Crane Co. Reports Second Quarter Results; Increases Dividend 8%; Announces Repositioning Actions To Improve 2013 Performance; Adjusts 2012 EPS Guidance To $3.75–$3.85, Excluding Special Items

The Company’s repositioning actions include the anticipated closure of a small manufacturing facility in England, which had total sales of $8 million in 2011. The Company expects to supply selected European customers from plants located in the United States. Repositioning charges of $1.1 million on a pre-tax basis were recorded in the second quarter of 2012. In addition to the amounts recorded in the second quarter, the Company expects to incur additional pre-tax charges related to these actions in the second half of 2012 of approximately $2 million. Pre-tax savings associated with these actions are expected to approximate $1 million annually beginning in 2013.

Merchandising Systems
		Second Quarter						Change
(dollars in millions)		2012			2011
Sales		$97.6			$94.0			$3.6			4%
Operating Profit		$9.1			$7.1			$2.0			28%
Operating Profit, before Special Items*		$11.4			$7.1			$4.3			60%
Profit Margin		9.3%			7.6%
Profit Margin, before Special Items*		11.7%			7.6%

* Repositioning charges associated with optimizing manufacturing operations and an anticipated facility sale.

Merchandising Systems sales of $97.6 million increased $3.6 million, or 4%, reflecting higher sales in Vending and, to a lesser extent, Payment Solutions. Operating profit before Special Items increased $4.3 million, reflecting strong margin improvement in both Vending and Payment Solutions.

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