Fisher reports positive -now AOT-as we knew acquisitions are part of both business plans, and margins are improving at NBSC.
Apogent Reports Record Fourth Quarter and Full Year Results
Business Wire ~ November 14, 2002 ~ 8:41 pm EST
PORTSMOUTH, N.H.--(BUSINESS WIRE)--Nov. 14, 2002--Apogent Technologies Inc. ( NYSE: AOT), a leading manufacturer of clinical diagnostic and life science research products, today reported record financial results for the fourth quarter and year ended September 30, 2002.
"Record sales of $284 million this quarter, an increase of 9.6%, were driven by our fiscal 2002 acquisitions and by continued double-digit growth rates in our life science consumable products, which are used in cell culture, toxicology testing, drug discovery, and other research applications. For the year, we surpassed for the first time $1.0 billion in sales, an increase of 9.4%, reflecting our ability to grow even in difficult industry conditions," stated Frank H. Jellinek, Jr., President and Chief Executive Officer of Apogent. " Reported fourth quarter fully diluted earnings per share from continuing operations were 34 cents. Pro forma earnings per share from continuing operations were 35 cents for the fourth quarter, in line with our guidance."
Mr. Jellinek continued, "As these results indicate, the fundamental elements of our strategy have proven effective and are still sound. Our strategy has been to maximize profit growth by combining high margin, modest internal growth businesses with focused, low risk acquisitions. These businesses generate consistent and significant levels of cash flow from operations, which we will continue to utilize to augment shareholder returns. We have developed a management team that understands this strategy, believes in it, and has exhibited the ability to execute it. Given this as a base, we are excited about our business prospects for the next year." |
