Idexx Non Compete Agreement

When instruments are sold at the same time as extensive maintenance contracts, we distribute the proceeds to the extended maintenance contract in accordance with EITF 00-21, Accounting for Revenue Arrangements with Multiple Deliverables. As a result, the total benefit received is allocated to items based on their fair relative values, determined by amounts calculated separately for items delivered and not delivered to other customers. Latent revenues from extended maintenance contracts are recorded conservatively during the maintenance period. If applicable, the items provided are recorded as revenue in accordance with the above guidelines. Shipping costs reimbursed by the customer are included in the turnover. On the basis of these arguments, California has in fact eliminated the use and applicability of competition. Massachusetts`s legislature only passed a bill last week that, if signed by the governor, would limit non-competition bans to one year and require employers to compensate former workers for this year if they decided to enforce non-competition rules. In the fourth quarter of 2003, the company entered into a new agreement with Ortho. Under the new agreement, the company will develop a next-generation chemical analyzer for the veterinary market based on orthos dry valve technology, and Ortho will supply the company with the slide consumables used in the new instrument and the VetTest chemical analyzer® currently sold by the company. As a result of this agreement, the company decided to end efforts to develop a replacement chemical system and generated a non-liquidable royalty of $7.4 million for depreciation equipment purchased for the manufacture of consumables used in the alternative chemical system. In accordance with certain delivery agreements with the company`s veterinary suppliers, sheets for its VetTest instruments® and certain raw materials, the company has aggregate obligations to purchase approximately $192.2 million worth of products by 2010.

In addition, the company had to pay several minimum licenses of $8.8 million until 2015. the positive effects of the strengthening of the euro and the pound sterling on sales denominated in these currencies; Resolution of a provision value for potential losses on our slide delivery contract with Ortho® following a change in our delivery contract in October 2002 that reduced our minimum purchase obligations under the agreement; higher prices, especially for laboratory services and cat test kits. The high-stakes case pitted two of the largest publicly traded companies against each other (Vets First Choice merged in February with Henry Schein Animal Health, while maintaining its stock market listing and changing its name to Covetrus) and, as I discussed in my first article, the possibility of us getting an opinion from a federal judge on the applicability of non-compete agreements in Maine.

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