Cleaning & Restoration Breaking News

Ecolab Affirms 2000 Outlook, Expects Double-Digit Growth in 2001

St. Paul, Minn. (Business Wire) -- Ecolab Inc. says that its earnings are on track for 2000, and it expects to achieve yet another year of double-digit growth in earnings per share for the year 2001.

The company achieved seven consecutive years of double-digit earnings per share growth through the year ended December 31, 1999. Final results for 2000 will be reported in mid-February.

Ecolab previously announced it will take a fourth quarter one-time pre-tax charge relating to office closures, early retirements, terminations and other management actions focused on improving its long term efficiency and competitiveness. The charge is expected to be approximately $6 million to $8 million. The cash portion of the charge will effectively be funded by a portion of the proceeds from the previously announced sale of the non-core Jackson business.

In addition, Ecolab will record a $2.4 million charge, net of tax, to recognize the cumulative effect of the change in accounting principle relating to the implementation of Staff Accounting Bulletin Number 101, "Revenue Recognition in Financial Statements."

As a result, Ecolab estimates the net effect of these items will increase earnings per share approximately $0.06 to $0.07 in the fourth quarter and full year 2000. This estimated increase would be incremental to the Company's expectations as announced in this press release.

Ecolab is a developer and marketer of premium cleaning, sanitizing, pest elimination, maintenance and repair products and services for the hospitality, healthcare, food and beverage and industrial markets.

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