<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A

                                 AMENDMENT NO. 1

                                       TO

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934
    For the quarterly period ended March 31, 1999

                                       or

[ ] 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: 1-11091

                        SYBRON INTERNATIONAL CORPORATION
                        --------------------------------
             (Exact name of registrant as specified in its charter)

                   Wisconsin                               22-2849508
                   ---------                               ----------
         (State or other jurisdiction of                (I.R.S. Employer
          incorporation or organization)                 Identification No.)

411 East Wisconsin Avenue, Milwaukee, Wisconsin                53202
-----------------------------------------------                -----
     (Address of principal executive offices)                 (Zip Code)

                                 (414) 274-6600
                                 --------------
              (Registrant's telephone number, including area code)


---------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X  No
                                             ---   ---

         At May 7, 1999 there were 103,515,558 shares of the Registrant's Common
Stock, par value $0.01 per share, outstanding.






<PAGE>   2

                SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES


               Index                                                        Page
----------------------------------------                                    ----

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Balance Sheets, March 31, 1999
   and September 30, 1998 (unaudited)                                        2

Consolidated Statements of Income for the three and six months
  ended March 31, 1999 and 1998 (unaudited)                                  3

Consolidated Statements of Shareholders' Equity for the year
  ended September 30, 1998 and the six months ended
  March 31, 1999 (unaudited)                                                 4

Consolidated Statements of Cash Flows for the six months ended
  March 31, 1999 and 1998 (unaudited)                                        5

Notes to Unaudited Consolidated Financial Statements                         7

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
       CONDITION AND RESULTS OF OPERATIONS                                  13

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK          29

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                    32

SIGNATURES                                                                  33

Explanatory Note. This Form 10-Q/A - Amendment No. 1 to Form 10-Q contains the
   full text of Sybron International Corporation's Form 10-Q for the quarter
   ended March 31, 1999, as amended to reflect amendments to the following items
   of it's initial filing: Part I Item 1 (Financial Statements) and Item 2
   (Management's Discussion and Analysis of Financial Condition and Results of
   Operations and Part II Item 6 (Exhibits and Reports on Form 8-K.)




<PAGE>   3

                         PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

                SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)
                 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

                                     ASSETS
<TABLE>
<CAPTION>

                                                                                      March 31,            September 30,
                                                                                         1999                  1998
                                                                                    ------------          ---------------
<S>                                                                                <C>                   <C>
Current assets:
  Cash and cash equivalents ....................................................     $    13,301           $    23,891
  Accounts receivable (less allowance for doubtful
    receivables of $5,410 and $5,693, respectively) ............................         197,623               192,657
  Inventories (note 2) .........................................................         185,280               165,793
  Deferred income taxes ........................................................          27,251                30,305
  Net assets held for sale (note 7) ............................................              --                51,562
  Prepaid expenses and other current assets ....................................          19,873                17,429
                                                                                     -----------           -----------
       Total current assets ....................................................         443,328               481,637
                                                                                     -----------           -----------
Property, plant and equipment net of accumulated depreciation
    of $200,415 and $178,087, respectively .....................................         226,171               222,759
Intangible assets ..............................................................         895,826               817,058
Deferred income taxes ..........................................................          13,409                15,242
Other assets ...................................................................           6,479                 8,848
                                                                                     -----------           -----------
       Total assets ............................................................     $ 1,585,213           $ 1,545,544
                                                                                     ===========           ===========

                      LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable .............................................................     $    47,879           $    49,713
  Current portion of long-term debt ............................................           3,899                39,396
  Income taxes payable .........................................................          29,700                19,997
  Accrued payroll and employee benefits ........................................          34,322                39,950
  Restructuring reserve (note 5) ...............................................           5,097                 7,609
  Reserve for discontinued operations ..........................................           3,559                12,201
  Deferred income taxes ........................................................          10,939                 9,072
  Other current liabilities ....................................................          31,168                37,785
                                                                                     -----------           -----------
      Total current liabilities ................................................         166,563               215,723
                                                                                     -----------           -----------
Long-term debt .................................................................         809,425               790,089
Deferred income taxes ..........................................................          48,067                50,564
Other liabilities ..............................................................          11,981                13,912
Commitments and contingent liabilities:
Shareholders' equity:
  Preferred Stock, $.01 par value; authorized 20,000,000 shares ................              --                    --
  Common Stock, $.01 par value; authorized 250,000,000
    shares, issued 103,370,502 and 102,902,496 shares, respectively ............           1,034                 1,029
  Equity Rights,  50 rights at $1.09 per right .................................              --                    --
  Additional paid-in capital ...................................................         241,071               234,070
  Retained earnings ............................................................         335,592               260,845
  Cumulative foreign currency translation adjustment ...........................         (28,520)              (20,688)
  Treasury common stock, 220 shares at cost ....................................              --                    --
                                                                                     -----------           -----------
       Total shareholders' equity ..............................................         549,177               475,256
                                                                                     -----------           -----------
       Total liabilities and shareholders' equity ..............................     $ 1,585,213           $ 1,545,544
                                                                                     ===========           ===========
</TABLE>

See accompanying notes to unaudited consolidated financial statements.

                                       2


<PAGE>   4

                SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES

                        CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>

                                                                           Three Months Ended              Six Months Ended
                                                                                 March 31,                     March 31,
                                                                          1999            1998              1999           1998
                                                                          ----            ----              ----           ----
<S>                                                                  <C>              <C>              <C>             <C>
Net sales ......................................................       $ 272,017        $ 226,006        $ 520,347        $ 440,826
Cost of sales:
   Cost of product sold ........................................         130,284          107,463          252,846          210,646
   Depreciation of purchase accounting adjustments .............             169              165              336              330
                                                                       ---------        ---------        ---------        ---------
Total cost of sales ............................................         130,453          107,628          253,182          210,976
                                                                       ---------        ---------        ---------        ---------
Gross profit ...................................................         141,564          118,378          267,165          229,850

Selling, general and administrative expenses ...................          65,464           58,234          128,235          116,044
Merger, transaction and integration expenses (note 6) ..........              --               --            2,691               --
Depreciation and amortization of purchase
 accounting adjustments ........................................           7,600            6,315           14,860           12,392
                                                                       ---------        ---------        ---------        ---------
Operating income ...............................................          68,500           53,829          121,379          101,414
                                                                       ---------        ---------        ---------        ---------
Other income (expense):
   Interest expense ............................................         (14,033)         (13,433)         (28,149)         (26,708)
   Amortization of deferred financing fees .....................             (80)             (55)            (160)            (108)
   Other, net ..................................................            (874)             (18)            (633)             (75)
                                                                       ---------        ---------        ---------        ---------
Income before income taxes and discontinued
 operations ....................................................          53,513           40,323           92,437           74,523
Income taxes ...................................................          21,003           15,556           36,607           28,942
                                                                       ---------        ---------        ---------        ---------
Income from continuing operations ..............................          32,510           24,767           55,830           45,581

Discontinued Operations:
 Income from discontinued operations (net of income
  taxes of $165, $801, $80
  and $1,581, respectively)
  (note 7) .....................................................            (418)           1,551              121            2,683

Extraordinary Item: Gain on sale of discontinued
 operations (less income taxes of $18,651) (note 7) ............          18,796               --           18,796               --
                                                                       ---------        ---------        ---------        ---------

Net income .....................................................       $  50,888        $  26,318        $  74,747        $  48,264
                                                                       =========        =========        =========        =========

Basic earnings per common share from continuing
 operations ....................................................       $     .31        $     .24        $     .54        $     .45
Discontinued operations ........................................              --              .02               --              .02
Extraordinary item .............................................             .18               --              .18               --
                                                                       ---------        ---------        ---------        ---------
Basic earnings per share .......................................       $     .49        $     .26        $     .72        $     .47
                                                                       =========        =========        =========        =========

Diluted earnings per common share from continuing
 operations ....................................................       $     .31        $     .23        $     .53        $     .43
Discontinued operations ........................................              --              .02               --              .03
Extraordinary item .............................................             .17               --              .17               --
                                                                       ---------        ---------        ---------        ---------
Diluted earnings per common share ..............................       $     .48        $     .25        $     .70        $     .46
                                                                       =========        =========        =========        =========
</TABLE>

See accompanying notes to unaudited consolidated financial statements.

                                       3


<PAGE>   5

                SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                      FOR THE YEAR ENDED SEPTEMBER 30, 1998
                     AND THE SIX MONTHS ENDED MARCH 31, 1999
                                   (UNAUDITED)
                        (IN THOUSANDS, EXCEPT SHARE DATA)
<TABLE>
<CAPTION>

                                                                                           ADDITIONAL
                                                              COMMON           EQUITY       PAID-IN         RETAINED
                                                               STOCK           RIGHTS       CAPITAL         EARNINGS
                                                               -----           ------     -----------       --------
<S>                                                        <C>             <C>           <C>             <C>
Balance at September 30, 1997 ...........................    $   1,014       $    --       $ 212,665       $ 189,963
Shares issued in connection
 with the exercise of 1,445,760
 stock options ..........................................           15            --          12,970              --
Conversion of 200 equity rights to 872
 shares of common stock .................................           --            --              --              (1)
Tax benefits related to stock options ...................           --            --           7,291              --
Dividends paid by "A" Company
  prior to the merger ...................................           --            --             314            (479)
Dividends paid by Pinnacle Products of
  Wisconsin prior to the merger .........................           --            --              --          (4,682)
Shares issued related to a deferred
  compensation plan of "A" Company ......................           --            --             830              --
Net income ..............................................           --            --              --          76,044
Cumulative foreign currency
 translation adjustment .................................           --            --              --              --
                                                             ---------       -------       ---------       ---------
Balance at September 30, 1998 ...........................    $   1,029       $    --       $ 234,070       $ 260,845
                                                             =========       =======       =========       =========
Shares issued in connection
 with the exercise of 467,892
 stock options ..........................................            5            --           4,399              --
Tax benefits related to stock options ...................           --            --           2,602              --
Net income ..............................................           --            --              --          74,747
Cumulative foreign currency
 translation adjustment .................................           --            --              --              --
                                                             ---------       -------       ---------       ---------
Balance at March 31, 1999 ...............................    $   1,034       $    --       $ 241,071       $ 335,592
                                                             =========       =======       =========       =========
</TABLE>

<TABLE>
<CAPTION>

                                                                     CUMULATIVE
                                                                       FOREIGN
                                                                       CURRENCY            TREASURY             TOTAL
                                                                      TRANSLATION          COMMON           SHAREHOLDERS'
                                                                      ADJUSTMENT            STOCK               EQUITY
                                                                      ----------          ---------         -------------
<S>                                                                  <C>                <C>                <C>
Balance at September 30, 1997 ....................................     $ (24,981)         $      (1)          $ 378,660
Shares issued in connection
 with the exercise of 1,445,760
 stock options ...................................................            --                 --              12,985
Conversion of 200 equity rights to 872
 shares of common stock ..........................................            --                  1                  --
Tax benefits related to stock options ............................            --                 --               7,291
Dividends paid by "A" Company
  prior to the merger ............................................            --                 --                (165)
Dividends paid by Pinnacle Products of
  Wisconsin prior to the merger ..................................            --                 --              (4,682)
Shares issued related to a deferred
  compensation plan of "A" Company ...............................            --                 --                 830
Net income .......................................................            --                 --              76,044
Cumulative foreign currency
 translation adjustment ..........................................         4,293                 --               4,293
                                                                       ---------          ---------           ---------
Balance at September 30, 1998 ....................................     $ (20,688)         $      --           $ 475,256
                                                                       =========          =========           =========
Shares issued in connection
 with the exercise of 467,892
 stock options ...................................................            --                 --               4,404
Tax benefits related to stock options ............................            --                 --               2,602
Net income .......................................................            --                 --              74,747
Cumulative foreign currency
 translation adjustment ..........................................        (7,832)                --              (7,832)
                                                                       ---------          ---------           ---------
Balance at March 31, 1999 ........................................     $ (28,520)         $      --           $ 549,177
                                                                       =========          =========           =========

</TABLE>


See accompanying notes to unaudited consolidated financial statements.

                                       4


<PAGE>   6

               SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                                                     Six Months Ended
                                                                                                         March 31,
                                                                                                 1999                 1998
                                                                                                 ----                 ----
<S>                                                                                         <C>                  <C>
Cash flows from operating activities:
 Net income ..............................................................................    $  74,747            $  48,264
 Adjustments to reconcile net income to net cash provided by operating
   activities:
  Gain on sale of NPT ....................................................................      (18,796)                  --
  Depreciation ...........................................................................       17,623               14,833
  Amortization ...........................................................................       14,998               12,482
  Provision for losses on doubtful accounts ..............................................          494                  270
  Inventory provisions ...................................................................         (409)                 114
  Deferred income taxes ..................................................................       (4,257)               1,770
     Changes in assets and liabilities:
  Decrease (increase) in accounts receivable .............................................        2,522               (5,231)
  Increase in inventories ................................................................       (9,500)              (7,252)
  Decrease (increase) in prepaid expenses and other current assets .......................       10,567               (4,934)
  Decrease in accounts payable ...........................................................       (4,725)              (1,817)
  Decrease in income taxes payable .......................................................       (6,641)                (426)
  Decrease in accrued payroll and employee benefits ......................................       (7,182)              (5,382)
  Decrease in reserve for discontinued operations ........................................       (8,642)                  --
  Decrease in restructuring reserve ......................................................       (2,512)                  --
  Decrease in other current liabilities ..................................................       (7,083)                (966)
  Net change in other assets and liabilities .............................................       (2,081)               6,288
                                                                                              ---------            ---------
  Net cash provided by operating activities ..............................................       49,123               58,013

Cash flows from investing activities:
  Capital expenditures ...................................................................      (14,346)             (17,350)
  Proceeds from sales of property, plant, and equipment ..................................          812                3,450
  Proceeds from the sale of  NPT net of sale expenses ....................................       86,000                   --
  Payments for businesses acquired .......................................................     (119,512)             (99,554)
                                                                                              ---------            ---------
   Net cash used in investing activities .................................................      (47,046)            (113,454)

Cash flows from financing activities:
 Proceeds - revolving credit facility ....................................................      265,300              226,000
 Principal payments - revolving credit facility ..........................................     (195,500)            (152,000)
 Principal payments on long-term debt ....................................................      (87,284)             (18,277)
 Proceeds from the exercise of common stock options ......................................        4,404                9,472
 Dividends paid by Pinnacle and LRS prior to the mergers .................................           --               (3,558)
 Deferred financing fees .................................................................          (70)                  --
 Other ...................................................................................        1,137               (1,078)
                                                                                              ---------            ---------
 Net cash provided (used) in financing activities ........................................      (12,013)              60,559

Effect of exchange rate changes on cash ..................................................         (654)              (1,429)
Net increase (decrease) in cash and cash equivalents .....................................      (10,590)               3,689
Cash and cash equivalents at beginning of year ...........................................       23,891               18,003
                                                                                              ---------            ---------
Cash and cash equivalents at end of period ...............................................    $  13,301            $  21,692
                                                                                              =========            =========
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.


                                       5

<PAGE>   7

               SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
                                  (UNAUDITED)
                                 (IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                                                  Six Months Ended
                                                                                                      March 31,
                                                                                               1999               1998
                                                                                               ----               ----
<S>                                                                                        <C>                <C>
Supplemental disclosures of cash flow information:
 Cash paid during the period for interest ............................................       $28,670             $25,939
 Cash paid during the period for income taxes ........................................        34,685              18,518
 Capital lease obligations incurred ..................................................           186                 254
</TABLE>

         See accompanying notes to unaudited consolidated financial statements.


                                       6

<PAGE>   8


                SYBRON INTERNATIONAL CORPORATION AND SUBSIDIARIES

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.   In the opinion of management, all adjustments which are necessary for a
     fair statement of the results for the interim periods presented have been
     included. Except as described below, all such adjustments were of a normal
     recurring nature. The results for the three and six month periods ended
     March 31, 1999 are not necessarily indicative of the results to be expected
     for the full year. Certain amounts from the three and six month periods
     ended March 31, 1998, as originally reported, have been reclassified to
     conform with the three and six month periods ended March 31, 1999
     presentation.

     All prior period data has been adjusted to reflect the results of LRS
     Acquisition Corp. ("LRS"), the parent of "A" Company Orthodontics (`"A"
     Company'), and Pinnacle Products of Wisconsin, Inc. ("Pinnacle"), which
     merged with subsidiaries of the Company on April 9, 1998 and October 29,
     1998, respectively (the "LRS Merger" and "Pinnacle Merger", respectively).
     The results of LRS and Pinnacle, each of whose merger was accounted for as
     a pooling of interests, were combined with the Company's previously
     reported results as if the mergers occurred as of the beginning of all
     reported periods.

     In addition, all prior period data has been adjusted to reflect the March
     31, 1999 sale of Nalge Process Technologies Group, Inc. ("NPT"). NPT has
     been classified as a discontinued operation and the results have been
     reported accordingly. The gain on the sale of NPT was recorded as an
     extraordinary item. (See note 7.)

     The following table reconciles sales and net income for the three and six
     months ended March 31, 1998 as previously reported to sales and net income
     for the three and six months ended March 31, 1998 after restatement for the
     LRS and Pinnacle Mergers and the reclassification of NPT to discontinued
     operations.

<TABLE>
<CAPTION>

                                    Three months ended              Six months ended
                                     March 31, 1998                  March 31, 1998
                                     (In thousands)                   (In thousands)
     Net sales:                       (Unaudited)                       (Unaudited)
                                    -----------------               ----------------
<S>                                 <C>                              <C>
     The Company                          $ 226,064                        $ 436,191
     LRS                                      9,443                           23,945
     Pinnacle                                 2,763                            5,782
     NPT                                    (12,264)                         (25,092)
                                          ---------                        ---------
     Total                                $ 226,006                        $ 440,826
                                          =========                        =========
</TABLE>


                                       7
<PAGE>   9

<TABLE>
<CAPTION>

<S>                                                              <C>                        <C>
   Net income (loss):
     The Company                                                    $  24,756                  $  44,091
     LRS                                                                   33                      1,448
     Pinnacle                                                           1,529                      2,725
                                                                                               ---------
     Pinnacle pro forma income tax expense (a)                           (612)                    (1,090)
                                                                    ---------                  ---------
   Pro forma net income                                             $  25,706                  $  47,174
   Pinnacle pro forma income tax expense (a)                              612                      1,090
                                                                    ---------                  ---------
   Net income to be reported                                        $  26,318                  $  48,264
                                                                    =========                  =========

    Basic shares outstanding:
     The Company                                                       97,111                     96,559
     Shares issued in LRS Merger                                        3,216                      3,216
     Shares issued in Pinnacle Merger                                   1,897                      1,897
                                                                    ---------                  ---------
    Basic shares to be reported                                       102,224                    101,672
                                                                    =========                  =========

   Diluted shares outstanding:
     The Company                                                      100,985                    100,491
     Shares issued in LRS Merger                                        3,216                      3,216
     Shares issued in Pinnacle Merger                                   1,897                      1,897
                                                                    ---------                  ---------
    Diluted shares to be reported                                     106,098                    105,604
                                                                    =========                  =========

   Basic earnings per share:
      To be reported                                                $     .26                  $     .47
      Pro forma                                                     $     .25                  $     .46

   Diluted earnings per share
      To be reported                                                $     .25                  $     .46
      Pro forma                                                     $     .24                  $     .45
</TABLE>
   --------------------
   (a) Prior to the merger, Pinnacle was as S corporation and, therefore, income
   tax expense was not reflected in its historical net income.

2. Inventories at September 30, 1998 and March 31, 1999 consist of the
   following:

<TABLE>
<CAPTION>

                                             March 31,         September 30,
                                              1999                1998
                                              ----                ----
<S>                                       <C>                 <C>
      Raw materials                         $ 53,222            $ 54,465
      Work-in-process                         35,556              32,502
      Finished goods                         101,083              84,759
      LIFO Reserve                            (4,581)             (5,933)
                                            --------            --------
                                            $185,280            $165,793
                                            ========            ========
</TABLE>

3.   Effective October 1, 1998, the Company adopted Statement of Financial
     Accounting Standards No. 130, Reporting Comprehensive Income ("SFAS 130").
     SFAS 130 requires the reporting of


                                       8

<PAGE>   10

     comprehensive income in addition to net income from operations.
     Comprehensive income is a more inclusive financial reporting methodology
     that includes disclosure of certain financial information that historically
     has not been recognized in the calculation of income.

     Comprehensive income and the components of comprehensive income (loss) for
     the three and six month periods ended March 31, 1999 and 1998 are as
     follows: (In thousands)

<TABLE>
<CAPTION>

                                                     Three months ended                   Six months ended
                                                           March 31,                          March 31,
                                                     1999            1998                 1999          1998
                                                     ----            ----                 ----          ----
<S>                                              <C>             <C>                 <C>            <C>
     Net income                                   $ 50,888        $ 26,318            $ 74,747       $ 48,264
     Other comprehensive income (loss)
       Foreign currency translation                 (7,061)         (3,829)             (7,832)        (3,963)
                                                  --------        --------            --------       --------
     Comprehensive income                         $ 43,827        $ 22,489            $ 66,915       $ 44,301
                                                  ========        ========            ========       ========
</TABLE>

4.   Acquisitions completed in the second quarter of fiscal 1999 are as follows:

     (a)  On January 5, 1999, a subsidiary of Sybron Laboratories Products
          Corporation ("SLPC") acquired the assets of Scientific Resources, Inc.
          ("SRI"), a producer and distributor of chromatography supplies located
          in Eatontown, New Jersey. SRI's principal products are vials, caps and
          septa, and disposable products used mainly in gas chromatography and
          high pressure liquid chromatography applications. SRI sells mainly to
          analytical chemistry laboratories in the pharmaceutical,
          environmental, chemical, food, forensic, academic and energy
          industries. Annual sales are approximately $4.5 million.

     (b)  On January 6, 1999, a subsidiary of SLPC acquired certain operating
          assets of Rascher & Betzold, Inc., a manufacturer of high
          precision-grade hydrometers, thermometers and scientific glassware
          located in Chicago, Illinois. Annual sales are approximately $0.1
          million.

     (c)  On January 6, 1999, a subsidiary of SLPC acquired the assets of
          Laboratory Devices, Inc. ("LDI"), a manufacturer of melting point
          apparatus and other constant temperature laboratory equipment. LDI's
          annual sales are approximately $1.0 million.

     (d)  On January 7, 1999, a subsidiary of SLPC acquired the HistoScreen(R)
          and HistoGel(TM) product lines of Perk Scientific. These products,
          with annual sales of approximately $1.0 million, are used for handling
          small tissue specimens during histology processing.

     (e)  On January 22, 1999, SLPC acquired Molecular BioProducts, Inc.
          ("MBP"), located in San Diego, California. MBP is one of the leading
          manufacturers of disposable liquid handling products used in molecular
          biology and life science markets. MBP's annual sales are approximately
          $19.0 million.

     (f)  On February 3, 1999, a subsidiary of SLPC acquired Stahmer, Weston &
          Co., Inc. ("Stahmer Weston") located in Portsmouth, New Hampshire.
          Stahmer Weston produces a line of hand care


                                       9


<PAGE>   11

          products for health care workers and a line of specimen container
          products. Annual sales are approximately $3.0 million.

     All of the acquisitions were made for cash at an aggregate purchase price
     of approximately $119.5 million and are being accounted for as purchase
     business combinations with the results of the acquired entity being
     included in the Company's financial statements from the date of the
     acquisition. The excess of the purchase price over the fair value of the
     net identifiable assets acquired in each of the aforementioned acquisitions
     totaling $48.7 million has been recorded as goodwill and is being amortized
     on a straight line basis over 40 years.

5.   In June 1998, the Company recorded a restructuring charge of approximately
     $24.0 million (approximately $16.7 million after tax or $.16 per share on a
     diluted basis) for the rationalization of certain acquired companies,
     combination of certain production facilities, movement of certain customer
     service and marketing functions, and the exiting of several product lines.
     The restructuring charge was originally classified as components of cost of
     sales (approximately $6.4 million relating entirely to the write-off of
     inventory), selling, general and administrative expenses (approximately
     $16.9 million) and income tax expense (approximately $0.7 million). Upon
     reclassifying NPT to a discontinued operation in December, 1998,
     approximately $0.3 million and $0.6 million were reclassified from cost of
     sales and selling, general and administrative expenses to discontinued
     operations. In addition in the September 30, 1998 balance sheet,
     approximately $0.4 million of the remaining restructuring reserve at NPT
     was reclassified from restructuring reserve to net assets held for sale.
     Activity with respect to the restructuring charge since June 1998 is as
     follows:

<TABLE>
<CAPTION>

                                                 Shut-   Inventory
                                     Lease       down      Write-    Fixed                          Contractual
                       Severance(a)  Pymts.(b)  Costs(b)   off(c)   Assets(c)   Tax(d)  Goodwill(e)  Obligations(f)  Other   Total
                       ------------  ---------  --------   -----   ---------    ------  -----------  --------------  -----   -----
                                                      (In thousands)
<S>                      <C>       <C>        <C>       <C>       <C>        <C>        <C>          <C>          <C>      <C>
1998 Initial
  Accrual                  $ 8,500   $   400    $   500   $ 6,400   $ 2,300    $   700    $ 2,100       $ 1,000     $ 2,100  $24,000
1998 cash
  payments                   3,300       100        100        --        --         --         --           400         700    4,600
Non-cash 1998
 charges                        --        --         --     6,400     2,300         --      2,100            --         600   11,400
                           -------   -------    -------   -------   -------    -------    -------       -------     -------  -------
Balance 9/30/98              5,200       300        400        --        --        700         --           600         800    8,000
1999 cash
  payments                   2,200        --         --        --        --         --         --           300          --    2,500
Adjustments (g)                 --        --         --        --        --         --         --            --         400      400
                           -------   -------    -------   -------   -------    -------    -------       -------     -------  -------
Balance 3/31/99            $ 3,000   $   300    $   400   $    --   $    --    $   700    $    --       $   300     $   400  $ 5,100
                           =======   =======    =======   =======   =======    =======    =======       =======     =======  =======
</TABLE>

     (a) Amount represents severance and termination costs for approximately 165
         notified employees (primarily sales and marketing personnel). As of
         March 31,1999, 152 employees were terminated as a result of the
         restructuring plan. No significant adjustments were made to the
         liability.
     (b) Amounts represent lease payments and shutdown costs on exited
         facilities.
     (c) Amounts represent write-offs of inventory and fixed assets associated
         with discontinued product lines.
     (d) Amount represents a statutory tax relating to assets transferred from
         an exited sales facility in Switzerland.
     (e) Amount represents goodwill associated with exited product lines at
         SLPC.
     (f) Amount represents certain terminated contractual obligations primarily
         associated with Sybron Dental Specialties, Inc.
     (g) Amount represents reserves transferred from NPT which were reclassified
         to discontinued operations.

     The Company expects to make further cash payments of approximately $1,500
     and $1,300 in the third and fourth quarters of fiscal 1999, respectively
     and approximately $2,100 in fiscal 2000 and beyond. The actions associated
     with the restructuring are expected to eliminate annual costs of $16.0
     million.


                                       10

<PAGE>   12

     This estimate has been adjusted from the first quarter of fiscal 1999
     estimate of $16.3 million to reflect revisions from previous estimates. In
     the second quarter of fiscal 1999, the Company estimates it saved
     approximately $4.0 million (or $16.0 million on an annualized basis). We do
     not anticipate any additional adjustments to the savings estimates.

6.   For the six months ended March 31, 1999, the Company incurred approximately
     $2.7 million ($1.6 million after tax or $.02 per share on a diluted basis)
     of costs associated with the Pinnacle Merger and the integration of "A"
     Company, a subsidiary of LRS, with Sybron Dental Specialties, Inc. ("SDS").
     The actual and anticipated costs associated with the Pinnacle Merger and
     the integration of "A" Company were primarily from the Pinnacle Merger
     non-shareholder compensation (approximately $1.9 million). The remaining
     $0.8 million related to miscellaneous expenses primarily related to
     completing the "A" Company integration including customer announcements,
     professional fees, and relocation expenses. The Company does not anticipate
     incurring any further merger, transaction and integration expenses
     associated with the LRS and Pinnacle Mergers.

7.   On March 31, 1999, Sybron completed the sale of NPT to Norton Performance
     Plastics Corporation, a subsidiary of Saint-Gobain - France. Net proceeds
     from the sale, net of selling expenses of approximately $1.7 million,
     amounted to approximately $86.0 million. The sales price is subject to
     certain adjustments based upon the audited book value of NPT at March 31,
     1999. The Company does not expect a significant change to the purchase
     price as a result of the audit. The proceeds of the sale were used to repay
     amounts previously owed under the Companies credit facilities.

     Sales from NPT were $10.7 million and $12.2 million in the quarters ended
     March 31, 1999 and 1998, respectively and $21.0 million and $25.1 million
     for the six months ended March 31, 1999 and 1998, respectively. Certain
     expenses have been allocated to discontinued operations including interest
     expense which was allocated based upon the historical purchase prices and
     cash flows of the companies comprising NPT.


                                       11
<PAGE>   13



     The components of net assets held for sale of discontinued operations
     included in the Consolidated Balance Sheet at September 30, 1998 are as
     follows:

<TABLE>
<CAPTION>

                                                               September 30,
                                                                   1998
                                                                   ----
                                                                (Unaudited)
                                                               (In thousands)
<S>                                                             <C>
         Cash                                                     $    317
         Net account receivables                                     8,977
         Net inventories                                            10,152
         Other current assets                                          158
         Intangible assets                                          33,607
         Property plant and equipment - net                          2,930
         Current portion of long term debt                             (25)
         Accounts payable                                           (2,339)
         Accrued liabilities                                        (1,012)
         Deferred income taxes- net                                 (1,195)
         Long term debt                                                 (8)
                                                                  --------
                                                                  $ 51,562
</TABLE>


                                       12
<PAGE>   14



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

GENERAL

     The subsidiaries of the Company are leading manufacturers of value-added
products for the laboratory and professional dental and orthodontic markets in
the United States and abroad. The laboratory businesses are grouped under Sybron
Laboratory Products Corporation ("SLPC"), and the dental and orthodontic
businesses are grouped under Sybron Dental Specialties, Inc. ("SDS"). Their
major product categories and their primary subsidiaries in each category are as
follows:

                                      SLPC
<TABLE>

<S>                                         <C>
Labware and Life Sciences                            Diagnostics and Microbiology
Nalge Nunc International Corporation                 Applied Biotech, Inc.
National Scientific Company                          CASCO-NERL Diagnostics Corporation
Nunc A/S                                             Diagnostic Reagents, Inc.
Nalge (Europe), Ltd.                                 Alexon-Trend, Inc.
Molecular BioProducts, Inc.                          Remel Inc.

Clinical and Industrial Technologies                 Laboratory Equipment
Erie Scientific Company                              Barnstead Thermolyne Corporation
Chase Scientific Glass, Inc.                         Lab-Line Instruments, Inc.
The Naugatuck Glass Company
Richard-Allan Scientific Company
Samco Scientific Corporation
Gerhard Menzel Glasbearbeitungswerk
         GmbH & Co. K.G.

                                       SDS

Professional Dental                                  Orthodontics
Kerr Corporation                                     Ormco Corporation
Beavers Dental Company                               Allesee Orthodontic Appliances, Inc
Metrex Research Corporation
Pinnacle Products, Inc
</TABLE>

     Over the past several years the Company has been pursuing a growth strategy
designed to increase sales and enhance operating margins. Elements of that
strategy include emphasis on acquisitions, product line extensions, new product
introductions, international growth and rationalization of existing businesses
and product lines.

     When we use the terms "we" or "our" in this report, we are referring to
Sybron International Corporation and its subsidiaries. Our fiscal year ends on
September 30 and, accordingly, all references to quarters refer to the Company's
fiscal quarters.


                                       13
<PAGE>   15

     Our results for the six months ended March 31, 1999 include charges
relating to integration costs associated with the merger with LRS Acquisition
Corp. ("LRS") (the "LRS Merger"), the parent of "A" Company, and transaction
costs associated with the merger with Pinnacle Products of Wisconsin, Inc.
("Pinnacle") (the "Pinnacle Merger") (See Note 6 to the Unaudited Financial
Statements). In addition, because the LRS and Pinnacle Mergers are each
accounted for as a pooling of interests, all prior period data have been
adjusted to reflect the historical results of LRS and Pinnacle as if the Mergers
took place on the first day of the reporting period. In addition, historical
financial data relating to Nalge Process Technologies Group, Inc. ("NPT") have
been reclassified to discontinued operations. (See Note 7 to the Unaudited
Financial Statements)

     All results referred to below include the adjustments to the historical
results for the pooling of interest transactions and the discontinued operation.

     Both our sales and operating income for the quarter and six months ended
March 31, 1999 grew over the corresponding prior year period. Net sales for the
quarter and six months ended March 31, 1999 increased by 20.4% and 18.0%,
respectively, over the corresponding fiscal 1998 periods. Operating income for
the quarter and six months increased by 27.3% and 19.7%, respectively, over the
corresponding fiscal 1998 periods.

     Sales growth in the quarter and the six months ended March 31, 1999 was
strong both domestically and internationally. Domestic and international sales
increased by 20.1% and by 20.9%, respectively, over the corresponding fiscal
1998 quarter and by 18.5% and by 17.2%, respectively, over the corresponding
fiscal 1998 six month period.

     Acquisitions aided sales growth significantly during the quarter and six
month period, accounting for $29.5 million and $7.1 million of the domestic and
international sales increase, respectively, for the quarter and $51.3 million
and $15.9 million of the domestic and international sales increase,
respectively, for the six month period. Internal growth for the quarter and six
months ended March 31, 1999 was 4.4% and 4.3%, respectively.

     We continue to maintain an active program of developing and marketing new
products and product line extensions, as well as pursuing growth through
acquisitions. We completed six acquisitions in the second quarter of fiscal
1999. (See Note 4 to the Unaudited Consolidated Financial Statements.)

     Our results of operations include goodwill amortization, other
amortization, and depreciation. These non-cash charges totaled $16.8 million and
$13.8 million for the quarters ended March 31, 1999 and 1998, respectively, and
$32.6 million and $27.4 million for the six months ended March 31, 1999 and
1998, respectively. Because our operating results reflect significant
depreciation and amortization expense largely associated with stepped-up assets
and goodwill from our acquisition program and the leveraged buyout in 1987 of a
company known at that time as Sybron Corporation (the "Acquisition"), we believe
our "Adjusted EBITDA" is a useful measure of our ability to internally fund our
liquidity requirements. "Adjusted EBITDA" (while not a measure under generally
accepted accounting principles, ("GAAP"), and not a substitute for GAAP measured
earnings or cash flows or an indication of operating performance or a measure of
liquidity) represents, for any relevant period, net income from continuing
operations plus (i) interest expense, (ii) provision for income taxes, (iii)
acquisition related expenses and (iv) depreciation and


                                       14
<PAGE>   16

amortization, all determined on a consolidated basis and in accordance with
GAAP. Our "Adjusted EBITDA" amounted to $84.3 million and $67.5 million for the
quarters ended March 31, 1999 and 1998, respectively, and $155.9 million and
$128.6 million for the six months ended March 31, 1999 and 1998, respectively.

     Substantial portions of our sales, income and cash flows are derived
internationally. The financial position and the results of operations from
substantially all of our international operations, other than most U.S. export
sales, are measured using the local currency of the countries in which such
operations are conducted and are then translated into U.S. dollars. While the
reported income of foreign subsidiaries will be impacted by a weakening or
strengthening of the U.S. dollar in relation to a particular local currency, the
effects of foreign currency fluctuations are partially mitigated by the fact
that manufacturing costs and other expenses of foreign subsidiaries are
generally incurred in the same currencies in which sales are generated. Such
effects of foreign currency fluctuations are also mitigated by the fact that
such subsidiaries' operations are conducted in numerous foreign countries and,
therefore, in numerous foreign currencies. In addition, our U.S. export sales
may be impacted by foreign currency fluctuations relative to the value of the
U.S. dollar as foreign customers may adjust their level of purchases upward or
downward according to the weakness or strength of their respective currencies
versus the U.S. dollar.

     From time to time we may employ currency hedges to mitigate the impact of
foreign currency fluctuations. If currency hedges are not employed, we may be
exposed to earnings volatility as a result of foreign currency fluctuations. In
October 1997, we decided to employ a series of foreign currency options with a
U.S. dollar notional amount of approximately $13.6 million at a cost of
approximately $0.4 million. Two of these options were sold in the third quarter
of fiscal 1998 for $0.4 million. The remaining options expired worthless in the
fourth quarter of 1998. These options were designed to protect the Company from
potential detrimental effects of currency movements associated with the U.S.
dollar versus the German mark and the French franc as compared to the third and
fourth quarters of 1997. In October 1998, we again decided to employ a series of
foreign currency options with a U.S. dollar notional amount of approximately
$45.7 million at a cost of approximately $0.3 million. These options are
designed to protect the Company from potential detrimental effects of currency
movements associated with the U.S. dollar versus the German mark, French franc,
Swiss franc, and Japanese yen in the second, third and fourth quarters of fiscal
1999. The options, designed to protect the Company from detrimental effects of
foreign currency fluctuations in the second quarter, were sold or expired
worthless in the second quarter of fiscal 1999 at a net gain of $0.1 million.
The remaining contracts with a notional value of $30.3 million remained in place
at March 31, 1999.

RESULTS OF OPERATIONS

QUARTER ENDED MARCH 31, 1999 COMPARED TO THE QUARTER ENDED MARCH 31, 1998

     NET SALES. Net sales for the three months ended March 31, 1999 were $272.0
million, an increase of $46.0 million (20.4%) from net sales of $226.0 million
for the corresponding three months ended March 31, 1998. Sales in the laboratory
segment were $175.4 million for the three months ended March 31, 1999, an
increase of 30.4% from the corresponding 1998 fiscal period. Increased sales in
the laboratory segment resulted primarily from (i) sales of products of acquired
companies (approximately $34.3 million), (ii) increased volume from sales of new
products (approximately $3.2 million), (iii) an improved product mix


                                       15
<PAGE>   17

(approximately $2.0 million), (iv) price increases (approximately $1.3 million)
and (v) favorable foreign currency impacts (approximately $1.0 million).
Increased sales in the laboratory segment were partially offset by a reduction
in volume from sales of existing products (approximately $0.9 million). In the
dental segment, net sales were $96.6 million for the three months ended March
31, 1999, an increase of 5.6% from the corresponding fiscal 1998 period.
Increased sales in the dental segment resulted primarily from (i) increased
volume from sales of new products (approximately $3.4 million), (ii) sales of
products of acquired companies, net of discontinued product lines (approximately
$2.9 million) and (iii) favorable foreign currency impacts (approximately $0.7
million). Increased sales in the dental segment were partially offset by reduced
volume from sales of existing products (approximately $1.9 million).

     GROSS PROFIT. Gross profit for the three months ended March 31, 1999 was
$141.6 million, an increase of 19.6% from gross profit of $118.4 million for the
corresponding fiscal 1998 period. Gross profit in the laboratory segment was
$83.2 million (47.4% of net segment sales), an increase of 27.4% from gross
profit of $65.3 million (48.5% of net segment sales) during the corresponding
fiscal 1998 period. Gross profit in the laboratory segment increased primarily
as a result of (i) the effects of acquired companies (approximately $15.4
million), (ii) a favorable product mix (approximately $2.8 million), (iii) price
increases (approximately $1.3 million), (iv) increased volume (approximately
$1.0 million) and (v) favorable foreign currency impacts (approximately $0.2
million). Increased gross profit in the laboratory segment was partially offset
by increased manufacturing overhead (approximately $2.9 million). In the dental
segment, gross profit was $58.4 million (60.5% of net segment sales) for the
three months ended March 31, 1999, an increase of 10.0% from gross profit of
$53.1 million (58.1% of net segment sales) during the corresponding fiscal 1998
period. Increased gross profit in the dental segment resulted primarily from (i)
decreased manufacturing overhead (approximately $1.2 million), (ii) increased
volume (approximately $1.0 million), (iii) inventory factors (approximately $1.0
million), (iv) an improved product mix (approximately $1.0 million) and (v) the
effects of acquired companies (approximately $1.0 million).

     SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses for the three months ended March 31, 1999 were $73.1
million (26.9% of net sales) as compared to $64.5 million (28.6% of net sales)
in the corresponding fiscal 1998 period. General and administrative expenses at
the corporate level, including amortization of purchase accounting adjustments
and goodwill associated with acquisitions, were $5.1 million, representing a
decrease of 1.5% from $5.2 million in the corresponding fiscal 1998 period. The
decrease at the corporate level was primarily due to decreased professional
service expenses. Selling, general and administrative expenses at the subsidiary
level, including amortization of intangibles, were $68.0 million (25.0% of net
sales), representing an increase of 14.5% from $59.4 million (26.3% of net
sales) in the corresponding fiscal 1998 period. Increases at the subsidiary
level were primarily due to (i) expenses related to newly acquired businesses
(approximately $6.4 million), (ii) increased marketing expense (approximately
$1.7 million), (iii) increased amortization of intangible assets related to
acquired businesses (approximately $1.2 million) and (iv) increased research and
development expenditures (approximately $0.2 million), partially offset by (i) a
reduction in general and administrative expenses (approximately $0.7 million)
and (ii) favorable foreign currency impacts (approximately $0.2 million).

     OPERATING INCOME. Operating income was $68.5 million (25.2% of net sales)
for the three months ended March 31, 1999 compared to $53.8 million (23.8% of
net sales) in the corresponding fiscal 1998 period. Operating income in the
laboratory segment was $43.4 million (24.7% of net segment sales)


                                       16
<PAGE>   18

compared to $33.0 million (24.5% of net segment sales) in the corresponding
fiscal 1998 period. Operating income in the dental segment was $25.1 million
(26.0% of net segment sales) compared to $20.8 million (22.8% of net segment
sales) in the corresponding fiscal 1998 period.

     INTEREST EXPENSE. Interest expense was $14.0 million for the three months
ended March 31, 1999 compared to $13.4 million in the corresponding fiscal 1998
period. This increase resulted from a higher debt balance primarily from our
acquisition activity. Interest expense for the three months ended March 31, 1999
and 1998 included additional non-cash interest expense of $0.3 million resulting
from the adoption of SFAS No. 106.

     INCOME TAXES. Taxes on income increased $5.4 million when compared to the
fiscal 1998 period primarily as a result of increased earnings.

     INCOME FROM CONTINUING OPERATIONS. As a result of the foregoing, we had net
income from continuing operations of $32.5 million for the three months ended
March 31, 1999 compared to $24.8 million in the corresponding fiscal 1998
period.

     INCOME FROM DISCONTINUED OPERATIONS. Income from discontinued operations
for the three months ended March 31, 1999 was $0.1 million compared to $1.6
million in the corresponding fiscal 1998 period. The fiscal 1999 period includes
operating results of NPT for the period January 1, 1999 through the measurement
date of January 22, 1999, while the 1998 period includes a full three months of
operating results. Primarily, because of the differences in included periods,
sales volume decreased by approximately $8.8 million. Partially offsetting the
sales decrease were corresponding decreases in cost of sales (approximately $4.7
million), selling, general and administrative expenses (approximately $1.4
million), interest expense (approximately $0.2 million) and income taxes
(approximately $1.0 million).

     EXTRAORDINARY ITEM. On March 31, 1999, Sybron completed the sale of NPT to
Norton Performance Plastics Corporation, a subsidiary of Saint-Gobain - France.
Net proceeds from the sale, net of estimated selling expenses of $1.7 million,
amounted to $86.0 million. The Company realized a gain on this sale (net of tax
and a provision for losses during the phase out period of $18.4 million and $0.5
million, respectively) of $18.3 million.

     NET INCOME. We had net income of $50.9 million for the three months ended
March 31, 1999 compared to $26.3 million in the corresponding fiscal 1998
period.

     DEPRECIATION AND AMORTIZATION. Depreciation and amortization expense is
allocated among cost of sales, selling, general and administrative expenses and
other expense. Depreciation and amortization increased $3.0 million when
compared to the prior year three month period. This increase was primarily due
to the amortization of intangible assets and depreciation of property, plant and
equipment related to acquired companies.

SIX MONTHS ENDED MARCH 31, 1999 COMPARED TO THE SIX MONTHS ENDED MARCH 31, 1998

     NET SALES. Net sales for the six months ended March 31, 1999 were $520.3
million, an increase of $79.5 million (18.0%) from net sales of $440.8 million
for the corresponding six months ended March 31,


                                       17
<PAGE>   19

1998. Sales in the laboratory segment were $331.9 million for the six months
ended March 31, 1999, an increase of 28.2% from the corresponding 1998 fiscal
period. Increased sales in the laboratory segment resulted primarily from (i)
sales of products of acquired companies (approximately $62.2 million), (ii)
increased volume from sales of new products (approximately $4.3 million), (iii)
price increases (approximately $3.0 million), (iv) favorable foreign currency
impacts (approximately $1.7 million), (v) a favorable product mix (approximately
$1.2 million) and (vi) increased volume from sales of existing products
(approximately $0.6 million). In the dental segment, net sales were $188.5
million for the first six months of fiscal 1999, an increase of 3.5% from the
corresponding fiscal 1998 period. Increased sales in the dental segment resulted
primarily from (i) sales of products of acquired companies, net of discontinued
product lines (approximately $6.3 million), (ii) increased volume from sales of
new products (approximately $3.8 million) and (iii) favorable foreign currency
movements (approximately $0.6 million). Increased sales in the dental segment
were partially offset by reduced volume from sales of existing products
(approximately $4.3 million).

     GROSS PROFIT. Gross profit for the six months ended March 31, 1999 was
$267.2 million, an increase of 16.2% from gross profit of $229.9 million for the
corresponding fiscal 1998 period. Gross profit in the laboratory segment was
$156.8 million (47.3% of net segment sales), an increase of 26.2% from gross
profit of $124.3 million (48.0% of net segment sales) during the corresponding
fiscal 1998 period. Gross profit in the laboratory segment increased primarily
as a result of (i) the effects of acquired companies (approximately $28.3
million), (ii) price increases (approximately $3.0 million), (iii) increased
volume (approximately $2.3 million), (iv) a favorable product mix (approximately
$2.3 million) and (v) favorable foreign currency movements (approximately $0.4
million), partially offset by increased manufacturing overhead (approximately
$3.8 million). In the dental segment, gross profit was $110.4 million (58.6% of
net segment sales) for the six months ended March 31, 1999, an increase of 4.6%
from gross profit of $105.6 million (58.0% of net segment sales) during the
corresponding fiscal 1998 period. Increased gross profit in the dental segment
resulted primarily from (i) decreased manufacturing overhead (approximately $2.5
million), (ii) the effects of acquired companies (approximately $2.0 million),
(iii) an improved product mix (approximately $0.7 million), (iv) favorable
foreign currency impacts (approximately $0.5 million) and (v) increased volume
(approximately $0.2 million). Increases in gross profit were partially offset by
inventory adjustments (approximately $1.1 million).

     SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses for the six months ended March 31, 1999 were $145.8
million (28.0% of net sales) as compared to $128.4 million (29.1% of net sales)
in the corresponding fiscal 1998 period. General and administrative expenses at
the corporate level, including amortization of purchase accounting adjustments
and goodwill associated with acquisitions, were $11.0 million, representing an
increase of 6.0% from $10.4 million in the corresponding fiscal 1998 period. The
increase at the corporate level was primarily due to increased professional
service expenses. Selling, general and administrative expenses at the subsidiary
level, including amortization of intangibles, were $134.8 million (25.9% of net
sales), representing an increase of 14.2% from $118.0 million (26.8% of net
sales) in the corresponding fiscal 1998 period. Increases at the subsidiary
level were primarily due to (i) expenses related to newly acquired businesses
(approximately $11.7 million), (ii) costs associated with the Pinnacle Merger
and the integration of LRS (approximately $2.7 million), (iii) increased
amortization of intangible assets related to acquired businesses (approximately
$2.4 million), (iv) increased research and development expenditures
(approximately $0.5 million) and (v) increased marketing expense (approximately
$0.4 million).


                                       18
<PAGE>   20

Increases in selling, general and administrative expenses were partially offset
by (i) favorable foreign currency impacts (approximately $0.5 million) and (ii)
a reduction in general and administrative expense (approximately $0.4 million).

     OPERATING INCOME. Operating income was $121.4 million (23.3% of net sales)
for the six months ended March 31, 1999 compared to $101.4 million (23.0% of net
sales) in the corresponding fiscal 1998 period. Operating income in the
laboratory segment was $78.0 million (23.5% of net segment sales) compared to
$60.7 million (23.5% of net segment sales) in the corresponding fiscal 1998
period. Operating income in the dental segment was $43.4 million (23.0% of net
segment sales) compared to $40.7 million (22.4% of net segment sales) in the
corresponding fiscal 1998 period.

     INTEREST EXPENSE. Interest expense was $28.1 million for the six months
ended March 31, 1999 compared to $26.7 million in the corresponding fiscal 1998
period. This increase resulted from a higher debt balance primarily from our
acquisition activity. Interest expense for the six months ended March 31, 1999
and 1998 included additional non-cash interest expense of $0.6 million resulting
from the adoption of SFAS No. 106.

     INCOME TAXES. Taxes on income increased $7.7 million when compared to the
fiscal 1998 period primarily as a result of increased earnings.

     INCOME FROM CONTINUING OPERATIONS. As a result of the foregoing, we had net
income from continuing operations of $55.8 million for the six months ended
March 31, 1999 compared to $45.6 million in the corresponding fiscal 1998
period.

     INCOME FROM DISCONTINUED OPERATIONS. Income from discontinued operations
for the six months ended March 31, 1999 was $0.7 million compared to $2.7
million in the corresponding fiscal 1998 period. The fiscal 1999 period includes
operating results of NPT for the period October 1, 1999 through the measurement
date of January 22, 1999, while the 1998 period includes a full six months of
operating results. Because of the differences in included periods, sales volume
decreased by approximately $8.8 million. Partially offsetting the sales decrease
were corresponding decreases in cost of sales (approximately $4.7 million),
selling, general and administrative expenses (approximately $1.4 million),
interest expense (approximately $0.2 million) and income taxes (approximately
$1.0 million). In addition, due to the cyclicality of the business we
experienced a reduction in sales volume of existing products (approximately $2.5
million) partially offset by reductions in cost of sales (approximately $1.0
million), income taxes (approximately $0.6 million), selling general and
administrative expenses (approximately $0.2 million) and miscellaneous expenses
($0.2 million).


     EXTRAORDINARY ITEM. On March 31, 1999, Sybron completed the sale of NPT to
Norton Performance Plastics Corporation, a subsidiary of Saint-Gobain - France.
Net proceeds from the sale, net of estimated selling expenses of $1.7 million,
amounted to $86.0 million. The Company realized a gain on this sale (net of tax
and a provision for losses during the phase out period of $18.4 million and $0.5
million, respectively) of $18.3 million.


                                       19
<PAGE>   21

     NET INCOME. We had net income of $74.7 million for the six months ended
March 31, 1999 compared to $48.3 million in the corresponding fiscal 1998
period.

     DEPRECIATION AND AMORTIZATION. Depreciation and amortization expense is
allocated among cost of sales, selling, general and administrative expenses and
other expense. Depreciation and amortization increased $5.3 million when
compared to the prior year six month period. This increase was primarily due to
the amortization of intangible assets and depreciation of property, plant and
equipment related to acquired companies.

LIQUIDITY AND CAPITAL RESOURCES

     As a result of a 1987 leveraged buyout transaction (the "Acquisition") and
the acquisitions we have completed since 1987, we have increased the carrying
value of certain tangible and intangible assets consistent with GAAP.
Accordingly, our results of operations include a significant level of non-cash
expenses related to the depreciation of fixed assets and the amortization of
intangible assets, including goodwill. Goodwill and intangible assets increased
by approximately $48.7 million in the second quarter and by approximately $93.8
million in the first six months of fiscal 1999, primarily as a result of
continued acquisition activity. We believe, therefore, that although it is not a
GAAP measure and it is not a substitute for GAAP measured earnings and cash
flows or an indication of operating performance or a measure of liquidity,
"Adjusted EBITDA" represents a useful measure of our ability to internally fund
our capital requirements.

     Our capital requirements arise principally from indebtedness incurred in
connection with the permanent financing for the Acquisition, our subsequent
refinancings, our working capital needs, primarily related to inventory and
accounts receivable, our capital expenditures, primarily related to purchases of
machinery and molds, the purchase of various businesses and product lines in
execution of our acquisition strategy, payments to be made in connection with
our June 1998 restructuring, and the periodic expansion of physical facilities.
It is currently our intent to pursue our acquisition strategy. If acquisitions
continue at our historical pace, of which there can be no assurance, we will
require financing beyond the capacity of our Credit Facilities (as defined
below). In addition, certain acquisitions previously completed contain "earnout
provisions" requiring further payments in the future if certain financial
results are achieved by the acquired companies. Approximately $49.1 million of
cash was generated from operating activities in the first half of fiscal 1999, a
decrease of $8.9 million or 15.3% from the corresponding 1998 period. Decreased
cash flow from operating activities was primarily from, a payment made in
connection with a legal settlement relating to a discontinued operation
(approximately $8.5 million), an increase in taxes paid (approximately $16.2
million), a decrease in deferred income taxes (approximately $4.3 million), an
increase in interest paid (approximately $2.7 million), payments made in
connection with the restructuring reserve (approximately $2.5 million) and
decreases in other net assets (approximately $2.0 million), partially offset by
increased Adjusted EBITDA (approximately $27.3 million). Cash flows used in
investing activities were $47.0 million in the first half of fiscal 1999, a
decrease of $66.4 million or 58.5% from the corresponding fiscal 1998 period.
Decreased cash used in investing activities resulted primarily from proceeds
received upon the sale of NPT (approximately $86.0 million), decreased capital
expenditures (approximately $3.0 million) partially offset by decreased proceeds
from sales of property plant and equipment (approximately $2.6 million) and an
increase in cash payments for acquiring companies (approximately $20.0 million).
In the first half of fiscal 1999, the net cash provided by financing activities
decreased by approximately $72.6 million as compared to the prior years


                                       20
<PAGE>   22

corresponding quarter. The reduction in cash provided by financing activities
was primarily due to the repayment of $67.9 million owed under the Credit
Facilities (as defined later herein) with the net proceeds from the sale of NPT.
In addition, approximately $3.6 million was paid in dividends in the first half
of fiscal 1998 from Pinnacle and LRS prior to their mergers with Sybron. With
respect to the restructuring charge of approximately $24.0 million which was
recorded in June, 1998, of which approximately $12.6 million represents cash
expenditures, as of March 31, 1999, we have made cash payments of approximately
$7.1 million and reclassified approximately $0.4 million to discontinued
operations. Approximately $5.1 million remains to be paid over the next twelve
months.

     The statement contained in the immediately preceding paragraph concerning
our intent to continue to pursue our acquisition strategy is a forward-looking
statement. Our ability to continue our acquisition strategy is subject to a
number of uncertainties, including, but not limited to, our ability to raise
capital beyond the capacity of our Credit Facilities and the availability of
suitable acquisition candidates at reasonable prices. See "Cautionary Factors"
below.

     On July 31, 1995, we entered into a credit agreement (as amended, the
"Credit Agreement") with Chemical Bank (now known as The Chase Manhattan Bank
("Chase")) and certain other lenders providing for a term loan facility of $300
million (the "Term Loan Facility"), and a revolving credit facility of $250
million (the "Revolving Credit Facility") (collectively the "Credit
Facilities"). On the same day, we borrowed $300 million under the Term Loan
Facility and approximately $122.5 million under the Revolving Credit Facility.
Approximately $158.5 million of the borrowed funds were used to finance the
acquisition of the Nunc group of companies (approximately $9.1 million of the
acquisition price for Nunc was borrowed under our previous credit facilities).
The remaining borrowed funds of approximately $264.0 million were used to repay
outstanding amounts, including accrued interest, under our previous credit
facilities and to pay certain fees in connection with such refinancing. On July
9, 1996, under the First Amendment to the Credit Agreement (the "First
Amendment"), the capacity of the Revolving Credit Facility was increased to $300
million, and a competitive bid process was established as an additional option
for us in setting interest rates. On April 25, 1997, we entered into the Second
Amended and Restated Credit Agreement (the "Second Amendment"). The Second
Amendment was an expansion of the Credit Facilities. The Term Loan Facility was
restored to $300 million by increasing it by $52.5 million (equal to the amount
previously repaid through April 24, 1997) and the Revolving Credit Facility was
expanded from $300 million to $600 million. On April 25, 1997, we borrowed a
total of $622.9 million under the Credit Facilities. The proceeds were used to
repay $466.3 million of previously existing LIBOR and ABR loans (as defined
below) (including accrued interest and certain fees and expenses) under the
Credit Facilities and to pay $156.6 million with respect to the purchase of
Remel Limited Partnership which includes both the purchase price and payment of
assumed debt. The $72 million of CAF borrowings (as defined below) remained in
place. On July 1, 1998, we completed the First Amendment to the Second Amended
Credit Agreement (the "Additional Amendment"). The Additional Amendment provided
for an increase in the Term Loan Facility of $100 million. On July 1, 1998, we
used the $100 million of proceeds from the Additional Amendment to pay $100
million of existing debt balances under the Revolving Credit Facility. The
Additional Amendment also provides us with the ability to use proceeds from the
issuance of additional unsecured, subordinated indebtedness of up to $300
million, to pay amounts outstanding under the Revolving Credit Facility without
reducing our ability to borrow under the Revolving Credit Facility in the
future.


                                       21
<PAGE>   23

     Payment of principal and interest with respect to the Credit Facilities and
the Sale/Leaseback (as defined later herein) is anticipated to be our largest
use of operating funds in the future. The Credit Facilities provide for an
annual interest rate, at our option, equal to (a) the higher of (i) the rate
from time to time publicly announced by Chase in New York City as its prime
rate, (ii) the federal funds rate plus 1/2 of 1%, and (iii) the base CD rate
plus 1%, (collectively referred to as "ABR") or (b) the London interbank offered
rate ("LIBOR") plus 1/2% to 7/8% (the "LIBOR Margin") depending upon the ratio
of our total debt to Consolidated Adjusted Operating Profit (as defined), or (c)
with respect to the Revolving Credit Facility, the rate set by the competitive
bid process among the parties to the Revolving Credit Facility established in
the First Amendment ("CAF"). The average interest rate on the Term Loan Facility
(inclusive of the swap agreements described below) in both the second quarter
and first half of fiscal 1999 was 6.5% and the average interest rate on the
Revolving Credit Facility in the second quarter and first half of fiscal 1999
was 5.8% and 5.9%, respectively.

     As a result of the terms of the Credit Agreement, we are sensitive to a
rise in interest rates. In order to reduce our sensitivity to interest rate
increases, from time to time we enter into interest rate swap agreements. As of
March 31, 1999, the Company has seven interest rate swaps outstanding
aggregating a notional amount of $375 million. Under the terms of the swap
agreements, the Company is required to pay a fixed rate amount equal to the swap
agreement rate listed below. In exchange for the payment of the fixed rate
amount, the Company receives a floating rate amount equal to the three-month
LIBOR rate in effect on the date of the swap agreements and the subsequent reset
dates. For each of the swap agreements the rate resets on each quarterly
anniversary of the swap agreement date until the swap expiration date. The net
interest rate paid by the Company is approximately equal to the sum of the swap
agreement rate plus the applicable LIBOR Margin. For the quarter and first half
of fiscal 1999, the LIBOR margin was .75%. The swap agreement rates and duration
as of March 31, 1999 are as follows:

<TABLE>
<CAPTION>

                                                    SWAP AGREEMENT              SWAP AGREEMENT
EXPIRATION DATE            NOTIONAL AMOUNT               DATE                        RATE
---------------            ---------------               ----                        ----
<S>                      <C>                      <C>                           <C>
August 13, 1999            $50 million               August 13, 1993               5.540%
June  8, 2002              $50 million               December 8, 1995              5.500%
February 7, 2001           $50 million               August 7, 1997                5.910%
August 7, 2001             $50 million               August 7, 1997                5.897%
September 10, 2001         $50 million               December 8, 1995              5.623%
July 31, 2002              $75 million               May 7, 1997                   6.385%
July 31, 2002              $50 million               October 23, 1998              4.733%
</TABLE>

     Also as part of the permanent financing for the Acquisition, on December
22, 1988, we entered into the sale and leaseback of what were our principal
domestic facilities at that time (the "Sale/Leaseback"). In January 1999, the
annual obligation under the Sale/Leaseback increased from $3.3 million to $3.6
million, payable monthly. On the fifth anniversary of the leases and every five
years thereafter (including renewal terms), the rent will be increased by the
percentage equal to 75% of the percentage increase in the Consumer Price Index
over the preceding five years. The percentage increase to the rent in any
five-year period is capped at 15%. The next adjustment will occur on January 1,
2004.

     We intend to fund our acquisitions, working capital requirements, capital
expenditure requirements, principal and interest payments, obligations under the
Sale/Leaseback, restructuring expenditures, other


                                       22
<PAGE>   24

liabilities and periodic expansion of facilities, to the extent available, with
funds provided by operations and short-term borrowings under the Revolving
Credit Facility. To the extent that funds are not available from those sources,
particularly with respect to our acquisition strategy, we intend to raise
additional capital.

     As set forth above, after the Second Amendment, the Revolving Credit
Facility provides up to $600 million in available credit. At March 31, 1999,
there was approximately $82.2 million of available credit under the Revolving
Credit Facility. Under the Term Loan Facility, on July 31, 1997 we began to
repay principal in 21 consecutive quarterly installments by paying the $8.75
million due in fiscal 1997, $35.0 million due in fiscal 1998 and $17.5 million
of the $36.25 million due in fiscal 1999. On March 31, 1999, as a result of the
sale of NPT, the Company received approximately $87.7 million (approximately
$86.0 million net of fees and expenses). Net proceeds of the sale, after a
reduction for estimated applicable income taxes, were required to be used to
repay amounts owed by the Company under the Term Loan Facility. On March 31,
1999, the Company paid principal of approximately $67.9 million due under the
Term Loan Facility. The following table shows how the payments were applied, and
the resulting revised schedule of principal payments under the Term Loan
Facility, are as follows:

<TABLE>
<CAPTION>

                                      Payments          Previously        Principal Due
                                     Applied from       Scheduled         After Application
                                      NPT Sale          Principal         of NPT Proceeds
                                      --------          ---------         ---------------

                                                       (In Millions)
<S>                                 <C>              <C>                   <C>
Remaining payments
 due in fiscal 1999                    $18.75          $ 18.75               $     -
Payments due in 2000                    42.50            42.50                     -
Payments due in 2001                     1.29            53.75                 52.46
Payments due in 2002                     5.37           223.75                218.38
                                       ------          -------               -------
Total                                  $67.91          $338.75               $270.84
                                       ======          =======               =======
</TABLE>

     The Credit Agreement contains numerous financial and operating covenants,
including, among other things, restrictions on investments; requirements that we
maintain certain financial ratios; restrictions on our ability to incur
indebtedness or to create or permit liens or to pay cash dividends in excess of
$50.0 million plus 50% of our consolidated net income for each fiscal quarter
ending after June 30, 1995, less any dividends paid after June 22, 1994; and
limitations on incurrence of additional indebtedness. The Credit Agreement
permits us to make acquisitions provided we continue to satisfy all financial
covenants upon any such acquisition. Our ability to meet our debt service
requirements and to comply with such covenants is dependent upon our future
performance, which is subject to financial, economic, competitive and other
factors affecting us, many of which are beyond our control.

YEAR 2000

     Historically, certain computer programs were written using two digits
rather than four to identify the applicable year. Accordingly, software used by
the Company and others with whom it does business may be unable to interpret
dates in the calendar year 2000. This situation, commonly referred to as the
Year 2000 ("Y2K") issue, could result in computer failures or miscalculations,
causing disruption of


                                       23
<PAGE>   25

normal business activities. The Y2K issue could arise at any point in our
supply, manufacturing, distribution, administration, information, accounting and
financial systems. Incomplete or untimely resolution of the Y2K issue by the
Company, key suppliers, customers and other parties, could have a material
adverse effect on the Company's results of operations, financial condition and
cash flow.

     We have been addressing the Y2K issue with a corporate-wide initiative
sponsored by Sybron's Vice President-Finance and Chief Financial Officer and its
Vice President-General Counsel and Secretary, and led at the subsidiary level by
the Executive Vice President and Chief Financial Officer of SLPC and the Vice
President and Chief Information Officer of SDS. The four main phases of the
initiative include (1) identification of affected mission critical software
utilized by both information and non-information technology systems, (2)
assessment of the risk associated with such affected software and development of
a plan for modifying or replacing the software, (3) implementation of solutions
under the plan, and (4) testing of the solutions. The initiative also includes
communication with our significant suppliers, vendors and customers to determine
the extent to which we are vulnerable to any failures by them to address the Y2K
issue. The program contemplates the development of contingency plans where
needed to deal with Company systems and third party issues.

     We have completed in excess of 95% of the identification, risk-assessment
and plan development phases (phases (1) and (2)) of our initiative with respect
to our internal systems. Our work in these phases has included both information
technology ("IT") and non-information technology ("non-IT") systems. The IT
systems include accounting, financial, budgeting, invoicing and other business
systems. Non-IT systems include manufacturing production lines and equipment,
elevators, heating, ventilation and air conditioning systems, and telephone
systems. Although we believe we have substantially completed these phases, we
recognize that because of the nature of the Year 2000 problem, work in these
phases will continue up to the Year 2000 as new equipment, software, product
lines and businesses are added in the normal course of our operations, including
our acquisition program.

     We are approximately 90-95% along in our implementation phase (phase (3))
with respect to our internal systems. In most cases, we are upgrading existing
software to versions which are Y2K compliant. In other cases entire software
platforms are being replaced with more current, compliant systems, internally
developed software is being reprogrammed, and hardware is being replaced.
Although we have work remaining in this area, we believe all of our critical Y2K
implementations have been made.

     The testing phase (phase (4)) is also well along, as we have completed
approximately 90-95% of the testing required for systems that have been
remediated or replaced to date. Our efforts in this phase include testing by end
users and determination by appropriate local Y2K project managers that the
remediated or replaced systems are Y2K compliant. In those cases where testing
cannot be conducted by Company personnel, as in the case of certain imbedded
logic components, we rely on vendor certifications.

     The Company and each of its subsidiaries have project schedules which
include the task of corresponding with critical vendors, customers, suppliers
and other third parties to inquire about their Y2K readiness. The Company, and
it's subsidiaries have sent Y2K inquires to substantially all critical third
parties. Based on the responses or lack of responses to date, the Company has
determined there is a


                                       24
<PAGE>   26

risk that some critical suppliers (i.e. those that are key to a product line or
which represent a sole source of supply), will not be Y2K compliant. The
Company's subsidiaries are developing contingency plans to deal with this risk.
Depending on the vendor and product at issue, the Company will establish
alternative sourcing, build inventory, or identify substitute products. Based
upon the information we have to date, we believe our contingency plans will
enable our subsidiaries to continue to operate without any significant
disruption.

     Our Year 2000 initiative contemplates the development of contingency plans
as we test our software solutions and complete our risk assessments with respect
to third parties. Based upon the testing of our internal systems to date, we
believe that significant operational problems and costs (including loss of
revenue) are not reasonably likely to result from the failure of such systems as
result of the Y2K issue. We believe our most reasonably likely worst case
scenarios would be the failure of an important supplier to deliver requested
materials, parts or products or the failure of a significant distributor to get
our products to end users. With respect to suppliers, as set forth in the
previous paragraph, the Company's subsidiaries are developing contingency plans
to deal with this risk. Based on our analysis to date, we believe that the
operational problems that would reasonably likely result from the failure of
critical suppliers would not be significant. The associated costs relating to
supplier problems and the cost of associated contingency planning (including the
cost of building inventory, qualifying alternative suppliers, and potential lost
revenue) have not been fully analyzed, but at this time are believed to be
insignificant. Although we have not done an analysis to determine the effect of
the failure of a significant distributor to be able to ship our products to end
users as a result of Y2K issues, our review to date has not identified any
significant distributor to be reasonably likely to have significant Y2K
compliance issues.

     Because of the nature of the Y2K problem, we expect to continue all phases
of our initiative until the Year 2000, and expect to have to continue to develop
contingency plans for Y2K issues arising between now and the Year 2000. In
addition, even though phases (1) through (4) of our initiative are almost
completed for our core businesses, we will have to establish appropriate Y2K
compliance goals for businesses we acquire in the future pursuant to our
acquisition program.

     The historical and estimated future costs to the Company of Y2K compliance
are contained in the following table. The primary components of the reported
costs are external consulting and hardware and software upgrades. We do not
separately track internal costs of the Y2K initiative. Internal costs are
principally payroll costs of employees involved in the initiative. Our Year 2000
remediation efforts are funded from the Company's cash flow and from borrowings
under the Revolving Credit Facility. The Company has not deferred any
significant information technology projects due to its Year 2000 efforts.

<TABLE>
<CAPTION>

------------------------------ ------------------------ -------------------------- --------------------------
Year 2000                                               Fiscal 1999                Fiscal 1999
(in thousands) (est.)          Fiscal 1998              First 6 months             Last 6 months
------------------------------ ------------------------ -------------------------- --------------------------
<S>                          <C>                      <C>                        <C>
Capital Costs                  $1,657                   $411                       $614
------------------------------ ------------------------ -------------------------- --------------------------
Expenses                       914                      241                        303
------------------------------ ------------------------ -------------------------- --------------------------
Total                          $2,571                   $652                       $917
------------------------------ ------------------------ -------------------------- --------------------------
</TABLE>


                                       25
<PAGE>   27

     The foregoing statements about our beliefs regarding the potential effects
of the Y2K issue on our businesses, and the foregoing estimates of our Y2K costs
are forward looking statements. These statements and estimates are based upon
management's best estimates, which were derived using numerous assumptions
regarding future events, including the continued availability of certain
resources, third-party remediation plans, and other factors. There can be no
assurance that these estimates will prove to be accurate, and actual results
could differ materially from those currently anticipated. Specific factors that
could cause such material differences include, but are not limited to, the
availability and cost of personnel trained in Y2K issues, the ability to
identify, assess, remediate and test all relevant computer codes and embedded
technology, the indirect impact of third parties with whom we do business and
who do not mitigate their Y2K compliance problems, and similar uncertainties.

European Economic Monetary Unit

     On January 1, 1999, eleven of the European Union countries (including four
countries in which we have operations) adopted the Euro as their single
currency. At that time, a fixed exchange rate was established between the Euro
and the individual countries' existing currencies (the "legacy currencies"). The
Euro trades on currency exchanges and is available for non-cash transactions.
Following the introduction of the Euro, the legacy currencies will remain legal
tender in the participating countries during a transition period from January 1,
1999 through January 1, 2002. Beginning on January 1, 2002, the European Central
Bank will issue Euro-denominated bills and coins for use in cash transactions.
On or before July 1, 2002, the participating countries will withdraw all legacy
bills and coins and use the Euro as their legal currency.

     Our operating units located in European countries affected by the Euro
conversion intend to keep their books in their respective legacy currencies
through a portion of the transition period. At this time, we do not expect
reasonably foreseeable consequences of the Euro conversion to have a material
adverse effect on our business operations or financial condition.

CAUTIONARY FACTORS

     This report contains various forward-looking statements concerning our
prospects that are based on the current expectations and beliefs of management.
Forward-looking statements may also be made by us from time to time in other
reports and documents as well as oral presentations. When used in written
documents or oral statements, the words "anticipate", "believe", "estimate",
"expect", "objective" and similar expressions are intended to identify
forward-looking statements. The statements contained herein and such future
statements involve or may involve certain assumptions, risks and uncertainties,
many of which are beyond our control, that could cause our actual results and
performance to differ materially from what is expected. In addition to the
assumptions and other factors referenced specifically in connection with such
statements, the following factors could impact our business and financial
prospects:

-      Factors affecting our international operations, including relevant
       foreign currency exchange rates, which can affect the cost to produce our
       products or the ability to sell our products in foreign markets, and the
       value in U.S. dollars of sales made in foreign currencies. Other factors
       include our ability to obtain effective hedges against fluctuations in
       currency exchange rates; foreign trade, monetary and fiscal policies;
       laws, regulations and other activities of foreign governments, agencies


                                       26
<PAGE>   28

       and similar organizations; and risks associated with having major
       manufacturing facilities located in countries, such as Mexico, Hungary
       and Italy, which have historically been less stable than the United
       States in several respects, including fiscal and political stability; and
       risks associated with the economic downturn in Japan, Russia, other Asian
       countries and Latin America.

-      Factors affecting our ability to continue pursuing our current
       acquisition strategy, including our ability to raise capital beyond the
       capacity of our existing Credit Facilities or to use our stock for
       acquisitions, the cost of the capital required to effect our acquisition
       strategy, the availability of suitable acquisition candidates at
       reasonable prices, our ability to realize the synergies expected to
       result from acquisitions, and the ability of our existing personnel to
       efficiently handle increased transitional responsibilities resulting from
       acquisitions.

-      Factors affecting our ability to profitably distribute and sell our
       products, including any changes in our business relationships with our
       principal distributors, primarily in the laboratory segment, competitive
       factors such as the entrance of additional competitors into our markets,
       pricing and technological competition, and risks associated with the
       development and marketing of new products in order to remain competitive
       by keeping pace with advancing dental, orthodontic and laboratory
       technologies.

-      With respect to Erie, factors affecting its Erie Electroverre S.A.
       subsidiary's ability to manufacture the glass used by Erie's worldwide
       manufacturing operations, including delays encountered in connection with
       the periodic rebuild of the sheet glass furnace and furnace malfunctions
       at a time when inventory levels are not sufficient to sustain Erie's flat
       glass operations.

-      Factors affecting our ability to hire and retain competent employees,
       including unionization of our non-union employees and changes in
       relationships with our unionized employees.

-      The risk of strikes or other labor disputes at those locations which are
       unionized which could affect our operations.

-      Factors affecting our ability to continue manufacturing and selling those
       of our products that are subject to regulation by the United States Food
       and Drug Administration or other domestic or foreign governments or
       agencies, including the promulgation of stricter laws or regulations,
       reclassification of our products into categories subject to more
       stringent requirements, or the withdrawal of the approval needed to sell
       one or more of our products.

-      Factors affecting the economy generally, including a rise in interest
       rates, the financial and business conditions of our customers and the
       demand for customers' products and services that utilize Company
       products.

-      Factors relating to the impact of changing public and private health care
       budgets which could affect demand for or pricing of our products.


                                       27
<PAGE>   29

-      Factors affecting our financial performance or condition, including tax
       legislation, unanticipated restrictions on our ability to transfer funds
       from our subsidiaries and changes in applicable accounting principles or
       environmental laws and regulations.

-      The cost and other effects of claims involving our products and other
       legal and administrative proceedings, including the expense of
       investigating, litigating and settling any claims.

-      Factors affecting our ability to produce products on a competitive basis,
       including the availability of raw materials at reasonable prices.

-      Unanticipated technological developments that result in competitive
       disadvantages and create the potential for impairment of our existing
       assets.

-      Unanticipated developments while implementing the modifications necessary
       to mitigate Year 2000 compliance problems, including the availability and
       cost of personnel trained in this area, the ability to locate and correct
       all relevant computer codes, the indirect impacts of third parties with
       whom we do business and who do not mitigate their Year 2000 compliance
       problems, and similar uncertainties, and unforeseen consequences of the
       Year 2000 problem.

-      Factors affecting our operations in European countries related to the
       conversion from local legacy currencies to the Euro.

-      Other business and investment considerations that may be disclosed from
       time to time in our Securities and Exchange Commission filings or in
       other publicly available written documents.

     We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.


                                       28
<PAGE>   30

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

RISK MANAGEMENT

     We are exposed to market risk from changes in foreign currency exchange
rates and interest rates. To reduce our risk from these foreign currency rate
and interest rate fluctuations, we occasionally enter into various hedging
transactions. We do not anticipate material changes to our primary market risks
other than fluctuations in magnitude from increased or decreased foreign
currency denominated business activity or floating rate debt levels. We do not
use financial instruments for trading purposes and are not a party to any
leveraged derivatives.

FOREIGN EXCHANGE

     We have, from time to time, used foreign currency options to hedge our
exposure from adverse changes in foreign currency rates. Our foreign currency
exposure exists primarily in the French Franc, German Mark, Swiss Franc and the
Japanese Yen values versus the U.S. dollar. Hedging is accomplished by the use
of foreign currency options, and the gain or loss on these options is used to
offset gains or losses in the foreign currencies to which they pertain. Hedges
of anticipated transactions are accomplished with options that expire on or near
the maturity date of the anticipated transactions. In October 1998 we entered
into twelve foreign currency options to hedge our exposure to each of the
aforementioned currencies. During the second quarter of fiscal 1999, three of
the option contracts were sold and a fourth expired worthless resulting in a
gain of $0.1 million. As of March 31, 1999 eight foreign currency options remain
with a notional value of $30.3 million and a cost of $0.2 million which at March
31, 1999, approximates fair market value. These options are designed to protect
us from potential detrimental effects of a strengthening U.S. dollar in our
third and fourth quarters of fiscal 1999.

     In fiscal 1999, we expect our exposure from our primary foreign currencies
to approximate the following:

<TABLE>
<CAPTION>

                                                  ESTIMATED
                                             EXPOSURE DENOMINATED                ESTIMATED
                                               IN THE RESPECTIVE                 EXPOSURE
CURRENCY                                       FOREIGN CURRENCY               IN U.S. DOLLARS
--------                                       ----------------               ---------------
                                                                (IN THOUSANDS)
<S>                                           <C>                             <C>
French Franc (FRF)                              157,453 FRF                     $25,712
German Mark  (DEM)                               26,450 DEM                     $14,171
Swiss Franc  (CHF)                               19,396 CHF                     $12,887
Japanese Yen (JPY)                              886,358 JPY                     $ 6,754
</TABLE>

     As a result of these anticipated exposures, we entered into a series of
options expiring at the end of the second, third and fourth quarters of fiscal
1999 to protect ourselves from possible detrimental effects of foreign currency
fluctuations as compared to the second, third and fourth quarters of 1998. We
accomplished this by taking approximately one-fourth of the exposure in each of
the foreign currencies listed above and purchasing a put option on that currency
(giving us the right but not the obligation to sell the foreign currency at a
predetermined rate). We purchase put options on the foreign currencies at
amounts approximately equal to our quarterly exposure. These options expire on a
quarterly basis, at an


                                       29
<PAGE>   31

exchange rate approximately equal to the prior year's corresponding quarter's
actual exchange rate. In the second quarter, three of the options were sold and
a fourth expired worthless, in aggregate, netting a gain of $0.1 million to the
Company. In October 1998, we acquired the following put options:

<TABLE>
<CAPTION>

                      NOTIONAL                                                 OPTION           STRIKE
CURRENCY              AMOUNT(A)             EXPIRATION DATE                     PRICE          PRICE(B)
--------              ---------             ---------------                     -----          --------
                              (IN THOUSANDS, EXCEPT STRIKE PRICES)
<S>    <C>         <C>                   <C>                                  <C>             <C>
FRF      (c)           40,000              March 26, 1999                       $ 22              6.00
FRF                    40,000              June 28, 1999                        $ 40              6.00
FRF                    40,000              September 28, 1999                   $ 69              5.95
DEM      (c)            6,500              March 26, 1999                       $  9              1.80
DEM                     6,500              June 28, 1999                        $ 17              1.80
DEM                     6,500              September 28, 1999                   $ 24              1.80
CHF      (c)            4,800              March 26, 1999                       $ 11              1.46
CHF                     4,800              June 28, 1999                        $ 12              1.49
CHF                     4,800              September 28, 1999                   $ 21              1.48
JPY      (c)          220,000              March 30, 1999                       $ 39            128.00
JPY                   220,000              June 30, 1999                        $ 28            134.00
JPY                   220,000              September 30, 1999                   $ 21            140.00
</TABLE>

-------------

(a) Amounts expressed in units of foreign currency
(b) Amounts expressed in foreign currency per U.S. dollar
(c) Options sold or expired in the second quarter of fiscal 1999 at a net gain
    of $0.1 million.

     Our exposure in terms of these options is limited to the purchase price. As
an example, using the French Franc contract due to expire at June 28, 1999:

<TABLE>
<CAPTION>

FRF EXCHANGE              GAIN/(LOSS)            GAIN/(LOSS)                  NET GAIN/
  RATE                   ON OPTION (A)    FROM PRIOR YEAR RATE (B)             (LOSS)
  ----                   -------------    ------------------------             ------
                             (IN THOUSANDS, EXCEPT EXCHANGE RATE)
<S>                       <C>                   <C>                           <C>
5.5                         $ (40)                $ 606                         $ 566
6.0                           (40)                    0                           (40)
6.5                           472                  (512)                          (40)
</TABLE>

-------------

(a)  Calculated as (notional amount/strike price) - (notional amount/exchange
     rate) - premium paid, with losses limited to the premium paid on the
     contract.
(b)  Calculated as (notional amount/exchange rate) - (notional amount/strike
     price).


                                       30
<PAGE>   32

INTEREST RATES

     We use interest rate swaps to reduce our exposure to interest rate
movements. Our net exposure to interest rate risk consists of floating rate
instruments whose interest rates are determined by LIBOR. Interest rate risk
management is accomplished by the use of swaps to create fixed debt amounts by
resetting LIBOR loans concurrently with the rates applying to the swap
agreements. At March 31, 1999, we had floating rate debt of approximately $785.6
million of which a total of $375 million was swapped to fixed rates. The net
interest rate paid by us is approximately equal to the sum of the swap agreement
rate plus the applicable LIBOR Margin. During the second quarter and year to
date of fiscal 1999, the LIBOR Margin was .75%. The swap agreement rates and
duration as of March 31, 1999 are as follows:

<TABLE>
<CAPTION>

                                                            SWAP AGREEMENT            SWAP AGREEMENT
EXPIRATION DATE                    NOTIONAL AMOUNT                DATE                      RATE
---------------                    ---------------                ----                      ----
<S>                               <C>                       <C>                        <C>
August 13, 1999                     $50 million               August 13, 1993             5.540%
June 8, 2002                        $50 million               December 8, 1995            5.500%
February 7, 2001                    $50 million               August 7, 1997              5.910%
August 7, 2001                      $50 million               August 7, 1997              5.897%
September 10, 2001                  $50 million               December 8, 1995            5.623%
July 31, 2002                       $75 million               May 7, 1997                 6.385%
July 31, 2002                       $50 million               October 23,1998             4.733%
</TABLE>


     The model below quantifies the Company's sensitivity to interest rate
movements as determined by LIBOR and the effect of the interest rate swaps which
reduce that risk. The model assumes i) a base LIBOR rate of 5.1% (the "Base
Rate") which approximates the March 31, 1999 LIBOR three month LIBOR rate), ii)
the Company's floating rate debt is equal to it's March 31, 1999 floating rate
debt balance of $785.6 million, iii) the Company pays interest on floating rate
debt equal to LIBOR + 75 basis points, iv) that the Company has interest rate
swaps with a notional amount of $375.0 million (equal to the notional amount of
the Company's interest rate swaps at March 31, 1999) and v) that LIBOR varies by
10% of the Base Rate.

<TABLE>
<CAPTION>

                                                        Interest expense             Interest expense
                                                        increase from a              decrease from a
                                                        10% increase in the          10% decrease in the
Interest rate exposure                                  LIBOR Base Rate              LIBOR Base Rate
----------------------                                  ---------------              ---------------
<S>                                                     <C>                         <C>
Without interest rate swaps:                              $4.0 million                ($4.0 million)
With interest rate swaps:                                 $2.1 million                ($2.1 million)
</TABLE>


                                       31
<PAGE>   33

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) EXHIBITS:

         See the Exhibit Index following the Signature page in this report,
         which is incorporated herein by reference.

     (b) REPORTS ON FORM 8-K:

         No reports on Form 8-K were filed during the quarter for which this
         report is filed.


                                       32
<PAGE>   34

                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amended report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                 SYBRON INTERNATIONAL CORPORATION
                                 (Registrant)



Date:  September 13, 1999        /s/  Dennis Brown
------------------------         --------------------------------------
                                 Dennis Brown
                                 Vice President - Finance, Chief
                                 Financial Officer & Treasurer*



                                 *  executing as both the principal financial
                                    officer and the duly authorized officer
                                    of the Company.





                                       33
<PAGE>   35


                        SYBRON INTERNATIONAL CORPORATION
                               (THE "REGISTRANT")
                          (COMMISSION FILE NO. 1-11091)

                                  EXHIBIT INDEX
                              TO AMENDMENT NO. 1 TO
       QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1999

<TABLE>
<CAPTION>

                                                       INCORPORATED
EXHIBIT                                                HEREIN BY                         FILED
NUMBER       DESCRIPTION                               REFERENCE TO                      HEREWITH
<S>        <C>                                       <C>                               <C>
10.1         1999 Outside Director's Stock             Exhibit A to the Registrant's
             Option Plan                               Proxy Statement dated
                                                       December 23, 1998 for
                                                       its Annual Meeting of
                                                       Shareholders on
                                                       January 27, 1999

27.1         Amended Financial Data Schedule                                                 X

27.2         Restated Financial Data Schedule (six
             month period ended March 31, 1998)        (1)
</TABLE>


(1)     Previously filed with the Registrants' initial filing of its
        quarterly report on Form 10-Q for the quarter ended March 31, 1999


                                      EI-1