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PerkinElmer Announces Financial Results for the Fourth Quarter of 2013



  PerkinElmer Announces Financial Results for the Fourth Quarter of 2013

  * Revenue growth of 4%; Organic revenue growth of 3%
  * GAAP earnings per share from continuing operations of $0.58; Adjusted
    earnings per share of $0.73
  * Operating income from continuing operations was $85 million; Adjusted
    operating profit margin increase of 90 basis points driving adjusted
    earnings per share growth of 12%
  * Operating cash flow from continuing operations of $71 million, up 79%
  * Established full year 2014 guidance range for GAAP earnings per share of
    $1.93 to $1.98; Adjusted earnings per share guidance range of $2.40 to
    $2.45

Business Wire

WALTHAM, Mass. -- January 30, 2014

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 fourth quarter ended December 29, 2013.

The Company reported GAAP earnings per share from continuing operations of
$0.58, compared to a loss of $0.14 in the fourth quarter of 2012. Revenue in
the fourth quarter of 2013 was $593.3 million, as compared to $572.9 million
in the fourth quarter of 2012. GAAP operating income from continuing
operations for the fourth quarter of 2013 was $84.7 million, as compared to an
operating loss of $30.8 million in the fourth quarter of 2012, impacted by
non-cash charges and other adjustments noted in the Company's reconciliations
of non-GAAP financial measures.

Adjusted earnings per share was $0.73, compared to $0.65 in the fourth quarter
of 2012. Adjusted revenue for the quarter grew 3% to $594.0 million, compared
to $577.0 million in the fourth quarter of 2012. Adjusted operating income for
the fourth quarter of 2013 was $114.1 million, compared to $105.6 million for
the same period a year ago. Adjusted operating profit margin was 19.2% as a
percentage of adjusted revenue, compared to 18.3% for the same period a year
ago. Adjustments for the Company's non-GAAP financial measures have been noted
in the attached reconciliations.

“We are pleased with our strong finish to the year as we delivered solid
performances in adjusted earnings per share growth, adjusted operating margin
expansion and operating cash flow generation, ” said Robert Friel, chairman
and chief executive officer of PerkinElmer. “By leveraging our recent growth
and productivity investments, we are well positioned to deliver a year of
profitable revenue growth while continuing to address the critical health and
environmental needs of our customers throughout the world.”

2013 Full Year Cash Flow

For the fourth quarter of 2013, operating cash flow from continuing operations
was $71.1 million as compared to $39.8 million in the comparable period of
2012. Full year 2013 operating cash flow from continuing operations was $158.1
million as compared to $153.6 million in 2012. The full year 2013 results were
impacted by incremental pension contributions, royalty payments and increased
working capital uses for the completion of the Company’s productivity
initiatives.

Financial Overview by Reporting Segment for the Fourth Quarter of 2013

Human Health

  * Revenue of $336.1 million, as compared to $318.9 million for the fourth
    quarter of 2012.
  * Adjusted revenue of $336.8 million. Adjusted and organic revenues
    increased 4%.
  * Operating income of $47.1 million, as compared to an operating loss of
    $23.8 million for the same period a year ago.
  * Adjusted operating income of $83.8 million. Adjusted operating profit
    margin was 24.9% as a percentage of adjusted revenue, as compared to 23.9%
    in the fourth quarter of 2012.

Environmental Health

  * Revenue of $257.2 million, as compared to $254.1 million for the fourth
    quarter of 2012. Revenue and organic revenue increased 1%.
  * Operating income of $35.1 million, as compared to operating income of
    $33.9 million for the same period a year ago.
  * Adjusted operating income of $40.8 million. Adjusted operating profit
    margin was 15.9% as a percentage of revenue, as compared to 15.3% in the
    fourth quarter of 2012.

Financial Guidance – Full Year 2014

For the full year 2014, the Company forecasts GAAP earnings per share from
continuing operations in the range of $1.93 to $1.98 and on a non-GAAP basis,
which is expected to include the adjustments noted in the attached
reconciliation, adjusted earnings per share of $2.40 to $2.45.

Conference Call Information

The Company will discuss its fourth quarter results and its outlook for
business trends in a conference call on January 30, 2014 at 5:00 p.m. Eastern
Time (ET). To access the call, please dial (617) 614-4072 prior to the
scheduled conference call time and provide the access code 83512237. A
playback of this conference call will be available beginning 7:00 p.m. ET,
Thursday, January 30, 2014. The playback phone number is (617) 801-6888 and
the code number is 82009740.

A live audio webcast of the call will be available on the Investor section of
the Company’s Web site, www.perkinelmer.com. Please go to the site at least 15
minutes prior to the call in order to register, download, and install any
necessary software. An archived version of the webcast will be posted on the
Company’s Web site for a two week period beginning approximately two hours
after the call.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings announcement also
contains non-GAAP financial measures. The reasons that we use these measures,
a reconciliation of these measures to the most directly comparable GAAP
measures, and other information relating to these measures are included below
following our GAAP financial statements.

Factors Affecting Future Performance

This press release contains "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements relating to estimates and projections of future
earnings per share, cash flow and revenue growth and other financial results,
developments relating to our customers and end-markets, and plans concerning
business development opportunities and divestitures. Words such as "believes,"
"intends," "anticipates," "plans," "expects," "projects," "forecasts," "will"
and similar expressions, and references to guidance, are intended to identify
forward-looking statements. Such statements are based on management's current
assumptions and expectations and no assurances can be given that our
assumptions or expectations will prove to be correct. A number of important
risk factors could cause actual results to differ materially from the results
described, implied or projected in any forward-looking statements. These
factors include, without limitation: (1) markets into which we sell our
products declining or not growing as anticipated; (2) fluctuations in the
global economic and political environments; (3) our failure to introduce new
products in a timely manner; (4) our ability to execute acquisitions and
license technologies, or to successfully integrate acquired businesses and
licensed technologies into our existing business or to make them profitable,
or successfully divest businesses; (5) our failure to adequately protect our
intellectual property; (6) the loss of any of our licenses or licensed rights;
(7) our ability to compete effectively; (8) fluctuation in our quarterly
operating results and our ability to adjust our operations to address
unexpected changes; (9) significant disruption in third-party package delivery
and import/export services or significant increases in prices for those
services; (10) disruptions in the supply of raw materials and supplies; (11)
the manufacture and sale of products exposing us to product liability claims;
(12) our failure to maintain compliance with applicable government
regulations; (13) regulatory changes; (14) our failure to comply with
healthcare industry regulations; (15) economic, political and other risks
associated with foreign operations; (16) our ability to retain key personnel;
(17) significant disruption in our information technology systems; (18) our
ability to obtain future financing; (19) restrictions in our credit
agreements; (20) our ability to realize the full value of our intangible
assets; (21) significant fluctuations in our stock price; (22) reduction or
elimination of dividends on our common stock; and (23) other factors which we
describe under the caption "Risk Factors" in our most recent quarterly report
on Form 10-Q and in our other filings with the Securities and Exchange
Commission. We disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring after the
date of this press release.

About PerkinElmer

PerkinElmer, Inc. is a global leader focused on improving the health and
safety of people and the environment. The Company reported revenue of
approximately $2.2 billion in 2013, has about 7,600 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.

 
PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
                                                                           
                                                                             
                          Three Months Ended              Twelve Months Ended
(In thousands,            December        December        December 29,      December 30,
except per share          29, 2013        30, 2012        2013              2012
data)
                                                                             
                                                                             
Revenue                   $ 593,280       $ 572,921       $ 2,166,232       $ 2,115,205
                                                                             
Cost of revenue             317,002         311,263         1,189,258         1,151,999
Selling, general
and administrative          141,949         180,708         585,850           632,734
expenses
Research and
development                 32,702          33,538          133,023           132,639
expenses
Asset Impairments           6,731           74,153          6,731             74,153
Restructuring and
contract                    10,215          4,103           33,928            25,137     
termination
charges, net
                                                                             
Operating income
(loss) from                 84,681          (30,844 )       217,442           98,543
continuing
operations
                                                                             
Interest income             (362    )       (313    )       (650      )       (747      )
Interest expense            14,614          11,651          49,924            45,787
Other expense, net          12,613          558             14,836            2,916      
                                                                             
Income (loss) from
continuing                  57,816          (42,740 )       153,332           50,587
operations before
income taxes
                                                                             
Benefit from income         (8,184  )       (26,548 )       (12,192   )       (17,854   )
taxes
                                                                             
Income (loss) from
continuing                  66,000          (16,192 )       165,524           68,441
operations
                                                                             
(Loss) gain on
disposition of
discontinued                (2,267  )       490             (1,810    )       2,405
operations, before
income taxes
(Benefit from)
provision for
income taxes on             (740    )       154             (1,098    )       906        
discontinued
operations and
dispositions
                                                                             
(Loss) income from
discontinued                (1,527  )       336             (712      )       1,499
operations and
dispositions
                                                                             
Net income (loss)         $ 64,473        $ (15,856 )     $ 164,812         $ 69,940     
                                                                             
                                                                             
Diluted earnings
per share:
Income (loss) from
continuing                $ 0.58          $ (0.14   )     $ 1.46            $ 0.60
operations
                                                                             
(Loss) income from
discontinued                (0.01   )       0.00            (0.01     )       0.01       
operations and
dispositions
                                                                             
Net income (loss)         $ 0.57          $ (0.14   )     $ 1.45            $ 0.61       
                                                                             
                                                                             
Weighted average
shares of common            113,463         114,440         113,503           114,860
stock outstanding
                          Diluted         Basic           Diluted           Diluted
                                                                             
ABOVE PREPARED IN ACCORDANCE WITH GAAP
                                                                             
                                                                             
Additional
Supplemental
Information ^(1):
(per share,
continuing
operations)
                                                                             
GAAP EPS from
continuing                $ 0.58          $ (0.14   )     $ 1.46            $ 0.60
operations
Amortization of
intangible assets,          0.12            0.13            0.51              0.52
net of income taxes
Asset impairments,          0.04            0.42            0.04              0.42
net of income taxes
Debt extinguishment
costs, net of               0.08            -               0.08              -
income taxes
Purchase accounting
adjustments, net of         0.02            0.03            0.05              0.16
income taxes
Acquisition-related
costs, net of               0.00            0.00            0.00              0.01
income taxes
Significant
environmental               0.02            -               0.02              -
charges, net of
income taxes
Mark to market on
postretirement              (0.13   )       0.19            (0.13     )       0.20
benefits, net of
income taxes
Restructuring and
contract
termination                 0.05            0.03            0.19              0.16
charges, net of
income taxes
Significant tax             (0.06   )       -               (0.14     )       -          
credits
Adjusted EPS              $ 0.73          $ 0.65          $ 2.08            $ 2.06       
                                                                             
(1) amounts may not                                                          
add due to rounding
                                                                             

 
PerkinElmer, Inc. and Subsidiaries
REVENUE AND OPERATING INCOME (LOSS)
                                                                                              
                                                                                                
                                                                                                
                                             Three Months Ended              Twelve Months Ended
(In thousands,                               December        December        December 29,      December 30,
except                                       29, 2013        30, 2012        2013              2012
percentages)
                                                             (as                               (as adjusted)
                                                             adjusted)
                                                                                                
Human Health       Reported revenue          $ 336,100       $ 318,858       $ 1,209,756       $ 1,174,642
                   Purchase accounting         739             4,076           7,312             26,249     
                   adjustments
                   Adjusted Revenue            336,839         322,934         1,217,068         1,200,891  
                                                                                                
                   Reported operating
                   income (loss) from          47,103          (23,766 )       146,100           59,196
                   continued
                   operations
                   OP%                         14.0    %       -7.5    %       12.1      %       5.0       %
                   Amortization of             19,829          19,945          80,217            80,815
                   intangible assets
                   Asset impairments           6,731           73,410          6,731             73,410
                   Purchase accounting         2,873           4,589           8,919             30,551
                   adjustments
                   Acquisition-related         -               441             (21       )       984
                   costs
                   Restructuring and
                   contract                    7,312           2,544           22,172            17,587     
                   termination
                   charges, net
                   Adjusted operating          83,848          77,163          264,118           262,543    
                   income
                   Adjusted OP%                24.9    %       23.9    %       21.7      %       21.9      %
                                                                                                
Environmental      Reported revenue            257,180         254,063         956,476           940,563
Health
                   Purchase accounting         -               -               9                 -          
                   adjustments
                   Adjusted Revenue            257,180         254,063         956,485           940,563    
                                                                                                
                   Reported operating
                   income from                 35,130          33,896          97,052            111,844
                   continued
                   operations
                   OP%                         13.7    %       13.3    %       10.1      %       11.9      %
                   Amortization of             2,670           2,549           10,137            10,403
                   intangible assets
                   Asset impairments           -               743             -                 743
                   Purchase accounting         50              -               59                -
                   adjustments
                   Acquisition-related         16              110             141               204
                   costs
                   Restructuring and
                   contract                    2,903           1,559           11,756            7,550      
                   termination
                   charges, net
                   Adjusted operating          40,769          38,857          119,145           130,744    
                   income
                   Adjusted OP%                15.9    %       15.3    %       12.5      %       13.9      %
                                                                                                
Corporate          Reported operating          2,448           (40,974 )       (25,710   )       (72,497   )
                   income (loss)
                   Significant
                   environmental               4,625           -               4,625             -
                   charges
                   Mark to market on
                   postretirement              (17,570 )       30,542          (17,617   )       31,761     
                   benefits
                   Adjusted operating          (10,497 )       (10,432 )       (38,702   )       (40,736   )
                   loss
                                                                                                
                                                                                                
Continuing         Reported revenue          $ 593,280       $ 572,921       $ 2,166,232       $ 2,115,205
Operations
                   Purchase accounting         739             4,076           7,321             26,249     
                   adjustments
                   Adjusted revenue            594,019         576,997         2,173,553         2,141,454  
                                                                                                
                   Reported operating
                   income (loss) from          84,681          (30,844 )       217,442           98,543
                   continued
                   operations
                   OP%                         14.3    %       -5.4    %       10.0      %       4.7       %
                   Amortization of             22,499          22,494          90,354            91,218
                   intangible assets
                   Asset impairments           6,731           74,153          6,731             74,153
                   Purchase accounting         2,923           4,589           8,978             30,551
                   adjustments
                   Acquisition-related         16              551             120               1,188
                   costs
                   Significant
                   environmental               4,625           -               4,625             -
                   charges
                   Mark to market on
                   postretirement              (17,570 )       30,542          (17,617   )       31,761
                   benefits
                   Restructuring and
                   contract                    10,215          4,103           33,928            25,137     
                   termination
                   charges, net
                   Adjusted operating        $ 114,120       $ 105,588       $ 344,561         $ 352,551    
                   income
                   Adjusted OP%                19.2    %       18.3    %       15.9      %       16.5      %
                                                                                                
                                                                                                
REPORTED REVENUE AND REPORTED OPERATING INCOME (LOSS) PREPARED IN ACCORDANCE WITH GAAP
 

 
PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                        
                                                                          
                          Three Months Ended              Twelve Months Ended
                          December 29,   December 30,     December 29,   December 30,
                          2013           2012             2013           2012
(In thousands)
                                                                          
Operating
activities:
Net income (loss)         $ 64,473       $ (15,856  )     $ 164,812      $ 69,940
Less: loss (income)
from discontinued
operations and              1,527          (336     )       712            (1,499   )
dispositions, net
of income taxes
Income (loss) from
continuing                  66,000         (16,192  )       165,524        68,441    
operations
Adjustments to
reconcile income
(loss) from
continuing
operations to net
cash provided by
continuing
operations:
Stock-based                 2,630          5,679            14,053         21,031
compensation
Restructuring and
contract                    10,215         4,103            33,928         25,137
termination
charges, net
Amortization of
deferred debt
issuance costs,
interest rate               3,904          862              6,502          3,517
hedges and
accretion of
discounts
Depreciation and            32,018         32,074           128,471        126,865
amortization
Gains on                    -              -                (1,566   )     -
disposition
Amortization of
acquired inventory          -              440              203            5,214
revaluation
Pension and other
postretirement              (18,176  )     35,336           (18,176  )     35,336
expenses
Asset impairments           6,731          74,153           6,731          74,153
Changes in
operating assets
and liabilities
which (used)
provided cash,
excluding effects
from companies
purchased and
divested:
Accounts                    (41,279  )     (59,714  )       (14,440  )     (44,626  )
receivable, net
Inventories, net            17,931         16,234           (13,851  )     (8,213   )
Accounts payable            4,235          10,735           (1,800   )     (7,876   )
Accrued expenses            (13,135  )     (63,912  )       (147,526 )     (145,404 )
and other
Net cash provided
by operating
activities of               71,074         39,798           158,053        153,575   
continuing
operations
Net cash provided
by (used in)
operating                   629            (274     )       538            (1,405   )
activities of
discontinued
operations
Net cash provided
by operating                71,703         39,524           158,591        152,170   
activities
                                                                          
Investing
activities:
Capital                     (7,427   )     (18,058  )       (38,991  )     (42,408  )
expenditures
Proceeds from
dispositions of             -              -                52,202         -
property, plant and
equipment, net
Proceeds from
surrender of life           -              -                783            -
insurance policies
Changes in
restricted cash             -              (183     )       -              487
balances
Activity related to
acquisitions and
investments, net of         (8,650   )     (34,108  )       (15,699  )     (40,858  )
cash and cash
equivalents
acquired
Net cash used in
investing
activities of               (16,077  )     (52,349  )       (1,705   )     (82,779  )
continuing
operations
Net cash provided
by investing
activities of               -              494              494            2,470     
discontinued
operations
Net cash used in
investing                   (16,077  )     (51,855  )       (1,211   )     (80,309  )
activities
                                                                          
Financing
Activities:
Payments on                 (259,000 )     (102,850 )       (688,000 )     (435,850 )
long-term debt
Proceeds from               258,000        104,000          677,000        395,000
long-term debt
Premium on                  (11,119  )     -                (11,119  )     -
prepayment of debt
Payments of debt            -              -                -              (416     )
issuance costs
Settlement of cash          -              4,050            1,363          4,050
flow hedges
Net (payments on)
proceeds from other         (249     )     5,417            5,281          5,274
credit facilities
Payments for
acquisition-related         -              -                -              (12,459  )
contingent
consideration
Excess tax benefit
from exercise of            -              -                -              1,767
common stock
options
Proceeds from
issuance of common          5,021          9,534            20,313         32,478
stock under stock
plans
Purchases of common         (212     )     (12      )       (127,398 )     (2,104   )
stock
Dividends paid              (7,867   )     (8,028   )       (31,600  )     (31,903  )
Net cash (used in)
provided by                 (15,426  )     12,111           (154,160 )     (44,163  )
financing
activities
                                                                          
Effect of exchange
rate changes on             739            836              (1,422   )     1,404     
cash and cash
equivalents
                                                                          
Net increase in
cash and cash               40,939         616              1,798          29,102
equivalents
Cash and cash
equivalents at              132,303        170,828          171,444        142,342   
beginning of period
Cash and cash
equivalents at end        $ 173,242      $ 171,444        $ 173,242      $ 171,444   
of period
                                                                          
                                                                          
PREPARED IN ACCORDANCE WITH GAAP
 

 
PerkinElmer, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
                                                            
                                                              
                                                              
(In thousands)                         December 29, 2013     December 30, 2012
                                                              
Current assets:
Cash and cash equivalents              $   173,242           $   171,444
Accounts receivable, net                   470,028               457,011
Inventories, net                           261,036               247,688
Other current assets                       140,532               95,611      
Total current assets                       1,044,838             971,754     
                                                              
Property, plant and equipment,
net:
At cost                                    504,184               513,479
Accumulated depreciation                   (318,811   )          (302,963   )
Property, plant and equipment,             185,373               210,516
net
Marketable securities and                  1,319                 1,149
investments
Intangible assets, net                     460,430               529,901
Goodwill                                   2,143,120             2,122,788
Other assets, net                          111,632               65,654      
Total assets                           $   3,946,712         $   3,901,762   
                                                              
Current liabilities:
Short-term debt                        $   2,624             $   1,772
Accounts payable                           167,196               168,943
Short-term accrued restructuring           26,374                21,364
Accrued expenses and other                 404,064               388,026
current liabilities
Current liabilities of                     2,538                 995         
discontinued operations
Total current liabilities                  602,796               581,100     
                                                              
Long-term debt                             932,104               938,824
Long-term accrued restructuring            9,161                 6,387
Long-term liabilities                      410,565               435,639     
Total liabilities                          1,954,626             1,961,950   
                                                              
Total stockholders' equity                 1,992,086             1,939,812   
Total liabilities and                  $   3,946,712         $   3,901,762   
stockholders' equity
                                                              
                                                              
PREPARED IN ACCORDANCE WITH GAAP
 

 
PerkinElmer, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                                                                         
(In millions, except
per share data and          PKI
percentages)
                            Three Months Ended
                            December 29,                December       
                            2013                        30, 2012
                                                                         
Adjusted revenue:
Revenue                     $  593.3                    $  572.9
Purchase accounting            0.7                         4.1           
adjustments
Adjusted revenue            $  594.0                    $  577.0         
                                                                         
Adjusted gross
margin:
Gross margin                $  276.3         46.6 %     $  261.7        45.7 %
Amortization of                13.3          2.2  %        13.1         2.3  %
intangible assets
Purchase accounting            0.8           0.1  %        4.5          0.8  %
adjustments
Mark to market on
postretirement                 0.8           0.1  %        2.5          0.4  %
benefits
Adjusted gross margin       $  291.2         49.0 %     $  281.8        48.8 %
                                                                         
Adjusted SG&A:
SG&A                        $  141.9         23.9 %     $  180.7        31.5 %
Amortization of                (9.1   )      -1.5 %        (9.3   )     -1.6 %
intangible assets
Purchase accounting            (2.1   )      -0.4 %        (0.1   )     0.0  %
adjustments
Acquisition-related            (0.0   )      0.0  %        (0.6   )     -0.1 %
costs
Significant                    (4.6   )      -0.8 %        -            0.0  %
environmental charges
Mark to market on
postretirement                 18.1          3.0  %        (27.9  )     -4.9 %
benefits
Adjusted SG&A               $  144.2         24.3 %     $  142.9        24.8 %
                                                                         
Adjusted R&D:
R&D                         $  32.7          5.5  %     $  33.5         5.9  %
Amortization of                (0.1   )      0.0  %        (0.1   )     0.0  %
intangible assets
Purchase accounting            (0.0   )      0.0  %        -            0.0  %
adjustments
Mark to market on
post retirement                0.3           0.0  %        (0.2   )     0.0  %
benefits
Adjusted R&D                $  32.9          5.5  %     $  33.3         5.8  %
                                                                         
Adjusted operating
income:
Operating income            $  84.7          14.3 %     $  (30.8  )     -5.4 %
(loss)
Amortization of                22.5          3.8  %        22.5         3.9  %
intangible assets
Asset impairments              6.7           1.1  %        74.2         12.9 %
Purchase accounting            2.9           0.5  %        4.6          0.8  %
adjustments
Acquisition-related            0.0           0.0  %        0.6          0.1  %
costs
Significant                    4.6           0.8  %        -            0.0  %
environmental charges
Mark to market on
postretirement                 (17.6  )      -3.0 %        30.5         5.3  %
benefits
Restructuring and
contract termination           10.2          1.7  %        4.1          0.7  %
charges, net
Adjusted operating          $  114.1         19.2 %     $  105.6        18.3 %
income
                                                                         
                            PKI
                            Three Months Ended
                            December 29,                December
                            2013                        30, 2012
                                                                         
Adjusted EPS:
GAAP EPS                    $  0.57                     $  (0.14  )
Discontinued
operations, net of             (0.01  )                    0.00          
income taxes
GAAP EPS from                  0.58                        (0.14  )
continuing operations
Amortization of
intangible assets,             0.12                        0.13
net of income taxes
Asset impairments,             0.04                        0.42
net of income taxes
Debt extinguishment
costs, net of income           0.08                        -
taxes
Purchase accounting
adjustments, net of            0.02                        0.03
income taxes
Acquisition-related
costs, net of income           0.00                        0.00
taxes
Significant
environmental                  0.02                        -
charges, net of
income taxes
Mark to market on
postretirement                 (0.13  )                    0.19
benefits, net of
income taxes
Restructuring and
contract termination           0.05                        0.03
charges, net of
income taxes
Significant tax                (0.06  )                    -             
credits
Adjusted EPS                $  0.73                     $  0.65          
                                                                         
                            Human Health
                            Three Months Ended
                            December 29,                December
                            2013                        30, 2012
                                                                         
Adjusted revenue:
Revenue                     $  336.1                    $  318.9
Purchase accounting            0.7                         4.1           
adjustments
Adjusted revenue            $  336.8                    $  322.9         
                                                                         
Adjusted operating
income:
Operating income            $  47.1          14.0 %     $  (23.8  )     -7.5 %
Amortization of                19.8          5.9  %        19.9         6.3  %
intangible assets
Asset impairments              6.7           2.0  %        73.4         23.0 %
Purchase accounting            2.9           0.9  %        4.6          1.4  %
adjustments
Acquisition-related            -             0.0  %        0.4          0.1  %
costs
Restructuring and
contract termination           7.3           2.2  %        2.5          0.8  %
charges, net
Adjusted operating          $  83.8          24.9 %     $  77.2         23.9 %
income
                                                                         
                            Environmental Health
                            Three Months Ended
                            December 29,                December
                            2013                        30, 2012
                                                                         
Adjusted revenue:
Revenue                     $  257.2                    $  254.1
Purchase accounting            -                           -             
adjustments
Adjusted revenue            $  257.2                    $  254.1         
                                                                         
Adjusted operating
income:
Operating income            $  35.1          13.7 %     $  33.9         13.3 %
Amortization of                2.7           1.0  %        2.5          1.0  %
intangible assets
Asset impairments              -             0.0  %        0.7          0.3  %
Purchase accounting            0.1           0.0  %        -            0.0  %
adjustments
Acquisition-related            0.0           0.0  %        0.1          0.0  %
costs
Restructuring and
contract termination           2.9           1.1  %        1.6          0.6  %
charges, net
Adjusted operating          $  40.8          15.9 %     $  38.9         15.3 %
income
                                                                              

 
PerkinElmer, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                                                                         
(In millions, except
per share data and         PKI
percentages)
                           Twelve Months Ended
                           December 29,                 December       
                           2013                         30, 2012
                                                                         
Adjusted revenue:
Revenue                    $  2,166.2                   $ 2,115.2
Purchase accounting           7.3                         26.2           
adjustments
Adjusted revenue           $  2,173.6                   $ 2,141.5        
                                                                         
Adjusted gross
margin:
Gross margin               $  977.0          45.1 %     $ 963.2         45.5 %
Amortization of               53.1           2.5  %       51.8          2.4  %
intangible assets
Purchase accounting           7.8            0.4  %       31.5          1.5  %
adjustments
Mark to market on
postretirement                0.8            0.0  %       3.7           0.2  %
benefits
Adjusted gross             $  1,038.6        47.8 %     $ 1,050.2       49.0 %
margin
                                                                         
Adjusted SG&A:
SG&A                       $  585.9          27.0 %     $ 632.7         29.9 %
Amortization of               (36.9    )     -1.7 %       (38.9   )     -1.8 %
intangible assets
Purchase accounting           (1.0     )     0.0  %       0.9           0.0  %
adjustments
Acquisition-related           (0.1     )     0.0  %       (1.2    )     -0.1 %
costs
Significant
environmental                 (4.6     )     -0.2 %       -             0.0  %
charges
Mark to market on
postretirement                18.1           0.8  %       (27.9   )     -1.3 %
benefits
Adjusted SG&A              $  561.2          25.8 %     $ 565.6         26.4 %
                                                                         
Adjusted R&D:
R&D                        $  133.0          6.1  %     $ 132.6         6.3  %
Amortization of               (0.3     )     0.0  %       (0.5    )     0.0  %
intangible assets
Purchase accounting           (0.2     )     0.0  %       -             0.0  %
adjustments
Mark to market on
postretirement                0.3            0.0  %       (0.2    )     0.0  %
benefits
Adjusted R&D               $  132.8          6.1  %     $ 132.0         6.2  %
                                                                         
Adjusted operating
income:
Operating income           $  217.4          10.0 %     $ 98.5          4.7  %
Amortization of               90.4           4.2  %       91.2          4.3  %
intangible assets
Asset impairments             6.7            0.3  %       74.2          3.5  %
Purchase accounting           9.0            0.4  %       30.6          1.4  %
adjustments
Acquisition-related           0.1            0.0  %       1.2           0.1  %
costs
Significant
environmental                 4.6            0.2  %       -             0.0  %
charges
Mark to market on
postretirement                (17.6    )     -0.8 %       31.8          1.5  %
benefits
Restructuring and
contract termination          33.9           1.6  %       25.1          1.2  %
charges, net
Adjusted operating         $  344.6          15.9 %     $ 352.6         16.5 %
income
                                                                         
                           PKI
                           Twelve Months Ended
                           December 29,                 December
                           2013                         30, 2012
                                                                         
Adjusted EPS:
GAAP EPS                   $  1.45                      $ 0.61
Discontinued
operations, net of            (0.01    )                  0.01           
income taxes
GAAP EPS from
continuing                    1.46                        0.60
operations
Amortization of
intangible assets,            0.51                        0.52
net of income taxes
Asset impairments,            0.04                        0.42
net of income taxes
Debt extinguishment
costs, net of income          0.08                        -
taxes
Purchase accounting
adjustments, net of           0.05                        0.16
income taxes
Acquisition-related
costs, net of income          0.00                        0.01
taxes
Significant
environmental                 0.02                        -
charges, net of
income taxes
Mark to market on
postretirement                (0.13    )                  0.20
benefits, net of
income taxes
Restructuring and
contract termination          0.19                        0.16
charges, net of
income taxes
Significant tax               (0.14    )                  -              
credits
Adjusted EPS               $  2.08                      $ 2.06           
                                                                         
                           PKI
                                                        Twelve
                                                        Months
                                                        Ended
                                                        December
                                                        28, 2014
Adjusted EPS:                                           Projected
GAAP EPS from                                             1.93 -
continuing                                              $ $1.98
operations
Amortization of
intangible assets,                                        0.46
net of income taxes
Purchase accounting
adjustments, net of                                       0.01
income taxes
Restructuring and
contract termination                                      0.00           
charges, net of
income taxes
Adjusted EPS                                            $ 2.40 -         
                                                          $2.45
                                                                         
                           Human Health
                           Twelve Months Ended
                           December 29,                 December
                           2013                         30, 2012
                                                                         
Adjusted revenue:
Revenue                    $  1,209.8                   $ 1,174.6
Purchase accounting           7.3                         26.2           
adjustments
Adjusted revenue           $  1,217.1                   $ 1,200.9        
                                                                         
Adjusted operating
income:
Operating income           $  146.1          12.1 %     $ 59.2          5.0  %
Amortization of               80.2           6.6  %       80.8          6.9  %
intangible assets
Asset impairments             6.7            0.6  %       73.4          6.2  %
Purchase accounting           8.9            0.7  %       30.6          2.6  %
adjustments
Acquisition-related           (0.0     )     0.0  %       1.0           0.1  %
costs
Restructuring and
contract termination          22.2           1.8  %       17.6          1.5  %
charges, net
Adjusted operating         $  264.1          21.7 %     $ 262.5         21.9 %
income
                                                                         
                           Environmental Health
                           Twelve Months Ended
                           December 29,                 December
                           2013                         30, 2012
                                                                         
Adjusted revenue:
Revenue                    $  956.5                     $ 940.6
Purchase accounting           0.0                         -              
adjustments
Adjusted revenue           $  956.5                     $ 940.6          
                                                                         
Adjusted operating
income:
Operating income           $  97.1           10.1 %     $ 111.8         11.9 %
Amortization of               10.1           1.1  %       10.4          1.1  %
intangible assets
Purchase accounting           0.1            0.0  %       -             0.0  %
adjustments
Acquisition-related           0.1            0.0  %       0.2           0.0  %
costs
Restructuring and
contract termination          11.8           1.2  %       7.6           0.8  %
charges, net
Adjusted operating         $  119.1          12.5 %     $ 130.7         13.9 %
income
                                                                              

 
PerkinElmer, Inc. and Subsidiaries
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
                                                         
                                                           
                                                          PKI
                                                          Three Months Ended
                                                          December 29, 2013
Organic revenue growth:
Reported revenue growth                                   4%
Less: effect of foreign exchange rates                    0%
Less: effect of acquisitions including purchase           1%
accounting adjustments
Organic revenue growth                                    3%
                                                           
                                                           
                                                          Human Health
                                                          Three Months Ended
                                                          December 29, 2013
Organic revenue growth:
Reported revenue growth                                   5%
Less: effect of foreign exchange rates                    0%
Less: effect of acquisitions including purchase           1%
accounting adjustments
Organic revenue growth                                    4%
                                                           
                                                           
                                                          Environmental Health
                                                          Three Months Ended
                                                          December 29, 2013
Organic revenue growth:
Reported revenue growth                                   1%
Less: effect of foreign exchange rates                    -1%
Less: effect of acquisitions including purchase           1%
accounting adjustments
Organic revenue growth                                    1%
                                                           

Adjusted Revenue and Adjusted Revenue Growth

We use the term “adjusted revenue” to refer to GAAP revenue, including
estimated revenue from contracts acquired in various acquisitions that will
not be fully recognized due to business combination accounting rules. We use
the related term “adjusted revenue growth” to refer to the measure of
comparing current period adjusted revenue with the corresponding period of the
prior year. We believe that these non-GAAP measures, when taken together with
our GAAP financial measures, allow us and our investors to better measure the
performance of our investments in technology, to evaluate long-term
performance trends and to assess our ability to invest in our business.
Adjusted revenue growth also provides for easier comparisons of our
performance with prior and future periods and relative comparisons to our
peers. Our GAAP revenue for the periods subsequent to our acquisitions does
not reflect the full amount of revenue on such contracts that would have
otherwise been recorded by the acquired businesses. The non-GAAP adjustment is
intended to reflect the full amount of such revenue. We believe our investors
will use this adjustment as a measure of the ongoing performance of the
acquired businesses because customers have historically entered into such
contracts for renewed and/or developmental support, although there can be no
assurance that customers will do so in the future.

Organic Revenue and Organic Revenue Growth

We use the term “organic revenue” to refer to GAAP revenue, excluding the
effect of foreign currency translation and acquisitions, and including
estimated revenue from contracts acquired in various acquisitions that will
not be fully recognized due to business combination accounting rules. We use
the related term “organic revenue growth” to refer to the measure of comparing
current period organic revenue with the corresponding period of the prior
year. We believe that these non-GAAP measures, when taken together with our
GAAP financial measures, allow us and our investors to better measure the
performance of our investments in technology, to evaluate long-term
performance trends and to assess our ability to invest in our business.
Organic revenue growth also provides for easier comparisons of our performance
with prior and future periods and relative comparisons to our peers. We
exclude the effect of foreign currency translation from these measures because
foreign currency translation is subject to volatility and can obscure
underlying trends. We exclude the effect of acquisitions because acquisition
activity can vary dramatically between reporting periods and between us and
our peers, which we believe makes comparisons of long-term performance trends
difficult for management and investors, and could result in overstating or
understating to our investors the performance of our operations. We include
estimated revenue from contracts acquired with various acquisitions that will
not be fully recognized due to business combination rules. Our GAAP revenue
for the periods subsequent to our acquisitions does not reflect the full
amount of revenue on such contracts that would have otherwise been recorded by
the acquired businesses. The non-GAAP adjustment is intended to reflect the
full amount of such revenue. We believe our investors will use this adjustment
as a measure of the ongoing performance of the acquired businesses because
customers have historically entered into such contracts for renewed and/or
developmental support, although there can be no assurance that customers will
do so in the future.

Adjusted Gross Margin and Adjusted Gross Margin Percentage

We use the term “adjusted gross margin” to refer to GAAP gross margin,
excluding amortization of intangible assets, inventory fair value adjustments
related to business acquisitions, other costs related to business
acquisitions, and including estimated revenue from contracts acquired in
various acquisitions that will not be fully recognized due to business
combination accounting rules. We also exclude adjustments for mark-to-market
accounting on post-retirement benefits, therefore only our projected costs
have been used to calculate our non-GAAP measure. We use the related term
“adjusted gross margin percentage” to refer to adjusted gross margin as a
percentage of adjusted revenue. We believe that these non-GAAP measures, when
taken together with our GAAP financial measures, allow us and our investors to
better measure the performance of our investments in technology, to evaluate
the long-term profitability trends and to assess our ability to invest in our
business. We exclude amortization of intangible assets and adjustments for
mark-to-market accounting on post-retirement benefits from these measures
because these charges do not represent what we believe our investors consider
to be costs of producing our products and could distort the additional value
generated over the cost of producing those products. In addition, inventory
fair value adjustments related to business acquisitions and other costs
related to business acquisitions are excluded because they only occur due to
an acquisition and the potential subsequent repositioning of the business that
could distort the performance measures of costs used in producing our
products. We include estimated revenue from contracts acquired with various
acquisitions that will not be fully recognized due to business combination
rules. Our GAAP revenue for the periods subsequent to our acquisitions does
not reflect the full amount of revenue on such contracts that would have
otherwise been recorded by the acquired businesses. The non-GAAP adjustment is
intended to reflect the full amount of such revenue. We believe our investors
will use this adjustment as a measure of the ongoing performance of the
acquired businesses because customers have historically entered into such
contracts for renewed and/or developmental support, although there can be no
assurance that customers will do so in the future.

Adjusted Selling, General and Administrative (“SG&A”) Expense and Adjusted
SG&A Percentage

We use the term “adjusted SG&A expense” to refer to GAAP SG&A expense,
excluding amortization of intangible assets, changes to the fair values
assigned to contingent consideration, other costs related to business
acquisitions, and significant environmental 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 term “adjusted SG&A percentage” to refer to
adjusted SG&A expense as a percentage of adjusted revenue. We believe that
these non-GAAP measures, when taken together with our GAAP financial measures,
allow us and our investors to better measure the cost of the internal
operating structure, our ability to leverage that structure and the level of
investment required to grow our business. We exclude amortization of
intangible assets, significant environmental charges, and adjustments for
mark-to-market accounting on post-retirement benefits from these measures
because these charges do not represent what we believe our investors consider
to be costs that support our internal operating structure and could distort
the efficiencies of that structure. We exclude changes to the fair values
assigned to contingent consideration and other costs related to business
acquisitions because they only occur due to an acquisition and the potential
subsequent repositioning of the business that could distort the performance
measures of costs to support our internal operating structure.

Adjusted Research and Development (“R&D”) Expense and Adjusted R&D Percentage

We use the term “adjusted R&D expense” to refer to GAAP R&D expense, excluding
amortization of intangible assets and other costs related to business
acquisitions. 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 R&D
percentage” to refer to adjusted R&D expense as a percentage of adjusted
revenue. We believe that these non-GAAP measures, when taken together with our
GAAP financial measures, allow us and our investors to better understand and
evaluate our internal technology investments. We exclude amortization of
intangible assets and adjustments for mark-to-market accounting on
post-retirement benefits from these measures because these charges do not
represent what we believe our investors consider to be internal investments in
R&D activities and could distort our R&D investment level. We exclude other
costs related to business acquisitions because they only occur due to an
acquisition and the potential subsequent repositioning of the business that
could distort the performance measures of costs to support our internal
operating structure.

Adjusted Operating Income, Adjusted Operating Profit Percentage, Adjusted
Operating Profit Margin and Adjusted Operating Margin

We use the term “adjusted operating income,” to refer to GAAP operating
income, excluding amortization of intangible assets, inventory fair value
adjustments related to business acquisitions, changes to the fair values
assigned to contingent consideration, other costs related to business
acquisitions, significant environmental charges, asset impairments, and
restructuring and contract termination charges, and including estimated
revenue from contracts acquired in various acquisitions that will not be fully
recognized due to business combination accounting rules. We also exclude
adjustments for mark-to-market accounting on post-retirement benefits,
therefore only our projected costs have been used to calculate our non-GAAP
measure. Adjusted operating income is calculated by subtracting adjusted R&D
expense and adjusted SG&A expense from adjusted gross margin. We use the
related terms “adjusted operating profit percentage,” “adjusted operating
profit margin,” or “adjusted operating margin” to refer to adjusted operating
income as a percentage of adjusted revenue. We believe that these non-GAAP
measures, when taken together with our GAAP financial measures, allow us and
our investors to analyze the costs of the different components of producing
and selling our products, to better measure the performance of our internal
investments in technology and to evaluate the long-term profitability trends
of our core operations. Adjusted operating income also provides for easier
comparisons of our performance and profitability with prior and future periods
and relative comparisons to our peers. We believe our investors do not
consider the items that we exclude from adjusted operating income to be costs
of producing our products, investments in technology and production or costs
to support our internal operating structure, and so we present this non-GAAP
measure to avoid overstating or understating to our investors the performance
of our operations. We exclude asset impairments and restructuring and contract
termination charges because they tend to occur due to an acquisition,
divestiture, repositioning of the business or other unusual event that could
distort the performance measures of our internal investments and costs to
support our internal operating structure. We include estimated revenue from
contracts acquired with various acquisitions that will not be fully recognized
due to business combination rules. Our GAAP revenue for the periods subsequent
to our acquisitions does not reflect the full amount of revenue on such
contracts that would have otherwise been recorded by the acquired businesses.
The non-GAAP adjustment is intended to reflect the full amount of such
revenue. We believe our investors will use this adjustment as a measure of the
ongoing performance of the acquired businesses because customers have
historically entered into such contracts for renewed and/or developmental
support, although there can be no assurance that customers will do so in the
future.

Adjusted Earnings Per Share

We use the term “adjusted earnings per share,” or “adjusted EPS,” to refer to
GAAP earnings per share, excluding discontinued operations, amortization of
intangible assets, inventory fair value adjustments related to business
acquisitions, changes to the fair values assigned to contingent consideration,
other costs related to business acquisitions, significant environmental
charges, asset impairments, restructuring and contract termination charges,
significant debt extinguishment charges, and significant tax credits, and
including estimated revenue from contracts acquired in various acquisitions
that will not be fully recognized due to business combination accounting
rules. We also exclude adjustments for mark-to-market accounting on
post-retirement benefits, therefore only our projected costs have been used to
calculate our non-GAAP measure. Adjusted earnings per share is calculated by
subtracting the items above included in adjusted gross margin, adjusted R&D
expense, adjusted SG&A expense, restructuring and contract termination
charges, the provision for taxes related to these items, and significant tax
credits from GAAP earnings per share. We believe that this non-GAAP measure,
when taken together with our GAAP financial measures, allows us and our
investors to analyze the costs of producing and selling our products and the
performance of our internal investments in technology and our internal
operating structure, to evaluate the long-term profitability trends of our
core operations and to calculate the underlying value of the core business on
a dilutive share basis, which is a key measure of the value of the Company
used by our management and we believe used by investors as well. Adjusted
earnings per share also facilitates the overall analysis of the value of the
Company and the core measure of the success of our operating business model as
compared to prior and future periods and relative comparisons to our peers. We
exclude discontinued operations, amortization of intangible assets, inventory
fair value adjustments related to business acquisitions, changes to the fair
values assigned to contingent consideration, other costs related to business
acquisitions, adjustments for mark-to-market accounting on post-retirement
benefits, significant environmental charges, asset impairments, restructuring
and contract termination charges, significant debt extinguishment charges, and
significant tax credits, as these items do not represent what we believe our
investors consider to be costs of producing our products, investments in
technology and production, and costs to support our internal operating
structure, which could result in overstating or understating to our investors
the performance of our operations. We include estimated revenue from contracts
acquired with various acquisitions that will not be fully recognized due to
business combination rules. Our GAAP revenue for the periods subsequent to our
acquisitions does not reflect the full amount of revenue on such contracts
that would have otherwise been recorded by the acquired businesses. The
non-GAAP adjustment is intended to reflect the full amount of such revenue. We
believe our investors will use this adjustment as a measure of the ongoing
performance of the acquired businesses because customers have historically
entered into such contracts for renewed and/or developmental support, although
there can be no assurance that customers will do so in the future.

The fourth quarter tax effect on adjusted EPS for (i) discontinued operations
was a benefit of $0.01 in 2013 and an expense of $0.00 in 2012, (ii)
amortization of intangible assets was an expense of $0.08 in 2013 and an
expense of $0.07 in 2012, (iii) significant environmental charges was an
expense of $0.02 in 2013, (iv) asset impairments was an expense of $0.02 in
2013 and an expense of $0.23 in 2012, (v) restructuring and contract
termination charges was an expense of $0.04 in 2013 and an expense of $0.01 in
2012, (vi) significant debt extinguishment charges was an expense of $0.05 in
2013, (vii) significant tax credits was a benefit of $0.06 in 2013, (viii) the
estimated revenue from contracts acquired with various acquisitions that will
not be fully recognized due to business combination accounting rules was an
expense of $0.00 in 2013 and an expense of $0.01 in 2012, (ix) adjustments for
mark-to-market accounting on post-retirement benefits was a benefit of $0.03
in 2013 and an expense of $0.08 in 2012. The fourth quarter tax effect on
adjusted EPS for each of the remaining items (inventory fair value adjustments
related to business acquisitions, changes to the fair values assigned to
contingent consideration, and other costs related to business acquisitions)
was $0.00 in both 2013 and 2012.

The full year tax effect on adjusted EPS through the fourth quarter for (i)
discontinued operations was a benefit of $0.01 in 2013 and an expense of $0.01
in 2012, (ii) amortization of intangible assets was an expense of $0.28 in
both 2013 and 2012, (iii) inventory fair value adjustments related to business
acquisitions was an expense of $0.00 in 2013 and an expense of $0.02 in 2012,
(iv) significant environmental charges was an expense of $0.02 in 2013, (v)
asset impairments was an expense of $0.02 in 2013 and an expense of $0.23 in
2012, (vi) restructuring and contract termination charges was an expense of
$0.10 in 2013 and an expense of $0.06 in 2012, (vii) significant debt
extinguishment charges was an expense of $0.05 in 2013, (viii) significant tax
credits was a benefit of $0.14 in 2013, (ix) the estimated revenue from
contracts acquired with various acquisitions that will not be fully recognized
due to business combination accounting rules was an expense of $0.02 in 2013
and an expense of $0.09 in 2012, (x) adjustments for mark-to-market accounting
on post-retirement benefits was a benefit of $0.03 in 2013 and an expense of
$0.08 in 2012. The full year tax effect on adjusted EPS through the fourth
quarter for each of the remaining items (changes to the fair values assigned
to contingent consideration and other costs related to business acquisitions)
was $0.00 in both 2013 and 2012.

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, significant
environmental charges, asset impairments, adjustments for mark-to-market
accounting on post-retirement benefits, restructuring and contract termination
charges, significant debt extinguishment charges, significant tax credits, and
the estimated revenue from contracts acquired with various acquisitions is
calculated based on operational results and applicable jurisdictional law,
which contemplates tax rates currently in effect to determine our tax
provision.

                                    * * *

The 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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