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 September 30, 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 0-1052
Millipore Corporation
(Exact name of registrant as specified in its charter)
Massachusetts
(State or other jurisdiction of incorporation or organization)
04-2170233
(I.R.S. Employer Identification No.)
80 Ashby Road
Bedford, Massachusetts 01730
(Address of principal executive offices)
Registrant's telephone number, include area code (781) 533-6000
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities and 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
The Company had 46,317,460 shares of common stock outstanding as
of October 27, 2000.
MILLIPORE CORPORATION
INDEX TO FORM 10-Q
Page No.
Part I. Financial Information
Item 1. Condensed Financial Statements
Consolidated Balance Sheets -
September 30, 2000 and December 31, 1999 2
Consolidated Statements of Income -
Three and Nine Months Ended
September 30, 2000 and 1999 3
Consolidated Statements of Cash Flows -
Nine Months Ended
September 30, 2000 and 1999 4
Notes to Consolidated Condensed Financial
Statements 5-7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 8-11
Item 3. Quantitative and Qualitative Disclosures
about Market Risk 11
Part II. Other Information
Item 1. Legal Proceedings 11
Item 6. Exhibits and Reports on Form 8-K 11
Signatures 12
MILLIPORE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
September December
30, 31, 1999
2000
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 67,709 $ 32,420
Cash held as collateral 11,035 18,640
Accounts receivable, net 216,017 195,751
Inventories 137,556 105,040
Other current assets 6,469 7,096
Total Current Assets 438,786 358,947
Property, plant and equipment, net 212,533 226,477
Deferred income taxes 115,683 109,822
Intangible assets 63,879 70,238
Other assets 26,274 27,249
Total Assets $ 857,155 $ 792,733
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Notes payable $ 72,000 $ 115,645
Accounts payable 66,345 63,053
Accrued expenses 80,146 73,512
Dividends payable 5,086 4,970
Accrued retirement plan
contributions 6,376 7,333
Accrued income taxes payable 24,747 5,270
Total Current Liabilities 254,700 269,783
Long-term debt 306,484 313,107
Other liabilities 35,117 32,992
Shareholders' equity
Common stock 56,988 56,988
Additional paid-in capital 18,272 18,272
Retained earnings 558,640 491,429
Unearned compensation (1,972) (4,041)
Accumulated other comprehensive
loss (57,645) (42,292)
574,283 520,356
Less: Treasury stock, at cost,
10,756 shares in 2000 and
11,794 in 1999 (313,429) (343,505)
Total Shareholders' Equity 260,854 176,851
Total Liabilities and Shareholders'
Equity $ 857,155 $ 792,733
The accompanying notes are an integral part of the consolidated
condensed financial statements.
-2-
MILLIPORE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Net sales $239,382 $188,635 $703,153 $556,504
Cost of sales 112,575 86,920 321,491 257,895
Gross profit 126,807 101,715 381,662 298,609
Selling, general &
administrative expenses 68,335 64,387 209,246 189,103
Research & development
expenses 16,214 13,305 46,215 39,012
Litigation settlement 1,500 - 1,500 -
Restructuring reversal (1,500) (5,200) (1,500) (5,200)
Operating income 42,258 29,233 126,201 75,694
Net gain on sale of
securities - - 4,161 -
Interest income 1,006 671 2,539 2,061
Interest expense (6,436) (7,482) (20,729) (22,594)
Income before income taxes 36,828 22,412 112,172 55,161
Provision for income taxes 8,102 5,435 25,343 12,312
Net income $ 28,726 $ 16,977 $ 86,829 $ 42,849
Net income per share:
Basic $ 0.62 $ 0.38 $ 1.90 $ 0.96
Diluted $ 0.61 $ 0.37 $ 1.84 $ 0.95
Cash dividends declared per
share $ 0.11 $ 0.11 $ 0.33 $ 0.33
Weighted average shares
outstanding:
Basic 46,073 44,994 45,742 44,617
Diluted 47,328 45,681 47,101 45,161
The accompanying notes are an integral part of the consolidated
condensed financial statements.
-3-
MILLIPORE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2000 1999
Cash Flows From Operating Activities:
Net Income $86,829 $42,849
Adjustments to reconcile net income to net
cash provided by operating activities:
Restructuring reversal (1,500) (5,200)
Depreciation and amortization 34,449 33,324
Gain on sale of securities (4,161) -
Deferred tax (benefit) provision (5,861) 1,820
Changes in operating assets and
liabilities:
Increase in accounts receivable (31,284) (22,833)
(Increase) decrease in inventories (40,085) 4,492
Decrease in other current assets and
other assets 1,076 1,182
Increase in accounts payable and accrued
expenses 18,384 1,774
Decrease in accrued retirement plan
contributions (738) (725)
Increase in accrued income taxes 15,519 6,069
Increase in other 2,738 3,414
Net cash provided by operating activities 75,366 66,166
Cash Flows From Investing Activities:
Additions to property, plant and equipment (27,690) (20,220)
Proceeds from sale of securities 7,498 -
Proceeds from sale of property 8,808 -
Investments in intangibles - (225)
Net cash used in investing activities (11,384) (20,445)
Cash Flows From Financing Activities:
Issuance of treasury stock under stock
plans 25,232 6,751
Net change in short-term debt (43,645) (4,890)
Dividends paid (15,098) (14,659)
Change in cash held as collateral 7,605 (14,386)
Net cash used in financing activities (25,906) (27,184)
Effect of foreign exchange rates on cash
and cash equivalents (2,787) (2,114)
Net increase in cash and cash equivalents 35,289 16,423
Cash and cash equivalents on January 1 32,420 36,022
Cash and cash equivalents on September 30 $67,709 $52,445
The accompanying notes are an integral part of the consolidated
condensed financial statements.
-4-
MILLIPORE CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Dollars in millions, shares in thousands)
1. General: The accompanying unaudited consolidated condensed
financial statements have been prepared in accordance with the
instructions to form 10Q and, accordingly, these footnotes
condense or omit certain information and disclosures which
substantially duplicate information provided in the Company's
latest audited financial statements. These financial statements
should be read in conjunction with the financial statements and
notes thereto included in the Company's Annual Report on Form 10-
K for the year ended December 31, 1999. In the opinion of
management, these financial statements reflect all adjustments
necessary for a fair presentation of the results for the interim
periods presented. The accompanying unaudited consolidated
condensed financial statements are not necessarily indicative of
future trends or the Company's operations for the entire year.
2.Inventories: Inventories consisted of the following:
September December
30, 2000 31, 1999
Raw materials $ 53.3 $ 38.1
Work in process 30.4 26.1
Finished goods 53.9 40.8
Total $ 137.6 $ 105.0
3. Property, Plant and Equipment: Accumulated depreciation on
property, plant and equipment was $218.8 at September 30, 2000
and $206.9 at December 31, 1999.
4.Restructuring Charges: In the third quarter of 1998, the
Company initiated a restructuring program resulting in a
charge of $33.6. In the third quarter of 2000, the Company
reversed $1.5 in restructuring reserves primarily related to
additional proceeds from the sale of facilities. This
reversal is in addition to the $5.2 restructuring reserve
reversal in the third quarter of 1999 which was related to
favorable experience in employee separations and lease
cancellation costs. As of September 30, 2000, 615 employees,
of the planned 620 employees, had left the Company. The
remaining balance as of September 30, 2000 relates to employee
severance payments and lease cancellation costs which will be
completed by the early part of 2001.
The following is a summary of the restructuring program
reserve balances at September 30, 2000:
Cash &
Balance at non-cash Reserve Balance at
December 31, activity reversal September
1999 30, 2000
Employee Severance $ 3.5 $ 1.9 $ 0.5 $ 1.1
Lease cancellation
costs 2.5 (0.3) 1.0 1.8
Other costs 1.6 1.4 - 0.2
Total $ 7.6 $ 3.0 $ 1.5 $ 3.1
-5-
MILLIPORE CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Dollars in millions, shares in thousands)
5. Business Segment Information: The Company has two reportable
business segments: Microelectronics and Bioscience. The
Bioscience business segment was previously referred to as
Biopharmaceutical & Research. The results for the Bioscience and
the Microelectronics segments and for Corporate operations are
presented below in "local currencies". Local currency results
represent the foreign currency balances translated, in all
periods presented, at Millipore's budgeted exchange rates for
2000, thus excluding the impact of fluctuations in the actual
foreign currency rates. The Company's management uses this
presentation for internal evaluation of the financial performance
of the Company's business segments because it believes that the
local currency results provides a clearer presentation of
underlying business trends. The U.S. dollar results represent
the foreign currency balances translated at actual exchange
rates.
Three Months Nine Months
Ended Ended
September 30, September 30,
Consolidated Net Sales 2000 1999 2000 1999
Bioscience $155.6 $137.0 $466.0 $420.1
Microelectronics 90.9 53.4 250.7 143.9
Foreign exchange (7.1) (1.8) (13.5) (7.5)
Total net sales $239.4 $188.6 $703.2 $556.5
Three Months Nine Months
Ended Ended
Consolidated Operating September 30, September 30,
Income 2000 1999 2000 1999
Bioscience $37.4 $29.2 $111.6 $91.1
Microelectronics 20.5 5.0 58.1 10.1
Corporate (14.1) (8.2) (42.9) (25.9)
Litigation settlement (1.5) - (1.5) -
Restructuring reversal 1.5 5.2 1.5 5.2
Foreign exchange (1.5) (2.0) (0.6) (4.8)
Total operating income $42.3 $29.2 $126.2 $75.7
6. Basic and Diluted Earnings Per Share: The following table
sets forth the computation of basic and diluted earnings per
share:
Three Months Nine Months
Ended Ended
September 30, September 30,
2000 1999 2000 1999
Net income $28.7 $17.0 $86.8 $42.8
For basic earnings per
share:
Weighted average shares
outstanding 46,073 44,994 45,742 44,617
Effect of dilutive
securities-stock options 1,255 687 1,359 544
Diluted weighted average
shares outstanding 47,328 45,681 47,101 45,161
Net income per share:
Basic $0.62 $ 0.38 $ 1.90 $ 0.96
Diluted $0.61 $ 0.37 $ 1.84 $ 0.95
-6-
MILLIPORE CORPORATION
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Dollars in millions, shares in thousands)
7. Comprehensive Income: The following table presents the
components of comprehensive income, net of taxes:
Three Months Nine Months
Ended Ended
September 30, September 30,
2000 1999 2000 1999
Unrealized holding gains on
marketable securities $ 0.8 $(0.1) $ 7.7 $ 1.1
Reclassification adjustment for
gains realized in net income - - (4.7) (0.3)
Net unrealized (loss) gain on
securities available for sale 0.8 (0.1) 3.0 0.8
Foreign currency translation
adjustments (9.1) 8.6 (18.3) (9.1)
Other comprehensive loss (8.3) 8.5 (15.3) (8.3)
Net income 28.7 17.0 86.8 42.8
Total comprehensive income $ 20.4 $ 25.5 $ 71.5 $ 34.5
8. New Accounting Pronouncements:
In June 1998, the Financial Accounting Standards Board
("FASB") issued SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities" which is effective for the
Company January 1, 2001. SFAS 133 establishes accounting and
reporting standards requiring that every derivative
instrument, including certain derivative instruments embedded
in other contracts, be recorded in the balance sheet as either
an asset or liability measured at its fair value. The
statement also requires that changes in the derivative's fair
value be recognized in earnings unless specific hedge
accounting criteria are met. The Company is currently
assessing the impact of this new statement on its consolidated
financial position, liquidity and results of operations.
In December 1999, the Securities and Exchange Commission
("SEC") issued Staff Accounting Bulletin 101, "Revenue
Recognition in Financial Statements" which is effective for
the Company beginning with the fourth quarter of 2000. SAB
101 provides guidance related to revenue recognition based on
interpretations and practices followed by the SEC and requires
any changes in revenue recognition to be reported as a
cumulative change in accounting principles at the time of
implementation in accordance with APB Opinion No. 20,
"Accounting Changes". The Company is currently in the process
of evaluating the impact SAB 101 will have on the financial
position or results of operations of the Company.
9. Legal Settlement:
In the third quarter of 2000, the Company agreed in principle,
to settle a patent lawsuit and recorded a charge of $1.5
million for past royalties.
-7-
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Business Realignment
On October 3, 2000, the Company announced its plans to separate
into two distinct companies by making its Microelectronics
business an independent, publicly traded company. The Company is
planning an initial public offering for less than 20 percent of
the shares in the new Microelectronics company. Subsequent to
the initial public offering, the Company plans to distribute to
its shareholders the remaining shares of the common stock held by
the Company. The transaction is expected to be tax-free to the
Company and to its shareholders. The completion of the
realignment is expected in the third quarter 2001 and is
contingent upon receiving certain tax and regulatory approvals,
accommodation of certain debt covenants and market conditions.
The full impact of the realignment on the Company's financial
position, results of operations and cash flows cannot be
predicted at this time. However, certain expenses are expected
to be incurred in future periods in order to implement the
realignment.
Local Currency Results
The following discussion of the Results of Operations includes
reference to revenue, margins and expenses in "local currencies".
Local currency results represent the foreign currency balances
translated, in all periods presented, at Millipore's budgeted
exchange rates for 2000, thus excluding the impact of
fluctuations in the actual foreign currency rates. The Company's
management uses this presentation for internal evaluation of the
financial performance of the Company's business segments because
it believes that the local currency results provides a clearer
presentation of underlying business trends. The U.S. dollar
results represent the foreign currency balances translated at
actual exchange rates.
Results of Operations
Consolidated net sales for the third quarter of 2000 were $239
million, an increase of 27% over sales for the same period last
year. The Company reported earnings, excluding unusual items in
both quarters, of $0.61 per share for the third quarter of 2000
compared to earnings of $0.30 per share for the third quarter of
1999. Including the unusual items in both quarters, earnings
were $0.61 and $0.37 per share for the third quarter of 2000 and
1999, respectively. The unusual items included reversal of
restructuring reserves in the third quarters of 2000 and 1999 and
a litigation settlement in the third quarter of 2000.
The following table summarizes sales growth by business segment
and geography in the third quarter of 2000 as compared to the
third quarter of 1999 (U.S. dollars in millions):
September 30, Sales Growth
2000 1999 in U.S. Local
Dollars Currency
Bioscience $ 148 $ 135 9% 14%
Microelectronics 91 54 72% 70%
Total $ 239 $ 189 27% 30%
Americas $ 105 $ 78 35% 35%
Europe 55 57 -3% 11%
Asia/Pacific 79 54 47% 42%
Total $ 239 $ 189 27% 30%
In the third quarter of 2000 the Japanese yen strengthened
against the U.S. dollar by approximately 5%, while the Euro
weakened against the U.S. dollar by approximately 15% compared to
the third quarter of 1999. The significant weakening of the
European currencies adversely affected sales growth. This was
partially offset by the stronger yen and an increase in volume of
yen denominated sales.
-8-
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Business Segment Results
Bioscience Segment:
Bioscience sales, in local currency, increased 14% in the third
quarter of 2000 compared to the third quarter of 1999. Positive
sales growth, in local currency, was reported in all geographies
with the most significant growth in the Americas. Sales growth
in Europe continued to be positive, although to a lesser extent
than the other regions primarily due to the timing of large
systems hardware sales. Sales growth was strongest for products
used in life science laboratory research and in hardware and
consumables used in the biopharmaceutical markets which
collectively accounts for approximately 45% of the sales of this
business segment.
Bioscience operating income, in local currency, increased 28% in
the third quarter of 2000 over the third quarter of 1999
primarily as a result of the increased sales and manufacturing
efficiencies combined with improved operating expense leverage.
Microelectronics Segment:
Microelectronics sales, in local currency, increased 70% in the
third quarter of 2000 compared to the same period last year.
Sales growth was positive in all geographies with the most
significant growth in Asia. Sequential quarter sales growth was
7% from the second to the third quarter of 2000.
Microelectronics operating income, in local currency, increased
from $5.0 million or 9% of sales in the third quarter of 1999 to
$20.5 million or 23% of sales in the third quarter of 2000. The
increase is primarily due to the significant sales growth coupled
with improved gross profit margins and operating expense
leverage. The gross profit margins were positively impacted by
both the higher sales volumes offset somewhat by new product
start-up costs.
Corporate Expenses:
Corporate expenses, in local currency increased from $8.2 million
to $14.1 million in the third quarter of 2000 as compared to the
same quarter of the prior year. The increased expenses related
primarily to additional spending due to higher sales volumes.
Consolidated Results
Gross profit margins were 53% of sales, in local currencies, in
the third quarter of 2000 compared to 55% in 1999. The 2%
decline in gross profit margins reflected a higher mix of lower
margin Microelectronics sales.
Selling, general and administrative expenses (SG&A), in local
currencies, increased 9% in the third quarter of 2000 as compared
to the third quarter of 1999. This increase is primarily
attributed to increased headcount to support the higher sales
volume. As a percentage of net sales, SG&A expenses in local
currencies decreased approximately 5 percentage points.
Research and development (R&D) expenses, in local currencies,
increased 23% in the third quarter of 2000 as compared to the
third quarter of 1999. This increase is due to additional R&D
program costs and increased headcounts. As a percentage of
sales, R&D expenses in local currencies remained constant at 7%.
In the third quarter of 2000, the Company agreed in principle, to
settle a patent lawsuit and recorded a charge of $1.5 million for
past royalties.
In the third quarter of 2000 as compared to the same period of
the prior year operating income, in U.S. dollars, was adversely
effected by the impact of the weakened Euro offset by a stronger
yen. If current foreign exchange rates remain in effect for the
full fourth quarter of 2000, then foreign exchange will have a
more significant negative impact on operating income as compared
to the third quarter of 2000 and the fourth quarter of 1999.
Net interest expense decreased in the third quarter of 2000 as
compared to the third quarter of 1999 primarily as a result of
additional interest income and lower average borrowings offset by
a slight increase in average rates.
In the second quarter of 2000, the Company adjusted its expected
full year tax rate from operations from 21%, as reported in the
first quarter of 2000, to 22%. The increase was due to improved
results in countries with higher tax rates.
-9-
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Foreign Exchange
A substantial portion of the Company's business is conducted
outside of the United States through its foreign subsidiaries and
generally in local currencies. Approximately 25% of the
Company's sales are derived from Europe where the U.S. dollar
continued to strengthen against the Euro during the second
quarter of 2000. The Company is able to partially mitigate the
impact of fluctuations in the Euro by active management of cross
border currency flows and material sourcing. Additionally, the
Company has significant exposure to changes in the Japanese yen
that cannot be mitigated through normal financing or operating
activities. Accordingly, the net equity exposure to the Japanese
yen is managed through the use of debt swap agreements.
Generally, when the U.S. dollar strengthens against currencies in
which the Company transacts its business, sales and net income
will be adversely impacted.
Restructuring Charges
In the third quarter of 1998, the Company initiated a
restructuring program resulting in a restructuring charge of
$33.6 million. In the third quarter of 2000, the Company reversed
$1.5 in restructuring reserves primarily related to additional
proceeds from the sale of facilities. This reversal is in
addition to the $5.2 restructuring reserve reversal in the third
quarter of 1999 which was related to favorable experience in
employee separations and lease cancellation costs. As of
September 30, 2000, 615 employees, of the planned 620 employees,
had left the Company. The remaining balance as of September 30,
2000 relates primarily to employee severance payments and lease
cancellation costs which will be completed by the early part of
2001. These final costs were originally anticipated to occur at
the end of 2000 and were extended to the early part of 2001
pending completion of leased facility transition work.
Capital Resources and Liquidity
Cash generated by operations in the first nine months of 2000 was
$75.4 million compared to $66.2 million in the first nine months
of 1999. This increase in cash flow was primarily the result of
improved operating income offset by increased accounts receivable
and inventories. The increase in accounts receivable was
attributable to increased sales volume. Accounts receivable days
sales outstanding decreased from 85 days in the third quarter of
1999 to 81 days in the third quarter of 2000. The Company
continues to aggressively manage its collection activities.
Inventory levels were increased to meet anticipated levels of
future sales predominately in the Microelectronics business
segment.
Operating cash flow generated by the Company during the first
nine months of 2000 was used to invest in property, plant and
equipment, pay down debt and pay dividends. The Company expects
to spend approximately $45 million for property, plant and
equipment during 2000. During the first nine months of 2000, the
Company received $8.8 million from the sale of property, $7.5
million from the sale of securities and $25.2 million from the
exercise of employee stock options.
The Company is required to provide cash collateralization on one
of its yen denominated debt swap agreements if (and to the extent
that) the net value of the Company's position falls below the net
value of the counterparty's position. While this will not impact
the Company's foreign exchange exposure, it could impact short-
term liquidity and compliance with certain debt covenants if
there were a serious deterioration in the value of the Company's
swap position. The amount of the collateral is dependent, among
other things, on the exchange rate of the yen to the U.S. dollar
and is restricted as to withdrawal or alternative usage.
Forward Looking Statements
The foregoing Management's Discussion and Analysis of Financial
Condition and Results of Operations contain certain forward
looking statements which are subject to substantial risks and
uncertainties that could affect the Company's future operating
results. These risks and uncertainties include, without
limitation, fluctuation in foreign exchange rates, deterioration
in the Company's swap positions and its impact on short term
liquidity, uncertainties in the microelectronics and biosciences
markets, difficulties in separating the microelectronics and
biosciences businesses as well as the additional risks and
uncertainties described in our Form 10-K for the year ended
December 31, 1999. Events and circumstances could differ
materially from the plans, intentions and expectations described
in the forward-looking statements contained in this report
because of the risks and uncertainties listed above or due to
other reasons. We do not assume any obligation to update any
forward-looking statements that we make.
-10-
Item 3. Quantitative and Qualitative Disclosures About Market
Risk
The mitigating actions enumerated above under "Foreign Exchange"
in Management's Discussion and Analysis of Financial Condition
and Results of Operations and in Management's Discussion and
Analysis of Financial Condition and Results of Operations
contained in the Company's Annual Report on Form 10-K have
effectively limited the impact of exchange rate fluctuations and
credit risk on the Company's results of operations and financial
position to a level which is not material.
Part II - Other Information
Item 1. Legal Proceedings
On July 21, 1999 Amersham Pharmacia Biotech AB ("APB") of
Sweden filed a complaint in the High Court of Justice in
the United Kingdom against the Company and two of its
subsidiaries alleging that the sale of the Company's
ISOPAK chromatography valve infringed one or more of the
claims contained in certain APB patents. On October 26,
2000 the High Court ruled that the Company's current valve
does not infringe the APB patents. The Court also ruled
that an earlier version of the product, discontinued in
early 1998, did infringe one of APB's patents. A hearing
on damages with respect to this latter product will now be
scheduled. The Company does not believe, however, that
any damage award will be material to its financial
condition or results of operations.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
27 Article 5 Financial Data Schedule - for the nine months
ended September 30, 2000
b. Report on Form 8-K
No reports on Form 8-K have been filed by the Company during
the fiscal quarter ended September 30, 2000.
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, thereunto duly authorized.
Millipore Corporation
Registrant
November14, 2000 /s/Donald B. Melson
Date Donald B. Melson
Corporate Controller and Chief
Accounting Officer
