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Danaher Corporation
Summary of Selling, General and Administrative Costs (SG&A)
and Operating Profit Excluding the Impact of Special Credits
31-Dec-03
(in $ 000's)
(Unaudited)

                                                                          Quarter Ended                         Year Ended
                                                                       31-Dec-03      31-Dec-02             31-Dec-03      31-Dec-02
Total Company:

Total Company Revenue                                                 1,488,778         1,274,978           5,293,876         4,577,232

SG&A Before Special Credits                                             364,670           305,872           1,316,357         1,097,365
Special Credits:
(Gain) Loss on Sales of Real Estate                                          83              (952)               (785)           (6,157)
SG&A as Reported under GAAP                                             364,753           304,920           1,315,572         1,091,208

SG&A Before Special Credits as a % of Revenue                              24.5%            24.0%                24.9%              24.0%
SG&A as Reported under GAAP as a % of Revenue                              24.5%            23.9%                24.9%              23.8%

Operating Profit Before Special Credits                                 239,609           199,671             822,710             688,692
Special Credits:
Gain (Loss) on Sales of Real Estate                                         (83)              952                 785               6,157
Adjustment of Restructuring Accruals                                        -               6,273                 -                 6,273
Pension Curtailment Gain                                                 22,500               -                22,500                 -
Operating Profit as Reported under GAAP                                 262,026           206,896             845,995             701,122

Operating Profit Before Special Credits as a % of Revenue                  16.1%            15.7%                15.5%              15.0%
Operating Profit as Reported under GAAP as a % of Revenue                  17.6%            16.2%                16.0%              15.3%

Process/Environmental Controls Segment:

Segment Revenue                                                       1,149,957           967,176           4,096,686         3,385,154

Operating Profit Before Special Credits                                 199,469           157,196             674,333             529,595
Special Credits:
Gain (Loss) on Sales of Real Estate                                         (83)              952                   10              6,157
Adjustment of Restructuring Accruals                                        -               4,705                 -                 4,705
Operating Profit as Reported under GAAP                                 199,386           162,853             674,343             540,457

Operating Profit Before Special Credits as a % of Revenue                  17.3%            16.3%                16.5%              15.6%
Operating Profit as Reported under GAAP as a % of Revenue                  17.3%            16.8%                16.5%              16.0%

Tools and Components Segment:

Segment Revenue                                                         338,821           307,802           1,197,190         1,192,078

Operating Profit Before Special Credits                                   47,017           47,837             173,046             179,791
Special Credits:
Gain (Loss) on Sales of Real Estate                                          -                -                   775                 -
Adjustment of Restructuring Accruals                                         -              1,568                 -                 1,568
Operating Profit as Reported under GAAP                                   47,017           49,405             173,821             181,359

Operating Profit Before Special Credits as a % of Revenue                  13.9%            15.5%                14.5%              15.1%
Operating Profit as Reported under GAAP as a % of Revenue                  13.9%            16.1%                14.5%              15.2%



   Note: The Company believes the above measures of SG&A and Operating Profit before the effect of special credits give the
   reader of the financial statements additional information about the cost structure of the business and results of operations
   without the benefit from these non-recurring items. The reader should also evaluate the Company's performance as reported
   under traditional measures presented under Generally Accepted Accounting Principals (GAAP) including operating profit and
   net income.
Danaher Corporation
Supplemental Financial Information
31-Dec-03



                                          Quarter Ended                Quarter Ended                  Quarter Ended                  Quarter Ended
Free Cash Flows ($ in 000's):                                                                                                                                          Year Ended                   Year Ended
                                       28-Mar-03    29-Mar-02       27-Jun-03      28-Jun-02       26-Sep-03      27-Sep-02       31-Dec-03    31-Dec-02           31-Dec-03      31-Dec-02   31-Dec-01     31-Dec-00

Operating Cash Flows               $    214,336 $    263,247    $    234,912 $      130,199    $    170,111 $      171,983    $    242,185 $     144,918       $    861,544 $      710,347    $ 608,471 $    512,245

Payments for Property, Plant &
Equipment (Capital Expenditures)   $    (15,617) $   (12,923)   $    (22,004) $     (15,318)   $    (16,439) $     (16,712)   $    (26,283) $    (20,477)      $    (80,343) $     (65,430)     (84,457)    (103,718)

Free Cash Flow                     $    198,719 $    250,324    $    212,908 $      114,881    $    153,672 $      155,271    $    215,902 $     124,441       $    781,201 $      644,917    $ 524,014 $    408,527




              NOTE: Free cash flow is defined as operating cash flow less purchases of                                        Ratio of Free Cash Flow to Net Earnings:
              property, plant and equipment. Management believes that free cash flow
              provides useful information to investors regarding the Company's ability to                                     Free Cash Flow from Above        $    781,201
              generate cash without external financings. Management uses free cash flow to
              help gauge the resources available for strategic opportunities such as making                                   Net Earnings                          536,834
              acquisitions, investing in the business and strengthening the Company's
              balance sheet, and uses this measure in making operating decisions, allocating                                  Free Cash Flow to Net Earnings             146%
              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.
Danaher Corporation
Supplemental Financial Information
31-Dec-03


                                                                                                              Pro forma    Pro Forma 12-
                                                                                                            Adjustmemt to     31-2003
                                                                                                                Reflect    Adjusted for the
                                                                                                             Purchase of    Purchase of
Debt to Total Capital and Net Debt                                                                          Radiometer and Radiometer and
                                                                                                             Gendex (A)        Gendex
to Total Capital Ratios ($ in 000's):                                        Actual Balance As Of:
                                                                             31-Dec-03       31-Dec-02

Notes Payable and Current Portion of
Long-term Debt                                                         $       14,385 $        112,542      $          -     $      14,385
Long-term Debt                                                              1,284,498        1,197,422                 -     $   1,284,498
   Total debt                                                               1,298,883        1,309,964                 -     $   1,298,883
Total Stockholders' Equity                                                  3,646,709        3,009,599                 -     $   3,646,709
   Total Capital                                                       $    4,945,592 $      4,319,563      $          -     $   4,945,592

Debt to Total Capital Ratio                                                      26.3%           30.3%                               26.3%

Total Debt                                                             $     1,298,883 $     1,309,964      $          -     $   1,298,883
Less: Cash and Cash Equivalents                                             (1,230,156)       (810,463)            875,000   $    (355,156)
Net Debt                                                                        68,727         499,501                 -     $     943,727
Total Capital                                                          $     4,945,592 $     4,319,563      $          -     $   4,945,592

Net Debt to Total Capital Ratio                                                   1.4%           11.6%                               19.1%


             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.

(A) Reflects the use subsequent to December 31, 2003 of approximately $875 million for the purchase of Radiometer Medical
S/A and the purchase of the assets and certain liabilities of the Gendex division of Dentsply.
DANAHER CORPORATION AND SUBSIDIARIES
   SUPPLEMENTAL INCOME STATEMENT DATA
   (in thousands, except per share amounts)

                                                                   Quarter Ended              Year Ended

                                                             12/31/03        12/31/02       12/31/03         12/31/02

Net earnings before unusual items                           $ 155,377        $ 124,443      $ 521,675       $ 426,061
   Pension curtailment gain, net of tax                        14,625                --        14,625               --
   Gains (losses) on sale of real estate, net of tax             (56)              609            534           3,940
   Effect of lower tax rate on prior quarters (A)                   --           2,520              --              --
   After-tax impact of restructuring charge                         --           4,140              --          4,140
   Reduction of tax reserves related to previously
   discontinued operation                                               --      30,000                 --      30,000
   Effect of accounting change, net of tax, SFAS 142                    --           --                --    (173,750)

Net earnings                                                $ 169,946        $ 161,712      $ 536,834       $ 290,391


Diluted net earnings per share before unusual items               $0.97            $0.79         $3.28          $2.74
    Pension curtailment gain, net of tax                           0.09                --         0.09              --
    Gains on sale of real estate, net of tax                          --               --            --          0.02
    Effect of lower tax rate on prior quarters (A)                    --            0.02             --             --
    After-tax impact of restructuring charge                          --            0.03             --          0.03
    Reduction of tax reserves related to previously
    discontinued operation                                              --          0.19               --         0.19
    Effect of accounting change, net of tax, SFAS 142                   --             --              --        (1.10)


Diluted net earnings per share                                    $1.06            $1.03         $3.37          $1.88


   (A) Represents the effect on the fourth quarter of 2002 of lowering the full year effective income tax
      rate to 34% from 34.5% used during the first three quarters of 2002.




            This reconciliation is presented to quantify the financial impact of unusual items on net
   earnings and net earnings per share. Since these unusual items have the impact of increasing reported
   net earnings (with the exception of the change in accounting principle), we believe it is important to
   quantify the impact these items have on reported results to enable the reader a better understanding of
   the earnings trends excluding these items. These measures should be read in combination with the
   overall financial results presented in the Statement of Earnings for the periods presented.

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danaher 03-4Qsupp

  • 1. Danaher Corporation Summary of Selling, General and Administrative Costs (SG&A) and Operating Profit Excluding the Impact of Special Credits 31-Dec-03 (in $ 000's) (Unaudited) Quarter Ended Year Ended 31-Dec-03 31-Dec-02 31-Dec-03 31-Dec-02 Total Company: Total Company Revenue 1,488,778 1,274,978 5,293,876 4,577,232 SG&A Before Special Credits 364,670 305,872 1,316,357 1,097,365 Special Credits: (Gain) Loss on Sales of Real Estate 83 (952) (785) (6,157) SG&A as Reported under GAAP 364,753 304,920 1,315,572 1,091,208 SG&A Before Special Credits as a % of Revenue 24.5% 24.0% 24.9% 24.0% SG&A as Reported under GAAP as a % of Revenue 24.5% 23.9% 24.9% 23.8% Operating Profit Before Special Credits 239,609 199,671 822,710 688,692 Special Credits: Gain (Loss) on Sales of Real Estate (83) 952 785 6,157 Adjustment of Restructuring Accruals - 6,273 - 6,273 Pension Curtailment Gain 22,500 - 22,500 - Operating Profit as Reported under GAAP 262,026 206,896 845,995 701,122 Operating Profit Before Special Credits as a % of Revenue 16.1% 15.7% 15.5% 15.0% Operating Profit as Reported under GAAP as a % of Revenue 17.6% 16.2% 16.0% 15.3% Process/Environmental Controls Segment: Segment Revenue 1,149,957 967,176 4,096,686 3,385,154 Operating Profit Before Special Credits 199,469 157,196 674,333 529,595 Special Credits: Gain (Loss) on Sales of Real Estate (83) 952 10 6,157 Adjustment of Restructuring Accruals - 4,705 - 4,705 Operating Profit as Reported under GAAP 199,386 162,853 674,343 540,457 Operating Profit Before Special Credits as a % of Revenue 17.3% 16.3% 16.5% 15.6% Operating Profit as Reported under GAAP as a % of Revenue 17.3% 16.8% 16.5% 16.0% Tools and Components Segment: Segment Revenue 338,821 307,802 1,197,190 1,192,078 Operating Profit Before Special Credits 47,017 47,837 173,046 179,791 Special Credits: Gain (Loss) on Sales of Real Estate - - 775 - Adjustment of Restructuring Accruals - 1,568 - 1,568 Operating Profit as Reported under GAAP 47,017 49,405 173,821 181,359 Operating Profit Before Special Credits as a % of Revenue 13.9% 15.5% 14.5% 15.1% Operating Profit as Reported under GAAP as a % of Revenue 13.9% 16.1% 14.5% 15.2% Note: The Company believes the above measures of SG&A and Operating Profit before the effect of special credits give the reader of the financial statements additional information about the cost structure of the business and results of operations without the benefit from these non-recurring items. The reader should also evaluate the Company's performance as reported under traditional measures presented under Generally Accepted Accounting Principals (GAAP) including operating profit and net income.
  • 2. Danaher Corporation Supplemental Financial Information 31-Dec-03 Quarter Ended Quarter Ended Quarter Ended Quarter Ended Free Cash Flows ($ in 000's): Year Ended Year Ended 28-Mar-03 29-Mar-02 27-Jun-03 28-Jun-02 26-Sep-03 27-Sep-02 31-Dec-03 31-Dec-02 31-Dec-03 31-Dec-02 31-Dec-01 31-Dec-00 Operating Cash Flows $ 214,336 $ 263,247 $ 234,912 $ 130,199 $ 170,111 $ 171,983 $ 242,185 $ 144,918 $ 861,544 $ 710,347 $ 608,471 $ 512,245 Payments for Property, Plant & Equipment (Capital Expenditures) $ (15,617) $ (12,923) $ (22,004) $ (15,318) $ (16,439) $ (16,712) $ (26,283) $ (20,477) $ (80,343) $ (65,430) (84,457) (103,718) Free Cash Flow $ 198,719 $ 250,324 $ 212,908 $ 114,881 $ 153,672 $ 155,271 $ 215,902 $ 124,441 $ 781,201 $ 644,917 $ 524,014 $ 408,527 NOTE: Free cash flow is defined as operating cash flow less purchases of Ratio of Free Cash Flow to Net Earnings: property, plant and equipment. Management believes that free cash flow provides useful information to investors regarding the Company's ability to Free Cash Flow from Above $ 781,201 generate cash without external financings. Management uses free cash flow to help gauge the resources available for strategic opportunities such as making Net Earnings 536,834 acquisitions, investing in the business and strengthening the Company's balance sheet, and uses this measure in making operating decisions, allocating Free Cash Flow to Net Earnings 146% 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.
  • 3. Danaher Corporation Supplemental Financial Information 31-Dec-03 Pro forma Pro Forma 12- Adjustmemt to 31-2003 Reflect Adjusted for the Purchase of Purchase of Debt to Total Capital and Net Debt Radiometer and Radiometer and Gendex (A) Gendex to Total Capital Ratios ($ in 000's): Actual Balance As Of: 31-Dec-03 31-Dec-02 Notes Payable and Current Portion of Long-term Debt $ 14,385 $ 112,542 $ - $ 14,385 Long-term Debt 1,284,498 1,197,422 - $ 1,284,498 Total debt 1,298,883 1,309,964 - $ 1,298,883 Total Stockholders' Equity 3,646,709 3,009,599 - $ 3,646,709 Total Capital $ 4,945,592 $ 4,319,563 $ - $ 4,945,592 Debt to Total Capital Ratio 26.3% 30.3% 26.3% Total Debt $ 1,298,883 $ 1,309,964 $ - $ 1,298,883 Less: Cash and Cash Equivalents (1,230,156) (810,463) 875,000 $ (355,156) Net Debt 68,727 499,501 - $ 943,727 Total Capital $ 4,945,592 $ 4,319,563 $ - $ 4,945,592 Net Debt to Total Capital Ratio 1.4% 11.6% 19.1% 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. (A) Reflects the use subsequent to December 31, 2003 of approximately $875 million for the purchase of Radiometer Medical S/A and the purchase of the assets and certain liabilities of the Gendex division of Dentsply.
  • 4. DANAHER CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INCOME STATEMENT DATA (in thousands, except per share amounts) Quarter Ended Year Ended 12/31/03 12/31/02 12/31/03 12/31/02 Net earnings before unusual items $ 155,377 $ 124,443 $ 521,675 $ 426,061 Pension curtailment gain, net of tax 14,625 -- 14,625 -- Gains (losses) on sale of real estate, net of tax (56) 609 534 3,940 Effect of lower tax rate on prior quarters (A) -- 2,520 -- -- After-tax impact of restructuring charge -- 4,140 -- 4,140 Reduction of tax reserves related to previously discontinued operation -- 30,000 -- 30,000 Effect of accounting change, net of tax, SFAS 142 -- -- -- (173,750) Net earnings $ 169,946 $ 161,712 $ 536,834 $ 290,391 Diluted net earnings per share before unusual items $0.97 $0.79 $3.28 $2.74 Pension curtailment gain, net of tax 0.09 -- 0.09 -- Gains on sale of real estate, net of tax -- -- -- 0.02 Effect of lower tax rate on prior quarters (A) -- 0.02 -- -- After-tax impact of restructuring charge -- 0.03 -- 0.03 Reduction of tax reserves related to previously discontinued operation -- 0.19 -- 0.19 Effect of accounting change, net of tax, SFAS 142 -- -- -- (1.10) Diluted net earnings per share $1.06 $1.03 $3.37 $1.88 (A) Represents the effect on the fourth quarter of 2002 of lowering the full year effective income tax rate to 34% from 34.5% used during the first three quarters of 2002. This reconciliation is presented to quantify the financial impact of unusual items on net earnings and net earnings per share. Since these unusual items have the impact of increasing reported net earnings (with the exception of the change in accounting principle), we believe it is important to quantify the impact these items have on reported results to enable the reader a better understanding of the earnings trends excluding these items. These measures should be read in combination with the overall financial results presented in the Statement of Earnings for the periods presented.