Flowserve To File 10-K

The company previously announced on Feb. 3, 2004 its intention to restate its financial results for the nine months ended Sept. 30, 2003 and full years 2002, 2001 and 2000.

The company also said that, due to the length of time needed to complete its 2003 financial statements, it now expects to report first quarter 2004 results in May instead of April.

C. Scott Greer, chairman, president and chief executive officer, said, "Preliminary results for the first quarter show stronger bookings and backlog in each of our three business segments compared with the year-ago period coupled with continued good cash flow. We are seeing continued strong activity in our upstream petroleum-related business and improved activity in our refinery-, chemical-, and parts-related businesses."

SAFE HARBOR STATEMENT: This news release contains various forward-looking statements and includes assumptions about Flowserve's future market conditions, operations and results. These statements are based on current expectations and are subject to significant risks and uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Among the many factors that could cause actual results to differ materially from the forward-looking statements are: unanticipated results of the Audit/Finance Committee's review related to the restatement and Flowserve's review of the periods for which financial results will be restated; material adverse events in the national financial markets; changes in the already competitive environment for the company's products or competitors' responses to Flowserve's strategies; the company's ability to integrate past and future acquisitions into its management operations; political risks, military actions or trade embargoes affecting customer markets, including continuing conflict in Iraq with its potential impact on Middle Eastern markets and global oil producers; the health of the company's various customer industries, including the petroleum, chemical, power and water industries; economic turmoil in areas outside the United States; global economic growth; unanticipated difficulties or costs associated with new systems, including software; the company's relative geographical profitability and its impact on the company's utilization of foreign tax credits; and the recognition of significant expenses associated with adjustments to realign the company's facilities and other capabilities with its strategies and business conditions, including, without limitation, expenses incurred in restructuring the company's operations and the cost of financing, including increases in interest costs, and litigation developments. Flowserve undertakes no obligation to update or revise any forward-looking statements contained herein as a result of new information, future events or otherwise occurring after the date on which such forward-looking statements are made. New factors emerge from time-to-time, and it is not possible for Flowserve to predict all such factors.