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Beckman Profit Falls on News of Settlement

January 28, 2003|From Bloomberg News

Beckman Coulter Inc., which sells equipment and tests to medical laboratories and drug makers, said on Monday that fourth-quarter profit fell because of a patent-infringement settlement.

Net income declined to $33.5 million, or 53 cents a share, from $48.3 million, or 75 cents, in the same period of 2001, the company said. Sales rose 3% to about $595.5 million from $578.3 million.

Beckman paid $23.8 million, or 37 cents a share, for a patent-infringement settlement with Streck Laboratories Inc. Excluding that expense, the company had a profit of about $57.3 million, or 90 cents a share, the company said.

On that basis, the company beat the 89-cent average estimate of five analysts surveyed by Thomson First Call.

The Fullerton-based company reported 2002 net income of $135.5 million, or $2.08 a share, and sales of about $2.1 billion.

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