PALL CORP

CIK:0000075829|SEC Filings

EARNINGS PER SHARE

9 Months Ended

Apr. 30, 2015

The condensed consolidated statements of earnings present basic and diluted earnings per share. Basic earnings per share is determined by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share considers the potential effect of dilution on basic earnings per share assuming potentially dilutive shares that meet certain criteria, such as those issuable upon exercise of stock options, were outstanding. The treasury stock method reduces the dilutive effect of potentially dilutive securities as it assumes that any cash proceeds (from the issuance of potentially dilutive securities) are used to buy back shares at the average share price during the period. Equity awards aggregating 445 and 496 were not included in the computation of diluted shares for the three months ended April 30, 2015 and April 30, 2014, respectively, because their effect would have been antidilutive. For the nine months ended April 30, 2015 and April 30, 2014, 345 and 524 antidilutive shares, respectively, were excluded. The following is a reconciliation between basic shares outstanding and diluted shares outstanding:



	Three Months Ended		Nine Months Ended
	Apr 30, 2015	Apr 30, 2014	Apr 30, 2015	Apr 30, 2014
Basic shares outstanding	107,162	110,183	107,502	110,946
Effect of stock plans	1,395	1,283	1,310	1,269
Diluted shares outstanding	108,557	111,466	108,812	112,215

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
OPERATING ACTIVITIES
Net cash provided by operating activities	$ 360,397	$ 342,164
INVESTING ACTIVITIES
Capital expenditures	(39,330)	(50,301)
Acquisition of businesses, net of cash acquired	(9,382)	(195,262)
Purchases of retirement benefit assets	(51,305)	(29,518)
Proceeds from retirement benefit assets	54,935	36,020
Proceeds from sale of assets	2,213	5,618
Other	(13,420)	(9,167)
Net cash used by investing activities	(56,289)	(242,610)
FINANCING ACTIVITIES
Notes payable	299,859	134,992
Dividends paid	(95,321)us-gaap_PaymentsOfDividendsCommonStock	(88,596)us-gaap_PaymentsOfDividendsCommonStock
Repayments of short-term debt	0us-gaap_RepaymentsOfShortTermDebt	(3,927)us-gaap_RepaymentsOfShortTermDebt
Repayments of long-term debt	(397)	(545)
Net proceeds from stock plans	12,850	13,814
Additions to deferred financing costs	(1,535)us-gaap_PaymentsOfDebtIssuanceCosts	0us-gaap_PaymentsOfDebtIssuanceCosts
Purchase of treasury stock	(304,105)	(250,000)
Excess tax benefits from stock-based compensation arrangements	3,664	11,327
Other	(4,516)	0
Net cash used by financing activities	(89,501)	(182,935)
Cash and cash equivalents at beginning of year	(84,213)	17,369
Net increase in cash and cash equivalents	130,394	(66,012)
Effect of exchange rate changes on cash and cash equivalents	964,110	936,886
Cash and cash equivalents at end of period	1,094,504	870,874
Supplemental Disclosures
Interest paid	14,782us-gaap_InterestPaid	13,068us-gaap_InterestPaid
Income taxes paid (net of refunds)	$ 77,009us-gaap_IncomeTaxesPaidNet	$ 44,782us-gaap_IncomeTaxesPaidNet

BALANCE SHEET DETAILS (Tables)

9 Months Ended

Apr. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Accounts Receivable



	Apr 30, 2015			Jul 31, 2014
Accounts receivable:
Billed	$	486,155		$	556,928
Unbilled	74,873			72,681
Total	561,028			629,609
Less: Allowances for doubtful accounts	(13,733		)	(13,896		)
	$	547,295		$	615,713

Unbilled receivables principally relate to revenues accrued for long-term contracts recorded under the percentage-of-completion method of accounting.

Major Classes of Inventory



	Apr 30, 2015		Jul 31, 2014
Inventory:
Raw materials and components	$	132,759	$	117,581
Work-in-process	95,630		112,824
Finished goods	157,605		174,473
	$	385,994	$	404,878

Schedule of Property, Plant And Equipment



	Apr 30, 2015			Jul 31, 2014
Property, plant and equipment:
Property, plant and equipment	$	1,702,347		$	1,776,983
Less: Accumulated depreciation and amortization	(977,087		)	(971,656		)
	$	725,260		$	805,327