East Hills, NY (May 26, 2005) - - Pall Corporation (NYSE: PLL) today announced that earnings per share, before restructuring and other charges, net, for its fiscal year which ends on July 31, 2005 are expected to be approximately $1.30 - $1.35.
Pall's Chairman and CEO Eric Krasnoff commented, "Overall sales are coming in as expected. A cyclical downturn in Microelectronics sales is being offset by continued strong systems sales but at comparatively lower margins. Earnings are also being affected by significantly higher than expected costs associated with Sarbanes-Oxley compliance.
The restructuring of our business into three integrated units: Life Sciences, Process Technologies and Aeropower, this year has strengthened our customer focus while creating new opportunities for cost reduction through scale. The intensity of this effort has reduced the expected savings from the CoRe cost reduction program this year.
We see each of these factors as temporary. Pall's top line is growing with sales for the full year expected to be up over 8%, with about 3% attributable to favorable foreign currency exchange rates."
Pall will release its third quarter fiscal 2005 sales and earnings results on Wednesday evening, June 1, 2005. A conference call to review the Company's results, market trends and future outlook will be broadcast live over the internet at 8:30 am ET on Thursday, June 2, 2005. Eric Krasnoff, Chairman and CEO, will host the call along with Marcus Wilson, President and CFO, and Donald Stevens, Chief Operating Officer. This call will be webcast and can be accessed at Pall Corporation's web site at www.pall.com/investor. Listening to the webcast requires speakers and Microsoft Windows Media Player audio software. The webcast will be archived for 30 days.
About Pall Corporation Pall Corporation is the global leader in the rapidly growing field of filtration, separations and purification. Pall's business is organized around two broad markets: Life Sciences and Industrial. The Company provides leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceutical, transfusion medicine, semiconductor, water purification, aerospace and broad industrial markets. Total revenues for fiscal 2004 were $1.8 billion. The Company headquarters are in East Hills, New York with extensive operations throughout the world. Visit Pall at www.pall.com.
Forward Looking Statements This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current Company expectations and are subject to risks and uncertainties which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to: fluctuations in foreign currency exchange rates; regulatory approval and market acceptance of new technologies; changes in product mix and product pricing and in interest rates and cost of raw materials; the Company's success in enforcing its patents and protecting its proprietary products and manufacturing techniques and its ability to achieve the savings anticipated from its cost reduction initiatives; global and regional economic conditions and legislative, regulatory and political developments; and domestic and international competition in the Company's global markets. Additional information regarding these and other factors is available on the Web at www.pall.com and is included in the Company's reports filed with the U.S. Securities and Exchange Commission. Copies of such reports can be obtained, without charge, at www.sec.gov.
Management uses certain non-GAAP measurements to assess Pall's current and future financial performance. The non-GAAP measurements do not replace the presentation of Pall's GAAP financial results. These measurements provide supplemental information to assist management in analyzing Pall's financial position and results of operations. Pall has chosen to provide this information to facilitate meaningful comparisons of past, present and future operating results and as a means to emphasize the results of on-going operations.