Dear Bio; What happened today at the shareholders meeting? I have seen no news, and have not been able to get in touch with anyone at the company. What happened with the vote on the cumulative voting rights? How do earnings look? Were they guiding the analysts in any way? Any information would be greatly appreciated. Thanks in advance. JM
Summary of the meeting; 1. The 3 directors were re-elected. 2. The independent auditors were approved. 3. The cumalitive voting proposal was defeated. Castellini commented that the company is still fundamentally sound and that the reason for the pullback in the price was primarily due to higher expectations from Wall Street in terms of sales revenues from the Ohmeda aquisition. He stressed that the performance of this division will improve looking forward. "The Ohmeda aquisition was in its infancy stage this quarter".
He also said that the company is still committed to reaching 5.5B in sales by 2002 while maintainig 15% earnings growth.
The company is comfortable with the estimates of 1.55 to 1.60 per share for fiscal'99