East Hills, NY (December 4, 2007) - - Pall Corporation (NYSE: PLL) today announced that it will report select preliminary operating highlights for its first quarter ended October 31, 2007 on Monday, December 10, 2007, after 5:00 pm ET.
A conference call to review these highlights will be broadcast live over the Internet at 8:30 am ET on Tuesday, December 11, 2007. Eric Krasnoff, Chairman, CEO & President, and Lisa McDermott, CFO, will host the call.
This call will be webcast and can be accessed on Pall Corporation's web site at www.pall.com/investor. The webcast will be archived for 30 days. Investors can also subscribe to the RSS feed to be notified of Pall's upcoming investor event schedule at www.pall.com/rss.
Separately, Pall Corporation announced that it expects to delay the filing of its Form 10-Q for the first quarter of fiscal 2008 beyond the permitted extension of the prescribed due date of December 17, 2007 pending completion of the independent inquiry being conducted by the Audit Committee of its Board of Directors into certain tax and financial reporting matters. The Company previously announced the delay in filing of its Form 10-K for its fiscal year ended July 31, 2007.
About Pall Corporation Pall Corporation is the global leader in the rapidly growing field of filtration, separation and purification. Pall is organized into two businesses: Life Sciences and Industrial. These businesses provide leading-edge products to meet the demanding needs of customers in biotechnology, pharmaceutical, transfusion medicine, energy, electronics, water purification, aerospace, transportation and broad industrial markets. Total revenues for fiscal year 2007 were $2.2 billion. The Company's headquarters are in East Hills, New York, with extensive operations throughout the world. For more information visit Pall at http://www.pall.com.
Cautionary Statement Regarding Forward-Looking Statements On August 2, 2007, the Company disclosed in a Current Report on Form 8-K that its previously issued financial statements for each of the eight fiscal years in the period ended July 31, 2006 and for each of the fiscal quarters ended October 31, 2006, January 31, 2007 and April 30, 2007 should no longer be relied upon and that a restatement of some or all of those financial statements will be required. This conclusion results from the Company's previously announced understatement of U.S. income tax payments and of its provision for income taxes as disclosed in a Current Report on Form 8-K on July 19, 2007. The Company cannot predict the impact of the restatement on its financial statements. Such restatement may affect other disclosures in the Company's SEC filings, including information appearing under the headings "Management's Discussion and Analysis of Results of Operations and Financial Condition" and "Risk Factors" in such filings and disclosures with respect to the effectiveness of the Company's disclosure controls and procedures and internal control over financial reporting and disclosures about other factors that may affect its results of operations, financial condition and prospects. The Company also believes that, as a result of these circumstances, it may have one or more material weaknesses in its internal control over financial reporting.
The Audit Committee of the Company's Board of Directors is conducting an independent inquiry into the circumstances that gave rise to the need to restate its financial statements. That inquiry is ongoing, and the Company cannot predict when it will be completed. As the Audit Committee pursues its inquiry and as the Company completes the restatement, the Company may learn of other matters that may affect the scope of the restatement or remedial actions and their impact on the Company's consolidated financial statements, prospects and outlook, including its cash management plans and effective tax rate in future periods. There can be no assurance that the information contained herein will not be subject to adjustment upon completion of such inquiry and restatement and the audit of the Company's financial statements for the fiscal year ended July 31, 2007 by its independent registered public accounting firm.
Forward-looking statements contained in this and other written and oral reports are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. All statements regarding future performance, earnings projections, earnings guidance, events or developments are forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in product mix and product pricing particularly as we expand our systems business in which we experience significantly longer sales cycles and less predictable revenue with no certainty of future revenue streams from related consumable product offerings and services; increases in costs of manufacturing and operating costs including energy and raw materials; the Company's ability to achieve the savings anticipated from cost reduction and margin improvement initiatives including the timing of completion of the facilities rationalization initiative; fluctuations in foreign currency exchange rates and interest rates; regulatory approval and market acceptance of new technologies; changes in business relationships with key customers and suppliers including delays or cancellations in shipments; success in enforcing patents and protecting proprietary products and manufacturing techniques; successful completion or integration of acquisitions; domestic and international competition in the Company's global markets; risks arising from potential material weaknesses in our control environment; potential adverse effects to our financial condition, results of operations or prospects as a result of any restatement of prior period financial statements; risks associated with our inability to satisfy covenants under our syndicated credit facility or to obtain waivers of compliance with those covenants or waivers of defaults under our debt and other agreements; potential adverse effects if we are required to recognize adverse tax- or accounting-related developments other than those previously disclosed; risks relating to litigation or regulatory inquiries associated with the restatement of prior period financial statements or other related matters; and global and regional economic conditions and legislative, regulatory and political developments. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them.