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Pall Management Discusses Q4 2012 Results - Earnings Call Transcript

Stocks in this article: PLL

But before I jump in to our results, I want to take a few -- make a few preparatory comments about what we've accomplished over the last year and what we anticipate for the year in front of us. I first spoke to you as Pall's CEO in December. At that time, I said that I viewed Pall as a huge long-term value-creation opportunity. I believe that statement even more so today. We talked about foundational work that we had to do, particularly with respect to people, process and technology, and I'm happy to report that we've made significant progress but with much more to do. With regard to people, as you know, there have been a number of changes to the executive management team. I'm incredibly pleased with the talent that we now have, as well as the developing bench strength behind them. In the fourth quarter, we added business development capability, which is critical to our growth strategy.

With regard to process, in the quarter, we focused almost exclusively on restoring customer service levels to pre-SAP implementation levels and are now working toward best-in-industry metrics. And with regard to technology, we're increasing R&D spend. We're also taking a much more focused approach as to where we invest. We've added significant talents in R&D to accomplish this.

Last year, I articulated the strategy which highlighted our move toward more emphasis on strategic acquisitions to enable core growth. We will do so in a disciplined manner. This may include enhancing our current offerings but also moving into adjacent product markets where our applications expertise and our global channel are a natural fit.

We closed the transaction with Haemonetics on August 1 as planned, and there are no other planned divestitures. In short, we believe that we can more actively organically manage the portfolio to position ourselves well for future growth.

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