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Sigma-Aldrich Reports 2.3 Percent Organic Revenue Growth in Q1 05

Sigma-Aldrich this week reported organic revenue growth of 2.3 percent, which came in at $400 million, for the quarter ending March 31.

The company's January acquisition of cell culture provider JRH contributed an additional 3.2 percent of revenue growth, and currency-exchange benefits provided another 3.1 percent of growth as overall sales increased in the US and in non-European markets, the company said in a statement. Reduced demand for cell culture and analytical products from the reagent producer affected sales in Europe, the company said.

The company reported a 9-percent increase on an R&D spend of $11.7 million in the period and net income improved 19 percent to $74.6 million.

Sigma had $164 million in cash and cash equivalents on hand as of March 31.

Sigma said the amount it attributed to the JRH acquisition increased to $377.7 million, from the previously reported price of $370 million, to meet the terms of a three-year financing arrangement (see BCW 3/3/2005), and to purchase Proligo, a transaction that closed at the start of the second quarter.

— Mo Krochmal ([email protected])

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