PerkinElmer Posts 3Q Financial Results

PerkinElmer, a company focused on improving the health and safety of people and the environment, reported financial results for the third quarter ended October 4.

In a release dated October 29, the company stated:

- The company reported GAAP earnings per share from continuing operations of $0.14, down from the same period a year ago, primarily due to restructuring charges in the third quarter of 2009 and the benefit of tax audit settlements in the same period a year ago. On a non-GAAP basis, the company announced adjusted earnings per share of $0.30, exceeding the company's prior guidance of $0.25-$0.27.

- Revenue from continuing operations in the third quarter of 2009 was $437.1 million, a decrease of 9 percent as compared to the same period a year ago. Foreign exchange rates had an unfavorable impact of 2 percent and acquisitions had a favorable impact of 1 percent. Organic revenue declined by 8 percent as compared to the third quarter of 2008. Revenue from continuing operations in the Human Health and Environmental Health segments decreased by 8 percent and 9 percent, respectively, as compared to the same period a year ago. As compared to the third quarter of 2008, organic revenue in the Human Health segment declined by 7 percent and organic revenue in the Environmental Health segment declined by 8 percent.

GAAP operating profit from continuing operations for the third quarter of 2009 was $26.4 million, as compared to $43.1 million for the same period a year ago. On a non-GAAP basis, adjusted operating profit was $54.6 million, as compared to $64.2 million in the third quarter of 2008.

GAAP earnings per share from continuing operations for the third quarter of 2009 was $0.14, as compared to $0.35 for the same period in 2008. On a non-GAAP basis, adjusted earnings per share was $0.30 as compared to $0.34 in the third quarter of 2008. Operating cash flow from continuing operations was $35.7 million in the third quarter of 2009, as compared to $22.3 million in the third quarter of 2008.

"The organization continues to perform very well through this difficult environment, improving our operational execution, while building a stronger company through introducing innovative new products and expanding our capabilities in key growth areas," said Robert Friel, Chairman and CEO of PerkinElmer. "Overall we believe our end markets are stabilizing and we are seeing some encouraging signs of sequential improvement."

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