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IDEX Corporation Reports Record 2011 Results; Adjusted Fourth Quarter Earnings Per Share Of 65 Cents

EBITDA and Free Cash Flow

EBITDA means earnings before interest, income taxes, depreciation and amortization, while free cash flow means cash flow from operating activities less capital expenditures plus the excess tax benefit from stock-based compensation. Management uses these non-GAAP financial measures as internal operating metrics and for enterprise valuation purposes. Management believes these measures are useful as analytical indicators of leverage capacity and debt servicing ability, and uses them to measure financial performance as well as for planning purposes. However, they should not be considered as alternatives to net income, cash flow from operating activities or any other items calculated in accordance with U.S. GAAP, or as an indicator of operating performance. The definitions of EBITDA and free cash flow used here may differ from those used by other companies.

 

EBITDA and Free Cash Flow bridge

 

 

For the Quarter Ended

   

For the Year Ended

December 31,

 

September 30,

December 31,

2011

 

2010

 

Change

2011

 

Change

2011

 

2010

 

Change

 

Income before Taxes

$ 67.2 $ 60.6 11 % $ 63.1 6

%

$

273.9

$

231.9

18

%

Depreciation and Amortization

19.3 13.2 46 20.5 (6 )

72.4

58.1

25

Interest

  8.4     5.0   69   7.8   8  

29.3

   

16.1

 

82

EBITDA

  94.9     78.8   20   91.4   4  

375.6

   

306.1

 

23

 

CVI Fair Value Inventory

- - - 12.8 (100 )

15.8

-

100

Restructuring

  9.4     4.7   100   2.9   n/m  

12.3

   

11.1

 

11

Adjusted EBITDA

$ 104.3   $ 83.5   25 $ 107.1   (3 )

$

403.7

 

$

317.2

 

27

 

Cash Flow from Operating Activities

$

41.6

$

27.1

53

%

$

94.8

(56

)

%

$

217.2

$

184.5

18

%

Capital Expenditures

(7.2 ) (5.7 ) 25 (9.4 ) (23 )

(35.2

)

(31.7

)

11

Excess Tax Benefit from Stock-Based Compensation

 

.4

   

.2

 

100

 

.9

 

(58

)

 

5.3

   

3.5

 

53

Free Cash Flow

  34.8     21.6   61   86.3   (60 )  

187.3

   

156.3

 

20

 

Forward starting interest rate swaps

  38.7     31.0   25   -   100  

38.7

   

31.0

 

25

Adjusted Free Cash Flow

$ 73.5   $ 52.6   40 $ 86.3   (15 )

$

226.0

 

$

187.3

 

21

 

Conference Call to be Broadcast over the Internet

IDEX will broadcast its fourth quarter earnings conference call over the Internet on Tuesday, February 7, 2012 at 9:30 a.m. CT. Chairman and Chief Executive Officer Andy Silvernail and Vice President and Chief Financial Officer Heath Mitts will discuss the company’s recent financial performance and respond to questions from the financial analyst community. IDEX invites interested investors to listen to the call and view the accompanying slide presentation, which will be carried live on its website at www.idexcorp.com. Those who wish to participate should log on several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the presentation slides, or download the correct applications at no charge. Investors will also be able to hear a replay of the call by dialing 855.859.2056 (or 404.537.3406 for international participants) using the ID # 40912918.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements may relate to, among other things, capital expenditures, cost reductions, cash flow, and operating improvements and are indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “management believes,” “the company believes,” “the company intends,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors, and levels of capital spending in certain industries – all of which could have a material impact on order rates and IDEX’s results, particularly in light of the low levels of order backlogs it typically maintains; its ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the company operates; interest rates; capacity utilization and the effect this has on costs; labor markets; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

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