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0000950135-04-002300.txt : 200405040000950135-04-002300.hdr.sgml : 2004050420040504135330ACCESSION NUMBER:0000950135-04-002300CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:26FILED AS OF DATE:20040504

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:FISHER SCIENTIFIC INTERNATIONAL INCCENTRAL INDEX KEY:0000880430STANDARD INDUSTRIAL CLASSIFICATION:WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040]IRS NUMBER:020451017STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-10920FILM NUMBER:04776814

BUSINESS ADDRESS:STREET 1:LIBERTY LANECITY:HAMPTONSTATE:NHZIP:03842BUSINESS PHONE:6039265911

MAIL ADDRESS:STREET 1:LIBERTY LANECITY:LIBEHAMPTONSTATE:NHZIP:03842

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:FISHER SCIENTIFIC INTERNATIONAL INCCENTRAL INDEX KEY:0000880430STANDARD INDUSTRIAL CLASSIFICATION:WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040]IRS NUMBER:020451017STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:LIBERTY LANECITY:HAMPTONSTATE:NHZIP:03842BUSINESS PHONE:6039265911

MAIL ADDRESS:STREET 1:LIBERTY LANECITY:LIBEHAMPTONSTATE:NHZIP:03842

4251b50522fie425.htmFISHER SCIENTIFIC INTERNATIONAL INC.

FISHER SCIENTIFIC INTERNATIONAL INC.

Filed by Fisher Scientific International Inc.
pursuant to Rule425 under the Securities Act of 1933
and deemed filed pursuant to Rule14a-12
under the Securities and Exchange Act of 1934, as amended

Subject Company: Fisher Scientific International Inc.
Commission File No.: 1-10920

This filing relates to a planned merger (the Merger) between FisherScientific International Inc. (Fisher) and Apogent Technologies Inc.(Apogent) pursuant to the terms of an Amended and Restated Agreement and Planof Merger, dated as of March17, 2004, as amended April16, 2004 (the MergerAgreement), by and among Fisher, Fox Merger Corporation and Apogent. TheMerger Agreement is on file with the U.S. Securities and Exchange Commission(the SEC) as an exhibit to the Current Report on Form 8-K, as amended, filedby Fisher on April16, 2004, and is incorporated by reference into this filing.

The World Leader in Serving Science

Robert W. Baird

2004 Growth Stock Conference

May 4, 2004

This presentation contains statements that constitute forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. These statements are based on Fisher's and Apogent's currentexpectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could causeactual results to differ materially from those described in the forward-looking statements. All statements other thanstatements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertaintiesand assumptions include (1) the possibility that the companies may be unable to obtain stockholder or regulatoryapprovals required for the merger; (2) problems may arise in successfully integrating the businesses of the twocompanies; (3) the acquisition may involve unexpected costs; (4) the combined company may be unable toachieve cost-cutting synergies; (5) the businesses may suffer as a result of uncertainty surrounding the acquisition;and (6) the industry may be subject to future regulatory or legislative actions and other risks that are described inSecurities and Exchange Commission (SEC) reports filed by Fisher and Apogent. Because forward-lookingstatements involve risks and uncertainties, actual results and events may differ materially from results and eventscurrently expected by Fisher and Apogent. Fisher and Apogent assume no obligation and expressly disclaim anyduty to update information contained in this news release except as required by law.

Please refer to the supplementary information table on our website at www.fisherscientific.com under "InvestorPresentation" for a reconciliation of the adjusted amounts to the generally accepted accounting principles.

Safe Harbor and Regulation G Statement

Fisher at a Glance - Founded in 1902

Proprietary 60%

Distributed 40%

80% Consumable

* Includes effect of the Apogent transaction.

350,000 customers

Global scientific research $20

U.S. clinical laboratory $10

2004E

Sales $4.6B

EPS $2.81

Growing Markets ($ Bils)

Favorable market dynamics

Extensive Life Science Footprint*

Powerful channel position

Diverse Customer Base*

Increasing earnings

Product and Service Mix*

Ongoing margin improvement

$1.1 billion footprint

800 sales specialists

7

Scientific Research

75%

Clinical Lab

25%

No Customer > 2.5% of Sales

Diverse Customer Base

Pharma 0.23 Hospitals 0.17 Reference Labs / Other 0.08 Other 0.33

Medical Research 0.08 Colleges and Universities 0.11

Pharma 0.23 Hospitals 0.25

Other 0.33

Medical Research 0.08 Colleges and Universities 0.11

R&D spendingsteadily increasing

Market Dynamics Are Favorable

Customer Base

9

Pharma/Biotech23%

Colleges &Universities

11%

MedicalResearch

8%

Other ScientificResearch

33%

Pressure on drugdevelopment costs

R&D spendingsteadily increasing

Market Dynamics Are Favorable

Customer Base

Pharma 0.23 Hospitals 0.25

Other 0.33

Medical Research 0.08 Colleges and Universities 0.11

Pharma/Biotech23%

11

Pressure on drugdevelopment costs

Aging population

R&D spendingsteadily increasing

Market Dynamics Are Favorable

Customer Base

Pharma 0.23 Hospitals 0.25

Other 0.33

Medical Research 0.08 Colleges and Universities 0.11

Pharma/Biotech23%

Colleges

& Universities

11%

MedicalResearch

8%

Hospitals &Reference Labs /Other

25%

13

Pressure on drugdevelopment costs

Aging population

R&D spendingsteadily increasing

Growth in homelandsecurity spending

Market Dynamics Are Favorable

Customer Base

15

Pharma 0.23 Hospitals 0.25

Other 0.33

Medical Research 0.08 Colleges and Universities 0.11

Hospitals &Reference Labs /Other

25%

Other ScientificResearch

33%

The Fisher brand

Global logistics

Industry-leading sales force

Company Capabilities

100 years of serving science

Broad proprietary productand service portfolio

Global brand recognition

Company Capabilities

The Fisher Brand

Global Logistics Capabilities

Company Capabilities

30,000 shipments daily

39 distribution facilities

E-commerce systems

1,500 sales reps

1,200 customer service reps

Industry-Leading Sales Force

Company Capabilities

Supply chain solutions

375* life science, chemicaland technical specialists

End-user sales and support

*Will increase to approximately 800 specialists upon completion of the Apogent transaction.

Key Strategies

Increase proprietary product and service offering

Capitalize on high growth life science market

Increase earnings and cash flow growth

25

Apogent Transaction Benefits

Enhances portfolio of proprietary products and services

Increases Fisher's life science footprint to $1.1 billion

Strengthens Fisher's healthcare business

Provides significant cost savings opportunities

Increases cash flow generation

Apogent - A perfect fit

27

Apogent Merger - Improved Product Mix

Life Science Products 0.33 Scientific Research Products 0.18 Other Equipment 0.17 Clinical Lab Products 0.32

Based on pro forma 2004 sales

Life Science Products 0.18 Scientific Research Products 0.55 Lab Workstations 0.09 Clinical Lab Products 0.23

Pro forma 2004 sales $5 billion

29

Provides up to $100 million of cost savings

Rationalize Fisher's and Apogent'smanufacturing operations

Consolidate administrative functions andpublic company expense

Reduce logistics expense and leveragecombined purchasing power

Apogent Merger - Synergies

31

Financial Highlights

* Excludes foreign exchange. Organic growth was 8% in Q1 2004 versus 4% in Q1 2003.

Excludes restructuring and non-recurring expenses.

2003 2004* East 833.4 983.5

($ in Millions, Except Earnings Per Share) 2003 2004 East 0.48 0.6

2003 2004 East 55.8 66

Sales

EPS

Operating Cash Flow

Operating Income 2003 2004 East 60.8 78.5

First Quarter Results

Sales Growth

($ in Billions) 2000 2001 2002 2003 2004F* 2005F*

*Midpoint of management estimates and assumes Apogent transaction closes in early 3rd quarter, 2004. Excludes the impactof foreign exchange.

CAGR: 16%

Earnings Per Share Growth

($ in Millions) 2000 2001 2002 2003 2004F* 2005F*

Excludes goodwill amortization, restructuring and nonrecurring expenses.

* Midpoint of management estimates and assumes Apogent transaction closes in early 3rd quarter, 2004.

CAGR: 24%

Operating

Margins 6.8% 7.3% 7.5% 7.8% 10.6% 13.4%

Strong Operating Cash Flow 2000 2001 2002 2003 2004F 2005F

($ in millions)

Free cash flow is cash from operations less capital expenditures.

* Midpoint of management estimates and assumes Apogent transaction closes in early 3rd quarter, 2004.

Memo:

Free Cash Flow $78 $119 $115 $138 $215 $395

*

*

Investment Highlights

Strong earnings and cash flow growth

Favorable market dynamics

Significant margin enhancement opportunities

Strong management team

Questions and Answers

(in millions, except per share amounts)

Supplementary Financial Information

In connection with the proposed merger, Fisher Scientific and Apogent Technologies will file relevant materials withthe SEC, including one or more registration statement(s) that contain a prospectus and a joint proxy statement,including one that was filed on April 16, 2004. Investors and security holders are urged to read these documentsand any other relevant documents filed with the SEC, as well as any amendments or supplements to thosedocuments, because they will contain important information about Fisher, Apogent and the merger. Investors andsecurity holders may obtain these documents (and any other documents filed by Fisher or Apogent with the SEC)free of charge at the SEC's Web site at www.sec.gov. In addition, the documents filed with the SEC by Fisher maybe obtained free of charge by directing such request to: Corporate Secretary, 1 Liberty Lane, Hampton, NH 03842or from Fisher's Web site at www.fisherscientific.com. The documents filed with the SEC by Apogent may beobtained free of charge by directing such request to: Director of Investor Relations, 30 Penhallow Street,Portsmouth, NH 03801, or from Apogent's Web site at www.apogent.com. Investors and security holders are urgedto read the joint proxy statement/prospectus and the other relevant materials when they become available beforemaking any voting or investment decision with respect to the proposed merger.

Fisher, Apogent and their respective executive officers and directors may be deemed to be participants in thesolicitation of proxies from the stockholders of Fisher and Apogent in favor of the acquisition. Information about theexecutive officers and directors of Fisher and their ownership of Fisher common stock is set forth in the joint proxystatement/prospectus regarding the merger, which was filed with the SEC on April 16, 2004. Information about theexecutive officers and directors of Apogent and their ownership of Apogent common stock is set forth in the proxystatement for Apogent's 2004 Annual Meeting of Shareholders, which was filed with the SEC on December 23,2003. Investors and security holders may obtain more detailed information regarding the direct and indirectinterests of Apogent and its respective executive officers and directors in the merger by reading the joint proxystatement/prospectus regarding the merger filed on April 16, 2004.

Additional Information

* * *

FORWARD LOOKING STATEMENTS

This communication contains statements that constitute forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 1995. These statements are based on Fishers and Apogents currentexpectations and beliefs and are subject to a number of risks, uncertaintiesand assumptions that could cause actual results to differ materially from thosedescribed in the forward-looking statements. All statements other thanstatements of historical fact are statements that could be deemedforward-looking statements. Risks, uncertainties and assumptions include thepossibility that (1)the companies may be unable to obtain stockholder orregulatory approvals required for the Merger; (2)problems may arise insuccessfully integrating the businesses of the two companies; (3)theacquisition may involve unexpected costs; (4)the combined company may beunable to achieve cost-cutting synergies; (5)the businesses may suffer as aresult of uncertainty surrounding the acquisition; and (6)the industry may besubject to future regulatory or legislative actions and other risks that aredescribed in SEC reports filed by Fisher and Apogent. Because forward-lookingstatements involve risks and uncertainties, actual results and events maydiffer materially from results and events currently expected by Fisher andApogent. Fisher and Apogent assume no obligation and expressly disclaim anyduty to update the information contained herein except as required by law.

ADDITIONAL INFORMATION ABOUT THE MERGER
AND WHERE TO FIND IT

In connection with theproposed Merger, Fisher and Apogent have filed relevantmaterials with the SEC, including a registration statement thatcontains a prospectus and a joint proxy statement. Investors and securityholders are urged to read these documents and any other relevant documents filed with the SEC, as well as any

amendments or supplements to those documents, because they will containimportant information about Fisher, Apogent and the Merger. Investors andsecurity holders may obtain these documents (and any other documents filed byFisher or Apogent with the SEC) free of charge at the SECs website atwww.sec.gov. In addition, the documents filed with the SEC by Fisher may beobtained free of charge by directing such request to: Corporate Secretary, OneLiberty Lane, Hampton, NH 03842 or from Fishers website atwww.fisherscientific.com. The documents filed with the SEC by Apogent may beobtained free of charge by directing such request to: Director of InvestorRelations, 30 Penhallow Street, Portsmouth, NH 03801 or from Apogents websiteat www.apogent.com. Investors and security holders are urged to read the jointproxy statement/prospectus and the other relevant materials before making any voting or investment decision with respect to theproposed Merger.

Fisher, Apogent and their respective executive officers and directors may bedeemed to be participants in the solicitation of proxies from the stockholdersof Fisher and Apogent in favor of the acquisition. Information about theexecutive officers and directors of Fisher and their ownership of Fisher commonstock is set forth in the proxy statement for Fishers 2003 Annual Meeting ofShareholders, which was filed with the SEC on April10, 2003. Informationabout the executive officers and directors of Apogent and their ownership ofApogent common stock is set forth in the proxy statement for Apogents 2004Annual Meeting of Shareholders, which was filed with the SEC on December23,2003. Investors and security holders may obtain more detailed informationregarding the direct and indirect interests of Fisher, Apogent and theirrespective executive officers and directors in the Merger by reading the jointproxy statement/prospectus regarding the Merger.

GRAPHIC2b50522fib50522z0000.jpgGRAPHIC

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