Flowserve Earns 10 Cents a Share for First Quarter of 2001, Excluding Integration Expenses
Quarterly Operating Income Up 75 Percent, Excluding Integration Expenses;
Maintains 2001 Earnings Forecast at $1.70 to $1.90 a Share, Excluding Integration Expenses
DALLAS, April 24 /PRNewswire Interactive News Release/ -- Flowserve Corp.
(NYSE: FLS) today announced net income of 10 cents a share, excluding
nonrecurring integration expenses, for the first quarter of 2001. This
compares with reported net income of 31 cents a share and a pro forma net loss
of 11 cents a share in the first quarter of 2000.
Operating income increased 75 percent to $37.5 million, excluding
integration expenses, in the first quarter of 2001 compared with reported
operating income of $21.4 million in the prior year period. First quarter
2001 operating income increased 66 percent, excluding integration expenses,
compared with pro forma operating income of $22.5 million in the first quarter
of 2000. First quarter 2001 operating margin improved 90 basis points to
8.4 percent, excluding integration expenses, compared with the first quarter
of the prior year, and improved 350 basis points compared with pro forma
results for the first quarter of 2000.
In the first quarter of 2001, integration expenses related to the
acquisition of IDP were $19.1 million. Pro forma results give effect as if
the company's August 2000 acquisition of Ingersoll-Dresser Pump Co. (IDP) had
been completed on Jan. 1, 2000, and include purchase accounting adjustments.
"Flowserve performed well in the first quarter of 2001, which was
characterized by the normal seasonal softness in our engineered pump business,
our largest business, and higher interest expense associated with the
acquisition of IDP," said Flowserve Chairman, President and Chief Executive
Officer C. Scott Greer. "I am particularly pleased with the year-over-year
improvement in margins on essentially flat sales. This improvement is the
result of our continuing capture of synergies related to the acquisition and
integration of IDP and our continuing focus on productivity improvements.
More information about Flowserve Corp. can be obtained by visiting the
company's website at
Source: Flowserve Corporation