EX-99.2 4 dex992.htm SELECTED FINANCIAL DATA Selected Financial Data

EXHIBIT 99.2

 

SELECTED FINANCIAL DATA

BIO-RAD LABORATORIES, INC.

(in thousands, except per share data)

 

     Year Ended December 31,
  
     2001
     2002
     2003
  
Income Statement Data:                         

Net sales

    $ 789,639     $ 865,006     $ 979,631  

Cost of goods sold

      345,964       365,451       423,401  
    
 
 

Gross profit

      443,675       499,555       556,230  

Selling, general and administrative expense

      257,684       281,579       317,524  

Product research and development expense

      73,922       79,788       91,273  

Purchased in process research and development expense

      —         —         —    

Goodwill amortization(1)

      7,746       —         —    

Loss on divestitures(2)

      5,150       —         —    

Interest expense

      24,088       28,207       31,006  

Foreign exchange losses

     2,097       5,441       4,080  

Other (income) expense, net

      10,031       (678 )     (3,012 )
    
 
 

Income from continuing operations before taxes

      62,957       105,218       115,359  

Provision for income taxes

      (20,132 )     (36,692 )     (38,055 )
    
 
 

Income from continuing operations

      42,825       68,526       77,304  

Discontinued operations(3)

Income (loss) from discontinued operations (net of tax)

      1,354       (663 )     (1,133 )

Gain on divestiture (net of tax)

      —         —         —    
    
 
 

Total income (loss) from discontinued operations

      1,354       (663 )     (1,133 )
    
 
 

Net income

    $ 44,179     $ 67,863     $ 76,171  
    
 
 

Basic earnings per share:

                         

Continuing operations

    $ 1.74     $ 2.73     $ 3.04  

Discontinued operations

      0.05       (0.03 )     (0.04 )
    
 
 

Basic earnings per share(4)

    $ 1.79     $ 2.70     $ 3.00  
    
 
 

Diluted earnings per share:

                         

Continuing operations

    $ 1.68     $ 2.63     $ 2.94  

Discontinued operations

      0.06       (0.02 )     (0.04 )
    
 
 

Diluted earnings per share(4)

    $ 1.74     $ 2.61     $ 2.90  
    
 
 

Cash dividends paid per common share

      —         —         —    
    
 
 

     Year Ended December 31,
     2001
    2002
    2003

Balance Sheet Data (at period end):

                     

Cash

    $ 47,129    $ 27,733    $ 148,642

Total assets

    $ 684,028    $ 720,703    $ 986,858

Long-term debt, net of current maturities

    $ 188,423    $ 105,768    $ 225,835

Total debt

    $ 198,354    $ 113,254    $ 236,258

Stockholders’ equity

    $ 283,877    $ 383,087    $ 495,807
(1) In 2002, Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets” became effective. We adopted SFAS No. 142 and ceased to amortize approximately $77.7 million of goodwill. We had recorded approximately $7.7 million of amortization of these amounts during 2001. In lieu of amortization, we were required to perform an initial impairment review of goodwill in 2002 and an annual impairment review thereafter. We did not record an impairment charge upon completion of the initial impairment review. However, there can be no assurance that a material impairment charge will not be recorded in future periods.
(2) In 2001, we experienced a loss of $5.2 million on sale of the assets and certain liabilities of our spectroscopy business.
(3) On May 31, 2004, we sold a group of the Life Science Division’s assets and transferred certain liabilities that comprise a substantial portion of our confocal microscopy product line to Carl Zeiss Jena GMBH. Proceeds received were $19.8 million and costs included net assets of $5.7 million, lease settlements of $6.7 million and severance, legal and other costs of $1.7 million resulting in a pre-tax gain of $5.7 million. Payments on the lease liabilities will continue until 2008. All other costs should be settled by December 31, 2004. As required by SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” with the disposition of this asset group, the sales and expenses related to this product line for current and prior periods have been reclassified as a separate line on the income statement titled “Discontinued Operations.” The discontinued operations generated net sales of $27.9 million, $27.7 million and $23.8 million for the twelve months ended December 31, 2001, 2002 and 2003, respectively. Pre-tax operating income attributable to discontinued operations for the twelve months ended December 31, 2001 was $2.0 million. The pre-tax operating losses attributable to the discontinued operations for the twelve months ended December 31, 2002 and 2003 were $0.8 million and $1.7 million, respectively.
(4) Restated to give effect to a two-for-one stock split in the form of a 100% stock dividend in 2002.