<SUBMISSION>
<ACCESSION-NUMBER>0000891092-04-001683
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040419
<ITEMS>12
<FILING-DATE>20040419
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IDEXX LABORATORIES INC /DE
<CIK>0000874716
<ASSIGNED-SIC>2835
<IRS-NUMBER>010393723
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-19271
<FILM-NUMBER>04739414
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE IDEXX DRIVE
<CITY>WESTBROOK
<STATE>ME
<ZIP>04092-2041
<PHONE>2078560300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE IDEXX DRIVE
<CITY>WESTBROOK
<STATE>ME
<ZIP>04092-2041
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>IDEXX CORP / DE
<DATE-CHANGED>19600201
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e17493_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>



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<p><table width=600><tr><td  align=center><font size=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
Washington, D.C. 20549 </B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>FORM 8-K</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>CURRENT REPORT</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>Date of report (Date of
earliest event reported): April 19, 2004</B></font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="5">IDEXX LABORATORIES, INC.</font><BR>
      </B><I>(Exact name of registrant as specified in its charter)</I></FONT></td>
  </tr></table>



<P>
<table width=600>
  <tr align="center" valign="top">
    <td><font size="2"><b>Delaware</b><br>
      <i>(State or other jurisdiction of <br>
      incorporation or organization) </i></font></td>
    <td><font size="2"><b>000-19271</b><br>
      <i>(Commission file number)</i> </font></td>
    <td><font size="2"> <b>01-0393723</b><br>
      <i>(I.R.S. Employer Identification No.) </i></font></td>
  </tr>
</table>


<P>
<table width=600>
  <tr align="center" valign="bottom">
    <td width=237><font size="2"><b>One IDEXX Drive, Westbrook, Maine</b><br>
      <i>(Address of principal executive offices) </i></font></td>
    <td width=125><font size="2"></font></td>
    <td width=222><font size="2"> <b>04092</b><br>
      <i>(Zip Code)</i></font></td>
  </tr>
</table>


<p><table width=600><tr><td  align=center><FONT SIZE="2"><B>(207) 856-0300</B> <BR>
      <i>(Registrant&#146;s telephone number, including area code)</i></FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><FONT SIZE="2"><B>Not Applicable</B> <BR>
      <i>(Former name or former address, if changed since last report)</i></FONT></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><B>Item 12.  Results of Operations and Financial
Condition.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April 19, 2004,
IDEXX Laboratories, Inc. issued a press release  announcing earnings results for the
quarter ended March 31, 2004. The full text  of the press release issued in connection
with the announcement is furnished as  Exhibit 99.1 to this Current Report on Form 8-K.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with
general instructions to Form 8-K, the information in  this Form 8-K and the Exhibit
attached hereto is being furnished under Item 12  and shall not be deemed &#147;filed&#148; for
purposes of Section 18 of the Securities  Exchange Act of 1934 (the &#147;Exchange Act&#148;)
or otherwise subject to the  liabilities of that section, nor shall it be deemed
incorporated by reference in  any filing under the Securities Act of 1933 or the Exchange
Act, except as  expressly set forth by specific reference in such a filing.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>SIGNATURES</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of 1934,  the Registrant has duly caused this
report to be signed on its behalf by the  undersigned hereunto duly authorized.</font></td></tr></table>


<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=10%><font size="2"></font></td>
    <td width=24% valign="top">&nbsp;</td>
    <td width=56%><font size="2">IDEXX LABORATORIES, INC.</font></td>
  </tr></table>



<P>
<table width=600>
  <tr>
    <td valign=top width=149><font size="2">Date: April 19, 2004</font></td>
    <td width=107><font size="2"></font></td>
    <td valign="top" width=22><font size="2">By:</font></td>
    <td width=302><font size="2"> /s/ Merilee Raines</font>
      <hr noshade size="1">
      <font size="2"> Merilee Raines<br>
      Vice President, Chief Financial Officer and Treasurer<br>
      (Principal Financial and Accounting Officer)</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>EXHIBIT INDEX</B></font></td></tr></table>


<P>
<table width=600>
  <tr>
    <td valign=top width=64><font size="2"><u>Exhibit No.</u></font></td>
    <td valign="top" width=19>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width=501><font size="2"><u>Description of Exhibit</u></font></td>
  </tr></table>

<P><table width=600>
  <tr>
    <td width=12% valign=top><font size="2">99.1</font></td>
    <td width=3% valign="top"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
    <td width=85%><font size="2"> Press Release of IDEXX Laboratories, Inc. dated
      April 19, 2004, furnished in accordance with Item 12 of this Current Report
      on Form 8-K.</font></td>
  </tr></table>





</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e17493ex99_1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>


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<br>
<table width=600>
  <tr>
    <td align="RIGHT"><font size=2><b>Exhibit 99.1</b></font></td>
  </tr>
</table>
<p><img src="idexxlogo.jpg" width="600" height="100"><br>

<table width=600><tr><TD ALIGN="RIGHT"><font size=2><I>Contact: Merilee Raines, Chief Financial
Officer, (207) 856-8155</I></font></td></tr></table>

<p><table width=600><tr><TD ALIGN="LEFT"><font size=3><B>FOR IMMEDIATE RELEASE</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=4><B>IDEXX Laboratories Announces
First Quarter Results</B></font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Revenue
for the first quarter increased 22% to $133.4 million.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Net
income  increased 47% to $17.8 million.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Earnings
per diluted share increased 44% to  $0.49.</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><B>WESTBROOK, Maine, April 19, 2004</B> &#151; IDEXX
Laboratories, Inc. (NASDAQ: IDXX), today reported that net income increased 47% to $17.8
million for the quarter ended March 31, 2004, from $12.1 million for the same period in
the prior year.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings per
diluted share for the quarter were $0.49, a 44% increase over  earnings per diluted share
of $0.34 for the quarter ended March 31, 2003.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue for the first quarter
      of 2004 increased 22% to $133.4 million from $109.2 million for the first
      quarter of 2003. The favorable impact of currency contributed 5% to revenue
      growth.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companion Animal Group (CAG)
      revenue for the first quarter of 2004 increased 25% to $109.8 million from
      $88.2 million for the first quarter of 2003. This increase resulted primarily
      from increased sales of instruments and consumables, rapid assays and laboratory
      services. The increase in sales of instruments was due primarily to increased
      sales of the IDEXX LaserCyte<sup><font size="1">&#174;</font></sup> hematology
      system. The increase in sales of instrument consumables was due primarily
      to increased sales of VetTest<sup><font size="1">&#174;</font></sup> slides.
      CAG revenue grew 5% due to the favorable impact of foreign currency exchange.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water segment
revenue for the first quarter increased 18% to $11.9 million  from $10.1 million for the
first quarter of 2003 primarily due to higher sales  volume and the favorable impact of
foreign currency exchange.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food Diagnostics
Group (FDG) revenue for the first quarter increased 7% to  $11.7 million from $11.0
million for the first quarter of 2003 primarily due to  the favorable impact of foreign
currency exchange.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
-
m o r e -</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>IDEXX Laboratories Announces First Quarter
Results  <BR>
April 19, 2004  <BR>
Page 2 of 6 </font></td></tr></table>



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Strong
revenue growth across our Companion Animal Group businesses had a  significant positive
impact on operating profit during the quarter,&#148; said  Jonathan W. Ayers, President
and CEO. &#147;Due to the strength in the business, we  are raising our revenue
expectations for the rest of 2004. While we expect some  of the incremental revenue to
drop to the bottom line, we also plan to augment  investment in certain areas in the
Companion Animal Group and our Production  Animal Services business.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Outlook for 2004</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company offers
the following guidance for the full year of 2004:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Revenue is expected to be approximately $540 to
      $545 million.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Diluted earnings per share are expected to be approximately
      $2.00 to $2.02.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company offers
the following guidance for the second quarter of 2004:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Revenue
is expected to be approximately $138 million.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Operating
margin is expected to be 19% to 19.5% of revenue.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Diluted
earnings per share are expected to be approximately $0.52.</font></td></tr></table>



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX
Laboratories, Inc., is a worldwide leader in the development and  commercialization of
innovative, technology-based products and services for  veterinary, food and water
applications. The Company&#146;s largest business is  focused on companion animal health,
combining biotechnology, medical device  technology and information technology to aid
veterinarians in providing better  medicine while building successful practices. IDEXX
Laboratories&#146; food and water  businesses are focused on employing innovative
technologies to monitor  production animal health and the safety and quality of drinking
water and milk.  Headquartered in Westbrook, Maine, IDEXX Laboratories employs more than
2,400  people and offers products to customers in over 100 countries.</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This press release
contains forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. These statements are based on management&#146;s current expectations
of future events, which are subject to risks and uncertainties. If underlying
assumptions prove inaccurate, actual results could vary materially from management&#146;s
expectations. Risks and uncertainties include timing and success of new product
introductions, competition and technological change, government regulation and obtaining
government approvals, product demand and market acceptance, availability of products and
raw materials, and litigation. A further description of these risks and uncertainties
and other factors can be found in the Company&#146;s Annual Report on Form 10-K for the
year ended December 31, 2003, in the section captioned &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations.&#148; The
Company assumes no obligation to update any forward-looking statements as a result of
new information or future events or developments.</I></FONT></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
-
m o r e -</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>IDEXX Laboratories Announces First Quarter
Results <BR>
April 19, 2004 <BR>
Page 3 of 6 </font></td></tr></table>





<p><table width=600><tr><td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <BR>
      Consolidated Statement of Operations</B> <br>
      <I>Amounts in thousands except
      per share data (Unaudited) </I></FONT></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;&nbsp;&nbsp;</td>
    <td width="276">&nbsp;</td>
    <td width="22">
      <p align=left><font size="1">&nbsp;</font></p>
    </td>
    <td colspan="3" align="center">
      <p align=center><font size="1"><b>Three Months Ended</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td rowspan="2" width="98">&nbsp;</td>
    <td rowspan="2" width="21">&nbsp;</td>
    <td rowspan="2" width="276">&nbsp;</td>
    <td rowspan="2" width="22">&nbsp;</td>
    <td align="right" rowspan="2" width="71">
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2004</b></font></p>
    </td>
    <td align="right" rowspan="2" width="21">&nbsp;&nbsp;&nbsp;</td>
    <td align="right" rowspan="2" width="91">
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2003</b></font></p>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p><font size="1"><b>Revenue:</b></font></p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Revenue</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">$ 133,417</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">$ 109,247</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p><font size="1"><b>Expenses and </b></font></p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td width="22">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width="71">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p><font size="1"><b>Income:</b></font></p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Cost of revenue</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">66,371 </font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 57,785</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Gross profit</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">67,046</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 51,462</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Sales and marketing expense</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">20,983 </font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 16,323</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">General and administrative expense</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">12,242</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 10,355</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Research and development expense</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">8,520</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 7,337</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Income from operations</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">25,301</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 17,447</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Interest income</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">729</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 690</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Income before provision for income taxes</font></p>
    </td>
    <td width="22">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width="71">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">&nbsp;</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1"> &nbsp;&nbsp;and partner&#146;s interest</font></p>
    </td>
    <td width="22">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width="71">
      <p><font size="1">26,030</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">18,137</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Partner's share of consolidated loss</font></p>
    </td>
    <td width="22">
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width="71">
      <p><font size="1">133</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">- </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Provision for income taxes</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">8,372</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 6,075</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p><font size="1"><b>Net Income:</b></font></p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Net income</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">$ 17,791</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">$ 12,062</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Earnings per share: Basic</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">$ 0.51</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">$ 0.36 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Earnings per share: Diluted</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">$ 0.49 </font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1">$ 0.34 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Shares outstanding: Basic</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">34,775</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 33,812 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">
      <p>&nbsp;</p>
    </td>
    <td width="21">&nbsp;</td>
    <td width="276">
      <p><font size="1">Shares outstanding: Diluted</font></p>
    </td>
    <td width="22">
      <p>&nbsp;</p>
    </td>
    <td align="right" width="71">
      <p><font size="1">36,437</font></p>
    </td>
    <td align="right" width="21">&nbsp;</td>
    <td align="right" width="91">
      <p><font size="1"> 35,520 </font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="98">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <BR>
Key Operating Ratios</B><I> (Unaudited)</I></FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=98>
      <p>&nbsp;</p>
    </td>
    <td width=22><font size="1"></font></td>
    <td width=273>
      <p><font size="1"><b>&nbsp;</b></font></p>
    </td>
    <td width=24>
      <p>&nbsp;</p>
    </td>
    <td colspan="3" align="center">
      <p><font size="1"><b>&nbsp;<b>Three Months Ended</b></b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98>&nbsp;</td>
    <td width=22>&nbsp;</td>
    <td width=273>&nbsp;</td>
    <td width=24>&nbsp;</td>
    <td align="right" width=71>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2004</b></font></p>
    </td>
    <td width=21><font size="1">&nbsp;&nbsp;&nbsp;</font><font size="1"></font></td>
    <td align="right" width=91>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2003</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98>&nbsp;</td>
    <td width=22>&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98 rowspan="4"><font size="1"><b>Key Operating <br>
      </b></font><font size="1"><b>Ratios (as a <br>
      </b></font><font size="1"><b>percentage of <br>
      </b></font><font size="1"><b>revenue):</b></font></td>
    <td width=22 rowspan="4">&nbsp;</td>
    <td width=273 rowspan="4">
      <p><font size="1">Gross profit</font></p>
    </td>
    <td width=24 rowspan="4">&nbsp;</td>
    <td width=71 rowspan="4" align="right">
      <p><font size="1">50.3%</font></p>
    </td>
    <td width=21 rowspan="4">&nbsp;</td>
    <td width=91 rowspan="4" align="right">
      <p><font size="1">&nbsp;47.1%</font></p>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=98 rowspan="2">&nbsp;</td>
    <td width=22 rowspan="2">&nbsp;</td>
    <td width=273 rowspan="2">
      <p><font size="1">Sales, marketing, general and </font><font size="1">administrative
        expense</font></p>
    </td>
    <td width=24 rowspan="2">&nbsp;</td>
    <td align="right" width=71 rowspan="2">
      <p><font size="1">24.9%</font></p>
    </td>
    <td width=21 rowspan="2">&nbsp;</td>
    <td align="right" width=91 rowspan="2">
      <p><font size="1">&nbsp;24.4%</font></p>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=98>
      <p>&nbsp;</p>
    </td>
    <td width=22><font size="1"></font></td>
    <td width=273>
      <p><font size="1">Research and development expense</font></p>
    </td>
    <td width=24>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="1">6.4%</font></p>
    </td>
    <td width=21><font size="1"></font></td>
    <td align="right" width=91>
      <p><font size="1">&nbsp;6.7%</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98>&nbsp;</td>
    <td width=22>&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98>
      <p>&nbsp;</p>
    </td>
    <td width=22><font size="1"></font></td>
    <td width=273>
      <p><font size="1">Income from operations</font></p>
    </td>
    <td width=24>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p><font size="1">19.0%</font></p>
    </td>
    <td width=21><font size="1"></font></td>
    <td align="right" width=91>
      <p><font size="1">&nbsp;16.0%</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98>&nbsp;</td>
    <td width=22>&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=98 rowspan="2">
      <p><font size="1"><b>International <br>
        </b></font><font size="1"><b>Revenue:</b></font></p>
      </td>
    <td width=22 rowspan="2">&nbsp;</td>
    <td width=273 rowspan="2">
      <p><font size="1">International revenue</font></p>
      </td>
    <td width=24 rowspan="2">&nbsp;</td>
    <td align="right" width=71 rowspan="2">
      <p><font size="1">31.3%</font></p>
      </td>
    <td width=21 rowspan="2">&nbsp;</td>
    <td align="right" width=91 rowspan="2">
      <p><font size="1">30.4%</font></p>
      </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=98>&nbsp;</td>
    <td width=22>&nbsp;</td>
    <td colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
-
m o r e -</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->





<p><table width=600><tr><td><font size=2>IDEXX Laboratories Announces First Quarter
Results <BR>
April 19, 2004 <BR>
Page 4 of 6 </font></td></tr></table>





<p><table width=600><tr>
    <td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <br>
      Segment Information</B> <BR>
<I>Amounts in thousands (Unaudited) </I></FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p>&nbsp;</p>
    </td>
    <td width=63>
      <p><font size="1"><b>&nbsp;</b></font></p>
    </td>
    <td colspan="4" align="center">
      <p><font size="1"><b>Three Months Ended</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=201>&nbsp;</td>
    <td width=63>&nbsp;</td>
    <td align="right" width=74>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2004</b></font></p>
    </td>
    <td width=26>&nbsp;</td>
    <td align="right" width=71>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2003</b></font></p>
    </td>
    <td width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p><font size="1"><b>Revenue:</b></font></p>
    </td>
    <td width=23>&nbsp;&nbsp;&nbsp;</td>
    <td width=201>
      <p><font size="1">Companion Animal Group</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">$ 109,830</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;$ 88,188</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Water</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">11,854</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;10,068</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Food Diagnostics Group</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">11,733</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;10,991</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Total</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">$ 133,417</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;$ 109,247</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p>&nbsp;</p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p><font size="1"><b>Gross Profit:</b></font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Companion Animal Group</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">$ 52,076</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;$ 39,407</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Water</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">7,993</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;6,564</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Food Diagnostics Group</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">6,977</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp; 5,491</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Total</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">$ 67,046</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;$ 51,462</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p>&nbsp;</p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=71>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131 rowspan="2">
      <p><font size="1"><b>Income from <br>
        </b></font><font size="1"><b>Operations:</b></font></p>
    </td>
    <td width=23 rowspan="2">&nbsp;</td>
    <td width=201 rowspan="2"><font size="1">Companion Animal Group</font></td>
    <td width=63 rowspan="2">&nbsp;</td>
    <td align="right" width=74 rowspan="2"><font size="1">$ 18,248</font></td>
    <td align="left" width=26 rowspan="2">&nbsp;</td>
    <td align="right" width=71 rowspan="2"><font size="1">&nbsp;$ 12,687</font></td>
    <td align="left" width=11 rowspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Water</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">5,055</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;4,113</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Food Diagnostics Group</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">2,923</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp; 1,445</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Other</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">(925</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp; (798</font></p>
    </td>
    <td align="left" width=11><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Total</font></p>
    </td>
    <td width=63>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">$ 25,301</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;$ 17,447</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>&nbsp;</td>
    <td width=23>&nbsp;</td>
    <td width=446 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td width=63>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=74>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131 rowspan="4">
      <p><font size="1"><b>Gross Profit <br>
        </b></font><font size="1"><b>(as a <br>
        </b></font><font size="1"><b>percentage of <br>
        </b></font><font size="1"><b>revenue):</b></font></p>
    </td>
    <td width=23 rowspan="4">&nbsp;</td>
    <td width=201 rowspan="4">
      <p><font size="1">Companion Animal Group</font></p>
    </td>
    <td width=63 rowspan="4">&nbsp;</td>
    <td align="right" width=74 rowspan="4">
      <p><font size="1">47.4%</font></p>
    </td>
    <td align="left" width=26 rowspan="4">&nbsp;</td>
    <td align="right" width=71 rowspan="4">
      <p><font size="1">&nbsp;44.7%</font></p>
    </td>
    <td align="left" width=11 rowspan="4">&nbsp;</td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Water</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">67.4%</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;65.2%</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Food Diagnostics Group</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">59.5%</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;50.0%</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131 rowspan="4">
      <p><font size="1"><b>Income from <br>
        </b></font><font size="1"><b>Operations (as a <br>
        </b></font><font size="1"><b>percentage of <br>
        </b></font><font size="1"><b>revenue):</b></font></p>
      </td>
    <td width=23 rowspan="4">&nbsp;</td>
    <td width=201 rowspan="4">
      <p><font size="1">Companion Animal Group</font></p>
      </td>
    <td width=63 rowspan="4">&nbsp;</td>
    <td align="right" width=74 rowspan="4">
      <p><font size="1">&nbsp;</font><font size="1">16.6%</font></p>
      </td>
    <td align="left" width=26 rowspan="4">&nbsp;</td>
    <td align="right" width=71 rowspan="4">
      <p><font size="1">&nbsp;14.4%</font></p>
      </td>
    <td align="left" width=11 rowspan="4">&nbsp;</td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Water</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">42.6%</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;40.9%</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=131>
      <p>&nbsp;</p>
    </td>
    <td width=23>&nbsp;</td>
    <td width=201>
      <p><font size="1">Food Diagnostics Group</font></p>
    </td>
    <td width=63>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=74>
      <p><font size="1">24.9%</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=71>
      <p><font size="1">&nbsp;13.1%</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
-
m o r e -</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->



<p><table width=600><tr><td><font size=2>IDEXX Laboratories Announces First Quarter
Results <BR>
April 19, 2004 <BR>
Page 5 of 6 </font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <BR>
Consolidated Balance Sheet</B> <BR>
<I>Amounts in thousands (Unaudited) </I></FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td rowspan="2" width=96>&nbsp;</td>
    <td rowspan="2" width=9>&nbsp;</td>
    <td rowspan="2" width=257>&nbsp;</td>
    <td rowspan="2" width=30>&nbsp;</td>
    <td rowspan="2" align="right" width=76>
      <p><font size="1"><b>March 31, </b><br>
        <b>2004</b></font></p>
    </td>
    <td rowspan="2" width=33>&nbsp;</td>
    <td rowspan="2" align="right" width=88>
      <p><font size="1"><b>December 31, <br>
        2003</b></font></p>
    </td>
    <td rowspan="2" align="right" width=11>&nbsp;</td>
  </tr>
  <tr> </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p><font size="1"><b>Assets:</b></font></p>
    </td>
    <td width=9><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=257>
      <p><font size="1"><b>Current Assets:</b></font></p>
    </td>
    <td width=30>
      <p><font size="1">&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td width=76>
      <p>&nbsp;</p>
    </td>
    <td width=33>
      <p>&nbsp;</p>
    </td>
    <td width=88>
      <p>&nbsp;</p>
    </td>
    <td width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Cash and cash equivalents</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">$ 180,510</font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"></font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp;$ 186,717</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Short-term investments</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1"> 28,911</font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"></font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 33,988</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Accounts receivable, net</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1"> 61,466 </font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"></font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 53,976 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Inventories</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1"> 75,863 </font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"></font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 75,333 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Other current assets</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">&nbsp; 20,128</font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"></font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 20,575 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Total current assets</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">&nbsp;366,878</font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp;370,589</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Long-term investments</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">33,787</font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp;35,082</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Property and equipment - cost</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">117,586</font></p>
    </td>
    <td align="left" width=33>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 112,023 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Less - accumulated depreciation</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">69,193</font></p>
    </td>
    <td align="left" width=33>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 66,799 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Property and equipment, net</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">48,393</font></p>
    </td>
    <td align="left" width=33>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp; 45,224 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Other long-term assets, net</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">&nbsp;74,027</font></p>
    </td>
    <td align="left" width=33>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp;70,980</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Total assets</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">$ 523,085</font></p>
    </td>
    <td align="left" width=33>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=88>
      <p><font size="1">&nbsp;$ 521,875 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96 rowspan="3">
      <p><font size="1"><b>Liabilities and <br>
        </b></font><font size="1"><b>Stockholders&#146; <br>
        </b></font><font size="1"><b>Equity:</b></font></p>
      </td>
    <td width=9 rowspan="3">&nbsp;</td>
    <td width=257 rowspan="3">
      <p><font size="1"><b>Current Liabilities:</b></font></p>
      </td>
    <td width=30 rowspan="3">&nbsp;</td>
    <td align="right" width=76 rowspan="3">
      <p>&nbsp;</p>
      </td>
    <td align="left" width=33 rowspan="3">&nbsp;</td>
    <td align="right" width=88 rowspan="3">&nbsp;</td>
    <td align="left" width=11 rowspan="3">&nbsp;</td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Accounts payable</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">$ 14,848</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1">$ 19,160 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Accrued expenses</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">63,592</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 72,807 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Notes payable</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">744</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 494 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Deferred revenue</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">8,252</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 8,275 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Total current liabilities</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">87,436</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 100,736 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Total long-term liabilities</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">8,051</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 7,061 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Partner's interest in subsidiary</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">653</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 786 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p>&nbsp;</p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Stockholders&#146; Equity:</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p align=left><font size="1">&nbsp;</font></p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p align=left><font size="1">Common stock</font></p>
    </td>
    <td width=30>
      <p align=left><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=76>
      <p align=right><font size="1">4,489</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p align=right><font size="1"> 4,439</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Additional paid-in capital</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">399,004</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 383,249 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Deferred equity-based compensation</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">576</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 138 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Retained earnings</font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">258,141</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 240,350 </font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Treasury stock, at cost</font></p>
    </td>
    <td width=30>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=76>
      <p><font size="1"> (241,545</font></p>
    </td>
    <td align="left" width=33><font size="1">)</font></td>
    <td align="right" width=88>
      <p><font size="1">(219,449</font></p>
    </td>
    <td align="left" width=11><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1">Accumulated other comprehensive income</font></p>
    </td>
    <td width=30>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=76>
      <p><font size="1">6,280</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1">4,565</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Total stockholders&#146; equity</b></font></p>
    </td>
    <td width=30>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=76>
      <p><font size="1">426,945</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1"> 413,292</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=96>
      <p>&nbsp;</p>
    </td>
    <td width=9>&nbsp;</td>
    <td width=257>
      <p><font size="1"><b>Total liabilities and stockholders&#146; equity</b></font></p>
    </td>
    <td width=30>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=76>
      <p><font size="1">$ 523,085</font></p>
    </td>
    <td align="left" width=33>&nbsp;</td>
    <td align="right" width=88>
      <p><font size="1">$ 521,875</font></p>
    </td>
    <td align="left" width=11>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=96>&nbsp;</td>
    <td width=9>&nbsp;</td>
    <td width=495 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <BR>
Key
Balance Sheet Statistics</B> <I>(Unaudited) </I></FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td rowspan="2" width=95>&nbsp;</td>
    <td rowspan="2" width=14>&nbsp;</td>
    <td rowspan="2" width=220>&nbsp;</td>
    <td rowspan="2" width=64>&nbsp;</td>
    <td rowspan="2" align="right" width=75>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2004</b></font></p>
    </td>
    <td rowspan="2" width=33>&nbsp;</td>
    <td rowspan="2" align="right" width=99>
      <p><font size="1"><b>December 31, <br>
        </b></font><font size="1"><b>2003</b></font></p>
    </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=95>&nbsp;</td>
    <td width=14>&nbsp;</td>
    <td width=491 colspan="5">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=95 rowspan="2">
      <p><font size="1"><b>Key Balance <br>
        </b></font><font size="1"><b>Sheet Statistics:</b></font></p>
      </td>
    <td width=14 rowspan="2">&nbsp;&nbsp;</td>
    <td width=220 rowspan="2">
      <p><font size="1">Days sales outstanding</font></p>
      </td>
    <td width=64 rowspan="2">&nbsp;</td>
    <td align="right" width=75 rowspan="2">
      <p><font size="1">39</font></p>
      </td>
    <td width=33 rowspan="2">&nbsp;</td>
    <td align="right" width=99 rowspan="2">
      <p><font size="1">&nbsp;38</font></p>
      </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=95>
      <p>&nbsp;</p>
    </td>
    <td width=14>&nbsp;</td>
    <td width=220>
      <p><font size="1">Inventory turns</font></p>
    </td>
    <td width=64>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=75>
      <p><font size="1">1.9</font></p>
    </td>
    <td width=33>
      <p><font size="1"> </font></p>
    </td>
    <td align="right" width=99>
      <p><font size="1">&nbsp;1.9</font></p>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
-
m o r e -</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->




<p><table width=600><tr><td><font size=2>IDEXX Laboratories Announces First Quarter
Results <BR>
April 19, 2004 <BR>
Page 6 of 6 </font></td></tr></table>



<p><table width=600><tr><td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <BR>
Consolidated Statement of Cash Flows</B> <BR>
<I>Amounts in thousands (Unaudited) </I></FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p>&nbsp;</p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td colspan="4" align="center">
      <p><font size="1">&nbsp;<b>Three Months Ended</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td rowspan="2" width=69>&nbsp;</td>
    <td rowspan="2" width=25>&nbsp;</td>
    <td rowspan="2" width=311>&nbsp;</td>
    <td rowspan="2" width=12>&nbsp;</td>
    <td rowspan="2" align="right" width=68>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2004</b></font></p>
    </td>
    <td rowspan="2" align="right" width=26>&nbsp;</td>
    <td rowspan="2" align="right" width=81>
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2003</b></font></p>
    </td>
    <td rowspan="2" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p><font size="1"><b>Operating:</b></font></p>
    </td>
    <td width=25>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width=311>
      <p><font size="1"><b>Cash Flows from Operating Activities:</b></font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td width=68>
      <p>&nbsp;</p>
    </td>
    <td width=26>
      <p>&nbsp;</p>
    </td>
    <td width=81>
      <p>&nbsp;</p>
    </td>
    <td width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p align=left><font size="1">&nbsp;</font></p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p align=left><font size="1">Net income</font></p>
    </td>
    <td width=12>
      <p align=left><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p align=right><font size="1">$ 17,791</font></p>
    </td>
    <td align="left" width=26>
      <p align=left>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p align=right><font size="1">$ 12,062</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Non-cash charges</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">11,663</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1"></font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> 5,567 </font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=311><font size="1">Changes in current assets and liabilities, net
      of <br>
      &nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1">acquisitions and disposals</font></td>
    <td width=12>&nbsp;</td>
    <td align="right" width=68><font size="1">(18,786</font></td>
    <td align="left" width=26><font size="1">)</font></td>
    <td valign="bottom" align="right" width=81><font size="1">11,915</font></td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Net cash provided by operating activities</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">$ 10,668</font></p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">$ 29,544</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p><font size="1"><b>Investing:</b></font></p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1"><b>Cash Flows from Investing Activities:</b></font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Increase (decrease) in investments, net</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">6,418</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1"></font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> (1,771</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Purchase of property and equipment, net</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">(6,003</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> (3,089</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Acquisition of businesses and intangible assets</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">(5,342</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">-</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Acquisition of equipment leased to customers</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">(466</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">) </font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> (468</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Net cash used by investing activities</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">$ (5,393 </font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">$ (5,328</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p><font size="1"><b>Financing:</b></font></p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1"><b>Cash Flows from Financing Activities:</b></font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p>&nbsp;</p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p><font size="1"><b>&nbsp;</b></font></p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Repayments of note payable</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">(254</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">-</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Purchase of treasury stock</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">(22,417</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> (9,257</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Proceeds from the exercise of stock options</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">11,005</font></p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> 4,745</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Net cash used by financing activities</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">$ (11,666</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">$ (4,512</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Net effect of exchange rate changes</font></p>
    </td>
    <td width=12>
      <p>&nbsp;</p>
    </td>
    <td align="right" width=68>
      <p><font size="1">184</font></p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">(41</font></p>
    </td>
    <td valign="bottom" align="left" width=8><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Net increase (decrease) in cash and cash equivalents</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">(6,207</font></p>
    </td>
    <td align="left" width=26>
      <p><font size="1">)</font></p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> 19,663</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Cash and cash equivalents, beginning of period</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">186,717</font></p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1"> 113,788</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=69>
      <p>&nbsp;</p>
    </td>
    <td width=25>&nbsp;</td>
    <td width=311>
      <p><font size="1">Cash and cash equivalents, end of period</font></p>
    </td>
    <td width=12>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right" width=68>
      <p><font size="1">$ 180,510</font></p>
    </td>
    <td align="left" width=26>
      <p>&nbsp;</p>
    </td>
    <td valign="bottom" align="right" width=81>
      <p><font size="1">$ 133,451</font></p>
    </td>
    <td valign="bottom" align="left" width=8>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=69>&nbsp;</td>
    <td width=25>&nbsp;</td>
    <td width=506 colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><FONT SIZE="2"><B>IDEXX Laboratories, Inc. and Subsidiaries <BR>
Free
Cash Flow</B> <I>(Unaudited) </I></FONT></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td colspan="4" align="center">
      <p><font size="1"><b>Three Months Ended</b></font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"><b>March 31, <br>
      </b></font><font size="1"><b>2004</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <p><font size="1"><b>March 31, <br>
        </b></font><font size="1"><b>2003</b></font></p>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1"><b>Free Cash <br>
        </b></font><font size="1"><b>Flow:</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="1">Net cash provided by operating activities</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right"><font size="1">$ 10,668</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">
      <p><font size="1">$ 29,544</font></p>
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="1">Purchase of property and equipment</font></p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right"><font size="1">(6,003</font></td>
    <td align="left"><font size="1">)</font></td>
    <td valign="bottom" align="right">
      <p><font size="1"> (3,089</font></p>
    </td>
    <td valign="bottom" align="left"><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="1">Acquisition of equipment leased to customers</font></p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right"><font size="1">(466</font></td>
    <td align="left"><font size="1">)</font></td>
    <td valign="bottom" align="right">
      <p><font size="1"> (468</font></p>
    </td>
    <td valign="bottom" align="left"><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="1"><b>Free cash flow</b></font></p>
    </td>
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td align="right"><font size="1">$ 4,199 </font></td>
    <td align="right">&nbsp;</td>
    <td valign="bottom" align="right">
      <p><font size="1">$ 25,987</font></p>
    </td>
    <td valign="bottom" align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td>
      <p><font size="1">&nbsp;</font></p>
    </td>
    <td>&nbsp;</td>
    <td colspan="6">
      <p><font size="1">Free cash flow indicates the cash generated from operations
        reduced by investments in capital and other long-term assets. Free cash
        flow excludes financing activities, investments in monetary securities,
        and business acquisitions and divestitures. We feel free cash flow is
        a useful measure because it indicates the cash the operations of the business
        are generating after appropriate reinvestment for recurring investments
        in fixed assets that are required to operate the business. We believe
        this is a common financial measure useful to further evaluate the results
        of operations.</font></p>
    </td>
  </tr>
</table>
<P>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
-
I D E X X -</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



</body>
</html>

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