IBO International sales index for 2001 falls in dollars.

Annual revenues for 2001 for the IBO International Instrumentation Sales Index declined 1.5% (converted to dollars) over 2000. Operating profits in 2001 continued to fall, down 9.7% from 2000, after falling 13.9% in the previous comparable year. Operating profit margins for 2001 were 4.2% of

For the companies in this index, Amersham Biosciences, Biacore, Horiba, and Shimadzu, sales for the first half of 2002 remained even compared to the first half of 2000. Second quarter 2002 revenues remained even with revenues in the comparable quarter in 2001. Second quarter operating profits for the companies rose 28.5% in 2002 compared to a year ago. Operating profit margins rose from 3.3% of sales a year ago to 4.2% of sales in the second quarter of 2002.

Amersham Biosciences reported first half 2002 revenues of 333.0 million [pounds sterling] ($479.1 million = 0.70 [pounds sterling] = $1) over first half 2001 revenues of 325.1 million [pounds sterling] ($464.4 million = 0.70 [pounds sterling] = $1), an increase of 2.4% in local currency. Operating profits rose 28.6% in pounds or 30.5% in dollars to 36.0 million [pounds sterling] ($51.8 million = 0.70 [pounds sterling] = $1) from 27.8 million [pounds sterling] ($39.7 million = 0.70 [pounds sterling] = $1).

Biacore reported second quarter sales of SEK 154.6 million ($15.4 million = SEK 10.02 = $1), a 26.3% increase over sales a year ago despite weaker demand from the pharmaceutical industry. Operating profits rose 847.1% to SEK 32.2 million ($3.2 million = SEK 10.02 = $1). Sales to the Americas rose 47.7%, from SEK 54.7 million ($5.2 million = SEK 10.45 = $1) to SEK 80.8 million ($8.1 million = SEK 10.02 = $1). European sales slipped 8.3% to SEK 36.5 million ($3.6 million = SEK 10.02 = $1), while Asia-Pacific sales rose 33.7% to SEK 37.3 million ($3.7 million = SEK 10.02 = $1). Due to the slowdown in the pharmaceutical industry, Biacore lowered its 2002 sales growth estimate from 20% to 15%. The Biacore 3000 system continues to be the main driver for sales. The Biacore S51 continues to gain market acceptance in the pharmaceutical industry and the Biacore C was just released and recognized its first sales in the second quarter.

Horiba's Analytical Instruments & Systems business reported fiscal year sales ended March 28, 2002 of [yen] 25,249 million ($202.1 million = [yen] 124.96 = $1) compared to sales of [yen] 22,894 million ($207.2 million = [yen] 110.51 = $1), resulting in 10.3% growth over fiscal year 2001. However, after foreign exchange conversions, fiscal year sales declined 2.5% in $US dollars. Operating profits rose 121.0% in yen from [yen] 423 million ($3.8 million = [yen] 110.51 = $1) to [yen] 935 million ($7.5 million = [yen] 124.96 = $1) and 97.4% in dollars. For the fiscal year, sales to Japan rose slightly, up 2.3%, while sales to Europe and America experienced significant increases in growth, up 12.7% and 43.7%, respectively.

Shimadzu's sales in its Scientific and Process Instruments segment for the 2002 fiscal year ended March 31, 2002 declined 1.4% in [yen] Yen and 12.8% in dollars to [yen] 104,627 million ($837.3 million = [yen] 124.96 million = $1) from [yen] 106,070 million ($959.8 million = [yen] 110.51 million = $1). Operating profits fell 34.5% in [yen] Yen to [yen] 6,822 million ($54.6 million = [yen] 124.96 million = $1) from [yen] 10,414 million ($94.2 million = [yen] 110.51 million = $1) and 42.0% in dollars for the fiscal year 2002. Within Japan, Scientific Instruments sales remained sluggish due to lower capital investment purchases, mainly from the semiconductor and IT industries. Overall sales outside Japan picked up for the fiscal year. In the future, Shimadzu plans to focus on three areas: life science equipment, environmental-related instrumentation to satisfy new water quality regulations, and non-destructive X-ray test equipment for the food industry.

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International Instrumentation Index, Total

                                1997   1998   1999   2000   2001   2002

Total Annual Revenues ($M)      3208   3319   3828   4028   3968   ----
2nd Quarter Revenues ($M)        723    738    842    954    949    949
Annual Oper. Profits ($M)        248    215    229    197    178   ----
Annual Oper. Profits (%)         7.7    6.5    6.0    4.9    4.5   ----
2nd Quarter Oper. Profits ($M)    43     38     38     40     31     40
2nd Quarter Oper. Profits (%)    6.0    5.2    4.5    4.2    3.3    4.2

                                               % change

                                 97/98   98/99   99/00   00/01   01/02

Total Annual Revenues ($M)         3.5    15.3     5.2    -1.5    ----
2nd Quarter Revenues ($M)          2.1    14.0    13.4    -0.5     0.0
Annual Oper. Profits ($M)        -13.5     6.5   -13.9    -9.7    ----
Annual Oper. Profits (%)          ----    ----    ----    ----    ----
2nd Quarter Oper. Profits ($M)   -11.9     0.1     4.5   -21.7    28.5
2nd Quarter Oper. Profits (%)     ----    ----    ----    ----    ----

IBO International Instrumentation Sales Index companies: Amersham
Biosciences, Biacore, Horiba (Analytical Instruments & Systems), and
Shimadzu (Scientific and Process Instruments).