WALTHAM, Mass., July 26 /PRNewswire-FirstCall/ -- Thermo Electron
Corporation (NYSE:TMO) today reported revenue growth of 9% to $713
million in the second quarter of 2006, compared with $654 million
in the 2005 quarter. Acquisitions (net of divestitures) increased
revenues by 3%, and currency translation had no effect. GAAP
diluted earnings per share (EPS) were $.29 in the 2006 quarter,
compared with $.37 in the year-ago period. GAAP earnings in the
2006 quarter reflect a $.03 impact from stock option expense for
rules that became effective this year, and in 2005 included an $.11
net gain from the sale of shares in two large investments. GAAP
operating income in the second quarter of 2006 rose 36%, and GAAP
operating margin for the period was 10.1%, versus 8.1% a year ago.
Adjusted EPS grew 24% to $.42 in the second quarter of 2006
(including $.03 of stock option expense), compared with $.34 in
2005 on a pro forma basis as if stock option expense had been
recorded in that quarter. Adjusted operating income increased 28%
in the 2006 quarter, and adjusted operating margin rose 220 basis
points to 14.6%, from 12.4% in 2005 on a pro forma basis including
stock option expense. Adjusted EPS, adjusted operating income and
adjusted operating margin are non-GAAP measures that exclude
certain items detailed later in this press release under the
heading "Use of Non-GAAP Financial Measures." Second Quarter
Highlights * Revenues increased 9% * Adjusted EPS rose 24% *
Adjusted operating income grew 28% * Adjusted operating margin
expanded 220 basis points to 14.6% -- a second quarter record *
Signed agreement for industry-transforming merger with Fisher
Scientific International Inc. (NYSE:FSH) * Revenue growth driven by
strong sales of new products * Recently completed two bolt-on
acquisitions totaling $45 million in revenues "In addition to
announcing our significant merger with Fisher Scientific during the
second quarter, we are very pleased to report that our growth
momentum continued across the board," said Marijn E. Dekkers,
president and chief executive officer of Thermo. "We had solid
increases in revenues, operating income and adjusted EPS, as well
as yet another quarter of great margin expansion. This excellent
performance is the result of ongoing strength in our major end
markets and our ability to provide our customers with a breadth of
innovative solutions. "We continue to reinforce our global
leadership in analytical technologies by making strategic
investments across our businesses. At the recent ASMS conference,
we launched a number of new products that raise the bar in
analytical performance -- for applications in industries ranging
from biotech and pharmaceutical to environmental and food
processing. Among these were a high-speed chromatography system,
three mass spectrometry technologies and a software package that
accelerates biomarker research. Meanwhile, our recently introduced
iCAP spectroscopy system and last year's flagship launch, the
LTQ(TM) Orbitrap(TM) mass spectrometer, generated strong sales
during the quarter. We also expanded our line of gauging systems
with an acquisition that offers technology for industrial
web-processing markets. "After quarter end, we strengthened our
leading position in isotope ratio mass spectrometry (IRMS) by
acquiring a business that adds complementary technologies for earth
sciences, agricultural and life sciences research. We also learned
that we were selected by the U.S. Department of Homeland Security
to provide our Advanced Spectroscopic Portal (ASP) monitors for the
detection of nuclear and radiological materials at border crossings
and ports -- a potential $200 million opportunity for Thermo over
the next five years. "With another strong growth quarter behind us,
we are on track to achieve our previously stated full-year forecast
of $1.68 to $1.73 in adjusted EPS (including $.10 per share of
stock option expense), which would lead to a 14 to 18% increase
over our pro forma 2005 results, including stock option expense.
Our revenue estimate remains in the range of $2.81 to $2.86 billion
in 2006, for a 7 to 9% increase over last year. We expect to revise
our 2006 guidance after the completion of our pending merger with
Fisher Scientific. Both companies' shareholders will vote on the
transaction on August 30, 2006, and, while regulatory reviews are
under way, teams from both companies have been hard at work on
post-merger integration plans." In the following segment
information, results identified as "adjusted" exclude stock option
expense and other items described below under "Use of Non-GAAP
Financial Measures." Life and Laboratory Sciences The Life and
Laboratory Sciences segment reported that revenues grew 11% in the
second quarter of 2006 to $539 million, compared with $487 million
in 2005. GAAP operating income for the segment increased 27% in the
quarter, and GAAP operating margin increased to 11.6%, from 10.1%
in the year-ago period. Adjusted operating income rose 20% in the
2006 quarter, and adjusted operating margin increased to 17.3%,
compared with 16.0% in 2005. Measurement and Control Revenues in
the Measurement and Control segment grew 5% to $174 million in the
second quarter of 2006, compared with $166 million in the 2005
quarter. GAAP operating income for the segment rose 69% in the 2006
period, and GAAP operating margin increased to 11.8%, compared with
7.3% a year ago. Adjusted operating income grew 56% in the 2006
quarter, and adjusted operating margin increased to 14.2%, from
9.5% in 2005. Use of Non-GAAP Financial Measures In addition to the
financial measures prepared in accordance with generally accepted
accounting principles (GAAP), we use certain non-GAAP financial
measures, including adjusted EPS, adjusted operating income and
adjusted operating margin, which exclude restructuring and other
costs/income and amortization of acquisition-related intangible
assets. Adjusted EPS also excludes certain other gains and losses,
tax provisions/benefits related to the previous items, benefits
from tax credit carryforwards, the impact of significant tax audits
or events and discontinued operations. We exclude the above items
because they are outside of our normal operations and/or, in
certain cases, are difficult to forecast accurately for future
periods. Stock option expense has been excluded from adjusted
segment results because management does not utilize that component
of cost in evaluating the performance of the segments. For purposes
of comparison, 2005 consolidated adjusted results reflect the pro
forma effect of stock option expense as if it had been required in
that period. We believe that the use of non-GAAP measures helps
investors to gain a better understanding of our core operating
results and future prospects, consistent with how management
measures and forecasts the company's performance, especially when
comparing such results to previous periods or forecasts. For
example: We exclude costs and tax effects associated with
restructuring activities, such as reducing overhead and
consolidating facilities in connection with our Kendro acquisition.
We believe that the costs related to these restructuring activities
are not indicative of our normal operating costs. We exclude
charges and tax effects related to the sale of inventories revalued
at the date of acquisition, as we believe these charges are not
indicative of our normal operating costs. We exclude the expense
and tax effects associated with the amortization of
acquisition-related intangible assets because a significant portion
of the purchase price for acquisitions may be allocated to
intangible assets that have lives of 5 to 10 years. Our adjusted
EPS estimate for 2006 excludes approximately $.40 of expense for
the amortization of acquisition-related intangible assets for
acquisitions completed through the second quarter of 2006, except
for EGS Gauging, for which the purchase price allocation is not
complete. Exclusion of the amortization expense allows comparisons
of operating results that are consistent over time for both our
newly acquired and long-held businesses and with both acquisitive
and non-acquisitive peer companies. We also exclude certain
gains/losses and related tax effects, benefits from tax credit
carryforwards and the impact of significant tax audits or events,
which are either isolated or cannot be expected to occur again with
any regularity or predictability and that we believe are not
indicative of our normal operating gains and losses. We exclude
gains/losses from the sale of our equity interests in Newport
Corporation and Thoratec Corporation, as well as other items such
as the sale of a business or real estate, the early retirement of
debt and discontinued operations. (We sold our remaining shares of
Newport and Thoratec during the second quarter of 2005.) Thermo's
management uses these non-GAAP measures, in addition to GAAP
financial measures, as the basis for measuring the company's core
operating performance and comparing such performance to that of
prior periods and to the performance of our competitors. Such
measures are also used by management in their financial and
operating decision-making and for compensation purposes. The
non-GAAP financial measures of Thermo's results of operations
included in this press release are not meant to be considered
superior to or a substitute for Thermo's results of operations
prepared in accordance with GAAP. Reconciliations of such non-GAAP
financial measures to the most directly comparable GAAP financial
measures are set forth in the accompanying tables. Thermo's
earnings guidance, however, is only provided on an adjusted basis.
It is not feasible to provide GAAP EPS guidance because the items
excluded, other than the amortization expense, are difficult to
predict and estimate and are primarily dependent on future events,
such as the impact of accounting principles not yet adopted and
decisions concerning the location and timing of facility
consolidations. Conference Call Thermo Electron will hold its
earnings conference call today, July 26, at 9:00 a.m. Eastern time.
To listen, dial 888-872-9028 within the U.S. or 973-633-6740
outside the U.S., and use passcode 6449367. You may also listen to
the call live on the Web by visiting http://www.thermo.com/. Click
on "About Thermo," then "Investors." An audio archive of the call
will be available in that section of our Website until Friday,
August 25, 2006. You will also find this press release, including
the accompanying reconciliation of non-GAAP financial measures,
under the heading "Press Releases," and related information under
the heading "Financial Reports," in the Investors section of our
Website. About Thermo Electron Thermo Electron Corporation is the
world leader in analytical instruments. Our instrument solutions
enable our customers to make the world a healthier, cleaner and
safer place. Thermo's Life and Laboratory Sciences segment provides
analytical instruments, scientific equipment, services and software
solutions for life science, drug discovery, clinical, environmental
and industrial laboratories. Thermo's Measurement and Control
segment is dedicated to providing analytical instruments used in a
variety of manufacturing processes and in-the-field applications,
including those associated with safety and homeland security. For
more information, visit http://www.thermo.com/. The following
constitutes a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This press release contains forward-
looking statements that involve a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are set forth under the heading "Risk Factors" in the
company's most recent Form 10-Q. These include risks and
uncertainties relating to: the need to develop new products and
adapt to significant technological change; implementation of
strategies for improving internal growth; use and protection of
intellectual property; dependence on customers' capital spending
policies and government funding policies; realization of potential
future savings from new productivity initiatives; dependence on
customers that operate in cyclical industries; general worldwide
economic conditions and related uncertainties; the effect of
changes in governmental regulations; exposure to product liability
claims in excess of insurance coverage; implementation of our
branding strategy; identification, completion and integration of
new acquisitions and potential impairment of goodwill from previous
acquisitions; retention of contingent liabilities from businesses
we sold; and the effect of exchange rate fluctuations on
international operations. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise. Consolidated Statement of
Income (unaudited)(a) Three Months Ended July 1, % of July 2, % of
(In thousands except per share 2006 Revenues 2005 Revenues amounts)
Revenues $713,468 $653,621 Costs and Operating Expenses: Cost of
revenues 388,976 54.5% 366,166 56.0% Selling, general and
administrative expenses 181,264 25.4% 173,484 26.5% Amortization of
acquisition- related intangible assets 25,655 3.6% 19,109 2.9%
Research and development expenses 40,620 5.7% 39,432 6.0%
Restructuring and other costs, net(d) 4,780 0.7% 2,216 0.4% 641,295
89.9% 600,407 91.9% Operating Income 72,173 10.1% 53,214 8.1%
Interest Income 3,393 2,591 Interest Expense (7,934) (7,287) Other
Income, Net(e) 1,158 30,200 Income from Continuing Operations
Before Income Taxes 68,790 78,718 Provision for Income Taxes
(19,847) (21,958) Income from Continuing Operations 48,943 56,760
Gain (Loss) on Disposal of Discontinued Operations (includes income
tax benefit of $623 in 2006; net of income tax provision of $2,034
in 2005) (1,063) 3,463 Net Income $47,880 6.7% $60,223 9.2%
Earnings per Share from Continuing Operations: Basic $.30 $.35
Diluted $.30 $.35 Earnings per Share: Basic $.30 $.37 Diluted $.29
$.37 Weighted Average Shares: Basic 161,289 161,255 Diluted 165,523
164,658 Reconciliation of Adjusted Operating Income and Adjusted
Operating Margin GAAP Operating Income(a) $72,173 10.1% $53,214
8.1% Cost of Revenues Charges(c) 1,266 0.2% 11,465 1.8%
Restructuring and Other Costs, Net(d) 4,780 0.7% 2,216 0.4% Pro
Forma Stock Option Compensation Expense - 0.0% (5,141) -0.8%
Amortization of Acquisition-related Intangible Assets 25,655 3.6%
19,109 2.9% Adjusted Operating Income(b) $103,874 14.6% $80,863
12.4% Reconciliation of Adjusted Net Income GAAP Net Income(a)
$47,880 6.7% $60,223 9.2% Cost of Revenues Charges(c) 1,266 0.2%
11,465 1.8% Restructuring and Other Costs, Net(d) 4,780 0.7% 2,216
0.4% Pro Forma Stock Option Compensation Expense - 0.0% (5,141)
-0.8% Amortization of Acquisition-related Intangible Assets 25,655
3.6% 19,109 2.9% Other Income, Net(e) - 0.0% (27,594) -4.2%
Provision for Income Taxes(f) (10,872) -1.5% (1,363) -0.2%
Discontinued Operations, Net of Tax 1,063 0.1% (3,463) -0.6%
Adjusted Net Income(b) $69,772 9.8% $55,452 8.5% Reconciliation of
Adjusted Earnings per Share GAAP EPS(a) $0.29 $0.37 Cost of
Revenues Charges, Net of Tax(c) - 0.04 Restructuring and Other
Costs, Net of Tax(d) 0.02 0.01 Pro Forma Stock Option Compensation
Expense, Net of Tax - (0.02) Amortization of Acquisition-related
Intangible Assets, Net of Tax 0.10 0.07 Other Income, Net of Tax(e)
- (0.11) Discontinued Operations, Net of Tax 0.01 (0.02) Adjusted
EPS(b) $0.42 $0.34 (a) "GAAP" (reported) results were determined in
accordance with U.S. generally accepted accounting principles
(GAAP). (b) Adjusted results are non-GAAP measures and exclude
certain charges to cost of revenues (see note (c) for details);
amortization of acquisition-related intangible assets;
restructuring and other costs, net (see note (d) for details);
certain other income/expense (see note (e) for details); the tax
consequences of the preceding items (see note (f) for details); and
results of discontinued operations. In 2005, adjusted results
include pro forma stock option compensation expense. In 2006, stock
option expense of $6,409 is included in both reported and adjusted
results as follows: cost of revenues $745; selling, general and
administrative expenses $5,297; and research and development
expenses $367. (c) Reported results in 2006 include $1,266 of
accelerated depreciation on manufacturing assets being abandoned
due to facility consolidations. Reported results in 2005 include
$11,465 of charges for the sale of inventories revalued at the date
of acquisition. (d) Reported results in 2006 and 2005 include
restructuring and other costs, net, consisting principally of
severance, abandoned facility and other expenses of real estate
consolidation, net of net gains on the sale of product lines and
abandoned facilities. (e) Reported results in 2005 include $27,594
of net gains from the sale of shares of Newport Corporation and
Thoratec Corporation. (f) Reported provision for income taxes
includes $11,142 and $3,162 of incremental tax benefit in 2006 and
2005, respectively, for the items in (b) through (e) and in 2006,
$270 of incremental tax provision related to prior-year tax audits.
Adjusted provision for income taxes in 2005 includes $1,799 of tax
benefits for the pro forma stock option compensation expense.
Segment Data (g)(h)(i) Three Months Ended July 1, % of July 2, % of
(In thousands except percentage 2006 Revenues 2005 Revenues
amounts) Life and Laboratory Sciences Revenues $539,286 $487,462
Reconciliation of Adjusted Operating Income and Adjusted Operating
Margin GAAP Operating Income 62,556 11.6% 49,075 10.1% Cost of
Revenues Charges(j) 1,266 0.2% 11,232 2.3% Restructuring and Other
Costs (Income), Net(k) 2,571 0.5% (160) 0.0% Stock Option
Compensation Expense 2,808 0.5% - 0.0% Amortization of
Acquisition-related Intangible Assets 24,197 4.5% 17,773 3.6%
Adjusted Operating Income $93,398 17.3% $77,920 16.0% Measurement
and Control Revenues $174,182 $166,159 Reconciliation of Adjusted
Operating Income and Adjusted Operating Margin GAAP Operating
Income 20,482 11.8% 12,093 7.3% Cost of Revenues Charges(j) - 0.0%
233 0.1% Restructuring and Other Costs, Net(k) 2,094 1.2% 2,168
1.3% Stock Option Compensation Expense 704 0.4% - 0.0% Amortization
of Acquisition-related Intangible Assets 1,456 0.8% 1,335 0.8%
Adjusted Operating Income $24,736 14.2% $15,829 9.5% (g) GAAP
operating income and GAAP operating margin were determined in
accordance with U.S. generally accepted accounting principles. (h)
Adjusted operating income and adjusted operating margin are
non-GAAP measures and exclude the items in notes (c) through (d);
amortization of acquisition-related intangible assets; and for the
segments, stock option compensation expense. (i) Depreciation
expense in 2006 was $9,656 at Life and Laboratory Sciences, $2,222
at Measurement and Control and $13,462 Consolidated. Depreciation
expense in 2005 was $7,764 at Life and Laboratory Sciences, $2,045
at Measurement and Control and $10,760 Consolidated. (j) Includes
items described in note (c). (k) Includes items described in note
(d). Consolidated Statement of Income (unaudited)(a) Six Months
Ended July 1, % of July 2, % of (In thousands except per share 2006
Revenues 2005 Revenues amounts) Revenues $1,397,755 $1,212,829
Costs and Operating Expenses: Cost of revenues 760,639 54.4%
666,140 54.9% Selling, general and administrative expenses 358,151
25.6% 329,571 27.2% Amortization of acquisition- related intangible
assets 51,216 3.7% 26,523 2.2% Research and development expenses
79,357 5.7% 75,760 6.2% Restructuring and other costs, net(d) 8,374
0.6% 1,945 0.2% 1,257,737 90.0% 1,099,939 90.7% Operating Income
140,018 10.0% 112,890 9.3% Interest Income 6,925 5,927 Interest
Expense (15,729) (10,442) Other Income, Net(e) 1,642 33,323 Income
from Continuing Operations Before Income Taxes 132,856 141,698
Provision for Income Taxes (40,294) (39,355) Income from Continuing
Operations 92,562 102,343 Gain on Disposal of Discontinued
Operations (net of income tax provision of $1,303 in 2006 and
$4,272 in 2005) 2,224 6,736 Net Income $94,786 6.8% $109,079 9.0%
Earnings per Share from Continuing Operations: Basic $.57 $.64
Diluted $.56 $.63 Earnings per Share: Basic $.58 $.68 Diluted $.57
$.67 Weighted Average Shares: Basic 162,167 161,106 Diluted 166,253
164,694 Reconciliation of Adjusted Operating Income and Adjusted
Operating Margin GAAP Operating Income(a) $140,018 10.0% $112,890
9.3% Cost of Revenues Charges(c) 1,266 0.1% 11,465 0.9%
Restructuring and Other Costs, Net(d) 8,374 0.6% 1,945 0.2% Pro
Forma Stock Option Compensation Expense - 0.0% (10,473) -0.9%
Amortization of Acquisition- related Intangible Assets 51,216 3.7%
26,523 2.2% Adjusted Operating Income(b) $200,874 14.4% $142,350
11.7% Reconciliation of Adjusted Net Income GAAP Net Income(a)
$94,786 6.8% $109,079 9.0% Cost of Revenues Charges(c) 1,266 0.1%
11,465 0.9% Restructuring and Other Costs, Net(d) 8,374 0.6% 1,945
0.2% Pro Forma Stock Option Compensation Expense - 0.0% (10,473)
-0.9% Amortization of Acquisition- related Intangible Assets 51,216
3.7% 26,523 2.2% Other Income, Net(e) - 0.0% (27,594) -2.3%
Provision for Income Taxes(f) (18,839) -1.4% (1,751) -0.1%
Discontinued Operations, Net of Tax (2,224) -0.2% (6,736) -0.6%
Adjusted Net Income(b) $134,579 9.6% $102,458 8.4% Reconciliation
of Adjusted Earnings per Share GAAP EPS(a) $0.57 $0.67 Cost of
Revenues Charges, Net of Tax(c) - 0.04 Restructuring and Other
Costs, Net of Tax(d) 0.05 0.01 Pro Forma Stock Option Compensation
Expense, Net of Tax - (0.04) Amortization of Acquisition- related
Intangible Assets, Net of Tax 0.20 0.10 Other Income, Net of Tax(e)
- (0.11) Discontinued Operations, Net of Tax (0.01) (0.04) Adjusted
EPS(b) $0.81 $0.63 (a) "GAAP" (reported) results were determined in
accordance with U.S. generally accepted accounting principles
(GAAP). (b) Adjusted results are non-GAAP measures and exclude
certain charges to cost of revenues (see note (c) for details);
amortization of acquisition-related intangible assets;
restructuring and other costs, net (see note (d) for details);
certain other income/expense (see note (e) for details); the tax
consequences of the preceding items (see note (f) for details); and
results of discontinued operations. In 2005, adjusted results
include pro forma stock option compensation expense. In 2006, stock
option expense of $11,752 is included in both reported and adjusted
results as follows: cost of revenues $1,328; selling, general and
administrative expenses $9,753; and research and development
expenses $671. (c) Reported results in 2006 include $1,266 of
accelerated depreciation on manufacturing assets being abandoned
due to facility consolidations. Reported results in 2005 include
$11,465 of charges for the sale of inventories revalued at the date
of acquisition. (d) Reported results in 2006 and 2005 include
restructuring and other costs, net, consisting principally of
severance, abandoned facility and other expenses of real estate
consolidation, net of net gains on the sale of product lines and
abandoned facilities. (e) Reported results in 2005 include $27,594
of net gains from the sale of shares of Newport Corporation and
Thoratec Corporation. (f) Reported provision for income taxes
includes $19,109 and $5,416 of incremental tax benefit in 2006 and
2005, respectively, for the items in (b) through (e) and in 2006,
$270 of incremental tax provision related to prior-year tax audits.
Adjusted provision for income taxes in 2005 includes $3,665 of tax
benefits for the pro forma stock option compensation expense.
Segment Data(g)(h)(i) Six Months Ended July 1, % of July 2, % of
(In thousands except percentage 2006 Revenues 2005 Revenues
amounts) Life and Laboratory Sciences Revenues $1,051,641 $880,767
Reconciliation of Adjusted Operating Income and Adjusted Operating
Margin GAAP Operating Income 119,313 11.3% 100,905 11.5% Cost of
Revenues Charges(j) 1,266 0.1% 11,232 1.3% Restructuring and Other
Costs (Income), Net(k) 5,617 0.6% (1,894) -0.2% Stock Option
Compensation Expense 5,060 0.5% - 0.0% Amortization of Acquisition-
related Intangible Assets 48,292 4.6% 24,387 2.7% Adjusted
Operating Income $179,548 17.1% $134,630 15.3% Measurement and
Control Revenues $346,114 $332,062 Reconciliation of Adjusted
Operating Income and Adjusted Operating Margin GAAP Operating
Income 42,234 12.2% 30,453 9.2% Cost of Revenues Charges(j) - 0.0%
233 0.1% Restructuring and Other Costs, Net(k) 2,634 0.8% 3,202
0.9% Stock Option Compensation Expense 1,347 0.4% - 0.0%
Amortization of Acquisition- related Intangible Assets 2,920 0.8%
2,134 0.6% Adjusted Operating Income $49,135 14.2% $36,022 10.8%
(g) GAAP operating income and GAAP operating margin were determined
in accordance with U.S. generally accepted accounting principles.
(h) Adjusted operating income and adjusted operating margin are
non-GAAP measures and exclude the items in notes (c) through (d);
amortization of acquisition-related intangible assets; and for the
segments, stock option compensation expense. (i) Depreciation
expense in 2006 was $17,589 at Life and Laboratory Sciences, $4,347
at Measurement and Control and $25,221 Consolidated. Depreciation
expense in 2005 was $14,543 at Life and Laboratory Sciences, $4,461
at Measurement and Control and $20,912 Consolidated. (j) Includes
items described in note (c). (k) Includes items described in note
(d). Condensed Consolidated Balance Sheet (unaudited) (In
thousands) Jul. 1, 2006 Dec. 31, 2005 Assets Current Assets: Cash
and cash equivalents $189,716 $214,326 Short-term
available-for-sale investments 8,267 80,661 Accounts receivable,
net 544,520 565,564 Inventories 396,160 359,392 Other current
assets 141,559 133,957 1,280,222 1,353,900 Property, Plant and
Equipment, Net 283,242 280,654 Acquisition-related Intangible
Assets 405,011 450,740 Other Assets 216,907 200,080 Goodwill
1,990,821 1,966,195 $4,176,203 $4,251,569 Liabilities and
Shareholders' Equity Current Liabilities: Short-term obligations
and current maturities of long-term obligations $171,540 $130,137
Other current liabilities 578,506 626,334 Current liabilities of
discontinued operations 33,908 35,191 783,954 791,662 Long-term
Deferred Income Taxes and Other Long-term Liabilities 187,781
197,965 Long-term Obligations: Senior notes 379,529 380,542
Subordinated convertible obligations 77,234 77,234 Other 10,699
10,854 467,462 468,630 Total Shareholders' Equity(l) 2,737,006
2,793,312 $4,176,203 $4,251,569 (l) Includes 25,598 and 19,335
shares of treasury stock in 2006 and 2005, respectively. Media
Contact Information: Investor Contact Information: Lori Gorski
Kenneth J. Apicerno Phone: 781-622-1242 Phone: 781-622-1111 E-mail:
E-mail: DATASOURCE: Thermo Electron Corporation CONTACT: Lori
Gorski, +1-781-622-1242, , or Kenneth J. Apicerno, +1-781-622-1111,
, both of Thermo Electron Corporation Web site:
http://www.thermo.com/ Company News On-Call:
http://www.prnewswire.com/comp/877850.html
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