IN FOCUS

Crane Co. (NYSE: CR) today reported second quarter 2003 net income of $26.0 million, or $0.44 per share, in line with previous guidance and even with second quarter 2002 net income of $26.6 million, or $0.44 per share.

Flowserve Corp. reported net income of $13.2 million, or 24 cents a share, in the second quarter of 2003, compared with $14.3 million, or 27 cents a share, in the year-ago quarter.

Dover Corporation earned $73.4 million or $.36 diluted earnings per share (DEPS) from continuing operations in the second quarter ended June 30, 2003, compared to $65.3 million or $.32 DEPS from continuing operations in the comparable period last year, an increase of 12%.

Golden Valley announced that its second quarter 2003 earnings per share (EPS) of $0.88 gained two percent over EPS of $0.86 in the same period last year, resulting in first-half EPS of $1.44, a 12 percent increase over EPS of $1.29 in the first half of 2002.

Eaton Corporation announced net income per share of $1.27 for the second quarter of 2003, an increase of 5 percent over net income per share of $1.21 in the second quarter of 2002. Sales in the quarter were $2.03 billion, 8 percent above last year. Net income was $93 million compared to $88 million in 2002.

Orders received by the Sulzer Corporation for the first half year 2003 totaled CHF 1001 million. In local currencies and adjusted for acquisition effects, this represents a substantial growth of 5 percent. The nominal decline of 4 percent is primarily attributable to currency effects. Order volume again increased in the second quarter 2003 – as in the two previous quarters –, and Sulzer expects further stabilization of the markets with partial recovery. Despite the normal slowdown during the summer vacation period, the growth of adjusted order volume is expected to continue throughout the year.

On June 30 SIP Real Estate Limited and Sulzer Immobilien AG closed agreement for the sale of buildings 540 and 541 on the Sulzer site in Oberwinterthur, Switzerland.

In 2002 – turnover increased – economical growth in Asia and Eastern Europe – German market slightly declined – growth strategy: develop international presence and expansion in water supply and disposal.

Forecasts of revenues for the world pump industry have been revised downward in the last year. Nevertheless, according to the online Pumps: World Markets report, published by the McIlvaine Company, sales will grow from $28.9 billion in 2003 to $34.2 billion in 2007. Earlier McIlvaine forecasts projected crossing of the $34 billion threshold in 2006.

Record second quarter cash flow; strong sequential improvements; considerable progress made on restructuring activities