Printer Friendly

ROPER INDUSTRIES ANNOUNCES FIRST QUARTER EARNINGS GAINS

 COMMERCE, Ga., Feb. 22 /PRNewswire/ -- Roper Industries, Inc. (NASDAQ: ROPR), announced today that net income for its fiscal first quarter (ended Jan. 31, 1993) increased by 178 percent over the 1992 first quarter on a 36 percent increase in sales.
 Net income for 1993's first quarter was $1.2 million, up 178 percent over the $446,000 reported for the 1992 quarter. Net sales advanced 36 percent to $19.7 million from $14.5 million for the prior year's first quarter. Earnings per share for the current quarter were $.17, an increase of 89 percent from $.09 reported for prior year on 48 percent more weighted average shares outstanding (7.3 million vs. 4.9 million). The company's initial public offering was completed in February of 1992.
 The improvement in first quarter earnings was due principally to the operating leverage associated with a 10 percent sales increase in the Fluids Handling Segment, the reduction of interest charges due to the replacement of high interest rate debt of 1992 with lower rate debt in 1993, and the inclusion for the full quarter of Compressor Controls Corporation (acquired on Sept. 30, 1992).
 While first quarter bookings at the company's U.K. facilities increased over the year ago quarter, a larger than usual portion of these bookings were for shipments with longer leadtimes and are expected to ship in the second and third quarters. Current year first quarter results in the U.K. were also adversely affected by weakness in the Pound which reduced the average exchange rate to $1.54 in the 1993 quarter from $1.80 in the year ago period.
 The company began its year on an optimistic note, with order bookings up 23 percent to $25.4 million in the current quarter vs. $20.7 million (pro forma to include Compressor Controls) for the 1992 first quarter. Most of this increase is coming from the Industrial Controls Segment, although orders for standard products are having a positive impact on the Roper Pump division.
 Roper Industries, Inc. is an international manufacturer of fluid handling and industrial control products. Its operations are reported in two segments: Fluid Handling (Roper Pump Company and Cornell Pump Company) and Industrial Controls (Amot Controls Corporation, Amot Controls, Ltd. and Compressor Controls Corporation).
 ROPER INDUSTRIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Income
 (in thousands, except per share data)
 (unaudited)
 3 mos. ended 1/31/93 1/31/92 Pct. Change
 Net sales $19,706 $14,478 36.1
 Cost of goods sold 9,809 8,319 17.9
 Gross profit 9,897 6,159 60.7
 Selling, general & admin. exps. 7,257 4,361 66.4
 Income from operations 2,640 1,798 46.8
 Interest expense 645 1,084 (40.5)
 Interest income 14 --- ---
 Income before income taxes 2,009 714 181.4
 Income taxes 771 268 187.7
 Net earnings $ 1,238 $ 446 177.6
 Earnings per common share $ .17 $ .09 88.9
 Wtd. avg. common shares
 outstanding 7,315 4,935 48.2
 ROPER INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (in thousands)
 ASSETS
 12/31/93 10/31/92
 (unaudited)
 CURRENT ASSETS:
 Cash and cash equivalents $ 1,478 $ 1,713
 Trade and other accounts receivable,
 less allowance for doubtful accounts
 of $316 and $327 respectively 13,711 15,373
 Inventories 13,240 12,399
 Tax receivable 1,735 1,735
 Prepaid expenses 377 540
 Total current assets 30,541 31,760
 Property, plant and equipment 36,072 35,578
 Less accumulated depreciation (20,207) (19,523)
 Sub-total 15,865 16,055
 Intangible assets, net 32,676 33,114
 Other assets 81 56
 Sub-total 32,757 33,170
 Total $79,163 $80,985
 LIABILITIES AND STOCKHOLDERS' EQUITY
 (in thousands, except per share data)
 12/31/93 10/31/92
 (unaudited)
 CURRENT LIABILITIES:
 Bank overdraft $ --- $ 116
 Accounts payable 3,648 3,535
 Interest payable 177 252
 Accrued compensation 966 1,486
 Accrued liabilities 1,356 1,628
 Income taxes payable 1,436 1,704
 Current portion of long-term debt 1,019 1,747
 Total current liabilities 8,602 10,468
 Long-term debt 27,590 28,366
 Deferred income taxes 1,346 1,346
 Other liabilities 291 304
 STOCKHOLDERS' EQUITY:
 Common stock, $.01 par value;
 25,000,000 shares authorized;
 7,294,056 issued and outstanding 73 73
 Additional paid-in-capital 34,751 34,751
 Cumulative translation adjustment (767) (654)
 Retained earnings 7,277 6,331
 Sub-total 41,334 40,501
 Total $79,163 $80,985
 ROPER INDUSTRIES, INC. AND SUBSIDIARIES
 SEGMENT FINANCIAL DATA
 (in thousands)
 (Unaudited)
 FIRST QUARTER
 1993 1992 Pct chg.
 Net sales
 Fluid handling $ 9,493 $ 8,619 10.1
 Industrial control 10,213 5,859 74.3
 Total 19,706 14,478 36.1
 Gross profit
 Fluid handling 3,714 3,454 7.5
 Industrial control 6,183 2,705 128.6
 Total 9,897 6,159 60.7
 Operating profit(a)
 Fluid handling 1,910 1,729 10.5
 Industrial control 1,320 564 134.0
 Total $ 3,230 $ 2,293 40.9
 (a) Operating profit is before any allocation for corporate general and administrative expenses. Corporate general and administrative expenses were $495,000 for quarter ended Jan. 31, 1992 and $590,000 for quarter ended Jan. 31, 1993.
 -0- 2/22/93
 /CONTACT: Zane Metcalf of Roper Industries, 706-335-5551/
 (ROPR)


CO: Roper Industries, Inc. ST: Georgia IN: SU: ERN

RA-BR -- AT002 -- 8758 02/22/93 07:34 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 22, 1993
Words:899
Previous Article:KNOWLEDGWARE COMPLETES ACQUISITION OF MATESYS CORP.; OBJECTVIEW A KEY COMPONENT OF KNOWLEDGEWARE'S CLIENT/SERVER PORTFOLIO
Next Article:AMERICAN SOFTWARE ANNOUNCES THIRD QUARTER FISCAL 1993 EARNINGS
Topics:


Related Articles
ROPER INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS
/ C O R R E C T I O N -- ROPER INDUSTRIES/
ROPER INDUSTRIES ANNOUNCES SECOND QUARTER EARNINGS GAINS
ROPER INDUSTRIES PROJECTS EARNINGS HIGHER THAN EXPECTATIONS
ROPER INDUSTRIES ANNOUNCES RECORD FOURTH QUARTER AND ANNUAL RESULTS
ROPER INDUSTRIES, INC. ANNOUNCES RECORD FIRST QUARTER RESULTS
Roper Industries, Inc. Announces Fourth Quarter 1999 Financial Results Expectations, Acquisition Closing And Dividend Increase.
Roper Industries, Inc. Announces First Quarter Results And the Signing of Two Letters of Intent.
Roper Industries Announces First Quarter 2003 Results; Strong Orders Support Significant Sequential Earnings Growth in Q2; Management Focused on...
Roper Industries Announces Record First Quarter 2005 Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters