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Pall Corp. Reports Operating Results (10-Q)

December 11, 2012 | About:

Pall Corp. (PLL) filed Quarterly Report for the period ended 2012-10-31.

Pall Corporation has a market cap of $18.5 billion; its shares were traded at around $61.47 with a P/E ratio of 18.4162 and P/S ratio of 0.4763. The dividend yield of Pall Corporation stocks is 3.17%. Pall Corporation had an annual average earning growth of 10.9% over the past 10 years. GuruFocus rated Pall Corporation the business predictability rank of 3.5-star.

Highlight of Business Operations:

Research and development (“R&D”) expenses were $22,575 in the first quarter of fiscal year 2013 compared to $19,521 in the first quarter of fiscal year 2012, an increase of $3,054, or 15.6% ($3,400, or 17% in local currency). The increase in R&D expenses in local currency in the quarter reflects increased spending in the Life Sciences segment partly offset by a decline in the Industrial segment. As a percentage of sales, R&D expenses were 3.6% in the quarter compared to 3.0% in the first quarter of fiscal year 2012. For a discussion of R&D expenses by business, refer to the section “Review of Operating Segments” below.

SG&A expenses in the first quarter of fiscal year 2013, increased by $3,839, or 4.4% (an increase of approximately $8,000, or 9% in local currency) compared to the first quarter of fiscal year 2012. Selling expenses declined approximately 4% in the quarter, while G&A expenses increased approximately 19%. The overall increase in SG&A (in local currency) principally reflects incremental costs related to the acquisition of ForteBio and investments the Company is making to structure it for future growth. SG&A as a percentage of sales increased to 30.3% from 28.9% in the first quarter of fiscal year 2012. The selling and G&A expense components of SG&A as a percentage of sales in the quarter were as follows:

R&D expenses in the first quarter of fiscal year 2013 were $15,207, an increase of $3,777, or 33.0% (approximately $4,000, or 35% in local currency). The increase in R&D expenses reflects increased focus on development of our instrumentation capabilities, including spend related to the Company's ForteBio product lines. As a percentage of sales, R&D expenses were 5.1% compared to 3.8% in the first quarter of fiscal year 2012.

Segment profit dollars were $69,842, a decrease of $9,875, or 12.4% (approximately $6,600, or 8% in local currency) compared to the first quarter of fiscal year 2012. Segment profit margin declined to 23.3% from 26.4% in the first quarter of fiscal year 2012.

R&D expenses were $7,368 in the first quarter of fiscal year 2013, a decrease of $723, or 8.9% (approximately $650, or 8% in local currency). As a percentage of sales, R&D expenses were 2.2% compared to 2.3% in the first quarter of fiscal year 2012.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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