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FINANCIAL ASTROLOGY

First Trade Date for PerkinElmer, Inc.

 

 

Company NameFirst Trade Date (yyyy-mm-dd)
PerkinElmer, Inc.1960-12-13

Company NameSymbol
PerkinElmer, Inc.PKI
History and Business of Company
(this information may include date of incorporation)
We are a leading provider of scientific instruments, consumables and services to the pharmaceutical, biomedical, environmental testing, chemical and general industrial markets. We design, manufacture, market and service products and systems within three businesses, each of which is its own reporting segment:

• Life and Analytical Sciences. We are a leading provider of drug discovery, genetic screening, and environmental and chemical analysis tools, including instruments, reagents, consumables and services.

• Optoelectronics. We provide a broad range of digital imaging, sensor and specialty lighting components used in the biomedical, consumer products and other specialty end markets.

• Fluid Sciences. We provide critical fluid control and containment systems for highly demanding environments such as turbine engines and semiconductor fabrication facilities.

In fiscal 2003, we had $1,535.2 million in sales from continuing operations.

We are a Massachusetts corporation, founded in 1947. Our headquarters are in Wellesley, Massachusetts, and we market our products, services and systems in more than 125 countries. As of December 28, 2003, we had approximately 10,000 employees. Our common stock is listed on the New York Stock Exchange (trading symbol: PKI), and we are a component of the S&P 500 Index.

We maintain a website with the address http://www.perkinelmer.com/. We are not including the information contained in our website as part of, or incorporating it by reference into, this annual report on Form 10-K. We make available free of charge through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after we electronically file these materials with, or otherwise furnish them to, the Securities and Exchange Commission.

As part of our efforts to refocus on our core businesses, we have taken the following significant measures in recent years.

Life and Analytical Sciences. In October 2002, we formed our Life and Analytical Sciences business by combining our Life Sciences and Analytical Instruments businesses. We combined our Life Sciences and Analytical Instruments businesses to improve our operational scale, which we believe will enable us to better serve our customers and more fully capitalize on the strengths of the businesses' sales, service and research and development organization. In the second quarter of 2003, we completed many of the changes involved in combining the two businesses, including the integration of facilities, management reporting and other systems. We achieved in excess of the original range of $12 to $25 million in pre-tax cost savings in fiscal 2003 from the combination of our Life Sciences and Analytical Instruments businesses relative to our fiscal 2002 cost levels. We are targeting additional pre-tax cost savings, from the combination, of between $5.0 million and $20.0 million in fiscal 2004 for a combined pre-tax cost savings of between $30.0 million and $45.0 million relative to our fiscal 2002 cost levels. Unforeseen factors may offset some or all of the estimated cost savings or other benefits from the integration. As a result, our actual cost savings, if any, could differ or be delayed, compared to our estimates.

Security and Detection Systems Business. In June 2002, we completed the sale of our Security and Detection Systems business to L-3 Communications. We received cash proceeds in this transaction of approximately $100.0 million. These proceeds are subject to a working capital adjustment, which we do not expect to be material. We have reflected this business as a discontinued operation for all periods presented in this annual report on Form 10-K.

Telecommunications Components and Entertainment Lighting Businesses. In June 2002, our Board of Directors approved a plan to shut down our Telecommunications Components business, and a plan to sell our Entertainment Lighting business, as part of our continued efforts to focus on higher growth opportunities. We reflected these businesses as discontinued operations for all periods presented in this annual report on Form 10-K.

In June 2003, we completed the sale of a substantial portion of our Entertainment Lighting business for cash consideration of $1.4 million and abandoned the remaining assets. We recorded a net loss of $1.7 million pursuant to this transaction in the second quarter of 2003 as a loss on the disposition of discontinued operations.

Packard BioScience. In November 2001, we completed our acquisition of Packard BioScience Company for consideration of approximately $764.0 million, primarily from the issuance of approximately 22 million shares of our common stock and our assumption of $118.2 million in debt. The acquisition extended our capabilities, now within our Life and Analytical Sciences business unit, in liquid handling, high throughput screening and proteomics, and strengthened our position as a global provider of comprehensive drug discovery solutions.








 

 

 

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