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«2013 Annual Report breakthrough technologies and services focused on Dear Fellow Shareholders, addressing specific customer and market needs. Several ...»

-- [ Page 1 ] --

A BETTER WORLD

STARTS WITH

BETTER INNOVATION

2013 Annual Report

breakthrough technologies and services focused on

Dear Fellow Shareholders,

addressing specific customer and market needs. Several

2013 was another year of great progress in exciting focus areas include informatics, mobile

PerkinElmer’s journey to deliver innovative applications, mass spectrometry, and multi-spectral solutions to meaningfully improve human and imaging, all of which are important technologies in developing innovative solutions to address the needs of environmental health.

diagnostic, life science research and environmental customers around the world.

During 2013 we successfully enhanced the growth profile of the company, further improved the efficiency The second focus area centers around achieving of our operations and delivered another year of strong sustainable, best-in-class product quality while also stock price appreciation. We also grew our driving continuous improvement throughout all of our organizational capabilities through investments in our processes. This includes providing an exceptional people, the formation of strategic collaborations and a customer experience and ensuring we are one of the broadening of our reach across a number of higher easiest companies to do business with.

growth geographies. Of note, we opened two Life Science Centers for Innovation, expanded our Our third objective is to increase employee engagement Customer Knowledge Centers focused on and organizational strength. By fostering collaboration environmental applications and established direct and knowledge sharing, we can better solve problems, operations in Israel, South Africa and Turkey. By develop innovative new products, and share customer deeply understanding our markets and customers’ insights. Furthermore, we will continue to invest in our applications, we focused our eff

–  –  –

Moving into 2014, our three key corporate objectives strategically build upon the progress made last year.

Our first priority is to accelerate revenue growth by developing innovative solutions by leveraging our unique detection, imaging, informatics and service Robert F. Friel capabilities. Through PerkinElmer’s i2i™, or insights Chairman, Chief Executive Officer and President to innovation, process, we will bring to market PerkinElmer, Inc.

CORPORATE GOVERNANCE

–  –  –

The cover inset image showcases a DNA molecule in 3D using our Chem3D® for iPad® app, a new * informatics offering developed by PerkinElmer in 2013. The app empowers collaboration inside and outside of the laboratory and classroom, enabling better insights and more informed decisions throughout life science research.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

–  –  –

Item 1. Business Overview We are a leading provider of products, services and solutions to the diagnostics, research, environmental, industrial and laboratory services markets.

Through our advanced technologies, solutions, and services, we address critical issues that help to improve the health and safety of people and their environment.

We are a Massachusetts corporation, founded in 1947. Our headquarters are in Waltham, Massachusetts, and we market our products and services in more than 150 countries. As of December 29, 2013, we employed approximately 7,600 employees in our continuing operations. Our common stock is listed on the New York Stock Exchange under the 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, 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.

Our Strategy Our strategy is to provide innovative products, services and solutions that drive scientific enhancements and productivity improvements in targeted high growth market segments and to develop value-added applications and solutions to foster further development and expansion of the markets we serve. To execute on our strategy and drive higher revenue growth, we focus on broadening our product and service offerings through the

acquisition of innovative technology and expenditures for research and development. Our strategy includes:

• Achieving significant growth in both of our core business segments, Human Health and Environmental Health, through strategic acquisitions and licensing;

• Accelerating innovation through both internal research and development and third-party collaborations and alliances;

• Strengthening our position within key markets, by expanding our product and service offerings and maintaining superior product quality;





• Utilizing our share repurchase programs to help drive shareholder value; and

• Attracting, retaining and developing talented and engaged employees.

Recent Developments

As part of our strategy to grow our core businesses, we have recently taken the following actions:

Strategic Business Re-Alignment:

We realigned our organization at the beginning of fiscal year 2013, to allow us to implement our strategy and propel our vision to improve global health by innovating technologies that help make healthcare more effective, affordable and accessible around the world. Our Informatics business, as well as our field service on products previously sold by our former Bio-discovery business, were moved from our Environmental Health segment into our Human Health segment. The results reported for fiscal year 2013 reflect this new alignment of our operating segments. Financial information relating to fiscal years 2012 and 2011 has been retrospectively adjusted to reflect the changes to the operating segments.

Acquisitions in fiscal year 2013:

We completed the acquisition of four businesses for total consideration of $11.4 million, in cash. As of the closing dates, we potentially had to pay additional contingent consideration for the four acquired businesses of up to $2.2 million, which at closing had an estimated fair value of $1.1 million. The excess of the purchase price over the fair value of each of the acquired businesses’ net assets represents cost and revenue synergies specific to us, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. We reported the operations for these acquisitions within the results of our operations from the acquisition dates.

Restructuring:

During fiscal year 2013, we recorded a $23.7 million pre-tax restructuring charge in our Human Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space, and recognized a $12.0 million pre-tax restructuring charge in our Environmental Health segment related to a workforce reduction from reorganization activities and the closure of excess facility space. Our management approved these plans principally to shift certain of our research and development resources into a newly opened Center for Innovation, to shift certain of our operations into a newly established shared service center, to realign operations, research and development resources and production resources as a result of previous acquisitions and to focus resources on higher growth end markets. We also recorded a pre-tax restructuring reversal of $1.5 million primarily related to lower than expected costs primarily related to workforce reductions within our Human Health segment, as well as a reversal of $1.0 million primarily related to lower than expected costs associated with workforce reductions within our Environmental Health segment. During fiscal year 2013, we recorded a pre-tax charge of $0.7 million primarily as a result of terminating various contractual commitments in connection with certain disposal activities in our Environmental Health segment. The pre-tax restructuring activity associated with these plans has been reported as restructuring and contract termination charges and is included as a component of operating expenses from continuing operations. We expect the impact of future cost savings on operating results and cash flows from restructuring activities executed in fiscal year 2013 will exceed $9.0 million annually beginning in fiscal year 2015, primarily as decreases to cost of revenue, selling, general and administrative expenses, and research and development expenses.

As part of our ongoing business strategy, we also took the following actions:

Redemption of 6% Senior Unsecured Notes Due in 2015:

In December 2013, we redeemed all of our 6% senior unsecured notes due in 2015 (the “2015 Notes”) for a redemption price that included the outstanding principal amount of $150.0 million and a prepayment premium of $11.1 million, which is included in other expense, net. The transaction also resulted in the write-off of $2.8 million for the remaining unamortized derivative losses for previously settled cash flow hedges and the write-off of $0.2 million for the remaining deferred debt issuance costs. Both of these amounts are included in interest expense.

Share Repurchase Program:

On October 24, 2012, our Board of Directors (our “Board”) authorized us to repurchase up to 6.0 million shares of common stock under a stock repurchase program (the “Repurchase Program”). The Repurchase Program will expire on October 24, 2014 unless terminated earlier by our Board, and may be suspended or discontinued at any time. During fiscal year 2013, we repurchased approximately 3.6 million shares of common stock in the open market at an aggregate cost of $123.0 million, including commissions, under the Repurchase Program. As of December 29, 2013, approximately 2.4 million shares authorized by our Board under the Repurchase Program remained available for repurchase.

Business Segments and Products We report our business in two segments: Human Health and Environmental Health. We performed our annual impairment testing on January 1, 2013, the annual impairment date for our reporting units, and based on the first step of the impairment process (the comparison of the fair value to the carrying value of the reporting unit to determine if the carrying value exceeds the fair value), we concluded that there was no goodwill impairment.

We realigned our organization at the beginning of fiscal year 2013, to allow us to implement our strategy and propel our vision to improve global health by innovating technologies that help make healthcare more effective, affordable and accessible around the world. Our Informatics business, as well as our field service on products previously sold by our former Bio-discovery business, were moved from our Environmental Health segment into our Human Health segment. The results reported for fiscal year 2013 reflect this new alignment of our operating segments. Financial information relating to fiscal years 2012 and 2011 has been retrospectively adjusted to reflect the changes to the operating segments.

Human Health Segment Our Human Health segment concentrates on developing diagnostics, tools and applications to help detect diseases earlier and more accurately and to accelerate the discovery and development of critical new therapies.

Within the Human Health segment, we serve both the diagnostics and research markets. Our Human Health segment generated revenue of $1,209.8 million in fiscal year 2013.

Diagnostics Market:



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