PerkinElmer Announces Financial Results for the First Quarter of 2013
WALTHAM, Mass — PerkinElmer, Inc. (NYSE: PKI), a global leader focused on improving the health and
safety of people and the environment, today reported financial results for the first quarter ended March 31, 2013.
The Company reported GAAP earnings per share from continuing operations of $0.28, compared to $0.19 in the first quarter of
2012. Revenue in the first quarter of 2013 was $505.4 million, as compared to $510.9 million in the first quarter of 2012.
GAAP operating income from continuing operations for the first quarter of 2013 was $35.9 million, compared to $36.4 million income in the first quarter of 2012. GAAP operating profit margin from continuing operations was 7.1% in the first quarter of 2013, compared to 7.1% in the first quarter of 2012.
Adjusted earnings per share was $0.36, compared to $0.43 in the first quarter of 2012. Adjusted revenue for the quarter
declined 2% to $507.3 million, compared to $517.4 million in the first quarter of 2012. Organic revenues declined 1% after
adjusting for a decrease due to unfavorable foreign currency translations of 1%. Adjusted operating income for the first quarter of 2013 was $63.7 million, compared to $79.0 million for the same period a year ago. Adjusted operating profit margin was 12.6% as a percentage of adjusted revenue, compared to 15.3% for the same period a year ago. For the Company’s nonGAAP financial measures, adjustments have been noted in the attached reconciliations.
“The majority of the business delivered solid growth in the quarter despite challenging global economic conditions. However a portion of our portfolio experienced more significant headwinds specifically in Europe and Japan,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “As a result, we are adjusting our sales forecast while maintaining the appropriate balance between prudent cost management and our growth and productivity investments.”
Cash Flow
For the three months ending March 31, 2013, operating cash flow from continuing operations was $11.1 million as compared to
$15.3 million for the same period a year ago. Adjusted operating cash flow from continuing operations was $71.0 million as
compared to $33.5 million for the same period a year ago.
Financial Overview by Reporting Segment for the First Quarter 2013
Human Health
? Revenue of $281.3 million, as compared to $280.8 million for the first quarter of 2012.
? Operating income of $25.0 million, as compared to $18.2 million for the same period a year ago.
? Adjusted revenue of $283.3 million, as compared to $287.3 million for the first quarter of 2012. Adjusted revenue
declined 1%, organic revenue growth was flat.
? Adjusted operating income of $50.3 million, as compared to $55.7 million for the same period a year ago.
? Adjusted operating profit margin was 17.8% as a percentage of adjusted revenue, a decrease of approximately 160
basis points as compared to the first quarter of 2012.
Environmental Health
? Revenue of $224.0 million, as compared to $230.1 million for the first quarter of 2012. Revenue declined 3%, organic
revenue declined 1%. ? Operating income of $20.7 million, as compared to $30.1 million for the same period a year ago.
? Adjusted operating income of $23.3 million, as compared to $34.0 million for the same period a year ago.
? Adjusted operating profit margin was 10.4% as a percentage of revenue, a decrease of approximately 440 basis points
as compared to the first quarter of 2012.
Financial Guidance — Full Year 2013 – Updated
For the full year 2013, the Company forecasts organic revenue to increase in the low-single digit range relative to 2012. For the full year 2013, the Company now forecasts GAAP earnings per share from continuing operations in the range of $1.30 to $1.40 and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share in the range of $2.00 to $2.10.
Conference Call Information
The Company will discuss its first quarter results and its outlook for business trends in a conference call on April 25, 2013 at 5:00 p.m. Eastern Time (ET). To access the call, please dial (617) 399-5129 prior to the scheduled conference call time and provide the access code 43039013. A playback of this conference call will be available beginning 7:00 p.m. ET, Thursday, April 25, 2013. The playback phone number is (617) 801-6888 and the code number is 60723454.
A live audio webcast of the call will be available on the Investor section of the Company’s Web site, www.perkinelmer.com.
Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on the Company’s Web site for a two week period beginning approximately two hours after the call.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are
included below following our GAAP financial statements.

