##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2010
 Or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number: 333-124100
 VWR FUNDING, INC.
 (Exact Name of Registrant as Specified in Its Charter)
 Delaware(State of Incorporation)
    
    56-2445503(I.R.S. Employer Identification No.)
 1310 Goshen Parkway
P.O. Box 2656
West Chester, PA 19380  (Address of Principal Executive Offices)
 (610) 431-1700  (Registrants telephone number, including area code)
 o þ
 Yes
o No
o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o
 o þ




---



##### 



VWR FUNDING, INC. AND SUBSIDIARIES
 FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2010
INDEX
 Page No.PART I. FINANCIAL INFORMATION:Item 1. Financial Statements (Unaudited):Condensed Consolidated Balance Sheets  March 31, 2010 and December 31, 2009
    
    
    1Condensed Consolidated Statements of Operations  Three Months Ended March 31, 2010 and
2009
    
    
    2Condensed Consolidated Statement of Stockholders Equity and Other Comprehensive Income
(Loss)  Three Months Ended March 31, 2010
    
    
    3Condensed Consolidated Statements of Cash Flows  Three Months Ended March 31, 2010 and
2009
    
    
    4Notes to Condensed Consolidated Financial Statements
    
    
    5Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    30Item 4. Controls and Procedures
    
    
    30PART II. OTHER INFORMATION:Item 1. Legal Proceedings
    
    
    31Item 1A. Risk Factors
    
    
    31Item 5. Other Information
    
    
    31Item 6. Exhibits
    
    
    31Signature
    
    
    32Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2




---



##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1
    
    Financial Statements
 VWR FUNDING, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Balance Sheets
 (In millions, except share data)  (Unaudited)
 March 31,
    
    
    December 31,2010
    
    
    2009AssetsCurrent assets:Cash and cash equivalents
    
    $
    125.6
    
    
    $
    124.4Compensating cash balance
    
    
    85.5
    
    
    
    105.0Trade accounts receivable, less reserves of $10.0 and $10.8, respectively
    
    
    482.4
    
    
    
    471.3Other receivables
    
    
    42.5
    
    
    
    28.9Inventories
    
    
    246.8
    
    
    
    263.6Other current assets
    
    
    27.5
    
    
    
    24.0Total current assets
    
    
    1,010.3
    
    
    
    1,017.2Property and equipment, net
    
    
    183.0
    
    
    
    191.4Goodwill
    
    
    1,779.3
    
    
    
    1,833.0Other intangible assets, net
    
    
    1,921.2
    
    
    
    1,986.7Deferred income taxes
    
    
    10.4
    
    
    
    12.6Other assets
    
    
    86.4
    
    
    
    86.4Total assets
    
    $
    4,990.6
    
    
    $
    5,127.3Liabilities, Redeemable Equity Units and Stockholders EquityCurrent liabilities:Current portion of debt and
capital lease obligations
    
    $
    118.1
    
    
    $
    152.4Accounts payable
    
    
    386.5
    
    
    
    378.2Accrued expenses
    
    
    164.1
    
    
    
    158.2Total current liabilities
    
    
    668.7
    
    
    
    688.8Long-term debt and capital lease
obligations
    
    
    2,654.6
    
    
    
    2,719.3Other long-term liabilities
    
    
    128.8
    
    
    
    135.3Deferred income taxes
    
    
    497.5
    
    
    
    495.5Total liabilities
    
    
    3,949.6
    
    
    
    4,038.9Redeemable equity units
    
    
    46.8
    
    
    
    45.8Commitments and contingences (Note 11)Stockholders equity:Common stock, $0.01 par value; 1,000 shares
authorized, issued and outstanding
    
    
    
    
    
    
    Additional paid-in capital
    
    
    1,361.7
    
    
    
    1,361.7Accumulated deficit
    
    
    (359.3
    )
    
    
    (397.7
    )Accumulated other comprehensive
(loss) income
    
    
    (8.2
    )
    
    
    78.6Total stockholders equity
    
    
    994.2
    
    
    
    1,042.6Total liabilities, redeemable equity units and stockholders equity
    
    $
    4,990.6
    
    
    $
    5,127.3
   1




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Statements of Operations
 (In millions)  (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009Net sales
    
    $
    874.3
    
    
    $
    841.2Cost of goods sold
    
    
    617.6
    
    
    
    596.8Gross profit
    
    
    256.7
    
    
    
    244.4Selling, general and administrative expenses
    
    
    202.6
    
    
    
    202.0Operating income
    
    
    54.1
    
    
    
    42.4Interest income
    
    
    0.4
    
    
    
    0.8Interest expense
    
    
    (54.1
    )
    
    
    (63.1
    )Other income (expense), net
    
    
    58.3
    
    
    
    36.6Income before income taxes
    
    
    58.7
    
    
    
    16.7Income tax provision
    
    
    (20.3
    )
    
    
    (5.5
    )Net income
    
    $
    38.4
    
    
    $
    11.2
   2




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Statement of Stockholders Equity and Other Comprehensive Income (Loss)
 Three Months Ended March 31, 2010  (In millions, except share data)  (Unaudited)
 AccumulatedAdditional
    
    
    
    
    
    
    otherCommon stock
    
    
    paid-in
    
    
    Accumulated
    
    
    comprehensiveShares
    
    
    Amount
    
    
    capital
    
    
    deficit
    
    
    income (loss)
    
    
    TotalBalance at January 1, 2010
    
    
    1,000
    
    
    $
    
    
    
    $
    1,361.7
    
    
    $
    (397.7
    )
    
    $
    78.6
    
    
    $
    1,042.6Capital contributions from parent
    
    
    
    
    
    
    
    
    
    
    0.2
    
    
    
    
    
    
    
    
    
    
    
    0.2Share-based compensation expense associated
with our parent company equity plan
    
    
    
    
    
    
    
    
    
    
    0.8
    
    
    
    
    
    
    
    
    
    
    
    0.8Reclassifications of redeemable equity units
    
    
    
    
    
    
    
    
    
    
    (1.0
    )
    
    
    
    
    
    
    
    
    
    
    (1.0
    )Comprehensive income (loss):Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38.4
    
    
    
    
    
    
    
    38.4Other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (86.8
    )
    
    
    (86.8
    )Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (48.4
    )Balance at March 31, 2010
    
    
    1,000
    
    
    $
    
    
    
    $
    1,361.7
    
    
    $
    (359.3
    )
    
    $
    (8.2
    )
    
    $
    994.2
   3




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 
 Condensed Consolidated Statements of Cash Flows
 (In millions)  (Unaudited)
 Three Months EndedMarch 31,2010
    
    
    2009Cash flows from operating activities:Net income
    
    $
    38.4
    
    
    $
    11.2Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    28.7
    
    
    
    28.7Net unrealized translation gain
    
    
    (57.5
    )
    
    
    (35.8
    )Net unrealized (gain) loss on interest rate swaps
    
    
    (1.0
    )
    
    
    7.0Non-cash payment-in-kind interest accretion
    
    
    3.0
    
    
    
    Non-cash equity compensation expense
    
    
    0.8
    
    
    
    0.9Amortization of debt issuance costs
    
    
    2.4
    
    
    
    2.4Deferred income tax provision (benefit)
    
    
    13.7
    
    
    
    (1.9
    )Other, net
    
    
    1.4
    
    
    
    2.4Changes in working capital, net of business acquisitions:Trade accounts receivable
    
    
    (25.7
    )
    
    
    (12.8
    )Inventories
    
    
    11.1
    
    
    
    15.3Other current and non-current assets
    
    
    (20.6
    )
    
    
    9.3Accounts payable
    
    
    18.5
    
    
    
    0.2Accrued expenses and other liabilities
    
    
    11.8
    
    
    
    (16.8
    )Net cash provided by operating activities
    
    
    25.0
    
    
    
    10.1Cash flows from investing activities:Acquisitions of businesses and other intangible assets
    
    
    0.8
    
    
    
    (1.4
    )Capital expenditures
    
    
    (4.2
    )
    
    
    (5.2
    )Net cash used in investing activities
    
    
    (3.4
    )
    
    
    (6.6
    )Cash flows from financing activities:Proceeds from debt
    
    
    44.7
    
    
    
    161.9Repayment of debt
    
    
    (59.3
    )
    
    
    (161.4
    )Net change in bank overdrafts
    
    
    (19.5
    )
    
    
    (5.5
    )Net change in compensating cash balance
    
    
    19.5
    
    
    
    5.5Proceeds from equity and stock incentive plans
    
    
    0.2
    
    
    
    0.2Repurchase of redeemable equity units
    
    
    (0.2
    )
    
    
    (2.7
    )Net cash used in financing activities
    
    
    (14.6
    )
    
    
    (2.0
    )Effect of exchange rate changes on cash
    
    
    (5.8
    )
    
    
    (0.6
    )Net increase in cash and cash equivalents
    
    
    1.2
    
    
    
    0.9Cash and cash equivalents beginning of period
    
    
    124.4
    
    
    
    42.0Cash and cash equivalents end of period
    
    $
    125.6
    
    
    $
    42.9Supplemental disclosures of cash flow information:Cash paid during the period for:Interest
    
    $
    32.8
    
    
    $
    69.4Income taxes paid, net
    
    $
    7.2
    
    
    $
    4.7
   4




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 
 Notes to Condensed Consolidated Financial Statements
 March 31, 2010  (In millions)  (Unaudited)
 (1) Nature of Operations and Basis of Presentation
       5




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (2) New Accounting Standards
 (a) Recently Adopted Accounting Standards
 Fair Value Measurements and Disclosures
  (b) Recently Issued Accounting Standards
 Revenue Recognition
  (3) Goodwill and Other Intangible Assets
  North
    
    
    European
    
    
    ScienceAmerican Lab
    
    
    Lab
    
    
    Education
    
    
    TotalBalance at January 1, 2010
    
    $
    929.9
    
    
    $
    866.6
    
    
    $
    36.5
    
    
    $
    1,833.0Currency translation changes
    
    
    2.1
    
    
    
    (55.2
    )
    
    
    
    
    
    
    (53.1
    )Other
    
    
    0.1
    
    
    
    (1.0
    )
    
    
    0.3
    
    
    
    (0.6
    )Balance at March 31, 2010:
    
    $
    932.1
    
    
    $
    810.4
    
    
    $
    36.8
    
    
    $
    1,779.3
  6




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
  March 31, 2010
    
    
    December 31, 2009Gross
    
    
    Cumulative
    
    
    Gross
    
    
    CumulativeCarrying
    
    
    Impairment
    
    
    Carrying
    
    
    ImpairmentAmount
    
    
    Losses
    
    
    Amount
    
    
    LossesGoodwillNorth American Lab
    
    $
    1,027.6
    
    
    $
    95.5
    
    
    $
    1,025.4
    
    
    $
    95.5European Lab
    
    
    810.4
    
    
    
    
    
    
    
    866.6
    
    
    
    Science Education
    
    
    99.8
    
    
    
    63.0
    
    
    
    99.5
    
    
    
    63.0Total
    
    $
    1,937.8
    
    
    $
    158.5
    
    
    $
    1,991.5
    
    
    $
    158.5
  WeightedAverageAmortization
    
    
    March 31,
    
    
    December 31,Period (Years)
    
    
    2010
    
    
    2009Amortizable intangible assets:Customer relationships in North American Lab (net of
accumulated amortization of $103.5 and $93.8)
    
    
    20.0
    
    
    $
    649.8
    
    
    $
    657.1Customer relationships in European Lab (net of
accumulated amortization of $66.3 and $64.1)
    
    
    19.5
    
    
    
    414.1
    
    
    
    449.1Customer relationships in Science Education (net of
accumulated amortization of $18.1 and $16.4)
    
    
    20.0
    
    
    
    113.1
    
    
    
    114.8Chemical supply agreement (net of accumulated
amortization of $21.2 and $20.6)
    
    
    7.0
    
    
    
    32.7
    
    
    
    36.9Other (net of accumulated amortization of $8.6 and $7.9)
    
    
    6.4
    
    
    
    9.8
    
    
    
    11.1Total amortizable intangible assets (net of
accumulated
amortization of $217.7 and $202.8)
    
    
    19.3
    
    
    
    1,219.5
    
    
    
    1,269.0Indefinite-lived intangible assets:Trademarks and tradenames
    
    
    
    
    
    
    701.7
    
    
    
    717.7Total intangible assets, net
    
    
    
    
    
    $
    1,921.2
    
    
    $
    1,986.7
  Three Months EndedMarch 31,2010
    
    
    2009Amortization expense
    
    $
    20.4
    
    
    $
    19.5
  7




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (4) Debt
  March 31,
    
    
    December 31,2010
    
    
    2009Senior Secured Credit Facility
    
    $
    1,424.2
    
    
    $
    1,495.310.25%/11.25% Unsecured Senior Notes due 2015
    
    
    713.0
    
    
    
    710.010.75% Unsecured Senior Subordinated Notes due 2017
    
    
    529.7
    
    
    
    541.4Compensating cash balance
    
    
    85.5
    
    
    
    105.0Capital leases
    
    
    18.0
    
    
    
    17.9Predecessor Senior Subordinated Notes
    
    
    1.0
    
    
    
    1.0Other debt
    
    
    1.3
    
    
    
    1.1Total debt
    
    
    2,772.7
    
    
    
    2,871.7Less short-term portion
    
    
    (118.1
    )
    
    
    (152.4
    )Total long-term portion
    
    $
    2,654.6
    
    
    $
    2,719.3
 (a) Senior Secured Credit Facility
      8




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (b) Senior Notes and Senior Subordinated Notes
   (c) Covenant Compliance
    (d) Compensating Cash Balance
  (5) Other Income (Expense), net
    9




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (6) Defined Benefit Plans
  Three Months Ended March 31,U.S. Retirement Plan
    
    
    German, French and UK Plans2010
    
    
    2009
    
    
    2010
    
    
    2009Service cost
    
    $
    0.1
    
    
    $
    
    
    
    $
    0.5
    
    
    $
    0.4Interest cost
    
    
    2.4
    
    
    
    2.3
    
    
    
    1.5
    
    
    
    1.2Expected return on plan assets
    
    
    (3.0
    )
    
    
    (2.8
    )
    
    
    (1.0
    )
    
    
    (0.6
    )Recognized net actuarial gain
    
    
    (0.2
    )
    
    
    (1.0
    )
    
    
    
    
    
    
    Net periodic pension (income) cost
    
    $
    (0.7
    )
    
    $
    (1.5
    )
    
    $
    1.0
    
    
    $
    1.0
  (7) Share-Based Compensation
   Balance at January 1, 2010
    
    $
    45.8Reclassifications from permanent equity, net
    
    
    1.0Balance at March 31, 2010
    
    $
    46.8
   10




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (8) Income Taxes
 (a) Effective Tax Rate
   (b) Uncertain Tax Positions
   (9) Financial Instruments and Fair Value Measurements
   (a) Recurring Fair Value Measures
    Level 1
    
    Quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2
    
    Inputs that are observable for the asset or liability, either directly or
indirectly through market corroboration, for substantially the full term of the
asset or liability.  Level 3
    
    Inputs that are unobservable for the asset or liability based on the Companys
own assumptions (about the assumptions market participants would use in pricing
the asset or liability).
  11




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 
  March 31,Description
    
    2010
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LiabilitiesInterest rate swap arrangements
    
    $
    (48.8
    )
    
    $
    
    
    
    $
    (48.8
    )
    
    $
    Foreign currency forward contracts
    
    $
    (1.4
    )
    
    $
    
    
    
    $
    (1.4
    )
    
    $
    
 December 31,Description
    
    2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3LiabilitiesInterest rate swap arrangements
    
    $
    (49.8
    )
    
    $
    
    
    
    $
    (49.8
    )
    
    $
    Foreign currency forward contracts
    
    $
    (0.5
    )
    
    $
    
    
    
    $
    (0.5
    )
    
    $
    
  (b) Debt Instruments
  March 31, 2010
    
    
    December 31, 2009Carrying
    
    
    
    
    
    
    CarryingAmount
    
    
    Fair Value
    
    
    Amount
    
    
    Fair ValueSenior Secured Credit Facility
    
    $
    1,424.2
    
    
    $
    1,348.1
    
    
    $
    1,495.3
    
    
    $
    1,415.0Senior Notes
    
    
    713.0
    
    
    
    757.5
    
    
    
    710.0
    
    
    
    738.4Senior Subordinated Notes
    
    
    529.7
    
    
    
    504.8
    
    
    
    541.4
    
    
    
    516.0$
    2,666.9
    
    
    $
    2,610.4
    
    
    $
    2,746.7
    
    
    $
    2,669.4
   12




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (c) Derivative Instruments and Hedging Activities
 Interest Rate Swap Arrangements
   Foreign Currency Forward Contracts
  Tabular Disclosures
  Asset Derivatives
    
    
    Liability DerivativesMarch 31, 2010
    
    
    December 31, 2009
    
    
    March 31, 2010
    
    
    December 31, 2009Balance
    
    
    
    
    
    
    Balance
    
    
    
    
    
    
    Balance
    
    
    
    
    
    BalanceSheet
    
    
    Fair
    
    
    Sheet
    
    
    Fair
    
    
    Sheet
    
    
    Fair
    
    
    Sheet
    
    
    FairLocation
    
    
    Value
    
    
    Location
    
    
    Value
    
    
    Location
    
    
    Value
    
    
    Location
    
    
    ValueDerivatives designated as
hedging instrumentsForeign currency forward
contracts
    
    Accrued expenses
    
    
    $
    
    
    
    Accrued expenses
    
    
    $
    
    
    
    Accrued expenses
    
    
    $
    (0.6
    )
    
    Accrued
 expenses
    
    
    $
    (0.5
    )Derivatives not designated as
hedging instrumentsForeign currency forward
contracts
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accrued expenses
    
    
    
    (0.8
    )
    
    
    
    
    
    
    Interest rate swap
arrangements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other long-  term
 liabilities
    
    
    
    (48.8
    )
    
    Other long- term
 liabilities
    
    
    
    (49.8
    )Total derivatives
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    (50.2
    )
    
    
    
    
    
    $
    (50.3
    )
  13




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
  Three Months Ended March 31, 2010Amount of Gain(Loss) Recognized
    
    
    Location of Gain (Loss)
    
    Amount of Gain (Loss)in Other
    
    
    Reclassified from Other
    
    Reclassified fromComprehensive
    
    
    Comprehensive Income
    
    Other ComprehensiveDerivatives in cash flow hedging
    
    Income (Effective
    
    
    into Earnings (Effective
    
    Income into Earningsrelationships
    
    Portion)
    
    
    Portion)
    
    (Effective Portion)Interest rate swap arrangements
    
    $
    
    
    
    Interest expense
    
    $
    (1.0
    )Foreign currency forward contracts
    
    
    
    
    
    Interest expense
    
    
    (0.3
    )Foreign currency forward contracts
    
    
    (0.7
    )
    
    Cost of goods sold
    
    
    (0.3
    )Total
    
    $
    (0.7
    )
    
    
    
    $
    (1.6
    )
 Amount of Gain (Loss)Derivatives not designated as hedging
    
    Location of Gain (Loss)
    
    Recognized ininstruments
    
    Recognized in Earnings
    
    EarningsInterest rate swap arrangements  realized
    
    Interest expense
    
    $
    (7.9
    )Interest rate swap arrangements  unrealized
    
    Interest expense
    
    
    1.0Foreign currency forward contracts
    
    Other income (expense)
    
    
    (0.5
    )Total
    
    
    
    $
    (7.4
    )
 Three Months Ended March 31, 2009Amount of Gain(Loss) Recognized
    
    
    Location of Gain (Loss)
    
    Amount of Gain (Loss)in Other
    
    
    Reclassified from Other
    
    Reclassified fromComprehensive
    
    
    Comprehensive Income
    
    Other ComprehensiveDerivatives in cash flow hedging
    
    Income (Effective
    
    
    into Earnings (Effective
    
    Income into Earningsrelationships
    
    Portion)
    
    
    Portion)
    
    (Effective Portion)Interest rate swap arrangements
    
    $
    
    
    
    Interest expense
    
    $
    (1.1
    )Foreign currency forward contracts
    
    
    (0.1
    )
    
    Cost of goods sold
    
    
    1.4Foreign currency forward contracts
    
    
    
    
    
    Interest expense
    
    
    (0.3
    )Total
    
    $
    (0.1
    )
    
    
    
    $
    
 Amount of Gain (Loss)Derivatives not designated as hedging
    
    Location of Gain (Loss)
    
    Recognized ininstruments
    
    Recognized in Earnings
    
    EarningsInterest rate swap arrangements  realized
    
    Interest expense
    
    $
    (6.8
    )Interest rate swap arrangements  unrealized
    
    Interest expense
    
    
    (7.0
    )Total
    
    
    
    $
    (13.8
    )
   14




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (10) Comprehensive Income (Loss)
  Three Months EndedMarch 31,2010
    
    
    2009Net income
    
    $
    38.4
    
    
    $
    11.2Other comprehensive income (loss):Foreign currency translation adjustments
    
    
    (87.2
    )
    
    
    (63.4
    )Unrealized loss on derivatives, net of taxes of $0.2 and $0.5
    
    
    (0.2
    )
    
    
    (1.0
    )Amortization of realized losses on derivatives, net of taxes of $0.6 and $0.6
    
    
    0.7
    
    
    
    0.8Amortization of net actuarial gain, net of taxes of $0.1 and $0.4
    
    
    (0.1
    )
    
    
    (0.6
    )Comprehensive loss
    
    $
    (48.4
    )
    
    $
    (53.0
    )
 (11) Commitments and Contingencies
    15




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
  (12) Segment Financial Information
   Three Months EndedMarch 31,2010
    
    
    2009Net salesNorth American Lab
    
    $
    491.4
    
    
    $
    489.5European Lab
    
    
    358.3
    
    
    
    324.8Science Education
    
    
    24.6
    
    
    
    26.9Total
    
    $
    874.3
    
    
    $
    841.2
 Three Months EndedMarch 31,2010
    
    
    2009Operating income (loss)North American Lab
    
    $
    29.4
    
    
    $
    25.4European Lab
    
    
    27.1
    
    
    
    19.3Science Education
    
    
    (2.4
    )
    
    
    (2.3
    )Total
    
    
    54.1
    
    
    
    42.4Interest income
    
    
    0.4
    
    
    
    0.8Interest expense
    
    
    (54.1
    )
    
    
    (63.1
    )Other income (expense), net
    
    
    58.3
    
    
    
    36.6North American Lab
    
    $
    58.7
    
    
    $
    16.7
  16




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 (13) Condensed Consolidating Financial Information
    17




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 Condensed Consolidating Balance Sheet
March 31, 2010
 Subsidiary
    
    
    Non-Guarantor
    
    
    
    
    
    
    TotalParent
    
    
    Guarantors
    
    
    Subsidiaries
    
    
    Eliminations
    
    
    CompanyASSETSCurrent assets:Cash and cash equivalents
    
    $
    0.7
    
    
    $
    1.1
    
    
    $
    123.8
    
    
    $
    
    
    
    $
    125.6Compensating cash balance
    
    
    
    
    
    
    
    
    
    
    85.5
    
    
    
    
    
    
    
    85.5Trade accounts receivable, net
    
    
    
    
    
    
    200.5
    
    
    
    281.9
    
    
    
    
    
    
    
    482.4Inventories
    
    
    
    
    
    
    126.2
    
    
    
    120.6
    
    
    
    
    
    
    
    246.8Other current assets
    
    
    
    
    
    
    21.5
    
    
    
    48.5
    
    
    
    
    
    
    
    70.0Intercompany receivables
    
    
    15.3
    
    
    
    3.0
    
    
    
    
    
    
    
    (18.3
    )
    
    
    Total current assets
    
    
    16.0
    
    
    
    352.3
    
    
    
    660.3
    
    
    
    (18.3
    )
    
    
    1,010.3Property and equipment, net
    
    
    
    
    
    
    68.9
    
    
    
    114.1
    
    
    
    
    
    
    
    183.0Goodwill
    
    
    
    
    
    
    905.1
    
    
    
    874.2
    
    
    
    
    
    
    
    1,779.3Other intangible assets, net
    
    
    
    
    
    
    1,115.2
    
    
    
    806.0
    
    
    
    
    
    
    
    1,921.2Deferred income taxes
    
    
    214.9
    
    
    
    
    
    
    
    10.4
    
    
    
    (214.9
    )
    
    
    10.4Investment in subsidiaries
    
    
    2,589.4
    
    
    
    1,675.5
    
    
    
    
    
    
    
    (4,264.9
    )
    
    
    Other assets
    
    
    39.8
    
    
    
    43.5
    
    
    
    3.1
    
    
    
    
    
    
    
    86.4Intercompany loans
    
    
    1,033.6
    
    
    
    168.0
    
    
    
    21.2
    
    
    
    (1,222.8
    )
    
    
    Total assets
    
    $
    3,893.7
    
    
    $
    4,328.5
    
    
    $
    2,489.3
    
    
    $
    (5,720.9
    )
    
    $
    4,990.6LIABILITIES, REDEEMABLE EQUITY
UNITS AND STOCKHOLDERS EQUITYCurrent liabilities:Current portion of debt and
capital lease obligations
    
    $
    28.6
    
    
    $
    0.4
    
    
    $
    89.1
    
    
    $
    
    
    
    $
    118.1Accounts payable
    
    
    
    
    
    
    183.1
    
    
    
    203.4
    
    
    
    
    
    
    
    386.5Accrued expenses
    
    
    18.0
    
    
    
    48.4
    
    
    
    97.7
    
    
    
    
    
    
    
    164.1Intercompany payables
    
    
    
    
    
    
    0.8
    
    
    
    17.5
    
    
    
    (18.3
    )
    
    
    Total current liabilities
    
    
    46.6
    
    
    
    232.7
    
    
    
    407.7
    
    
    
    (18.3
    )
    
    
    668.7Long-term debt and capital lease
obligations
    
    
    2,638.3
    
    
    
    1.4
    
    
    
    14.9
    
    
    
    
    
    
    
    2,654.6Other long-term liabilities
    
    
    49.4
    
    
    
    15.7
    
    
    
    63.7
    
    
    
    
    
    
    
    128.8Deferred income taxes
    
    
    
    
    
    
    461.3
    
    
    
    251.1
    
    
    
    (214.9
    )
    
    
    497.5Intercompany loans
    
    
    118.4
    
    
    
    1,028.8
    
    
    
    75.6
    
    
    
    (1,222.8
    )
    
    
    Total liabilities
    
    
    2,852.7
    
    
    
    1,739.9
    
    
    
    813.0
    
    
    
    (1,456.0
    )
    
    
    3,949.6Redeemable equity units
    
    
    46.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46.8Total stockholders equity
    
    
    994.2
    
    
    
    2,588.6
    
    
    
    1,676.3
    
    
    
    (4,264.9
    )
    
    
    994.2Total liabilities, redeemable equity units
and stockholders equity
    
    $
    3,893.7
    
    
    $
    4,328.5
    
    
    $
    2,489.3
    
    
    $
    (5,720.9
    )
    
    $
    4,990.6
  18




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 Condensed Consolidating Balance Sheet
 December 31, 2009
 Subsidiary
    
    
    Non-Guarantor
    
    
    
    
    
    
    TotalParent
    
    
    Guarantors
    
    
    Subsidiaries
    
    
    Eliminations
    
    
    CompanyASSETSCurrent assets:Cash and cash equivalents
    
    $
    1.3
    
    
    $
    10.1
    
    
    $
    113.0
    
    
    $
    
    
    
    $
    124.4Compensating cash balance
    
    
    
    
    
    
    
    
    
    
    105.0
    
    
    
    
    
    
    
    105.0Trade accounts receivable, net
    
    
    
    
    
    
    190.1
    
    
    
    281.2
    
    
    
    
    
    
    
    471.3Inventories
    
    
    
    
    
    
    134.9
    
    
    
    128.7
    
    
    
    
    
    
    
    263.6Other current assets
    
    
    
    
    
    
    14.4
    
    
    
    38.5
    
    
    
    
    
    
    
    52.9Intercompany receivables
    
    
    14.8
    
    
    
    2.1
    
    
    
    
    
    
    
    (16.9
    )
    
    
    Total current assets
    
    
    16.1
    
    
    
    351.6
    
    
    
    666.4
    
    
    
    (16.9
    )
    
    
    1,017.2Property and equipment, net
    
    
    
    
    
    
    71.6
    
    
    
    119.8
    
    
    
    
    
    
    
    191.4Goodwill
    
    
    
    
    
    
    905.1
    
    
    
    927.9
    
    
    
    
    
    
    
    1,833.0Other intangible assets, net
    
    
    
    
    
    
    1,125.8
    
    
    
    860.9
    
    
    
    
    
    
    
    1,986.7Deferred income taxes
    
    
    221.9
    
    
    
    
    
    
    
    12.6
    
    
    
    (221.9
    )
    
    
    12.6Investment in subsidiaries
    
    
    2,649.7
    
    
    
    1,759.3
    
    
    
    
    
    
    
    (4,409.0
    )
    
    
    Other assets
    
    
    41.9
    
    
    
    42.2
    
    
    
    2.3
    
    
    
    
    
    
    
    86.4Intercompany loans
    
    
    1,045.3
    
    
    
    136.6
    
    
    
    19.2
    
    
    
    (1,201.1
    )
    
    
    Total assets
    
    $
    3,974.9
    
    
    $
    4,392.2
    
    
    $
    2,609.1
    
    
    $
    (5,848.9
    )
    
    $
    5,127.3LIABILITIES, REDEEMABLE EQUITY UNITS AND STOCKHOLDERS EQUITYCurrent liabilities:Current portion of debt and
capital lease obligations
    
    $
    44.3
    
    
    $
    0.4
    
    
    $
    107.7
    
    
    $
    
    
    
    $
    152.4Accounts payable
    
    
    
    
    
    
    177.9
    
    
    
    200.3
    
    
    
    
    
    
    
    378.2Accrued expenses
    
    
    2.7
    
    
    
    60.7
    
    
    
    94.8
    
    
    
    
    
    
    
    158.2Intercompany payables
    
    
    
    
    
    
    0.8
    
    
    
    16.1
    
    
    
    (16.9
    )
    
    
    Total current liabilities
    
    
    47.0
    
    
    
    239.8
    
    
    
    418.9
    
    
    
    (16.9
    )
    
    
    688.8Long-term debt and capital lease
obligations
    
    
    2,702.5
    
    
    
    1.5
    
    
    
    15.3
    
    
    
    
    
    
    
    2,719.3Other long-term liabilities
    
    
    50.4
    
    
    
    16.2
    
    
    
    68.7
    
    
    
    
    
    
    
    135.3Deferred income taxes
    
    
    
    
    
    
    448.4
    
    
    
    269.0
    
    
    
    (221.9
    )
    
    
    495.5Intercompany loans
    
    
    86.6
    
    
    
    1,037.4
    
    
    
    77.1
    
    
    
    (1,201.1
    )
    
    
    Total liabilities
    
    
    2,886.5
    
    
    
    1,743.3
    
    
    
    849.0
    
    
    
    (1,439.9
    )
    
    
    4,038.9Redeemable equity units
    
    
    45.8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    45.8Total stockholders equity
    
    
    1,042.6
    
    
    
    2,648.9
    
    
    
    1,760.1
    
    
    
    (4,409.0
    )
    
    
    1,042.6Total liabilities, redeemable equity units
and stockholders equity
    
    $
    3,974.9
    
    
    $
    4,392.2
    
    
    $
    2,609.1
    
    
    $
    (5,848.9
    )
    
    $
    5,127.3
  19




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 Condensed Consolidating Statement of Operations
 Three Months Ended March 31, 2010
 Subsidiary
    
    
    Non-Guarantor
    
    
    
    
    
    
    TotalParent
    
    
    Guarantors
    
    
    Subsidiaries
    
    
    Eliminations
    
    
    CompanyNet sales
    
    $
    
    
    
    $
    447.6
    
    
    $
    430.4
    
    
    $
    (3.7
    )
    
    $
    874.3Cost of goods sold
    
    
    
    
    
    
    330.1
    
    
    
    291.2
    
    
    
    (3.7
    )
    
    
    617.6Gross profit
    
    
    
    
    
    
    117.5
    
    
    
    139.2
    
    
    
    
    
    
    
    256.7Selling, general and administrative expenses
    
    
    0.8
    
    
    
    94.2
    
    
    
    113.0
    
    
    
    (5.4
    )
    
    
    202.6Operating (loss) income
    
    
    (0.8
    )
    
    
    23.3
    
    
    
    26.2
    
    
    
    5.4
    
    
    
    54.1Interest expense, net of interest income
    
    
    (44.3
    )
    
    
    (8.7
    )
    
    
    (0.7
    )
    
    
    
    
    
    
    (53.7
    )Other income (expense), net
    
    
    57.0
    
    
    
    16.1
    
    
    
    (9.4
    )
    
    
    (5.4
    )
    
    
    58.3Income before income taxes and
equity in earnings of subsidiaries
    
    
    11.9
    
    
    
    30.7
    
    
    
    16.1
    
    
    
    
    
    
    
    58.7Income tax benefit (provision)
    
    
    (0.1
    )
    
    
    (16.0
    )
    
    
    (4.2
    )
    
    
    
    
    
    
    (20.3
    )Equity in earnings of subsidiaries, net of tax
    
    
    26.6
    
    
    
    11.9
    
    
    
    
    
    
    
    (38.5
    )
    
    
    Net income (loss)
    
    $
    38.4
    
    
    $
    26.6
    
    
    $
    11.9
    
    
    $
    (38.5
    )
    
    $
    38.4
 Condensed Consolidating Statement of Operations
 Three Months Ended March 31, 2009
 Subsidiary
    
    
    Non-Guarantor
    
    
    
    
    
    
    TotalParent
    
    
    Guarantors
    
    
    Subsidiaries
    
    
    Eliminations
    
    
    CompanyNet sales
    
    $
    
    
    
    $
    452.0
    
    
    $
    392.4
    
    
    $
    (3.2
    )
    
    $
    841.2Cost of goods sold
    
    
    
    
    
    
    334.8
    
    
    
    265.2
    
    
    
    (3.2
    )
    
    
    596.8Gross profit
    
    
    
    
    
    
    117.2
    
    
    
    127.2
    
    
    
    
    
    
    
    244.4Selling, general and administrative expenses
    
    
    0.8
    
    
    
    98.3
    
    
    
    107.8
    
    
    
    (4.9
    )
    
    
    202.0Operating (loss) income
    
    
    (0.8
    )
    
    
    18.9
    
    
    
    19.4
    
    
    
    4.9
    
    
    
    42.4Interest expense, net of interest income
    
    
    (49.7
    )
    
    
    (11.6
    )
    
    
    (1.0
    )
    
    
    
    
    
    
    (62.3
    )Other income (expense), net
    
    
    37.3
    
    
    
    10.5
    
    
    
    (6.3
    )
    
    
    (4.9
    )
    
    
    36.6(Loss) income before income taxes and
equity in earnings of subsidiaries
    
    
    (13.2
    )
    
    
    17.8
    
    
    
    12.1
    
    
    
    
    
    
    
    16.7Income tax benefit (provision)
    
    
    6.3
    
    
    
    (7.2
    )
    
    
    (4.6
    )
    
    
    
    
    
    
    (5.5
    )Equity in earnings of subsidiaries, net of tax
    
    
    18.1
    
    
    
    7.5
    
    
    
    
    
    
    
    (25.6
    )
    
    
    Net income (loss)
    
    $
    11.2
    
    
    $
    18.1
    
    
    $
    7.5
    
    
    $
    (25.6
    )
    
    $
    11.2
  20




---



##### Table of Contents



VWR FUNDING, INC. AND SUBSIDIARIES
 Notes to Condensed Consolidated Financial Statements  (Continued)
March 31, 2010
(In millions)
(Unaudited)
 Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2010
 Subsidiary
    
    
    Non-Guarantor
    
    
    
    
    
    
    TotalParent
    
    
    Guarantors
    
    
    Subsidiaries
    
    
    Eliminations
    
    
    CompanyNet cash (used in) provided by operating activities
    
    $
    (18.4
    )
    
    $
    23.3
    
    
    $
    20.1
    
    
    $
    
    
    
    $
    25.0Cash flows from investing activities:Intercompany investing transactions
    
    
    32.3
    
    
    
    2.1
    
    
    
    
    
    
    
    (34.4
    )
    
    
    Acquisitions of businesses and other intangible assets
    
    
    
    
    
    
    
    
    
    
    0.8
    
    
    
    
    
    
    
    0.8Capital expenditures
    
    
    
    
    
    
    (2.4
    )
    
    
    (1.8
    )
    
    
    
    
    
    
    (4.2
    )Net cash provided by (used in) investing activities
    
    
    32.3
    
    
    
    (0.3
    )
    
    
    (1.0
    )
    
    
    (34.4
    )
    
    
    (3.4
    )Cash flows from financing activities:Intercompany financing transactions
    
    
    
    
    
    
    (32.3
    )
    
    
    (2.1
    )
    
    
    34.4
    
    
    
    Proceeds from debt
    
    
    44.3
    
    
    
    
    
    
    
    0.4
    
    
    
    
    
    
    
    44.7Repayment of debt
    
    
    (58.8
    )
    
    
    (0.1
    )
    
    
    (0.4
    )
    
    
    
    
    
    
    (59.3
    )Other financing activities, net
    
    
    
    
    
    
    0.4
    
    
    
    (0.4
    )
    
    
    
    
    
    
    Net cash used in financing activities
    
    
    (14.5
    )
    
    
    (32.0
    )
    
    
    (2.5
    )
    
    
    34.4
    
    
    
    (14.6
    )Effect of exchange rate changes on cash
    
    
    
    
    
    
    
    
    
    
    (5.8
    )
    
    
    
    
    
    
    (5.8
    )Net (decrease) increase in cash and cash
equivalents
    
    
    (0.6
    )
    
    
    (9.0
    )
    
    
    10.8
    
    
    
    
    
    
    
    1.2Cash and cash equivalents beginning of period
    
    
    1.3
    
    
    
    10.1
    
    
    
    113.0
    
    
    
    
    
    
    
    124.4Cash and cash equivalents end of period
    
    $
    0.7
    
    
    $
    1.1
    
    
    $
    123.8
    
    
    $
    
    
    
    $
    125.6
 Condensed Consolidating Statement of Cash Flows
 Three Months Ended March 31, 2009
 Subsidiary
    
    
    Non-Guarantor
    
    
    
    
    
    
    TotalParent
    
    
    Guarantors
    
    
    Subsidiaries
    
    
    Eliminations
    
    
    CompanyNet cash (used in) provided by operating activities
    
    $
    (54.1
    )
    
    $
    43.6
    
    
    $
    20.6
    
    
    $
    
    
    
    $
    10.1Cash flows from investing activities:Intercompany investing transactions
    
    
    53.5
    
    
    
    5.3
    
    
    
    
    
    
    
    (58.8
    )
    
    
    Acquisitions of businesses and other intangible
assets
    
    
    
    
    
    
    
    
    
    
    (1.4
    )
    
    
    
    
    
    
    (1.4
    )Capital expenditures
    
    
    
    
    
    
    (2.9
    )
    
    
    (2.3
    )
    
    
    
    
    
    
    (5.2
    )Net cash provided by (used in) investing
activities
    
    
    53.5
    
    
    
    2.4
    
    
    
    (3.7
    )
    
    
    (58.8
    )
    
    
    (6.6
    )Cash flows from financing activities:Intercompany financing transactions
    
    
    
    
    
    
    (53.5
    )
    
    
    (5.3
    )
    
    
    58.8
    
    
    
    Proceeds from debt
    
    
    161.4
    
    
    
    
    
    
    
    0.5
    
    
    
    
    
    
    
    161.9Repayment of debt
    
    
    (161.1
    )
    
    
    (0.1
    )
    
    
    (0.2
    )
    
    
    
    
    
    
    (161.4
    )Other financing activities, net
    
    
    (2.5
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2.5
    )Net cash provided by (used in) financing
activities
    
    
    (2.2
    )
    
    
    (53.6
    )
    
    
    (5.0
    )
    
    
    58.8
    
    
    
    (2.0
    )Effect of exchange rate changes on cash
    
    
    
    
    
    
    
    
    
    
    (0.6
    )
    
    
    
    
    
    
    (0.6
    )Net (decrease) increase in cash and cash
equivalents
    
    
    (2.8
    )
    
    
    (7.6
    )
    
    
    11.3
    
    
    
    
    
    
    
    0.9Cash and cash equivalents beginning of period
    
    
    3.1
    
    
    
    8.6
    
    
    
    30.3
    
    
    
    
    
    
    
    42.0Cash and cash equivalents end of period
    
    $
    0.3
    
    
    $
    1.0
    
    
    $
    41.6
    
    
    $
    
    
    
    $
    42.9
  21




---



##### Table of Contents



Item 2
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Forward-Looking Statements
 Cautionary Factors Regarding Forward-Looking Statements
   
    
    actions by, and our ability to maintain existing business relationships and practices with,
suppliers, customers, carriers and other third parties:
 
    
    loss of our key executive officers;
 
    
    our ability to consummate and integrate potential acquisitions;
 
    
    the effect of political, economic, credit and financial market conditions, inflation and
interest rates worldwide;
 
    
    the effect of changes in laws and regulations, including changes in accounting standards,
trade, tax, price controls and other regulatory matters;
 
    
    increased competition from other companies in our industry and our ability to retain or
increase our market share in the principal geographical areas in which we operate;
 
    
    foreign currency exchange rate fluctuations; and
 
    
    our ability to generate sufficient funds to meet our debt obligations, capital expenditure
program requirements, ongoing operating costs, acquisition financing and working capital
needs.
    22




---



##### Table of Contents



Overview
     Factors Affecting Our Operating Results
 General
  Acquisitions
  Product / Service
    
    
    
    BusinessAcquisition Date
    
    Entity Name
    
    Offering
    
    Location
    
    SegmentDecember 1, 2009
    
    OneMed Lab (OneMed)
    
    Laboratory supply
    
    Finland, Norway & Sweden
    
    European LabOctober 1, 2009
    
    X-treme Geek (XGeek)
    
    Internet and catalog
retailer marketing to
science enthusiasts
    
    United States
    
    Science Education
   23




---



##### Table of Contents



Foreign Currency
   Results of Operations
 Net Sales
  Three Months Ended March 31,Change2010
    
    
    2009
    
    
    Amount
    
    
    %North American Lab
    
    $
    491.4
    
    
    $
    489.5
    
    
    $
    1.9
    
    
    
    0.4
    %European Lab
    
    
    358.3
    
    
    
    324.8
    
    
    
    33.5
    
    
    
    10.3
    %Science Education
    
    
    24.6
    
    
    
    26.9
    
    
    
    (2.3
    )
    
    
    -8.6
    %Total
    
    $
    874.3
    
    
    $
    841.2
    
    
    $
    33.1
    
    
    
    3.9
    %
     24




---



##### Table of Contents



Gross Profit
  Three Months EndedMarch 31,2010
    
    
    2009Gross profit
    
    $
    256.7
    
    
    $
    244.4Percentage of net sales (gross margin)
    
    
    29.4
    %
    
    
    29.1
    %
   Selling, General, and Administrative Expenses
  Three Months EndedMarch 31,2010
    
    
    2009Selling, general and administrative expenses
    
    $
    202.6
    
    
    $
    202.0Percentage of net sales
    
    
    23.2
    %
    
    
    24.0
    %
  25




---



##### Table of Contents



Operating Income (Loss)
  Three Months Ended March 31,% of
    
    
    
    
    
    
    % of2010
    
    
    Net Sales
    
    
    2009
    
    
    Net SalesOperating income (loss):North American Lab
    
    $
    29.4
    
    
    
    6.0
    %
    
    $
    25.4
    
    
    
    5.2
    %European Lab
    
    
    27.1
    
    
    
    7.6
    %
    
    
    19.3
    
    
    
    5.9
    %Science Education
    
    
    (2.4
    )
    
    
    -9.8
    %
    
    
    (2.3
    )
    
    
    -8.6
    %Total
    
    $
    54.1
    
    
    
    6.2
    %
    
    $
    42.4
    
    
    
    5.0
    %
      26




---



##### Table of Contents



Interest Expense, Net of Interest Income
  Other Income (Expense), Net
  Income Taxes
    Liquidity and Capital Resources
     27




---



##### Table of Contents



28




---



##### Table of Contents



Historical Cash Flows
  Three Months EndedMarch 31,2010
    
    
    2009Cash flow from operations, excluding working capital
    
    $
    29.9
    
    
    $
    14.9Cash flow from working capital changes, net
    
    
    (4.9
    )
    
    
    (4.8
    )Cash flow from operations
    
    $
    25.0
    
    
    $
    10.1
    Contractual Obligations
 Form 10-K
 Commitments and Contingencies
   29




---



##### Table of Contents



Off-Balance Sheet Arrangements
  Critical Accounting Policies
    New Accounting Standards
  
 Item 3
    
    Quantitative and Qualitative Disclosures about Market Risk
  
 Item 4
    
    Controls and Procedures
    30




---



##### Table of Contents



Part II  OTHER INFORMATION
 
 Item 1
    
    Legal Proceedings
  
 Item 1A
    
    Risk Factors
  
 Item 5
    
     Other Information
 Re-election of Directors
  
 Item 6
    
    Exhibits
 ExhibitNumber
    
    Description of Documents
    
    Method of Filing31.1
    
    
    Certification of Principal Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
    
    Filed herewith.31.2
    
    
    Certification of Principal Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
    
    Filed herewith.32.1
    
    
    Certification of Principal Executive Officer pursuant to
18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of
2002).
    
    Furnished herewith.32.2
    
    
    Certification of Principal Financial Officer pursuant to
18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of
2002).
    
    Furnished herewith.
  31




---



##### Table of Contents



SIGNATURE
  VWR FUNDING, INC.By:
    /s/ Theresa A. BalogName:
    Theresa A. BalogTitle:
    Vice President and Corporate Controller
(Chief Accounting Officer and
Duly Authorized Officer)   32




---



##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description of Documents
    
    Method of Filing31.1
    
    
    Certification of Principal Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
    
    Filed herewith.31.2
    
    
    Certification of Principal Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
    
    Filed herewith.32.1
    
    
    Certification of Principal Executive Officer pursuant to
18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of
2002).
    
    Furnished herewith.32.2
    
    
    Certification of Principal Financial Officer pursuant to
18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of
2002).
    
    Furnished herewith.
  33