IN FOCUS

ITT Industries, Inc. (NYSE: ITT) reported full year 2002 net income of $379.9 million and diluted earnings per share (EPS) of $4.06, up 37 percent and 33 percent respectively over the full year 2001. The comparison includes the $0.33 per share favorable impact of a tax settlement in the third quarter of 2002 and the net positive impact of restructuring reserves of $0.03 per share during the third and fourth quarters of 2002.

IDEX Corporation (NYSE: IEX) today announced a secondary public offering of 1.35 million shares of its common stock. All of the shares are being offered by KKR Associates, L.P. This offering will not increase the number of IDEX shares outstanding, and IDEX will not receive any proceeds from this offering. Banc of America Securities LLC will act as sole book running underwriter for the offering.

IDEX Corporation (NYSE: IEX) announced that it expects fourth quarter 2002 sales and orders each to be approximately $190 million and net income to be in the range of $11.5 to $12.5 million, or 35-38 cents per diluted share.

Roper Industries reports that the net sales of the Fluid Handling segment declined 16% to $105 million in 2002, primarily resulting from the collapse of the semiconductor market.

The Fluid Technology segment of ITT Industries is expected to produce approximately $1.9 billion in revenues in 2002, 39 percent of the company’s total. The company expects continued strong performance from the water and wastewater related businesses, which account for 60 percent of this segment’s revenues.

KSB Group reports as per 30 September 2002: In the Region Asia / Pacific an economic upturn was been registered while the other markets showed at best just moderate dynamic growth.

ITT Industries’ Fluid Technology segment reported third quarter revenues of $484.7 million, up $37.7 million or 8 percent from the third quarter 2001. Operating income for the quarter rose $3.4 million or 6 percent to $63.9 million, reflecting higher volume and process improvements.

Despite the continuing poor economic framework, BWT – Best Water Technology –Group of companies, Europe’s market leader in water treatment, was able to grow turnover and group results during the first three quarters of the current business year as compared to the previous year.

Gardner Denver, Inc. Reports Third Quarter Revenues of $103 Million And Earnings Per Share of $0.30: Strong Cash Flow Results in Continuing Debt Reduction

Dover Corporation (NYSE: DOV) earned $57.3 million or $.28 diluted earnings per share (DEPS) from continuing operations in the third quarter ended September 30, 2002, compared to $5.7 million or $.03 per diluted share from continuing operations in the comparable period last year. Sales in the third quarter of 2002 were $1.1 billion, basically unchanged when compared to the prior year.