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IDEX REPORTS 1 PERCENT RISE IN NET INCOME BEFORE AN EXTRAORDINARY ITEM TO A RECORD $15.9 MILLION ON FLAT SALES FOR THE YEAR 1991

IDEX REPORTS 1 PERCENT RISE IN NET INCOME BEFORE AN EXTRAORDINARY ITEM
 TO A RECORD $15.9 MILLION ON FLAT SALES FOR THE YEAR 1991
 NORTHBROOK, Ill., Jan. 21 /PRNewswire/ -- IDEX Corp. (NYSE: IEX) today reported that net income before an extraordinary credit amounted to $15.9 million in 1991, a new record which was slightly higher than the $15.7 million earned in 1990. Total net sales in 1991 amounted to $228.2 million, essentially equivalent to the $228.4 million in sales recorded in 1990.
 Donald N. Boyce, chairman and president of this manufacturer of proprietary fluid handling and industrial products, said, "We are delighted that IDEX was able to match 1990 sales and net income before the extraordinary credit. In this difficult economic environment, many other manufacturers of industrial equipment have suffered sales and earnings declines. With new product introductions, an increased international presence, lower interest expense because of debt reduction, and the inclusion of a small acquisition, Corken, Inc., for a portion of the year, IDEX was able to avoid those declines."
 Boyce added that income from operations represented a significant 16.7 percent of sales, but that margins had declined slightly from the prior year's 17.7 percent because of lower capacity utilization in the company's plants, and the inclusion of Corken in this year's results.
 Earnings per common share before the extraordinary credit amounted to $1.41, as compared with the $1.45 earned in 1990. The modestly lower earnings per share figure on the slightly higher net income figure resulted from an increase in the average number of common shares outstanding following completion of an additional 1,725,000 share offering in September 1991. As expected, the extraordinary credit from utilization of net operating loss carryforwards declined from $2.1 million, or 20 cents per common share, in 1990 to $1.2 million, or 11 cents per common share in 1991. Net earnings after the extraordinary credit in 1991 amounted to $17.1 million, or $1.52 per share, vs. the $17.8 million, or $1.65 per share, earned in 1990.
 Strong Financial Position
 IDEX's financial position was strong at year end, with working capital of $42.7 million and a 2.3-to-1 current ratio. In 1991, long- term debt was reduced by $37.5 million, bringing total debt reduction to $103 million or 62 percent of the initial amount of debt outstanding since formation of the company in 1988. Profits brought net worth to a positive balance early in 1991, and the additional stock offering further strengthened shareholders' equity, which amounted to $37.1 million at Dec. 31. Because IDEX was not permitted to use purchase accounting when it was formed in January 1988, it began operations with a negative net worth of $95.5 million.
 Fourth Quarter Results
 In the fourth quarter ended Dec. 31, 1991, IDEX had sales of $57.1 million, which was within 1 percent of the $57.9 million of sales recorded in the fourth quarter of 1990. Net income before the extraordinary credit amounted to $4.5 million in the fourth quarter of 1991, vs. the $4.8 million in the fourth quarter of 1990. While net income before the extraordinary credit was only about $300,000 less than in the prior year, earnings per share before the extraordinary credit declined from 44 cents in the fourth quarter of 1990 to 36 cents in the fourth quarter of 1991 with the increase in number of shares outstanding. Operating profit margins in the fourth quarter were slightly higher than in the first three quarters of 1991, but trailed the especially strong margins of the fourth quarter of 1990 because of a change in the mix of business. Interest expense was down 24 percent in the fourth quarter of 1991 principally because of debt reduction.
 Outlook
 Boyce noted that IDEX continues to have very favorable long-term prospects, but with the economy in recession, sales and earnings growth is not expected for the next quarter or two. He added, however, that conditions are expected to improve later in the year, and IDEX is well- positioned to seize growth opportunities with its diverse product and market base, significant foreign presence, continuing new product flow, and leading market positions. He said that with some modest help from the economy, IDEX is poised for growth in sales and earnings later in 1992 which could lead to a record year for the company.
 IDEX Corp. is a manufacturer of a wide array of proprietary, highly engineered products, including industrial pumps and compressors, 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, transportation equipment, food processing, pulp and paper, and oil refining industries.
 Additional information can be obtained on IDEX Corp., via fax, no cost -- dial 800-PRO-INFO, code 087.
 IDEX CORP.
 Statements of Consolidated Operations
 (Unaudited; in thousands, except per share amounts)
 Periods ended Fourth Quarter 12 Months
 Dec. 31 1991 1990 1991 1990
 Net sales $57,137 $57,919 $228,181 $228,397
 Cost of sales 35,928 35,693 143,092 143,544
 Gross profit 21,209 22,226 85,089 84,853
 Selling, general and
 admin. expenses 11,414 11,512 47,014 44,521
 Income from operations 9,795 10,714 38,075 40,332
 Other income - net 196 786 396 1,038
 Interest expense 2,819 3,696 12,730 15,566
 Provision for income taxes 2,658 3,001 9,826 10,101
 Inc. bef. extraord. credit 4,514 4,803 15,917 15,703
 Extraordinary credit -
 utilization of net
 operating loss carryforward 325 460 1,214 2,145
 Net income 4,839 5,263 17,131 17,848
 Earnings per common share:
 Inc. bef. extraord. credit $0.36 $0.44 $1.41 $1.45
 Extraordinary credit -
 utilization of net
 operating loss carryforward 0.03 0.05 0.11 0.20
 Net income 0.39 0.49 1.52 1.65
 Weighted average common
 shares outstanding 12,526 10,801 11,274 10,804
 Condensed Consolidated Balance Sheets
 (In thousands)
 Dec. 31 1991 1990
 Assets
 Current assets
 Cash and cash equivalents $1,486 $844
 Receivables - net 29,893 31,218
 Inventories 42,390 42,986
 Prepaid expenses and other 695 649
 Total current assets 74,464 75,697
 Property, plant and equipment
 - net 35,473 32,256
 Intangible assets - net 27,8071 9,979
 Other assets 5,398 6,424
 Total 143,142 134,356
 Liabilities and shareholders' equity
 Current liabilities 31,733 30,742
 Long-term debt 65,788 103,863
 Other non-current liabilities 8,509 4,038
 Total liabilities 106,030 138,643
 Shareholders' equity 37,112 (4,287)
 Total 143,142 134,356
 -0- 1/21/92
 /CONTACT: Wayne Sayatovic, VP-finance of IDEX, 708-498-7070; or Audrey Lowe or Nick Farina, 312-266-7800, or Lillian Armstrong, 415-986-1591, or Scott Snyderman, 212-661-8030, all of the Financial Relations Board, for IDEX/
 (IEX) CO: IDEX Corp. ST: Illinois IN: SU: ERN


CK -- NY062 -- 1817 01/21/92 12:10 EST
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Date:Jan 21, 1992
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