IDEX Corporation Reports Third Quarter Results; Will Take $5 Million Restructuring Charge in Fourth Quarter; Fourth Quarter Performance Dependent on Order Pace

30.10.2001

NORTHBROOK, Ill., Oct. 16 /PRNewswire/ -- IDEX Corporation (NYSE: IEX),

today reported higher sales and lower earnings for the third quarter and nine

months ended September 30, 2001, compared with the same periods last year.

Third Quarter Highlights

-- Orders increased 4 percent to $171 million but September orders were

only $52 million.

-- Total sales rose 1 percent to $178 million while base business

activity was down 11 percent.

-- Operating margins declined to 10.5 percent from 17.4 percent last

year.

-- Net income was $8 million, down 51 percent, and diluted EPS were 26

cents versus 54 cents.

-- Strong cash flow from operations led to $24 million of debt reduction.

-- Six Sigma, global sourcing and eBusiness initiatives on track.

-- An estimated $5 million restructuring charge, or 10 cents per diluted

share, will be taken in the fourth quarter to further size operations

to current business conditions.

-- Fourth quarter performance will be dependent on pace of new orders.

"It is very difficult to predict how long the September order weakness

will persist. For the short term, we are resizing our structure and

further tightening expense controls to reflect the reduced business

conditions. For the long term, we continue to drive our initiatives,

which we believe will give us sustainable long-term growth. The company

continues to generate cash flows in excess of net income and is well

positioned to make acquisitions and to see results rebound quickly once

conditions improve."

Dennis K. Williams

Chairman, President and CEO

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