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Fisher Logs 8.3-Percent Increase in Organic Q1 Revenues as Profit Grows 40 Percent

NEW YORK, May 2 (GenomeWeb News) - Fisher Scientific yesterday said that first quarter sales increased 7.6 percent to $1.41 billion from $1.31 billion one year ago. Excluding the impact of foreign currency exchange, Fisher's Q1 revenues would have totaled $1.43 billion, a 9.6-percent increase, with organic growth accounting for 8.3 percent.


First-quarter sales for Fisher's scientific products and services spiked 9.8 percent to $1.08 billion from $984 million one year ago. Excluding the impact of foreign currency exchange, revenues for this division would have increased 11.4 percent, with 7.1 percent organic growth.


Fisher's healthcare products and services group logged $354 million, up 5 percent from $337 million year over year. Excluding foreign currency impact, sales growth for this division was 5.5 percent, with 5 percent in organic growth.


Fisher's profit for the first quarter increased 40 percent to $106.2 million, or $.85 per basic share, from $76 million, or $.63 per basic share year over year.


In March, Fisher said it would jettison its lab workstations business, and as such, the results of this business were presented as discontinued operations and excluded from reported sales and income figures.


Fisher does not break out R&D spending. As of March 31, the company had approximately $434 million in cash and cash equivalents on hand.


The company also said yesterday that it has completed its acquisition of Clintrak Pharmaceutical Service, originally announced in mid-April, for $125 million in cash.

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