-----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, CFJxcu4bGrhJ8lMiX8GGO71K/AIZeFzWRmF39beD/upMVXYgDy1Wrk5Ly0qYXo3o KKECBoJC7thmGU56bhBsUw== 0000895345-06-000719.txt : 20060727 0000895345-06-000719.hdr.sgml : 20060727 20060727161351 ACCESSION NUMBER: 0000895345-06-000719 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060727 DATE AS OF CHANGE: 20060727 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: 06984671 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): July 27, 2006 METTLER-TOLEDO INTERNATIONAL INC. (Exact name of registrant as specified in its charter) Delaware File No. 001-13595 13-3668641 (State of incorporation) (Commission File Number) (I.R.S. Employer 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 July 27, 2006, Mettler-Toledo International Inc. ("Mettler-Toledo") issued a press release (the "Release") setting forth its financial results for the three and six months ended June 30, 2006. 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 earnings before taxes before share-based compensation expense, amortization, interest expense and other charges. 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 share-based compensation expense, 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 measuring profitability and 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 income, net. Because these items are recurring, any measure that excludes them has material limitations. o It excludes share-based compensation expense. Because of the adoption of SFAS 123R on January 1, 2006 the prior period comparable does not include this expense. 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 net earnings 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 July 27, 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: July 27, 2006 By: /s/ William P. Donnelly ------------------------- William P. Donnelly Chief Financial Officer EX-99.1 2 tpexh99_1.txt EXHIBIT 99-1 METTLER-TOLEDO INTERNATIONAL INC. REPORTS SECOND QUARTER 2006 RESULTS - - STRONG SECOND QUARTER OPERATING PERFORMANCE - - - - SHARE REPURCHASE PROGRAM EXPANDED - - GREIFENSEE, Switzerland and COLUMBUS, Ohio, USA - July 27, 2006 - Mettler-Toledo International Inc. (NYSE: MTD) today announced net earnings of $34.8 million, or $0.84 per share on a diluted basis, for the quarter ended June 30, 2006. The second quarter 2006 results include $0.04 per diluted share of share-based compensation expense. In the second quarter of 2005, net earnings per diluted share were $0.42, which included a one-time $0.30 per share charge for the previously disclosed pipette litigation. The second quarter 2005 results did not include any share-based compensation expense. Excluding the effects of share-based compensation expense and the one-time pipette litigation charge, net earnings per diluted share would have increased 22% in the second quarter. Sales for the quarter were $389.2 million, compared with $368.6 million in the prior year, an increase of 5% in local currency sales. Reported sales growth in the quarter was 6%, which includes a 1% favorable currency benefit. By region, local currency sales growth for the quarter was 4% in Europe, 7% in the Americas and 4% in Asia / Rest of World. In the quarter, adjusted operating income amounted to $56.4 million, a 10% increase over the prior year amount of $51.4 million. Sales for the six-month period were $735.3 million, compared with $705.8 million in the prior year. This represents a 4% increase in reported sales, consisting of 6% local currency sales growth and 2% unfavorable currency impact. For the six-month period, net earnings per diluted share were $1.41 in 2006, which included $0.07 of share-based compensation. Net earnings per share on a diluted basis in the comparable 2005 period were $0.89 and included the above-mentioned $0.30 per share charge. Net earnings in 2005 did not include share-based compensation. Excluding the effects of share-based compensation and the one-time pipette litigation charge, net earnings per share would have increased 24% over the prior year period. Adjusted operating income for the six-month period was $96.8 million in 2006, an 11% increase over the prior year amount of $87.1 million. Cash flow from operations in the second quarter was $53.1 million, compared with $50.6 million in the prior year quarter. Cash flow from operations in the six month period was $72.2 million, compared with $57.3 million in the prior year. The Company repurchased 0.8 million shares of its stock for $49.2 million in the quarter and 1.9 million shares for $117.2 million during the first six months of 2006. Robert F. Spoerry, Chairman, President and Chief Executive Officer, stated, "We are very pleased with our second quarter performance. We experienced growth across all business areas. We had another quarter of year-over-year improvement in gross margins, which helped to drive another quarter of solid operating profit growth. Our EPS growth, adjusting for one-time items, was very strong. Finally, our cash flow generation continues to be solid." The Company announced that the Board of Directors has authorized a $400 million increase to the share repurchase program through December 2008. The Company currently has a $500 million stock repurchase program through the end of 2007 of which $114 million is available as of June 30, 2006. Spoerry commented, "The expanded share repurchase program reflects the confidence we have in the organic growth potential of our business. Our balance sheet and cash flow generation are very strong, and we believe the program will continue to enhance shareholder value." The Company added that repurchases will be made through open market transactions, and the timing will depend on business and market conditions, stock price, trading restrictions, the level of acquisition activity and other factors. Spoerry concluded, "We had a strong first half in 2006 and are well positioned to reach our targets for this year and to continue to grow our business in the coming years. We have revised upward our full year EPS targets to reflect our strong performance to date and our continued positive outlook for the remainder of the year. Based on an economy and market conditions similar to today's, we remain confident in our ability to achieve these revised targets." The Company stated that based on an economic environment and market conditions similar to today's, it now expects 2006 EPS, including share-based compensation expense, to be in the range of $3.26 to $3.31 compared with previous guidance of $3.22 to $3.27. EPS guidance, excluding the impact of share-based compensation expense, is $3.40 to $3.45, compared with previous guidance of $3.36 to $3.41. This guidance is based on local currency sales growth in the range of 4% to 6%, which remains unchanged. The Company added that it expects third quarter 2006 EPS, including the impact of share-based compensation, to be $0.79 to $0.81 and, excluding share-based compensation, to be $0.82 to $0.84. The Company has provided a reconciliation of 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 second quarter results today (Thursday, July 27) at 5:00 p.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 1A, of the Company's Annual Report on Form 10-K for the fiscal year December 31, 2005. The Company assumes no obligation to update this press release. METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA) (UNAUDITED)
Three months ended Three months ended June 30, 2006 % of sales June 30, 2005 % of sales Net sales $ 389,157 (a) 100.0 $ 368,637 100.0 Cost of sales 196,722 50.6 188,212 51.1 ----------- ----- ----------- ----- Gross profit 192,435 49.4 180,425 48.9 Research and development 20,562 5.3 20,936 5.7 Selling, general and administrative 117,576 (b) 30.2 108,115 29.3 Amortization 2,850 0.7 2,991 0.8 Interest expense 4,350 1.1 3,764 1.0 Other charges (income), net (2,557) (0.7) 21,581 (c) 5.9 ----------- ----- ----------- ----- Earnings before taxes 49,654 12.8 23,038 6.2 Provision for taxes 14,897 3.9 4,727 1.2 ----------- ----- ----------- ----- Net earnings $ 34,757 8.9 $ 18,311 5.0 =========== ===== =========== ===== Basic earnings per common share: Net earnings $ 0.86 $ 0.43 Weighted average number of common shares 40,535,389 42,356,672 Diluted earnings per common share: Net earnings $ 0.84 $ 0.42 Weighted average number of common 41,237,812 43,438,961 and common equivalent shares Notes: (a) Local currency sales increased 5% as compared to the same period in 2005. (b) Includes share-based compensation expense of $2.1 million ($1.4 million after-tax) for the three months ended June 30, 2006. (c) Includes a $21.8 million ($13.1 million after-tax), 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. RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME Three months ended Three months ended June 30, 2006 % of sales June 30, 2005 % of sales Earnings before taxes $ 49,654 $ 23,038 Share-based compensation 2,109 0 Amortization 2,850 2,991 Interest expense 4,350 3,764 Other charges (income), net (2,557) 21,581 ----------- ----------- Adjusted operating income $ 56,406 (a) 14.5 $ 51,374 13.9 =========== =========== Note: (a) Adjusted operating income increased 10% as compared to the same period in 2005.
METTLER-TOLEDO INTERNATIONAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS EXCEPT SHARE DATA) (UNAUDITED)
Six months ended Six months ended June 30, 2006 % of sales June 30, 2005 % of sales Net sales $ 735,317 (a) 100.0 $ 705,797 100.0 Cost of sales 372,542 50.7 362,577 51.4 ----------- ----- ----------- ----- Gross profit 362,775 49.3 343,220 48.6 Research and development 40,501 5.5 41,738 5.9 Selling, general and administrative 229,707 (b) 31.2 214,432 30.4 Amortization 5,705 0.8 5,799 0.8 Interest expense 8,426 1.1 7,280 1.0 Other charges (income), net (5,095) (0.7) 21,245 (c) 3.0 ----------- ----- ----------- ----- Earnings before taxes 83,531 11.4 52,726 7.5 Provision for taxes 25,059 3.4 13,634 2.0 ----------- ----- ----------- ----- Net earnings $ 58,472 8.0 $ 39,092 5.5 =========== ===== =========== ===== Basic earnings per common share: Net earnings $1.43 $0.91 Weighted average number of common shares 40,793,119 42,747,953 Diluted earnings per common share: Net earnings $ 1.41 $ 0.89 Weighted average number of common 41,505,940 43,913,966 and common equivalent shares Notes: (a) Local currency sales increased 6% as compared to the same period in 2005. (b) Includes share-based compensation expense of $4.3 million ($2.8 million after-tax) for the six months ended June 30, 2006. (c) Includes a $21.8 million ($13.1 million after-tax), 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. RECONCILIATION OF EARNINGS BEFORE TAXES TO ADJUSTED OPERATING INCOME Six months ended Six months ended June 30, 2006 % of sales June 30, 2005 % of sales Earnings before taxes $ 83,531 $ 52,726 Share-based compensation 4,268 0 Amortization 5,705 5,799 Interest expense 8,426 7,280 Other charges (income), net (5,095) 21,245 ----------- ----- ----------- ----- Adjusted operating income $ 96,835 (a) 13.2 $ 87,050 12.3 =========== ===== =========== ===== Note: (a) Adjusted operating income increased 11% as compared to the same period in 2005.
METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) (unaudited)
June 30, 2006 December 31, 2005 Cash and cash equivalents $ 246,766 $ 324,578 Accounts receivable, net 265,586 271,915 Inventory 162,609 150,201 Other current assets and prepaid expenses 60,548 53,965 ----------- ----------- Total current assets 735,509 800,659 Property, plant and equipment, net 219,566 218,519 Goodwill and other intangibles 533,264 528,209 Other non-current assets 128,339 122,386 ----------- ----------- Total assets $ 1,616,678 $ 1,669,773 =========== =========== Short-term debt $ 8,201 $ 6,345 Accounts payable 79,818 88,553 Accrued and other current liabilities 261,356 258,558 ----------- ----------- Total current liabilities 349,375 353,456 Long-term debt 412,787 443,795 Other non-current liabilities 222,751 213,520 ----------- ----------- Total liabilities 984,913 1,010,771 Shareholders' equity 631,765 659,002 ----------- ----------- Total liabilities and shareholders' equity $ 1,616,678 $ 1,669,773 =========== ===========
METTLER-TOLEDO INTERNATIONAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Six months ended June 30, June 30, 2006 2005 2006 2005 Cash flow from operating activities: Net earnings $ 34,757 $ 18,311 $ 58,472 $ 39,092 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 6,541 6,463 12,895 13,116 Amortization 2,850 2,991 5,705 5,799 Deferred taxation (3,365) (9,746) (5,045) (12,352) Excess tax benefits from share-based payment arrangements (2,177) - (7,748) - Other 1,950 19,930 2,948 19,930 Increase in cash resulting from changes in operating assets and liabilities 12,558 12,643 5,020 (8,305) --------- --------- --------- --------- Net cash provided by operating activities 53,114 50,592 72,247 57,280 --------- --------- --------- --------- Cash flows from investing activities: Proceeds from sale of property, plant and equipment 1,959 176 3,597 594 Purchase of property, plant and equipment (5,795) (6,578) (11,799) (11,923) Acquisitions (218) 0 (790) (213) --------- --------- --------- --------- Net cash used in investing activities (4,054) (6,402) (8,992) (11,542) --------- --------- --------- --------- Cash flows from financing activities: Proceeds from borrowings 22,033 52,364 29,729 86,619 Repayments of borrowings (48,565) (15,005) (75,349) (23,436) Proceeds from exercise of stock options 7,726 1,951 17,467 3,925 Excess tax benefits from share-based payment arrangements 2,177 - 7,748 - Repurchases of common stock (a) (49,241) (46,297) (121,344) (74,650) --------- --------- --------- --------- Net cash used in financing activities (65,870) (6,987) (141,749) (7,542) --------- --------- --------- --------- Effect of exchange rate changes on cash and cash equivalents 179 (1,119) 682 (1,508) --------- --------- --------- --------- Net increase (decrease) in cash and cash equivalents (16,631) 36,084 (77,812) 36,688 Cash and cash equivalents: Beginning of period 263,397 67,780 324,578 67,176 --------- --------- --------- --------- End of period $ 246,766 $ 103,864 $ 246,766 $ 103,864 ========= ========= ========= ========= Note: (a) The six months ended June 30, 2006 and 2005 include $4.2 million and $1.4 million, respectively, relating to the settlement of a liability for shares purchased as of December 31, 2005 and 2004. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW Net cash provided by operating activities $ 53,114 $ 50,592 $ 72,247 $ 57,280 Excess tax benefits from share-based payment arrangements 2,177 0 7,748 0 Payments in respect of restructuring activities 0 1,096 0 1,521 Proceeds from sale of property, plant and equipment 1,959 176 3,597 594 Purchase of property, plant and equipment (5,795) (6,578) (11,799) (11,923) --------- --------- --------- --------- Free cash flow $ 51,455 $ 45,286 $ 71,793 $ 47,472 ========= ========= ========= =========
METTLER-TOLEDO INTERNATIONAL INC. OTHER OPERATING STATISTICS LOCAL CURRENCY SALES GROWTH BY DESTINATION
Europe Americas Asia/RoW Total ---------------------------------------- Three Months Ended June 30, 2006 4% 7% 4% 5% Six Months Ended June 30, 2006 7% 4% 8% 6%
RECONCILIATION OF DILUTED EPS AS REPORTED TO DILUTED EPS EXCLUDING SHARE-BASED COMPENSATION EXPENSE AND ONE-TIME ITEMS (unaudited)
Three months ended Six months ended June 30, June 30, 2006 2005 2006 2005 EPS as reported, diluted $0.84 (c) $0.42 $1.41 (e) $0.89 Share-based compensation (a) 0.04 - 0.07 - Non-cash intangible write-off and litigation (b) - 0.30 - 0.30 -------- ------- ------ ------- EPS excluding share-based compensation expense and one-time items, diluted $0.88 (d) $0.72 $1.48 (f) $1.19 ======== ======= ======= ======= Notes: (a) EPS impact of $2.1 million ($1.4 million after-tax) for the three months ended and $4.3 million ($2.8 million after-tax) for the six months ended for share-based compensation expense. (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, as reported, increased 100% for the three months ended June 30, 2006 as compared to the same period in 2005. (d) EPS, excluding share-based compensation expense and one-time items, increased 22% for the three months ended June 30, 2006 as compared to the same period in 2005. (e) EPS, as reported, increased 58% for the six months ended June 30, 2006 as compared to the same period in 2005. (f) EPS, excluding share-based compensation expense and one-time items, increased 24% for the six months ended June 30, 2006 as compared to the same period in 2005.
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