GSI Sells PerkinElmer Shares

KANATA, Ontario, Dec. 11 -- GSI Lumonics Inc. has completed the sale of 1,398,166 shares of common stock of PerkinElmer Inc. The shares resulted from the conversion of GSI's common stock holdings in Packard BioScience Co., which was acquired by PerkinElmer on Nov. 13. GSI Lumonics initially received 4,495,711 shares of common stock of Packard BioScience Co. as partial consideration for the sale of its Life Sciences business to Packard BioScience in 2000.

The PerkinElmer shares were sold for net proceeds of approximately $38.5 million, at the equivalent price per share of PerkinElmer stock of $27.51, net of all transaction costs. When compared to the original book value of the shares, this transaction creates a nonoperating loss of $0.08 per share after tax.