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danaher 04-3Q-SUP

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  • 1. Danaher Corporation Supplemental Financial Information October 1, 2004 Quarter Ended Quarter Ended Quarter Ended Free Cash Flows ($ in 000's): Nine Months Ended April 2, 2004 March 28, 2003 July 2, 2004 June 27, 2003 October 1, 2004 September 26, 2003 October 1, 2004 September 26, 2003 Operating Cash Flows $ 251,876 $ 214,336 $ 246,869 $ 234,912 $ 270,351 $ 170,111 $ 769,096 $ 619,359 Payments for Property, Plant & Equipment (Capital Expenditures) $ (19,208) $ (15,617) $ (23,952) $ (22,004) $ (26,958) $ (16,439) $ (70,118) $ (54,060) Free Cash Flow $ 232,668 $ 198,719 $ 222,917 $ 212,908 $ 243,393 $ 153,672 $ 698,978 $ 565,299 Ratio of Free Cash Flow to Net Earnings: Free Cash Flow from Above $ 232,668 $ 198,719 $ 222,917 $ 212,908 $ 243,393 $ 153,672 $ 698,978 $ 565,299 Net Earnings from Continuing Operations 145,244 103,126 182,233 125,144 200,793 138,618 528,270 366,888 Free Cash Flow to Net Earnings 1.60 1.93 1.22 1.70 1.21 1.11 1.32 1.54 NOTE: Free cash flow is defined as operating cash flow less purchases of property, plant and equipment. Management believes that free cash flow provides useful information to investors regarding the Company's ability to generate cash without external financings. Management uses free cash flow to help gauge the resources available for strategic opportunities such as making acquisitions, investing in the business and strengthening the Company's balance sheet, and uses this measure in making operating decisions, allocating financial resources and for budget planning purposes. Free cash flow does not, however, take into account the Company's debt service requirements and other non-discretionary expenditures and therefore is not necessarily indicative of amounts of cash that may be available for discretionary uses. Free cash flow should be considered in addition to, and not in lieu of, cash flow from operations, net earnings and other measures of financial performance prepared in accordance with GAAP.
  • 2. Danaher Corporation Supplemental Financial Information October 1, 2004 Debt to Total Capital and Net Debt to Total Capital Ratios ($ in 000's): Actual Balance As Of: October 1, 2004 December 31, 2003 Notes Payable and Current Portion of Long-term Debt $ 389,752 $ 14,385 Long-term Debt 918,390 1,284,498 Total debt 1,308,142 1,298,883 Total Stockholders' Equity 4,184,682 3,646,709 Total Capital $ 5,492,824 $ 4,945,592 Debt to Total Capital Ratio 23.8% 26.3% Total Debt $ 1,308,142 $ 1,298,883 Less: Cash and Cash Equivalents (531,610) (1,230,156) Net Debt 776,532 68,727 Total Capital $ 5,492,824 $ 4,945,592 Net Debt to Total Capital Ratio 14.1% 1.4% NOTE: Debt to Total Capital is defined as the ratio of Total Debt (including notes payable, current portion of long-term debt and long-term debt) to Total Capital (the sum of Total Debt and Stockholders’ Equity). Net Debt to Total Capital is defined as the ratio of Total Debt less Cash and Cash Equivalents to Total Capital. Management believes these ratios provide useful information to investors regarding the Company's debt leverage in relation to the size of its available capital base and existing cash resources. Management uses these ratios to evaluate the Company’s leverage over time to help determine the ability of the Company to access additional borrowing capacity. These ratios do not however necessarily indicate the ability of the Company to satisfy the debt service requirements in existing or future debt agreements. These ratios should be considered in addition to, and not in lieu of, other measures of liquidity including working capital prepared in accordance with GAAP.