Pall Corporation Reports Second Quarter Results

  Pall Corporation Reports Second Quarter Results

Business Wire

PORT WASHINGTON, N.Y. -- February 27, 2013

Pall Corporation (NYSE:PLL) today reported financial results for the second
quarter of fiscal year 2013 which ended on January 31, 2013.

Second Quarter and Six Months Continuing Operations Sales and Earnings
Overview^(1)

Second quarter sales were $662.5 million compared to $640.0 million last year,
an increase of 3.5%. Sales in local currency (“LC”) were up 3.9% year over
year. Diluted EPS were $0.70 in the quarter, compared to $0.63 last year. Pro
forma diluted EPS^(2) were $0.73 compared to $0.67 last year, an increase of
9.0%. Foreign currency translation negatively impacted second quarter EPS by
$0.01.

For the six months, sales were flat year over year (+1.9% in LC). Diluted EPS
were $1.48 in the six months, compared to $1.14 for the same period last year.
Pro forma EPS were $1.41, a 6.0% increase compared to $1.33 a year earlier,
including a negative impact of approximately $0.04 from foreign currency
translation.

Larry Kingsley, Pall President and CEO, said, “Life Sciences continued to
perform well, with all three markets achieving solid sales growth.
BioPharmaceuticals in particular had a strong quarter. The Industrial segment
continues to face the headwinds that we characterized last quarter. Some end
markets are down year-over-year and others are flat. The exception in the
segment is Aerospace, which grew double digits in the quarter.”

Life Sciences – Second Quarter Highlights
(Dollar Amounts in Thousands and Discussion of Sales Changes are in Local
Currency)
                                                              
                                                           %        % CHANGE
Sales:                       JAN. 31, 2013   JAN. 31,               IN
                                             2012          CHANGE
                                                                    LC
BioPharmaceuticals           $   218,775     $  201,647    8.5      9.0
Food & Beverage                  56,948         53,366     6.7      7.6
Medical                         53,459        44,218     20.9     21.4
Total Life Sciences          $   329,182     $  299,231    10.0     10.6
segment
                                                                             
Gross profit                 $   192,136     $  177,683
% of sales                       58.4           59.4
Segment profit               $   82,477      $  78,088
% of sales                       25.1           26.1
                                                                             

BioPharmaceuticals: Within BioPharmaceuticals, our  Pharmaceuticals sales
increased 11%. Consumables sales to Pharmaceuticals customers grew 14%.
Continued strength in the biotech market, as well as a strong contribution
from ForteBio, drove consumables sales growth. Systems sales were down 11%.
Laboratory sales were down 6% overall, on weakness in the Americas and Europe.

Food and Beverage: Consumables sales were up 5%. This reflects strong
consumables sales growth in the Americas, due in part to Latin America and
accompanied by solid growth in Asia. Europe continued to be affected by lower
beer and wine production levels. Overall systems sales grew about 20%, with
contributions from all regions.

Medical: Medical grew on strong sales in the OEM market and blood media.
Hospital Critical Care contributed solid growth as well.

Industrial – Second Quarter Highlights
(Dollar Amounts in Thousands and Discussion of Sales Changes are in Local
Currency)
                                                              
                                                           %        % CHANGE
Sales:                     JAN. 31, 2013   JAN. 31, 2012            IN
                                                           CHANGE
                                                                    LC
Process Technologies       $   200,435     $   211,654     (5.3 )   (5.1  )
Aerospace                      64,287          54,959      17.0     16.5
Microelectronics              68,551         74,203      (7.6 )   (6.5  )
Total Industrial           $   333,273     $   340,816     (2.2 )   (1.9  )
segment
                                                                             
Gross profit               $   149,827     $   160,482
% of sales                     45.0            47.1
Segment profit             $   48,104      $   48,129
% of sales                     14.4            14.1
                                                                             

Process Technologies: Machinery & Equipment sales were down almost 8%.
In-plant sales declined due to weak end-market demand in Europe and Asia,
despite strength in the Americas. In addition, the heavy off-road equipment
market was soft globally.

Sales in Fuels & Chemicals were flat as growth in the Americas and Asia was
offset by a decline in Europe.

Power Generation sales decreased 1% on weakness in both capital spend in
Europe and the wind turbine market in China.

Municipal Water sales declined 19% primarily on weakness in the Americas, as
capital spending pressure and project delays impacted results.

Aerospace: Commercial Aerospace sales increased about 39%, on strength in all
three regions. Fulfillment of past due backlog also contributed. Military
Aerospace sales were flat year over year.

Microelectronics: The year over year result  reflects continuing global
weakness in semiconductor and data storage end markets.

Conclusion/Outlook

Kingsley concluded, “As we factor in first half performance and what we are
hearing from our customers, our view is generally consistent with what we said
last quarter. We still expect overall revenue for the full year to have
flat-to-low single digit growth excluding FX, and full year pro forma EPS to
be in the range of $2.95-$3.15^(2).”

Conference Call

On Thursday, February 28, 2013, at 8:30 am ET, Pall Corporation will host a
conference call to review these results. The call can be accessed at
www.pall.com/investor. The webcast will be archived for 30 days.

About Pall Corporation

Pall Corporation (NYSE:PLL) is a filtration, separation and purification
leader providing solutions to meet the critical fluid management needs of
customers across the broad spectrum of life sciences and industry. Pall works
with customers to advance health, safety and environmentally responsible
technologies. The Company’s engineered products enable process and product
innovation and minimize emissions and waste. Pall Corporation is an S&P 500
company serving customers worldwide. Pall has been named a “top green company”
by Newsweek magazine. To see how Pall is helping enable a greener, safer, more
sustainable future, follow us on Twitter @PallCorporation or visit
www.pall.com/green.

Forward-Looking Statements

The matters discussed in this presentation contain “forward-looking
statements” as defined in the Private Securities Litigation Reform Act of
1995. Results for the second quarter of fiscal year 2013 are preliminary until
the Company's Form 10-Q is filed with the Securities and Exchange Commission
on or before March 12, 2013. Forward-looking statements are those that address
activities, events or developments that the Company or management intends,
expects, projects, believes or anticipates will or may occur in the future.
All statements regarding future performance, earnings projections, earnings
guidance, management’s expectations about its future cash needs, dilution from
the disposition or future allocation of capital and effective tax rate, and
other future events or developments are forward-looking statements.

Forward-looking statements are those that use terms such as “may,” “will,”
“expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,”
“forecast,” “project,” “plan,” “predict,” “potential,” and similar
expressions. Forward-looking statements contained in this and other written
and oral reports are based on management’s assumptions and assessments in
light of past experience and trends, current conditions, expected future
developments and other relevant factors.

The Company’s forward-looking statements are subject to risks and
uncertainties and are not guarantees of future performance, and actual
results, developments and business decisions may differ materially from those
envisaged by the Company’s forward-looking statements. Such risks and
uncertainties include, but are not limited to, those discussed in Part I–Item
1A.–Risk Factors in the 2012 Form 10-K, and other reports the Company files
with the Securities and Exchange Commission, including: the impact of
legislative, regulatory and political developments globally; the impact of the
uncertain global economic environment; the extent to which adverse economic
conditions may affect the Company’s sales volume and results; demand for the
Company’s products and business relationships with key customers and
suppliers, which may be impacted by their cash flow and payment practices;
delays or cancellations in shipments; the Company’s ability to develop and
commercialize new technologies or obtain regulatory approval or market
acceptance of new technologies; the Company’s ability to enforce patents and
protect proprietary products and manufacturing techniques; increase in costs
of manufacturing and operating costs; the Company’s ability to achieve and
sustain the savings anticipated from its structural cost improvement
initiatives; volatility in foreign currency exchange rates, interest rates and
energy costs and other macroeconomic challenges currently affecting the
Company; the Company’s ability to meet its regulatory obligations; costs and
outcome of pending or future claims or litigation; the Company’s ability to
comply with environmental, health and safety laws and regulations; changes in
product mix, market mix and product pricing, particularly relating to the
expansion of the systems business; the effect of a serious disruption in the
Company’s information systems; fluctuations in the Company’s effective tax
rate; the Company’s ability to successfully complete or integrate any
acquisitions; competition, including the impact of pricing and other actions
by the Company’s competitors; the effect of litigation and regulatory
inquiries associated with the restatement of the Company’s prior period
financial statements; the Company’s ability to attract and retain management
talent or the loss of members of its senior management team; the effect of the
restrictive covenants in the Company’s debt facilities; and the effect of
product defects and recalls. Factors or events that could cause the Company’s
actual results to differ may emerge from time to time, and it is not possible
for the Company to predict all of them. The Company makes these statements as
of the date of this disclosure and undertakes no obligation to update them,
whether as a result of new information, future developments or otherwise.

Management uses certain non-GAAP measurements to assess the Company’s current
and future financial performance. The non-GAAP measurements do not replace the
presentation of the Company’s GAAP financial results. These measurements
provide supplemental information to assist management in analyzing the
Company’s financial position and results of operations. The Company has chosen
to provide this information to facilitate meaningful comparisons of past,
present and future operating results and as a means to emphasize the results
of ongoing operations.

Notes to Release:
    
      As discussed in our news release dated August 1, 2012, the Company
      completed the sale of certain assets of its Blood product line.
      Accordingly, discussion of results from continuing operations excludes
      the Blood product line. Tables appended to this release are presented on
(1)   a continuing operations basis (with reconciliation to include the
      discontinued Blood product line). Further, Life Sciences and Industrial
      segment profit for fiscal year 2012 have been restated to reflect a
      change in the allocation of certain shared expenses on a continuing
      operations basis.
      
      Pro forma diluted EPS are defined as Reported diluted EPS on a
      continuing operations basis adjusted for “Discrete Items.” Discrete
      items are defined as ROTC and other items that are deemed to be
(2)   non-recurring in nature and/or not considered by management to be
      indicative of underlying operating performance. A reconciliation of
      Reported to Pro forma amounts can be found in the Reconciliation of Pro
      forma Earnings table accompanying this release.
      
(3)   Reflects assets held for sale related to the Blood product line.
      
(4)   Cash flows are inclusive of discontinued operations.
      

                                    # # #



PALL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in Thousands)
                                                     
                                         JAN. 31, 2013     JUL. 31, 2012
                                                                         
Assets:
                                                                         
Cash and cash equivalents                $  870,232        $  500,274
Accounts receivable                         580,031           655,436
Inventories                                 404,651           364,766
Other current assets                        185,242           195,464
Assets held for sale                       -             136,517    ^(3)
Total current assets                       2,040,156        1,852,457
                                                                         
Property, plant and equipment               764,182           750,993
Other assets                               648,755          744,442
Total assets                             $  3,453,093      $  3,347,892
                                                                         
Liabilities and Stockholders'
Equity:
                                                                         
Short-term debt                          $  235,421        $  205,393
Accounts payable, income taxes and         568,057          646,735
other current liabilities
Total current liabilities                   803,478           852,128
                                                                         
Long-term debt, net of current              474,492           490,706
portion
Deferred taxes and other                   471,550          495,023
non-current liabilities
Total liabilities                           1,749,520         1,837,857
                                                                         
Stockholders' equity                       1,703,573        1,510,035
Total liabilities and                    $  3,453,093      $  3,347,892
stockholders' equity



PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)
                                                            
                      SECOND QUARTER ENDED          SIX MONTHS ENDED
                      JAN. 31,      JAN. 31,        JAN. 31, 2013   JAN. 31, 2012
                      2013          2012
                                                                    
Net sales             $ 662,455     $ 640,047       $ 1,290,055     $ 1,291,309
Cost of sales          320,492     301,882       621,009       617,792   
Gross profit           341,963     338,165       669,046       673,517   
% of sales              51.6    %     52.8    %       51.9      %     52.2      %
Selling,
general and             206,009       209,576         401,974         417,756
administrative
expenses
% of sales              31.1    %     32.7    %       31.2      %     32.4      %
Research and           23,399      20,050        45,974        39,571    
development
Operating               112,555       108,539         221,098         216,190
profit
% of sales              17.0    %     17.0    %       17.1      %     16.7      %
Restructuring
and other               4,399         5,156           8,673           28,140
charges
("ROTC") (a)
Interest
expense, net           6,017       5,386         5,449         11,331    
(c)
Earnings from
continuing
operations              102,139       97,997          206,976         176,719
before income
taxes
Provision for
income taxes           21,820      23,351        37,492        42,421    
(b)
Net earnings
from continuing       $ 80,319      $ 74,646        $ 169,484       $ 134,298
operations
Earnings/(loss)
from
discontinued           (3,549  )    10,083        246,758       19,886    
operations, net
of income taxes
Net Earnings          $ 76,770     $ 84,729       $ 416,242      $ 154,184   
                                                                    
Average shares
outstanding:
Basic                   112,420       116,196         113,398         115,997
Diluted                 113,809       117,914         114,784         117,555
                                                                    
Earnings/(loss)
per share:
From continuing
operations:
Basic                 $ 0.71        $ 0.64          $ 1.49          $ 1.16
Diluted               $ 0.70        $ 0.63          $ 1.48          $ 1.14
                                                                    
From
discontinued
operations:
Basic                 $ (0.03   )   $ 0.09          $ 2.18          $ 0.17
Diluted               $ (0.03   )   $ 0.09         $ 2.15         $ 0.17      
                                                                    
Total
Basic                 $ 0.68        $ 0.73          $ 3.67          $ 1.33
Diluted               $ 0.67       $ 0.72         $ 3.63         $ 1.31      
                                                                    
Pro forma
diluted
earnings per
share:
From continuing       $ 0.73       $ 0.67         $ 1.41         $ 1.33      
operations

                                                                                   
                                                                                   
PALL CORPORATION
RECONCILIATION OF PRO FORMA EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)
                                                               
                     SECOND QUARTER          SIX MONTHS ENDED
                     ENDED
                     JAN. 31,   JAN. 31,     JAN. 31,      JAN. 31,
                     2013       2012         2013          2012
                                                                                   
Pro forma
earnings
reconciliation
from
Continuing
Operations
Net earnings
from
continuing           $ 80,319   $ 74,646     $ 169,484     $ 134,298
operations as
reported
Discrete
items:
ROTC, after
pro forma tax          3,122      3,965        6,962         21,721
effect (a)
Tax
adjustments            -        -          (10,193 )     -
(b)
Interest
adjustments,
after pro             -       -         (4,268  )    -
forma tax
effect (c)
Total discrete        3,122     3,965       (7,499  )    21,721
items
Pro forma
earnings from        $ 83,441   $ 78,611      161,985     156,019
continuing
operations
                                                                                   
                                                                         FISCAL
                                                                         YEAR
                     SECOND QUARTER          SIX MONTHS ENDED            2013
                     ENDED                                               (ESTIMATE
                     JAN. 31,   JAN. 31,     JAN. 31,      JAN. 31,      AT
                     2013       2012         2013          2012          MIDPOINT)
                                                                                   
Diluted
earnings per
share from           $ 0.70     $ 0.63       $ 1.48        $ 1.14        $ 3.12
continuing
operations as
reported
Discrete
items:
ROTC, after
pro forma tax          0.03       0.04         0.06          0.19          0.06
effect (a)
Tax
adjustments            -        -          (0.09   )     -           (0.09 )
(b)
Interest
adjustments,
after pro             -       -         (0.04   )    -          (0.04 )
forma tax
effect (c)
Total discrete        0.03      0.04        (0.07   )    0.19         (0.07 )
items
Pro forma
diluted
earnings per         $ 0.73     $ 0.67       $ 1.41       $ 1.33        $ 3.05  
share from
continuing
operations
                                                                                   

Pro forma earnings measures exclude the items described below as they are
deemed to be non-recurring in nature and/or not considered by management to be
indicative of underlying operating performance. The pro forma tax effects
disclosed were calculated using applicable entity-specific U.S. federal and/or
foreign tax rates.

(a) ROTC in the quarter and six months ended January 31, 2013 of $4,399
($3,122 after pro forma tax effect of $1,277) and $8,673 ($6,962 after pro
forma tax effect of $1,711), respectively primarily includes severance costs
related to the Company's structural cost improvement initiatives.

ROTC in the quarter and six months ended January 31, 2012 of $5,156 ($3,965
after pro forma tax effect of $1,191) and $28,140 ($21,721 after pro forma tax
effect of $6,419), respectively, includes expenses related to the Company's
cost reduction initiatives, primarily in the Industrial segment and certain
employment contract obligations. ROTC in the six months was partly offset by a
gain on the sale of an investment.

(b) Provision for income taxes in the six months ended January 31, 2013
includes a net benefit of $10,193 related to the resolution of a U.S. tax
audit partially offset by the tax cost of repatriation of foreign earnings.

(c) Interest expense, net, in the six months ended January 31, 2013 includes
the reversal of accrued interest of $6,704 ($4,268 after pro forma tax effect
of $2,436) related to the resolution of a U.S. tax audit as described in (b)
above.



PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in Thousands)
                                                       
                                       SIX MONTHS ENDED
                                       JAN. 31, 2013 ^(4)   JAN. 31, 2012 ^(4)
                                                                          
Net cash provided by operating         $  89,382           $  203,983  
activities
                                                                          
Investing activities:
                                                                          
Acquisitions of businesses                -                  (25,669  )
Capital expenditures                      (42,403  )           (94,285  )
Proceeds from sale of assets              542,088              19,856
Other                                    1,062              (9,620   )
Net cash provided/(used) by              500,747            (109,718 )
investing activities
                                                                          
Financing activities:
                                                                          
Dividends paid                            (52,634  )           (40,274  )
Borrowings/(repayments) of notes          29,800               (75,169  )
payable and long-term borrowings
Purchase of treasury stock                (250,000 )           -
Other                                    33,049             18,719   
Net cash used by financing               (239,785 )          (96,724  )
activities
                                                                          
Cash flow for period                      350,344              (2,459   )
Cash and cash equivalents at              500,274              557,766
beginning of year
Effect of exchange rate changes          19,614             (27,403  )
on cash
Cash and cash equivalents at end       $  870,232          $  527,904  
of period
                                                                          
                                                                          
Free cash flow:
Net cash provided by operating         $  89,382            $  203,983
activities
Less capital expenditures                42,403             94,285   
Free cash flow                         $  46,979           $  109,698  

                                                                             
                                                                             
PALL CORPORATION
SUMMARY SEGMENT PROFIT BY SEGMENT FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
                                                         
                     SECOND QUARTER ENDED          SIX MONTHS ENDED
                     JAN. 31,      JAN. 31,        JAN. 31,      JAN. 31,
                     2013          2012            2013          2012
                                                                             
Life Sciences
Sales                $ 329,182     $ 299,231       $ 629,133     $ 600,985
Cost of sales         137,046     121,548       261,043     245,089 
Gross profit           192,136       177,683         368,090       355,896
% of sales             58.4    %     59.4    %       58.5    %     59.2    %
                                                                             
Selling,
general and            94,414        87,341          185,319       174,407
administrative
expenses
% of sales             28.7    %     29.2    %       29.5    %     29.0    %
Research and          15,245      12,254        30,452      23,684  
development
Segment profit       $ 82,477     $ 78,088       $ 152,319    $ 157,805 
% of sales             25.1    %     26.1    %       24.2    %     26.3    %
                                                                             
Industrial
Sales                $ 333,273     $ 340,816       $ 660,922     $ 690,324
Cost of sales         183,446     180,334       359,966     372,703 
Gross profit           149,827       160,482         300,956       317,621
% of sales             45.0    %     47.1    %       45.5    %     46.0    %
                                                                             
Selling,
general and            93,569        104,557         184,564       209,970
administrative
expenses
% of sales             28.1    %     30.7    %       27.9    %     30.4    %
Research and          8,154       7,796         15,522      15,887  
development
Segment profit       $ 48,104     $ 48,129       $ 100,870    $ 91,764  
% of sales             14.4    %     14.1    %       15.3    %     13.3    %
                                                                             
Consolidated:
Segment profit       $ 130,581     $ 126,217       $ 253,189     $ 249,569
Corporate             18,026      17,678        32,091      33,379  
services group
Operating              112,555       108,539         221,098       216,190
profit
% of sales             17.0    %     17.0    %       17.1    %     16.7    %
ROTC                   4,399         5,156           8,673         28,140
Interest              6,017       5,386         5,449       11,331  
expense, net
Earnings from
continuing
operations           $ 102,139    $ 97,997       $ 206,976    $ 176,719 
before income
taxes

                                                                             
                                                                             
PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY MARKET AND REGION
FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
                                                              
                                                       EXCHANGE     % CHANGE
                                                       RATE         IN LOCAL
SECOND QUARTER        JAN. 31,    JAN. 31,    %        IMPACT       CURRENCY
ENDED                 2013        2012        CHANGE
                                                                             
                                              |--------------
Life Sciences                                 Increase/(Decrease)
                                              -------------|
By Market:
BioPharmaceuticals    $ 218,775   $ 201,647   8.5      $ (934   )   9.0
Food & Beverage         56,948      53,366    6.7        (495   )   7.6
Medical                53,459     44,218    20.9      (211   )   21.4
Total Life Sciences   $ 329,182   $ 299,231   10.0     $ (1,640 )   10.6
                                                                             
By Region:
Americas              $ 104,018   $ 84,014    23.8     $ (789   )   24.8
Europe                  159,360     152,027   4.8        603        4.4
Asia                   65,804     63,190    4.1       (1,454 )   6.4
Total Life Sciences   $ 329,182   $ 299,231   10.0     $ (1,640 )   10.6
                                                                             
                                                                             
Industrial
By Market:
Process               $ 200,435   $ 211,654   (5.3 )   $ (523   )   (5.1  )
Technologies
Aerospace               64,287      54,959    17.0       245        16.5
Microelectronics       68,551     74,203    (7.6 )    (807   )   (6.5  )
Total Industrial      $ 333,273   $ 340,816   (2.2 )   $ (1,085 )   (1.9  )
                                                                             
By Region:
Americas              $ 105,636   $ 104,726   0.9      $ (732   )   1.6
Europe                  105,502     106,374   (0.8 )     928        (1.7  )
Asia                   122,135    129,716   (5.8 )    (1,281 )   (4.9  )
Total Industrial      $ 333,273   $ 340,816   (2.2 )   $ (1,085 )   (1.9  )

                                                                             
                                                                             
PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY MARKET AND REGION
FROM CONTINUING OPERATIONS
(Unaudited)
(Dollar Amounts in Thousands)
                                                              
                                                      EXCHANGE      % CHANGE
                                                      RATE          IN LOCAL
SIX MONTHS ENDED     JAN. 31,    JAN. 31,    %        IMPACT        CURRENCY
                     2013        2012        CHANGE
                                                                             
                                             |--------------
Life Sciences                                Increase/(Decrease)
                                             -------------|
By Market:
BioPharmaceuticals   $ 421,352   $ 397,659   6.0      $ (9,850  )   8.4
Food & Beverage        106,534     109,385   (2.6 )     (3,097  )   0.2
Medical               101,247    93,941    7.8       (2,082  )   10.0
Total Life           $ 629,133   $ 600,985   4.7      $ (15,029 )   7.2
Sciences
                                                                             
By Region:
Americas             $ 201,816   $ 174,738   15.5     $ (1,525  )   16.4
Europe                 303,025     305,905   (0.9 )     (10,856 )   2.6
Asia                  124,292    120,342   3.3       (2,648  )   5.5
Total Life           $ 629,133   $ 600,985   4.7      $ (15,029 )   7.2
Sciences
                                                                             
Industrial
By Market:
Process              $ 398,969   $ 425,939   (6.3 )   $ (7,597  )   (4.5  )
Technologies
Aerospace              122,722     111,592   10.0       (806    )   10.7
Microelectronics      139,231    152,793   (8.9 )    (2,168  )   (7.5  )
Total Industrial     $ 660,922   $ 690,324   (4.3 )   $ (10,571 )   (2.7  )
                                                                             
By Region:
Americas             $ 210,309   $ 213,791   (1.6 )   $ (1,469  )   (0.9  )
Europe                 204,179     205,487   (0.6 )     (6,802  )   2.7
Asia                  246,434    271,046   (9.1 )    (2,300  )   (8.2  )
Total Industrial     $ 660,922   $ 690,324   (4.3 )   $ (10,571 )   (2.7  )
                                                                             

Contact:

Pall Corporation
Brent Jones
Vice President of Finance & Treasurer
Telephone: 516-801-9848
Email: investor_relations@pall.com
 
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