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IDEX CORP. REPORTS RECORD SALES AND EARNINGS FOR SECOND QUARTER

 NORTHBROOK, Ill., July 16 /PRNewswire/ -- IDEX Corp. (NYSE: IEX), a leading manufacturer of proprietary fluid handling and industrial products, today announced record results for the second quarter ended June 30, 1993 and reaffirmed that it expects record-setting performance for the full year.
 SECOND QUARTER SALES RISE 12 PERCENT; EARNINGS UP 26 PERCENT
 Sales in the three-month period ended June 30, 1993, were $78.1 million, up 12 percent from $69.6 million in the second quarter of 1992. Net income increased 26 percent to $6.5 million, or 50 cents per share, in the second quarter of this year, from $5.1 million, or 41 cents per share, in the same quarter last year.
 Donald N. Boyce, chairman and president, said, "We are very pleased with our second quarter results, given the continuing slow growth in the domestic economy and weakness in several of the international markets that IDEX serves. The rise in sales and earnings came largely from including Pulsafeeder (acquired in May 1992) and Johnson Pump (acquired in September 1992) in this year's results, and from the elimination of charges for equity appreciation rights following adoption of a stock option plan. Lower interest expense and some sales and profit improvements in our base businesses also contributed to the higher earnings."
 FIRST HALF SALES UP 17 PERCENT; EARNINGS RISE 20 PERCENT
 In the first half of 1993, sales improved by 17 percent to $151.6 million from $129.9 million in the first six months of 1992. Net income this year increased 20 percent to $11.3 million, or 88 cents per share, from $9.5 million, or 76 cents per share, in 1992, before the cumulative effect of adopting Financial Acounting Standards numbered 106 and 109 at the beginning of 1992. The two accounting standards changes related to post-retirement benefits other than pensions, for which the company took a charge to earnings of 31 cents per share, and income taxes, for which the company took a credit of 43 cents per share, both in the first quarter of last year.
 Growth in sales volume during the first six months of 1993 was largely the result of acquisitions, although domestic sales in the company's base businesses rose modestly. International sales declined from 28.5 percent of sales in the first half of last year to 26.5 percent this year because of weak conditions in the European market.
 Income from operations in this year's first half was a very substantial 15.5 percent of sales, declining slightly from 15.7 percent in the prior year. Margins of recent acquisitions are somewhat lower than in the company's base businesses and have been further affected by purchase accounting adjustments. In addition, a temporary work stoppage, since resolved, at the company's Viking Pump business unit adversely affected margins in the first quarter of 1993.
 FINANCIAL POSITION CONTINUES TO IMPROVE
 During the first half of 1993, the company reduced its long-term debt by $16 million with cash flow from operations. IDEX's net worth has risen to $70 million at June 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 half of 1993.
 1993 OUTLOOK: RECORDS IN SALES, NET INCOME EXPECTED
 Boyce noted that the company expects stronger earnings in the second half of 1993, so, new records in sales, net income and earnings per share are anticipated for the year. He said, "IDEX is very well positioned in its markets, serves diverse industries, sells throughout the world, and enjoys high margins. With 1992 acquisitions included for a full year, declining interest expense, elimination of the charge for equity appreciation rights and a gradually improving economy, we are confident that IDEX will attain new highs this year. Results for the first half of 1993 demonstrates that we're well on our way to record- level sales and earnings."
 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 1-800-PRO-INFO, ext. 087.
 IDEX CORP.
 Condensed Statements of Consolidated Operations
 (In thousands, except per share amounts)
 Second Quarter Six Months
 Periods ended June 30, 1993 1992 1993 1992
 (unaudited) (unaudited)
 Net sales $78,052 $69,550 $151,603 $129,934
 Cost of sales 47,893 42,764 93,723 80,291
 Gross profit 30,159 26,786 57,880 49,643
 Selling, General and
 Administrative Expenses 17,221 15,597 34,441 29,233
 Income from operations 12,938 11,189 23,439 20,410
 Other expense - net (242) (147) (377) (108)
 Interest expense 2,809 3,134 5,668 5,727
 Provision for income taxes 3,427 2,768 6,055 5,101
 Income before cumulative
 effect of changes in
 accounting principles 6,460 5,140 11,339 9,474
 Cumulative effect of changes
 in accounting principles:
 Postretirement benefits,
 Net of tax (3,879)
 Income taxes 5,396
 Net income $6,460 $5,140 $11,339 $10,991
 Earnings per common share:
 Income before cumulative
 Effect of changes in
 accounting principles $0.50 $0.41 $0.88 $0.76
 Cumulative effect of changes
 in accounting principles:
 Postretirement benefits,
 Net of Tax $(0.31)
 Income Taxes 0.43
 Net income $0.50 $0.41 $0.88 $0.88
 Weighted average common
 Shares outstanding 12,947 12,572 12,943 12,549
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands)
 6/30/93 12/31/92
 ASSETS (unaudited)
 Current assets
 Cash and cash equivalents $ 2,768 $ 2,370
 Receivables - net 41,996 39,253
 Inventories 62,471 63,814
 Deferred taxes and other 9,593 11,286
 Total current assets 116,828 116,723
 Property, plant and
 Equipment - net 51,161 52,266
 Intangible assets - net 76,848 78,009
 Other noncurrent assets 5,643 6,302
 Total $250,480 $253,300
 Liabilities and Shareholders' Equity:
 Current liabilities $ 40,415 $ 40,041
 Long-term debt 124,122 139,827
 Other noncurrent liabilities 15,513 14,701
 Total liabilities 180,050 194,569
 Shareholders' equity 70,430 58,731
 Total $250,480 $253,300
 -0- 7/16/93
 /CONTACT: Wayne P. Sayatovic, vice president - finance of IDEX, 708-498-7070; or Lynne Franklin, in Chicago, 312-266-7800, or Lillian Armstrong, in San Francisco, 415-986-1591, both of The Financial Relations Board/
 (IEX)


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

WB -- NY014 -- 2410 07/16/93 10:55 EDT
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