IDEX Reports Record Second Quarter Sales and 12 Percent Growth as Operating Margin and Net Income Also Reach Historic Highs.NORTHBROOK Northbrook, village (1990 pop. 32,308), Cook co., NE Ill., a suburb of Chicago; settled 1836. It was incorporated as Shermerville in 1901 and was reincorporated as Northbrook in 1923. , Ill. -- IDEX IDEX International Development Exchange IDEX Imagery Data Exploitation System IDEX Imagery Digital Exploitation (system) IDEX Identifier of Explorer Corporation (NYSE NYSE See: New York Stock Exchange :IEX IEX Ion Exchange (chromatography) IEX Inter-Exchange Carrier ) today announced its financial results for the quarter ended June June: see month. 30, 2006. Net income of $35.0 million rose 21 percent and reached an historic high, while earnings per share increased 18 percent to 65 cents, which included one cent from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . From continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , orders in the second quarter were up 10 percent, sales increased 12 percent and income rose 20 percent to $34.4 million. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of from continuing operations were 64 cents versus 54 cents in the year-ago quarter. Second quarter 2006 results include stock option expense of $2.3 million. Q2 2006 Highlights (from Continuing Operations) --Orders for the second quarter of 2006 were $290.5 million, 10 percent higher than a year ago; excluding the impact of acquisitions and foreign currency translation, organic orders growth was 5 percent. Year to date, organic orders growth was 10 percent. --Second quarter sales of $297.2 million rose 12 percent; excluding the impact of acquisitions and foreign currency translation, organic sales growth was 7 percent. Year to date, organic sales growth was 9 percent. --Operating margin at 19.0 percent was 100 basis points higher than a year ago. --Stock option expense of $2.3 million had a 70 basis point effect on operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: during the second quarter. --Income increased 20 percent to $34.4 million. --Diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. at 64 cents was 10 cents ahead of the second quarter of 2005. --EBITDA of $63.1 million was 21 percent of sales. --Free cash flow was $39.4 million, an increase of 31 percent from a year ago. --Announcement of the sale of Lubriquip, Inc. on July July: see month. 11, 2006. --Completion of previously announced acquisition of Eastern Plastics (EPI EPI exocrine pancreatic insufficiency. ) in a strategic expansion of health & science technologies business. --Expansion of number of reporting segments from three to four segments, reflecting a more focused market-driven strategy.
"We are pleased with our recent performance and consistent ability to
generate organic growth and expand our operating margin. During the
quarter, our businesses delivered record operating income and net
income, as well as strong cash flows. Organic sales growth through the
first half of 2006 was 9 percent, reflecting particular strength in
Health & Science Technologies at 17 percent, Fluid & Metering
Technologies at 10 percent and Fire & Safety/ Diversified Products at
9 percent. Within Dispensing Equipment, we continue to experience
strong demand in North America and less-than-favorable market
conditions in Europe. As we move forward, our businesses are well
positioned in attractive product segments driven by strong underlying
industry segment fundamentals and, even more importantly, our ability
to effectively serve expanding niche applications. Current order
rates, coupled with our strong backlog, reinforce our confidence as we
enter the second half of 2006. We believe our business model and
operating strategy are very well suited to win in this dynamic
environment."
Lawrence D. Kingsley
Chairman and Chief Executive Officer
Second Quarter Financial Highlights
-----------------------------------
(Dollars in millions, except per share amounts)
For the Quarter Ended
June 30 March 31
2006 2005 Change 2006 Change
------- ------- -------- ------ --------
Orders Written $290.5 $264.9 10% $294.5 (1)%
Sales 297.2 264.9 12 266.9 11
Operating Income 56.3 47.6 18 47.3 19
Operating Margin 19.0% 18.0% 100bp 17.7% 130bp
Income from Continuing
Operations $34.4 $28.6 20% $29.3 18%
Net Income 35.0 28.9 21 30.1 16
Diluted EPS:
Income from Continuing
Operations .64 .54 19 .54 19
Net Income .65 .55 18 .56 16
Other Data
-- Income before Taxes $51.8 $44.0 18% $44.3 17%
-- Depreciation and
Amortization 7.2 6.8 6 6.3 14
-- Interest 4.1 3.8 7 3.0 38
-- EBITDA 63.1 54.6 15 53.6 18
-- Cash Flow from Operating
Activities 44.8 36.2 24 23.8 88
-- Capital Expenditures 5.4 6.1 (12) 4.0 34
-- Free Cash Flow 39.4 30.1 31 19.8 99
Q2 Orders, Sales, Income and EPS from Continuing Operations Up Year-over-Year New orders in the quarter totaled $290.5 million, 10 percent higher than the same period in 2005. Excluding the impact of acquisitions and foreign currency translation, orders were up 5 percent. The second quarter orders growth rate was impacted by blanket orders A blanket order is defined as an order the customer makes with its supplier which contains multiple delivery dates scheduled over a period of time, sometimes at predetermined prices. It is normally used when there is a recurring need for expendable goods. received in the first quarter of 2006. First quarter 2006 organic orders growth was 16 percent. Sales in the second quarter of $297.2 million rose 12 percent from the prior-year period. Excluding the impact of acquisitions and foreign currency translation, organic growth was 7 percent. Sales to international customers represented 46 percent of total sales for the second quarter of 2006 versus 45 percent in the year-ago quarter. Second quarter operating margin was 19.0 percent, 100 basis points higher than the 18.0 percent reported in the prior-year period. Gross margin of 41.4 percent was equal to the second quarter of 2005. Volume leverage, coupled with the company's strategic sourcing and other operational excellence initiatives, was offset by product mix and the impact of acquisitions. Selling, general and administrative expenses as a percent of sales decreased by 100 basis points from the second quarter of 2005. Higher total SG&A expenses reflect acquisitions, volume-related expenses, stock option expense and reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in the business to drive organic growth. Income from continuing operations of $34.4 million increased 20 percent over the second quarter of 2005. Diluted earnings per share from continuing operations of 64 cents improved 10 cents from the second quarter of 2005.
Year-to-Date Financial Results
------------------------------
(Dollars in millions, except per share amounts)
Six Months Ended June 30
2006 2005 Change
------- ------- --------
Orders Written $585.1 $524.1 12%
Sales 564.0 510.1 11
Operating Income 103.6 87.7 18
Operating Margin 18.4% 17.2% 120bp
Income from Continuing Operations $63.6 $51.8 23%
Net Income 65.0 52.6 24
Diluted EPS:
Income from Continuing Operations 1.18 .99 19
Net Income 1.20 1.00 20
Other Data
-- Income before Taxes $96.1 $80.3 20%
-- Depreciation and Amortization 13.5 13.7 (2)
-- Interest 7.0 7.7 (9)
-- EBITDA 116.6 101.7 15
-- Cash Flow from Operating Activities 68.6 51.7 33
-- Capital Expenditures 9.4 11.7 (20)
-- Free Cash Flow 59.2 40.0 48
First Half Orders, Sales, Income and EPS from Continuing Operations Ahead of Last Year New orders for the first six months of 2006 totaled $585.1 million, 12 percent higher than the first six months of last year. Excluding the impact of acquisitions and foreign currency translation, orders in the first six months of 2006 were 10 percent higher than in 2005. Sales for the first six months of 2006 increased 11 percent to $564.0 million from $510.1 million a year earlier. Excluding the impact of acquisitions and foreign currency translation, organic growth was 9 percent. Sales to international customers from base businesses represented approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 45 percent of total sales for the first six months of both 2006 and 2005. First half operating margin was 18.4 percent, 120 basis points higher than the 17.2 percent reported in the prior-year period. This improvement reflects volume leverage, along with a 20 basis point improvement in gross margin to 41.3 percent, resulting mainly from the company's strategic sourcing and other operational excellence initiatives. Selling, general and administrative expenses as a percent of sales decreased by 100 basis points from the first half of 2005. Higher total SG&A expenses reflect acquisitions, volume-related expenses, stock option expense and reinvestment in the business to drive organic growth. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. income from continuing operations of $63.6 million increased 23 percent compared to 2005. Diluted earnings per share from continuing operations of $1.18 rose 19 cents, or 19 percent, from the 99 cents recorded for the first half of 2005. Segment Results Fluid & Metering Technologies sales in the second quarter of $108.4 million reflected 9 percent organic growth. Operating margin of 20.3 percent represented a 180 basis point improvement compared with the second quarter of 2005. Health & Science Technologies sales in the second quarter of $81.3 million reflected 14 percent organic growth. Operating margin of 17.9 percent represented a 90 basis point improvement compared with the second quarter of 2005. Dispensing dispensing provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. Equipment sales of $44.4 million in the second quarter were down 4 percent on an organic basis. Operating margin of 26.3 percent represented a 150 basis point decline compared with the second quarter of 2005, due primarily to volume and product mix. Sales of Fire & Safety/Diversified Products during the second quarter of $64.6 million reflected 5 percent organic growth. Operating margin of 25.2 percent represented a 240 basis point improvement compared with the second quarter of 2005. During the quarter, Fluid & Metering Technologies contributed 36 percent of sales and 34 percent of operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. ; Health & Science Technologies accounted for 27 percent of sales and 23 percent of operating income; Dispensing Equipment accounted for 15 percent of sales and 18 percent of operating income; and Fire & Safety/Diversified Products represented 22 percent of sales and 25 percent of operating income. Strong Financial Position IDEX ended the quarter with total assets of $1.4 billion and working capital of $179 million. Total debt was $199 million at June 30, 2006. Free cash flow (cash flow from operating activities less capital expenditures) for the first half of 2006 was $59.2 million. Year-to-date, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Progress Continues on Growth Initiatives "IDEX's broad-based broad-based Of or relating to an index or average that provides a good representation of the overall market. The S&P 500 and NYSE Composite are generally regarded as broad-based stock indexes, while the popular Dow Jones Industrial Average is biased growth stems from our ability to expand our served application base," Kingsley Kings·ley , Charles 1819-1875. British cleric and writer whose works include novels of social criticism, notably Alton Locke (1850), historical romances, such as Westward Ho! (1855), and a fairy tale, The Water Babies (1863). said. "Our Mixed Model Lean expertise enables us to flexibly respond to new market and new customer product requirements, as well as changing customer needs. We continue to reduce plant cycle times and total lead times, so that our customers remain competitive. Our other operational excellence and strategic sourcing initiatives continue to improve our total operating efficiency and allow us to further leverage our plant investment. "We're we're Contraction of we are. we're we are also pleased with our progress toward applying our integrated operating management system," Kingsley continued. "Our customer metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and margin expansion are evidence that our operational excellence strategy is working. The second quarter operating margin improved to 19 percent, 100 basis points ahead of the year-ago quarter. Excluding the impact of stock option expense, the improvement was 170 basis points. "At the same time," Kingsley said, "as an engineered products company, we continue to focus on product innovation which enhances the value that we deliver to our targeted process industry and selected OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and segments. The company's focus on fluidic flu·id·ic adj. 1. Of, relating to, or characteristic of a fluid. 2. Relating to or controlled by fluidics. solutions and other carefully targeted engineered product segments is enabling organic growth opportunities in all four business segments. Our businesses are doing a terrific job of bringing new products to market, faster, to enable us to effectively serve new industry applications." Acquisition of EPI As previously announced, IDEX acquired the assets of Eastern Plastics, Inc. (EPI) on May 2, 2006. EPI is a global leader in high-precision integrated fluidics fluidics, branch of engineering and technology concerned with the development of equivalents of various electronic circuits using movements of fluid rather than movements of electric charge. and associated engineered plastics solutions. Based in Bristol, Connecticut Bristol is a city located in Hartford County, Connecticut, 20 miles (32 km) southwest of Hartford. According to 2006 Census Bureau estimates, the population of the city is 61,353. , with revenues of approximately $30 million, EPI's products are used in a broad set of end markets including medical diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler , analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. and laboratory automation. "EPI strengthens our existing health and sciences businesses with experience that is highly complementary to our current precision fluidics capability," Kingsley said. "We are particularly excited about EPI's capability in increasingly close-tolerance fluidics solutions as applied to a variety of instrumentation products. EPI is also a great addition to our growing expertise in medical implantables and surgical devices." Sale of Lubriquip As previously announced on July 11, 2006, IDEX completed the sale of Lubriquip, its lubricant Lubricant A gas, liquid, or solid used to prevent contact of parts in relative motion, and thereby reduce friction and wear. In many machines, cooling by the lubricant is equally important. dispensing business, to Graco Inc. The sale of this business reflects a strategic divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). as IDEX aligns its business portfolio within Dispensing Equipment to focus on core strengths. The results of Lubriquip are reported as discontinued operations effective with the company's second quarter 2006 financial results. IDEX expects to report an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain on the sale of the business in the third quarter of 2006 of approximately $16 to $17 million, or $0.29 to $0.31 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This gain will be partially offset by the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of earnings from the business in 2006. For informational purposes, full year 2005 revenues and earnings per share for Lubriquip were approximately $30 million and $0.05 per share, respectively. 2006 Outlook "As we move into the second half of 2006, we remain focused on delivering consistent, sustainable sales and earnings growth," Kingsley said. "Our steady emphasis on new product innovation and continuous process improvement continues to deliver top and bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. growth. Our global position, niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. focus, high mix operations profile and developing know-how know-how n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical in Mixed Model Lean position us well to meet our customers' emerging needs for applied engineered solutions anywhere in the world." Conference Call to be Broadcast Over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the IDEX will broadcast its second quarter earnings conference call over the Internet on Thursday Thursday: see week. , July 20, 2006 at 1:30 p.m. CT. Chairman and Chief Executive Officer Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Kingsley and Vice President and Chief Financial Officer Dominic Dominic hound who travels widely. [Children’s Lit.: Dominic] See : Dogs Romeo Romeo thinking that Juliet’s sleep is death, he drinks poison. [Br. Lit.: Shakespeare Romeo and Juliet] See : Suicide will discuss the company's recent financial performance and respond to questions from the financial analyst community. IDEX invites interested investors to listen to the call and view the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. slide presentation, which will be carried live on its Web site at www.idexcorp.com. Those who wish to participate should log on several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the presentation slides, or download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the correct applications at no charge. Investors also will be able to hear a replay of the call by dialing 800.642.1687 or 706.645.9291 using conference ID #4089519. A Note on EBITDA and Free Cash Flow EBITDA means earnings before interest, income taxes, depreciation and amortization, while free cash flow means cash flow from operating activities less capital expenditures. Management uses these non-GAAP financial measures as internal operating metrics. Management believes these measures are useful as analytical indicators of leverage capacity and debt servicing ability, and uses them to measure financial performance as well as for planning purposes. However, they should not be considered as alternatives to net income, cash flow from operating activities or any other items calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , or as an indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of operating performance. The definitions of EBITDA and free cash flow used here may differ from those used by other companies. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Exchange Act of 1934, as amended. These statements may relate to, among other things, capital expenditures, cost reductions, cash flow, and operating improvements and are indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "management believes," "the company believes," "the company intends," and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors, and levels of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in certain industries - all of which could have a material impact on order rates and IDEX's results, particularly in light of the low levels of order backlogs it typically maintains; its ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the company operates; interest rates; capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. and the effect this has on costs; labor markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience ; market conditions and material costs; and developments with respect to contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , such as litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and environmental matters. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here. About IDEX IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified diversified (di·verˑ·s products built to its customers' exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and Chicago Stock Exchange Chicago Stock Exchange (CHX) A major exchange trading only stocks, with 90% of trades taking place on an automated execution system, called MAX. under the symbol "IEX". For further information on IDEX Corporation and its business units, visit the company's Web site at www.idexcorp.com. (Tables follow)
IDEX CORPORATION
Condensed Statements of Consolidated Operations
(in thousands except per share amounts)
Second Quarter Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
----------------------------------------------------------------------
Net sales $297,169 $264,949 $564,036 $510,087
Cost of sales 174,110 155,370 330,850 300,687
----------------------------------------------------------------------
Gross profit 123,059 109,579 233,186 209,400
Selling, general
and administrative
expenses 66,739 61,989 129,603 121,715
----------------------------------------------------------------------
Operating income 56,320 47,590 103,583 87,685
Other income
(expense) - net (452) 245 (445) 337
Interest expense 4,074 3,806 7,028 7,685
----------------------------------------------------------------------
Income from
continuing
operations before
income taxes 51,794 44,029 96,110 80,337
Provision for
income taxes 17,409 15,451 32,469 28,547
----------------------------------------------------------------------
Income from
continuing
operations 34,385 28,578 63,641 51,790
Income from
discontinued
operations, net of
tax 571 355 1,392 788
----------------------------------------------------------------------
Net income $34,956 $28,933 $65,033 $52,578
======================================================================
Basic Earnings per
Common Share:
Continuing
operations $0.65 $0.56 $1.20 $1.02
Discontinued
operations 0.01 0.01 0.03 0.01
----------------------------------------------------------------------
Net income $0.66 $0.57 $1.23 $1.03
======================================================================
Diluted Earnings
per Common Share:
Continuing
operations $0.64 $0.54 $1.18 $0.99
Discontinued
operations 0.01 0.01 0.02 0.01
----------------------------------------------------------------------
Net income $0.65 $0.55 $1.20 $1.00
======================================================================
Share Data:
Basic weighted
average common
shares outstanding 53,014 50,963 52,825 50,821
Diluted weighted
average common
shares outstanding 54,029 52,641 53,995 52,484
======================================================================
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2006 2005
----------------------------------------------------------------------
Assets
Current assets
Cash and cash
equivalents $51,052 $77,202
Receivables - net 154,588 129,816
Inventories 138,204 123,631
Assets held for
sale 9,109 9,138
Other current
assets 15,189 11,006
----------------------------------------------------------------------
Total current
assets 368,142 350,793
Property, plant and
equipment - net 154,675 142,663
Goodwill 778,744 691,399
Intangible assets -
net 54,639 28,615
Other noncurrent
assets 30,314 30,710
----------------------------------------------------------------------
Total assets $1,386,514 $1,244,180
======================================================================
Liabilities and
shareholders'
equity
Current liabilities
Trade accounts
payable $78,848 $67,047
Accrued expenses 91,455 72,481
Short-term
borrowings 7,773 3,144
Liabilities held
for sale 3,465 4,303
Dividends payable 7,999 6,321
----------------------------------------------------------------------
Total current
liabilities 189,540 153,296
Long-term
borrowings 190,998 156,899
Other noncurrent
liabilities 93,231 110,975
----------------------------------------------------------------------
Total liabilities 473,769 421,170
Shareholders'
equity 912,745 823,010
----------------------------------------------------------------------
Total liabilities
and shareholders'
equity $1,386,514 $1,244,180
======================================================================
IDEX CORPORATION
Company and Business Group Financial Information
(dollars in thousands)
Second Quarter Ended Six Months Ended
June 30, June 30,
2006 (a) 2005 2006 (a) 2005
----------------------------------------------------------------------
Fluid & Metering
Technologies
Net sales $108,437 $98,793 $210,836 $192,264
Operating income (b) 21,982 18,244 41,226 33,522
Operating margin 20.3 % 18.5 % 19.6 % 17.4 %
Depreciation and
amortization $2,530 $2,551 $4,786 $5,163
Capital expenditures 1,103 2,542 2,235 5,046
Health & Science
Technologies
Net sales $81,299 $59,541 $144,320 $112,462
Operating income (b) 14,513 10,115 26,793 19,117
Operating margin 17.9 % 17.0 % 18.6 % 17.0 %
Depreciation and
amortization $1,829 $1,513 $3,228 $3,033
Capital expenditures 1,190 1,571 2,067 2,657
Dispensing Equipment
Net sales $44,415 $46,308 $85,823 $90,715
Operating income (b) 11,689 12,870 22,019 23,943
Operating margin 26.3 % 27.8 % 25.7 % 26.4 %
Depreciation and
amortization $1,052 $1,088 $2,065 $2,178
Capital expenditures 531 835 1,190 1,672
Fire & Safety/Diversified
Products
Net sales $64,551 $61,199 $125,767 $116,771
Operating income (b) 16,266 13,964 29,921 25,502
Operating margin 25.2 % 22.8 % 23.8 % 21.8 %
Depreciation and
amortization $1,540 $1,489 $3,078 $3,057
Capital expenditures 1,628 997 2,766 1,790
Company
Net sales $297,169 $264,949 $564,036 $510,087
Operating income 56,320 47,590 103,583 87,685
Operating margin 19.0 % 18.0 % 18.4 % 17.2 %
Depreciation and
amortization (c) $7,210 $6,792 $13,526 $13,734
Capital expenditures 5,372 6,100 9,387 11,702
------------------------------------------------------------------
(a) Second quarter and six month data includes acquisition of JUN-AIR
(February 2006) and EPI (May 2006) in the Health & Science
Technologies Group and Airshore (January 2006) in the Fire &
Safety/Diversified Products Group from the dates of acquisition.
(b) Group operating income excludes unallocated corporate operating
expenses.
(c) Excludes amortization of debt issuance expenses and unearned
compensation.
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