News Column

Pall Corporation Reports Fourth Quarter and Full Year Results

August 28, 2014

PORT WASHINGTON, N.Y.--(BUSINESS WIRE)-- Pall Corporation (NYSE:PLL) today reported financial results for the fourth quarter and fiscal year ended July 31, 2014.

  • Sales in the quarter increased 12%; up 10% in local currency
  • Orders in the quarter grew 10%; up 8% in local currency
  • Diluted EPS in the quarter of $1.08, up 42%; pro forma diluted EPS of $1.11, up 23%

    Fourth Quarter and Full Year Continuing Operations Sales and Earnings Overview

    Fourth quarter sales were $800 million compared to $717 million last year, an increase of 12%. Sales in local currency (“LC”) were up about 10%, and about 5% excluding acquisitions. Diluted EPS were $1.08 in the quarter, compared to $0.76 last year. Pro forma diluted EPS(1) were $1.11, a 23% increase compared to $0.90 a year earlier, including a benefit of approximately $0.02 from foreign currency translation.

    Sales for the full year were $2.8 billion, an increase of 5% compared to last year. Sales were up 6% in LC, and over 3% excluding acquisitions. Diluted EPS were $3.25 for the full year, compared to $2.89 last year. Pro forma diluted EPS(1) were $3.44, a 13% increase compared to $3.04 a year earlier, including a negative impact of approximately $0.05 from foreign currency translation.

    Larry Kingsley, Pall Chairman and CEO, said, “The company performed well for the full year and delivered a strong fourth quarter. I’m particularly pleased with the very strong incremental margins and solid free cash flow despite the challenging economic backdrop.”

    Life Sciences – Fourth Quarter Highlights

     
    (Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)
           

    Sales:

    JUL. 31, 2014JUL. 31, 2013

    %

    CHANGE

     

    % CHANGE IN

    LC

     
    BioPharmaceuticals $ 267 $ 215 24 22
    Food & Beverage 52 47 9 8
    Medical   57   54 6 4
    Total Consumables3763161917
    Systems   37   38 (3 ) (4 )
    Total Life Sciences segment$413$3541714
     
    Gross profit $ 230 $ 201
    % of sales 55.7 56.8
    Segment profit $ 105 $ 86
    % of sales 25.4 24.2


    BioPharmaceuticals: Consumables sales grew 22% compared to last year, on overall market strength and the benefit of acquisitions.

    Food and Beverage: Consumables sales grew 8% compared to last year, on strength in all three regions.

    Medical: Consumables sales grew 4% compared to last year, on the benefit of OEM sales from a recent acquisition.

    Systems: Sales were down 4% compared to last year, on timing of Food & Beverage projects.

    Industrial – Fourth Quarter Highlights

     
    (Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)
           

    Sales:

    JUL. 31, 2014JUL. 31, 2013

    %

    CHANGE

    % CHANGE IN

    LC

    Process Technologies $ 174 $ 151 15 14
    Aerospace 70 60 18 17
    Microelectronics   80   73 10 9
    Total Consumables3242841514
    Systems   63   79 (21 ) (22 )
    Total Industrial segment$387$36376
     
    Gross profit $ 178 $ 168
    % of sales 46.1 46.3
    Segment profit $ 72 $ 68
    % of sales 18.7 18.8


    Process Technologies: Consumables sales increased 14% compared to last year, on growth in Fuels & Chemicals and Machinery & Equipment, plus benefit from our recent acquisition of Filter Specialists, Inc.

    Aerospace: Consumables sales increased 17% compared to last year, largely due to the timing of shipments. Commercial and military were up similarly.

    Microelectronics: Consumables sales grew 9% compared to last year, on continued end-market strength and new business wins.

    Systems: Sales decreased 22% compared to last year, on reduced capital spend on Fuels & Chemicals and Municipal Water projects as well as timing of Power Generation projects.

    Conclusion/Outlook

    Kingsley concluded, “In fiscal year 2015, we expect total revenue growth in the mid-to-high single-digits, with pro forma EPS(1) of $3.75 to $3.95, which represents 9% to 15% growth over our solid fiscal 2014 performance. Given the operational improvements we’ve seen, the strong and improving sales execution across our businesses, and our continued focus on fixed cost leverage, I’m highly confident in our ability to deliver double-digit pro forma earnings growth.”

    Conference Call

    On Thursday, August 28, 2014, at 8:30 am ET, Pall Corporation will host a conference call to review these results. The call can be accessed at www.pall.com/investor. The webcast will be archived for 30 days.

    About Pall Corporation

    Pall Corporation (NYSE:PLL) is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company’s engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation is an S&P 500 company serving customers worldwide. Follow us on Twitter @PallCorporation or visit www.pall.com.

    Forward-Looking Statements

    The matters discussed in this press release contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Results for fiscal year 2014 are preliminary until our Form 10-K is filed with the Securities and Exchange Commission on or before September 29, 2014. Forward-looking statements are those that address activities, events or developments that the Company or management intends, expects, projects, believes or anticipates will or may occur in the future. All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about its future cash needs, dilution from the disposition or future allocation of capital and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as “may,” “will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “predict,” “potential,” and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors.

    The Company’s forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance, and actual results, developments and business decisions may differ materially from those envisaged by the Company’s forward-looking statements. Such risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A, “Risk Factors” in the 2013 Form 10-K, and other reports the Company files with the Securities and Exchange Commission, including: the impact of disruptions in the supply of raw materials and key components from suppliers, including limited or single source suppliers; the impact of terrorist acts, conflicts and wars or natural disasters; the extent to which special U.S. and foreign government laws and regulations may expose the Company to liability or impair its ability to compete in international markets; the impact of economic, political, social and regulatory instability in emerging markets, and other risks characteristic of doing business in emerging markets; fluctuations in foreign currency exchange rates and interest rates; the impact of a significant disruption in, or breach in security of, the Company’s information technology systems, or the failure to implement, manage or integrate new systems, software or technologies successfully; the Company’s ability to successfully complete or integrate acquisitions; the Company’s ability to develop innovative and competitive new products; the impact of global and regional economic conditions and legislative, regulatory and political developments; the Company’s ability to comply with a broad array of regulatory requirements; the loss of one or more members of the Company’s senior management team and its ability to recruit and retain qualified management personnel; changes in the demand for the Company’s products and the maintenance of business relationships with key customers; changes in product mix and product pricing, particularly with respect to systems products and associated hardware and devices for the Company’s consumable filtration products; product defects and unanticipated use or inadequate disclosure with respect to the Company’s products; the Company’s ability to deliver its backlog on time; increases in manufacturing and operating costs and/or the Company’s ability to achieve the savings anticipated from its structural cost improvement initiatives; the impact of environmental, health and safety laws and regulations and violations; the Company’s ability to enforce patents or protect proprietary products and manufacturing techniques; costs and outcomes of pending or future litigation and the availability of insurance or indemnification rights; changes in the Company’s effective tax rate; the Company’s ability to compete effectively in domestic and global markets; and the effect of the restrictive covenants in the Company’s debt facilities. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them, whether as a result of new information, future developments or otherwise.

    Management uses certain non-GAAP measurements to assess the Company’s current and future financial performance. The non-GAAP measurements do not replace the presentation of the Company’s GAAP financial results. These measurements provide supplemental information to assist management in analyzing the Company’s financial position and results of operations. The Company has chosen to provide this information to facilitate meaningful comparisons of past, present and future operating results and as a means to emphasize the results of ongoing operations.

    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Amounts in Thousands)
       
    JUL. 31, 2014JUL. 31, 2013
     
    Assets:
     
    Cash and cash equivalents $ 964,110 $ 936,886
    Accounts receivable 615,713 566,335
    Inventories 404,878 381,047
    Other current assets   152,522   165,761
    Total current assets   2,137,223   2,050,029
     
    Property, plant and equipment 805,327 774,948
    Other assets   909,963   647,862
    Total assets $ 3,852,513 $ 3,472,839
     
    Liabilities and Stockholders' Equity:
     
    Short-term debt $ 512,898 $ 170,387
    Accounts payable, income taxes and other current liabilities   584,748   558,684
    Total current liabilities 1,097,646 729,071
     
    Long-term debt, net of current portion 375,826 467,319
    Deferred taxes and other non-current liabilities   483,684   461,493
    Total liabilities 1,957,156 1,657,883
     
    Stockholders' equity   1,895,357   1,814,956
    Total liabilities and stockholders' equity $ 3,852,513 $ 3,472,839
    PALL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Amounts in Thousands, Except Per Share Data)
           
     
    FOURTH QUARTER ENDEDYEAR ENDED
    JUL. 31, 2014JUL. 31, 2013JUL. 31, 2014JUL. 31, 2013
     
    Net sales $ 799,954 $ 716,818 $ 2,789,147 $ 2,648,063
    Cost of sales (a)   391,838   347,940   1,362,984   1,276,060
    Gross profit   408,116   368,878   1,426,163   1,372,003
    % of sales 51.0% 51.5% 51.1% 51.8%
    Selling, general and administrative expenses 222,233 208,789 814,461 810,358
    % of sales 27.8% 29.1% 29.2% 30.6%
    Research and development   27,711   25,634   102,601   94,216
    Operating profit 158,172 134,455 509,101 467,429
    % of sales 19.8% 18.8% 18.3% 17.7%
    Restructuring and other charges ("ROTC") (b) 10,244 18,685 40,154 40,182
    Interest expense, net (d)   1,613   4,874   17,532   15,621

    Earnings from continuing operations before

    income taxes

    146,315 110,896 451,415 411,626
    Provision for income taxes (c)   26,229   24,689   87,459   81,664
    Net earnings from continuing operations $ 120,086 $ 86,207 $ 363,956 $ 329,962

    Earnings/(loss) from discontinued operations, net of

    income taxes

      -   (579)   -   244,973
    Net Earnings $ 120,086 $ 85,628 $ 363,956 $ 574,935
     
    Average shares outstanding:
    Basic 110,185 112,179 110,776 112,803
    Diluted 111,290 113,544 111,949 114,236
     

    Earnings/(loss) per share:

    From continuing operations:
    Basic $ 1.09 $ 0.77 $ 3.29 $ 2.93
    Diluted $ 1.08 $ 0.76 $ 3.25 $ 2.89
     
    From discontinued operations:
    Basic $ - $ (0.01) $ - $ 2.17
    Diluted $ - $ (0.01) $ - $ 2.14
     
    Total
    Basic $ 1.09 $ 0.76 $ 3.29 $ 5.10
    Diluted $ 1.08 $ 0.75 $ 3.25 $ 5.03
     

    Pro forma diluted earnings per share:

    From continuing operations $ 1.11 $ 0.90 $ 3.44 $ 3.04
    PALL CORPORATION
    RECONCILIATION OF PRO FORMA EARNINGS
    (Unaudited)
    (Amounts in Thousands, Except Per Share Data)
               
     
    FOURTH QUARTER ENDEDYEAR ENDED
    JUL. 31, 2014JUL. 31, 2013JUL. 31, 2014JUL. 31, 2013
     

    Pro forma earnings reconciliation from continuing

    operations

    Net earnings from continuing operations as reported $ 120,086$ 86,207$ 363,956$ 329,962
    Discrete items:
    Cost of sales adjustment, after pro forma tax effect (a) 3,420 - 4,839 -
    ROTC, after pro forma tax effect (b) 8,978 15,496 35,033 31,741
    Tax adjustments (c) (6,437 ) - (15,527 ) (10,193 )
    Interest adjustments, after pro forma

    tax effect (d)

    (2,580 ) - (3,718 ) (4,268 )
    Total discrete items 3,381   15,496 20,627   17,280  
    Pro forma earnings from continuing operations $ 123,467   $ 101,703$ 384,583   $ 347,242  
     
    FISCAL YEAR
    FOURTH QUARTER ENDEDYEAR ENDED2015 (ESTIMATE
    JUL. 31, 2014JUL. 31, 2013JUL. 31, 2014JUL. 31, 2013AT MIDPOINT)
     

    Diluted earnings per share from continuing operations

    as reported

    $ 1.08$ 0.76$ 3.25$ 2.89$ 3.85
    Discrete items:
    Cost of sales adjustment, after pro forma tax effect (a) 0.03 - 0.04 0.00 -
    ROTC, after pro forma tax effect (b) 0.08 0.14 0.32 0.28 -
    Tax adjustments (c) (0.06 ) - (0.14 ) (0.09 ) -

    Interest adjustments, after pro forma

    tax effect (d)

     

    (0.02 ) - (0.03 ) (0.04 ) -
    Total discrete items 0.03   0.14 0.19   0.15   -

    Pro forma diluted earnings per share from continuing

    operations

    $ 1.11   $ 0.90$ 3.44   $ 3.04   $ 3.85


    Pro forma earnings measures exclude the items described below as they are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. The pro forma tax effects disclosed were calculated using applicable entity-specific tax rates.

    (a) Cost of sales in the quarter and year ended July 31, 2014 includes purchase accounting adjustments of $5,304 ($3,420 after pro forma tax effect of $1,884) and $7,469 ($4,839 after pro forma tax effect of $2,630), respectively related to the step up of acquired inventory.

    (b) ROTC in the quarter and year ended July 31, 2014 of $10,244 ($8,978 after pro forma tax effect of $1,266) and $40,154 ($35,033 after pro forma tax effect of $5,121), respectively primarily includes severance costs related to the Company's structural cost improvement initiative. The year ended July 31, 2014 also includes an increase to environmental reserves.

    ROTC in the quarter and year ended July 31, 2013 of $18,685 ($15,496 after pro forma tax effect of $3,189) and $40,182 ($31,741 after pro forma tax effect of $8,441), respectively primarily includes severance costs related to the Company's structural cost improvement initiative, certain employment contract obligations and an adjustment to environmental reserves.

    (c) Provision for income taxes in the quarter ended July 31, 2014 includes a benefit of $6,437 related to the resolution of a foreign tax audit. Provision for income taxes in the year ended July 31, 2014 includes a net benefit of $15,527 related to the resolution of foreign tax audits, partly offset by additional tax costs related to the Blood divestiture.

    Provision for income taxes in the year ended July 31, 2013 includes a net benefit of $10,193 related to the resolution of a U.S. tax audit partially offset by the tax cost of repatriation of foreign earnings.

    (d) Interest expense, net, in the quarter and year ended July 31, 2014 includes the reversal of accrued interest of $3,042 ($2,580 after pro forma tax effect of $462) and $4,520 ($3,718 after pro forma tax effect of $802), respectively related to the resolution of foreign tax audits as described in (c) above.

    Interest expense, net, in the year ended July 31, 2013 includes the reversal of accrued interest of $6,704 ($4,268 after pro forma tax effect of $2,436) related to the resolution of a U.S. tax audit as described in (c) above.

    PALL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (Amounts in Thousands)
       
     
    YEAR ENDED
    JUL. 31, 2014JUL. 31, 2013

    (2)

     
    Net cash provided by operating activities $ 503,912   $ 384,459  
     
    Investing activities:
     
    Acquisitions of businesses (318,978 ) (21,970 )
    Capital expenditures (74,737 ) (110,182 )
    Proceeds from sale of assets 6,099 537,625
    Other   (5,893 )   (6,173 )
    Net cash provided/(used) by investing activities   (393,509 )   399,300  
     
    Financing activities:
     
    Dividends paid (118,758 ) (108,054 )
    Notes payable and long-term borrowings/(repayments) 250,331 (35,420 )
    Purchase of treasury stock (250,000 ) (250,000 )
    Other   25,515     49,009  
    Net cash used by financing activities   (92,912 )   (344,465 )
     
    Cash flow for period 17,491 439,294
    Cash and cash equivalents at beginning of year 936,886 500,274
    Effect of exchange rate changes on cash   9,733     (2,682 )
    Cash and cash equivalents at end of period $ 964,110   $ 936,886  
     
     

    Free cash flow:

    Net cash provided by operating activities $ 503,912 $ 384,459
    Less capital expenditures   74,737     110,182  
    Free cash flow $ 429,175   $ 274,277  
    PALL CORPORATION
    SUMMARY SEGMENT PROFIT BY SEGMENT FROM CONTINUING OPERATIONS
    (Unaudited)
    (Dollar Amounts in Thousands)
             
     
    FOURTH QUARTER ENDEDYEAR ENDED
    JUL. 31, 2014JUL. 31, 2013JUL. 31, 2014JUL. 31, 2013
     

    Life Sciences

    Sales $ 412,658 $ 354,145 $ 1,453,669 $ 1,309,375
    Cost of sales   182,978   153,135   639,406   552,651
    Gross profit 229,680 201,010 814,263 756,724
    % of sales 55.7% 56.8% 56.0% 57.8%
     
    Selling, general and administrative expenses 107,099 98,754 391,540 375,970
    % of sales 26.0% 27.9% 26.9% 28.7%
    Research and development   17,692   16,499   65,594   61,483
    Segment profit $ 104,889 $ 85,757 $ 357,129 $ 319,271
    % of sales 25.4% 24.2% 24.6% 24.4%
     

    Industrial

    Sales $ 387,296 $ 362,673 $ 1,335,478 $ 1,338,688
    Cost of sales   208,860   194,805   723,578   723,409
    Gross profit 178,436 167,868 611,900 615,279
    % of sales 46.1% 46.3% 45.8% 46.0%
     
    Selling, general and administrative expenses 95,968 90,658 355,721 367,748
    % of sales 24.8% 25.0% 26.6% 27.5%
    Research and development   10,019   9,135   37,007   32,733
    Segment profit $ 72,449 $ 68,075 $ 219,172 $ 214,798
    % of sales 18.7% 18.8% 16.4% 16.0%
     

    Consolidated:

    Segment profit $ 177,338 $ 153,832 $ 576,301 $ 534,069
    Corporate services group   19,166   19,377   67,200   66,640
    Operating profit 158,172 134,455 509,101 467,429
    % of sales 19.8% 18.8% 18.3% 17.7%
    ROTC 10,244 18,685 40,154 40,182
    Interest expense, net   1,613   4,874   17,532   15,621

    Earnings from continuing operations before

    income taxes

    $ 146,315 $ 110,896 $ 451,415 $ 411,626
    PALL CORPORATION
    SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION
    FROM CONTINUING OPERATIONS
    (Unaudited)
    (Dollar Amounts in Thousands)
             
    EXCHANGE% CHANGE
    RATEIN LOCAL
    FOURTH QUARTER ENDEDJUL. 31, 2014JUL. 31, 2013% CHANGEIMPACTCURRENCY
     

    Life Sciences

    |-------------- Increase/(Decrease) -------------|
    By Product/Market:
    BioPharmaceuticals $ 267,075 $ 215,211 24.1 $ 5,442 21.6
    Food & Beverage 51,503 47,364 8.7 275 8.2
    Medical   57,450   53,965 6.5   1,303   4.0
    Total Consumables376,028316,54018.87,02016.6
    Systems   36,630   37,605 (2.6 )   399   (3.7 )
    Total Life Sciences$412,658$354,14516.5$7,419   14.4
     
    By Region:
    Americas $ 126,431 $ 112,360 12.5 $ (1,801 ) 14.1
    Europe 205,684 162,338 26.7 9,512 20.8
    Asia   80,543   79,447 1.4   (292 ) 1.7
    Total Life Sciences$412,658$354,14516.5$7,419   14.4
     
     

    Industrial

    By Product/Market:
    Process Technologies $ 173,972 $ 151,299 15.0 $ 802 14.5
    Aerospace 70,299 59,417 18.3 1,033 16.6
    Microelectronics   80,321   72,746 10.4   908   9.2
    Total Consumables324,592283,46214.52,74313.5
    Systems   62,704   79,211 (20.8 )   717   (21.7 )
    Total Industrial$387,296$362,6736.8$3,460   5.8
     
    By Region:
    Americas $ 138,485 $ 115,617 19.8 $ (1,244 ) 20.9
    Europe 113,781 105,925 7.4 4,489 3.2
    Asia   135,030   141,131 (4.3 )   215   (4.5 )
    Total Industrial$387,296$362,6736.8$3,460   5.8
    PALL CORPORATION
    SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION
    FROM CONTINUING OPERATIONS
    (Unaudited)
    (Dollar Amounts in Thousands)
             
    EXCHANGE% CHANGE
    RATEIN LOCAL
    YEAR ENDEDJUL. 31, 2014JUL. 31, 2013% CHANGEIMPACTCURRENCY
     

    Life Sciences

    |-------------- Increase/(Decrease) -------------|
    By Product/Market:
    BioPharmaceuticals $ 917,542 $ 812,328 13.0 $ 5,569 12.3
    Food & Beverage 185,223 177,633 4.3 (2,283 ) 5.6
    Medical   226,039   208,544 8.4   2,401   7.2
    Total Consumables1,328,8041,198,50510.95,68710.4
    Systems   124,865   110,870 12.6   (96 )   12.7
    Total Life Sciences$1,453,669$1,309,37511.0$5,591     10.6
     
    By Region:
    Americas $ 435,132 $ 416,170 4.6 $ (8,297 ) 6.5
    Europe 742,512 627,647 18.3 30,222 13.5
    Asia   276,025   265,558 3.9   (16,334 ) 10.1
    Total Life Sciences$1,453,669$1,309,37511.0$5,591   10.6
     
     

    Industrial

    By Product/Market:
    Process Technologies $ 576,062 $ 584,125 (1.4 ) $ (5,969 ) (0.4 )
    Aerospace 236,480 237,371 (0.4 ) 2,233 (1.3 )
    Microelectronics   303,116   275,684 10.0   (9,912 ) 13.5
    Total Consumables1,115,6581,097,1801.7(13,648)2.9
    Systems   219,820   241,508 (9.0 )   (2,499 ) (7.9 )
    Total Industrial$1,335,478$1,338,688(0.2)$(16,147)1.0
     
    By Region:
    Americas $ 453,990 $ 433,316 4.8 $ (5,435 ) 6.0
    Europe 397,917 406,868 (2.2 ) 13,405 (5.5 )
    Asia   483,571   498,504 (3.0 )   (24,117 ) 1.8
    Total Industrial$1,335,478$1,338,688(0.2)$(16,147)1.0
    PALL CORPORATION
    SUPPLEMENTAL ORGANIC SALES GROWTH INFORMATION BY SEGMENT
    FROM CONTINUING OPERATIONS
    (Unaudited)
    (Dollar Amounts in Thousands)
             
    EXCHANGE% CHANGE
    RATEIN LOCAL
    FOURTH QUARTER ENDEDJUL. 31, 2014JUL. 31, 2013% CHANGEIMPACTCURRENCY
     
    |-------------- Increase/(Decrease) -------------|
    Life Sciences:
    Organic $ 391,812 $ 354,145 10.6 $ 7,419 8.5
    Acquisitions   20,846   -   -  
    Total Life Sciences Sales$412,658$354,14516.5$7,419   14.4
     
    Industrial:
    Organic $ 369,121 $ 362,673 1.8 $ 3,460 0.8
    Acquisitions   18,175   -   -  
    Total Industrial Sales$387,296$362,6736.8$3,460   5.8
     
    Total Pall:
    Organic $ 760,933 $ 716,818 6.2 $ 10,879 4.6
    Acquisitions   39,021   -   -  
    Total Pall Sales$799,954$716,81811.6$10,879   10.1
     
     

    EXCHANGE

    % CHANGE
    RATEIN LOCAL
    YEAR ENDEDJUL. 31, 2014JUL. 31, 2013% CHANGEIMPACTCURRENCY
     
    |-------------- Increase/(Decrease) -------------|
    Life Sciences:
    Organic $ 1,403,872 $ 1,309,375 7.2 $ 5,591 6.8
    Acquisitions   49,797   -   -  
    Total Life Sciences Sales$1,453,669$1,309,37511.0$5,591   10.6
     
    Industrial:
    Organic $ 1,317,303 $ 1,338,688 (1.6 ) $ (16,147 ) (0.4 )
    Acquisitions   18,175   -   -  
    Total Industrial Sales$1,335,478$1,338,688(0.2)$(16,147)1.0
     
    Total Pall:
    Organic $ 2,721,175 $ 2,648,063 2.8 $ (10,556 ) 3.2
    Acquisitions   67,972   -   -  
    Total Pall Sales$2,789,147$2,648,0635.3$(10,556)5.7
    Notes to Release:
    (1)   Pro forma diluted EPS are defined as Reported diluted EPS on a continuing operations basis adjusted for “Discrete Items.” Discrete items are defined as Restructuring & Other Charges (ROTC) and other items that are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. A reconciliation of Reported to Pro forma amounts can be found in the Reconciliation of Pro forma Earnings table accompanying this release.
     
    (2) Cash flows for the year ended July 31, 2013 are inclusive of discontinued operations.





    Pall Corporation

    R. Brent Jones

    Senior Vice President Corporate Development & Treasurer

    Telephone: 516-801-9871

    Source: Pall Corporation


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