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Beckman Coulter Announces Third Quarter 2008 Results
Date:10/28/2008

as $41.2 million. On an adjusted basis, operating income was $79.7 million, a 13% increase over adjusted third quarter 2007 results. Significant adjustments to 2008 operating expense included: (1) $7.8 million in restructuring charges due to various site consolidations, (2) a $19 million reserve for environmental remediation related to the Orange County site consolidation, and (3) an $11.7 million charge associated with buying out the future U.S. royalty for preeclampsia tests currently in development.

Non-operating expense was $11.9 million versus non-operating income of $10.8 million in the prior year period. Prior year period results included a $26.2 million gain on the sale of vacant land, from which a $9 million contribution was made to establish the Beckman Coulter Foundation. Excluding these items, third quarter 2008 non-operating expense was up $5.5 million versus prior year, due principally to currency related costs. Net earnings were $26.1 million or $0.41 per fully diluted share. Adjusted net earnings were $50.0 million, or $0.78 per fully diluted share.

Adjusted net earnings were negatively impacted by a 350 basis point increase in the adjusted tax rate, from 22.8% to 26.3%. The unusually low tax rate in the prior year was due to discrete items including a tax settlement, reductions of certain foreign tax rates and additional R&D tax credits.

Recent Developments

* Declared a $0.17 per share quarterly cash dividend payable on

November 17, 2008 to all stockholders of record on November 3, 2008,

representing the company's 78th consecutive, quarterly dividend

payout.

* Re-purchased in the third quarter approximately 300,000 shares of

Beckman Coulter stock at an average price of $68.74 per share.

* Announced the release of the REMISOL Advance, a next-generation data

management software that improves laboratory sample workflow by


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SOURCE Beckman Coulter, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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