ST. LOUIS, July 22 /PRNewswire-FirstCall/ --
2008 Results (all percentage comparisons are to comparable periods in
-- Q2 2008 Sales Set New Quarterly Record: Q2 2008 sales reached another
new quarterly high of $580.7 million, an increase of 14.4%. All four
business units reported double-digit growth for the third successive
quarter. Organic sales growth of 7.1% confirmed earlier expectations
regarding the roughly one percentage point impact of the Easter
holidays from Q1 to Q2 sales growth. Currency added another
7.3 percentage points to growth. Quarterly comparisons and a
reconciliation of reported to adjusted sales growth can be found in the
Supplemental Financial Information, Sales Growth by Business Unit
-- Operating And Pretax Margins Continued Strong as Pretax Income Growth
Exceeds Sales Growth: Q2 2008 operating and pretax income margins were
23.1% and 22.6%, respectively, an improvement over the Q2 2007 level.
Pretax income increased 19.4% in Q2 2008.
-- Double-Digit EPS Growth Despite Higher Tax Rates: Q2 2008 diluted EPS
increased 16.7% to $.70, including $.08 from favorable currency rates
offset by $.03 from a higher tax rate. A previously communicated
reduction in tax benefits resulted in an effective tax rate of 30.8% in
Q2 2008 compared to 27.5% for Q2 2007. An explanation of the tax rate
difference and a reconciliation of currency adjusted proforma to
reported diluted EPS for the quarter can be found on in the Outlook
section and the Supplemental Financial Information, Reconciliation of
Proforma to Reported Net Income table.
-- Significant Increase In Cash Flow From Operations: Cash flow from
operations for the first six months of 2008 improved by 36.8% to
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