|
-0.4
|
%
|
Mark to market on postretirement benefits
|
|
|
|
|
|
(0.8
|
)
|
|
|
-0.1
|
%
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Adjusted SG&A
|
|
|
|
|
$
|
413.0
|
|
|
|
25.0
|
%
|
|
|
$
|
413.4
|
|
|
|
25.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted R&D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R&D
|
|
|
|
|
$
|
95.9
|
|
|
|
5.8
|
%
|
|
|
$
|
90.2
|
|
|
|
5.5
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
(0.4
|
)
|
|
|
0.0
|
%
|
|
|
|
(0.4
|
)
|
|
|
0.0
|
%
|
Adjusted R&D
|
|
|
|
|
$
|
95.5
|
|
|
|
5.8
|
%
|
|
|
$
|
89.7
|
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
201.4
|
|
|
|
12.2
|
%
|
|
|
$
|
180.2
|
|
|
|
11.1
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
58.5
|
|
|
|
3.5
|
%
|
|
|
|
61.9
|
|
|
|
3.8
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
8.0
|
|
|
|
0.5
|
%
|
|
|
|
1.2
|
|
|
|
0.1
|
%
|
Acquisition-related costs
|
|
|
|
|
|
0.5
|
|
|
|
0.0
|
%
|
|
|
|
0.2
|
|
|
|
0.0
|
%
|
Significant litigation matter
|
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
6.6
|
|
|
|
0.4
|
%
|
Mark to market on postretirement benefits
|
|
|
|
|
|
1.1
|
|
|
|
0.1
|
%
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
4.8
|
|
|
|
0.3
|
%
|
|
|
|
14.0
|
|
|
|
0.9
|
%
|
Adjusted operating income
|
|
|
|
|
$
|
274.4
|
|
|
|
16.6
|
%
|
|
|
$
|
264.0
|
|
|
|
16.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS
|
|
|
|
|
$
|
1.27
|
|
|
|
|
|
|
$
|
1.12
|
|
|
|
|
Discontinued operations, net of income taxes
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
1.27
|
|
|
|
|
|
|
|
1.14
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
0.34
|
|
|
|
|
|
|
|
0.35
|
|
|
|
|
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
|
|
|
|
|
|
|
|
0.09
|
|
|
|
|
Adjusted EPS
|
|
|
|
|
$
|
1.70
|
|
|
|
|
|
|
$
|
1.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
Impact of tax Expense related to non-gaap adjustments on adjusted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
|
$
|
(0.18
|
)
|
|
|
|
|
|
$
|
(0.19
|
)
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
Significant litigation matter
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
Acquisition-related costs
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
Mark to market on postretirement benefits
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
|
|
0.00
|
|
|
|
|
Restructuring and contract termination charges
|
|
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
Impact of tax expense related to non-gaap adjustments on adjusted EPS
|
|
|
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
$
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 3, 2016
|
|
|
|
Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
Projected
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
|
|
|
|
|
$
|
2.02 - $2.05
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
0.45
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
$
|
2.56 - $2.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 3, 2016
|
|
|
|
Constant Currency Adjusted EPS:
|
|
|
|
|
|
|
|
|
|
|
Projected
|
|
|
|
GAAP EPS from continuing operations
|
|
|
|
|
|
|
|
|
|
|
$
|
2.02 - $2.05
|
|
|
|
|
Amortization of intangible assets, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
0.45
|
|
|
|
|
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
|
|
|
|
|
Adjusted EPS
|
|
|
|
|
|
|
|
|
|
|
$
|
2.79 - $2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
1,011.2
|
|
|
|
|
|
|
$
|
1,009.5
|
|
|
|
|
Purchase accounting adjustments
|
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
2.7
|
|
|
|
|
Adjusted revenue
|
|
|
|
|
$
|
1,011.8
|
|
|
|
|
|
|
$
|
1,012.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
179.6
|
|
|
|
17.8
|
%
|
|
|
$
|
150.0
|
|
|
|
14.9
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
46.0
|
|
|
|
4.6
|
%
|
|
|
|
54.7
|
|
|
|
5.4
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
0.7
|
|
|
|
0.1
|
%
|
|
|
|
2.0
|
|
|
|
0.2
|
%
|
Acquisition-related costs
|
|
|
|
|
|
0.3
|
|
|
|
0.0
|
%
|
|
|
|
0.1
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
2.0
|
|
|
|
0.2
|
%
|
|
|
|
7.1
|
|
|
|
0.7
|
%
|
Adjusted operating income
|
|
|
|
|
$
|
228.6
|
|
|
|
22.6
|
%
|
|
|
$
|
214.0
|
|
|
|
21.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
October 4, 2015
|
|
|
|
|
|
September 28, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
643.1
|
|
|
|
|
|
|
$
|
619.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
53.6
|
|
|
|
8.3
|
%
|
|
|
$
|
65.7
|
|
|
|
10.6
|
%
|
Amortization of intangible assets
|
|
|
|
|
|
12.5
|
|
|
|
1.9
|
%
|
|
|
|
7.1
|
|
|
|
1.2
|
%
|
Purchase accounting adjustments
|
|
|
|
|
|
7.3
|
|
|
|
1.1
|
%
|
|
|
|
(0.8
|
)
|
|
|
-0.1
|
%
|
Acquisition-related costs
|
|
|
|
|
|
0.2
|
|
|
|
0.0
|
%
|
|
|
|
0.1
|
|
|
|
0.0
|
%
|
Restructuring and contract termination charges, net
|
|
|
|
|
|
2.8
|
|
|
|
0.4
|
%
|
|
|
|
6.8
|
|
|
|
1.1
|
%
|
Adjusted operating income
|
|
|
|
|
$
|
76.4
|
|
|
|
11.9
|
%
|
|
|
$
|
79.0
|
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
Organic revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
4
|
%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-6
|
%
|
Less: effect of acquisitions including purchase accounting
adjustments
|
|
|
|
|
4
|
%
|
Organic revenue growth
|
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Human Health
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
Organic revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
2
|
%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-5
|
%
|
Less: effect of acquisitions including purchase accounting
adjustments
|
|
|
|
|
1
|
%
|
Organic revenue growth
|
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental Health
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
Organic revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
7
|
%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-9
|
%
|
Less: effect of acquisitions including purchase accounting
adjustments
|
|
|
|
|
11
|
%
|
Organic revenue growth
|
|
|
|
|
5
|
%
|
|
|
|
|
|
|
(1) amounts may not sum due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
PerkinElmer, Inc. and Subsidiaries Q3 2015 CONSTANT
CURRENCY ADJUSTED REVENUE GROWTH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PKI
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
October 4, 2015
|
Constant currency adjusted revenue growth:
|
|
|
|
|
|
Reported revenue growth
|
|
|
|
|
4
|
%
|
Less: effect of foreign exchange rates
|
|
|
|
|
-6
|
%
|
Constant currency adjusted revenue growth
|
|
|
|
|
10
|
%
|
|
|
|
|
|
|
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with GAAP. However,
management believes that, in order to properly understand our short-term
and long-term financial and operational trends, investors may wish to
consider the impact of certain non-cash or non-recurring items, which
result from facts and circumstances that vary in frequency and impact on
continuing operations. Accordingly, we present non-GAAP financial
measures as a supplement to the financial measures we present in
accordance with GAAP. These non-GAAP financial measures provide
management with additional means to understand and evaluate the
operating results and trends in our ongoing business by adjusting for
certain non-cash expenses and other items that management believes might
otherwise make comparisons of our ongoing business with prior periods
more difficult, obscure trends in ongoing operations, or reduce
management's ability to make useful forecasts. Management believes these
non-GAAP financial measures provide additional means of evaluating
period-over-period operating performance. In addition, management
understands that some investors and financial analysts find this
information helpful in analyzing our financial and operational
performance and comparing this performance to our peers and competitors.
We use the term “adjusted revenue” to refer to GAAP revenue, including
purchase accounting adjustments for revenue from contracts acquired in
acquisitions that will not be fully recognized due to 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 use the term “constant currency adjusted revenue” to refer to GAAP
revenue recalculated using the currency exchange rates for the
corresponding period in the prior year, and including purchase
accounting adjustments for revenue from contracts acquired in
acquisitions that will not be fully recognized due to 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 use the term “organic revenue” to refer to GAAP revenue, excluding
the effect of foreign currency translation and acquisitions, and
including purchase accounting adjustments for revenue from contracts
acquired in acquisitions that will not be fully recognized due to
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 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, and including purchase
accounting adjustments for revenue from contracts acquired in
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 use the term “adjusted SG&A expense” to refer to GAAP SG&A expense,
excluding amortization of intangible assets, purchase accounting
adjustments, acquisition-related expenses, and a significant litigation
matter. 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 SG&A percentage” to refer to adjusted SG&A expense as a
percentage of adjusted revenue.
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 use the term “adjusted operating income,” to refer to GAAP operating
income, including revenue from contracts acquired in acquisitions that
will not be fully recognized due to accounting rules, and excluding
amortization of intangible assets, other purchase accounting
adjustments, acquisition-related costs, a significant litigation matter,
and restructuring and contract termination charges. 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 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 use the term “adjusted earnings per share,” or “adjusted EPS,” to
refer to GAAP earnings per share, including revenue from contracts
acquired in acquisitions that will not be fully recognized due to
accounting rules, and excluding discontinued operations, amortization of
intangible assets, other purchase accounting adjustments,
acquisition-related costs, a significant litigation matter,
restructuring and contract termination charges. 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 also adjust for any tax impact related to the above
items.
We use the term “constant currency adjusted earnings per share,” or
“constant currency adjusted EPS,” to refer to GAAP earnings per share
recalculated using the currency exchange rates for the corresponding
period in the prior year, including revenue from contracts acquired in
acquisitions that will not be fully recognized due to accounting rules,
and excluding discontinued operations, amortization of intangible
assets, other purchase accounting adjustments, acquisition-related
costs, a significant litigation matter, and restructuring and contract
termination charges. 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 also adjust
for any tax impact related to the above items.
Management includes or excludes the effect of each of the items
identified below in the applicable non-GAAP financial measure referenced
above for the reasons set forth below with respect to that item:
-
Amortization of intangible assets— purchased intangible
assets are amortized over their estimated useful lives and generally
cannot be changed or influenced by management after the acquisition.
Accordingly, this item is not considered by management in making
operating decisions. Management does not believe such charges
accurately reflect the performance of our ongoing operations for the
period in which such charges are incurred.
-
Revenue from contracts acquired in acquisitions that will not be
fully recognized due to accounting rules—accounting rules
require us to account for the fair values of revenue from contracts
assumed in connection with our acquisitions. As a result, our GAAP
results reflect the fair value of those revenues, which is not the
same as the revenue that otherwise would have been recorded by the
acquired entity. We include such revenue in our non-GAAP measures
because we believe the fair value of such revenue does not accurately
reflect the performance of our ongoing operations for the period in
which such revenue is recorded.
-
Other purchase accounting adjustments—accounting rules
require us to adjust various balance sheet accounts, including
inventory and deferred rent balances to fair value at the time of the
acquisition. As a result, the expenses for these items in our GAAP
results are not the same as what would have been recorded by the
acquired entity. Accounting rules also require us to estimate the fair
value of contingent consideration at the time of the acquisition, and
any subsequent changes to the estimate or payment of the contingent
consideration and purchase accounting adjustments are charged to
expense or income. We exclude the impact of any changes to contingent
consideration from our non-GAAP measures because we believe these
expenses or benefits do not accurately reflect the performance of our
ongoing operations for the period in which such expenses or benefits
are recorded.
-
Acquisition-related expenses—we incur legal, due
diligence, and other costs related to acquisitions. We exclude these
expenses from our non-GAAP measures because we believe they do not
reflect the performance of our ongoing operations.
-
Restructuring and contract termination charges—restructuring
and contract termination expenses consist of employee severance and
other exit costs as well as the cost of terminating certain lease
agreements or contracts. Management does not believe such costs
accurately reflect the performance of our ongoing operations for the
period in which such costs are reported.
-
Adjustments for mark-to-market accounting on post-retirement
benefits—we exclude adjustments for mark-to-market accounting
on post-retirement benefits, therefore only our projected costs have
been used to calculate our non-GAAP measures. We exclude these
adjustments because they 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.
-
A significant litigation matter—we incurred expenses
related to a significant litigation matter. Management does not
believe such charges accurately reflect the performance of our ongoing
operations for the periods in which such charges were incurred.
-
Impact of foreign currency changes on the current period—we
exclude the impact of foreign currency 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.
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 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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