8-KOther Events

THERMO FISHER SCIENTIFIC INC. 8-K Report (Mar 7, 2003)

Filed March 7, 2003For Securities:TMO

Summary

Thermo Fisher Scientific Inc. (TMO), formerly Thermo Electron Corporation, announced a significant change in its fiscal year end. Effective for the 2003 fiscal year, the company will transition from a fiscal year ending on the Saturday nearest December 31 to a calendar year ending on December 31. This change will result in a transition fiscal year 2003, which will be longer than a standard year, spanning from December 29, 2002, to December 31, 2003. This adjustment aims to align the company's reporting periods with the calendar year, potentially simplifying financial reporting and comparability for investors and stakeholders. While the fiscal year-end is changing, the company will maintain its existing quarterly reporting schedule, with quarter ends determined by the Saturday nearest the end of each quarter for the first three quarters of the fiscal year. Investors should note this extended reporting period for fiscal year 2003 and its implications for quarterly and annual financial comparisons.

Key Highlights

  • 1Thermo Fisher Scientific Inc. (TMO) Board of Directors approved a change in the company's fiscal year end.
  • 2The fiscal year will now end on December 31, aligning with the calendar year, effective for fiscal year 2003.
  • 3The transition fiscal year 2003 will be an extended period, running from December 29, 2002, to December 31, 2003.
  • 4This change aims to simplify financial reporting and enhance comparability for investors.
  • 5Quarterly reporting for the first three quarters of the fiscal year will continue to use the Saturday nearest the quarter's end.
  • 6The company's next periodic report will cover the extended period from December 29, 2002, to March 29, 2003.

Frequently Asked Questions

The company's Board of Directors has decided to change the fiscal year-end from the Saturday nearest December 31 to December 31, aligning it with the calendar year, starting with fiscal year 2003.

Fiscal year 2003 will be a transition year and will be longer than a standard year. It will begin on December 29, 2002, and conclude on December 31, 2003, encompassing a 15-month period.

No, the company will continue to use the Saturday nearest the end of the quarter for determining its quarter ends for the first three quarters of a fiscal year. Only the annual fiscal year-end is changing.

By aligning the fiscal year with the calendar year, the company expects to simplify financial reporting processes and enhance the comparability of its financial results with other companies that follow a calendar year-end.