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 NORTHBROOK, Ill., Oct. 19 /PRNewswire/ -- IDEX Corp. (NYSE: IEX), a leading manufacturer of proprietary fluid handling and industrial products, today announced it achieved new records in earnings for the third quarter and nine months ended Sept. 30, 1993, and reaffirmed that it expects record-setting performance for the full year.
 Third-Quarter Sales Rise 8 Percent;
 Earnings Per Share: Up 16 Percent
 For the three months ended Sept. 30, 1993, the company recorded sales of $77.7 million, an increase of 8 percent over the same quarter last year. Income before unusual items increased 19 percent to a record $6.8 million and earnings per common share improved by 16 percent to 52 cents -- a new high for any quarter.
 Donald N. Boyce, chairman and president of IDEX Corp., said: "The company continued to exhibit strength in its markets even though economic conditions are less than robust, particularly in Europe. Sales increases and operational improvements were largely responsible for the higher third quarter earnings, although lower interest expense and a slightly lower tax rate also assisted. The tax rate change included a small cumulative adjustment to reflect recent tax code changes, which are not expected to significantly affect future results." He added that income from operations also improved to 16.4 percent of sales this year from 16.1 percent last year.
 Nine-Month Sales Up 13 Percent; Earnings Per Share Up 16 Percent
 Sales in the first nine months of 1993 were $229.3 million, a 13 percent increase over the prior year. Income before unusual items totaled $18.1 million, a 20 percent improvement. Earnings per common share before unusual items amounted to a record $1.40, and rose by 16 percent. There were no unusual items in this year's results.
 However, in the third quarter of 1992, the company took an unusual charge of $5.0 million, or 39 cents per share, in connection with restructuring its long-term debt. Last year's nine-month figures also included a net unusual credit of $1.5 million, or 12 cents per share, from the adoption of Financial Accounting Standards numbers 106 and 109, relating to postretirement benefits other than pensions and income taxes.
 Boyce indicated while the results of Pulsafeeder, Viking Pump of Canada and Johnson Pump (U.K.) -- businesses acquired in 1992 -- added to the 1993 nine-month sales and profit figures, modest improvements also were seen in the company's base businesses. Domestic sales improved by a greater amount than foreign sales because of the weak conditions in Europe. As a result, foreign sales as a percent of total sales declined to approximately 27 percent in this year's first nine months from 28 percent for the full year 1992. Nevertheless, the company continues to emphasize international development and expects to see further increases in foreign sales in future years.
 Financial Position Continues To Improve
 During the first nine months of 1993, the company reduced its long-term debt by $22.5 million with cash flow from operations. IDEX's net worth rose to $76 million at Sept. 30, 1993, from a negative $95 million at the time the company was formed in 1988. Operating cash flow (profit before interest, taxes, depreciation and amortization) covered interest expense by more than five times in the first nine months of 1993.
 Company Reaffirms Outlook For A Record 1993
 With record sales and earnings achieved in the first nine months and no significant change seen in near-term business conditions, IDEX expects to establish new records in sales, net income and earnings per share for the full year 1993.
 IDEX Corp. is a manufacturer of proprietary fluid handling and industrial products with leading positions in niche markets. Its engineered products are sold to a wide range of industries. IDEX shares are traded on the New York Stock Exchange under the symbol IEX.
 For further information on IDEX by fax, dial 800-PRO-INFO, ext. 087.
 Condensed Statements Of Consolidated Operations
 (In thousands, except per share amounts)
 For the periods Third Quarter Nine Months
 ended Sept. 30, 1993 1992 1993 1992
 Net sales $77,726 $72,257 $229,329 $202,191
 Cost of sales 48,048 44,393 141,771 124,684
 Gross profit 29,678 27,864 87,558 77,507
 Selling, general and
 expenses 16,910 16,199 51,351 45,433
 Income from operations 12,768 11,665 36,207 32,074
 Other income (expense)-net (54) 194 (431) 86
 Interest expense 2,675 3,134 8,343 8,861
 Provision for income taxes 3,272 3,054 9,327 8,154
 Income before extraordinary
 item and cumulative effect
 of changes in accounting
 principles 6,767 5,671 18,106 15,145
 Extraordinary item -- loss
 from in-substance defeasance
 of debt, net of tax -- (4,958) -- (4,958)
 Cumulative effect of changes
 in accounting principles:
 Postretirement benefits,
 net of tax -- -- -- (3,879)
 Income taxes -- -- -- 5,396
 Net Income $6,767 $ 713 $18,106 $11,704
 Earnings per common share:
 Income before extraordinary
 item and cumulative effect
 of changes in accounting
 principles $0.52 $0.45 $1.40 $1.21
 Extraordinary item -- Loss
 from in-substance defeasance
 of debt, net of tax -- (0.39) -- (0.39)
 Cumulative effect of changes
 in accounting principles:
 Postretirement benefits -- -- -- (0.31)
 Income taxes -- -- -- 0.43
 Net Income $0.52 $0.06 $1.40 $0.94
 Weighted average common
 shares outstanding 12,981 12,601 12,943 12,567
 Condensed Consolidated Balance Sheets
 (In thousands)
 Sept. 30, Dec. 31,
 1993 1992
 Current assets
 Cash and cash equivalents $ 4,306 $ 2,370
 Receivables-net 40,802 39,253
 Inventories 60,194 63,814
 Deferred taxes and other 8,904 11,286
 Total Current Assets 114,206 116,723
 Property, plant and equipment-net 50,549 52,266
 Intangible assets-net 75,884 78,009
 Other non-current assets 5,474 6,302
 Total $246,113 $253,300
 Liabilities And Shareholders' Equity
 Current liabilities $ 38,243 $ 40,041
 Long-term debt 115,682 139,827
 Other non-current liabilities 15,948 14,701
 Total Liabilities 169,873 194,569
 Shareholders' equity 76,240 58,731
 Total $246,113 $253,300
 -0- 10/19/93
 /Contact: Wayne Sayatovic, vice president - finance of IDEX, 708-498-7070; or Lynne Franklin (general info) or Donna Limper (analysts) at the Financial Relations Board, 312-266-7800, for IDEX/

CO: IDEX Corp. ST: Illinois IN: SU: ERN

TW -- NY056 -- 3953 10/19/93 12:03 EDT
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Date:Oct 19, 1993

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