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PerkinElmer's Q3 Sales Fall 9 Percent, Bringing Profits Along

NEW YORK (GenomeWeb News) – PerkinElmer reported after the close of the market on Thursday that its third-quarter revenues declined around 9 percent and its profit tumbled 57 percent

The Waltham, Mass.-based life sciences company reported total revenues of $437.1 million for the three-month period ended Sept. 30, compared to revenues of $478.7 million for the third quarter of 2008. Currency translation had a negative impact of 2 percent for the quarter, while acquisitions had a positive impact of 1 percent.

The firm's human health segment had sales of $180.2 million in the quarter, down from $196.7 million in Q3 2008. Its environmental health segment had sales of $256.9 million, down from $282.1million year over year.

Analysts, on average, had predicted the firm's total revenues for the quarter would be $429.7 million, according to First Call.

PerkinElmer posted third-quarter net income of $13.6 million, or $.14 per share, a fall from the $52 million, or $.43 per share the firm earned in the third quarter of 2008. Its adjusted EPS was $.30, beating analysts' consensus estimate of $.27.

The firm took restructuring and lease charges of $12.4 million for the quarter compared to $6.5 million the year before. It also recognized a $5.6 million provision for income taxes, compared to a benefit of $5 million last year. Last year's Q3 results also included a $8.1 million gain on a disposition of discontinued operations.

The firm's R&D spending rose to $27.3 million from $26.2 million, while its SG&A spending dipped to $121.4 million from $129.8 million.

PerkinElmer finished the quarter with $150.6 million in cash and cash equivalents.

CEO Robert Friel said in a statement that the "organization continues to perform very well through this difficult environment," and he said that the company believes that "our end markets are stabilizing and we are seeing some encouraging signs of sequential improvement."

For full-year 2009, the company expects its EPS from continuing operations to be around $1.23 to $1.26 on a non-GAAP basis.

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