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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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