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Increased Life Science Sales, Acquisitions Help PerkinElmer Q4 Revenue Grow 10 Percent

NEW YORK (GenomeWeb News) — PerkinElmer today said fourth-quarter 2006 revenues increased 10 percent as R&D spending rose 29 percent and profit fell 70 percent.
 
The company also this week declared a quarterly dividend of $.07 per share of common stock, to be payable on May 11.
 
Total receipts for the three months ended Dec. 31, 2006, increased to $427 million from $388 million year over year, PerkinElmer said. 
 
Revenue for the company’s Life and Analytical Sciences business was up 12 percent to $321 million year over year. Meantime, Optoelectronics revenue was up 5 percent to $106 million and “other” revenue was down 11 percent to $8.5 million year over year.
 
Health Sciences receipts represented 85 percent of revenue for the quarter and was “driven by genetic screening, medical imaging, environmental and service businesses,” and from acquisitions and new product launches.
 
CEO Gregory Summe said the results reflect growth coming through “R&D and capital investments in our key growth platforms,” and from the eight companies it acquired over the previous year.”
 
R&D spending in the quarter increased to $27 million from $21 million year over year.
 
PerkinElmer said fourth-quarter profit fto $41.8 million from $187.5 million in the year-ago period. Last year’s results include a $190.9 million gain on the sales of its Aerospace and Fluid Testing divisions and its lithography product line.
 
PerkinElmer most recently acquired Euroscreen, Evotec's tool and technology division, Triton’s thermal analysis product line, and Avalon Instruments.
  
“We expect to carry this momentum into 2007, bringing an increased number of new products to market while continuing to deliver strong financial results,” Summe said.
 
PerkinElmer said it expects full-year 2007 revenue to climb “in the high single to low double digits.”
 
PerkinElmer had around $191 million in cash and cash equivalents and $7.5 million in marketable securities and investments as of Dec. 31, 2006.

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