Fisher reports record 2Q sales, earnings and cash flow

- Last updated on GMT

Related tags: Income statement, Revenue, Generally accepted accounting principles

Fisher Scientific has reported record second-quarter sales,
earnings and cash flow reflecting continued confidence in the
pharmaceutical sector. Fisher's performance is a sign the company's
strategy is working as it expands sales volume by purchasing rival
companies.

Second-quarter net income was $44.7 million, compared with $33.0 million, in the second quarter of 2003. Non-recurring costs of the acquisitions of microbiology firm Oxoid, genetic technology developer Dharmacon Research and the integration of Apogent, totalled $6.3 million.

Sales for the second quarter increased by 22.3 per cent to $1.06 billion compared with $864.5 million in the corresponding period of 2003. Diluted earnings per share (EPS) were 74 cents in the second quarter compared with 61 cents in the second quarter of 2003.

Paul M. Montrone, chairman and chief executive officer of Fisher​ said: "Our results demonstrate continued growth in the academic and pharmaceutical sectors, increased demand for safety products and improving trends in the industrial markets."

Operating income increased 40.3 per cent to $76.2 million from $54.3 million in the corresponding period of 2003 reflecting contributions from recent acquisitions and margin improvement in our distribution business, partially offset by increased investments in product development and sales and marketing activities.

Sales for the second quarter increased 22 per cent to $1.06 billion. Scientific product sales during the quarter grew 29 per cent to $774.7 million - and 12 points of the increase came from organic growth.

Second-quarter sales in the laboratory-workstations segment decreased to $43.4 million from $55.8 million in the prior year. The segment reported operating income of $1.3 million in the quarter. The decline in sales and operating income was primarily due to 'slower market demand'​ for smaller projects.

Related topics: Preclinical Research, Ingredients

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