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[SYBRON INTERNATIONAL LOGO] EXHIBIT 99.1
NEWS RELEASE
411 East Wisconsin Avenue
Milwaukee, WI 53202
(414) 274-6600
FOR IMMEDIATE RELEASE Contact:
Dennis Brown
Chief Financial Officer
Phone: (414) 274-6600
SYBRON INTERNATIONAL CORPORATION
ANNOUNCES EXPECTED EARNINGS SHORTFALL
MILWAUKEE (June 26, 2000). Sybron International Corporation (NYSE:SYB) announced
today that earnings for its third fiscal quarter ending June 30, 2000 and its
fourth fiscal quarter ending September 30, 2000 are expected to fall short of
consensus expectations. The Company currently expects earnings per share to fall
short of consensus estimates by approximately $0.04 (four cents) this quarter
and in the range of $0.04 to $0.06 (four to six cents) next quarter.
The Company indicated that a number of factors had aggregated to cause this
shortfall, including higher interest rates, the strong U.S. dollar and lower
than anticipated sales growth in the laboratory business following a stellar
performance in the first half. Two cents alone each quarter is attributable to
higher interest rates and the strong U.S. dollar.
Sales growth for the laboratory business in the second half of this fiscal year
now looks like it will be lower than anticipated due to some temporary
anomalies. Part of the shortfall is caused by inventory streamlining at a
leading OEM and with the Company's research/life science distributors, which is
expected to be behind the Company by early in the new fiscal year. Dental sales
growth for this year continues to be strong.
Commenting on the situation, Kenneth F. Yontz, Chairman and CEO of Sybron, said,
"We are experiencing some temporary but nevertheless significant pressure on our
ability to grow earnings at 20 percent in the third and fourth quarters. We are
convinced that the issues outlined above should be temporary in nature. We are
proceeding with the spin-off of Sybron Dental Specialties, which is expected to
be completed by the end of this calendar year. We are very excited about the
prospects for both of the separate entities and, while the growth dynamics and
management needs of these businesses are clearly different, we are committed to
delivering consistent performance from these businesses in the years ahead at a
targeted growth rate of 20 percent for Sybron/Apogent and 10 to 12 percent for
the dental unit."
(Continued)
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Page Two
June 26, 2000
The Company will host a conference call at 8:30 a.m. Eastern Time tomorrow,
Tuesday, June 27, 2000, to discuss these developments. The dial-in number is
(800) 252-8295 and the public is invited to listen in.
Sybron International Corporation's subsidiaries design, manufacture and market
laboratory products for the life science industry and professional dental
consumable products worldwide. Products of Sybron Laboratory Products
Corporation include Erie Scientific laboratory glass micro-arrays, specialty
slides and other diagnostic products, Matrix, Robbins and Molecular BioProducts
high throughput screening products, Microgenics drug diagnostic products, Nalge
Nunc International reusable and disposable multi-well plates and plastic
labware, Richard-Allan histology systems, and Barnstead Thermolyne precision
heating and stirring apparatus, and water purification systems for laboratories.
Products of Sybron Dental Specialties include Ormco and "A" Company orthodontic
products and Kerr dental materials.
Note Regarding Forward-Looking Statements: This press release contains
forward-looking statements, including statements concerning the Company's
expected financial results for its third and fourth fiscal quarters, and
statements concerning the Company's financial goals for the future after the
spin-off of its dental business. These and other statements that relate to
future results and events are based on the Company's current expectations.
Actual results in future periods may differ materially from those currently
expected or desired because of a number of risks and uncertainties, including
the level of demand for the Company's products; interest rates; currency
fluctuations; distributor and OEM inventory management; the intensity of
competition; and the availability, cost and timing of acquisitions. These and
other factors affecting the Company's business and prospects are discussed in
the Company's periodic filings with the Securities and Exchange Commission.
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