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<SEC-DOCUMENT>0000012208-06-000007.txt : 20060222
<SEC-HEADER>0000012208-06-000007.hdr.sgml : 20060222
<ACCEPTANCE-DATETIME>20060222172043
ACCESSION NUMBER:		0000012208-06-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051231
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060222
DATE AS OF CHANGE:		20060222

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:		06636966

	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>f8k23105.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="Tom Brida">
<META NAME="date" CONTENT="02/22/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; border-top:0.75pt solid #7F0000"><BR></P>
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<P style="margin:0pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>UNITED STATES</B></FONT></P>
<P style="margin:0pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; border-top:0.75pt solid #7F0000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>CURRENT REPORT</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt" align=center><B>Date of Report: February 22, 2006</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Date of earliest event reported)</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; border-top:0.75pt solid #7F0000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>BIO-RAD LABORATORIES, INC.</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(exact name of registrant as specified in its charter)</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; border-top:0.75pt solid #7F0000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>Commission File Number: 1-7928</B></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=270></TD><TD width=5.35></TD><TD width=264.6></TD></TR>
<TR><TD width=360><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD><TD width=352.8><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=360><P style="margin:0pt" align=center><B>Delaware</B></P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD><TD valign=top width=352.8><P style="margin:0pt" align=center><B>94-1381833</B></P>
</TD></TR>
<TR><TD valign=top width=360><P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(State or other jurisdiction of</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>incorporation or organization)</B></P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt; font-size:8pt">&nbsp;</P>
</TD><TD valign=top width=352.8><P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(I.R.S. Employer</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>Identification No.)</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<P style="margin:0pt" align=center><B>1000 Alfred Nobel Dr.</B></P>
<P style="margin:0pt" align=center><B>Hercules, California 94547</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Address of Principal executive offices, including zip code)</B></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<P style="margin:0pt" align=center><B>(510) 724-7000</B></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt" align=center><B>(Registrant&#146;s telephone number, including area code)</B></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; border-top:0.75pt solid #7F0000"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=21.6></TD><TD width=422.05></TD></TR>
<TR><TD valign=top width=28.8><P style="line-height:10pt; margin:0pt; font-family:Wingdings; font-size:8pt"><FONT FACE="Wingdings">&#168;</FONT></P>
</TD><TD valign=top width=562.733><P style="line-height:10pt; margin:0pt; font-size:8pt"><FONT FACE="Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=21.6></TD><TD width=424.2></TD></TR>
<TR><TD valign=top width=28.8><P style="line-height:10pt; margin:0pt; font-family:Wingdings; font-size:8pt"><FONT FACE="Wingdings">&#168;</FONT></P>
</TD><TD valign=top width=565.6><P style="line-height:10pt; margin:0pt; font-size:8pt"><FONT FACE="Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=21.6></TD><TD width=462.2></TD></TR>
<TR><TD valign=top width=28.8><P style="line-height:10pt; margin:0pt; font-family:Wingdings; font-size:8pt"><FONT FACE="Wingdings">&#168;</FONT></P>
</TD><TD valign=top width=616.267><P style="line-height:10pt; margin:0pt; font-size:8pt"><FONT FACE="Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-size:8pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=21.6></TD><TD width=461.25></TD></TR>
<TR><TD valign=top width=28.8><P style="line-height:10pt; margin:0pt; font-family:Wingdings; font-size:8pt"><FONT FACE="Wingdings">&#168;</FONT></P>
</TD><TD valign=top width=615><P style="line-height:10pt; margin:0pt; font-size:8pt"><FONT FACE="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<P style="margin:0pt; page-break-before:always"><B>ITEM 2.02 Results of Operations and Financial Condition</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">On February 22, 2006, Bio-Rad Laboratories, Inc. announced its results of operations and financial condition as of and for the year ended December 31, 2005. &nbsp;A copy of the press release is furnished as Exhibit 99.1 to this report.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR><P style="margin:0pt"><B>ITEM 9.01 Financial Statements and Exhibits</B></P>
<P style="margin:0pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=25.65></TD><TD width=21.2></TD><TD width=493.1></TD></TR>
<TR><TD width=34.2><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=28.267><P style="margin:0pt">&nbsp;</P>
</TD><TD width=657.467><P style="margin:0pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=34.2><P style="line-height:9pt; margin:0pt; font-size:7pt"><B>Exhibit</B></P>
<P style="line-height:9pt; margin:0pt; font-size:7pt"><B>Number</B></P>
</TD><TD valign=bottom width=28.267><P style="margin:0pt; font-size:7pt">&nbsp;</P>
</TD><TD valign=bottom width=657.467><P style="line-height:9pt; margin:0pt; font-size:7pt"><B>Description</B></P>
<P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=34.2><P style="margin:0pt">99.1</P>
</TD><TD valign=bottom width=28.267><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=657.467><P style="margin:0pt">Press release of Bio-Rad Laboratories, Inc. dated February 22, 2006</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt">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.</P>
<P style="margin:0pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=258.1></TD><TD width=5.35></TD><TD width=13.05></TD><TD width=2.5></TD><TD width=2.85></TD><TD width=258.1></TD></TR>
<TR><TD width=344.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt">&nbsp;</P>
</TD><TD width=17.4><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=7.133 colspan=2><P style="margin:0pt">&nbsp;</P>
</TD><TD width=344.133><P style="margin:0pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=344.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=368.667 colspan=4><P style="margin:0pt">BIO-RAD LABORATORIES, INC.</P>
</TD></TR>
<TR><TD width=344.133><P style="margin:0pt">&nbsp;</P>
</TD><TD width=27.867 colspan=3><P style="margin:0pt">&nbsp;</P>
</TD><TD width=347.933 colspan=2><P style="margin:0pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=344.133><P style="margin:0pt">Date: February 22, 2006</P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=top width=20.733 colspan=2><P style="margin:0pt">By:</P>
</TD><TD valign=bottom width=3.8><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=344.133><P style="margin:0pt">/s/ Christine A. Tsingos</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-top:3pt; border-top:0.75pt solid #7F0000"><BR></P>
<P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=344.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=20.733 colspan=2><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=3.8><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=344.133><P style="margin:0pt">Christine A. Tsingos</P>
</TD></TR>
<TR><TD valign=top width=344.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=7.133><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=20.733 colspan=2><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=3.8><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=344.133><P style="margin:0pt">Chief Financial Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<A NAME="id_11"></A><A NAME="id_12"></A><P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=25.65></TD><TD width=21.2></TD><TD width=493.1></TD></TR>
<TR><TD width=34.2><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=28.267><P style="margin:0pt">&nbsp;</P>
</TD><TD width=657.467><P style="margin:0pt">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=34.2><P style="line-height:9pt; margin:0pt; font-size:7pt"><B>Exhibit</B></P>
<P style="line-height:9pt; margin:0pt; font-size:7pt"><B>Number</B></P>
</TD><TD valign=bottom width=28.267><P style="margin:0pt; font-size:7pt">&nbsp;</P>
</TD><TD valign=bottom width=657.467><P style="line-height:9pt; margin:0pt; font-size:7pt"><B>Description</B></P>
<P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=34.2><P style="margin:0pt">99.1</P>
</TD><TD valign=bottom width=28.267><P style="margin:0pt">&nbsp;</P>
</TD><TD valign=bottom width=657.467><P style="margin:0pt">Press release of Bio-Rad Laboratories, Inc. dated February 22, 2006</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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<TYPE>EX-99.1 CHARTER
<SEQUENCE>2
<FILENAME>ex991123105.htm
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<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
<META NAME="author" CONTENT="Stephanie Trudrung">
<META NAME="date" CONTENT="02/22/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:18.5pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><FONT FACE="Arial" COLOR=#000000><B><U>Exhibit 99.1</U></B></FONT></P>
<P style="margin:0pt; font-family:Arial" align=center>BIO-RAD LABORATORIES REPORTS FOURTH-QUARTER</P>
<P style="margin:0pt; font-family:Arial" align=center>AND FULL-YEAR 2005 RESULTS</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">HERCULES, CA &#150; February 22, 2006 &#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 fourth quarter and fiscal year ended December 31, 2005. &nbsp;Net revenues from continuing operations were $307.3 million for the fourth quarter, essentially flat versus the prior-year quarter. &nbsp;On a currency-neutral basis, however, revenues were up 2.9% over the same period last year. &nbsp;During the quarter, the Life Science segment experienced a reduction in revenue as well as higher incremental expenses as it absorbed the impact of the injunction by a Connecticut Federal District Court stopping all sales and manufacturing in the United States of the Company&#146;s MJ Research line of thermal cycling products. &nbsp;For the quarter, income from continuing operations was $13.5 million compared to $17.1 mil
lion in the fourth quarter of last year. &nbsp;Quarterly net income was negatively impacted by a one-time, non-cash charge of $19.8 million of pre-tax impairment expenses primarily due to the write-down of intangible assets associated with the acquisition of MJ Research. &nbsp;These negatives were partially offset by fourth-quarter pre-tax gains of approximately $11 million associated with the liquidation of our positions in Instrumentation Laboratory S.p.A. and BioSource International.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:16pt; margin-top:0pt; margin-bottom:5pt; font-family:Arial">For the full year, Company sales from continuing operations grew by 8.3% to $1,181.0 million compared to $1,090.0 million in 2004. &nbsp;Normalizing for the impact of currency effects, growth was 7.3%. &nbsp;This growth was largely due to organic growth in Bio-Rad&#146;s two main business segments. &nbsp;Year-over-year income from continuing operations grew by 17.0% to $77.6 million, or $2.98 per share, from $66.3 million, or $2.58 per share in 2004. &nbsp;Full-year gross margin from continuing operations was 54.7%, down from last year&#146;s figure of 56.0%. &nbsp;The decline in gross margin was largely attributable to sales mix coupled with price erosion in our BSE (bovine spongiform encephalopathy or mad cow disease) business.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">Fourth-Quarter Highlights</P>
<P style="line-height:16pt; margin:0pt"><BR></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Overall net sales from continuing operations for the fourth quarter were flat versus the prior-year quarter.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Fourth-quarter basic earnings from continuing operations were $0.51 per share, or $0.50 per share on a diluted basis, compared to $0.66 and $0.65, respectively, in the same period of last year.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Compared to their respective figures in 2004, segment net sales for the quarter were 5.3% lower for the Life Science segment and 4.0% higher for the Clinical Diagnostics segment. &nbsp;The lower revenues in the Life Science segment were due in large part to the injunction on sales and manufacturing of our MJ Research line of products in the United States.</FONT></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial" align=center>###</P>
<P style="line-height:16pt; margin:0pt"><BR></P>
<P style="line-height:16pt; margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; page-break-before:always" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">Life Science segment net sales for the quarter were $140.7 million, down 5.3% compared to the fourth quarter of &nbsp;lst year. &nbsp;On a currency-neutral basis, segment sales contracted by 1.8%. &nbsp;Full-year reported revenues from continuing operations were $549.9 million for the segment, up 9.0% over the prior year, or 8.2% on a currency-neutral basis. &nbsp;Performance in this segment was boosted by a number of factors including sales increases in the protein expression analysis, automated electrophoresis, amplification reagents and biotechnology education product areas. &nbsp;The iQ<SUP>TM</SUP>5 real time amplification platform also gained market acceptance. &nbsp;However, segment results continued to be negatively impacted by erosion in the average selling price of BSE tests. &nbsp;This erosion is due primarily to increased competition in the marketplace coupled with a reduction in the overall number of animals being tested. &nbsp;Also duri
ng the quarter, the segment experienced a reduction in revenue due to the aforementioned injunction. &nbsp;In February of 2006, the Company settled its dispute with Applera and Roche, enabling the resumption of sales of thermal cycling products.</P>
<P style="line-height:16pt; margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">The Clinical Diagnostics segment reported net sales of $162.9 million for the quarter, up 4.0% compared to the prior-year quarter, or 6.7% excluding currency effects. &nbsp;Full-year segment sales from continuing operations were $618.4 million, a 7.3% increase compared to 2004 results, or 5.9% excluding currency effects. &nbsp;These results are due in part to continued growth in the blood virus, diabetes monitoring and quality controls product lines. &nbsp;U.S. Sales of the segment&#146;s Platelia&#8482; Aspergillus enzyme immunoassay (EIA) were also up significantly over last year. &nbsp;During the year, the Clinical Diagnostics Group launched a number of products including the new MRSA select chromogenic media, which detects Methicillin-resistant Staphylococcus aureus.</P>
<P style="line-height:16pt; margin:0pt"><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">2005 Highlights</P>
<P style="line-height:16pt; margin:0pt"><BR></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Full-year Company sales from continuing operations grew by 8.3% to $1,181.0 million.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Year-over-year income from continuing operations grew by 17.0% to $77.6 million from $66.3 million in 2004.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Certain one-time tax benefits caused the Company&#146;s effective tax rate on income from continuing operations to fall for the year to 16.9%.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">In July, Bio-Rad and Sysmex America, Inc., signed a co-marketing agreement in which the two companies will jointly market their complementary products, the Bio-Rad VARIANT&#8482; II TURBO HST Hemoglobin Testing System and the Sysmex HST-N&#8482; Hematology Automation Line, as a complete, integrated testing solution. This combination of Bio-Rad's market-leading assay for hemoglobin A1C and Sysmex's automated testing platform will enable laboratories to provide superior diabetes monitoring services to doctors and their patients throughout the United States.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">In October, Bio-Rad announced a second collaboration agreement with Caliper Life Sciences, Inc. to investigate development of another novel microfluidic system.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">The Company&#146;s new Experion</FONT><SUP>TM</SUP> automated electrophoresis system was well received by customers worldwide, especially for use in protein profiling applications.</P>
<P style="line-height:16pt; margin:0pt; padding-left:18pt; font-family:Arial" align=center>###</P>
<P style="line-height:16pt; margin:0pt" align=center><BR></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; page-break-before:always"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">In November, the Company received approval for its medical decision support software (MDSS) from the U.S. Food and Drug Administration (FDA) for its new BioPlex&#174; 2200 system, an automated immunoassay platform capable of analyzing for multiple disease states from single patient samples. &nbsp;The system improves both test quality and turnaround time, and renders the diagnostic process far less labor-intensive.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">Pfizer&#146;s Exubera&#174; inhalable insulin product was recently approved by the U.S. Food and Drug Administration for the treatment of adults with type 1 and type 2 diabetes. &nbsp;Bio-Rad&#146;s Macro-Prep&#174; process chromatography support is an integral part of the purification of the insulin used in this product.</FONT></P>
<P style="line-height:18pt; margin-top:0pt; margin-bottom:-18pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol"><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:16pt; margin:0pt; padding-left:36pt; font-family:Arial"><FONT FACE="Arial">In December, Bio-Rad renewed a collaboration agreement with the Institut Pasteur of Paris, France for an additional four years. &nbsp;This relationship gives Bio-Rad exclusive commercialization rights to Pasteur&#146;s research developments in the areas of virology, microbiology, physiology, biochemistry, parasitology and mycology.</FONT></P>
<P style="line-height:16pt; margin:0pt"><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">&#147;2005 was a dynamic year,&#148; said Norman Schwartz, President and Chief Executive Officer. &nbsp;&#147;Underneath it all is a solid business in which we see real opportunities as we head into 2006.&#148;</P>
<P style="line-height:16pt; margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">Management will discuss these results in a conference call at 2:00 p.m. PT (5:00 p.m. ET) February 22, 2006. Interested parties can access the call by dialing (866) 825-3209 (in the U.S.), or (617) 213-8061 (international), access number 61793659. &nbsp;The live web cast can be accessed at <U>http://www.bio-rad.com</U>. &nbsp;A replay of the call will be available at (888) 286-8010 (in the U.S.), or (617) 801-6888 (international), access number 98718856, for seven days following the call and the web cast can be accessed at <U>http://www.bio-rad.com</U> for 30 days.</P>
<P style="line-height:16pt; margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">Bio-Rad Laboratories, Inc., is a multinational manufacturer and distributor of life science research products and clinical diagnostics. &nbsp;Based in Hercules, California, Bio-Rad serves more than 70,000 research and industry customers worldwide through a network of more than 30 wholly owned subsidiary offices.</P>
<P style="line-height:16pt; margin:0pt" align=justify><BR></P>
<P style="line-height:16pt; 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="line-height:16pt; margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial">For more information contact:</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial">Christine Tsingos, Vice President and Chief Financial Officer, or</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial">Ron Hutton, Treasurer</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial">Bio-Rad Laboratories, Inc.</P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">Phone: &nbsp;(510) 724-7000</P>
<P style="line-height:16pt; margin:0pt; font-family:Arial">E-mail: &nbsp;investor_relations@bio-rad.com</P>
<P style="line-height:16pt; margin-top:0pt; margin-bottom:6pt"><BR></P>
<P style="line-height:16pt; margin-top:0pt; margin-bottom:6pt"><BR></P>
<P style="line-height:16pt; margin-top:0pt; margin-bottom:5pt; page-break-before:always"><BR>
<BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=240.6></TD><TD width=54></TD><TD width=9></TD><TD width=54></TD><TD width=9></TD><TD width=58.5></TD><TD width=9.3></TD><TD width=53.45></TD></TR>
<TR><TD valign=top width=650.467 colspan=8><P style="margin:0pt; font-family:Arial" align=center>BIO-RAD LABORATORIES, INC.</P>
</TD></TR>
<TR><TD valign=top width=650.467 colspan=8><P style="margin:0pt; font-family:Arial" align=center>Condensed Consolidated Statements of Income</P>
</TD></TR>
<TR><TD valign=top width=650.467 colspan=8><P style="margin:0pt; font-family:Arial" align=center>(In thousands, except per share data)</P>
</TD></TR>
<TR><TD valign=top width=650.467 colspan=8><P style="margin:0pt; font-family:Arial" align=center>(Unaudited)</P>
</TD></TR>
<TR><TD valign=top width=320.8>&nbsp;</TD><TD valign=top width=156 colspan=3>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=161.667 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=top width=320.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=156 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Three Months Ended</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>December 31,</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=161.667 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Twelve Months Ended</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>December 31,</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2005</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2004</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2005</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2004</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Net sales</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;307,287&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;307,868&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$1,180,985&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 1,090,012&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Cost of good sold</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>144,662&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>139,533&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>534,499&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>479,939&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Gross profit</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>162,625&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>168,335&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>646,486&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>610,073&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=320.8>&nbsp;</TD><TD valign=bottom width=72>&nbsp;</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72>&nbsp;</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=78>&nbsp;</TD><TD valign=bottom width=12.4>&nbsp;</TD><TD valign=bottom width=71.267>&nbsp;</TD></TR>
<TR><TD valign=bottom width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Selling, general and administrative expense</P>
</TD><TD valign=bottom width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>109,626&nbsp;</P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>110,825&nbsp;</P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>416,084&nbsp;</P>
</TD><TD valign=bottom width=12.4>&nbsp;</TD><TD valign=bottom width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>378,264&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Product research and development expense</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>31,109&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>31,885&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>115,104&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>108,344&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Purchased in-process research and development expense</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>14,620&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Impairment expenses</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>19,770&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>19,770&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Interest expense</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>8,272&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>5,255&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>32,643&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>20,219&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Foreign exchange (gains) losses, net</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(232)</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>774&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(1,528)</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>2,394&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Other (income) expense, net</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(14,925)</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(7,789)</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(28,958)</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(11,095)</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Income from continuing operations before taxes</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>9,005&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>27,385&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>93,371&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>97,327&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Provision for income taxes</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(4,447)</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>10,274&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>15,792&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>31,035&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Income from continuing operations</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>13,452&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>17,111&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>77,579&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>66,292&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Discontinued operations</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,974&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,950&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Net income</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;13,452</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;17,111&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;81,553&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,242&nbsp;</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Basic earnings per share:</P>
</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Continuing operations</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.51&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.66&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 2.98&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$2.58&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Discontinued operations</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>0.15&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>0.07&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Net income</P>
</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.51&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.66&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 3.13&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 2.65&nbsp;</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Weighted average common shares</P>
</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>26,203&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>25,819&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>26,063&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>25,724&nbsp;</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Diluted earnings per share:</P>
</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Continuing operations</P>
</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.50&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.65&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 2.91&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 2.51&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Discontinued operations</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>0.15&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>0.07&nbsp;</P>
</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Net income</P>
</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.50&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 0.65&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 3.06&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;2.58&nbsp;</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Weighted average common shares</P>
</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>26,770&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=72><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>26,528&nbsp;</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=78><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>26,662&nbsp;</P>
</TD><TD width=12.4>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=71.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>26,489&nbsp;</P>
</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=320.8>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=72>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=78>&nbsp;</TD><TD width=12.4>&nbsp;</TD><TD width=71.267>&nbsp;</TD></TR>
<TR><TD width=650.467 colspan=8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=293.4></TD><TD width=11.8></TD><TD width=69.2></TD><TD width=11.8></TD><TD width=69.2></TD></TR>
<TR><TD valign=top width=607.2 colspan=5><P style="margin:0pt; font-family:Arial" align=center>BIO-RAD LABORATORIES, INC</P>
</TD></TR>
<TR><TD valign=top width=607.2 colspan=5><P style="margin:0pt; font-family:Arial" align=center>Condensed Consolidated Balance Sheets</P>
</TD></TR>
<TR><TD valign=top width=607.2 colspan=5><P style="margin:0pt; font-family:Arial" align=center>(In thousands)</P>
</TD></TR>
<TR><TD valign=top width=607.2 colspan=5><P style="margin:0pt; font-family:Arial" align=center>&nbsp;(Unaudited)</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=200.267 colspan=3>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</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=center>December 31,</P>
<P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>2005</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=center>December 31,</P>
<P style="margin:0pt; font-family:Arial; font-size:9pt" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2><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=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Cash and cash equivalents </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296,716&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;195,734&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Restricted cash</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>36,138&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>116,343&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>165,899&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>247,192&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>261,243&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="line-height:11pt; margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Inventories, net </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>212,342&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>205,512&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; text-indent:14.4pt; font-family:Arial; font-size:9pt">Other current assets</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>99,480&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>80,072&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,008,211&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>908,460&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>180,258&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>202,324&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Goodwill </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>113,276&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>113,276&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; font-family:Arial; font-size:9pt">Purchased intangibles, net</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>28,449&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>58,638&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>96,388&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>88,920&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><P style="margin:0pt; text-indent:21.6pt; font-family:Arial; font-size:9pt">Total assets</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,426,582&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,371,618&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2><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=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2><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>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,341&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,457&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>72,950&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>71,194&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>81,076&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>79,061&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>15,841&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>15,835&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>146,035&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>139,828&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>319,243&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>315,375&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267>&nbsp;</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>425,687&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>425,979&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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 width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>23,678&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>33,376&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>657,974&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>596,888&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2><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>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 1,426,582&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=92.267><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ 1,371,618&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=391.2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=92.267>&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"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=306></TD><TD width=73.3></TD><TD width=11.8></TD><TD width=1.3></TD><TD width=66.6></TD></TR>
<TR><TD valign=top width=612 colspan=5><P style="margin:0pt; font-family:Arial" align=center>BIO-RAD LABORATORIES, INC.</P>
</TD></TR>
<TR><TD valign=top width=612 colspan=5><P style="margin:0pt; font-family:Arial" align=center>Condensed Consolidated Statements of Cash Flows</P>
</TD></TR>
<TR><TD valign=top width=612 colspan=5><P style="margin:0pt; font-family:Arial" align=center>(in thousands)</P>
</TD></TR>
<TR><TD valign=top width=612 colspan=5><P style="margin:0pt; font-family:Arial" align=center>(Unaudited)</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD valign=top width=97.733>&nbsp;</TD><TD valign=top width=17.467 colspan=2>&nbsp;</TD><TD valign=top width=88.8>&nbsp;</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD valign=top width=204 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Twelve Months Ended</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=204 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>December 31,</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=97.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2005</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90.533 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Cash flows from operating activities:</P>
</TD><TD valign=top width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Cash received from customers</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,166,711&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,087,946&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Cash paid to suppliers and employees</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(1,003,264)</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(920,606)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Interest paid</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(31,334)</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(19,543)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Income tax payments</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(39,597)</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(33,637)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Miscellaneous receipts</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>15,768&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>8,933&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Net cash provided by operating activities</P>
</TD><TD style="border-top:0.5pt solid #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>108,284&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>123,093&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD width=97.733>&nbsp;</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Cash flows from investing activities:</P>
</TD><TD width=97.733>&nbsp;</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Capital expenditures, net</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(36,055)</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(60,493)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Other investing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>29,883&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(125,825)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Net cash used in investing activities</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(6,172)</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(186,318)</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD width=97.733>&nbsp;</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Cash flows from financing activities:</P>
</TD><TD width=97.733>&nbsp;</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Long-term borrowings</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>200,000&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Payments on long-term debt</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(447)</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(1,781)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Other financing activities</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,737&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(4,992)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Net cash provided by (used in) financing activities</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,290&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>193,227&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD width=97.733>&nbsp;</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Effect of exchange rate changes on cash </P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(2,420)</P>
</TD><TD width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>337&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD width=97.733>&nbsp;</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Net increase in cash and cash equivalents</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>100,982&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>130,339&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Cash and cash equivalents at beginning of period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>195,734&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>65,395&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Cash and cash equivalents at end of period</P>
</TD><TD style="border-bottom:2pt double #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296,716&nbsp;</P>
</TD><TD width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195,734&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD valign=top width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=612 colspan=5><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Reconciliation of net income to net cash provided by operating activities: </P>
</TD></TR>
<TR><TD valign=top width=408><P style="margin-top:0pt; margin-bottom:0.75pt"><BR></P>
</TD><TD valign=top width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD valign=top width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Net Income</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,553&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,242&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Adjustments to reconcile income from continuing operations to net cash</P>
</TD><TD width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">provided by operating activities (net of effects of acquisitions):</P>
</TD><TD width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Depreciation and amortization</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>60,974&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>56,143&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;Impairment expense</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>19,770&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>--&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Changes in working capital </P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(31,599)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>(5,531)</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; text-indent:7.2pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(22,414)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD width=90.533 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt" align=right>4,239&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt">Net cash provided by operating activities</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width=97.733><P style="line-height:9pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108,284&nbsp;</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width=90.533 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123,093&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=408>&nbsp;</TD><TD valign=top width=97.733>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=90.533 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=505.733 colspan=2><P style="line-height:11pt; margin-top:0pt; margin-bottom:0.75pt; font-family:Arial; font-size:9pt"><I>Certain items have been reclassified to conform to the current year presentation.</I></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=90.533 colspan=2>&nbsp;</TD></TR>
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