Roper Industries, Inc. Announces Record Sales and Earnings for the Fiscal Quarter and Year Ended October 31, 2000
Roper Industries, Inc. (NYSE: ROP)
announced record earnings for the fiscal year ended October 31, 2000 of
$1.58 per share (diluted), within the range of previous estimates, and a
3% increase over fiscal 1999.
Net sales for the year were $504 million as
compared to $407 million in the prior year, a 24% increase. These record
results marked the eighth consecutive year of growth in net sales and earnings
since the Company's IPO in 1992. The Company also reported that EBITDA
increased year-over-year by 17% to $112 million, representing $3.58 of EBITDA
per share, or 22% of sales.
* Net sales in the fourth quarter increased 29% year-over-year
* Net bookings in the fourth quarter increased 50% year-over-year
* Completed nine acquisitions in fiscal year 2000, investing $162 million
in high quality businesses
Acquisitions in Fluid Handling:
Abel Pump Business, May 2000
Cybor Corporation, February 2000
Flowdata, Inc., February 2000
The Fluid Handling segment's sales were $34.6 million in the quarter, up
34% over the prior year, mostly due to acquisitions. On a pro forma basis
sales were up 4%. Semiconductor equipment sales were up 90% in the quarter,
24% pro forma, on continued market strength. Positive displacement pump sales
were up 5% pro forma, driven by higher oil and gas related sales, while flow
meter sales increased 10% pro forma. Metering pump sales were down 9% in the
quarter, due to the continuing FDA compliance issue at a major OEM unrelated
to the company's product. Centrifugal pump sales declined by 11% in the
quarter due to weak third quarter bookings as previously reported. Bookings
for Fluid Handling were up 45% over the prior year to $35.0 million, and on a
pro forma basis bookings increased by 11%. Semiconductor equipment bookings
were up 45% in the quarter, 4% pro forma, possibly signaling a slowing in the
growth of the semiconductor capital equipment market. Pro forma flow meter
bookings were up 4% in the quarter, while positive displacement pump orders
rose 6% in the quarter on a pro forma basis. Metering pump bookings were up
45% in the quarter against easy comparisons. Centrifugal pump bookings were
up 19% on higher municipal and industrial orders. Operating profits increased
7% year-over-year to $8.3 million in the quarter.
Mr. Derrick N. Key, Chairman, President and CEO stated "To capitalize on our
ongoing opportunities we continue to
strengthen our management team. We will be expanding our corporate
development team allowing us to focus on acquisition opportunities while
improving on our strong operating results. Our business model of migrating
cash flow to higher margin, higher growth businesses, combined with our
continuing to diversify end markets served will secure consistent long-term
growth and create above average shareholder value. In summary, we are
positioning the company for significant results in 2001 and beyond."
For additional information on Roper Industries, and to register to receive
Company press releases via e-mail, visit the Company's website at
Source: Roper Technologies, Inc
