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IDEX REPORTS 2ND QUARTER NET INCOME BEFORE EXTRAORDINARY ITEM OF $4.9M, UP 28 PERCENT, AND EARNINGS PER SHARE OF 39 CENTS, UP 8 PERCENT

IDEX REPORTS 2ND QUARTER NET INCOME BEFORE EXTRAORDINARY ITEM OF $4.9M,
 UP 28 PERCENT, AND EARNINGS PER SHARE OF 39 CENTS, UP 8 PERCENT
 NORTHBROOK, Ill., July 21 /PRNewswire/ -- IDEX Corp. (NYSE: IEX) today announced increases in sales, net income and earnings per share for the second quarter and first half ended June 30, 1992. In the second quarter, sales of $69,550,000 increased by 20% over the same period in the prior year. Net income before an extraordinary credit rose by 28% and amounted to $4,941,000 in this year's second quarter, while earnings per share before the extraordinary credit increased by 8% to 39 cents per common share. Net income increased by a higher percentage than earnings per share because of a 16% increase in the number of common shares outstanding.
 Donald N. Boyce, chairman and president of IDEX, said, ''We were very pleased with our second quarter results given the continuing disappointment in the overall performance of our nation's economy. The rise in sales and earnings was largely from the inclusion of Corken (acquired in May, 1991), the Canadian Viking Pump business (acquired in February 1992) and Pulsafeeder (acquired in May 1992) in this year's results. Each of the acquisitions has added to the bottom line, and each has served to strengthen IDEX's position in the Fluid Handling industry. On an annualized basis, our Fluid Handling segment now accounts for about 70% of total sales.''
 An extraordinary credit for utilization of net operating loss carryforwards added the expected 2 cents to earnings per share in the second quarter of this year, and matched the 2 cent extraordinary credit in the second quarter of last year. Including this extraordinary credit, earnings per share in the second quarter of 1992 totaled 41 cents versus 38 cents in the year earlier period.
 First Half Net Up 18 Percent
 In the first half of 1992, sales improved by 13% and totaled $129,934,000. Net income before the extraordinary credit improved by 18% and amounted to $9,154,000 in this year's first half, while earnings per share before the extraordinary credit amounted to 73 cents this year versus 72 cents last year. After the extraordinary credit, earnings per share amounted to 77 cents in the first half of both 1991 and 1992. Again, the 16% increase in the number of shares of common stock outstanding resulted in a lower percentage increase in earnings per share than in net income.
 Income from operations in this year's first half was a very substantial 15.8% of sales, but it declined from 16.5% in the prior year. This was principally the result of the inclusion of the acquisitions, where margins were historically somewhat lower than in the company's base businesses and where profits were further affected by purchase accounting adjustments. Lower capacity utilization in certain of the company's Industrial Products businesses also played a small part in the slight margin decline. Growth in volume and profits this year was largely the result of acquisitions, with modest growth in the base Fluid Handling businesses having been partially offset by slight declines in the Industrial Products Group.
 Outlook
 Boyce said that the unsettling economic situation here in the United States and weakness in European markets were continuing to have an effect on the company's incoming order rate. He said that IDEX normally operates with a very low backlog of about 1 1/2 months' sales, which enables the company to provide excellent customer service, but which also means that changes in orders are quickly felt in operating results. He said significant growth in existing operations should not be expected in the near future because of the lackluster performance of the economy. Nevertheless, he said the company still expects to end 1992 with new records in sales, net income and earnings per share before the extraordinary credit, although the improvement over last year is expected to be smaller than was believed possible when the year began. Acquisitions, lower interest rates, new products, and market development activities are among the factors that should enable IDEX to report even better results this year than last. The company is confident of its prospects for the longer term, and expects sales and earnings growth as the economy recovers.
 IDEX Corp. is a manufacturer of a wide array of proprietary, highly engineered products, including industrial pumps and controls, stainless steel banding and clamping devices, sheet metal fabricating equipment and tooling, automatic lubrication systems, low horsepower compressors and vibration control equipment. Its products are sold to a broad range of markets, the largest of which are the chemical processing, water treatment, transportation equipment, food processing, pulp and paper, and oil refining industries.
 IDEX CORP.
 Condensed Statements of Consolidated Operations
 (Unaudited; in thousands, except per share amounts)
 Periods ended Second Quarter Six Months
 June 30 1992 1991 1992 1991
 Net Sales $69,550 $57,743 $129,934 $114,817
 Cost23
 SG&A Expenses 15,515 12,295 29,068 24,237
 Income from Operations 11,271 9,524 20,575 18,986
 Other Income (Expense)-Net (147) 88 (108) 264
 Interest Expense 3,134 3,283 5,727 6,616
 Provision for Income Taxes 3,049 2,459 5,586 4,890
 Inc. before Extraord. Credit 4,941 3,870 9,154 7,744
 Extraord. Credit - Utilization
 of Net Operating Loss
 Carryforwards 263 297 526 593
 Net Income $ 5,204 $ 4,167 $ 9,680 $ 8,337
 Earnings Per Common Share:
 Inc. before Extraord. Credit $0.39 $0.36 $0.73 $0.72
 Extraord. Credit - Utilization
 of Net Operating Loss
 Carryforwards 0.02 0.02 0.04 0.05
 Net Income $0.41 $0.38 $0.77 $0.77
 Weighted Average Common
 Shares Outstanding 12,572 10,801 12,549 10,801
 Condensed Consolidated Balance Sheets
 (In thousands)
 6/30/92 12/31/91
 (Unaudited)
 ASSETS
 Current Assets
 Cash and Cash Equivalents $ 3,376 $ 1,486
 Receivables - Net 39,457 29,893
 Inventories 59,665 42,390
 Prepaid Expenses and Other 1,400 695
 Total Current Assets 103,898 74,464
 Property, Plant and Equipment - Net 49,805 35,473
 Intangible Assets - Net 76,059 27,807
 Other Assets 5,012 5,398
 Total $234,774 $143,142
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities $ 45,466 $ 31,733
 Long-Term Debt 134,413 65,788
 Other Noncurrent Liabilities 6,424 8,509
 Total Liabilities 186,303 106,030
 Shareholders' Equity 48,471 37,112
 Total $234,774 $143,142
 -0- 7/21/92
 /CONTACT: Wayne Sayatovice, VP-finance of IDEX, 708-498-7070; or Audrey Lowe or Nick Farina, 312-266-7800, Abbey Huret, 212-661-8030, or Lillian Armstrong, 415-986-1591, all of the Financial Relations Board, for IDEX/
 (IEX) CO: IDEX Corp. ST: Illinois IN: SU: ERN


GK -- NY044 -- 1233 07/21/92 10:45 EDT
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