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<SEC-DOCUMENT>0000012208-05-000013.txt : 20050505
<SEC-HEADER>0000012208-05-000013.hdr.sgml : 20050505
<ACCEPTANCE-DATETIME>20050505165703
ACCESSION NUMBER:		0000012208-05-000013
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050331
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20050505
DATE AS OF CHANGE:		20050505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIO RAD LABORATORIES INC
		CENTRAL INDEX KEY:			0000012208
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				941381833
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07928
		FILM NUMBER:		05804322

	BUSINESS ADDRESS:	
		STREET 1:		1000 ALFRED NOBEL DR
		CITY:			HERCULES
		STATE:			CA
		ZIP:			94547
		BUSINESS PHONE:		5107247000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>r8kq105.txt
<TEXT>

               SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C.  20549





                            FORM 8-K




                         CURRENT REPORT
               Pursuant to Section 13 or 15(d) of
              The Securities Exchange Act of 1934


                Date of Report:  March 31, 2005
               (Date of earliest event reported)


                   BIO-RAD LABORATORIES, INC.
  ________________________________________________________________
     (exact name of registrant as specified in its charter)


                       Commission File: 1-7928

      Delaware                                  94-1381833
  ________________________________________________________________
    (State or other                         (I.R.S. Employer
    jurisdiction of                        Identification No.)
   incorporation or
     organization)



                     1000 Alfred Nobel Dr.
                   Hercules, California 94547
  ________________________________________________________________
    (Address of Principal executive offices, including zip code)

                         (510) 724-7000
  ________________________________________________________________
      (Registrant's telephone number, including area code)



  <page>





  ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

       The information in Item 2.02 of this Report, including Exhibit 99.1
  attached hereto, is being furnished pursuant to Item 2.02 of Form 8-K.
  Consequently, it is not deemed "filed" for the purposes of Section 18 of
  the Securities and Exchange Act of 1934, as amended, or otherwise subject
  to the liabilities of that section. It may only be incorporated by
  reference in another filing under the Exchange Act or Securities Act of
  1933, as amended, if such subsequent filing specifically references this
  Form 8-K.

       On May 5, 2005, Bio-Rad Laboratories, Inc. announced its results
  of operations and financial condition as of and for the first quarter ended
  March 31, 2005.  A copy of the press release is attached hereto as
  Exhibit 99.1 and is incorporated herein by reference.






  ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.


       (c)  Exhibits

  Exhibit
  Number                            Description

  99.1   Press Release for first quarter financial results of Bio-Rad
         Laboratories, Inc., dated May 5,2005. This exhibit
         is being furnished pursuant to Item 2.02 of Form 8-K.








   <page>

                                 SIGNATURES



       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.


                                        BIO-RAD LABORATORIES,INC.



  Date:  May 5, 2005              By: /s/ Christine A. Tsingos
                                            Christine A. Tsingos
                                            Chief Financial Officer


  <page>


                              EXHIBIT INDEX

  Exhibit
  Number                       Description


  99.1   Press Release for first quarter financial results of Bio-Rad
         Laboratories, Inc., dated May 5, 2005.  This exhibit
         is being furnished pursuant to Item 2.02 of Form 8-K.



<page>




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exb991.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Bio-Rad Laboratories, Inc</TITLE>
<META NAME="author" CONTENT="Stephanie Trudrung">
<META NAME="date" CONTENT="05/05/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Arial"><BR>
<BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=591 colspan=5><P style="margin-top:4.15pt; margin-bottom:4.15pt; line-height:15pt; font-family:Arial" align=right><B>Exhibit 99.1</B></P>
<P style="margin-top:4.15pt; margin-bottom:4.15pt; line-height:15pt; font-family:Arial">FOR IMMEDIATE RELEASE</P>
<P style="margin:0pt; line-height:17pt; font-family:Arial" align=center>Bio-Rad Reports First Quarter Financial Results</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">HERCULES, CA &#150; May 5, 2005 &#150; Bio-Rad Laboratories, Inc. (AMEX: BIO and BIOb), a multinational manufacturer and distributor of life science research products and clinical diagnostics, announced financial results today for the first quarter ended March 31, 2005. First-quarter net sales from continuing operations were $299.2 million, up 13.9 percent compared to the $262.7 million reported for the first quarter of 2004. On a currency-neutral basis, revenues increased 10.2 percent compared to the first quarter of 2004. This sales growth was the result of gains across a broad array of product areas. Income from continuing operations was $29.5 million compared to $22.6 million in the first quarter last year. Net income for the quarter was $33.5 million. This includes a $4 million gain recorded in discontinued operations related to the sale of the confocal microscopy business. This gain is a result of the resolution of a lease commitment in the UK.
 </P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">First-Quarter Highlights</P>
<P style="margin-top:0pt; margin-bottom:-18pt; padding-left:54pt; text-indent:-36pt; line-height:18pt; font-family:Helvetica 55 Roman">-</P>
<P style="margin:0pt; padding-left:54pt; line-height:16pt; font-family:Helvetica 55 Roman"><FONT FACE="Arial">Fully diluted earnings were $1.26 per share, compared to $0.83 reported for the first quarter of 2004.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-18pt; padding-left:54pt; text-indent:-36pt; line-height:18pt; font-family:Helvetica 55 Roman">-</P>
<P style="margin:0pt; padding-left:54pt; line-height:16pt; font-family:Helvetica 55 Roman"><FONT FACE="Arial">Life Science segment net sales from continuing operations for the quarter were $144.1 million, up 18.5 percent from the $121.6 million reported last March. On a currency-neutral basis, sales in this area increased by 14.9 percent.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-18pt; padding-left:54pt; text-indent:-36pt; line-height:18pt; font-family:Helvetica 55 Roman">-</P>
<P style="margin:0pt; padding-left:54pt; line-height:16pt; font-family:Helvetica 55 Roman"><FONT FACE="Arial">The Clinical Diagnostics segment reported consistent growth in its core businesses with total net sales of $151.9 million, a 9.4 percent increase over the comparable period last year. On a currency-neutral basis, segment sales increased 5.5 percent over the first quarter of 2004. &nbsp;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-18pt; padding-left:54pt; text-indent:-36pt; line-height:18pt; font-family:Helvetica 55 Roman">-</P>
<P style="margin:0pt; padding-left:54pt; line-height:16pt; font-family:Helvetica 55 Roman"><FONT FACE="Arial">The settlement of the UK lease commitment along with certain other one-time international tax benefits caused the Company&#146;s effective tax rate to fall for the quarter to 22.5%.</FONT></P>
<P style="margin-top:0pt; margin-bottom:-18pt; padding-left:54pt; text-indent:-36pt; line-height:18pt; font-family:Helvetica 55 Roman">-</P>
<P style="margin:0pt; padding-left:54pt; line-height:16pt; font-family:Helvetica 55 Roman"><FONT FACE="Arial">In March, the Japanese government overturned an injunction against Bio-Rad, enabling the company to resume sales of its real time PCR instrumentation in that country. Positive sales effects are expected to materialize in the second quarter of 2005. &nbsp;&nbsp;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-18pt; padding-left:18pt; text-indent:-18pt; line-height:18pt; font-family:Arial">-</P>
<P style="margin:0pt; padding-left:18pt; line-height:16pt; font-family:Arial">Throughout the first quarter, the company&#146;s new Experion<SUP>TM</SUP> Electrophoresis System was well received by customers worldwide. </P>
<P style="margin:0pt; padding-left:18pt; text-indent:-18pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">For the Life Science segment, growth in the first quarter was the result of a combination of factors including substantial sales of amplification reagents, process chromatography media and the Bio-Plex<SUP>TM</SUP> protein assay system. This growth was somewhat tempered, however, by erosion in the average selling price of BSE tests and competition in the real time PCR instrumentation business.</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial" align=center>(more)</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">Bio-Rad First Quarter </P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Arial"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:16pt; font-family:Arial"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=591 colspan=5><P style="margin:0pt; line-height:16pt; font-family:Arial">Overall, the Clinical Diagnostics segment experienced considerable growth due to increased worldwide sales of its quality control products, continued success in the U.S. with its Aspergillus test, as well as consistent demand in the U.S., Japanese and Asian markets for its blood virus products including the Evolis<SUP>TM</SUP> System.</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">&#147;While we are still somewhat cautious about 2005, first quarter financial results are a healthy start for the year,&#148; said President and Chief Executive Officer Norman Schwartz. &#147;Additionally, the integration of MJ Research is proceeding as planned. Full assimilation of the sales efforts were completed during the first quarter and we have begun to experience some of the operational efficiencies. During the next several quarters, we hope to realize the full potential of the combined businesses.&#148;</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">Management will discuss these results in a conference call scheduled for 2:00 p.m. PT (5:00 p.m. ET) today, May 5, 2005. Interested parties can access the call by dialing (800) 591-6942 (in the U.S.), or (617) 614-4909 (international), access number 51782785. The live web cast can be accessed at http://www.bio-rad.com. A replay of the call will be available at (888) 286-8010 (in the U.S.), or (617) 801-6888 (international), access number 59115610 for seven days following the call and the web cast can be accessed at http://www.bio-rad.com&quot; for 30 days.</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">Bio-Rad Laboratories, Inc. (http://www.bio-rad.com&quot;) is a multinational manufacturer and distributor of life science research products and clinical diagnostics. It is based in Hercules, California, and serves more than 70,000 research and industry customers worldwide through a network of more than 30 wholly owned subsidiary offices. </P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; font-family:Arial">Various statements made within this press release may constitute &#147;forward-looking statements&#148; for purposes of the Securities and Exchange Commission&#146;s &#147;safe harbor&#148; provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. The forward-looking statements contained herein involve risks and uncertainties that could cause results to differ materially from the Company&#146;s expectations.</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">For more information, contact:<BR>
Christine Tsingos, Chief Financial Officer, or</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">Ron Hutton, Treasurer</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">Bio-Rad Laboratories, Inc.</P>
<P style="margin:0pt; line-height:16pt; font-family:Arial">Phone: &nbsp;(510) 724-7000<BR>
E-mail: investor_relations@bio-rad.com</P>
<P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:16pt; font-family:Arial"><BR></P>
<P style="page-break-before:always; margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD valign=top width=591 colspan=5><P style="margin:0pt; line-height:16pt; font-family:Helvetica 55 Roman; font-size:12pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=591 colspan=5><P style="margin:0pt; font-family:Arial" align=center>Bio-Rad Laboratories, Inc.</P>
<P style="margin:0pt; font-family:Arial" align=center>First Quarter 2005</P>
<P style="margin:0pt; font-family:Arial" align=center>Consolidated Statements of Income</P>
<P style="margin:0pt; font-family:Arial" align=center>(in thousands, except per share data)</P>
<P style="margin:0pt; font-family:Arial" align=center>(UNAUDITED)</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=171 colspan=4><P style="margin:0pt; font-family:Arial" align=center>Three Months Ended </P>
<P style="margin:0pt; font-family:Arial" align=center>March 31, </P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=center>2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Net sales</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=center>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>299,171</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=justify>$</P>
</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>262,749&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Cost of goods sold</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>132,765</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>113,485&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Gross profit</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>166,406</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>149,264&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Selling, general and administrative expense</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>99,498</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>87,057&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Product research and development expense</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>26,823</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>24,333&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Purchased in-process research and development expense</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>900</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Interest expense</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>8,117</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>5,050&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Foreign exchange (gains) losses, net</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>(277)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>202&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Other (income) expense, net</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>(5,838)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>216</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Income from continuing operations before taxes</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>38,083</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>31,506&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Provision for income taxes</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>8,563</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>8,886</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Income from continuing operations</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>29,520</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>22,620&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Loss from discontinued operations</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:14.4pt; font-family:Arial">Discontinued operations, net of tax</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>(642)</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:14.4pt; font-family:Arial">Gain on divestiture, net of tax</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>3,974</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Net income</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; padding-bottom:3pt; font-family:Arial; border-bottom:2pt double #000000" align=right>33,494</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=center>$</P>
</TD><TD valign=top width=75><P style="margin:0pt; padding-bottom:3pt; font-family:Arial; border-bottom:2pt double #000000" align=right>21,978&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Basic earnings per share:</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Continuing operations</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>1.14</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>0.88&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Discontinued operations</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>0.15</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>(0.02)</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Net income</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>1.29</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>0.86&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Weighted average common shares</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>25,909</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>25,624&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; font-family:Arial">Diluted earnings per share:</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Continuing operations</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>1.11</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>0.85&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Discontinued operations</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>0.15</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>(0.02)</P>
</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Net income</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>1.26</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>0.83&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=420><P style="margin:0pt; text-indent:21.6pt; font-family:Arial">Weighted average common<B> </B>shares</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=right>26,555</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=75><P style="margin:0pt; font-family:Arial" align=right>26,444&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=420>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=75>&nbsp;</TD></TR>
<TR><TD valign=top width=591 colspan=5><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><I>Certain items have been reclassified to conform to the current year presentation.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; padding-left:-36pt; padding-right:-49pt; font-family:Arial; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-left:-36pt; padding-right:-49pt; font-family:Courier New; font-size:12pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; padding-left:-36pt; padding-right:-49pt; font-family:Arial" align=center><BR>
<BR></P>
<P style="margin:0pt; padding-left:-36pt; padding-right:-49pt; font-family:Arial" align=center>BIO-RAD LABORATORIES, INC</P>
<P style="margin:0pt; font-family:Arial" align=center>Condensed Consolidated Balance Sheets</P>
<P style="margin:0pt; font-family:Arial" align=center>(In thousands, except share data)</P>
<P style="margin:0pt; font-family:Arial" align=center>(Unaudited)</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=403.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>March 31, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>December 31, 2004</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Current Assets:</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Cash and cash equivalents &nbsp;</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>317,898</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>195,734&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Short-term investments</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>65,907</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>165,899&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Accounts receivable, net </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>250,968</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>261,243&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; line-height:11pt; font-family:Arial; font-size:9pt">Inventories, net </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>208,920</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>205,512&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Prepaid expenses, taxes and other current assets</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>77,362</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>80,072&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:21.6pt; font-family:Arial; font-size:9pt">Total current assets </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>921,055</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>908,460&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Net property, plant and equipment </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>197,303</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>202,324</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Goodwill, net </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>113,276</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>113,276&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Other assets </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>167,280</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>167,942</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:21.6pt; font-family:Arial; font-size:9pt">Total assets</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>1,398,914</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>1,392,002&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=403.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Current liabilities:</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Notes payable and current maturities of long-term debt</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>9,658</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>9,457</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Accounts payable</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>67,145</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>71,194</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Accrued payroll and employee benefits</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>67,615</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>79,061</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Sales, income and other taxes payable</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>15,369</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>15,835</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Other current liabilities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>138,693</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>139,828</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:21.6pt; font-family:Arial; font-size:9pt">Total current liabilities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>298,480</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>315,375</P>
</TD></TR>
<TR><TD valign=top width=403.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Long-term debt, net of current maturities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>425,807</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>425,979</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Deferred tax liabilities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>26,588</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>24,772</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Other long-term liabilities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>23,753</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>28,988</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Stockholders&#146; equity</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>624,286</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>596,888</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="margin:0pt; text-indent:21.6pt; font-family:Arial; font-size:9pt">Total liabilities and stockholders&#146; equity </P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=80.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>1,398,914</P>
</TD><TD valign=top width=15.733><P style="margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=92.267><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>1,392,002</P>
</TD></TR>
<TR><TD valign=top width=403.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=80.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=607.2 colspan=5><P style="margin:0pt; font-family:Arial; font-size:9pt">&nbsp;<I>Certain items have been reclassified to conform to the current year presentation.</I></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Courier New; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Courier New; font-size:12pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Arial" align=center><BR>
<BR>
<BR></P>
<P style="margin:0pt; font-family:Arial" align=center>BIO-RAD LABORATORIES, INC.</P>
<P style="margin:0pt; font-family:Arial" align=center>Condensed Consolidated Statements of Cash Flows</P>
<P style="margin:0pt; font-family:Arial" align=center>(in thousands)</P>
<P style="margin:0pt; font-family:Arial" align=center>(Unaudited)</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=216 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=216 colspan=2><P style="margin:0pt; font-family:Arial" align=center>Three Months </P>
<P style="margin:0pt; font-family:Arial" align=center>Ended March 31,</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin:0pt; font-family:Arial" align=center>2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin:0pt; font-family:Arial" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash flows from operating activities:</P>
</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash received from customers</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;296,648</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;266,784&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash paid to suppliers and employees</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(259,242)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(221,836)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Interest paid</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(8,973)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(9,360)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Income tax payments</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(6,532)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(9.682)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Miscellaneous receipts</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>4,309</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,211&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Discontinued operations</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(1,327)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(811)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Net cash provided by operating activities</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>24,883</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>27,306&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash flows from investing activities:</P>
</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Capital expenditures, net</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(9,774)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(13,417)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Other investing activities (principally short-term investments)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>103,659</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(37,405)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Net cash used in investing activities</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>93,885</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(50,822)</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash flows from financing activities:</P>
</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Payments on long-term debt</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(121)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(117)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Other financial activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,916&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>93&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Net cash provided by (used in) financial activities</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,795&nbsp;</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(24)</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Effect of exchange rate changes on cash </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>601&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>293&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Net increase(decrease) in cash and cash equivalents</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>122,164&nbsp;</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(23,247)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash and cash equivalents at beginning of period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>195,734&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>65,395&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash and cash equivalents at end of period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>317,898&nbsp;</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>42,148&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=616.133 colspan=3><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Reconciliation of income from continuing operations to net cash provided by operating activities:</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Income from continuing operations</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;29,520&nbsp;</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ 22, 620&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Adjustments to reconcile net income to net cash provided by</P>
</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">operating activities (net of effects of acquisitions):</P>
</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Depreciation and amortization</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>15,171&nbsp;</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10,500&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Changes in working capital </P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(6,905)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(2,014)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(16,877)</P>
</TD><TD valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(3,158)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; line-height:11pt; font-family:Arial; font-size:9pt">Discontinued operations</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3,974&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(642)</P>
</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt">Net cash provided by operating activities</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=105.6><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;24,883&nbsp;</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=110.4><P style="margin-top:0pt; margin-bottom:0.75pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ 27,306&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=400.133>&nbsp;</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
<TR><TD valign=top width=400.133><P style="margin-top:0pt; margin-bottom:0.65pt; line-height:10pt; font-family:Arial; font-size:8pt"><I>Certain items have been reclassified to conform to the current year presentation</I></P>
</TD><TD valign=top width=105.6>&nbsp;</TD><TD valign=top width=110.4>&nbsp;</TD></TR>
</TABLE>
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