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IDEX CORPORATION REPORTS 13 PERCENT RISE IN INCOME BEFORE CHANGES IN ACCOUNTING PRINCIPLES; VIKING UNIT SETTLES LABOR CONTRACT

 NORTHBROOK, Ill., April 20 /PRNewswire/ -- Idex Corporation (NYSE: IEX), manufacturer of proprietary fluid handling and industrial products with leading positions in niche markets, today announced results for the first quarter ended March 31, 1993, and reaffirmed that it expects record-setting performance for the full year.
 Sales Rise 22 Percent; Earnings Before Accounting Changes Up 13 Percent
 Sales in the three month period amounted to $73.6 million, as compared with $60.4 million in the first quarter of 1992, up 22 percent.
 Net income before the cumulative effect of adopting Financial Accounting Standards numbered 106 and 109 (adopted in the first quarter of 1992), increased 13 percent to $4.9 million, or 38 cents per share, from $4.3 million, or 35 cents per share, for the same quarter last year. The two accounting standards changes related to post-retirement benefits other than pensions, for which the company took a credit of 43 cents per share, both in the first quarter of the prior year.
 Strong Performance Despite Conditions
 Donald N. Boyce, chairman and president of IDEX, said "We are pleased to report significant increases in this year's first quarter sales and profits. IDEX's profits held up very well throughout the recession, and the improved 1993 results are even more meaningful considering that our performance at this time last year was also strong."
 Boyce added that the previously reported labor situation with I.A.M. local at the company's Viking Pump business unit was estimated to have cost the company approximately six cents in earnings per share for the first quarter. Without this situation, earnings per share before unusual items would likely have risen by about 25 percent. Members of the local returned to work on April 1 following a two-week work stoppage. On April 18, they voted to accept the company's final contract proposal, which runs until January 1996. The company said that it expected to overcome the financial effects of the Viking situation in the next couple of quarters, since Viking's incoming orders have remained strong.
 Acquisitions More Than Offset Lower International Sales
 This year's sales rise was entirely due to acquisitions made during 1992, as shipments in the company's base businesses were relatively flat. While domestic sales held up well, international sales declined because of weak conditions in certain foreign markets. Incoming orders rose by about 4 percent in the company's base businesses, and acquisitions added another 26 percent to the prior year's order rate. As a result, backlogs are somewhat stronger. Sales and profits rose modestly in the Industrial Products Group. However, sales were off somewhat in the Fluid Handling Group's base businesses because of weak international market conditions and the Viking labor situation.
 Operating margins in the first quarter were quite strong, at 14.3 percent of sales, but decline from 15.3 percent in the prior year's first quarter. The slight difference was due to the Viking Pump situation, inclusion of acquisitions where margins were lower than the company's core businesses (and these margins were further affected by purchase accounting adjustments), and a change in the mix of the business between the two business segments.
 1993 Outlook: Records In Sales, Net Income Expected
 Boyce noted that the company expects stronger earnings in the remaining quarters of 1993, and, therefore, also anticipates setting new records in sales, net income and earnings per share for the year. He added that the company 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 in 1993, declining interest expense, elimination of the charge for equity appreciation rights this year following adoption of a stock option plan, and a gradually improving economy, we are confident that IDEX will be able to attain new highs this year," he concluded.
 IDEX Corporation 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 CORPORATION
 Condensed Statements of Consolidated Operations
 (In thousands, except per share amounts - Unaudited)
 First quarter ended March 31 1993 1992
 Net sales $ 73,551 $ 60,684
 Cost of sales 45,830 37,527
 Gross profit 27,721 22,857
 Selling, general and
 administrative expenses 17,220 13,636
 Income from operations 10,501 9,221
 Other income (expense) - net (135) 39
 Interest expense 2,859 2,593
 Provision for income taxes 2,626 2,333
 Income before cumulative effect of
 changes in accounting principals 4,879 4,334
 Cumulative effect of changes
 in accounting principles:
 Postretirement benefits, net of tax -- (3,879)
 Income taxes -- 5,396
 Net income $ 4,879 $ 5,851
 EARNINGS PER COMMON SHARE:
 Income before cumulative effect of
 changes in accounting principals $0.38 $0.35
 Cumulative effect of changes
 in accounting principles:
 Postretirement benefits, net of tax -- (0.31)
 Income taxes -- 0.43
 Net income $0.38 $0.47
 Weighted average common shares
 outstanding 12,944 12,526
 IDEX CORPORATION
 Condensed Consolidated Balance Sheets
 (In thousands)
 3/31/93 12/31/92
 ASSETS (Unaudited)
 Current assets
 Cash and cash equivalents $ 1,909 $ 2,370
 Receivables-net 39,846 39,253
 Inventories 64,199 63,814
 Deferred tax and other 9,189 11,286
 Total current assets 115,143 116,723
 Property, plant and equipment-net 51,500 52,266
 Intangible assets-net 77,174 78,009
 Other noncurrent assets 6,525 6,302
 TOTAL $250,342 $253,300
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $ 37,133 $ 40,041
 Long-term debt 134,809 139,827
 Other noncurrent liabilities 15,210 14,701
 TOTAL LIABILITIES 187,152 194,569
 Shareholders' equity 63,190 58,731
 TOTAL $250,342 $253,300
 -0- 4/20/93
 /CONTACT: Wayne Sayatovic, vice president-finance of Idex, 708-498-7070; Nick Farina, Lynne Franklin, 312-266-7800, or Lillian Armstrong, 415-986-1591, all of the Financial Relations Board/
 (IEX)


CO: Idex Corporation ST: Illinois IN: SU: ERN

SM -- NY063 -- 8045 04/20/93 12:00 EDT
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Date:Apr 20, 1993
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