Mallinckrodt reported revenues of $2.7 billion in its fiscal 2000, up 4% compared with the $2.6 billion reported in fiscal 1999. For the period (end-June 30), the St. Louis-based vendor had earnings from continuing operations of $205 million, compared with $173 million last year.
The vendor’s imaging segment failed to keep up with other Mallinckrodt divisions, however. For the year, the firm’s imaging operations generated revenues of $770 million, down 1% from the $780 million reported last year. The imaging business had operating earnings of $84 million, compared with earnings of $119 million last year.
The story was the same for the fourth quarter, with the firm reporting sales of $206 million, down 1% from the $208 million booked in the same period last year. Operating earnings declined from $29 million in 1999 to $15 million this year, due to lower manufacturing volume as well as costs to implement alternate synthesis for ioversol, the raw material for the firm’s Optiray agent.
Mallinckrodt will hold a special shareholder meeting in New York City on September 19 to vote on its proposed acquisition by Tyco International. Tyco announced on June 28 that it would buy Mallinckrodt.
By AuntMinnie.com staff writers
August 10, 2000
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