IDEX Reports Record 2000 Results; Stronger Year Expected in 2001
NORTHBROOK, Ill., Jan. 16 /PRNewswire/ -- IDEX Corporation (NYSE: IEX),
today reported record orders, sales, net income, earnings per share and cash
flow for the year ended December 31, 2000.
- Sales increased 8 percent to $704.3 million, reflecting 6 percent
growth in the base business, 5 percent from acquisitions, and a
negative 3 percent currency translation.
- Net income rose 17 percent to $63.4 million, or $2.07 per diluted
- Six Sigma training and global sourcing efforts progressing well, with
positive impact expected to start in third quarter of 2001.
- Two strategic acquisitions with combined annual sales of $75 million
completed in January 2001.
- With reasonable economic conditions in the U.S., record results are
expected again in 2001.
Record Orders, Sales and Earnings Anticipated for 2001
Looking ahead to the first quarter, Dennis K. Williams, chairman, president
and chief executive officer, said, "We believe our sales
and earnings will be higher than in the quarter we just completed. However,
we expect that diluted earnings per share could be about 10 percent lower than
the 52 cents earned in the first quarter of 2000. IDEX operates with a very
small backlog of unfilled orders, and our performance will depend upon the
strength of the U.S. and key foreign economies.
"We continue to believe IDEX is well positioned for the future, with
diversity in products and markets served and leading positions in its niches.
We think the company will benefit from its emphasis on profitable growth, the
margin improvement initiatives of Six Sigma and global sourcing, the use of
strong cash flow to cut debt and interest expense, our recently announced
acquisitions, and the continuing pursuit of additional acquisitions. While it
is likely that 2001 will get off to a slow start, with reasonable economic
conditions in the U.S. economy, we would expect to have record performance
again for the full year," Williams concluded.
Conference Call to be Broadcast Over the Internet
IDEX will broadcast its year-end conference call over the Internet on
Tuesday, January 16, at 1:30 p.m. CST. Chairman, President and Chief Executive
Officer Dennis K. Williams, and Senior Vice President-Finance and Chief
Financial Officer Wayne P. Sayatovic will discuss the company's recent
financial performance and respond to questions from the financial analyst
IDEX invites interested investors to listen to the presentation, which
will be carried live via http://www.streetfusion.com and from a link on IDEX's
Source: IDEX Corporation