exhibit991_Q2FY2015

Exhibit 99.1

Pall Corporation Reports Second Quarter Results

PORT WASHINGTON, N.Y., February 24, 2015 -- Pall Corporation (NYSE:PLL) today reported financial results for the second quarter of fiscal year 2015 which ended January 31, 2015.


▪	Diluted EPS in the quarter of $0.78, up 4%; pro forma diluted EPS of $0.88, up 7%


▪	Free cash flow in the six months of $213 million, up 25%


▪	Reducing full-year pro forma EPS guidance to $3.65‒$3.85, due to FX impact

Second Quarter and Six Months Sales and Earnings Overview

Second quarter sales were $673.8 million compared to $677.0 million last year. Sales in local currency (“LC”) were up 6%, and about 2% excluding acquisitions. Diluted EPS were $0.78 in the quarter, compared to $0.75 last year. Pro forma diluted EPS⁽¹⁾ were $0.88, a 7% increase compared to $0.82 a year earlier, including a headwind of approximately $0.11 from foreign currency translation.

Sales in the six months were $1.4 billion, an increase of 5% year over year. Sales in LC were up 10%, and about 5% excluding acquisitions. Diluted EPS were $1.59 in the six months, compared to $1.38 last year. Pro forma diluted EPS⁽¹⁾ were $1.77, a 16% increase compared to $1.52 a year earlier, including a headwind of approximately $0.15 from foreign currency translation.

Larry Kingsley, Pall Chairman and CEO, said, “We delivered a solid operating quarter. Our consolidated results were significantly impacted by foreign currency translation, particularly due to the strong U.S. dollar. Despite our global revenue profile and U.S.-centric cost structure, we delivered a modest increase in reported operating margin.”

Life Sciences – Second Quarter Highlights



(Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)

Sales:	JAN. 31, 2015		JAN. 31, 2014		% CHANGE		% CHANGE IN LC
BioPharmaceuticals	$	232	$	218	6		13
Food & Beverage	43		44		(2	)	8
Medical	54		57		(5	)	2
Total Consumables	329		319		3		11
Systems	30		34		(12	)	(6	)
Total Life Sciences segment	$	359	$	353	1		9

Gross profit	$	197	$	200
% of sales	54.9		56.6
Segment profit	$	89	$	91
% of sales	24.8		25.7

BioPharmaceuticals: Consumables sales grew 13% compared to last year, on overall market strength, growth in single-use systems and acquisition benefit.

Food and Beverage: Consumables sales were up 8% compared to last year, on growth in all regions.

Medical: Consumables sales were up 2% compared to last year.

Systems: Sales were down 6% compared to last year, on timing of BioPharmaceuticals and Food & Beverage capital projects.

Industrial – Second Quarter Highlights



(Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)

Sales:	JAN. 31, 2015		JAN. 31, 2014		% CHANGE		% CHANGE IN LC
Process Technologies	$	132	$	140	(6	)	—
Aerospace	55		53		4		8
Microelectronics	74		77		(4	)	3
Total Consumables	261		270		(3	)	2
Systems	54		54		1		9
Total Industrial segment	$	315	$	324	(3	)	3

Gross profit	$	144	$	144
% of sales	45.7		44.5
Segment profit	$	51	$	47
% of sales	16.2		14.5

Process Technologies: Consumables sales were flat compared to last year, with acquisition benefit offset by broad based weakness in Machinery & Equipment and timing of Fuels & Chemicals plant shipments.

Aerospace: Consumables sales increased 8% compared to last year, on strong Commercial and Military sales.

Microelectronics: Consumables sales grew 3% compared to last year, on continued strength in Asia.

Systems: Sales increased 9% compared to last year, on timing of Process Technologies capital projects.

Conclusion/Outlook
Kingsley concluded, “At prevailing rates, we’ll see a $200 million full-year headwind to revenue – or around 7%. The impact to EPS will be even greater – increasing to around 40 cents, principally from foreign currency translation. Accordingly, we’re reducing our full-year pro forma EPS guidance to $3.65–$3.85, which represents a 6–12% increase over fiscal 2014. While the forecasted impact of the strong U.S. dollar represents a very large headwind to our reported results, the underlying operating performance of the company reinforces our confidence that we can continue to perform and deliver year-over-year earnings growth for the full year.”

Conference Call
On Tuesday, February 24, 2015, at 8:30 am ET, Pall Corporation will host a conference call to review these results. The call can be accessed at www.pall.com/investor. The webcast will be archived for 30 days.

About Pall Corporation
Pall Corporation (NYSE:PLL) is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of life sciences and industry. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company’s engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation is an S&P 500 company serving customers worldwide. Follow us on Twitter @PallCorporation or visit www.pall.com.

Forward-Looking Statements

The matters discussed in this press release contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Results for the second quarter of fiscal year 2015 are preliminary until our Form 10-Q is filed with the Securities and Exchange Commission on or before March 12, 2015. Forward-looking statements are those that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about our future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as “may,” “will,” “expect,” “believe,” “intend,” “should,” “could,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” “predict,” “potential,” and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors.

Our forward-looking statements are subject to risks and uncertainties and are not guarantees of future performance, and actual results, developments and business decisions may differ materially from those envisaged by our forward-looking statements. Such risks and uncertainties include, but are not limited to, those discussed in Part I-Item 1A.-Risk Factors in the 2014 Form 10-K, and other reports we file with the Securities and Exchange Commission, including: the impact of disruptions in the supply of raw materials and key components for our products from suppliers, including limited or single source suppliers; the impact of terrorist acts, conflicts and wars or natural disasters; the extent to which special U.S. and foreign government laws and regulations, such as the Foreign Corrupt Practices Act and the U.K. Bribery Act, and regulations and procurement policies and practices, including regulations on import-export control, may expose us to liability or impair our ability to compete in international markets; the impact of a significant disruption in, or breach in security of, our information technology systems or we fail to implement, manage or integrate new systems, software and technologies successfully; the impact of economic, political, social and regulatory instability in emerging markets, and other risks characteristic of doing business in emerging markets; fluctuations in foreign currency exchange rates and interest rates; our ability to successfully complete or integrate acquisitions; product defects and unanticipated use or inadequate disclosure with respect to our products; our ability to develop innovative and competitive new products; the impact of global and regional economic conditions and legislative and political developments; our ability to comply with a broad array of regulatory requirements; the loss of one or more members of our senior management team and our ability to recruit and retain qualified management personnel; changes in the demand for our products and business relationships with key customers and suppliers; changes in product mix and product pricing, particularly with systems products and associated hardware and devices for our consumable filtration products; our ability to deliver our backlog on time; increases in manufacturing and operating costs and/or our ability to achieve the savings anticipated from our structural cost improvement initiative; the impact of environmental, health and safety laws and regulations, and violations; our ability to enforce patents or protect proprietary products and manufacturing techniques; costs and outcomes of pending or future litigation and the availability of insurance or indemnification rights; changes in our effective tax rate; the impact of certain risks associated with potential labor disruptions; our ability to compete effectively in domestic and global markets; and the effect of the restrictive covenants in our debt facilities. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We make these statements as of the date of this disclosure and undertake no obligation to update them, whether as a result of new information, future developments or otherwise.

Management uses certain non-GAAP measurements to assess the Company’s current and future financial performance. The non-GAAP measurements do not replace the presentation of the Company’s GAAP financial results. These measurements provide supplemental information to assist management in analyzing the Company’s financial position and results of operations. The Company has chosen to provide this information to facilitate meaningful comparisons of past, present and future operating results and as a means to emphasize the results of ongoing operations. Reconciliations of the non-GAAP financial measures used throughout this release to the most directly comparable GAAP measures appear in the accompanying tables at the end of this document and are also available on Pall’s website at www.pall.com/investor.



PALL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in Thousands)

	JAN. 31, 2015		JUL. 31, 2014

Assets:

Cash and cash equivalents	$	1,029,673	$	964,110
Accounts receivable	527,847		615,713
Inventories	377,210		404,878
Other current assets	153,897		152,522
Total current assets	2,088,627		2,137,223

Property, plant and equipment	741,845		805,327
Other assets	837,436		909,963
Total assets	$	3,667,908	$	3,852,513

Liabilities and Stockholders' Equity:

Short-term debt	$	801,208	$	512,898
Accounts payable, income taxes and other current liabilities	496,005		584,748
Total current liabilities	1,297,213		1,097,646

Long-term debt, net of current portion	375,342		375,826
Deferred taxes and other non-current liabilities	445,221		483,684
Total liabilities	2,117,776		1,957,156

Stockholders' equity	1,550,132		1,895,357
Total liabilities and stockholders' equity	$	3,667,908	$	3,852,513



PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)

	SECOND QUARTER ENDED				SIX MONTHS ENDED
	JAN. 31, 2015		JAN. 31, 2014		JAN. 31, 2015		JAN. 31, 2014

Net sales	$	673,794	$	676,969	$	1,370,286	$	1,306,748
Cost of sales	332,776		332,710		667,860		636,775
Gross profit	341,018		344,259		702,426		669,973
% of sales	50.6%		50.9%		51.3%		51.3%
Selling, general and administrative expenses	191,834		196,299		394,490		391,183
% of sales	28.5%		29.0%		28.8%		29.9%
Research and development	24,458		24,979		49,235		48,246
Operating profit	124,726		122,981		258,701		230,544
% of sales	18.5%		18.2%		18.9%		17.6%
Restructuring and other charges ("ROTC") ⁽²⁾	11,534		9,170		20,774		18,368
Interest expense, net	6,238		5,195		12,940		11,172
Earnings before income taxes	106,954		108,616		224,987		201,004
Provision for income taxes	22,555		24,950		52,315		45,825
Net earnings	$	84,399	$	83,666	$	172,672	$	155,179

Average shares outstanding:
Basic	107,139		110,720		107,639		111,263
Diluted	108,507		111,980		108,896		112,532

Earnings per share:
Basic	$	0.79	$	0.76	$	1.6	$	1.39
Diluted	$	0.78	$	0.75	$	1.59	$	1.38

Pro forma diluted earnings per share ⁽¹⁾:	$	0.88	$	0.82	$	1.77	$	1.52



PALL CORPORATION
RECONCILIATION OF PRO FORMA EARNINGS
(Unaudited)
(Amounts in Thousands, Except Per Share Data)

	SECOND QUARTER ENDED				SIX MONTHS ENDED
	JAN. 31, 2015		JAN. 31, 2014		JAN. 31, 2015		JAN. 31, 2014

Net earnings as reported	$	84,399	$	83,666	$	172,672	$	155,179
Discrete items:
ROTC, after pro forma tax effect ⁽²⁾	11,074		8,265		19,799		15,783
Total discrete items	11,074		8,265		19,799		15,783
Pro forma net earnings ⁽¹⁾	$	95,473	$	91,931	$	192,471	$	170,962

									FISCAL YEAR
	SECOND QUARTER ENDED				SIX MONTHS ENDED				2015 (ESTIMATE
	JAN. 31, 2015		JAN. 31, 2014		JAN. 31, 2015		JAN. 31, 2014		AT MIDPOINT)

Diluted earnings per share as reported	$	0.78	$	0.75	$	1.59	$	1.38	$	3.57
Discrete items:
ROTC, after pro forma tax effect ⁽²⁾	0.1		0.07		0.18		0.14		0.18
Total discrete items	0.1		0.07		0.18		0.14		0.18
Pro forma diluted earnings per share ⁽¹⁾	$	0.88	$	0.82	$	1.77	$	1.52	$	3.75


(1)	Pro forma earnings measures exclude the items described below in footnote 2 as they are deemed to be non-recurring in nature and/or not considered by management to be indicative of underlying operating performance. The pro forma tax effects disclosed were calculated using applicable entity-specific tax rates.


(2)	ROTC in the quarter and six months ended January 31, 2015 of $11,534 ($11,074 after pro forma tax effect of $460) and $20,774 ($19,799 after pro forma tax effect of $975), respectively, includes severance costs related to the Company's structural cost improvement initiative, as well as impairments of assets related to the exit of an immaterial product line and a redundant software project.

ROTC in the quarter and the six months ended January 31, 2014 of $9,170 ($8,265 after pro forma tax effect of $905) and $18,368 ($15,783 after pro forma tax effect of $2,585), respectively primarily includes severance costs related to the Company's structural cost improvement initiative. The six months ended January 31, 2014 also includes an adjustment to environmental reserves.



PALL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in Thousands)

	SIX MONTHS ENDED
	JAN. 31, 2015			JAN. 31, 2014

Net cash provided by operating activities	$	238,166		$	205,595

Investing activities:

Acquisitions of businesses	(1,741		)	(5,299		)
Capital expenditures	(25,240		)	(34,663		)
Proceeds from sale of assets	2,200			1,953
Other	(2,158		)	2,356
Net cash provided/(used) by investing activities	(26,939		)	(35,653		)

Financing activities:

Dividends paid	(62,796		)	(58,408		)
Notes payable and long-term borrowings/(repayments)	299,573			130,661
Purchase of treasury stock	(304,105		)	(250,000		)
Other	7,651			16,574
Net cash used by financing activities	(59,677		)	(161,173		)

Cash flow for period	151,550			8,769
Cash and cash equivalents at beginning of year	964,110			936,886
Effect of exchange rate changes on cash	(85,987		)	6,179
Cash and cash equivalents at end of period	$	1,029,673		$	951,834


Free cash flow:
Net cash provided by operating activities	$	238,166		$	205,595
Less capital expenditures	25,240			34,663
Free cash flow	$	212,926		$	170,932



PALL CORPORATION
SUMMARY SEGMENT PROFIT BY SEGMENT
(Unaudited)
(Dollar Amounts in Thousands)

	SECOND QUARTER ENDED				SIX MONTHS ENDED
	JAN. 31, 2015		JAN. 31, 2014		JAN. 31, 2015		JAN. 31, 2014

Life Sciences
Sales	$	358,456	$	353,230	$	710,920	$	672,176
Cost of sales	161,518		153,167		315,428		290,034
Gross profit	196,938		200,063		395,492		382,142
% of sales	54.9%		56.6%		55.6%		56.9%

Selling, general and administrative expenses	93,264		92,959		190,435		187,050
% of sales	26.0%		26.3%		26.8%		27.8%
Research and development	14,792		16,248		29,695		31,191
Segment profit	$	88,882	$	90,856	$	175,362	$	163,901
% of sales	24.8%		25.7%		24.7%		24.4%

Industrial
Sales	$	315,338	$	323,739	$	659,366	$	634,572
Cost of sales	171,258		179,543		352,432		346,741
Gross profit	144,080		144,196		306,934		287,831
% of sales	45.7%		44.5%		46.5%		45.4%

Selling, general and administrative expenses	83,475		88,574		172,223		173,403
% of sales	26.5%		27.4%		26.1%		27.3%
Research and development	9,666		8,731		19,540		17,055
Segment profit	$	50,939	$	46,891	$	115,171	$	97,373
% of sales	16.2%		14.5%		17.5%		15.3%

Consolidated:
Segment profit	$	139,821	$	137,747	$	290,533	$	261,274
Corporate services group	15,095		14,766		31,832		30,730
Operating profit	124,726		122,981		258,701		230,544
% of sales	18.5%		18.2%		18.9%		17.6%
ROTC	11,534		9,170		20,774		18,368
Interest expense, net	6,238		5,195		12,940		11,172
Earnings before income taxes	$	106,954	$	108,616	$	224,987	$	201,004



PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION
(Unaudited)
(Dollar Amounts in Thousands)

							EXCHANGE			% CHANGE
							RATE			IN LOCAL
SECOND QUARTER ENDED	JAN. 31, 2015		JAN. 31, 2014		% CHANGE		IMPACT			CURRENCY

Life Sciences					\|-------------- Increase/(Decrease) -------------\|
By Product/Market:
BioPharmaceuticals	$	231,421	$	218,625	5.9		$	(16,295	)	13.3
Food & Beverage	43,185		44,054		(2.0	)	(4,322		)	7.8
Medical	53,991		56,660		(4.7	)	(3,717		)	1.8
Total Consumables	328,597		319,339		2.9		(24,334		)	10.5
Systems	29,859		33,891		(11.9	)	(1,843		)	(6.5	)
Total Life Sciences	$	358,456	$	353,230	1.5		$	(26,177	)	8.9

By Region:
Americas	$	112,418	$	102,313	9.9		$	(1,699	)	11.5
Europe	176,821		186,825		(5.4	)	(20,065		)	5.4
Asia	69,217		64,092		8.0		(4,413		)	14.9
Total Life Sciences	$	358,456	$	353,230	1.5		$	(26,177	)	8.9


Industrial
By Product/Market:
Process Technologies	$	131,402	$	139,664	(5.9	)	$	(8,519	)	0.2
Aerospace	55,336		53,322		3.8		(2,049		)	7.6
Microelectronics	74,225		76,976		(3.6	)	(4,803		)	2.7
Total Consumables	260,963		269,962		(3.3	)	(15,371		)	2.4
Systems	54,375		53,777		1.1		(4,313		)	9.1
Total Industrial	$	315,338	$	323,739	(2.6	)	$	(19,684	)	3.5

By Region:
Americas	$	118,088	$	107,843	9.5		$	(1,468	)	10.9
Europe	83,598		96,805		(13.6	)	(11,136		)	(2.1	)
Asia	113,652		119,091		(4.6	)	(7,080		)	1.4
Total Industrial	$	315,338	$	323,739	(2.6	)	$	(19,684	)	3.5



PALL CORPORATION
SUPPLEMENTAL SEGMENT SALES INFORMATION BY PRODUCT/MARKET AND REGION
(Unaudited)
(Dollar Amounts in Thousands)

							EXCHANGE			% CHANGE
							RATE			IN LOCAL
SIX MONTHS ENDED	JAN. 31, 2015		JAN. 31, 2014		% CHANGE		IMPACT			CURRENCY

Life Sciences					\|-------------- Increase/(Decrease) -------------\|
By Product/Market:
BioPharmaceuticals	$	458,026	$	414,743	10.4		$	(21,920	)	15.7
Food & Beverage	86,353		87,623		(1.4	)	(6,431		)	5.9
Medical	107,437		112,377		(4.4	)	(4,942		)	—
Total Consumables	651,816		614,743		6.0		(33,293		)	11.4
Systems	59,104		57,433		2.9		(2,641		)	7.5
Total Life Sciences	$	710,920	$	672,176	5.8		$	(35,934	)	11.1

By Region:
Americas	$	220,075	$	200,089	10.0		$	(3,498	)	11.7
Europe	352,854		348,755		1.2		(26,200		)	8.7
Asia	137,991		123,332		11.9		(6,236		)	16.9
Total Life Sciences	$	710,920	$	672,176	5.8		$	(35,934	)	11.1


Industrial
By Product/Market:
Process Technologies	$	276,328	$	264,742	4.4		$	(12,404	)	9.1
Aerospace	117,147		112,093		4.5		(2,383		)	6.6
Microelectronics	149,391		148,392		0.7		(6,518		)	5.1
Total Consumables	542,866		525,227		3.4		(21,305		)	7.4
Systems	116,500		109,345		6.5		(6,597		)	12.6
Total Industrial	$	659,366	$	634,572	3.9		$	(27,902	)	8.3

By Region:
Americas	$	243,025	$	208,418	16.6		$	(2,833	)	18.0
Europe	183,388		195,501		(6.2	)	(15,195		)	1.6
Asia	232,953		230,653		1.0		(9,874		)	5.3
Total Industrial	$	659,366	$	634,572	3.9		$	(27,902	)	8.3



PALL CORPORATION
SUPPLEMENTAL ORGANIC SALES GROWTH INFORMATION BY SEGMENT
(Unaudited)
(Dollar Amounts in Thousands)

							EXCHANGE			% CHANGE
							RATE			IN LOCAL
SECOND QUARTER ENDED	JAN. 31, 2015		JAN. 31, 2014		% CHANGE		IMPACT			CURRENCY

					\|-------------- Increase/(Decrease) -------------\|
Life Sciences:
Organic	$	345,699	$	353,230	(2.1	)	$	(26,177	)	5.3
Acquisitions	12,757		—				—
Total Life Sciences Sales	$	358,456	$	353,230	1.5		$	(26,177	)	8.9

Industrial:
Organic	$	300,234	$	323,739	(7.3	)	$	(19,684	)	(1.2	)
Acquisitions	15,104		—				—
Total Industrial Sales	$	315,338	$	323,739	(2.6	)	$	(19,684	)	3.5

Total Pall:
Organic	$	645,933	$	676,969	(4.6	)	$	(45,861	)	2.2
Acquisitions	27,861		—				—
Total Pall Sales	$	673,794	$	676,969	(0.5	)	$	(45,861	)	6.3


							EXCHANGE			% CHANGE
							RATE			IN LOCAL
SIX MONTHS ENDED	JAN. 31, 2015		JAN. 31, 2014		% CHANGE		IMPACT			CURRENCY

					\|-------------- Increase/(Decrease) -------------\|
Life Sciences:
Organic	$	685,021	$	672,176	1.9		$	(35,934	)	7.3
Acquisitions	25,899		—				—
Total Life Sciences Sales	$	710,920	$	672,176	5.8		$	(35,934	)	11.1

Industrial:
Organic	$	627,373	$	634,572	(1.1)		$	(27,902	)	3.3
Acquisitions	31,993		—				—
Total Industrial Sales	$	659,366	$	634,572	3.9		$	(27,902	)	8.3

Total Pall:
Organic	$	1,312,394	$	1,306,748	0.4		$	(63,836	)	5.3
Acquisitions	57,892		—				$	—
Total Pall Sales	$	1,370,286	$	1,306,748	4.9		$	(63,836	)	9.7

# # #

Contact:

Pall Corporation
R. Brent Jones

Senior Vice President Corporate Development & Treasurer

Telephone: 516-801-9871