Fisher Scientific Reports Record First-Quarter Sales
Fisher Scientific International Inc. (NYSE: FSH), a world leader in serving science, today announced record first-quarter sales for the three-month period ended March 31, 2001, reflecting strong performance in the company's domestic and international distribution operations.
Sales for the first quarter totaled $687.0 million, a 5.2% increase, compared with $653.2 million for the same period last year. Excluding the impact of foreign exchange, sales increased to $695.8 million for the current quarter, a 6.5% increase compared with the prior year's quarter. Operating income, excluding $52.7 million of nonrecurring expenses ($33.2 million after tax), totaled $42.7 million for the first quarter, compared with $39.4 million during the same quarter last year. The company recorded a net loss of $23.7 million for the first quarter. Excluding nonrecurring expenses, net income totaled $9.5 million compared with $8.5 million in the corresponding quarter of last year.
Earnings before interest, taxes and depreciation (EBITDA) totaled $58.7 million excluding nonrecurring expenses, compared with $55.6 million in the first quarter of last year. Diluted earnings per share (EPS) totaled $(0.59) for the first quarter. Excluding nonrecurring expenses, EPS increased to $0.21 for the first quarter, compared with $0.19 for the same period last year. EPS, excluding nonrecurring expenses and goodwill amortization, increased to $0.28 for the first quarter, compared with $0.25 for the corresponding period last year.
"Fisher's record first-quarter sales continue to benefit from favorable market dynamics including increased scientific research and development and healthcare-related spending," said Paul M. Montrone, chairman and chief executive officer of Fisher Scientific International.
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