Full Press Release Details
Announces Financial Results for the Fourth Quarter of 2012
growth of 6%; Organic revenue growth of 3%
loss per share from continuing operations of $0.14; Adjusted earnings
year revenue growth of 10%; Organic revenue growth of 5%; Adjusted
operating profit margin increase of 100 basis points driving adjusted
earnings per share growth of 13%
WALTHAM, Mass.--(BUSINESS WIRE)--January 31, 2013--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 30, 2012.
The Company reported GAAP loss per share from continuing operations of
$0.14, compared to a loss per share of $0.74 in the fourth quarter of
2011. Revenue in the fourth quarter of 2012 was $572.9 million, as
compared to $539.3 million in the fourth quarter of 2011. GAAP operating
loss from continuing operations for the fourth quarter of 2012 was $30.8
million, compared to a loss of $25.9 million in the fourth quarter of
2011, impacted by non-cash charges related to trade names and
mark-to-market pension plan adjustments noted in the attached
Adjusted earnings per share was $0.65, compared to $0.62 in the fourth
quarter of 2011. Adjusted revenue for the quarter grew 4% to $577.0
million, compared to $553.9 million in the fourth quarter of 2011.
Organic revenue growth was 3% after adjusting for acquisitions which
added 2%, partially offset by a decrease due to unfavorable foreign
currency translation of 1%. Adjusted operating income for the fourth
quarter of 2012 was $105.6 million, compared to $102.5 million for the
same period a year ago. Adjusted operating profit margin was 18.3% as a
percentage of adjusted revenue, compared to 18.5% for the same period a
year ago. For the Company's non-GAAP financial measures, adjustments
have been noted in the attached reconciliations.
"We are pleased with our strong finish to 2012, particularly in light of
difficult year over year comparisons in the fourth quarter. This
performance caps another solid year of revenue growth and adjusted
operating margin expansion which we believe is a result of our
differentiated detection, imaging, and informatics portfolios each
focused on attractive end markets," said Robert Friel, chairman and
chief executive officer of PerkinElmer. "As we move into 2013, we expect
to continue to make balanced growth and productivity investments thereby
enabling future growth and profitability for our shareholders while
addressing critical health and environmental needs."
For the year ended December 30, 2012, operating cash flow from
continuing operations was $153.6 million as compared to $234.0 million
in 2011. The full year 2012 results were impacted by increased pension
contributions, tax payments, incremental working capital and prepaid
Financial Overview by Reporting Segment for the Fourth Quarter 2012
Revenue of $274.5 million; Adjusted revenue of $275.1 million.
Adjusted revenue increased 6%, organic revenue growth was 3%.
Operating loss of $14.8 million due primarily to non-cash charges
related to trade names. Adjusted operating income of $60.1 million.
Adjusted operating profit margin was 21.9% as a percentage of adjusted
revenue, as compared to 22.9% in the fourth quarter of 2011.
Environmental Health
Revenue of $298.4 million; Adjusted revenue of $301.9 million.
Adjusted revenue increased 3%, organic revenue growth was 3%.
Operating income of $24.9 million. Adjusted operating income of $55.9
Adjusted operating profit margin was 18.5% as a percentage of adjusted
revenue, as compared to 18.8% in the fourth quarter of 2011.
Financial Guidance - Full Year 2013
For the full year 2013, the Company forecasts organic revenue to
increase in the mid-single digit range relative to 2012. For the full
year 2013, the Company forecasts GAAP earnings per share from continuing
operations in the range of $1.57 to $1.65 and on a non-GAAP basis, which
is expected to include the adjustments noted in the attached
reconciliation, the Company forecasts adjusted earnings per share in the
range of $2.24 to $2.32.
Conference Call Information
The Company will discuss its fourth quarter results and its outlook for
business trends in a conference call on January 31, 2013 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 786-2964 prior
to the scheduled conference call time and provide the access code
83180349. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, January 31, 2013. The playback phone number is
(617) 801-6888 and the code number is 21844793.
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