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

About IDEX

IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers’ exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol “IEX”.

For further information on IDEX Corporation and its business units, visit the company’s Web site at www.idexcorp.com .

(Tables follow)

       
IDEX CORPORATION
Condensed Statements of Consolidated Operations
(in thousands except per share amounts)
(unaudited)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
    2011   2010   2011   2010
 
Net sales $ 480,683 $ 405,218 $ 1,838,451 $ 1,513,073
Cost of sales     287,081     243,230     1,099,778     894,590
Gross profit 193,602 161,988 738,673 618,483
Selling, general and administrative expenses 108,218 91,311 421,703 358,272
Restructuring expenses     9,383     4,673     12,314     11,095
Operating income 76,001 66,004 304,656 249,116
Other expense - net 442 484 1,443 1,092
Interest expense     8,395     4,955     29,332     16,150
Income before income taxes 67,164 60,565 273,881 231,874
Provision for income taxes     19,776     19,052     80,024     74,774
Net income   $ 47,388   $ 41,513   $ 193,857   $ 157,100
 
 
Earnings per Common Share:
 
Basic earnings per common share (a) $ 0.57 $ 0.50 $ 2.34 $ 1.93
 
Diluted earnings per common share (a) $ 0.57 $ 0.50 $ 2.32 $ 1.90
 
 
Share Data:
 
Basic weighted average common shares outstanding 82,596 80,899 82,145 80,466
 
Diluted weighted average common shares outstanding 83,573 82,686 83,543 81,983
 
 
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
            2011   2010
 
Assets
Current assets
Cash and cash equivalents $ 230,259 $ 235,136
Receivables - net 252,845 213,553
Inventories 254,258 196,546
Other current assets             51,799     47,523
Total current assets 789,161 692,758
Property, plant and equipment - net 213,717 188,562
Goodwill and intangible assets 1,813,588 1,488,393
Other noncurrent assets             19,641     11,982
Total assets           $ 2,836,107   $ 2,381,695
 
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable $ 110,977 $ 104,055
Accrued expenses 130,696 117,879
Short-term borrowings 2,444 119,445
Dividends payable             14,161     12,289
Total current liabilities 258,278 353,668
Long-term borrowings 806,366 408,450
Other noncurrent liabilities             258,328     243,917
Total liabilities 1,322,972 1,006,035
Shareholders' equity             1,513,135     1,375,660
Total liabilities and shareholders' equity           $ 2,836,107   $ 2,381,695
             
IDEX CORPORATION
Company and Business Group Financial Information
(dollars in thousands)

(unaudited)

 
 
Three Months Ended Twelve Months Ended
December 31, (b) December 31, (b)
    2011  

2010 (c)

  2011  

2010 (c)

 
 
Fluid & Metering Technologies
Net sales $ 214,407 $ 199,210 $ 816,875 $ 704,891
Operating income (d) 42,222 37,685 162,846 130,142
Operating margin 19.7 % 18.9 % 19.9 % 18.5 %
Depreciation and amortization $ 7,501 $ 8,084 $ 32,258 $ 31,762
Capital expenditures 2,673 4,219 12,481 17,206
 
Health & Science Technologies
Net sales $ 167,794 $ 111,300 $ 622,312 $ 422,252
Operating income (d) (e) 32,743 24,789 128,801 92,246
Operating margin 19.5 % 22.3 % 20.7 % 21.8 %
Depreciation and amortization $ 9,395 $ 3,983 $ 30,165 $ 17,384
Capital expenditures 3,070 1,516 13,000 7,618
 
Dispensing Equipment
Net sales $ 23,963 $ 24,151 $ 117,410 $ 125,320
Operating income (d) 881 949 19,154 20,131
Operating margin 3.7 % 3.9 % 16.3 % 16.1 %
Depreciation and amortization $ 662 $ 773 $ 3,181 $ 3,753
Capital expenditures 206 242 1,179 1,129
 
Fire & Safety/Diversified Products
Net sales $ 75,648 $ 71,116 $ 285,015 $ 265,501
Operating income (d) 21,275 18,924 71,973 63,433
Operating margin 28.1 % 26.6 % 25.3 % 23.9 %
Depreciation and amortization $ 1,293 $ 892 $ 5,335 $ 4,885
Capital expenditures 853 851 4,465 3,513
 
Company
Net sales $ 480,683 $ 405,218 $ 1,838,451 $ 1,513,073
Operating income (d) (e) 85,384 70,677 332,770 260,211
Operating margin 17.8 % 17.4 % 18.1 % 17.2 %
Depreciation and amortization (f) $ 19,270 $ 13,220 $ 72,386 $ 58,108
Capital expenditures 7,412 6,797 34,548 32,769
 
                         
 
(a) Calculated by applying the two-class method of allocating earnings to common stock and participating securities as required by ASC 260, Earnings Per Share.
 
(b) Three and twelve month data includes acquisitions of OBL (July 2010) in the Fluid & Metering Technologies segment and CVI Melles Griot (June 2011), Microfluidics (March 2011), Advanced Thin Films (January 2011), Fitzpatrick (November 2010) and Seals-PPE (April 2010) in the Health & Science Technologies segment from the date of acquisition.
 
(c) Financial data has been revised to reflect the movement of the Pharma group from the Fluid & Metering Technologies segment to the Health & Science Technologies segment.
 
(d) Group operating income excludes unallocated corporate operating expenses while both Group and Company operating income excludes restructuring related charges.
 
(e) Operating income excludes $15.8 million for the twelve months ended December 31, 2011 related to the CVI Melles Griot non-cash acquisition fair value inventory charge.
 
(f) Depreciation and amortization excludes amortization of debt issuance expenses.
           
IDEX CORPORATION
Company and Business Group Historical Financial Data Reflecting New Reportable Segments
(dollars in thousands)
(unaudited)
 
Twelve Months

Three Months Ended (a)

Ended (a)

March 31, June 30, September 30, December 31, December 31,
2011 2011 2011 2011 2011
 
Fluid & Metering Technologies (b)
Net sales $ 199,674 $ 208,896 $ 205,797 $ 216,920 $ 831,287
Operating income (c) 41,852 41,486 41,462 42,879 167,679
Operating margin 21.0 % 19.9 % 20.1 % 19.8 % 20.2 %
Depreciation and amortization $ 7,998 $ 8,240 $ 8,603 $ 7,527 $ 32,368
Capital expenditures 3,467 3,052 3,301 2,723 12,543
 
Health & Science Technologies (b)
Net sales $ 129,234 $ 140,474 $ 172,911 $ 165,281 $ 607,900
Operating income (c) (d) 29,499 29,867 32,515 32,086 123,967
Operating margin 22.8 % 21.3 % 18.8 % 19.4 % 20.4 %
Depreciation and amortization $ 4,984 $ 5,990 $ 9,712 $ 9,369 $ 30,055
Capital expenditures 3,339 1,972 4,607 3,020 12,938
 
Fire & Safety/ Diversified Products
Net sales $ 98,887 $ 105,192 $ 98,735 $ 99,611 $ 402,425
Operating income (c) 21,142 26,865 20,965 22,156 91,128
Operating margin 21.4 % 25.5 % 21.2 % 22.2 % 22.6 %
Depreciation and amortization $ 2,342 $ 2,375 $ 1,844 $ 1,955 $ 8,516
Capital expenditures 1,684 1,377 1,524 1,059 5,644
 
Company
Net sales $ 427,089 $ 453,798 $ 476,881 $ 480,683 $ 1,838,451
Operating income (c) (d) 77,721 82,629 87,036 85,384 332,770
Operating margin 18.2 % 18.2 % 18.3 % 17.8 % 18.1 %
Depreciation and amortization (e) $ 15,622 $ 16,954 $ 20,540 $ 19,270 $ 72,386
Capital expenditures 10,084 7,004 10,048 7,412 34,548
 
 
(a) Three and twelve month data includes acquisitions of CVI Melles Griot (June 2011), Microfluidics (March 2011), and Advanced Thin Films (January 2011) in the Health & Science Technologies segment from the date of acquisition.
 
(b) Segment data has been revised to reflect the movement of our Trebor business unit from the Health & Science Technologies segment to the Fluid & Metering Technologies segment.
 
(c) Group operating income excludes unallocated corporate operating expenses while both Group and Company operating income excludes restructuring related charges.
 
(d) Operating income excludes $3.0 million and $12.8 million for the three months ended June 30, 2011 and September 30, 2011, respectively and $15.8 million for the twelve months ended December 31, 2011 related to the CVI Melles Griot non-cash acquisition fair value inventory charge.
 
(e) Depreciation and amortization excludes amortization of debt issuance expenses.




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