Full Press Release Details
Announces Financial Results for the First Quarter of 2012
of $511 million, reported revenue growth of 14% and organic revenue
income from continuing operations of $36 million; Adjusted operating
income of $79 million, up 160 basis points as a percentage of adjusted
earnings per share from continuing operations of $0.19; Adjusted
earnings per share of $0.43, up 23%
full year adjusted earnings per share guidance
WALTHAM, Mass.--(BUSINESS WIRE)--April 26, 2012--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
first quarter ended April 1, 2012. The Company reported GAAP earnings
per share from continuing operations of $0.19, as compared to $0.24 in
the first quarter of 2011. GAAP earnings per share were unfavorably
impacted by non-cash charges primarily related to acquisitions completed
in 2011. On a non-GAAP basis, which includes the adjustments noted in
the attached reconciliation, the Company announced adjusted earnings per
share of $0.43, representing an increase of 23% as compared to the first
"We are pleased to have started 2012 with better-than-expected growth in
both revenue and adjusted earnings per share. This performance was
particularly encouraging considering our strong financial performance in
the first quarter of 2011," said Robert Friel, chairman and chief
executive officer of PerkinElmer. "We continue to make progress against
our strategic initiatives through our focus on innovation, our
multi-year productivity initiatives and our successful acquisition
integration efforts."
Revenue in the first quarter of 2012 was $510.9 million, up 14% as
compared to the same period a year ago. Adjusted revenue in the first
quarter of 2012 was $517.4 million, which includes the adjustments noted
in the attached reconciliation, up 16% as compared to the first quarter
of 2011. Adjusted revenue in the Human and Environmental Health segments
increased by 27% and 6%, respectively, as compared to the same period a
year ago. Organic revenue, which includes the adjustments noted in the
attached reconciliation, increased 9% in the Human Health segment and 3%
in the Environmental Health segment compared to the first quarter of
Operating income from continuing operations for the first quarter of
2012 was $36.4 million, as compared to $41.4 million for the same period
a year ago. Adjusted operating income, which includes the adjustments
noted in the attached reconciliation, increased by 160 basis points as a
percentage of adjusted revenue to $79.0 million, as compared to $61.1
million in the first quarter of 2011.
For the first quarter of 2012, operating cash flow from continuing
operations was $15.3 million as compared to $47.3 million in the first
quarter of 2011. The Company made a contribution to its defined benefit
pension plan in the United States of $17.0 million in the first quarter
of 2012 and received a tax refund of approximately $8.9 million in the
first quarter of 2011.
Financial Overview by Reporting Segment
Revenue of $254.0 million for the first quarter of 2012, as compared
to $201.3 million for the first quarter of 2011.
Operating income of $21.9 million, as compared to $21.5 million for
the same period a year ago.
Adjusted operating profit margin was 20.4% as a percentage of adjusted
revenue, an increase of approximately 200 basis points as compared to
the first quarter of 2011.
Environmental Health
Revenue of $256.9 million for the first quarter of 2012, as compared
to $245.9 million for the first quarter of 2011.
Operating income of $26.4 million, as compared to $30.2 million for
the same period a year ago.
Adjusted operating profit margin was 14.4% as a percentage of adjusted
revenue, an increase of approximately 30 basis points as compared to
the first quarter of 2011.
For the full year 2012, the Company reconfirmed its forecast for organic
revenue to increase in the mid-single digit range relative to 2011. For
the full year 2012, the Company forecasts GAAP earnings per share from
continuing operations in the range of $1.27 to $1.32 and on a non-GAAP
basis, which is expected to include the adjustments noted in the
attached reconciliation, adjusted earnings per share in the range of
$2.00 to $2.05 as compared to the Company's previously communicated
guidance range of $1.98 to $2.04.
Conference Call Information
The Company will discuss its first quarter results and its outlook for
business trends in a conference call on April 26, 2012 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 213 - 8856
prior to the scheduled conference call time and provide the access code
90431696. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, April 26, 2012. The playback phone number is
(617) 801-6888 and the code number is 76741664.
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