-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LXA2VtpvxBrDcATFODQ/alIpb4mAT7w8X3/fz0xzQ/XzFtlvSabSUkvg1C3JdO2G +/m0+kd9H9Y9s9EAHRe3Ig== 0000895345-06-000135.txt : 20060210 0000895345-06-000135.hdr.sgml : 20060210 20060210073423 ACCESSION NUMBER: 0000895345-06-000135 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060210 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060210 DATE AS OF CHANGE: 20060210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METTLER TOLEDO INTERNATIONAL INC/ CENTRAL INDEX KEY: 0001037646 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 133668641 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13595 FILM NUMBER: 06595346 BUSINESS ADDRESS: STREET 1: IM LANGACHER P O BOX MT-100 STREET 2: CH 8606 GREIFENSEE CITY: SWITZERLAND STATE: V8 ZIP: 10022 BUSINESS PHONE: 2126445900 MAIL ADDRESS: STREET 1: IM LANGACHER STREET 2: P O BOX MT 100 CH 8606 GREIFENSEE CITY: SWITZERLAND STATE: V8 ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: METTLER TOLEDO INTERNATIONAL INC DATE OF NAME CHANGE: 19971117 FORMER COMPANY: FORMER CONFORMED NAME: MT INVESTORS INC DATE OF NAME CHANGE: 19970411 8-K 1 tp8k_mettler.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 10, 2006 Mettler-Toledo International Inc. (Exact name of registrant as specified in its charter) Delaware File No. 001-13595 13-3668641 (State of (Commission File Number) (I.R.S. Employer incorporation) Identification No.) Im Langacher, P.O. Box MT-100 CH-8606, Greifensee, Switzerland ------------------------------------------ (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: +41-44-944-2211 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition." The information furnished in this Form 8-K and the Exhibit attached hereto shall not be treated as filed for purposes of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. On February 10, 2006, Mettler-Toledo International Inc. ("Mettler- Toledo") issued a press release (the "Release") setting forth its financial results for the three and twelve months ended December 31, 2005. A copy of the Release is furnished hereto as Exhibit 99.1 to this report. NON-GAAP FINANCIAL MEASURES Mettler-Toledo supplements its U.S. GAAP results with non-GAAP financial measures. The principal non-GAAP financial measures Mettler-Toledo uses are Adjusted Operating Income and Free Cash Flow. Adjusted Operating Income Mettler-Toledo defines Adjusted Operating Income as gross profit less research and development, selling, general and administrative expenses and restructuring charges, before amortization, interest, other charges and taxes. The most directly comparable U.S. GAAP financial measure is earnings before taxes. Mettler-Toledo believes that Adjusted Operating Income is important supplemental information for investors. Adjusted Operating Income is used internally as the principal profit measurement by its segments in their reporting to management. Mettler-Toledo uses this measure because it excludes amortization, interest, other charges and taxes, which are not allocated to the segments. On a consolidated basis, Mettler-Toledo also believes Adjusted Operating Income is an important supplemental method of measuring profitability. It is used internally by senior management for setting performance targets for managers, and has historically been used as one of the means of publicly providing guidance on possible future results. Mettler-Toledo also believes that Adjusted Operating Income is an important performance measure because it provides a measure of comparability to other companies with different capital or legal structures, which accordingly may be subject to disparate interest rates and effective tax rates, and to companies which may incur different amortization expenses or impairment charges related to intangible assets. Adjusted Operating Income is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Adjusted Operating Income is not intended to represent operating income under U.S. GAAP and should not be considered as an alternative to earnings before taxes as an indicator of Mettler-Toledo's performance because of the following limitations. Limitations of Mettler-Toledo's non-GAAP measure, Adjusted Operating Income Mettler-Toledo's non-GAAP measure, Adjusted Operating Income, has certain material limitations as follows: o It does not include interest expense. Because Mettler-Toledo has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted Mettler-Toledo in generating revenue. Therefore any measure that excludes interest expense has material limitations. o It excludes amortization expense and other charges. Because these items are recurring, any measure that excludes them has material limitations. Free Cash Flow Mettler-Toledo defines Free Cash Flow as net cash provided by operating activities less capital expenditures and refinancing fees, before restructuring payments. The most directly comparable U.S. GAAP financial measure is net cash provided by operating activities. Mettler-Toledo believes Free Cash Flow is important supplemental information for investors. It is used internally by senior management for measuring operating cash flow generation and setting performance targets for managers, and has historically been used as one of the means of providing guidance on possible future cash flows. Free Cash Flow is used in addition to and in conjunction with results presented in accordance with U.S. GAAP. Free Cash Flow is not intended to represent net cash provided by operating activities recorded under U.S. GAAP and should not be considered as an alternative to net cash provided by operating activities as an indicator of Mettler-Toledo's performance because of the following limitations. Limitations of Mettler-Toledo's non-GAAP measure, Free Cash Flow Mettler-Toledo's non-GAAP measure, Free Cash Flow, has certain material limitations as follows: o It includes purchases of property, plant and equipment and refinancing fees, which are not considered to be components of net cash provided by operating activities under U.S. GAAP. Therefore any measure that includes purchases of property, plant and equipment and refinancing fees has material limitations. o It excludes restructuring payments, which are considered to be a component of net cash provided by operating activities under U.S. GAAP. Therefore any measure that excludes restructuring payments has material limitations. Adjusted Operating Income and Free Cash Flow should not be relied upon to the exclusion of U.S. GAAP financial measures, but reflect additional measures of comparability and means of viewing aspects of Mettler-Toledo's operations that, when viewed together with its U.S. GAAP results and the accompanying reconciliations to earnings before taxes and net cash provided by operating activities, provide a more complete understanding of factors and trends affecting its business. Because Adjusted Operating Income and Free Cash Flow are not standardized, it may not be possible to compare with other companies' non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The Release provides a reconciliation of Adjusted Operating Income and Free Cash Flow to the most comparable financial measures recorded under U.S. GAAP. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS Exhibit No. Description - ----------- ----------- 99.1 Press release, dated February 10, 2006, issued by Mettler-Toledo International Inc. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. METTLER-TOLEDO INTERNATIONAL INC. Dated: February 10, 2006 By: /s/ William P. Donnelly ------------------------ William P. Donnelly Chief Financial Officer EX-99 2 exh99_1.txt EXHIBIT 99.1 METTLER-TOLEDO INTERNATIONAL INC. REPORTS FOURTH QUARTER 2005 RESULTS - - STRONG FOURTH QUARTER OPERATING PERFORMANCE - - - - IMPROVED OUTLOOK FOR 2006 - - GREIFENSEE, Switzerland and COLUMBUS, Ohio, USA - February 10, 2006 - Mettler-Toledo International Inc. (NYSE: MTD) today announced net earnings of $44.2 million, or $1.04 per share on a diluted basis, for the quarter ended December 31, 2005. In the fourth quarter of 2004, net earnings per share were $0.81 and included $0.02 per share in investigation-related costs. Excluding the one-time item in last year's results, net earnings per share would have increased 25% in the quarter. For the year ended December 31, 2005, net earnings per share were $2.52. This amount includes charges of $0.42 per share consisting of two items, a $0.30 per share charge for a non-cash intangible asset write-off and legal costs in conjunction with previously disclosed pipette litigation, and a $0.12 per share charge for non-recurring tax items. Net earnings per share in 2004 were $2.37 and include investigation-related costs of $0.08 per share. Excluding the one-time items in both periods, net earnings per share in 2005 would have increased 20%. Sales for the quarter were $411.2 million, compared with $399.2 million in the prior year, an increase of 7% in local currency sales. Reported sales growth in the quarter was 3% and includes a 4% unfavorable currency impact. By region, local currency sales growth was 12% in the Americas, 2% in Europe and 9% in Asia / Rest of World. Adjusted operating income for the quarter amounted to $68.8 million, compared with $59.0 million last year which included $1.1 million of investigation-related costs. Excluding the one-time item in the prior period, adjusted operating income would have increased 14% in the quarter. Sales for the year ended December 31, 2005 were $1.5 billion, compared with $1.4 billion in the prior year. This represents a 5% increase in local currency sales and a 1% increase due to currency resulting in a 6% increase in reported sales growth. By region, local currency sales growth was 7% in the Americas, 3% in Europe and 9% in Asia / Rest of World. Adjusted operating income for the year was $206.7 million, compared with the prior year amount of $179.4 million which included $5.0 million of investigation-related costs. Excluding the one-time item in the prior period, adjusted operating income would have increased 12% in 2005. Cash flow from operations in the quarter was $59.5 million, compared with $44.1 million in the prior year quarter, an increase of 35%. Cash flow from operations for the year was $177.1 million, compared with $166.0 million in 2004, an increase of 7%. The Company repurchased 1,047,400 shares of its common stock in the fourth quarter and 3,229,200 shares in the year. Robert F. Spoerry, Chairman, President and Chief Executive Officer, stated, "We are very pleased with our fourth quarter operating performance and our strong finish to 2005. Sales growth in our laboratory products was robust while food retailing had another quarter of strong sales performance. We demonstrated further improvement in gross margins which reached 50.6% in the quarter and drove the solid increase in operating profit. Our EPS growth in the quarter, excluding one-time items, was again excellent and contributed to the 20% growth achieved in 2005." Spoerry continued, "Disciplined execution of our strategic initiatives drove strong operating performance in 2005. We made noteworthy progress on Project Spinnaker, our corporate-wide initiative to accelerate our organic sales growth through excellence in sales, service and marketing. We launched many new products to reinforce our technology leadership and have a robust product pipeline as we enter 2006. We expanded our Chinese operations with further investments in the front-end including new sales and service locations. We also continued to transfer production from our Western plants to China and initiated expansion of our manufacturing capacity. On a global basis, we reduced logistics costs and improved inventory productivity through our supply chain initiatives. Finally, our strong cash flow allowed us to generate value to shareholders through the repurchase of 7% of our shares in 2005." Spoerry concluded, "The hallmarks of our franchise are market leadership; global presence; a diversified customer base and product portfolio; technology leadership; and a culture of delivering the highest quality products and services. These elements provide a solid foundation for our future. We remain cautious on the global economy but believe, with continued solid execution of our strategic initiatives, we are well positioned for growth in 2006 and beyond." The Company stated that it is raising its 2006 EPS target range. Based on an economic environment and market conditions similar to today's, the Company is now targeting EPS in the range of $3.30 to $3.35, assuming local currency sales growth in the range of 4% to 6%. This compares with guidance previously given of $3.20 to $3.25 per share. The Company noted that in 2006, its stock-based compensation program will be expensed as per the guidelines of FAS 123R. The guidance provided does not reflect an approximate $0.13 per share expense for its stock-based compensation program. The Company added that it expects the first quarter 2006 EPS to be in the range of $0.54 to $0.57, which excludes $0.03 per share expense for its stock-based compensation program. The Company has reconciled adjusted operating income to earnings before taxes, the most comparable U.S. GAAP measure, in the attached schedules. The Company will host a conference call to discuss its fourth quarter results today (Friday, February 10) at 8:00 a.m. Eastern Time. To hear a live webcast or replay of the call, visit the investor relations page on the Company's website at www.mt.com. METTLER TOLEDO is a leading global supplier of precision instruments and services. The Company is the world's largest manufacturer and marketer of weighing instruments for use in laboratory, industrial and food retailing applications. The Company also holds top-three market positions in several related analytical instruments and is a leading provider of automated chemistry systems used in drug and chemical compound discovery and development. In addition, the Company is the world's largest manufacturer and marketer of metal detection and other end-of-line inspection systems used in production and packaging and holds a leading position in certain process analytics applications. Additional information about METTLER TOLEDO can be found on the World Wide Web at "www.mt.com." Statements in this discussion which are not historical facts may be considered "forward-looking statements" that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual events or results to differ from those contained in the forward-looking statements, see "Factors affecting our future operating results" in Part I, Item 1, of the Company's Annual Report on Form 10-K for the fiscal year December 31, 2004. The Company assumes no obligation to update this press release. METTLER-TOLEDO INTERNATIONAL INC. COMPARATIVE FINANCIAL INFORMATION (amounts in thousands except share data)
Three months ended Three months ended December 31, 2005 December 31, 2004 (unaudited) % (unaudited) % Net sales $411,247 (a) 100.0 $399,205 100.0 Cost of sales 203,154 49.4 200,748 50.3 -------- ----- -------- ----- Gross profit 208,093 50.6 198,457 49.7 Research and development 20,840 5.1 22,208 5.5 Selling, general and administrative 118,493 28.8 117,268 (b) 29.4 -------- ----- -------- ----- Adjusted operating income 68,760 16.7 58,981 14.8 Amortization 2,821 0.7 3,627 0.9 Interest expense 3,594 0.9 3,241 0.8 Other charges (income), net (772) (0.2) 273 0.1 --------- ----- -------- ---- Earnings before taxes 63,117 15.3 51,840 13.0 Provision for taxes 18,925 4.6 15,551 3.9 ------- ---- -------- ---- Net earnings $44,192 10.7 $36,289 9.1 ======= ==== ======== ==== Diluted per share amounts: Net earnings $1.04 $0.81 Weighted average number of common 42,419,020 44,828,205 and common equivalent shares Notes: (a) Local currency sales increased 7% as compared to the same period in 2004. (b) Includes $1.1 million ($0.8 million after-tax), or $0.02 per share, of costs related to an investigation into allegations made by an employee with respect to the Company and various company processes.
METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands except share data)
As Reported As Reported ----------- ----------- Three months ended Three months ended December 31, 2005 December 31, 2004 (unaudited) (unaudited) Net sales $411,247 $399,205 Cost of sales 203,154 200,748 ------- -------- Gross profit 208,093 198,457 Research and development 20,840 22,208 Selling, general and administrative 118,493 117,268 Amortization 2,821 3,627 Interest expense 3,594 3,241 Other charges (income), net (772) 273 ------- -------- Earnings before taxes 63,117 51,840 Provision for taxes 18,925 15,551 ------- -------- Net earnings $44,192 $36,289 ======= ======== Basic earnings per common share: Net earnings $1.06 $0.83 Weighted average number of common shares 41,549,018 43,601,286 Diluted earnings per common share: Net earnings $1.04 $0.81 Weighted average number of common 42,419,020 44,828,205 and common equivalent shares
METTLER-TOLEDO INTERNATIONAL INC. COMPARATIVE FINANCIAL INFORMATION (amounts in thousands except share data)
Year ended Year ended December 31, 2005 December 31, 2004 (unaudited) % (unaudited) % Net sales $1,482,472 (a) 100.0 $1,404,454 100.0 Cost of sales 752,153 50.7 722,047 51.4 ---------- ----- --------- ----- Gross profit 730,319 49.3 682,407 48.6 Research and development 81,893 5.6 83,217 5.9 Selling, general and administrative 441,702 29.8 419,780 (d) 29.9 -------- ----- --------- ----- Adjusted operating income 206,724 13.9 179,410 12.8 Amortization 11,436 0.7 12,256 0.9 Interest expense 14,880 1.0 12,888 0.9 Other charges, net 20,224 (b) 1.4 42 0.0 ------- ---- --------- ---- Earnings before taxes 160,184 10.8 154,224 11.0 Provision for taxes 51,282 (c) 3.5 46,267 3.3 --------- ---- --------- ---- Net earnings $108,902 7.3 $107,957 7.7 ========= ==== ========= ==== Diluted per share amounts: Net earnings $2.52 $2.37 Weighted average number of common 43,285,121 45,483,969 and common equivalent shares Notes: (a) Local currency sales increased 5% as compared to the same period in 2004. (b) Includes a $21.8 million ($13.1 million after-tax), or $0.30 per share, one-time pipette litigation charge related to a $19.9 million ($12 million after-tax) non-cash write-off of an intellectual property license and $1.9 million ($1.1 million after-tax) of related legal costs. (c) Includes a net tax charge of $5.4 million, or $0.12 per share, related to earnings repatriation associated with the American Jobs Creation Act ($13.1 million) offset in part by the favorable resolution of certain tax contingencies ($7.7 million). (d) Includes $5.0 million ($3.5 million after-tax), or $0.08 per share, of costs related to an investigation into allegations made by an employee with respect to the Company and various company processes.
METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands except share data) As Reported As Reported Year Ended Year Ended December 31, 2005 December 31, 2004 (unaudited) Net sales $1,482,472 $1,404,454 Cost of sales 752,153 722,047 --------- --------- Gross profit 730,319 682,407 Research and development 81,893 83,217 Selling, general and administrative 441,702 419,780 Amortization 11,436 12,256 Interest expense 14,880 12,888 Other charges, net 20,224 42 --------- --------- Earnings before taxes 160,184 154,224 Provision for taxes 51,282 46,267 --------- --------- Net earnings $108,902 $107,957 ========= ========= Basic earnings per common share: Net earnings $2.58 $2.44 Weighted average number of common shares 42,207,777 44,237,214 Diluted earnings per common share: Net earnings $2.52 $2.37 Weighted average number of common and common equivalent shares 43,285,121 45,483,969 METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) December 31, December 31 2005 2004 (unaudited) Cash and cash equivalents $324,578 $67,176 Accounts receivable, net 271,915 271,097 Inventories 150,201 156,539 Other current assets and prepaid expenses 53,965 57,545 ----------- ---------- Total current assets 800,659 552,357 Property, plant and equipment, net 218,519 242,709 Goodwill and other intangibles 528,209 560,181 Other non-current assets 122,386 124,825 ----------- ---------- Total assets $1,669,773 $1,480,072 =========== ========== Short-term debt $6,345 $6,913 Accounts payable 88,553 85,129 Accrued and other current liabilities 258,558 256,204 -------- -------- Total current liabilities 353,456 348,246 Long-term debt 443,795 196,290 Other non-current liabilities 213,520 214,650 ----------- ---------- Total liabilities 1,010,771 759,186 Shareholders' equity 659,002 720,886 ----------- ---------- Total liabilities and shareholders' equity $1,669,773 $1,480,072 =========== ========== METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Twelve months ended December 31, December 31, 2005 2004 2005 2004 (unaudited) (unaudited) (unaudited) (unaudited) Cash flow from operating activities: Net earnings $44,192 $36,289 $108,902 $107,957 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 6,519 7,029 25,977 26,668 Amortization 2,821 3,627 11,436 12,256 Voluntary pension contributions 0 (10,006) 0 (10,006) Other 69 713 14,767 569 Increase in cash resulting from changes in operating assets and liabilities 5,869 6,412 15,977 28,549 --------- -------- --------- -------- Net cash provided by operating activities 59,470 44,064 177,059 165,993 --------- -------- --------- -------- Cash flows from investing activities: Proceeds from sale of property, plant and equipment 549 104 1,423 1,819 Purchase of property, plant and equipment (11,452) (10,365) (32,498) (27,882) Acquisitions (103) 0 (4,087) (2,287) --------- -------- --------- -------- Net cash used in investing activities (11,006) (10,261) (35,162) (28,350) --------- -------- --------- -------- Cash flows from financing activities: Proceeds from borrowings 508,583 12,682 667,901 81,027 Repayments of borrowings (283,873) (6,948) (414,578) (121,631) Proceeds from exercise of stock options 15,556 14,668 27,007 25,567 Repurchases of common stock (53,701) (42,302) (161,832) (102,397) Refinancing fees (760) 0 (760) 0 --------- -------- --------- -------- Net cash provided by (used in) financing activities 185,805 (21,900) 117,738 (117,434) --------- -------- --------- -------- Effect of exchange rate changes on cash and cash equivalents (4,087) 1,225 (2,233) 1,851 --------- -------- --------- -------- Net increase in cash and cash equivalents 230,182 13,128 257,402 22,060 Cash and cash equivalents: Beginning of period 94,396 54,048 67,176 45,116 --------- -------- --------- -------- End of period $324,578 $67,176 $324,578 $67,176 ========= ======== ========= ======== RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Net cash provided by operating activities $59,470 $44,064 $177,059 $165,993 Payments in respect of restructuring activities 32 662 1,973 3,982 Proceeds from sale of property, plant and equipment 549 104 1,423 1,819 Purchase of property, plant and equipment (11,452) (10,365) (32,498) (27,882) -------- -------- --------- --------- Free cash flow $48,599 $34,465 $147,957 $143,912 ======== ======== ========= =========
METTLER-TOLEDO INTERNATIONAL INC. OTHER OPERATING STATISTICS LOCAL CURRENCY SALES GROWTH BY DESTINATION
Europe Americas Asia/RoW Total ----------------------------------------------- Three Months Ended December 31, 2005 2% 12% 9% 7% Year Ended December 31, 2005 3% 7% 9% 5%
RECONCILIATION OF EPS AS REPORTED TO EPS EXCLUDING ONE-TIME ITEMS
Three Months Ended Twelve Months Ended December 31, December 31, 2005 2004 2005 2004 (unaudited)(unaudited)(unaudited)(unaudited) EPS as reported, diluted $1.04 $0.81(d) $2.52 $2.37(f) Discrete tax items (a) - - 0.12 - Non-cash intangible write-off and litigation (b) - - 0.30 - Investigation related costs (c) - 0.02 - 0.08 ----- ----- ---- ----- EPS excluding one-time items, diluted $1.04 $0.83(e) $2.94 $2.45(g) ===== ===== ==== ===== Notes: (a) EPS impact of net tax charges related to earnings repatriation associated with the American Job Creation Act ($13.1 million) offset in part by the favorable resolution of certain tax contingencies ($7.7 million). (b) EPS impact of one-time pipette litigation charge related to a $19.9 million ($12 million after-tax) non-cash write-off of an intellectual property license and $1.9 million ($1.1 million after-tax) of related legal costs. (c) EPS impact of costs related to an investigation into allegations made by an employee with respect to the Company and various company processes. (d) EPS, as reported, increased 28% for the three months ended December 31, 2005 as compared to the same period in 2004. (e) EPS, excluding one-time items, increased 25% for the three months ended December 31, 2005 as compared to the same period in 2004. (f) EPS, as reported, increased 6% in 2005 as compared to 2004. (g) EPS, excluding one-time items, increased 20% in 2005 as compared to 2004.
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