PAL Equatorial Palm Oil Plc

RNS No 2022t
PALL CORPORATION
2 December 1997

 
    EAST HILLS, N.Y.--(BUSINESS WIRE)--Dec. 2, 1997--Pall Corporation
(NYSE: PLL) today reported first quarter fiscal 1998 earnings results. 
    Earnings for the quarter ended November 1, 1997, were up 6 1/2% to
$18,414,000, equal to 15 cents per share compared to last year's
$17,284,000, equal to 14 cents per share. The negative effect of
foreign currency exchange rates reduced earnings per share by about 4
cents. Last year's first quarter earnings included a charge of 3 cents
per share relating to the termination of the proposed merger of Gelman
Sciences with Memtec Ltd. 
    Commenting on the results, Eric Krasnoff, Pall's Chairman and CEO,
said, "We reported Pall's first quarter sales results on November 20th
at our annual shareholders' meeting. For the quarter, sales were
$237,351,000, an increase of 1/2% over the prior year. The negative
effects of foreign currency exchange rates reduced sales by $11
million in the quarter. In local currency, sales increased 5 1/2%. We
also stated that we expected earnings per share to be about 15 cents
and that exchange rates would reduce earnings per share by about 4
cents. Those expectations are now confirmed in today's release.
    In the quarter, cost of sales increased 2.8% as a percentage of
sales, due to the effects of currency as well as product mix. This was
offset by a reduction in selling, general and administrative expenses,
which reduced 1 1/2% as a percentage of sales. This is in line with
our goal of at least a 1% reduction of S, G & A as a percentage of sales
for the year and reflects the savings made from last year's
acquisition of Gelman Sciences.
    Orders were strong and exceeded sales for the first quarter. Our
goal for the year is to return to double-digit unit and price growth
in the second half of the year. The increased backlog in the first
quarter, as well as the acquisition of Rochem in January, 1998 make
this very achievable."


STATEMENTS OF EARNINGS
Pall Corporation reports for the first quarter:
(Amounts in thousands, except per share data)
 
                                      1st QUARTER ENDED
                                   NOV. 1,          NOV. 2,
                                      1997             1996
REVENUES
Net sales                         $237,351         $235,791
 
COSTS AND EXPENSES
Cost of sales                      105,611           98,248
Selling, general and                                       
 administrative expenses            90,987           93,950
Research and development            14,190           13,138
Merger related expenses                  -            3,911 (a)
Interest expense, net                  988              656
 
Total costs and expenses           211,776          209,903
 
Earnings before income taxes        25,575           25,888
Provisions for income taxes          7,161            8,604
 
Net earnings                      $ 18,414         $ 17,284 
 
Average number of shares                      
 outstanding                       126,956          125,437
 
Earnings per share:               $   0.15         $   0.14
 
Pro forma earnings per share 
excluding Gelman's merger-related
expenses                          $   0.15         $   0.17
 
(a) Relates to expenses incurred by Gelman Sciences in connection
with the termination of its proposed merger transaction with Memtec
Limited.

CONDENSED CONSOLIDATED BALANCE SHEETS          
(Amounts in thousands)                       
                                             
                                       NOV. 1,          AUG. 2, 
                                          1997             1997
Assets
 
Cash and short-term investments     $   81,833       $   55,472
Accounts receivable, net               248,522          266,604 
Inventories                            203,579          198,080  
Other current assets                    91,479           86,448
 
  Total current assets                 625,413          606,604
 
Property, plant and equipment, net     511,650          504,046 
Other assets                           162,708          154,974
 
  Total assets                      $1,299,771       $1,265,624 
 
Liabilities and Stockholders' Equity                            
 
Short-term debt                     $  115,234       $  128,651
Accounts payable, income taxes                                 
 and other current liabilities         201,636          172,378
 
  Total current liabilities            316,870          301,029 
 
Long-term debt                         109,598           62,126 
Deferred taxes and other
  non-current liabilities               79,001           77,636          
Stockholders' equity                   794,302          824,833    
 
  Total liabilities and 
  stockholders' equity              $1,299,771       $1,265,624


    With annual sales over $1 billion, Pall Corporation is based in
East Hills, New York, USA. The Company has the broadest-based
filtration and separation capabilities in the world. Since 1946, Pall
Corporation has demonstrated technological leadership and offered
innovative solutions to complex fluid clarification and purification
problems in each of its three major markets: Health Care, Aeropower
and Fluid Processing. The Company employs 8,500 people at offices and
manufacturing facilities throughout the world. The Company's shares
are listed on the New York Stock Exchange (PLL) and the London Stock
Exchange (0668260). To receive the latest information about Pall
Corporation, visit Pall's Internet web site at http://www.pall.com or
dial Pall's Select-A-Fax system at 1-800-664-PALL.
    This release contains forward-looking statements that are based on
current Company expectations and are subject to risks and
uncertainties which could cause actual results to differ materially.
Such risks and uncertainties include, but are not limited to, foreign
exchange rates, regulatory approval, market acceptance of new
technologies, economic conditions and market demand.
 
 
    CONTACT: Pall Corporation
             Jeremy Hayward-Surry, 516/484-5400
 
    KEYWORD: NEW YORK
    INDUSTRY KEYWORD: MEDICINE PHARMACEUTICAL BIOTECHNOLOGY EARNINGS
 

END

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