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PerkinElmer Announces Financial Results for the Fourth Quarter of 2008

Jan 30, 2009

PerkinElmer, Inc. (NYSE: PKI - News), a global leader focused on improving the health and safety of people and the environment, today reported financial results for the fourth quarter ended December 28, 2008. The Company reported GAAP earnings per share from continuing operations of $0.29. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the Company announced adjusted earnings per share of $0.48, which is within the range of the Company's prior guidance.

Revenue from continuing operations for the fourth quarter 2008 was $495.0 million, an increase of 3% versus the fourth quarter 2007. Both Life and Analytical Sciences and Optoelectronics had reported revenue growth of 3% and organic growth of 4% compared to the same period a year ago.

"Our strong fourth quarter performance finishes off a great year for PerkinElmer. For 2008, our revenue growth, earnings per share and cash flow all met or exceeded our original full year guidance despite difficult economic conditions during the last four months of the year," said Robert Friel, president and chief executive officer of PerkinElmer. "In addition, we also made good progress in focusing the Company on health and environmental end markets. For 2009, our focus will be on driving efficiency and productivity as well as investing in longer-term growth initiatives."

GAAP operating profit from continuing operations for the fourth quarter 2008 was $71.7 million, compared to $49.4 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 fourth quarter 2008 was $89.7 million, up 25% as compared to $71.7 million in the fourth quarter 2007.

GAAP earnings per share from continuing operations for the fourth quarter of 2008 was $0.29 as compared to $0.44 for the same period in 2007 due to non-recurring items. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, earnings per share for the fourth quarter of 2008 was $0.48, up 14% as compared to $0.42 in the fourth quarter of 2007.

For the fourth quarter of 2008, cash flow from continuing operations was $93.7 million as compared to $86.1 million from the same period one year ago.

Financial Overview by Reporting Segment

Life and Analytical Sciences reported revenue of $390.3 million for the fourth quarter 2008, up 3% from revenue of $379.3 million in the fourth quarter 2007. The segment's GAAP operating profit for the fourth quarter 2008 was $50.8 million, compared to $40.8 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 fourth quarter 2008 was $65.6 million, up 8% as compared to $60.6 million in the fourth quarter 2007.

Optoelectronics reported revenue of $104.8 million for the fourth quarter 2008, up 3% from revenue of $101.4 million in the fourth quarter 2007. The segment's GAAP operating profit for the fourth quarter 2008 was $25.4 million, compared to $20.2 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 fourth quarter 2008 was $26.9 million, up 24% as compared to $21.6 million in the fourth quarter 2007.

Reorganization of the Business Units

In November 2008, the Company announced the realignment of its business units to Human Health and Environmental Health to better reflect the Company's new strategic focus.

As part of that realignment, a portion of its Specialty Lighting business was placed under strategic review to increase the focus on Human and Environmental Health. As a result of the strategic review, the Company intends to divest these businesses; therefore, the results of operations for these businesses have been reported as discontinued operations in this press release and in the attachments to this release. Additionally, the Company decided to exit certain product lines within the Bio-discovery business and reallocate resources to higher growth, strategic opportunities within that business.

As a result of the reorganization, effective fiscal year 2009, PerkinElmer's business units will report revenue and operating profit according to the new business areas of Human Health or Environmental Health.

2009 Guidance

For the full year 2009, the Company forecasts organic revenue relative to 2008 to be flat to down mid-single digits. The Company forecasts 2009 earnings per share relative to 2008 to be down mid-single digits to mid-teens on both a GAAP and non-GAAP basis, and including the impact of stock option expense in both periods.

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