-----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, N3sNcHbK/3wEstzLmiFepSsIHOPq/FoP8R9InDqAaCJqwK7DWqhwEHRp+O9Asz31 lnr+Ruh17J4UcxmzZMBMAQ== 0000097745-98-000024.txt : 19980519 0000097745-98-000024.hdr.sgml : 19980519 ACCESSION NUMBER: 0000097745-98-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980404 FILED AS OF DATE: 19980518 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: THERMO INSTRUMENT SYSTEMS INC CENTRAL INDEX KEY: 0000795986 STANDARD INDUSTRIAL CLASSIFICATION: MEASURING & CONTROLLING DEVICES, NEC [3829] IRS NUMBER: 042925809 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-09786 FILM NUMBER: 98627134 BUSINESS ADDRESS: STREET 1: 860 WEST AIRPORT FREEWAY STREET 2: SUITE 301 CITY: HURST STATE: TX ZIP: 76054 BUSINESS PHONE: 8174856663 MAIL ADDRESS: STREET 1: 860 WEST AIRPORT FREEWAY STREET 2: SUITE 301 CITY: HURST STATE: TX ZIP: 76054 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ------------------------------------------ FORM 10-Q (mark one) [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended April 4, 1998. [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Commission File Number 1-9786 THERMO INSTRUMENT SYSTEMS INC. (Exact name of Registrant as specified in its charter) Delaware 04-2925809 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 860 West Airport Freeway Suite 301 Hurst, Texas 76054 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (781) 622-1000 Indicate by check mark 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. Class Outstanding at May 1, 1998 ---------------------------- -------------------------- Common Stock, $.10 par value 122,161,740 PAGE PART I - FINANCIAL INFORMATION Item 1 - Financial Statements ----------------------------- THERMO INSTRUMENT SYSTEMS INC. Consolidated Balance Sheet (Unaudited) Assets April 4, January 3, (In thousands) 1998 1998 ------------------------------------------------------------------------ Current Assets: Cash and cash equivalents (includes $538,140 and $283,995 under repurchase agreement with affiliated company) $ 678,595 $ 468,848 Available-for-sale investments, at quoted market value (amortized cost of $8,135 and $8,287) 8,496 8,328 Accounts receivable, less allowances of $22,675 and $22,786 346,773 364,075 Unbilled contract costs and fees 10,012 9,191 Inventories: Raw materials and supplies 125,573 118,611 Work in process 56,303 52,870 Finished goods 92,721 93,238 Prepaid expenses 23,563 19,292 Prepaid income taxes 55,444 54,915 ---------- ---------- 1,397,480 1,189,368 ---------- ---------- Property, Plant, and Equipment, at Cost 318,302 317,605 Less: Accumulated depreciation and amortization 104,923 97,666 ---------- ---------- 213,379 219,939 ---------- ---------- Other Assets 51,488 45,477 ---------- ---------- Cost in Excess of Net Assets of Acquired Companies 887,948 896,369 ---------- ---------- $2,550,295 $2,351,153 ========== ========== 2PAGE THERMO INSTRUMENT SYSTEMS INC. Consolidated Balance Sheet (continued) (Unaudited) Liabilities and Shareholders' Investment April 4, January 3, (In thousands except share amounts) 1998 1998 ---------------------------------------------------------------------- Current Liabilities: Notes payable and current maturities of long-term obligations (includes $65,000 and $55,000 due to parent company) $ 121,775 $ 116,226 Accounts payable 97,831 97,516 Accrued payroll and employee benefits 48,396 59,745 Accrued income taxes 71,717 61,409 Accrued installation and warranty expenses 41,995 42,404 Accrued acquisition expenses (Note 6) 26,032 33,789 Deferred revenue 47,814 41,759 Other accrued expenses 98,746 101,827 Due to parent company and affiliated companies 15,290 22,027 ---------- ---------- 569,596 576,702 ---------- ---------- Deferred Income Taxes 30,483 30,430 ---------- ---------- Other Deferred Items 26,961 27,273 ---------- ---------- Long-term Obligations: Senior convertible obligations (includes $140,000 due to parent company) 327,297 327,824 Subordinated convertible obligations (Note 2) 410,507 160,547 Other (includes $53,800 and $168,800 due to parent company) 68,586 184,823 ---------- ---------- 806,390 673,194 ---------- ---------- Minority Interest 214,808 165,996 ---------- ---------- Shareholders' Investment: Common stock, $.10 par value, 250,000,000 shares authorized; 122,771,730 and 122,645,040 shares issued 12,277 12,265 Capital in excess of par value 323,434 333,580 Retained earnings 609,754 571,899 Treasury stock at cost, 634,209 and 670,827 shares (7,031) (6,965) Accumulated other comprehensive items (Note 4) (36,377) (33,221) ---------- ---------- 902,057 877,558 ---------- ---------- $2,550,295 $2,351,153 ========== ========== The accompanying notes are an integral part of these consolidated financial statements. 3PAGE THERMO INSTRUMENT SYSTEMS INC. Consolidated Statement of Income (Unaudited) Three Months Ended ----------------------- April 4, March 29, (In thousands except per share amounts) 1998 1997 ---------------------------------------------------------------------- Revenues $407,943 $329,120 -------- -------- Costs and Operating Expenses: Cost of revenues 214,209 173,448 Selling, general, and administrative expenses 107,727 89,569 Research and development expenses 28,519 23,407 -------- -------- 350,455 286,424 -------- -------- Operating Income 57,488 42,696 Interest Income 8,169 7,224 Interest Expense (includes $3,431 and $1,559 to parent company) (11,493) (8,460) Gain on Issuance of Stock by Subsidiaries (Note 5) 9,950 12,035 -------- -------- Income Before Provision for Income Taxes and Minority Interest Expense 64,114 53,495 Provision for Income Taxes 21,959 17,770 Minority Interest Expense 4,300 2,138 -------- -------- Net Income $ 37,855 $ 33,587 ======== ======== Earnings per Share (Note 3): Basic $ .31 $ .28 ======== ======== Diluted $ .28 $ .25 ======== ======== Weighted Average Shares (Note 3): Basic 122,065 121,338 ======== ======== Diluted 146,708 139,302 ======== ======== The accompanying notes are an integral part of these consolidated financial statements. 4PAGE THERMO INSTRUMENT SYSTEMS INC. Consolidated Statement of Cash Flows (Unaudited) Three Months Ended ---------------------- April 4, March 29, (In thousands) 1998 1997 ----------------------------------------------------------------------- Operating Activities: Net income $ 37,855 $ 33,587 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 16,117 11,662 Provision for losses on accounts receivable 185 1,084 Gain on issuance of stock by subsidiaries (Note 5) (9,950) (12,035) Minority interest expense 4,300 2,138 Other noncash expenses 1,478 1,419 Changes in current accounts, excluding the effects of acquisitions: Accounts receivable 13,700 (12,326) Inventories (14,028) (10,436) Other current assets (5,796) (7,745) Accounts payable 997 2,942 Other current liabilities 7,123 (4,785) Other (1,074) (28) --------- --------- Net cash provided by operating activities 50,907 5,477 --------- --------- Investing Activities: Acquisitions, net of cash acquired (1,300) (336,935) Payment to affiliated company for acquired business (19,117) - Purchases of property, plant, and equipment (6,573) (3,989) Proceeds from sale of property, plant, and equipment 3,768 - Other 159 601 --------- --------- Net cash used in investing activities (23,063) (340,323) --------- --------- Financing Activities: Net proceeds from issuance of Company and subsidiary common stock (Note 5) 43,701 25,219 Net proceeds from issuance of subordinated convertible debentures (Note 2) 244,150 - Proceeds from issuance of long-term obligations to parent company - 220,000 Repayment of long-term obligation to parent company (Note 2) (105,000) - Decrease in short-term borrowings (2,966) - Repayment of long-term obligations (894) (253) Other 77 - --------- --------- Net cash provided by financing activities $ 179,068 $ 244,966 --------- --------- 5PAGE THERMO INSTRUMENT SYSTEMS INC. Consolidated Statement of Cash Flows (continued) (Unaudited) Three Months Ended --------------------- April 4, March 29, (In thousands) 1998 1997 ---------------------------------------------------------------------- Exchange Rate Effect on Cash $ 2,835 $ (552) --------- --------- Increase (Decrease) in Cash and Cash Equivalents 209,747 (90,432) Cash and Cash Equivalents at Beginning of Period 468,848 522,688 --------- --------- Cash and Cash Equivalents at End of Period $ 678,595 $ 432,256 ========= ========= Noncash Activities: Fair value of assets of acquired companies $ 1,300 $ 607,466 Cash paid for acquired companies (1,300) (383,247) Cash to be paid for remaining outstanding shares of tender offer - (21,102) Issuance of subsidiary stock options for acquired company - (2,080) --------- --------- Liabilities assumed of acquired companies $ - $ 201,037 ========= ========= Conversions of Company and subsidiary convertible obligations $ 567 $ 3,997 ========= ========= The accompanying notes are an integral part of these consolidated financial statements. 6PAGE THERMO INSTRUMENT SYSTEMS INC. Notes to Consolidated Financial Statements 1. General The interim consolidated financial statements presented have been prepared by Thermo Instrument Systems Inc. (the Company) without audit and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at April 4, 1998, and the results of operations and the cash flows for the three-month periods ended April 4, 1998, and March 29, 1997. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of January 3, 1998, has been derived from the consolidated financial statements that have been audited by the Company's independent public accountants. The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the annual financial statements and notes of the Company. The consolidated financial statements and notes included herein should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 1998, filed with the Securities and Exchange Commission. 2. Subordinated Convertible Debentures In January 1998, the Company sold at par value $250.0 million principal amount of 4% subordinated convertible debentures due 2005 for net proceeds of $244.2 million. The debentures are convertible into shares of the Company's common stock at a conversion price of $35.65 per share and are guaranteed on a subordinated basis by Thermo Electron Corporation. The Company used a portion of the proceeds to repay a $105.0 million promissory note to Thermo Electron. The $105.0 million promissory note was classified as long-term in the accompanying 1997 balance sheet, as its repayment was made using the proceeds of debt with a maturity beyond one year. 7PAGE THERMO INSTRUMENT SYSTEMS INC. 3. Earnings per Share Basic and diluted earnings per share were calculated as follows: Three Months Ended -------------------- April 4, March 29, (In thousands except per share amounts) 1998 1997 ------------------------------------------------------------------------ Basic Net income $ 37,855 $ 33,587 -------- -------- Weighted average shares 122,065 121,338 -------- -------- Basic earnings per share $ .31 $ .28 ======== ======== Diluted Net income $ 37,855 $ 33,587 Effect of: Convertible obligations 3,477 2,031 Majority-owned subsidiaries' dilutive securities (907) (436) -------- -------- Income available to common shareholders, as adjusted $ 40,425 $ 35,182 -------- -------- Weighted average shares 122,065 121,338 Effect of: Convertible obligations 23,456 16,828 Stock options 1,187 1,136 -------- -------- Weighted average shares, as adjusted 146,708 139,302 -------- -------- Diluted earnings per share $ .28 $ .25 ======== ======== 4. Comprehensive Income During the first quarter of 1998, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive Income." This pronouncement sets forth requirements for disclosure of the Company's comprehensive income and accumulated other comprehensive items. In general, comprehensive income combines net income and "other comprehensive items," which represent certain amounts that are reported as components of shareholders' investment in the accompanying balance sheet, including foreign currency translation adjustments and unrealized net of tax gains and losses from available-for-sale investments. During the first quarter of 1998 and 1997, the Company's comprehensive income totaled $34.7 million and $23.7 million, respectively. 8PAGE THERMO INSTRUMENT SYSTEMS INC. 5. Issuance of Stock by Subsidiary In March 1998, the Company's ONIX Systems Inc. subsidiary sold 3,300,000 shares of its common stock in an initial public offering at $14.50 per share for net proceeds of $43.2 million, resulting in a gain of $10.0 million. Following the initial public offering, the Company owned 68% of ONIX Systems' outstanding common stock. 6. Accrued Acquisition Expenses During 1997, the Company had undertaken a restructuring of Life Sciences International PLC, acquired in March 1997. At January 3, 1998, the remaining reserve for restructuring activities totaled $10.2 million. In March 1998, the Company finalized its plan for restructuring the acquired business. During the first quarter of 1998, the Company expended $3.0 million for restructuring costs, primarily for severance. At April 4, 1998, the remaining reserve for restructuring the Life Sciences businesses was $8.7 million, as adjusted for the impact of currency translation, and primarily represents ongoing severance and abandoned-facility payments. During 1996, the Company had undertaken a restructuring of a substantial portion of the businesses constituting the Scientific Instruments Division of Fisons plc. In March 1997, the Company finalized its plan for restructuring the acquired businesses. At January 3, 1998, the remaining reserve for restructuring activities totaled $11.1 million. During the first quarter of 1998, the Company expended $0.6 million for restructuring costs, primarily for severance and abandoned-facility payments. At April 4, 1998, the remaining reserve for restructuring the Fisons businesses was $10.5 million, and primarily represents ongoing severance and abandoned-facility payments. Item 2 - Management's Discussion and Analysis of Financial Condition and ------------------------------------------------------------------------ Results of Operations --------------------- Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the results of the Company to differ materially from those indicated by such forward-looking statements, including those detailed under the heading "Forward-looking Statements" in Exhibit 13 to the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 1998, filed with the Securities and Exchange Commission. 9PAGE THERMO INSTRUMENT SYSTEMS INC. Results of Operations First Quarter 1998 Compared With First Quarter 1997 --------------------------------------------------- Revenues increased $78.8 million, or 24%, to $407.9 million in the first quarter of 1998 from $329.1 million in the first quarter of 1997, due primarily to acquisitions, which included Life Sciences in March 1997. Acquisitions added revenues of $81.6 million in the first quarter of 1998. The increase in revenues was offset in part by a decrease of $8.5 million in revenues due to the unfavorable effects of currency translation as a result of the strengthening of the U.S. dollar relative to foreign currencies in countries in which the Company operates. In addition, revenues increased in 1998 due to higher sales at Metrika Systems Corporation as a result of higher demand at its finished-materials quality control business and, to a lesser extent, at its on-line raw materials analysis business. Revenues also increased at ONIX Systems Inc. due to increased sales of industry-specific instruments to the production segment of the oil and gas industry. At ThermoQuest Corporation, an increase in revenues from Europe and North America was offset by a decrease in its revenues from Japan of $7.0 million due to economic uncertainty in that country. Increased revenues at the majority of ThermoSpectra Corporation's existing operations were slightly more than offset by a decline for test and measurement systems at its Gould Instrument Systems Inc. (GIS) subsidiary and the inclusion in 1997 of a large shipment at its Kevex Instruments subsidiary. International sales account for a significant portion of the Company's total revenues. Although the Company seeks to charge its customers in the same currency as its operating costs, the Company's financial performance and competitive position can be affected by currency exchange rate fluctuations. Where appropriate, the Company uses forward exchange contracts to reduce its exposure to currency fluctuations. The gross profit margin was unchanged at 47% in the first quarter of 1998 and 1997. The impact of a decline in the gross profit margin in 1998 due to the inclusion of lower-margin revenues at certain businesses acquired in 1997 was offset by the impact in 1997 of an adjustment to expense of $2.7 million relating to the sale of inventories revalued at the time of the acquisition of Life Sciences International PLC. Selling, general, and administrative expenses as a percentage of revenues decreased slightly to 26% in the first quarter of 1998 from 27% in the first quarter of 1997, primarily due to efforts to reduce selling and administrative costs at certain acquired businesses and, to a lesser extent, lower selling costs associated with certain of the businesses acquired from Life Sciences. Research and development expenses as a percentage of revenues were unchanged at 7% in 1998 and 1997. Interest income increased to $8.2 million in the first quarter of 1998 from $7.2 million in the first quarter of 1997, due to interest income earned on invested proceeds from the Company's January 1998 issuance of $250.0 million principal amount of 4% subordinated convertible debentures by the Company, offset in part by the use of a 10PAGE THERMO INSTRUMENT SYSTEMS INC. First Quarter 1998 Compared With First Quarter 1997 (continued) --------------------------------------------------- portion of the proceeds to repay a $105.0 million promissory note to Thermo Electron Corporation (Note 2). To a lesser extent, interest income increased due to higher invested cash balances as a result of the sale of common stock by the Company's subsidiaries in 1997. Interest expense increased to $11.5 million in 1998 from $8.5 million in 1997, primarily due to the issuance of an aggregate $428.8 million of promissory notes to Thermo Electron in 1997 in connection with acquisitions and the January 1998 issuance of the 4% subordinated convertible debentures. The Company has adopted a strategy of spinning out certain of its businesses into separate subsidiaries and having these subsidiaries sell a minority interest to outside investors. The Company believes that this strategy provides additional motivation and incentives for the management of the subsidiaries through the establishment of subsidiary-level stock option programs, as well as capital to support the subsidiaries' growth. As a result of the sale of stock by subsidiaries, the Company recorded gains of $10.0 million and $12.0 million in the first quarter of 1998 and 1997, respectively. The size and timing of these transactions are dependent on market and other conditions that are beyond the Company's control. Accordingly, there can be no assurance that the Company will be able to realize gains from such transactions in the future. The effective tax rate was 34% in the first quarter of 1998 and 33% in the first quarter of 1997. Excluding the impact of the nontaxable gain on issuance of stock by subsidiaries in 1998 and 1997, the effective tax rates in both periods exceeded the statutory federal income tax rate due to nondeductible amortization of cost in excess of net assets of acquired companies, the inability to provide a tax benefit on losses incurred at certain foreign subsidiaries, and the impact of state income taxes. Excluding the impact of the nontaxable gains, the effective tax rate decreased in 1998, primarily due to the lower relative effect of nondeductible amortization of cost in excess of net assets of acquired companies and, to a lesser extent, a decrease in foreign tax losses not benefited. Minority interest expense increased to $4.3 million in the first quarter of 1998 from $2.1 million in the first quarter of 1997, primarily due to the minority interest associated with the Company's newly public Metrika Systems, ONIX Systems, and Thermo Vision subsidiaries and higher earnings at the Company's other four public subsidiaries. Liquidity and Capital Resources Consolidated working capital was $827.9 million at April 4, 1998, compared with $612.7 million at January 3, 1998. Included in working capital are cash, cash equivalents, and available-for-sale investments of $687.1 million at April 4, 1998, and $477.2 million at January 3, 1998. Of the $687.1 million balance at April 4, 1998, $396.4 million was held by the Company's majority-owned subsidiaries and the balance was held by the Company and its wholly owned subsidiaries. The Company's operating 11PAGE THERMO INSTRUMENT SYSTEMS INC. Liquidity and Capital Resources (continued) activities provided cash of $50.9 million in the first three months of 1998. The Company used $14.0 million to increase inventories, in part to replenish year-end levels at ThermoQuest's European sales offices and certain other subsidiaries and to build up inventories at ONIX Systems' industry-specific and composition analysis businesses as a result of long lead-time orders. Cash flow from operations was improved by a decrease in accounts receivable of $13.7 million, primarily due to the timing of cash collections at Metrika Systems, management efforts at Thermo Optek to reduce its investment in accounts receivable, and the effect of lower sales at ThermoSpectra's GIS subsidiary. At April 4, 1998, $127.1 million of the Company's cash and cash equivalents was held by its foreign subsidiaries. While this cash can be used outside of the United States, including for acquisitions, repatriation of this cash into the United States would be subject to foreign withholding taxes and could also be subject to a United States tax. The Company's investing activities used $23.0 million of cash in the first three months of 1998. ONIX Systems used $19.1 million of cash to pay Thermo Power Corporation for the Peek Measurement Business, acquired effective November 1997. The Company expended $6.6 million for purchases of property, plant, and equipment and received proceeds of $3.8 million from the sale of property, plant, and equipment. The Company's financing activities provided $179.1 million of cash in the first three months of 1998. Net proceeds from the issuance of Company and subsidiary common stock totaled $43.7 million and included $43.2 million of net proceeds from the March 1998 initial public offering of ONIX Systems' common stock (Note 5). In January 1998, the Company sold at par value $250.0 million principal amount of 4% subordinated convertible debentures due 2005 for net proceeds of $244.2 million. The Company used a portion of the proceeds to repay a $105.0 million promissory note to Thermo Electron. In May 1998, Thermo BioAnalysis Corporation filed a registration statement under the Securities Act of 1933 with the Securities and Exchange Commission for a public offering by Thermo BioAnalysis of 4,500,000 shares of its common stock. In addition, the underwriters are expected to be granted a 30-day over-allotment option to purchase an additional 675,000 shares. There can be no assurance that this offering will be completed. During 1998, the Company plans to make expenditures of approximately $30 million for property, plant, and equipment. As of May 18, 1998, the Company and its majority-owned subsidiaries had agreements or nonbinding letters of intent to acquire new businesses totaling approximately $90 million. The Company believes that its existing resources are sufficient to meet the capital requirements of its existing operations for the foreseeable future. The Company has historically complemented internal 12PAGE THERMO INSTRUMENT SYSTEMS INC. Liquidity and Capital Resources (continued) development with acquisitions of businesses or technologies that extend the Company's presence in current markets or provide opportunities to enter and compete effectively in new markets. The Company will consider making acquisitions of such businesses or technologies that are consistent with its plans for strategic growth. The Company expects that it will finance these acquisitions through a combination of internal funds, additional debt or equity financing from the capital markets, or short-term borrowings from Thermo Electron, although there is no agreement with Thermo Electron to ensure that funds will be available on acceptable terms or at all. Market Risk The Company's exposure to market risk from changes in foreign currency exchange rates, interest rates, and equity prices has not changed materially from its exposure at year-end 1997. PART II - OTHER INFORMATION Item 6 - Exhibits and Reports on Form 8-K ----------------------------------------- (a) Exhibits ------------ See Exhibit Index on the page immediately preceding exhibits. (b) Reports on Form 8-K ----------------------- On January 16, 1998, the Company filed a Current Report on Form 8-K dated January 15, 1998, with respect to the sale of the Company's 4% subordinated convertible debentures due 2005 and certain other matters (Item 5). 13PAGE THERMO INSTRUMENT SYSTEMS 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 as of the 18th day of May 1998. THERMO INSTRUMENT SYSTEMS INC. Paul F. Kelleher ------------------------------ Paul F. Kelleher Chief Accounting Officer John N. Hatsopoulos ------------------------------ John N. Hatsopoulos Chief Financial Officer and Senior Vice President 14PAGE THERMO INSTRUMENT SYSTEMS INC. EXHIBIT INDEX Exhibit Number Description of Exhibit ------------------------------------------------------------------------ 27 Financial Data Schedule. EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THERMO INSTRUMENT SYSTEMS INC.'S QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED APRIL 4, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS JAN-02-1999 APR-04-1998 678,595 8,496 369,448 22,675 274,597 1,397,480 318,302 104,923 2,550,295 569,596 612,590 0 0 12,277 889,780 2,550,295 407,943 407,943 214,209 214,209 28,519 185 11,493 64,114 21,959 37,855 0 0 0 37,855 .31 .28
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