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ROPER INDUSTRIES ANNOUNCES SECOND QUARTER EARNINGS GAINS

 COMMERCE, Ga., May 24 /PRNewswire/ -- Roper Industries, Inc. (NASDAQ: ROPR) announced today that net earnings for its fiscal second quarter (ended April 30) increased 11-fold over the prior year quarter on a 63 percent increase in net sales.
 Net earnings for 1993's second quarter was $3.0 million as compared to prior year reported earnings of $246,000 (1992 earnings were $1.4 million before a one-time charge against earnings). Net sales advanced 63 percent to $28.5 million from $17.5 million for the prior year quarter. Earnings per share for the current quarter were $.40, 10 times the reported earnings of $.04 in the prior year period (the increase in earnings per share being achieved with an increase of 14 percent in weighted average shares outstanding, from 6,468,000 to 7,379,000).
 The improvement in second quarter earnings was due principally to the operating leverage associated with sales increases in both the industrial controls and fluid handling segments, the inclusion of Compressor Controls Corporation (acquired Sept. 30, 1992) results in the current year quarter and a reduced effective tax rate achieved due to the increase in tax favored export sales. Total bookings for the current year quarter were $74.0 million as compared to $20.5 million (on a pro-forma basis to include Compressor Controls Corporation) in the prior year quarter. All operating units showed significant increases in order bookings. The current period bookings include a $51 million order from the Russian gas company, Interprokom, and is the first order of a seven-year letter of understanding to supply controls for numerous Russian gas system pumping stations. An initial $8 million cash deposit was received on the Russian order in March followed by a second $8 million installment in May, in the form of an irrevocable letter of credit.
 Roper Industries, Inc. is an international manufacturer of industrial control and fluid handling products. Its operations are reported in two segments: Industrial Controls (Amot Controls Corporation, Amot Controls Ltd. and Compressor Controls Corporation) and Fluids Handling (Roper Pump Company and Cornell Pump Company).
 ROPER INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 (in thousands, except per share data)
 (unaudited)
 3 mos. ended 4/30/93 4/30/92 Pct. Chg.
 Net sales $28,508 $17,502 62.9
 Cost of goods sold 14,546 10,409 39.7
 Gross profit 13,962 7,093 96.8
 Selling, general & admin. expenses 9,030 6,192 45.8
 Income from operations 4,932 901 447.4
 Interest expense 576 573 .5
 Interest income 4 65 (93.8)
 Earnings before income taxes 4,360 393 1009.4
 Income taxes 1,395 147 849.0
 Net earnings $ 2,965 $ 246 1105.3
 Earnings per common share $ .40 $ .04 900.0
 Wtd. avg. common and common
 shares outstanding 7,379 6,468 14.1
 6 mos. ended 4/30/93 4/30/92 Pct. Chg.
 Net sales $48,214 $31,980 50.8
 Cost of goods sold 24,355 18,728 30.0
 Gross profit 23,859 13,252 80.0
 Selling, general & admin. expenses 16,287 10,553 54.3
 Income from operations 7,572 2,699 180.5
 Interest expense 1,221 1,709 (28.6)
 Interest income 18 117 (84.6)
 Earnings before income taxes 6,369 1,107 475.3
 Income taxes 2,166 415 421.9
 Net earnings $ 4,203 $ 692 507.4
 Earnings per common share $ .57 $ .12 375.0
 Wtd. avg. common and common
 shares outstanding 7,340 5,680 29.2
 NOTE: 1992 three months and six months net earnings have been reduced by a one-time charge (shown in selling, general and administrative expenses) of $1,163,000.
 Condensed Consolidated Balance Sheets
 (in thousands)
 ASSETS
 4/30/93 10/31/92
 (unaudited)
 CURRENT ASSETS:
 Cash and cash equivalents $ 737 $ 1,713
 Trade and other accounts receivable,
 less allowance for doubtful accounts
 of $356 and $341, respectively 16,487 15,373
 Inventories 14,048 12,399
 Income tax receivable --- 1,735
 Prepaid expenses 546 540
 Total current assets 31,818 31,760
 Property, plant and equipment 36,964 35,578
 Less accumulated depreciation (20,931) (19,523)
 Property, plant and equipment, net 16,033 16,055
 Goodwill and other intangible assets,
 (net of accumulated amortization) 32,119 33,114
 Other assets 147 56
 Total $80,117 $80,985
 LIABILITIES AND STOCKHOLDERS' EQUITY
 4/30/93 10/31/92
 (unaudited)
 CURRENT LIABILITIES:
 Bank overdraft $ --- $ 116
 Accounts payable 5,592 3,535
 Interest payable 213 252
 Accrued compensation 1,747 1,486
 Accrued liabilities 2,627 1,627
 Income taxes payable 1,032 1,704
 Current portion of long-term debt 1,043 1,747
 Total current liabilities 12,254 10,467
 Long-term debt 22,038 28,366
 Deferred income taxes 1,348 1,346
 Other liabilities 320 304
 STOCKHOLDERS' EQUITY:
 Common stock, $.01 par value;
 25,000 shares authorized; 7,296
 and 7,294 issued and outstanding,
 respectively 73 73
 Additional paid-in capital 34,780 34,753
 Cumulative translation adjustment (645) (654)
 Retained earnings 9,949 6,330
 Total stockholders' equity 44,157 40,502
 Total $80,117 $80,985
 SEGMENT FINANCIAL DATA
 (in thousands)
 (Unaudited)


Segment data for the periods indicated is listed below (in thousands)
 3 mos. ended Pct. 6 mos. ended Pct.
 1/31/93 1/31/92 chg. 4/30/93 4/30/92 chg.
 Net sales
 Industrial controls $16,701 $ 6,776 146.5 $26,914 $12,635 113.0
 Fluid handling 11,807 10,726 10.1 21,300 19,345 10.1
 Total 28,508 17,502 62.9 48,214 31,980 50.8
 Gross profit
 Industrial controls 9,389 2,924 221.1 15,572 5,629 176.6
 Fluid handling 4,573 4,169 9.7 8,287 7,623 8.7
 Total 13,962 7,093 96.8 23,859 13,252 80.0
 Operating profit(a)
 Industrial controls 3,109 895 247.4 4,429 1,459 203.6
 Fluid handling 2,542 2,270 12.0 4,452 3,999 11.3
 Total $ 5,651 $ 3,165 78.5 $ 8,881 $ 5,458 62.7
 (a) Operating profit is before any allocation for corporate general and administrative expenses. Corporate general and administrative expenses were $719,000 for quarter ended April 30, 1993, and $2,264,000 for quarter ended April 30, 1992, and $1,309,000 and $2,759,000 for six months ended April 30, 1993 and 1992, respectively. The prior year three month and six month periods include a one-time charge of $1,861,000.
 -0- 5/24/93
 /CONTACT: Zane Metcalf of Roper Industries, 706-369-7170/
 (ROPR)


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

RA-BN -- AT009 -- 3430 05/24/93 16:57 EDT
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Date:May 24, 1993
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