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PerkinElmer Announces Financial Results for the First Quarter 2008

Apr 25, 2008

WALTHAM, Mass.--(BUSINESS WIRE)--April 24, 2008--PerkinElmer, Inc. (NYSE: PKI), a global leader in Health Sciences and Photonics markets, today reported financial results for the first quarter ended March 30, 2008. The Company reported GAAP earnings per share from continuing operations of $0.20. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the Company announced adjusted earnings per share of $0.29, which is above the Company's prior guidance of $0.26 to $0.27.

Revenue for the first quarter 2008 was $482.3 million, an increase of 20% versus the first quarter 2007. Revenue growth was 19% in Life and Analytical Sciences and 22% in Optoelectronics, compared to the same period a year ago. Changes in foreign exchange rates contributed approximately 6% and acquisitions contributed approximately 4% to the first quarter 2008 revenue growth.

"We are pleased to have started 2008 with very strong revenue and profit growth," said Robert F. Friel, president and chief executive officer of PerkinElmer. "Our results were driven by excellent performance in Medical Imaging and Genetic Screening, strong demand for environmental applications and favorable customer response to new product introductions such as the AlphaLISA(TM) immunoassay reagent line and our xenon flash modules for mobile phone cameras."

GAAP operating profit for the first quarter 2008 was $36.4 million, compared to $23.1 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, adjusted operating profit for the first quarter 2008 was $53.3 million, up 24% as compared to $43.1 million in the first quarter 2007.

Financial Overview by Reporting Segment

Life and Analytical Sciences reported revenue of $356.6 million for the first quarter 2008, up 19% from revenue of $299.5 million in the first quarter 2007, driven by growth in the Company's Genetic Screening, Analytical Sciences, and Laboratory Services businesses, as well as a positive impact from acquisitions, new product introductions, and changes in foreign exchange rates.

The segment's GAAP operating profit for the first quarter 2008 was $23.4 million, compared to $14.9 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment's adjusted operating profit for the first quarter 2008 was $38.4 million, up 17% as compared to $32.7 million in the first quarter 2007.

Optoelectronics reported revenue of $125.7 million for the first quarter 2008, up 22% from revenue of $103.4 million in the first quarter 2007, driven primarily by revenue growth in the Company's Medical Imaging and Specialty Lighting businesses, as well as a positive impact from new product introductions and changes in foreign exchange rates.

The segment's GAAP operating profit for the first quarter 2008 was $23.3 million, compared to $16.3 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment's adjusted operating profit for the first quarter 2008 was $24.4 million, up 41% as compared to $17.3 million in the first quarter 2007.

Financial Guidance

For the second quarter 2008, the Company expects revenue to increase at a mid-teens to high-teens growth rate with changes in foreign exchange rates and acquisitions each contributing approximately 5%, or 10% in total. The Company expects to earn GAAP earnings per share in the range of $0.25 to $0.27, and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share in the range of $0.33 to $0.35.

Conference Call Information

The Company will discuss its first quarter results in a conference call on April 24, 2008, at 4:30 p.m. Eastern Time (ET). To access the call, please dial (617) 213-8066 prior to the scheduled conference call time and provide the access code 37254591. A replay of this conference call will be available approximately two hours after the call. The replay phone number is (617) 801-6888 and the access code is 12862878.

A live audio webcast of the call will be available on the "Investors" section of our Web site, http://www.perkinelmer.com. Please go to the site at least 15 minutes prior to the call in order to register, download, and install any necessary software. An archived version of the webcast will be posted on our Web site approximately two hours after the call and will be available through May 24, 2008.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons that we use these measures, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these measures are included below following our GAAP financial statements.

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