Beckman Coulter Announces Fourth Quarter and Full Year 2008 Results; Earnings Outlook Achieved on Strong Fu...(ss research and development ( IPR&D ...)

Date:2/9/2009

ss research and development ("IPR&D") during the fourth quarter since the acquired IPR&D technology is currently at the beginning of the applied research phase and will require significant costs to bring it out of the research stage. f) Miami vacant land sale - In 2007, we sold vacant land adjacent to our Miami, Florida facility for $30.0 million, with an additional $1.2 million held in escrow for a portion of the land for which title was in dispute. During the second quarter 2008, we received the remaining amount held in escrow of $1.2 million and recorded a gain on sale in other non-operating income. The gain on sale of $26.2 million was recorded in other non-operating income during the quarter ended September 30, 2007. g) Fair market value inventory adjustment - During the first quarter of 2008, in connection with our acquisition of the flow cytometry business of Dako A/S, we recorded a $1.0 million charge related to the fair value of acquired inventory sold in the first quarter. h) Rental tax dispute - In 1998, the company entered into a sale- leaseback transaction with Cardbeck Miami Trust ("Cardbeck") in connection with the company's Miami facility. In May 2005, Cardbeck notified the company that it had received an assessment from the State of Florida in the amount of $4.4 million for rental tax, interest and penalties related to payments made by the company to Cardbeck from June 2000 to February 2005. The State of Florida has asserted that this transaction is subject to commercial rental tax in accordance with applicable state laws and requested Cardbeck to pay this assessment. During June 2007, Cardbeck and the company subsequently entered into a settlement of the assessment under which the company paid $2.4 million ($1
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