8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  August 6, 2007

CTS CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Indiana	1-4639	35-0225010
(State or Other Jurisdiction of Incorporation)	(Commission File Numbers)	(I.R.S. Employer Identification Nos.)
905 West Boulevard North Elkhart, Indiana		46514
(Address of Principal Executive Offices)		(Zip Code)
Registrants' Telephone Number, Including Area Code: (574) 293-7511

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

q Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

q Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

q Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

q Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

A copy of material which will be used in an investor presentation delivered by CTS representatives from time to time is furnished as Exhibit No. 99.1 hereto and is incorporated herein by reference. This material contains certain non-GAAP financial measures.  CTS’ management believes that these non-GAAP financial measures are useful to investors in analyzing CTS financial performance and results of operations over time.  A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the appendix to Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(a) Financial Statements of Business Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Exhibits.

The following exhibits are filed with this report:

Exhibit No. Exhibit Description

99.1 Investor Presentation Material

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CTS CORPORATION
	/s/ Richard G. Cutter
By:	Richard G. Cutter
	Vice President, Secretary and General Counsel

Date:  August 6, 2007

EXHIBIT INDEX

Exhibit No.	Exhibit Description
99.1	Investor Presentation Material

EX-99.1

August 2007

Investor Presentation

www.ctscorp.com

 This presentation contains statements that are, or may be deemed to be, forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, any financial or other guidance,
statements that reflect our current expectations concerning future results and events, and any
other statements that are not based solely on historical fact. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date hereof.
These forward-looking statements are made subject to certain risks, uncertainties and other
factors, which could cause our actual results, performance or achievements to differ materially from
those presented in the forward-looking statements, including, without limitation, rapid technological
change and general market conditions in the automotive, communications and computer industries;
reliance on key customers; CTS’ ability to protect its intellectual property; pricing pressures and
demand for CTS’ products; risks associated with CTS’ international operations, including trade and
tariff barriers, exchange rates and political and geopolitical risks; and the impact of the accounting
misstatements at its Moorpark and Santa Clara, California locations, including the results or the
impact of the SEC’s informal inquiry into these misstatements.

 For more detailed information on the risks and uncertainties associated with CTS’ business, see
the reports CTS files with the SEC. CTS undertakes no obligation to publicly update its
forward-looking statements to reflect new information or events or circumstances that arise after
the date hereof, including market or industry changes.

Safe Harbor Statement

2

Automotive

Electronic

Components

EMS Operations

Global Operations

3

Based on last four quarter sales through June 2007

Total CTS

EMS

60%

Components & 

          Sensors

                  40%

Automotive

25%

Communications

6%

Other

7%

Computer/

Medical

2%

Communications

16%

Computer

22%

Industrial/

Medical

15%

Defense/

Aerospace

           7%

Segments

Sales By Market

4

Based on origin of sales

Regions

Customers

Top

2

Very Diversified Customer and Geographic Base

Low Cost

Manufacturing 44%

Sales Diversification

5

Overall Organic Growth Target:  6% - 9%

Growth Drivers 2007-2010

Components & Sensors Segment

–Automotive (Double-digit growth)

•Asian customers (Toyota, Honda, Chery)

•New products and product extensions (e.g. Smart Actuators and Turbochargers)

•Tighter emissions regulations (for light vehicles and adjacent/commercial markets)

–Electronic Components (Single-digit growth) 

•Communications infrastructure:  New customers and products

•Military electronics:  Network-centric military communications

•Piezoceramics:  Extending range of capabilities

EMS Segment (Single-digit growth)

–Defense and Aerospace:  Increasing outsourcing; largest markets in USA/UK

–Medical:  Increasing medical equipment manufacturing in Asia; CTS fully certified

–Industrial:  Equipment manufacturers increasing outsourcing to lower cost regions.

Mergers and Acquisitions

6

Strategy

•Aggressively expand product base.

–Content growth > unit growth.

•Broaden customer base.

•Leverage product/market strength into Asian market.

•Penetrate adjacent / commercial markets.

Targeting Double-Digit Growth

Automotive Products

7

Awarded 55 Platforms

•CTS currently supplies 10 major
customers in North America, Europe
and Asia.

•New wins include seven recently
announced awards from Chery.

Total

Available

Market

(Including Pedal Sensors)

$150

$223

$266

$361

$381

$330

CTS Accelerator Pedal Modules Offer

Performance, Quality and Cost Advantages

 CTS Sales $ in Millions

$400

$408

$414

Accelerator Pedal Module

8

CTS Sales $ in Millions

Asia Over 50% of
Growth

Actual

10 Year Projected Growth In Vehicle Sales
(17M Units)

China regulations driving

 local content

CTS Operations in 

Taiwan and China 

New Zhongshan facility

fully operational

Asian Automotive Growth

9

Strategy

• Focus on higher margin engineered
components.

• Launch innovative and differentiating new products.

• Expand into new customers and applications.

• Leverage our global footprint and Asian manufacturing.

Leveraging Growth Opportunities

Electronic Components

10

Ceramic Filters

Frequency 

Components/Modules

Resistor

Diversified Product/Market Portfolio

PZT

Switches

PRODUCTS

Consumer

Industrial/Other
(incl. Hydrophones/Printers)

Communications

(Primarily Infrastructure 

Applications)

Computer

MARKETS

Medical

Defense/Aerospace

Based on 2006 Sales

Electronic Components - Sales

11

OCXO

 RF

Module

Filter

WiMAX

Optical Networking

Cellular

Repeaters

Wireless

Base Station

Satellite
Communications

Infrastructure Sales

$ Millions

Electronic Components -
Communications Infrastructure

12

iTarget customers with complex needs.

iOffer full-service flexibility.

iLeverage geographic footprint.

–Global sourcing.

–Local NPI Ù global completion.

Strategy

Electronics Manufacturing Solutions

13

TIER 1

4Large/Global > $2B

4Optimized to Low Mix - High Volume

TIER 2

4Medium/ Regional/Global
 $200 - $2B

4Optimized to High Mix -
 Medium Volume

TIER 3/4

4Small/Regional < $200M

4Optimized to High Mix - Low Volume

gLarge OEMs

gLow Mix; High Volume

gVery Price Sensitive

gMedium - Large OEMs

gHigh Mix; Medium Volume

gSpecial Needs

gSmall - Medium OEMs

gGenerally Local / Regional

gHigh Mix; Low - Medium Volume

CUSTOMER

Characteristics/Needs

EMS Companies

EMS Industry

14

Communications

Industrial

Medical

Computer

 First Half 2007

Aerospace/

Defense

Added 20 new

customers in
2006

Improved Customer/Market Mix

EMS Business

15

Financial Summary

Definitions and reconciliation of non-GAAP financial terms are included in
the Appendix of this presentation and on CTS’ Web site at www.ctscorp.com

New Products/Acquisition Driving Sales Growth

$ in Millions

First Half

Sales

17

Earnings Growing Faster Than Revenues

$0.71

$0.75

GAAP*

* Includes $0.05 for one-time investigation costs / professional fees.

EPS

18

Expense Leverage Contributing to Earnings Growth

12.5%

13.0%

S,G&A and R&D Expenses
(Percent of Sales)

19

Capital Expenditures

Normal Level

3%

Controllable Working Capital*

Target

13%

* Controllable Working Capital Defined as Accounts Receivable + Inventories - Accounts Payable.

Efficient Utilization of Capital

4%

Balance Sheet Management

20

Strong Free Cash Flow Indicates Quality of Earnings

$ in Millions

Net Earnings and Free Cash Flow

21

Strong Balance Sheet

Supports Growth and Shareholder Value Initiatives

Current

Capital Structure

Total Debt to Capitalization

195

Total Debt

Cash

Debt to Capitalization

66

Equity

Capital Structure

22

Growth Strategies are Working

Expect EPS Growth > Sales Growth

Value Proposition

•Positioned in high-growth markets.

•Positive cash flow to fund growth.

•Leverageable capacity and operating structure.

•Strong balance sheet and conservative capital structure.

23

APPENDIX

24

®

®

Automotive

EC

EMS

Customers

25

Position Sensors:

Air Intake

Exhaust Gas Re-circulating

Accelerator
Pedal Modules:

Pedal Position Sensors

Fuel Level

Sensing

Seat Belt Tension
Sensors

Electronic
Throttle

Sensors

Electric Actuators:

Active Manifolds

    Turbochargers

    Diesel Systems

Automotive Product Applications

26

Medical Devices
& Equipment

Defense &
Aerospace

Storage
Infrastructure

Communications
Infrastructure

Industrial
Applications

Pain Management

Glucose Monitoring

CO2 Cabinets

Blood Analysis

Ophthalmology

Heart Defibrillator

Thermal Weapons

Secure Phone System

Radar Systems

Defense Comms

RAID Card

GSM BTS 

Network Routers

3G Apps

IP Infrastructure

CDMA BTS

Wireless LAN Arrays

Airport Explosives Detection

Enterprise Virtual Array

RAID Controller Cards

10 Bay RAID Enclosure

12 Bay RAID Chassis

RAID Card

CNC Lathes

Process Controls

Test & Measurement

Security

Ultra High-End Workstation

EMS Product Applications

27

       Resistor &
Frequency Products

    Frequency Filters
 and RF Modules for
Infrastructure

   Variable Resistors,
Encoders & Switches

Router

Storage

Test System

Game Controller

Server

Instrument

Piezoelectric

Medical Ultrasound

   Wide Format

Inkjet Printer Head

Undersea Energy

Exploration

WiMAX

Wireless

Base Station

Telematics

Washing Machine

Garage Door

Opener

Home Repeater

Electronic Components Product
Applications

28

Electronic Components

Major CTS Competitors

PRODUCTS

Automotive Products

     Frequency Products - Infrastructure

     Ceramic Filters

     Resistor Networks

Electronics Manufacturing Services

COMPETITION

AB Electronics, Alps, Bosch, Delphi, Denso,
Hella, Mikuni, SiemensVDO

C-MAC, M/A Com, Mtron, Raltron, Pericom,
Sirenza, Vectron, Z-Comm 

Murata, TDK, UBE 

BI Tech, Bourns, KOA, Vishay 

Axiom, Celestica, Flextronics, Jabil, LaBarge,
Note, Pemstar, Plexus, Sanmina-SCI, Simclar,
Solectron, Sypris Electronics 

29

Awarded 8 Engine Platforms

§Initial growth with torque motor
technology on active manifolds

§Brushless DC motor technology extends
application and torque range to multiple
powertrain applications

-Integrated drive and sensor electronics

-Brushless reliability

Total

Available

Market

$ in Millions

Integration of CTS sensor and actuator
technologies create exceptional customer value

Electric Actuators

30

Sales

$ in Millions

Medical Ultrasound

   Wide Format

Inkjet Printer Head

Undersea Energy

Exploration

Technology:

- Superior piezo ceramic material

- Photolithographic capabilities

- Ultra-Thin

- High dielectric

Electronic Components -
Piezo Electronic Elements

31

Target Adjusted Return on Invested

OPERATING  

MARGIN 

AFTER-TAX

(NOPAT 

Margin)

    INVESTED CAPITAL TURNOVER    

Overall ROIC Improvement on Track

2003

2004

2005

4%

2%

6%

8%

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0%

6.3%

7.5%

ROIC

10%

12%

4.0

EMS

Components

  & Sensors

7.9%

2006

Capital (ROIC)

32

Note:  Data shown excludes all restructuring and related one-time charges, asset impairments, customer reimbursement, income tax adjustment
and material asset gains, except adjusted EBITDA, which includes the customer reimbursement only. 

Financial Summary

33

Note:  Data shown excludes restructuring costs, income tax adjustments related to repatriation and material asset gains.

Other Financial Data - Income Statement

34

Other Financial Data -
Balance Sheet Metrics

35

CTS Corporation

Appendix 1

CTS Corporation
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share
	2006						2005						Full Year
	Q3		Q2		Q1		Q4			Q2			2005			2004			2003			2002
Earnings per share	$	0.16	$	0.14	$	0.13	$	0.19		$	0.10		$	0.53		$	0.53		$	0.36		$	(0.54	)
Tax affected charges (credits) to reported earnings per share:
Restructuring, restructuring-related, and asset impairment charges		0.02		0.03		0.04														0.10			0.45
Customer reimbursement																							(0.07	)
Gain on sale of excess equipment less LTCC severance								(0.02	)					(0.02	)
Gain on sale of excess Canadian land																	(0.05	)
Total tax affected adjustments to reported earnings per share		0.02		0.03		0.04		(0.02	)		-			(0.02	)		(0.05	)		0.10			0.38
Tax impact of cash repatriation								0.03			0.11			0.14
Impact of reversal of tax reserves											(0.04	)		(0.04	)					(0.22	)
Adjusted earnings per share	$	0.18	$	0.17	$	0.17	$	0.20		$	0.17		$	0.61		$	0.48		$	0.24		$	(0.16	)

Page 1

CTS Corporation
Free Cash Flow
($ in millions)
	2007 YTD			2007						2006												2005												Full Year
	Q2			Q2			Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1			2006			2005			2004			2003			2002
Cash flows provided from (used by) operations	$	15.5		$	11.4		$	4.1		$	18.7		$	11.1		$	14.8		$	2.6		$	14.8		$	5.1		$	13.7		$	10.9		$	47.2		$	44.5		$	14.0		$	25.7		$	24.1
Capital expenditures		(6.3	)		(3.6	)		(2.7	)		(4.7	)		(5.2	)		(3.4	)		(2.5	)	$	(2.5	)		(6.6	)		(2.9	)		(3.0	)		(15.8	)		(15.0	)		(12.7	)		(9.0	)		(12.8	)
Free cash flow	$	9.2		$	7.8		$	1.4		$	14.0		$	5.9		$	11.4		$	0.1		$	12.3		$	(1.5	)	$	10.8		$	7.9		$	31.4		$	29.5		$	1.3		$	16.7		$	11.3

Page 2

CTS Corporation
Definition of Financial Term-"Controllable Working Capital as % of Annualized Sales"
($ in millions)
	December 31,			December 31,
	2006			1999
Net Accounts Receivables	$	106.0		$	124.7
Net Inventory		60.5			78.9
Accounts Payables		(78.2	)		(68.3	)
Controllable Working Capital		88.3			135.3
Controllable Working Capital %		12.7	%		20.0	%

Page 3

CTS Corporation
Definition of Financial Term-"Total Debt to Capitalization"
($ in millions)
	2007						2006												2005												2004			2003			2002			2000
	Q2			Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1			Q4			Q4			Q4			Q4
Notes payable	$	1.5		$	3.5		$	5.4		$	9.5		$	12.1		$	14.1		$	13.3		$	3.0		$	3.0		$	3.5		$	3.3		$	-		$	-		$	7.4
Current portion of long-term debt		-			-			0.2			0.2			0.2			0.2			0.2			0.2			0.3			0.5			-						28.4			10.0
Long-term debt		60.0			60.0			60.6			60.6			64.3			68.2			68.3			94.7			85.6			133.9			94.2			75.9			67.0			178.0
Total debt		61.5			63.5			66.2			70.3			76.6			82.5			81.8			97.9			88.9			137.9			97.5			75.9			95.4			195.4
Total shareholders' equity		325.5			323.6			319.0			346.5			339.5			333.6			328.1			323.8			322.7			324.3			310.7			294.2			265.0			246.4
Total capitalization	$	387.0		$	387.1		$	385.2		$	416.8		$	416.1		$	416.1		$	409.9		$	421.7		$	411.6		$	462.2		$	408.2		$	370.1		$	360.4		$	441.8
Total debt to capitalization		15.9	%		16.4	%		17.2	%		16.9	%		18.4	%		19.8	%		20.0	%		23.2	%		21.6	%		29.8	%		23.9	%		20.5	%		26.5	%		44.2	%

Page 4

CTS Corporation
Reconciliation of Operating Earnings to Adjusted Operating Earnings
($ in millions)
	2006			2006			2006			2005			Full Year
	Q3			Q2			Q1			Q4			2006			2005			2004			2003			2002
Operating earnings (loss)	$	8.5		$	7.6		$	7.6		$	13.5		$	32.8		$	37.9		$	31.1		$	13.8		$	(14.8	)
Charges (credits) to reported operating earnings (loss):
Restructuring, restructuring-related, and asset impairment charges		0.8			1.4			2.1						4.3									4.6			19.6
Customer reimbursement																										(3.1	)
Gain on sale of excess equipment less LTCC severance											(1.2	)					(1.2	)
Gain on sale of excess Canadian land																				(2.7	)
Total adjustments to reported operating earnings (loss)		0.8			1.4			2.1			(1.2	)		4.3			(1.2	)		(2.7	)		4.6			16.5
Adjusted operating earnings, excluding the above referenced items	$	9.3		$	9.0		$	9.7		$	12.3		$	37.1		$	36.7		$	28.4		$	18.4		$	1.7
Adjusted operating earnings, excluding the above reference items,
as a percentage of total sales		5.6	%		5.4	%		6.5	%		7.9	%		5.7	%		5.9	%		5.3	%		4.0	%		0.4	%

Page 5

CTS Corporation
Reconciliation of Net Earnings to Adjusted Net Earnings
($ in millions)
	2006									2005						Full Year
	Q3			Q2			Q1			Q4			Q2			2006			2005			2004			2003			2002
Net earnings (loss)	$	6.2		$	5.3		$	5.0		$	7.5		$	3.9		$	24.2		$	20.8		$	19.9		$	12.6		$	(17.9	)
Charges (credits) to reported net earnings (loss):
Restructuring, restructuring-related, and asset impairment charges		0.8			1.4			2.1									4.3									4.6			19.6
Customer reimbursement																													(3.1	)
Gain on sale of excess equipment less LTCC severance											(1.2	)								(1.2	)
Gain on sale of excess Canadian land																							(2.7	)
Total adjustments to reported net earnings (loss)		0.8			1.4			2.1			(1.2	)		-			4.3			(1.2	)		(2.7	)		4.6			16.5
Total adjustments, tax affected		0.6			1.1			1.6			(0.9	)		-			3.4			(0.9	)		(2.1	)		3.4			12.4
Tax impact of cash repatriation, net of tax benefit relating to reversal
of income tax reserves in certain foreign jurisdictions											1.5			4.5						6.0
Impact of  reversal of tax reserves														(1.7	)					(1.7	)					(7.9	)
Adjusted net earnings (loss)	$	6.8		$	6.4		$	6.6		$	8.1		$	6.7		$	27.6		$	24.2		$	17.8		$	8.1		$	(5.5	)
Adjusted net earnings (loss) as a percentage of total sales		4.1	%		3.9	%		4.4	%		5.2	%		4.3	%		4.2	%		3.9	%		3.3	%		1.7	%		-1.2	%

Page 6

CTS Corporation
Reconciliation of Gross Margin to Adjusted Gross Margin
($ in millions)
	Q2			Q1
	2006			2006
Gross Margin	$	31.8		$	30.0
Charges (credits) to reported gross margin:
Restructuring-related costs included in cost of goods sold		0.5			0.2
Total adjustments to reported gross margin		0.5			0.2
Adjusted gross margin	$	32.3			30.2
Adjusted gross margin as a percentage of total sales		19.5	%		20.1	%

Page 7

CTS Corporation
ADJUSTED EBITDA
($ in millions)
	2007 YTD			2007						2006												2005												Full Year
	Q2			Q2			Q1			Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1			2006			2005			2004			2003			2002
Net earnings (loss)	$	9.9		$	5.9		$	4.0		$	7.7		$	6.2		$	5.3		$	5.0		$	7.6		$	5.9		$	3.9		$	3.4		$	24.2		$	20.8		$	19.9		$	12.6		$	(17.9	)
Depreciation and amortization expense		11.6			5.8			5.8			5.9			5.8			6.5			6.7			7.2			6.2			6.8			6.9			24.9			27.1			26.1			33.6			43.4
Interest expense		1.4			0.7			0.7			0.8			0.8			1.0			1.1			1.3			1.3			1.6			1.7			3.7			5.9			5.5			7.6			10.2
Tax expense (benefit)		2.7			1.6			1.1			1.5			1.9			1.5			1.6			4.8			1.6			4.9			1.0			6.5			12.3			6.1			(6.3	)		(5.9	)
EBITDA	$	25.6		$	14.0		$	11.6		$	15.9		$	14.7		$	14.3		$	14.4		$	20.9		$	15.0		$	17.2		$	13.0		$	59.3		$	66.1		$	57.6		$	47.5		$	29.8
Charges (credits) to EBITDA:
Restructuring, restructuring-related, and asset impairment charges														0.8			1.4			2.1															4.3									4.6			19.6
Customer reimbursement																																															(3.1	)
Gain on sale of excess equipment less LTCC severance																							(1.2	)														(1.2	)
Gain on sale of excess Canadian Land																																									(2.7	)
Total adjustments to reported EBITDA		-			-			-			-			0.8			1.4			2.1			(1.2	)		-			-			-			4.3			(1.2	)		(2.7	)		4.6			16.5
Adjusted EBITDA	$	25.6		$	14.0		$	11.6		$	15.9		$	15.5		$	15.7		$	16.5		$	19.7		$	15.0		$	17.2		$	13.0		$	63.6		$	64.9		$	54.9		$	52.1		$	46.3
Adjusted EBITDA % of total sales		7.7	%		8.3	%		7.1	%		9.2	%		9.4	%		9.5	%		11.0	%		12.7	%		10.1	%		10.9	%		8.4	%		9.7	%		10.5	%		10.3	%		11.3	%		10.1	%

Page 8

CTS Corporation
Definition of Financial Term -
Adjusted Return on Invested Capital
	Full Year
	2006			2005			2004			2003
Operating earnings	$	32.8		$	37.9		$	31.1		$	13.8
Charges (credits) to reported operating earnings:
Restructuring and asset impairment charges		4.3									4.6
Gain on sale of excess equipment less LTCC severance					(1.2	)
Gain on sale of excess Canadian land								(2.7	)
Total adjustments to reported operating earnings		4.3			(1.2	)		(2.7	)		4.6
Adjusted operating earnings	$	37.1		$	36.7		$	28.4		$	18.4
Tax rate		21	%		24	%		23	%		25	%
Tax effected adjusted operating earnings	$	29.3		$	27.9		$	21.9		$	13.8
Invested Capital:
Current Year:
Shareholders' equity	$	319.0		$	328.1		$	310.7		$	294.2
Long-term debt		60.6			68.3			94.2			75.9
Notes payable and current portion of LT debt		5.6			13.5			3.3			-
Less:  Cash		(38.6	)		(12.0	)		(61.0	)		(25.4	)
Invested capital	$	346.6			397.9			347.2			344.7
Prior Year:
Shareholders' equity		328.1			310.7			294.2			265.0
Long-term debt		68.3			94.2			75.9			67.0
Notes payable and current portion of LT debt		13.5			3.3			-			28.3
Less:  Cash		(12.0	)		(61.0	)		(25.4	)		(9.2	)
Invested capital		397.9			347.2			344.7			351.1
Adjusted invested capital	$	372.3		$	372.6		$	346.0		$	347.9
Adjusted return on invested capital		7.9	%		7.5	%		6.3	%		4.0	%
Sales	$	655.6		$	617.5		$	531.3		$	463.0
Tax effected adjusted operating earnings		29.3			27.9			21.9			13.8
Tax effected adjusted operating margin as a
percentage of sales (a)		4.5	%		4.5	%		4.1	%		3.0	%
Sales	$	655.6		$	617.5		$	531.3		$	463.0
Adjusted invested capital		372.3			372.6			346.0			347.9
Invested capital turns (b)		1.76			1.66			1.54			1.33
Adjusted return on invested capital (a) x (b)		7.9	%		7.5	%		6.3	%		4.0	%

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