<PAGE>
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, 2000.
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)
Delaware 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, 2000
<S> <C>
Class A Common Stock,
Par Value $1.00 per share 9,979,162
Class B Common Stock,
Par Value $1.00 per share 2,498,966
</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,
2000 1999
<S> <C> <C>
NET SALES . . . . . . . . . . . . . . . . . . $183,686 $125,738
Cost of goods sold . . . . . . . . . . . . . 86,720 55,556
GROSS PROFIT . . . . . . . . . . . . . . . . 96,966 70,182
Selling, general and administrative expense . 60,718 43,017
Product research and development expense . . 17,871 10,534
INCOME FROM OPERATIONS . . . . . . . . . . . 18,377 16,631
Interest expense . . . . . . . . . . . . . . (8,766) (896)
Investment income, net . . . . . . . . . . . 288 74
Other, net . . . . . . . . . . . . . . . . . (5,553) (680)
INCOME BEFORE TAXES . . . . . . . . . . . . . 4,346 15,129
Provision for income taxes . . . . . . . . . 1,391 4,327
NET INCOME . . . . . . . . . . . . . . . . . $ 2,955 $ 10,802
======== ========
Basic earnings per share:
Net income . . . . . . . . . . . . . . . $0.24 $0.89
======== ========
Weighted average common shares . . . . . 12,177 12,108
======== ========
Diluted earnings per share:
Net income . . . . . . . . . . . . . . . $0.24 $0.89
======== ========
Weighted average common shares 12,256 12,123
======== ========
</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,
2000 1999
(Unaudited)
<S> <C> <C>
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . $ 15,321 $ 17,087
Accounts receivable . . . . . . . . . . . . . . . . . 189,574 193,898
Inventories . . . . . . . . . . . . . . . . . . . . . 136,287 126,277
Prepaid expenses, taxes and other current assets . . . 41,101 41,455
Total current assets . . . . . . . . . . . . . . . 382,283 378,717
Net property, plant and equipment . . . . . . . . . . 126,134 125,942
Marketable securities . . . . . . . . . . . . . . . . 1,359 1,169
Other assets . . . . . . . . . . . . . . . . . . . . . 161,586 163,034
Total assets . . . . . . . . . . . . . . . . . . $671,362 $668,862
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Notes payable and current maturities of long-term debt $ 13,805 $ 21,960
Accounts payable . . . . . . . . . . . . . . . . . . . 61,399 64,737
Accrued payroll and employee benefits . . . . . . . . 53,362 59,919
Sales, income and other taxes payable . . . . . . . . 12,797 14,086
Other current liabilities . . . . . . . . . . . . . . 44,591 41,819
Total current liabilities . . . . . . . . . . . . . 185,954 202,521
Long-term debt, net of current maturities . . . . . . 258,062 239,211
Deferred tax liabilities . . . . . . . . . . . . . . . 8,348 7,016
Total liabilities . . . . . . . . . . . . . . . . . 452,364 448,748
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 - 9,979,162 at March 31, 2000
and 9,977,862 at December 31, 1999 . . . . . . . . . 9,979 9,978
Class B common stock, $1.00 par value, 6,000,000 shares
authorized; outstanding - 2,498,966 at March 31, 2000
and 2,484,716 at December 31, 1999 . . . . . . . . . 2,500 2,485
Additional paid-in capital . . . . . . . . . . . . . . 19,104 18,830
Class A treasury stock, 272,500 shares at March 31, 2000
and 335,450 shares at December 31, 1999 at cost . . (6,005) (7,392)
Retained earnings . . . . . . . . . . . . . . . . . . 203,766 200,993
Accumulated other comprehensive income:
Currency translation . . . . . . . . . . . . . . . . (10,553) (4,741)
Net unrealized holding gain (loss) on marketable securities 207 (39)
Total stockholders' equity . . . . . . . . . . . . 218,998 220,114
Total liabilities and stockholders' equity . . . $671,362 $668,862
======== ========
</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,
2000 1999
<S> <C> <C>
Cash flows from operating activities:
Cash received from customers . . . . . . . . . . . . . $183,781 $115,236
Cash paid to suppliers and employees . . . . . . . . . (176,672) (108,512)
Interest paid. . . . . . . . . . . . . . . . . . . . . (7,353) (914)
Income tax payments . . . . . . . . . . . . . . . . . (2,676) (2,776)
Miscellaneous payments . . . . . . . . . . . . . . . . (2,902) (1,629)
Net cash provided by (used in) operating activities. . (5,822) 1,405
Cash flows from investing activities:
Capital expenditures, net. . . . . . . . . . . . . . . (8,318) (4,608)
Purchases of marketable securities and investments . . (376) (632)
Sales of marketable securities and investments . . . . 481 222
Foreign currency hedges, net . . . . . . . . . . . . . 2,330 1,806
Net cash used in investing activities. . . . . . . . . (5,883) (3,212)
Cash flows from financing activities:
Net borrowings under line-of-credit arrangements. . . (5,009) (3,096)
Long-term borrowings. . . . . . . . . . . . . . . . . 369,251 19,051
Payments on long-term debt. . . . . . . . . . . . . . (353,047) (16,146)
Arrangement and other fees for long-term financing. . (4,500) -
Proceeds from issuance of common stock. . . . . . . . 290 292
Treasury stock activity, net. . . . . . . . . . . . . 1,205 (1,785)
Net cash provided by (used in) financing activities . 8,190 (1,684)
Effect of exchange rate changes on cash . . . . . . . . . . 1,749 1,446
Net increase (decrease) in cash and cash equivalents. . . . (1,766) (2,045)
Cash and cash equivalents at beginning of period. . . . . . 17,087 10,081
Cash and cash equivalents at end of period. . . . . . . . . $ 15,321 $ 8,036
======== ========
Reconciliation of net income to net cash provided by operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . $ 2,955 $ 10,802
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization. . . . . . . . . . . . 10,688 5,225
Foreign currency hedge transactions, net . . . . . . (2,330) (1,806)
Gains on dispositions of marketable securities . . . (304) (52)
Decrease (increase) in accounts receivable. . . . . 2,910 (8,129)
Increase in inventories . . . . . . . . . . . . . . (10,922) (756)
Decrease (increase) in other current assets. . . . . 193 (724)
Decrease in accounts payable and
other current liabilities . . . . . . . . . . . . (7,502) (2,719)
(Decrease) increase in income taxes payable. . . . . (1,041) 931
Other. . . . . . . . . . . . . . . . . . . . . . . . (469) (1,367)
Net cash provided by (used in) operating activities . . . . $ (5,822) $ 1,405
======== ========
</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, 1999 (the Company's
1999 Annual Report). Certain amounts in the financial statements
of the prior year have been reclassified to be consistent with
the 2000 presentation.
2. INVENTORIES
The principal components of inventories are as follows:
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
(in thousands)
<S> <C> <C>
Raw materials $ 33,197 $ 32,398
Work in process 38,535 31,936
Finished goods 64,555 61,943
$136,287 $126,277
======== ========
</TABLE>
3. PROPERTY, PLANT AND EQUIPMENT
The principal components of property, plant and equipment are as
follows:
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
(in thousands)
<S> <C> <C>
Land and improvements $ 8,900 $ 8,937
Buildings and leasehold
improvements 68,574 73,230
Equipment 169,777 168,401
247,251 250,568
Accumulated depreciation (121,117) (124,626)
Net property, plant and equipment $126,134 $125,942
======== ========
</TABLE>
4
<PAGE>
4. ACQUISITIONS
In October 1999, the Company acquired Pasteur Sanofi Diagnostics
S.A.. At that time, liabilities were recorded of approximately
$14.0 million for severance and other employee costs and $4.0
million for the consolidation and closure of certain leased
facilities. As of March 31, 2000, expenses charged against these
reserves were approximately $2.7 million for severance and other
employee costs and $0.6 million for facilities.
5. EARNINGS PER SHARE
Weighted average shares used for diluted earnings per share
include the dilutive effect of outstanding stock options of
79,000 and 15,000 shares, for the three month periods ended March
31, 2000 and 1999, respectively.
Options to purchase 215,000 and 409,000 shares of common stock
were outstanding during 2000 and 1999, 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, 2000.
6. OTHER INCOME AND EXPENSE
Other income, net for the three months ended March 31, 2000
includes a $3 million payment to settle a dispute arising under
the terms of an engagement letter between the Company and an
investment bank.
7. COMPREHENSIVE INCOME
The components of the Company's total comprehensive income were:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
(in thousands)
<S> <C> <C>
Net Income $ 2,955 $10,802
Currency translation adjustments (5,812) (2,326)
Net unrealized holding
gains (losses) 463 (389)
Reclassification adjustments for
gains included in net income(expense) (217) (37)
Total comprehensive income (expense) $(2,611) $ 8,050
======= =======
</TABLE>
5
<PAGE>
8. SEGMENT INFORMATION
Information regarding industry segments for the three months
ended March 31, 2000 and 1999 is as follows (in thousands):
<TABLE>
<CAPTION>
Life Clinical Analytical
Science Diagnostics Instruments
<S> <C> <C> <C> <C>
Segment net sales 2000 $66,829 $99,586 $18,379
1999 $60,204 $48,016 $18,304
Segment profit 2000 $ 7,133 $ 2,992 $ 341
1999 $ 6,847 $ 9,595 $ 904
</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:
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
(in thousands)
<S> <C> <C>
Total segment profit $10,466 $17,346
Gross profit on inter-segment sales (561) (406)
Net corporate operating, interest
and other expense not allocated
to segments (3,857) (1,368)
Goodwill amortization (1,990) (517)
Investment income, net 288 74
Consolidated income before taxes $ 4,346 $15,129
======= =======
</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, 1999, and
Form 8-K filed with the Securities and Exchange Commission on
October 15, 1999 regarding the acquisition of Pasteur Sanofi
Diagnostics S.A. ("PSD").
<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,
2000 1999 1999
<S> <C> <C> <C>
Net sales 100.0 100.0 100.0
Cost of goods sold 47.2 44.2 46.5
Gross profit 52.8 55.8 53.5
Selling, general and
administrative 33.1 34.2 35.4
Product research and
development 9.7 8.4 9.3
Purchased in-process research
and development - - 2.8
Income from operations 10.0 13.2 6.0
===== ===== =====
Net income 1.6 8.6 2.1
===== ===== =====
</TABLE>
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 the successful integration of
PSD, our substantial debt and debt service obligations, increased
competition, technological development, access to necessary
intellectual property, the ability to achieve management
objectives, government regulation, the continued performance of
business partners, and the monetary policies of various
countries.
7
<PAGE>
Three Months Ended March 31, 2000 Compared to
Three Months Ended March 31, 1999
Corporate Results - Sales, Margins and Expenses
Net sales (sales) in the first quarter of 2000 were $183.7
million compared to $125.7 million in the first quarter of 1999,
an increase of 46%. Sales increased 11.0% in Life Science,
107.4% in Clinical Diagnostics, and were unchanged in Analytical
Instruments when compared to the first quarter of 1999. Both
Bio-Rad and the Clinical Diagnostics segment benefited from the
PSD acquisition. Excluding the sales attributable to PSD, total
sales and Clinical Diagnostics segment sales grew by 7% and 5%,
respectively. The growth in Life Science is attributed to a
broad line of core and new products. Sales growth was especially
strong in European markets. Clinical Diagnostics experienced
limited growth overall, in part from exchange rates lowering
comparable period sales approximately 5%. In the Analytical
Instruments segment, sales of the Company's semiconductor test
and manufacturing instruments improved but were offset by sales
declines in the Company's FTIR product line.
Consolidated gross margins were 52.8% for the first quarter of
2000 compared to 55.8% for the first quarter of 1999 and 53.5%
for all of 1999. Excluding the impact of the acquisition, gross
margins would have been 55.8%. Margins on the PSD products are
lower than the Company's historical rates. Gross margins
improved in Life Science, as production rose above planned levels
improving overhead absorption. Analytical Instruments gross
margin increased as a result of increased sales volume for the
semiconductor products along with firmer pricing. Clinical
Diagnostics margins were impacted by increased temporary
manufacturing and services costs for diagnostic equipment.
Selling, general and administrative expense (SG&A) decreased to
33.1% of sales in the first quarter of 2000 from 34.2% of sales
in the first quarter of 1999. The program to lower costs through
work force reductions is currently on schedule as the Company
complies with European statutory requirements and social customs.
These reductions, the majority of which are in Europe, should be
complete and savings should begin to be realized during the third
quarter of 2000. SG&A expense for Life Science grew at the same
rate as sales. Investments in e-commerce and the redefining of
the Asian operations represent current period increased costs.
The long-term goal for management remains a consistent gradual
reduction in SG&A spending as a percent of sales.
Product research and development expense (R&D) increased to 9.7%
as a percentage of sales including the operations of PSD. The
majority of increased R&D expense is attributable to increased
Clinical Diagnostics spending and the PSD acquisition. Clinical
Diagnostics has completed the realignment and review of Research
8
<PAGE>
and Development projects at PSD and has assigned researchers to
projects in support of its expanded strategic goals. Life
Science R&D has increased in the area of bulk process
chromatography as the Company's initial product introductions
have been met with positive acceptance.
Corporate Results - Non-Operating Items
Interest expense increased significantly from the prior year
reflecting the debt incurred to finance the acquisition of PSD.
During the first quarter, the Company incurred an additional $1.0
million of non-recurring bank fees to replace the original $100
million bridge loan with another senior subordinated bridge loan.
Additionally, the Company sold $150 million of 11-5/8% Senior
Subordinated Notes due 2007 in a private placement, allowing it
to replace the $100 million Bridge Loan and reduce borrowings
under its Senior Credit Facility. Investment income in both
years includes gains on sales of marketable securities. Net
other income and expense in the first quarter of 2000 includes a
$3.0 million non-recurring payment to settle a dispute arising
under the terms of an engagement letter between the Company and
an investment bank. Net other income and expense in both years
includes net goodwill amortization and non-operating legal costs.
The Company's effective tax rate rose to 32% for the first
quarter of 2000 compared to 29% in the first quarter of 1999.
The increased rate reflects the limitation on the deductibility
of goodwill amortization associated with the acquisition of PSD,
the utilization of loss carryforwards and a change in source of
income.
Financial Condition
The Company as of March 31, 2000 had available approximately $63
million under its principal revolving credit agreement and $19
million under various foreign lines of credit. Cash and cash
equivalents available were $15.3 million.
At March 31, 2000, consolidated accounts receivable decreased by
$4.3 million from December 31, 1999. The decrease represents the
net impact of a strengthened U.S. dollar lowering foreign
denominated receivables, and the weighting of the recently
acquired PSD which historically offered more favorable credit
terms.
At March 31, 2000, consolidated net inventories increased by
$10.0 million from December 31, 1999. Inventory increased in
Life Science to meet anticipated requirements associated with the
introduction in the U.S. of its internet sales site, and to meet
orders for the segment's equipment and bulk process chemicals.
Clinical Diagnostics inventory grew related to a continuing short
term supplier problem that requires the application of additional
test and rework, and scheduled manufacturing for the quality
controls business. Inventory for the Clinical Diagnostics
quality controls business is characterized by long lead times and
9
<PAGE>
large infrequent batch production which is necessary to meet
customers requirements.
Net capital expenditures totaled $8.3 million for the first three
months of 2000 compared to $4.6 million for the same period of 1999.
Expenditures rose as the Company invested in data communication and
business systems to standardize and integrate its new acquisition
and production equipment. Capital expenditures include additions of
reagent rental equipment placed with Clinical Diagnostic customers
who then commit to purchasing the Company's diagnostic reagents for
use. This was also a sales option offered by PSD.
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 March 31, 2000, 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 indenture restricts
the Company's ability to repurchase its own stock to an amount not
to exceed $4 million in the aggregate. There were no share
repurchases made during the current quarter.
The Company has determined that the sale or disposal of certain
portions of the Analytical Instruments segment is appropriate. The
Company has engaged an investment bank to assist in this matter and
are having discussions with a third party regarding a potential
strategic alliance with respect to these assets. These discussions
may not lead to any definitive agreement among the parties. In the
event the Company does not complete this transaction, the Company
may pursue other strategic alternatives, including a joint venture
with a third party or an internal reorganization. We cannot be
assured that the Company will be successful in consummating any of
these transactions.
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 has not experienced to date nor does it expect that these
changes will have a material impact on operations, financial
position or liquidity. There will be increased competitive
pressures as a result of the change, and marketing strategies will
need to be continuously evaluated until the transition is complete.
As a result of competitive forces and government regulations, the
10
<PAGE>
Company cannot guarantee that all problems will be foreseen and
remediated, and that no material disruption will occur.
Year 2000 Issues
To date, we have not experienced any material Year 2000 related
issues. Although we can't be certain, we expect minimal future Year
2000 issues based on the performance to date of our internal systems
and the products we supply to our customers.
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. The FASB has now delayed implementation to all fiscal
quarters of fiscal years beginning after June 15, 2000. 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 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 instruments used and the effectiveness of such
instruments. However, the Company does not expect the adoption
of SFAS No. 133 to have a material effect on its financial
statements.
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
During the three months ended March 31, 2000, excluding its
exposure to increased interest rates, 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, 1999. The issuance of the 11-5/8% Senior Subordinated Notes
has reduced Bio-Rad's exposure to increases in interest rates.
The Company has gone from having approximately all of its year-
end debt based on floating interest rates to approximately 50% at
fixed rate pricing.
11
<PAGE>
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
At the Company's annual meeting of stockholders on April 25,
2000, the following individuals were reelected to the Board of
Directors:
<TABLE>
Class of
Common Stock Votes Votes
Elected From For Withheld
<S> <C> <C> <C>
James J. Bennett Class B 2,415,177 675
Albert J. Hillman Class A 5,368,230 530,716
Philip L. Padou Class A 5,367,518 531,428
Alice N. Schwartz Class B 2,414,502 1,350
David Schwartz Class B 2,414,502 1,350
Norman Schwartz Class B 2,414,502 1,350
Burton A. Zabin Class B 2,415,177 675
</TABLE>
The following proposals were approved at the Company's annual meeting:
<TABLE>
Votes Votes Broker
For Against Abstentions Non-Votes
<S> <C> <C> <C> <C>
Ratification of
Arthur Andersen LLP
as the Company's
independent auditors 3,003,878 844 1,869 --
</TABLE>
The foregoing matters are described in detail on pages 5, 6 and
14 of the Company's definitive Proxy Statement dated April 1,
2000, 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, 2000, pages 5, 6 and 14,
definitive form filed April 4, 2000, and incorporated
by reference).
27.1 Financial Data Schedule.
12
<PAGE>
(b) Reports on Form 8-K
Bio-Rad filed a current report on Form 8-K with the SEC on
February 18, 2000, announcing that it planned to sell $150 million
of its 11-5/8% Senior Subordinated Notes due 2007 through a
private placement to qualified institutional investors pursuant to
rule 144A and in offshore transactions pursuant to Regulation S
under the Securities Act of 1933, as amended. The transaction was
completed February 17, 2000.
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 12, 2000 /s/ Thomas C. Chesterman
Thomas C. Chesterman, Vice President,
Chief Financial Officer
Date: May 12, 2000 /s/ James R. Stark
James R. Stark, Corporate Controller
14
<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, 2000 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-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 15,321
<SECURITIES> 0
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<COMMON> 12,479
0
0
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<TOTAL-REVENUES> 183,686
<CGS> 86,720
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<INCOME-TAX> 1,391
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<EXTRAORDINARY> 0
<CHANGES> 0
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<EPS-BASIC> .24
<EPS-DILUTED> .24
</TABLE>
