-----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, N444oBzdzyhZ/UM1h/f7BtCrNC5WGnU3Z/+XdBZKc5id/tp9+kS+rWb7u7nZV5xs fwWUN1ctv5CtKraOyT/SIw== 0000012208-99-000003.txt : 19990517 0000012208-99-000003.hdr.sgml : 19990517 ACCESSION NUMBER: 0000012208-99-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIO RAD LABORATORIES INC CENTRAL INDEX KEY: 0000012208 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 941381833 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-07928 FILM NUMBER: 99621092 BUSINESS ADDRESS: STREET 1: 1000 ALFRED NOBEL DR CITY: HERCULES STATE: CA ZIP: 94547 BUSINESS PHONE: 5107247000 10-Q 1 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1999. OR __ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________. Commission file number 1-7928 BIO-RAD LABORATORIES, INC. (Exact name of registrant as specified in its charter) A Delaware Corporation 94-1381833 (State or other jurisdiction (I.R.S. Employer of incorporation) Identification No.) 1000 Alfred Nobel Drive, Hercules, California 94547 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (510) 724-7000 Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date--
Shares Outstanding Title of each Class at April 30, 1999 Class A Common Stock, Par Value $1.00 per share 9,974,862 Class B Common Stock, Par Value $1.00 per share 2,487,716
PART I - FINANCIAL INFORMATION Item 1. Financial Statements. BIO-RAD LABORATORIES, INC. Condensed Consolidated Statements of Income (In thousands, except per share data) (Unaudited)
Three Months Ended March 31, 1999 1998 NET SALES . . . . . . . . . . . . . . . . . . $125,738 $116,174 Cost of goods sold . . . . . . . . . . . . . 55,556 52,098 GROSS PROFIT . . . . . . . . . . . . . . . . 70,182 64,076 Selling, general and administrative expense . 43,017 41,057 Product research and development expense . . 10,534 9,912 INCOME FROM OPERATIONS . . . . . . . . . . . 16,631 13,107 Interest expense . . . . . . . . . . . . . . (896) (785) Investment income, net . . . . . . . . . . . 74 774 Other, net . . . . . . . . . . . . . . . . . (680) (736) INCOME BEFORE TAXES . . . . . . . . . . . . . 15,129 12,360 Provision for income taxes . . . . . . . . . 4,327 3,584 NET INCOME . . . . . . . . . . . . . . . . . $ 10,802 $ 8,776 ======== ======== Basic earnings per share: Net income . . . . . . . . . . . . . . . $0.89 $0.72 ======== ======== Weighted average common shares . . . . . 12,108 12,211 ======== ======== Diluted earnings per share: Net income . . . . . . . . . . . . . . . $0.89 $0.71 ======== ======== Weighted average common shares 12,123 12,325 ======== ========
The accompanying notes are an integral part of these statements. 1 BIO-RAD LABORATORIES, INC. Condensed Consolidated Balance Sheets (In thousands, except share data)
March 31, December 31, 1999 1998 (Unaudited) ASSETS: Cash and cash equivalents . . . . . . . . . . . . . . $ 8,036 $ 10,081 Accounts receivable . . . . . . . . . . . . . . . . . 110,360 106,010 Inventories . . . . . . . . . . . . . . . . . . . . . 91,713 92,411 Prepaid expenses, taxes and other current assets . . . 26,769 26,887 Total current assets . . . . . . . . . . . . . . . 236,878 235,389 Net property, plant and equipment . . . . . . . . . . 81,625 82,130 Marketable securities . . . . . . . . . . . . . . . . 5,968 6,174 Other assets . . . . . . . . . . . . . . . . . . . . . 45,154 43,606 Total assets . . . . . . . . . . . . . . . . . . $369,625 $367,299 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY: Notes payable and current maturities of long-term debt $ 5,851 $ 9,393 Accounts payable . . . . . . . . . . . . . . . . . . . 25,676 26,706 Accrued payroll and employee benefits . . . . . . . . 23,099 27,351 Sales, income and other taxes payable . . . . . . . . 7,712 6,396 Other current liabilities . . . . . . . . . . . . . . 27,566 27,398 Total current liabilities . . . . . . . . . . . . . 89,904 97,244 Long-term debt, net of current maturities . . . . . . 45,283 42,339 Deferred tax liabilities . . . . . . . . . . . . . . . 13,547 13,382 Total liabilities . . . . . . . . . . . . . . . . . 148,734 152,965 STOCKHOLDERS' EQUITY: Preferred stock, $1.00 par value, 2,300,000 shares authorized; none outstanding . . . . . . . . . . . . -- -- Class A common stock, $1.00 par value, 15,000,000 shares authorized; outstanding - 9,974,129 at March 31, 1999 and 9,973,679 at December 31, 1998 . . . . . . . . . 9,974 9,974 Class B common stock, $1.00 par value, 6,000,000 shares authorized; outstanding - 2,488,449 at March 31, 1999 and 2,452,899 at December 31, 1998 . . . . . . . . . 2,489 2,453 Additional paid-in capital . . . . . . . . . . . . . . 18,779 18,523 Class A treasury stock, 381,998 shares at March 31, 1999 and 306,368 shares at December 31, 1998 at cost . . (8,417) (7,047) Retained earnings . . . . . . . . . . . . . . . . . . 200,225 189,838 Accumulated other comprehensive income: Currency translation . . . . . . . . . . . . . . . . (2,234) 92 Net unrealized holding gain on marketable securities 75 501 Total stockholders' equity . . . . . . . . . . . . 220,891 214,334 Total liabilities and stockholders' equity . . . $369,625 $367,299 ======== ========
The accompanying notes are an integral part of these statements. 2 BIO-RAD LABORATORIES, INC. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)
Three Months Ended March 31, 1999 1998 Cash flows from operating activities: Cash received from customers . . . . . . . . . . . . . $115,236 $108,476 Cash paid to suppliers and employees . . . . . . . . . (108,512) (106,699) Interest paid. . . . . . . . . . . . . . . . . . . . . (914) (697) Income tax payments . . . . . . . . . . . . . . . . . (2,776) (1,031) Miscellaneous payments . . . . . . . . . . . . . . . . (1,629) (137) Net cash provided by (used in) operating activities. . 1,405 (88) Cash flows from investing activities: Capital expenditures, net. . . . . . . . . . . . . . . (4,608) (4,228) Purchases of marketable securities and investments . . (632) (4,047) Sales of marketable securities and investments . . . . 222 2,172 Foreign currency hedges, net . . . . . . . . . . . . . 1,806 486 Net cash used in investing activities. . . . . . . . . (3,212) (5,617) Cash flows from financing activities: Net borrowings under line-of-credit arrangements. . . (3,096) 1,065 Long-term borrowings. . . . . . . . . . . . . . . . . 19,051 28,760 Payments on long-term debt. . . . . . . . . . . . . . (16,146) (22,914) Proceeds from issuance of common stock. . . . . . . . 292 -- Treasury stock activity, net. . . . . . . . . . . . . (1,785) 385 Net cash provided by (used in) financing activities . (1,684) 7,296 Effect of exchange rate changes on cash . . . . . . . . . . 1,446 192 Net increase (decrease) in cash and cash equivalents. . . . (2,045) 1,783 Cash and cash equivalents at beginning of period. . . . . . 10,081 10,843 Cash and cash equivalents at end of period. . . . . . . . . $ 8,036 $ 12,626 ======== ======== Reconciliation of net income to net cash provided by operating activities: Net income . . . . . . . . . . . . . . . . . . . . . . . $ 10,802 $ 8,776 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization. . . . . . . . . . . . 5,225 5,131 Foreign currency hedge transactions, net . . . . . . (1,806) (486) Gains on dispositions of marketable securities . . . (52) (743) Increase in accounts receivable. . . . . . . . . . . (8,129) (6,806) Increase in inventories. . . . . . . . . . . . . . . (756) (2,867) Increase in other current assets . . . . . . . . . . (724) (616) Decrease in accounts payable and other current liabilities . . . . . . . . . . . . (2,719) (5,382) Increase in income taxes payable . . . . . . . . . . 931 2,605 Other. . . . . . . . . . . . . . . . . . . . . . . . (1,367) 300 Net cash provided by (used in) operating activities . . . . $ 1,405 $ (88) ======== ========
The accompanying notes are an integral part of these statements. 3 BIO-RAD LABORATORIES, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Bio-Rad Laboratories, Inc. ("Bio-Rad" or the "Company"), reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results of the interim periods presented. All such adjustments are of a normal recurring nature. The condensed consolidated financial statements should be read in conjunction with the notes to consolidated financial statements contained in the Company's Annual Report for the year ended December 31, 1998 (the Company's 1998 Annual Report). Certain amounts in the financial statements of the prior year have been reclassified to be consistent with the 1999 presentation. 2. INVENTORIES The principal components of inventories are as follows:
March 31, December 31, 1999 1998 (in thousands) Raw materials $ 27,611 $ 26,038 Work in process 22,435 21,614 Finished goods 41,667 44,759 $ 91,713 $ 92,411 ======== ========
3. PROPERTY, PLANT AND EQUIPMENT The principal components of property, plant and equipment are as follows:
March 31, December 31, 1999 1998 (in thousands) Land and improvements $ 8,057 $ 8,057 Buildings and leasehold improvements 56,518 56,280 Equipment 134,546 133,838 199,121 198,175 Accumulated depreciation (117,496) (116,045) Net property, plant and equipment $ 81,625 $ 82,130 ======== ========
4 4. EARNINGS PER SHARE Weighted average shares used for diluted earnings per share include the dilutive effect of outstanding stock options of 15,000 and 114,000 shares, for the year-to-date periods ended March 31, 1999 and 1998, respectively. Options to purchase 409,000 and 265,000 shares of common stock were outstanding during 1999 and 1998, respectively, but were excluded from the computation of diluted earnings per share because the exercise price of the options was greater than the average market price of the common shares. The options were still outstanding at March 31, 1999. 5. COMPREHENSIVE INCOME The components of the Company's total comprehensive income were:
Three Months Ended March 31, 1999 1998 (in thousands) Net Income $10,802 $ 8,776 Currency translation adjustments (2,326) (356) Net unrealized holding gains (losses) (389) 2,420 Reclassification adjustments for gains included in net income (37) (528) Total comprehensive income $ 8,050 $10,312 ======= =======
6. SEGMENT INFORMATION Information regarding industry segments for the three months ended March 31, 1999 and 1998 is as follows (in thousands):
Life Clinical Analytical Science Diagnostics Instruments Segment net sales 1999 $60,204 $48,016 $18,304 1998 54,762 42,902 19,295 Segment profit 1999 $ 6,847 $ 9,078 $ 904 1998 6,544 5,071 739
5 Inter-segment sales are primarily between Life Science and Clinical Diagnostics and are priced to give Life Science a representative gross margin. The following reconciles total segment profit to consolidated income before taxes:
Three Months Ended March 31, 1999 1998 (in thousands) Total segment profit $16,829 $12,354 Gross profit on inter-segment sales (406) (370) Net corporate operating, interest and other expense not allocated to segments (1,368) (398) Investment income, net 74 774 Consolidated income before taxes $15,129 $12,360 ======= =======
6 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition. This discussion should be read in conjunction with the information contained both in this report and in the Company's Consolidated Financial Statements for the year ended December 31, 1998. The following table shows operating income and expense items as a percentage of net sales:
Three Months Ended Year Ended March 31, December 31, 1999 1998 1998 Net sales 100.0 100.0 100.0 Cost of goods sold 44.2 44.8 45.8 Gross profit 55.8 55.2 54.2 Selling, general and administrative 34.2 35.4 37.8 Product research and development 8.4 8.5 9.4 Income from operations 13.2 11.3 7.0 ===== ===== ===== Net income 8.6 7.6 5.5 ===== ===== =====
Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998 Corporate Results - Sales, Margins and Expenses Net sales (sales) in the first quarter of 1999 reached a record $125.7 million compared to $116.2 million in the first quarter of 1998. Sales increased 12% in Clinical Diagnostics and 10% in Life Science when compared to the first quarter of 1998. The growth in Clinical Diagnostics is attributed, in large part, to clinical controls. Life Science experienced growth in all of its product units. Sales for the Analytical Instruments segment declined 5% in the first quarter of 1999 when compared to the prior year. The decline is attributed to the slowdown in the markets served by the Analytical Instruments segment, especially the semiconductor industry. Consolidated gross margins were 55.8% for the first quarter of 1999 compared to 55.2% for the first quarter of 1998 and 54.2% 7 for all of 1998. Gross margins improved in Clinical Diagnostics, declined in Life Science and were virtually unchanged in Analytical Instruments. The improvements in Clinical Diagnostics gross margin is attributed to a strong European currency improving the U.S. dollar value of sales in Europe and favorable manufacturing variances. The decline in Life Science gross margin is attributed to increased manufacturing costs. Selling, general and administrative expense (SG&A) decreased to 34.2% of sales in the first quarter of 1999 from 35.4% of sales in the comparable period of 1998. Both Analytical Instruments and Clinical Diagnostics reduced SG&A spending in the first quarter of 1999 when compared to 1998. Life Science increased SG&A spending but at a rate far less than sales growth. Product research and development expense (R&D) increased 6% from the first quarter of 1998. Compared to the first quarter of 1998, both Clinical Diagnostics and Life Science increased R&D spending. Cost control in Analytical Instruments reduced R&D spending in this segment. As part of the Company's continuing commitment to long-term growth, the Clinical Diagnostics segment has purchased intellectual and other property rights for diabetic testing, hemochromatosis and neonatal testing. Corporate Results - Non-Operating Items Interest expense and borrowings have remained relatively constant since the first quarter of 1998. Investment income in both years includes gains on sales of marketable securities, however, as planned, investment activity in 1999 has decreased since the size of the marketable securities portfolio was reduced in 1998. Net other income and expense in both years includes net goodwill amortization and non-operating legal costs. The Company's effective tax rate was 29% for the first quarter of both 1999 and 1998. The tax rate for both years reflects the utilization of loss carryforwards, foreign sales corporation benefits and foreign tax credits. These benefits are not expected to continue indefinitely. However, for 1999 and 2000, the rate should remain at existing levels. Financial Condition At March 31, 1999, the Company had available $8.0 million in cash and cash equivalents, $55.0 million under its principal revolving credit agreement and marketable securities with a market value of $6.0 million, a majority of which could be readily converted to cash. Operating activities and cash on hand provided the Company with the cash flow necessary to support investing and financing activities. 8 At March 31, 1999, consolidated accounts receivable increased by $4.4 million from December 31, 1998. The increase is a result of increased sales in the first quarter of 1999 when compared to the fourth quarter of 1998. At March 31, 1999, consolidated net inventories were $0.7 million lower than at December 31, 1998. Both Analytical Instruments and Life Science decreased inventory from year-end. As expected, inventory increased in the Clinical Diagnostics segment. Inventory for the Clinical Diagnostics controls business, a growth area for the Company, has long lead times on a large infrequent batch production to meet customers requirements. Management continues to monitor inventory levels and regularly reviews the impact of obsolescence in current inventory caused by the introduction of new products. Net capital expenditures totaled $4.6 million in the first quarter of 1999 compared to $4.2 million in the first quarter of 1998. Capital expenditures are expected to increase substantially in 1999 when compared to the past three years. A final decision has not yet been reached regarding the potential relocation of the Life Science segment's northern California distribution and manufacturing facility. If approved, the capital commitment to this project could be approximately $25 million over two years. The Company has received several offers to sell its owned facility located in Cambridge, Massachusetts. The facility currently houses a portion of the manufacturing and distribution for the Analytical Instruments segment which will require relocation if the building is ultimately sold. The Board of Directors has authorized the Company to repurchase up to $18 million of common stock over an indefinite period of time. From July 1996 through April 1999, the Company has repurchased 567,786 shares of Class A common stock and 30,000 shares of Class B common stock for a total of $14.1 million. The repurchase is designed to improve shareholder value and to satisfy the Company's obligations under the employee stock purchase and stock option plans. Under certain conditions the Company would consider using treasury stock in conjunction with an acquisition of assets or technology. Available funds, cash flow from operations and the potential facility sale are adequate to meet the Company's objectives for operations, research and development and modest external growth. Bio-Rad continues to regularly review acquisition opportunities, including, from time-to-time, some that would have a material impact on liquidity and financial condition. 9 Euro - A New European Currency On January 1, 1999, certain member countries of the European Union began to fix the conversion rates between their national currencies and a common currency, the "Euro." Over the period January 1, 1999 through January 1, 2002 participating countries will gradually transition from their national currencies to the Euro. This transition will have business implications including the need to adjust internal systems to accommodate the Euro and cross-border price transparency. A group of Corporate and European managers have been assigned the task of preparing and accommodating the changes required to continue to do business in the European Union. The Company does not presently expect that the efforts involved will have a material impact on operations, financial position or liquidity. There will be increased competitive pressures, and marketing strategies will need to be continuously evaluated until the transition is complete. As a result of competitive forces and emerging government regulations, the Company cannot guarantee that all problems will be foreseen and remediated, and that no material disruption will occur. Year 2000 The Year 2000 issue is the result of computer programs being written using two rather than four digits to define the date. Failure to recognize "00" as the year 2000 could result in a temporary inability to conduct normal business activities. Bio-Rad currently operates in a decentralized processing environment. The Company, with the assistance of outside consultants and contractors, is well underway with phased identification, remediation, replacement, validation and notification processes to minimize the potential disruption to business from information technology and non-information technology systems. The project start-up, inventory and assessment phases are generally complete. For each location remediations or scheduled replacements will be completed prior to the Year 2000 deadline. Bio-Rad's manufactured products have also been undergoing assessment for Year 2000 readiness. Customers and investors can review the Year 2000 readiness status of the Company's products on its web site, http://www.bio-rad.com. The Company has identified significant suppliers and is requesting information from them regarding the Year 2000 readiness of their products or services. The Company has not yet received enough responses to ascertain that a material adverse impact can be avoided. It is not possible at this time to value 10 the amount of business that might be lost as a result of Bio-Rad's business partners' failure to deliver products and services after December 31, 1999. Additionally, global infrastructure comprised of banking, transportation, communication, power generation and ordinary and necessary governmental activities are critical to the Company's operations. Should any of these suppliers not be fully functional after 1999 the negative impact to the Company would be significant and material. The expenditures required in 1998 and 1999 to replace and remediate Year 2000 non-compliant Bio-Rad information technology systems, including equipment, is estimated at $8 million and primarily deals with distribution system capabilities worldwide. Approximately three-fourths of these costs have been incurred to date. Hardware and software purchased and installed in connection with these projects will provide both Year 2000 readiness and significant additional functionality. Manufacturing systems have been remediated at a cost that is not material to Bio-Rad overall; these costs were included in operating results in 1997 and 1998. While some systems enhancements or modifications have been delayed to allow for the more significant Year 2000 remediation to be completed, weighing both cost and benefit, Bio-Rad management believes its response is prudent. The Company as of this date has not identified the "most likely worst case Year 2000 scenario." That scenario will be largely dependent on the Company's significant worldwide suppliers and its assessment of preparedness of the global infrastructure, including multiple national governments. During the remainder of 1999 the Company will formulate and review contingency plans based on the aforementioned significant supplier responses and global infrastructure preparedness. New Financial Accounting Standards In June 1998, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities" effective for fiscal years beginning after June 15, 1999, with early adoption permitted. This statement establishes accounting and reporting standards requiring companies to record all derivatives on the balance sheet as either assets or liabilities and measure those instruments at fair value. The manner in which companies are to record gains or losses resulting from changes in the values of those derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. The impact of SFAS No. 133 on the Company's financial statements will depend on a variety of factors, including future interpretive guidance from the FASB, the future level of forecasted and actual foreign currency transactions, the extent of the Company's hedging activities, the types of hedging 11 instruments used and the effectiveness of such instruments. However, the Company does not expect the effect of adopting SFAS No. 133 to have a material effect on its financial statements. Forward Looking Statements Other than statements of historical fact, statements made in this report include forward looking statements, such as statements with respect to the Company's future financial performance, operating results, plans and objectives. Actual results may differ materially from those currently anticipated depending on a variety of risk factors including increased competition, technological development, access to necessary intellectual property, the ability to achieve management objectives, government regulation, the continued performance of business partners (particularly in relation to the Year 2000 issue),and the monetary policies of various countries. Item 3. Quantitative and Qualitative Disclosures About Market Risk During the three months ended March 31, 1999, there have been no material changes from the disclosures about market risk provided in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. At the Company's annual meeting of stockholders on April 27, 1999, the following individuals were reelected to the Board of Directors:
Class of Common Stock Votes Votes Elected From For Withheld James J. Bennett Class B 2,386,867 4,550 Albert J. Hillman Class A 7,988,800 84,366 Philip L. Padou Class A 7,924,468 148,698 Alice N. Schwartz Class B 2,386,192 5,225 David Schwartz Class B 2,386,192 5,225 Norman Schwartz Class B 2,386,192 5,225 Burton A. Zabin Class B 2,386,867 4,550
12 The following proposals were approved at the Company's annual meeting:
Votes Votes Broker For Against Abstentions Non-Votes Ratification of Arthur Andersen LLP as the Company's independent auditors 3,195,776 713 2,244 -- Amendment to the Amended and Restated 1988 Employee Stock Purchase Plan to increase the number of shares available by 100,000 3,175,167 14,797 8,769 --
The foregoing matters are described in detail on pages 14 and 15 of the Company's definitive Proxy Statement dated April 1, 1999, filed with the Securities and Exchange Commission and incorporated herein by reference. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits The following documents are filed as part of this report: Exhibit No. 22.1 Proxy Statement dated April 1, 1999, pages 14 and 15, (definitive form filed March 31, 1999, and incorporated by reference). 27.1 Financial Data Schedule. (b) Reports on Form 8-K There were no reports on Form 8-K for the quarter ended March 31, 1999. 13 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 thereto duly authorized. BIO-RAD LABORATORIES, INC. (Registrant) Date: May 13, 1999 /s/ Thomas C. Chesterman Thomas C. Chesterman, Vice President, Chief Financial Officer Date: May 13, 1999 /s/ James R. Stark James R. Stark, Corporate Controller 14 EX-27 2 EXHIBIT 27.1 FINANCIAL DATA SCHEDULE.
5 This schedule contains summary financial information extracted from Bio-Rad Laboratories, Inc. Form 10-Q for the quarter ended March 31, 1999 and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS DEC-31-1999 MAR-31-1999 8,036 0 110,360 0 91,713 236,878 199,121 117,496 369,625 89,904 45,283 12,463 0 0 208,428 369,625 125,738 125,738 55,556 55,556 0 0 896 15,129 4,327 10,802 0 0 0 10,802 .89 .89
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