EX-99.2 3 c56279exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
The following tables provide consolidated statements of operations reclassified to reflect the adoption of new accounting guidance relative to noncontrolling interests contained in Accounting Standards Codification 810, Consolidation.
GARDNER DENVER, INC.
RECLASSIFIED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands except per share amounts)
(Unaudited)
                                         
    Year Ended December 31, 2009
    First     Second     Third     Fourth     Total  
    Quarter     Quarter     Quarter     Quarter     Year  
Revenues
  $ 462,480     $ 436,049     $ 428,846     $ 450,770     $ 1,778,145  
     Cost of sales
    321,869       305,513       293,651       306,499       1,227,532  
 
   
Gross profit
    140,611       130,536       135,195       144,271       550,613  
     Selling and administrative expenses
    94,583       87,170       89,946       84,511       356,210  
     Other operating expense, net
    8,176       20,379       10,599       6,519       45,673  
     Impairment charges
    265,000       (3,935 )     2,540       (1,205 )     262,400  
 
   
Operating (loss) income
    (227,148 )     26,922       32,110       54,446       (113,670 )
     Interest expense
    7,657       6,611       7,109       7,108       28,485  
     Other income, net
    (188 )     (1,243 )     (1,738 )     (592 )     (3,761 )
 
   
(Loss) income before income taxes
    (234,617 )     21,554       26,739       47,930       (138,394 )
     Provision for income taxes
    13,855       (6,493 )     7,074       10,469       24,905  
 
   
Net (loss) income
    (248,472 )     28,047       19,665       37,461       (163,299 )
     Less: Net income attributable to noncontrolling interests
    697       648       248       293       1,886  
 
   
Net (loss) income attributable to Gardner Denver
  $ (249,169 )   $ 27,399     $ 19,417     $ 37,168     $ (165,185 )
 
   
 
                                       
Net (loss) earnings per share attributable to
                                       
Gardner Denver common stockholders
                                       
     Basic (loss) earnings per share
  $ (4.81 )   $ 0.53     $ 0.37     $ 0.71     $ (3.18 )
 
   
     Diluted (loss) earnings per share
  $ (4.81 )   $ 0.53     $ 0.37     $ 0.71     $ (3.18 )
 
   
                                                 
    Year Ended December 31, 2008   Year Ended  
    First     Second     Third     Fourth     Total     December 31,  
    Quarter     Quarter     Quarter     Quarter     Year     2007  
Revenues
  $ 495,670     $ 518,112     $ 480,310     $ 524,240     $ 2,018,332     $ 1,868,844  
Cost of sales
    334,344       350,236       329,925       365,537       1,380,042       1,248,921  
 
       
Gross profit
    161,326       167,876       150,385       158,703       638,290       619,923  
Selling and administrative expenses
    86,619       90,368       80,343       91,247       348,577       327,049  
Other operating (income) expense, net
    (1,550 )     3,522       14,243       13,768       29,983       57  
 
       
Operating income
    76,257       73,986       55,799       53,688       259,730       292,817  
Interest expense
    5,600       5,041       3,829       11,013       25,483       26,211  
Other (income) expense, net
    (241 )     (336 )     (237 )     64       (750 )     (3,052 )
 
       
Income before income taxes
    70,898       69,281       52,207       42,611       234,997       269,658  
Provision for income taxes
    19,730       19,324       17,226       11,205       67,485       63,256  
 
       
Net income
    51,168       49,957       34,981       31,406       167,512       206,402  
Less: Net income attributable to noncontrolling interests
    309       391       343       488       1,531       1,298  
 
       
Net income attributable to Gardner Denver
  $ 50,859     $ 49,566     $ 34,638     $ 30,918     $ 165,981     $ 205,104  
 
       
 
                                               
Net earnings per share attributable to Gardner Denver common stockholders
                                               
Basic earnings per share
  $ 0.96     $ 0.94     $ 0.65     $ 0.60     $ 3.16     $ 3.85  
 
       
Diluted earnings per share
  $ 0.95     $ 0.93     $ 0.65     $ 0.60     $ 3.12     $ 3.80