PerkinElmer Inc. (PKI, Financial) filed Quarterly Report for the period ended 2010-04-04.
Perkinelmer Inc. has a market cap of $2.77 billion; its shares were traded at around $23.55 with a P/E ratio of 17.9 and P/S ratio of 1.5. The dividend yield of Perkinelmer Inc. stocks is 1.2%. Perkinelmer Inc. had an annual average earning growth of 1.9% over the past 10 years.PKI is in the portfolios of Manning & Napier Advisors, Inc, David Dreman of Dreman Value Management, Stanley Druckenmiller of Duquesne Capital Management, LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Cost of sales for the three months ended April 4, 2010 was $266.5 million, as compared to $246.6 million for the three months ended April 5, 2009, an increase of approximately $19.8 million, or 8%. As a percentage of sales, cost of sales increased to 57.3% for the three months ended April 4, 2010, from 56.7% for the three months ended April 5, 2009, resulting in a decrease in gross margin of approximately 60 basis points to 42.7% for the three months ended April 4, 2010, from 43.3% for the three months ended April 5, 2009. Amortization of intangible assets increased and was $10.1 million for the three months ended April 4, 2010, as compared to $8.8 million for the three months ended April 5, 2009. Stock option expense was $0.3 million for each of the three months ended April 4, 2010 and April 5, 2009. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions completed in fiscal year 2009 was approximately $0.2 million for the three months ended April 5, 2009. The decrease in gross margin was primarily the result of changes in product mix with growth in sales of lower gross margin product offerings, partially offset by cost containment initiatives.
Selling, general and administrative expenses for the three months ended April 4, 2010 were $132.1 million, as compared to $129.1 million for the three months ended April 5, 2009, an increase of approximately $3.0 million, or 2%. As a percentage of sales, selling, general and administrative expenses were 28.4% for the three months ended April 4, 2010, as compared to 29.7% for the three months ended April 5, 2009. Amortization of intangible assets increased and was $4.4 million for the three months ended April 4, 2010, as compared to $4.2 million for the three months ended April 5, 2009. Stock option expense increased and was $2.0 million for the three months ended April 4, 2010, as compared to $1.6 million for the three months ended April 5, 2009. Purchase accounting adjustments for contingent consideration and other acquisition costs related to certain acquisitions added an expense of approximately $1.0 million for each of the three months ended April 4, 2010 and April 5, 2009. The increase in selling, general and administrative expenses was primarily the result of increased pension expenses, partially offset by cost containment initiatives and foreign exchange.
Research and development expenses for the three months ended April 4, 2010 were $27.1 million, as compared to $26.2 million for the three months ended April 5, 2009, an increase of $0.9 million, or 3%. As a percentage of sales, research and development expenses decreased to 5.8% for the three months ended April 4, 2010, as compared to 6.0% for the three months ended April 5, 2009. Amortization of intangible assets decreased and was $0.4 million for the three months ended April 4, 2010, as compared to $0.5 million for the three months ended April 5, 2009. Stock option expense was $0.1 million for each of the three months ended April 4, 2010 and April 5, 2009. We directed research and development efforts similarly during fiscal years 2010 and 2009, primarily towards the diagnostics and research markets within our Human Health segment, and the environmental and safety and security markets within our Environmental Health segment, in order to help accelerate our growth initiatives.
To facilitate the sale of a business in fiscal year 2001, we were required to guarantee the lease obligations that the buyer assumed related to the lease for the building in which the business operated. The lease obligations continue through March 2011. While we assigned our interest in the lease to the buyer at the time of the sale of the business, the buyer subsequently defaulted under the lease, and the lessor sought reimbursement from us. We recorded a charge of $2.7 million in fiscal year 2007 related to payments for this lease obligation. The buyer filed for bankruptcy protection during the third quarter of fiscal year 2008 and was delinquent in making both its lease payments and payments for certain building expenses. The buyer ceased operations in the third quarter of fiscal year 2009 and vacated the property. We recorded an additional charge of $0.9 million during the third quarter of fiscal year 2009 related to waste removal and restoration costs, and reduced the estimated sublease rental payments reasonably expected to be obtained for the property. We were required to make payments for these obligations of $0.7 million during the first quarter of fiscal year 2010, $1.1 million during fiscal year 2009, and $0.4 million during fiscal year 2008. The remaining balance of this accrual as of April 4, 2010 was $1.4 million.
Interest and other expense, net, for the three months ended April 4, 2010 was $3.4 million, as compared to $4.8 million for the three months ended April 5, 2009, a decrease of $1.4 million. The decrease in interest and other expense, net, for the three months ended April 4, 2010 as compared to the three months ended April 5, 2009 was primarily due to lower interest rates on outstanding debt balances and expenses related to foreign currency transactions and foreign currency translation. Interest expense decreased by $0.5 million and interest income decreased by $0.3 million for the three months ended April 4, 2010, as compared to the three months ended April 5, 2009. Other (income) expense for the three months ended April 4, 2010 as compared to the three months ended April 5, 2009 increased by $1.2 million, and consisted primarily of expenses related to foreign currency transactions and foreign currency translation. A more complete discussion of our liquidity is set forth below under the heading Liquidity and Capital Resources.
Read the The complete Report
Perkinelmer Inc. has a market cap of $2.77 billion; its shares were traded at around $23.55 with a P/E ratio of 17.9 and P/S ratio of 1.5. The dividend yield of Perkinelmer Inc. stocks is 1.2%. Perkinelmer Inc. had an annual average earning growth of 1.9% over the past 10 years.PKI is in the portfolios of Manning & Napier Advisors, Inc, David Dreman of Dreman Value Management, Stanley Druckenmiller of Duquesne Capital Management, LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
increase in sales attributable to favorable changes in foreign exchange rates and an approximate 1% increase from acquisitions. The analysis in the remainder of this paragraph compares segment sales for the three months ended April 4, 2010 as compared to the three months ended April 5, 2009 and includes the effect of foreign exchange rate fluctuations and acquisitions. The total increase in sales reflects an $11.3 million, or 6%, increase in our Human Health segment sales, due to an increase in diagnostics market sales of $7.9 million and an increase in research market sales of $3.4 million. Our Environmental Health segment sales increased $18.6 million, or 7%, due to increases in environmental, safety and security and industrial markets sales of $13.0 million, and an increase in laboratory services market sales of $5.6 million.Cost of sales for the three months ended April 4, 2010 was $266.5 million, as compared to $246.6 million for the three months ended April 5, 2009, an increase of approximately $19.8 million, or 8%. As a percentage of sales, cost of sales increased to 57.3% for the three months ended April 4, 2010, from 56.7% for the three months ended April 5, 2009, resulting in a decrease in gross margin of approximately 60 basis points to 42.7% for the three months ended April 4, 2010, from 43.3% for the three months ended April 5, 2009. Amortization of intangible assets increased and was $10.1 million for the three months ended April 4, 2010, as compared to $8.8 million for the three months ended April 5, 2009. Stock option expense was $0.3 million for each of the three months ended April 4, 2010 and April 5, 2009. The amortization of purchase accounting adjustments to record the inventory from certain acquisitions completed in fiscal year 2009 was approximately $0.2 million for the three months ended April 5, 2009. The decrease in gross margin was primarily the result of changes in product mix with growth in sales of lower gross margin product offerings, partially offset by cost containment initiatives.
Selling, general and administrative expenses for the three months ended April 4, 2010 were $132.1 million, as compared to $129.1 million for the three months ended April 5, 2009, an increase of approximately $3.0 million, or 2%. As a percentage of sales, selling, general and administrative expenses were 28.4% for the three months ended April 4, 2010, as compared to 29.7% for the three months ended April 5, 2009. Amortization of intangible assets increased and was $4.4 million for the three months ended April 4, 2010, as compared to $4.2 million for the three months ended April 5, 2009. Stock option expense increased and was $2.0 million for the three months ended April 4, 2010, as compared to $1.6 million for the three months ended April 5, 2009. Purchase accounting adjustments for contingent consideration and other acquisition costs related to certain acquisitions added an expense of approximately $1.0 million for each of the three months ended April 4, 2010 and April 5, 2009. The increase in selling, general and administrative expenses was primarily the result of increased pension expenses, partially offset by cost containment initiatives and foreign exchange.
Research and development expenses for the three months ended April 4, 2010 were $27.1 million, as compared to $26.2 million for the three months ended April 5, 2009, an increase of $0.9 million, or 3%. As a percentage of sales, research and development expenses decreased to 5.8% for the three months ended April 4, 2010, as compared to 6.0% for the three months ended April 5, 2009. Amortization of intangible assets decreased and was $0.4 million for the three months ended April 4, 2010, as compared to $0.5 million for the three months ended April 5, 2009. Stock option expense was $0.1 million for each of the three months ended April 4, 2010 and April 5, 2009. We directed research and development efforts similarly during fiscal years 2010 and 2009, primarily towards the diagnostics and research markets within our Human Health segment, and the environmental and safety and security markets within our Environmental Health segment, in order to help accelerate our growth initiatives.
To facilitate the sale of a business in fiscal year 2001, we were required to guarantee the lease obligations that the buyer assumed related to the lease for the building in which the business operated. The lease obligations continue through March 2011. While we assigned our interest in the lease to the buyer at the time of the sale of the business, the buyer subsequently defaulted under the lease, and the lessor sought reimbursement from us. We recorded a charge of $2.7 million in fiscal year 2007 related to payments for this lease obligation. The buyer filed for bankruptcy protection during the third quarter of fiscal year 2008 and was delinquent in making both its lease payments and payments for certain building expenses. The buyer ceased operations in the third quarter of fiscal year 2009 and vacated the property. We recorded an additional charge of $0.9 million during the third quarter of fiscal year 2009 related to waste removal and restoration costs, and reduced the estimated sublease rental payments reasonably expected to be obtained for the property. We were required to make payments for these obligations of $0.7 million during the first quarter of fiscal year 2010, $1.1 million during fiscal year 2009, and $0.4 million during fiscal year 2008. The remaining balance of this accrual as of April 4, 2010 was $1.4 million.
Interest and other expense, net, for the three months ended April 4, 2010 was $3.4 million, as compared to $4.8 million for the three months ended April 5, 2009, a decrease of $1.4 million. The decrease in interest and other expense, net, for the three months ended April 4, 2010 as compared to the three months ended April 5, 2009 was primarily due to lower interest rates on outstanding debt balances and expenses related to foreign currency transactions and foreign currency translation. Interest expense decreased by $0.5 million and interest income decreased by $0.3 million for the three months ended April 4, 2010, as compared to the three months ended April 5, 2009. Other (income) expense for the three months ended April 4, 2010 as compared to the three months ended April 5, 2009 increased by $1.2 million, and consisted primarily of expenses related to foreign currency transactions and foreign currency translation. A more complete discussion of our liquidity is set forth below under the heading Liquidity and Capital Resources.
Read the The complete Report
