<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1999.
OR
__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________.
Commission file number 1-7928
BIO-RAD LABORATORIES, INC.
(Exact name of registrant as specified in its charter)
A Delaware Corporation 94-1381833
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
1000 Alfred Nobel Drive, Hercules, California 94547
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (510) 724-7000
Indicate by check whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No ___
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date--
<TABLE>
<CAPTION>
Shares Outstanding
Title of each Class at April 30, 1999
<S> <C>
Class A Common Stock,
Par Value $1.00 per share 9,974,862
Class B Common Stock,
Par Value $1.00 per share 2,487,716
</TABLE>
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1999 1998
<S> <C> <C>
NET SALES . . . . . . . . . . . . . . . . . . $125,738 $116,174
Cost of goods sold . . . . . . . . . . . . . 55,556 52,098
GROSS PROFIT . . . . . . . . . . . . . . . . 70,182 64,076
Selling, general and administrative expense . 43,017 41,057
Product research and development expense . . 10,534 9,912
INCOME FROM OPERATIONS . . . . . . . . . . . 16,631 13,107
Interest expense . . . . . . . . . . . . . . (896) (785)
Investment income, net . . . . . . . . . . . 74 774
Other, net . . . . . . . . . . . . . . . . . (680) (736)
INCOME BEFORE TAXES . . . . . . . . . . . . . 15,129 12,360
Provision for income taxes . . . . . . . . . 4,327 3,584
NET INCOME . . . . . . . . . . . . . . . . . $ 10,802 $ 8,776
======== ========
Basic earnings per share:
Net income . . . . . . . . . . . . . . . $0.89 $0.72
======== ========
Weighted average common shares . . . . . 12,108 12,211
======== ========
Diluted earnings per share:
Net income . . . . . . . . . . . . . . . $0.89 $0.71
======== ========
Weighted average common shares 12,123 12,325
======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
1
<PAGE>
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share data)
<TABLE>
<CAPTION>
March 31, December 31,
1999 1998
(Unaudited)
<S> <C> <C>
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . $ 8,036 $ 10,081
Accounts receivable . . . . . . . . . . . . . . . . . 110,360 106,010
Inventories . . . . . . . . . . . . . . . . . . . . . 91,713 92,411
Prepaid expenses, taxes and other current assets . . . 26,769 26,887
Total current assets . . . . . . . . . . . . . . . 236,878 235,389
Net property, plant and equipment . . . . . . . . . . 81,625 82,130
Marketable securities . . . . . . . . . . . . . . . . 5,968 6,174
Other assets . . . . . . . . . . . . . . . . . . . . . 45,154 43,606
Total assets . . . . . . . . . . . . . . . . . . $369,625 $367,299
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Notes payable and current maturities of long-term debt $ 5,851 $ 9,393
Accounts payable . . . . . . . . . . . . . . . . . . . 25,676 26,706
Accrued payroll and employee benefits . . . . . . . . 23,099 27,351
Sales, income and other taxes payable . . . . . . . . 7,712 6,396
Other current liabilities . . . . . . . . . . . . . . 27,566 27,398
Total current liabilities . . . . . . . . . . . . . 89,904 97,244
Long-term debt, net of current maturities . . . . . . 45,283 42,339
Deferred tax liabilities . . . . . . . . . . . . . . . 13,547 13,382
Total liabilities . . . . . . . . . . . . . . . . . 148,734 152,965
STOCKHOLDERS' EQUITY:
Preferred stock, $1.00 par value, 2,300,000 shares
authorized; none outstanding . . . . . . . . . . . . -- --
Class A common stock, $1.00 par value, 15,000,000 shares
authorized; outstanding - 9,974,129 at March 31, 1999
and 9,973,679 at December 31, 1998 . . . . . . . . . 9,974 9,974
Class B common stock, $1.00 par value, 6,000,000 shares
authorized; outstanding - 2,488,449 at March 31, 1999
and 2,452,899 at December 31, 1998 . . . . . . . . . 2,489 2,453
Additional paid-in capital . . . . . . . . . . . . . . 18,779 18,523
Class A treasury stock, 381,998 shares at March 31, 1999
and 306,368 shares at December 31, 1998 at cost . . (8,417) (7,047)
Retained earnings . . . . . . . . . . . . . . . . . . 200,225 189,838
Accumulated other comprehensive income:
Currency translation . . . . . . . . . . . . . . . . (2,234) 92
Net unrealized holding gain on marketable securities 75 501
Total stockholders' equity . . . . . . . . . . . . 220,891 214,334
Total liabilities and stockholders' equity . . . $369,625 $367,299
======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
2
<PAGE>
BIO-RAD LABORATORIES, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1999 1998
<S> <C> <C>
Cash flows from operating activities:
Cash received from customers . . . . . . . . . . . . . $115,236 $108,476
Cash paid to suppliers and employees . . . . . . . . . (108,512) (106,699)
Interest paid. . . . . . . . . . . . . . . . . . . . . (914) (697)
Income tax payments . . . . . . . . . . . . . . . . . (2,776) (1,031)
Miscellaneous payments . . . . . . . . . . . . . . . . (1,629) (137)
Net cash provided by (used in) operating activities. . 1,405 (88)
Cash flows from investing activities:
Capital expenditures, net. . . . . . . . . . . . . . . (4,608) (4,228)
Purchases of marketable securities and investments . . (632) (4,047)
Sales of marketable securities and investments . . . . 222 2,172
Foreign currency hedges, net . . . . . . . . . . . . . 1,806 486
Net cash used in investing activities. . . . . . . . . (3,212) (5,617)
Cash flows from financing activities:
Net borrowings under line-of-credit arrangements. . . (3,096) 1,065
Long-term borrowings. . . . . . . . . . . . . . . . . 19,051 28,760
Payments on long-term debt. . . . . . . . . . . . . . (16,146) (22,914)
Proceeds from issuance of common stock. . . . . . . . 292 --
Treasury stock activity, net. . . . . . . . . . . . . (1,785) 385
Net cash provided by (used in) financing activities . (1,684) 7,296
Effect of exchange rate changes on cash . . . . . . . . . . 1,446 192
Net increase (decrease) in cash and cash equivalents. . . . (2,045) 1,783
Cash and cash equivalents at beginning of period. . . . . . 10,081 10,843
Cash and cash equivalents at end of period. . . . . . . . . $ 8,036 $ 12,626
======== ========
Reconciliation of net income to net cash provided by operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . $ 10,802 $ 8,776
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization. . . . . . . . . . . . 5,225 5,131
Foreign currency hedge transactions, net . . . . . . (1,806) (486)
Gains on dispositions of marketable securities . . . (52) (743)
Increase in accounts receivable. . . . . . . . . . . (8,129) (6,806)
Increase in inventories. . . . . . . . . . . . . . . (756) (2,867)
Increase in other current assets . . . . . . . . . . (724) (616)
Decrease in accounts payable and
other current liabilities . . . . . . . . . . . . (2,719) (5,382)
Increase in income taxes payable . . . . . . . . . . 931 2,605
Other. . . . . . . . . . . . . . . . . . . . . . . . (1,367) 300
Net cash provided by (used in) operating activities . . . . $ 1,405 $ (88)
======== ========
</TABLE>
The accompanying notes are an integral part of these statements.
3
<PAGE>
BIO-RAD LABORATORIES, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial
statements of Bio-Rad Laboratories, Inc. ("Bio-Rad" or the
"Company"), reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the results of the
interim periods presented. All such adjustments are of a normal
recurring nature. The condensed consolidated financial
statements should be read in conjunction with the notes to
consolidated financial statements contained in the Company's
Annual Report for the year ended December 31, 1998 (the Company's
1998 Annual Report). Certain amounts in the financial statements
of the prior year have been reclassified to be consistent with
the 1999 presentation.
2. INVENTORIES
<TABLE>
The principal components of inventories are as follows:
<CAPTION>
March 31, December 31,
1999 1998
(in thousands)
<S> <C> <C>
Raw materials $ 27,611 $ 26,038
Work in process 22,435 21,614
Finished goods 41,667 44,759
$ 91,713 $ 92,411
======== ========
</TABLE>
3. PROPERTY, PLANT AND EQUIPMENT
<TABLE>
The principal components of property, plant and equipment are as
follows:
<CAPTION>
March 31, December 31,
1999 1998
(in thousands)
<S> <C> <C>
Land and improvements $ 8,057 $ 8,057
Buildings and leasehold
improvements 56,518 56,280
Equipment 134,546 133,838
199,121 198,175
Accumulated depreciation (117,496) (116,045)
Net property, plant and equipment $ 81,625 $ 82,130
======== ========
</TABLE>
4
<PAGE>
4. EARNINGS PER SHARE
Weighted average shares used for diluted earnings per share
include the dilutive effect of outstanding stock options of
15,000 and 114,000 shares, for the year-to-date periods ended
March 31, 1999 and 1998, respectively.
Options to purchase 409,000 and 265,000 shares of common stock
were outstanding during 1999 and 1998, respectively, but were
excluded from the computation of diluted earnings per share
because the exercise price of the options was greater than the
average market price of the common shares. The options were
still outstanding at March 31, 1999.
5. COMPREHENSIVE INCOME
<TABLE>
The components of the Company's total comprehensive income were:
<CAPTION>
Three Months Ended
March 31,
1999 1998
(in thousands)
<S> <C> <C>
Net Income $10,802 $ 8,776
Currency translation adjustments (2,326) (356)
Net unrealized holding
gains (losses) (389) 2,420
Reclassification adjustments for
gains included in net income (37) (528)
Total comprehensive income $ 8,050 $10,312
======= =======
</TABLE>
6. SEGMENT INFORMATION
<TABLE>
Information regarding industry segments for the three months
ended March 31, 1999 and 1998 is as follows (in thousands):
<CAPTION>
Life Clinical Analytical
Science Diagnostics Instruments
<S> <C> <C> <C> <C>
Segment net sales 1999 $60,204 $48,016 $18,304
1998 54,762 42,902 19,295
Segment profit 1999 $ 6,847 $ 9,078 $ 904
1998 6,544 5,071 739
</TABLE>
5
<PAGE>
<TABLE>
Inter-segment sales are primarily between Life Science and
Clinical Diagnostics and are priced to give Life Science a
representative gross margin. The following reconciles total
segment profit to consolidated income before taxes:
<CAPTION>
Three Months Ended
March 31,
1999 1998
(in thousands)
<S> <C> <C>
Total segment profit $16,829 $12,354
Gross profit on inter-segment sales (406) (370)
Net corporate operating, interest
and other expense not allocated
to segments (1,368) (398)
Investment income, net 74 774
Consolidated income before taxes $15,129 $12,360
======= =======
</TABLE>
6
<PAGE>
Item 2. Management's Discussion and Analysis of Results of
Operations and Financial Condition.
This discussion should be read in conjunction with the
information contained both in this report and in the Company's
Consolidated Financial Statements for the year ended December 31,
1998.
<TABLE>
The following table shows operating income and expense items as a
percentage of net sales:
<CAPTION>
Three Months Ended Year Ended
March 31, December 31,
1999 1998 1998
<S> <C> <C> <C>
Net sales 100.0 100.0 100.0
Cost of goods sold 44.2 44.8 45.8
Gross profit 55.8 55.2 54.2
Selling, general and
administrative 34.2 35.4 37.8
Product research and
development 8.4 8.5 9.4
Income from operations 13.2 11.3 7.0
===== ===== =====
Net income 8.6 7.6 5.5
===== ===== =====
</TABLE>
Three Months Ended March 31, 1999 Compared to
Three Months Ended March 31, 1998
Corporate Results - Sales, Margins and Expenses
Net sales (sales) in the first quarter of 1999 reached a record
$125.7 million compared to $116.2 million in the first quarter of
1998. Sales increased 12% in Clinical Diagnostics and 10% in
Life Science when compared to the first quarter of 1998. The
growth in Clinical Diagnostics is attributed, in large part, to
clinical controls. Life Science experienced growth in all of its
product units. Sales for the Analytical Instruments segment
declined 5% in the first quarter of 1999 when compared to the
prior year. The decline is attributed to the slowdown in the
markets served by the Analytical Instruments segment, especially
the semiconductor industry.
Consolidated gross margins were 55.8% for the first quarter of
1999 compared to 55.2% for the first quarter of 1998 and 54.2%
7
<PAGE>
for all of 1998. Gross margins improved in Clinical Diagnostics,
declined in Life Science and were virtually unchanged in
Analytical Instruments. The improvements in Clinical Diagnostics
gross margin is attributed to a strong European currency
improving the U.S. dollar value of sales in Europe and favorable
manufacturing variances. The decline in Life Science gross
margin is attributed to increased manufacturing costs.
Selling, general and administrative expense (SG&A) decreased to
34.2% of sales in the first quarter of 1999 from 35.4% of sales
in the comparable period of 1998. Both Analytical Instruments
and Clinical Diagnostics reduced SG&A spending in the first
quarter of 1999 when compared to 1998. Life Science increased
SG&A spending but at a rate far less than sales growth.
Product research and development expense (R&D) increased 6% from
the first quarter of 1998. Compared to the first quarter of
1998, both Clinical Diagnostics and Life Science increased R&D
spending. Cost control in Analytical Instruments reduced R&D
spending in this segment. As part of the Company's continuing
commitment to long-term growth, the Clinical Diagnostics segment
has purchased intellectual and other property rights for diabetic
testing, hemochromatosis and neonatal testing.
Corporate Results - Non-Operating Items
Interest expense and borrowings have remained relatively constant
since the first quarter of 1998. Investment income in both years
includes gains on sales of marketable securities, however, as
planned, investment activity in 1999 has decreased since the size
of the marketable securities portfolio was reduced in 1998. Net
other income and expense in both years includes net goodwill
amortization and non-operating legal costs.
The Company's effective tax rate was 29% for the first quarter of
both 1999 and 1998. The tax rate for both years reflects the
utilization of loss carryforwards, foreign sales corporation
benefits and foreign tax credits. These benefits are not
expected to continue indefinitely. However, for 1999 and 2000,
the rate should remain at existing levels.
Financial Condition
At March 31, 1999, the Company had available $8.0 million in cash
and cash equivalents, $55.0 million under its principal revolving
credit agreement and marketable securities with a market value of
$6.0 million, a majority of which could be readily converted to
cash. Operating activities and cash on hand provided the Company
with the cash flow necessary to support investing and financing
activities.
8
<PAGE>
At March 31, 1999, consolidated accounts receivable increased by
$4.4 million from December 31, 1998. The increase is a result of
increased sales in the first quarter of 1999 when compared to the
fourth quarter of 1998.
At March 31, 1999, consolidated net inventories were $0.7 million
lower than at December 31, 1998. Both Analytical Instruments and
Life Science decreased inventory from year-end. As expected,
inventory increased in the Clinical Diagnostics segment.
Inventory for the Clinical Diagnostics controls business, a
growth area for the Company, has long lead times on a large
infrequent batch production to meet customers requirements.
Management continues to monitor inventory levels and regularly
reviews the impact of obsolescence in current inventory caused by
the introduction of new products.
Net capital expenditures totaled $4.6 million in the first
quarter of 1999 compared to $4.2 million in the first quarter of
1998. Capital expenditures are expected to increase
substantially in 1999 when compared to the past three years. A
final decision has not yet been reached regarding the potential
relocation of the Life Science segment's northern California
distribution and manufacturing facility. If approved, the
capital commitment to this project could be approximately $25
million over two years.
The Company has received several offers to sell its owned
facility located in Cambridge, Massachusetts. The facility
currently houses a portion of the manufacturing and distribution
for the Analytical Instruments segment which will require
relocation if the building is ultimately sold.
The Board of Directors has authorized the Company to repurchase
up to $18 million of common stock over an indefinite period of
time. From July 1996 through April 1999, the Company has
repurchased 567,786 shares of Class A common stock and 30,000
shares of Class B common stock for a total of $14.1 million. The
repurchase is designed to improve shareholder value and to
satisfy the Company's obligations under the employee stock
purchase and stock option plans. Under certain conditions the
Company would consider using treasury stock in conjunction with
an acquisition of assets or technology.
Available funds, cash flow from operations and the potential
facility sale are adequate to meet the Company's objectives for
operations, research and development and modest external growth.
Bio-Rad continues to regularly review acquisition opportunities,
including, from time-to-time, some that would have a material
impact on liquidity and financial condition.
9
<PAGE>
Euro - A New European Currency
On January 1, 1999, certain member countries of the European
Union began to fix the conversion rates between their national
currencies and a common currency, the "Euro." Over the period
January 1, 1999 through January 1, 2002 participating countries
will gradually transition from their national currencies to the
Euro.
This transition will have business implications including the
need to adjust internal systems to accommodate the Euro and
cross-border price transparency. A group of Corporate and
European managers have been assigned the task of preparing and
accommodating the changes required to continue to do business in
the European Union. The Company does not presently expect that
the efforts involved will have a material impact on operations,
financial position or liquidity. There will be increased
competitive pressures, and marketing strategies will need to be
continuously evaluated until the transition is complete. As a
result of competitive forces and emerging government regulations,
the Company cannot guarantee that all problems will be foreseen
and remediated, and that no material disruption will occur.
Year 2000
The Year 2000 issue is the result of computer programs being
written using two rather than four digits to define the date.
Failure to recognize "00" as the year 2000 could result in a
temporary inability to conduct normal business activities.
Bio-Rad currently operates in a decentralized processing
environment. The Company, with the assistance of outside
consultants and contractors, is well underway with phased
identification, remediation, replacement, validation and
notification processes to minimize the potential disruption to
business from information technology and non-information
technology systems. The project start-up, inventory and
assessment phases are generally complete. For each location
remediations or scheduled replacements will be completed prior to
the Year 2000 deadline.
Bio-Rad's manufactured products have also been undergoing
assessment for Year 2000 readiness. Customers and investors can
review the Year 2000 readiness status of the Company's products
on its web site, http://www.bio-rad.com.
The Company has identified significant suppliers and is
requesting information from them regarding the Year 2000
readiness of their products or services. The Company has not yet
received enough responses to ascertain that a material adverse
impact can be avoided. It is not possible at this time to value
10
<PAGE>
the amount of business that might be lost as a result of Bio-Rad's
business partners' failure to deliver products and services after
December 31, 1999. Additionally, global infrastructure comprised
of banking, transportation, communication, power generation and
ordinary and necessary governmental activities are critical to the
Company's operations. Should any of these suppliers not be fully
functional after 1999 the negative impact to the Company would be
significant and material.
The expenditures required in 1998 and 1999 to replace and
remediate Year 2000 non-compliant Bio-Rad information technology
systems, including equipment, is estimated at $8 million and
primarily deals with distribution system capabilities worldwide.
Approximately three-fourths of these costs have been incurred to
date. Hardware and software purchased and installed in
connection with these projects will provide both Year 2000
readiness and significant additional functionality.
Manufacturing systems have been remediated at a cost that is not
material to Bio-Rad overall; these costs were included in
operating results in 1997 and 1998. While some systems
enhancements or modifications have been delayed to allow for the
more significant Year 2000 remediation to be completed, weighing
both cost and benefit, Bio-Rad management believes its response
is prudent.
The Company as of this date has not identified the "most likely
worst case Year 2000 scenario." That scenario will be largely
dependent on the Company's significant worldwide suppliers and
its assessment of preparedness of the global infrastructure,
including multiple national governments. During the remainder of
1999 the Company will formulate and review contingency plans
based on the aforementioned significant supplier responses and
global infrastructure preparedness.
New Financial Accounting Standards
In June 1998, the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standards (SFAS) No.
133, "Accounting for Derivative Instruments and Hedging
Activities" effective for fiscal years beginning after June 15,
1999, with early adoption permitted. This statement establishes
accounting and reporting standards requiring companies to record
all derivatives on the balance sheet as either assets or
liabilities and measure those instruments at fair value. The
manner in which companies are to record gains or losses resulting
from changes in the values of those derivatives depends on the
use of the derivative and whether it qualifies for hedge
accounting. The impact of SFAS No. 133 on the Company's
financial statements will depend on a variety of factors,
including future interpretive guidance from the FASB, the future
level of forecasted and actual foreign currency transactions, the
extent of the Company's hedging activities, the types of hedging
11
<PAGE>
instruments used and the effectiveness of such instruments.
However, the Company does not expect the effect of adopting SFAS
No. 133 to have a material effect on its financial statements.
Forward Looking Statements
Other than statements of historical fact, statements made in this
report include forward looking statements, such as statements
with respect to the Company's future financial performance,
operating results, plans and objectives. Actual results may
differ materially from those currently anticipated depending on a
variety of risk factors including increased competition,
technological development, access to necessary intellectual
property, the ability to achieve management objectives,
government regulation, the continued performance of business
partners (particularly in relation to the Year 2000 issue),and
the monetary policies of various countries.
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
During the three months ended March 31, 1999, there have been no
material changes from the disclosures about market risk provided
in the Company's Annual Report on Form 10-K for the year ended
December 31, 1998.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
<TABLE>
At the Company's annual meeting of stockholders on April 27,
1999, the following individuals were reelected to the Board of
Directors:
<CAPTION>
Class of
Common Stock Votes Votes
Elected From For Withheld
<S> <C> <C> <C>
James J. Bennett Class B 2,386,867 4,550
Albert J. Hillman Class A 7,988,800 84,366
Philip L. Padou Class A 7,924,468 148,698
Alice N. Schwartz Class B 2,386,192 5,225
David Schwartz Class B 2,386,192 5,225
Norman Schwartz Class B 2,386,192 5,225
Burton A. Zabin Class B 2,386,867 4,550
</TABLE>
12
<PAGE>
<TABLE>
The following proposals were approved at the Company's annual meeting:
<CAPTION>
Votes Votes Broker
For Against Abstentions Non-Votes
<S> <C> <C> <C> <C>
Ratification of
Arthur Andersen LLP
as the Company's
independent auditors 3,195,776 713 2,244 --
Amendment to the
Amended and Restated 1988
Employee Stock
Purchase Plan to increase
the number of shares
available by 100,000 3,175,167 14,797 8,769 --
</TABLE>
The foregoing matters are described in detail on pages 14 and 15
of the Company's definitive Proxy Statement dated April 1, 1999,
filed with the Securities and Exchange Commission and
incorporated herein by reference.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
The following documents are filed as part of this report:
Exhibit No.
22.1 Proxy Statement dated April 1, 1999, pages 14 and 15,
(definitive form filed March 31, 1999, and incorporated
by reference).
27.1 Financial Data Schedule.
(b) Reports on Form 8-K
There were no reports on Form 8-K for the quarter ended March 31,
1999.
13
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereto duly authorized.
BIO-RAD LABORATORIES, INC.
(Registrant)
Date: May 13, 1999 /s/ Thomas C. Chesterman
Thomas C. Chesterman, Vice President,
Chief Financial Officer
Date: May 13, 1999 /s/ James R. Stark
James R. Stark,
Corporate Controller
14
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted
from Bio-Rad Laboratories, Inc. Form 10-Q for the quarter ended
March 31, 1999 and is qualified in its entirety by reference
to such financial statements.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 8,036
<SECURITIES> 0
<RECEIVABLES> 110,360
<ALLOWANCES> 0
<INVENTORY> 91,713
<CURRENT-ASSETS> 236,878
<PP&E> 199,121
<DEPRECIATION> 117,496
<TOTAL-ASSETS> 369,625
<CURRENT-LIABILITIES> 89,904
<BONDS> 45,283
<COMMON> 12,463
0
0
<OTHER-SE> 208,428
<TOTAL-LIABILITY-AND-EQUITY> 369,625
<SALES> 125,738
<TOTAL-REVENUES> 125,738
<CGS> 55,556
<TOTAL-COSTS> 55,556
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 896
<INCOME-PRETAX> 15,129
<INCOME-TAX> 4,327
<INCOME-CONTINUING> 10,802
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,802
<EPS-PRIMARY> .89
<EPS-DILUTED> .89
</TABLE>
