-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JIC79OoEsqTnpKPh4/uODuqtZMGv0Z3LHeuqX7SFn1kLYoLKvoaHizaE+Uqsa0Pi 5uueM9D2xoITKQy1wQREjw== 0000950137-98-001696.txt : 19980424 0000950137-98-001696.hdr.sgml : 19980424 ACCESSION NUMBER: 0000950137-98-001696 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980423 ITEM INFORMATION: FILED AS OF DATE: 19980423 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDEX CORP /DE/ CENTRAL INDEX KEY: 0000832101 STANDARD INDUSTRIAL CLASSIFICATION: PUMPS & PUMPING EQUIPMENT [3561] IRS NUMBER: 363555336 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-10235 FILM NUMBER: 98599720 BUSINESS ADDRESS: STREET 1: 630 DUNDEE RD STE 400 CITY: NORTHBROOK STATE: IL ZIP: 60062 BUSINESS PHONE: 7084987070 8-K 1 FORM 8-K 1 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): April 23, 1998 IDEX Corporation - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 1-10235 36-3555336 - -------------------------------------------------------------------------------- (State or other jurisdiction) (Commission File (I.R.S. Employer Number) identification Number) 630 Dundee Road, Suite 400 Northbrook, Illinois 60062 - -------------------------------------------------------------------------------- (Address of principal executive offices) Registrant's telephone number (847) 498-7070 --------------------------------------------------- 2 Item 5. In December 1997 IDEX Corporation ("IDEX or the Company") announced its intention to divest its Strippit and Vibratech businesses. In addition, the company realigned its historical presentation of business segments into two new groups: Pump Products and Engineered Equipment. The Company's audited financial statements and the group financial information included in IDEX's 1997 Annual Report on Form 10-K have been reclassified to reflect Strippit and Vibratech as discontinued operations and the revised group reporting structure. As additional information to assist investors and others, attached hereto are IDEX's unaudited quarterly condensed statements of consolidated operations and group financial information for 1997 and 1996 reflecting Strippit and Vibratech as discontinued operations and the revised group reporting structure. This unaudited quarterly information should be read in conjunction with IDEX's 1997 Annual Report on Form 10-K. 3 IDEX CORPORATION Condensed Statements of Consolidated Operations (in thousands except per share amounts)
1997 --------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year - ----------------------------------------------------------------------------------------------------------------------------------- (unaudited) ------------------------------------------------- Net sales $131,375 $141,976 $141,799 $137,013 $552,163 Cost of sales 79,266 84,686 84,811 81,043 329,806 - ----------------------------------------------------------------------------------------------------------------------------------- Gross profit 52,109 57,290 56,988 55,970 222,357 Selling, general and administrative expenses 26,259 29,189 28,345 26,795 110,588 Goodwill amortization 1,884 2,135 2,075 2,080 8,174 - ----------------------------------------------------------------------------------------------------------------------------------- Operating income 23,966 25,966 26,568 27,095 103,595 Other income (expense) - net (95) 1 (363) (236) (693) Interest expense 4,830 4,754 4,421 4,393 18,398 - ----------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 19,041 21,213 21,784 22,466 84,504 Provision for income taxes 6,940 7,929 8,060 8,100 31,029 - ----------------------------------------------------------------------------------------------------------------------------------- Income from continuing operations 12,101 13,284 13,724 14,366 53,475 Income from discontinued operations, net of taxes 1,294 1,711 760 1,386 5,151 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $ 13,395 $ 14,995 $ 14,484 $ 15,752 $ 58,626 =================================================================================================================================== Earnings Per Common Share - Basic: Continuing operations $ 0.41 $ 0.46 $ 0.47 $ 0.49 $ 1.83 Discontinued operations 0.05 0.05 0.03 0.05 0.18 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $ 0.46 $ 0.51 $ 0.50 $ 0.54 $ 2.01 =================================================================================================================================== Earnings Per Common Share - Diluted: Continuing operations $ 0.41 $ 0.44 $ 0.45 $ 0.48 $ 1.78 Discontinued operations 0.04 0.06 0.03 0.04 0.17 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $ 0.45 $ 0.50 $ 0.48 $ 0.52 $ 1.95 =================================================================================================================================== Share Data: Weighted average common shares outstanding 29,178 29,180 29,226 29,247 29,184 Weighted average common shares outstanding assuming full dilution 29,809 30,028 30,333 30,210 29,999 ===================================================================================================================================
Company and Business Group Financial Information
1997 --------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year - ----------------------------------------------------------------------------------------------------------------------------------- (unaudited) ------------------------------------------------- Pump Products Group(1) Net sales $ 64,947 $ 65,612 $ 68,274 $ 67,085 $265,918 Operating income(2) 15,452 14,500 15,397 16,094 61,443 Operating margin 23.8% 22.1% 22.6% 24.0% 23.1% Depreciation and amortization $ 2,624 $ 2,708 $ 2,654 $ 2,207 $ 10,193 Capital expenditures 1,261 2,150 1,848 1,616 6,875 Engineered Equipment Group(1) Net sales $ 66,947 $ 76,312 $ 74,782 $ 70,616 $288,657 Operating income(2) 10,857 14,294 13,929 12,982 52,062 Operating margin 16.2% 18.7% 18.6% 18.4% 18.0% Depreciation and amortization $ 3,393 $ 3,660 $ 3,648 $ 3,307 $ 14,008 Capital expenditures 1,255 1,285 1,446 2,332 6,318 Company(1) Net sales $131,375 $141,976 $141,799 $137,013 $552,163 Operating income(2) 23,966 25,966 26,568 27,095 103,595 Operating margin 18.2% 18.3% 18.7% 19.8% 18.8% Depreciation and amortization(3) $ 6,024 $ 6,413 $ 6,377 $ 5,479 $ 24,293 Capital expenditures 2,521 3,709 3,347 3,985 13,562 - -----------------------------------------------------------------------------------------------------------------------------------
See following page for notes to condensed financial statements. 4 IDEX CORPORATION Condensed Statements of Consolidated Operations (in thousands except per share amounts)
1996 --------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year - ----------------------------------------------------------------------------------------------------------------------------------- (unaudited) ------------------------------------------------- Net sales $109,445 $109,927 $121,065 $134,262 $474,699 Cost of sales 65,591 65,755 73,449 82,830 287,625 - ----------------------------------------------------------------------------------------------------------------------------------- Gross profit 43,854 44,172 47,616 51,432 187,074 Selling, general and administrative expenses 22,144 21,173 24,536 25,364 93,217 Goodwill amortization 1,206 1,207 1,798 2,030 6,241 - ----------------------------------------------------------------------------------------------------------------------------------- Operating income 20,504 21,792 21,282 24,038 87,616 Other income (expense) - net 5 (121) (19) (561) (696) Interest expense 3,773 3,632 4,953 5,118 17,476 - ----------------------------------------------------------------------------------------------------------------------------------- Income before income taxes 16,736 18,039 16,310 18,359 69,444 Provision for income taxes 6,038 6,337 5,848 6,797 25,020 - ----------------------------------------------------------------------------------------------------------------------------------- Income from continuing operations 10,698 11,702 10,462 11,562 44,424 Income from discontinued operations, net of taxes 1,516 960 1,366 1,932 5,774 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $ 12,214 $ 12,662 $ 11,828 $ 13,494 $ 50,198 =================================================================================================================================== Earnings Per Common Share - Basic: Continuing operations $ 0.37 $ 0.41 $ 0.36 $ 0.40 $ 1.54 Discontinued operations 0.06 0.03 0.05 0.07 0.20 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $ 0.43 $ 0.44 $ 0.41 $ 0.47 $ 1.74 =================================================================================================================================== Earnings Per Common Share - Diluted: Continuing operations $ 0.36 $ 0.39 $ 0.35 $ 0.39 $ 1.49 Discontinued operations 0.05 0.04 0.05 0.06 0.20 - ----------------------------------------------------------------------------------------------------------------------------------- Net income $ 0.41 $ 0.43 $ 0.40 $ 0.45 $ 1.69 =================================================================================================================================== Share Data: Weighted average common shares outstanding 28,709 28,761 28,902 28,917 28,818 Weighted average common shares outstanding assuming full dilution 29,726 29,735 29,735 29,711 29,779 ===================================================================================================================================
Company and Business Group Financial Information
1996 --------------------------------------------------------------- First Second Third Fourth Full Quarter Quarter Quarter Quarter Year - ----------------------------------------------------------------------------------------------------------------------------------- (unaudited) ------------------------------------------------- Pump Products Group(1) Net sales $ 61,996 $ 61,935 $ 61,110 $ 60,579 $245,620 Operating income(2) 13,583 14,174 13,196 14,176 55,129 Operating margin 21.9% 22.9% 21.6% 23.4% 22.4% Depreciation and amortization $ 2,534 $ 2,486 $ 2,516 $ 1,973 $ 9,509 Capital expenditures 918 1,842 1,214 1,201 5,175 Engineered Equipment Group(1) Net sales $ 47,693 $ 47,854 $ 60,386 $ 74,185 $230,118 Operating income(2) 9,177 9,349 10,553 11,886 40,965 Operating margin 19.2% 19.5% 17.5% 16.0% 17.8% Depreciation and amortization $ 2,080 $ 2,027 $ 3,262 $ 3,588 $ 10,957 Capital expenditures 908 1,136 1,389 2,992 6,425 Company(1) Net sales $109,445 $109,927 $121,065 $134,262 $474,699 Operating income(2) 20,504 21,792 21,282 24,038 87,616 Operating margin 18.7% 19.8% 17.6% 17.9% 18.5% Depreciation and amortization(3) $ 4,677 $ 4,547 $ 5,706 $ 5,742 $ 20,672 Capital expenditures 1,845 2,978 2,613 4,198 11,634 - -----------------------------------------------------------------------------------------------------------------------------------
(1) In December 1997 IDEX announced its intention to divest the Strippit and Vibratech businesses. During the fourth quarter it also realigned the business units into two groups: the Pump Products and Engineered Equipment Groups. The financial statements and the group financial information have been reclassified to reflect Strippit and Vibratech as discontinued operations and IDEX's revised group reporting structure. The revenues from the discontinued operations amounted to $83.9 million and $87.9 million for the years ended December 31, 1997 and 1996, respectively. (2) Group operating income excludes net unallocated corporate operating expenses. (3) Excludes amortization of debt issuance expenses. 5 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. IDEX Corporation April 23, 1998 /s/ WAYNE P. SAYATOVIC -------------------------- Wayne P. Sayatovic Senior Vice President-Finance and Chief Financial Officer (Principal Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----