Next slide – here if we look at the fourth quarter income statement, you’ll see bookings were basically flat. There are a couple reasons for that. The fourth quarter last year, our orders were up 23% over the prior year, so it was an exceptionally unusual and difficult comp, and we had three things happen that we detailed last year. We had quite a substantial Mexican order for Neptune - that tends to be a non-recurring type of item when those happen; some unique shipments in the camera arena around some specific CAPEX that was going on in China; and then we had a Gaz de France project largely booked and that was completed in the fourth quarter this year. So those were unusual headwinds that exceeded $30 million.The backlog is up though, as you can see, by 5.5%, so backlog was at $828 million which is an all-time record for a year-ending backlog number for us. Net sales were up 9%, 7% organic. Gross profit, as we covered, was up 20 BPs. Operating income at 187 million was up 13%, and operating margin was above 25%, up 80 BPs in the quarter. You can see the tax rate was actually a little bit of a negative headwind in the quarter compared to last year. We had a particularly favorable tax rate in Q4 last year – 27.7 for us, and the fourth quarter this year was 29%, so that cost us $0.02 a share. Nonetheless, we still are in at $1.23 on DEPS.
Roper Industries' CEO Discusses Q4 2011 - Earnings Call Transcript
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