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Fisher Q4 Revenue Up 36.3 Percent to $1.3B, But Income Ex-Items Plummets 58 Percent

NEW YORK, Feb. 10 (GenomeWeb News) - Fisher Scientific today reported a 36.3-percent revenue jump for the fourth quarter of 2004 to $1.3 billion from $976.5 million for the same period in the previous year.

 

Excluding the effect of foreign exchange, fourth-quarter sales were $1.3 billion, the company said in a statement.

 

Sales of scientific products and services for the quarter were $976.2 million, up from $696.6 million in the year-ago period. Excluding the effects of foreign exchange, the segment's fourth-quarter 2004 sales were $952 million, the company said. Fisher attributed the increase to strong sales to pharmaceutical and biotechnology customers, colleges and universities, and "continued improvements" in international markets.

 

Sales of laboratory workstations totaled $49.8 million for the recent quarter, a drop of $.2 million from fourth-quarter 2003 figures. The healthcare products and services subunit reported fourth-quarter sales of $319. 9 million, a 36.1 percent rise from year-ago sales of $235 million.

 

Net income for Fisher's fourth quarter was $51 million, a leap of 174.2 percent from $18.6 million in the year-ago period. A drop in the annual effective tax rate from 30 percent in 2003 to 29 percent in 2004 positively affected the company's results for the quarter ended Dec. 31, 2004, Fischer said.  

 

Excluding $43.2 million of nonrecurring costs and special items, net of tax, net income for the recent quarter was $7.8 million, a drop of 58 percent from the fourth quarter of 2003.

 

Fisher had $162.5 million in cash and cash equivalents as of Dec. 31, 2004.

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