East Hills, NY (December 4, 2006) - - Pall Corporation (NYSE: PLL - News) today reported sales and earnings results for the first quarter ended October 31, 2006.
First Quarter Results Sales for the quarter were $499.3 million, up 16% compared with the same quarter last year. Net earnings were $24.4 million, or $0.20 per share. Earnings on a pro forma basis, excluding charges principally related to the Company's cost reduction initiatives, were $0.29 per share as compared to $0.20 per share in the same quarter last year. Foreign currency translation increased sales by 2% with minimal impact on earnings.
Eric Krasnoff, Chairman and CEO, said, "Pall's Total Fluid Management(sm) approach to the market continues to drive sales in the Life Sciences and Industrial segments. Our base consumables and systems businesses are both on track. Orders remained strong and we have again entered the next quarter with a record backlog.
The realignment of Pall Corporation into two integrated businesses, Industrial and Life Sciences, is now complete. Our new financial presentation format reflects this and provides greater visibility into Pall for investors."
Mr. Krasnoff added, "We are investing in sales and marketing, customer support and product development programs. At the same time we are working assiduously to reduce cost. Selling, general and administrative expenses continued to decrease as a percentage of sales, reaching 31.5% in the quarter. Gross margins present a tougher challenge. Cost of Sales is the major target of our cost reduction programs and facilities rationalization initiative. These activities are proceeding to plan and we are confident of success."
Consolidated - First Quarter Financial Summary
% CHANGE OCT. 31, OCT. 31, IN LOCAL 2006 2005 CURRENCY --------- --------- -------- Sales $499,288 $431,162 14.0 Net Earnings $ 24,434 $ 25,110 Diluted EPS $ 0.20 $ 0.20 Pro Forma Diluted EPS $ 0.29 $ 0.20 Life Sciences - First Quarter Summary
Contact Lisa McDermott Pall Corporation Tel: (516) 801-9808