NEW YORK, Oct. 19 - PerkinElmer, which recently acquired NEN Life Sciences and inked a deal with Incyte to develop microarrays, reported Thursday a third quarter cash earning per share increase of 38 percent compared with a year ago.
The company reported a net income of $26.2 million, or 66 cents in cash earnings per diluted share, adjusted for one time and recurring costs associated with the NEN acquisition, compared with $19.7 million, or 55 cents, for the 1999 third quarter. The year ago income includes 7 cents a share from discontinued operations.
The company defined cash earnings per share by adding back amortization of goodwill and intangibles. Without this adjustment, the company’s earnings for the quarter, excluding one time costs, were 51 cents per share compared with 42 cents per share—including earnings from discontinued operations—for the same period a year ago.
Wall Street expected PerkinElmer to post a gain of 64 cents a share, according to a survey of 5 analysts conducted by First Call/Thomson Financial.
During the quarter the company acquired NEN Life Sciences in an effort to strengthen its life science tools position. To fund this acquisition, PerkinElmer issued $460 million dollars in zero coupon convertible debentures.
And earlier this month PerkinElmer said that its NEN Life Sciences subsidiary had licensed Incyte Genomics’ database for use in developing DNA microarrays.