RNS No 9032r
PALL CORPORATION
20th November 1998

( BW)(PALL)(PLL) Pall Corporation Announces First Quarter Fiscal 1999
Sales and Earnings Expectations
 
     Business Editors
 
     EAST HILLS, N.Y.--(BUSINESS WIRE)--Nov. 19, 1998--Eric Krasnoff,
Chairman and Chief Executive Officer of Pall Corp.(NYSE: PLL)
announced at today's Annual Shareholders' Meeting the Company's sales
results and its projected earnings for the first quarter that ended on
Oct. 31, 1998.
     Mr. Krasnoff stated that sales for the quarter were within
expectations at $249,850,000 compared to last year's $237,351,000, an
increase of 5 1/2%. In local currency, sales increased 6%. Adverse
foreign currency exchange rates reduced sales by $1.6 million or 1/2%.
     "We will release earnings on December 1," said Mr. Krasnoff. "The
first quarter's earnings per share will be affected by a rebate earned
by the American Red Cross ("ARC") under a new two-year agreement
covering its purchase of Pall filters and systems for the leukocyte
reduction by filtration of blood. Sales to the ARC have ramped up
faster than anticipated. Additionally, the effects of the continued
downturn in the semiconductor industry and the general economic crisis
in Asia, now evident in both lower than anticipated sales and reduced
margins, are expected to impact earnings per share to a greater extent
than previously thought. Right now we expect earnings per share for
the quarter to be down a couple of cents compared to last year's 
14 cents. Further details will be contained in the December 1 
release.
     Following a Pall record fourth quarter sales performance of $300
million, the first quarter, perennially our smallest, also posted
encouraging sales, but earnings are expected to lag. We are optimistic
that we can make up ground in the next three quarters and post a solid
1999 performance. The sales growth momentum in blood filters is
encouraging; even more so in units sold as our business continues to
transition from higher priced hospital sales to lower priced blood
center business. That momentum has carried over to the other segments.
With the exception of Microelectronics (down) and Industrial
Hydraulics (flat) each of the other segments is up and the growth
trends are positive.
     Commenting on the sales results, Mr. Krasnoff said, "First
quarter sales came in about as expected. Our largest business group,
Health Care, showed good growth both in Medical and
BioPharmaceuticals. In local currency for the quarter, the Medical
group grew 10 1/2%, even after the ARC rebate. Blood filter sales to
blood centers grew 31%, fueled by 36% growth in Europe, as more
countries move towards total filtration of their blood supplies. Sales
to blood centers rose 30% in the Western Hemisphere. Blood filter
sales to hospitals were down 5% which was less than expected.
     Pharmaceutical sales grew 6%, with double-digit growth in Europe
and Asia and flat sales in the Western Hemisphere. The Specialty
Materials division grew 24%.
     Growth in Aeropower was led by strong double-digit growth in
Aerospace. The Commercial Aerospace segment grew 19% while Military
segment sales grew 10%.
     Fluid Processing was flat, despite a decrease of 45% in local
currency to the slumping Microelectronics markets. Industrial Process
sales, which exclude Microelectronics, were up 27%.
     By geography, Europe showed the strongest growth, up 24% 
including a 4% gain from exchange rates and $8 million in Pall Rochem
sales. Excluding Rochem, sales were up 10% in local currency. Sales in
Asia were down 7 1/2% in local currency (and 17 1/2% after the adverse
effects of foreign currency exchange rates), reflecting that region's
continued depressed economy. Sales in the Western Hemisphere were up
slightly.
     Backlog is up $22 million at $192 million, an increase of 19%
compared to the first quarter last year. Part of the increase in
backlog was related to the effects of Hurricane Georges on our Puerto
Rico operations. This will not be a factor for the rest of the year.
The unusually high level of backlog gives us the confidence that we
will meet our targets for 1999. By segment, backlog in Health Care is
up 43%; Aeropower is up 13 1/2% and Fluid Processing is up 10%,
despite a 63% reduction in Microelectronics year over year."
 
Pall Corporation Sales by Market
(000s omitted)
 
                     First Quarter Ended          Exchange    % Change
                     Oct. 31,   Nov. 1,    %      Rate        in Local
                       1998       1997   Change   Difference  Currency
 
Medical              $ 60,050   $ 54,544   10     $ (237)      10 1/2
BioPharmaceuticals     71,178     67,081    6       (104)       6 1/2
Total Health Care     131,228    121,625    8       (341)       8
 
Aerospace              29,901     25,782   16        171       15 1/2
Industrial Hydraulics  30,371     30,367    -        (35)       -
Total Aeropower        60,272     56,149    7 1/2    136        7
 
Microelectronics       11,698     22,251  (47 1/2)  (567)     (45)
Industrial Process     46,652     37,326   25       (776)      27
Total
  Fluid Processing     58,350     59,577   (2)    (1,343)       -
 
Total                $249,850   $237,351    5 1/2 (1,548)      6
 
 
Pall Corporation Sales by Geographic Region
(000s omitted)
 
 
                First Quarter Ended             Exchange     % Change
                Oct. 31,     Nov. 1,     %      Rate         in Local
                   1998        1997    Change   Difference   Currency
 
Asia           $ 37,297    $ 45,121   (17 1/2)  $(4,530)     (7 1/2)
Europe           99,662      80,327    24         3,282      20
Western
  Hemisphere    112,891     111,903     1          (300)      1
Total          $249,850    $237,351     5 1/2    (1,548)      6
 
 
     With annual sales over $1 billion, Pall Corp. is based in East
Hills, N.Y., USA and operates directly in 30 countries. Pall Corp.
provides innovative solutions to complex filtration and separations
problems in three major markets: Health Care, Aeropower and Fluid
Processing. The Company's shares are listed on the New York Stock
Exchange (PLL) and the London Stock Exchange (0668260). Further
information about Pall Corp. is available on the Company's Web site at
http://www.pall.com.
     This release contains "forward looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These statements
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,
regulatory approval, market acceptance of new technologies, economic
conditions and market demand.
 
 
     CONTACT:  Pall Corporation, Port Washington, N.Y.
               John Adamovich, 516/484-5400
 
     
END
 

MSCAKARKWRKAAUA
Equatorial Palm Oil (LSE:PAL)
Historical Stock Chart
From Jul 2024 to Aug 2024 Click Here for more Equatorial Palm Oil Charts.
Equatorial Palm Oil (LSE:PAL)
Historical Stock Chart
From Aug 2023 to Aug 2024 Click Here for more Equatorial Palm Oil Charts.