ST. LOUIS, Oct. 21 /PRNewswire-FirstCall/ --
2008 Results (all percentage comparisons are to comparable periods in
-- Q3 2008 Sales Driven By Consistent Research Sales Gain: Q3 2008 sales
increased 7.4% to $540.6 million. Currency added 3.1% to organic growth
of 4.3%. Q3 organic sales growth of 7.0% for the Company's
Research-based sales units was in-line with the 6.9% gain for the first
six months of 2008. Q3 2008 currency adjusted sales for SAFC decreased
by 2.0% in response to changing economic conditions, largely in the
pharmaceutical sector. Quarterly comparisons and a reconciliation of
reported to adjusted sales growth are on page 10.
-- Operating And Pretax Margins Continued Strong; Pretax Income Gain
Exceeds Sales Growth: Q3 2008 operating and pretax income margins were
23.3% and 22.7%, respectively, an improvement over both first half 2008
and Q3 2007 levels. Pretax income increased 14.9% in Q3 2008.
-- Double-Digit EPS Growth: Q3 2008 diluted EPS increased 18.5% to $.64,
the best quarterly gain in 2008. Favorable currency rates contributed
$.07 of the increase, with the remaining increase of $.03 or 5.6%
coming from operations, slightly exceeding the quarterly organic sales
growth rate. A reconciliation of currency adjusted proforma to
reported diluted EPS for the quarter is on page 11.
-- Significant Increase In Cash Flow From Operations: Cash flow from
operations for the first nine months of 2008 improved by 11.9% to
-- Continued Steady Internal Sales Growth: Organic sales growth for full
year 2008 is expected to be approximately 6%, consistent with
year-to-date results. A currency adjusted Research sales gain of
approximately 7% will be partially offset
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