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ROPER INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS

 ROPER INDUSTRIES ANNOUNCES THIRD QUARTER EARNINGS
 COMMERCE, Ga., Aug. 21 /PRNewswire/ -- Roper Industries, Inc.


(NASDAQ: ROPR) announced today results for the three months ended July 31, the third quarter of fiscal 1992.
 Net sales for the quarter were $17.2 million, down 13 percent from the prior-year quarter. As has been previously reported, due to the severe contraction in domestic oil and gas drilling activity, the company has experienced a corresponding reduction in orders for its "mud motors" used for directional drilling. Shipments for these units dropped $1.4 million in the quarter as compared to the prior-year period. There are indications, however, that the inventories of mud motors held by drilling contractors have now come down to reasonable operating levels, and orders are beginning to resume, but at levels much lower than in 1991.
 The company is beginning to see areas where the demand for its products are strengthening, but these gains are being offset by other segments that remain flat. Significant new product activity continues with very positive feedback from the market.
 Net income available to common shares for the three months ended July 31 was $1,839,000, up 1 percent from the prior year period or $.27 per share.
 Despite the decline in sales, a gross margin of 42.8 percent has been maintained which represents an improvement of 2.3 percentage points from second quarter 1992. The company continues to aggressively monitor costs in order to maintain its margins.
 Selling, general and administrative expenses of $4,290,000 for the quarter are down 7 percent compared to the prior-year quarter, reflecting the efficiencies obtained from new systems put into place at the industrial controls segment and reflecting reductions in accruals for anticipated bonuses to be paid to its executive group.
 The company's overall financial condition continues to strengthen and cash flow is strong with a total free cash flow in the third quarter of $2.4 million or $.35 per share.
 Roper designs, manufactures and distributes specialty fluid handling and industrial control products serving selected segments of a wide range of industrial markets worldwide.
 ROPER INDUSTRIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (in thousands)
 ASSETS
 7/31/92 10/31/91
 (unaudited)
 CURRENT ASSETS:
 Cash and cash equivalents $ 5,119 $ 2,867
 Trade and other accounts receivable,
 less allowance for doubtful accounts
 of $417 and $451 respectively 10,512 10,115
 Inventories 11,998 12,633
 Prepaid expenses 539 277
 Total current assets 28,168 25,892
 Property, plant and equipment 34,696 33,951
 Less accumulated depreciation 19,071 17,070
 Sub-total 15,625 16,881
 Intangible assets, net 4,361 5,589
 Other assets 112 70
 Sub-total 4,473 5,659
 Total $48,266 $48,432
 LIABILITIES AND STOCKHOLDERS' EQUITY
 7/31/92 10/31/91
 (unaudited)
 CURRENT LIABILITIES:
 Bank overdraft $ --- $ 177
 Accounts payable 2,603 3,481
 Interest payable 33 802
 Accrued compensation 447 1,485
 Accrued liabilities 972 1,320
 Income taxes payable 212 918
 Current portion of long-term debt 1,136 2,977
 Total current liabilities 5,403 11,160
 Long-term debt 6,129 31,783
 Deferred income taxes 1,399 1,546
 Other liabilities 559 288
 STOCKHOLDERS' EQUITY:
 Common stock, $.01 par value;
 25,000,000 shares authorized;
 6,935,000 and 4,910,000 issued
 and outstanding respectively 69 49
 Additional paid-in-capital 29,823 1,423
 Cumulative translation adjustment 445 (212)
 Receivable from stockholders --- (69)
 Retained earnings 4,439 2,464
 Sub-total 34,776 3,655
 Total $48,266 $48,432
 ROPER INDUSTRIES, INC.
 Condensed Consolidated Statements of Income
 (in thousands, except per share data)
 (unaudited)
 3 mos. ended 9 mos. ended
 7/31/92 7/31/91 7/31/92 7/31/91
 Net sales $17,258 $19,928 $49,238 $56,270
 Cost of goods sold 9,875 11,110 28,603 32,825
 Gross profit 7,383 8,818 20,635 23,445
 Selling, general & admin. exps. 4,290 4,611 14,843 13,875
 Income from operations 3,093 4,207 5,792 9,570
 Interest expense 181 1,081 1,890 3,619
 Interest income 28 --- 145 ---
 Income before income taxes 2,940 3,126 4,047 5,951
 Income tax provision 1,102 1,172 1,517 2,230
 Net income 1,838 1,954 2,530 3,721
 Preferred stock dividends --- 140 --- 280
 Income applicable to common
 shares $ 1,838 $ 1,814 $ 2,530 $ 3,441
 Earnings per common share $ .27 $ .37 $ .41 $ .70
 Wtd. avg. common shares
 outstanding 6,935 4,910 6,100 4,910
 -0- 8/21/92
 /CONTACT: Zane Metcalf, vice president and CFO of Roper Industries, 706-335-5551/
 (ROPR) CO: Roper Industries, Inc. ST: Georgia IN: SU: ERN


EA-BN -- AT002 -- 2007 08/21/92 08:55 EDT
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