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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Roper Industries Announces Results for 2008 Fourth Quarter and Full Year
Posted by: gurufocus (IP Logged)
Date: February 5, 2009 07:01PM
Press Release: Roper Industries Announces Results for 2008 Fourth Quarter and Full Year Fourth Quarter 2008 Net earnings for the fourth quarter were Full Year 2008 Full year 2008 sales increased 10% to "We are pleased with the performance of our businesses in 2008," said "End market and economic conditions worsened in the fourth quarter,particularly affecting order levels in our Energy Systems and IndustrialTechnology segments," continued Mr. Jellison. "Fourth quarter results includea 2009 Outlook and Guidance Mr. Jellison said, "We are well positioned for what will be a difficulteconomy in 2009 based on the actions already completed and those underway,coupled with our asset-light business models, leading positions in nichemarkets, and proven ability to complete and integrate strategic acquisitions.Our outlook for 2009 reflects growth from acquisitions completed in 2008 andbenefits from completed restructuring actions, offset by 4% negative foreigncurrency headwinds and flat to low single digit negative organic growth. Weexpect our Radio Frequency and Scientific and Industrial Imaging segments toperform well in 2009, reflecting operational improvements and growth inbusinesses acquired during 2008 that provide software and solutions to theeducation, transportation and infrastructure markets. We expect thesesegments will largely offset the difficult economic environment for severalend markets served by our Industrial Technology and Energy Systems segments,where our restructuring actions are driving strong operating performance, butcurrency translation will result in unfavorable revenue comparisons in 2009." The Company expects full year diluted earnings per share (DEPS) to bebetween "Throughout the year we will continually review the positioning andperformance of each of our businesses to ensure that their cost structures areappropriately aligned with the realities of their markets. We will continueto build on existing strengths across our business units and utilize ourfinancial strength to pursue disciplined acquisition opportunities," Mr.Jellison concluded. Table 1: Sales Growth
Q4 FY
2008 2008
Organic Growth (3%) 3%
Acquisitions / Divestitures 9% 6%
Foreign Currency (FX) (3%) 1%
Total Sales Growth 3% 10%
Table 2: EBITDA (Millions)
Q4 FY
2008 2008
Net Earnings $72 $287
Add: Interest Expense 17 54
Add: Income Taxes 35 149
Add: Depreciation and Amortization 28 103
EBITDA 152 593 Conference Call to be Held at A conference call to discuss these results has been scheduled for About Roper Industries Roper Industries is a diversified growth company with annual revenues of The information provided in this press release contains forward lookingstatements within the meaning of the federal securities laws. These forwardlooking statements include, among others, statements regarding operatingresults, the success of our internal operating plans, and the prospects fornewly acquired businesses to be integrated and contribute to future growth andprofit expectations. Forward looking statements may be indicated by words orphrases such as "anticipate," "estimate," "plans," "expects," "projects,""should," "will," "believes" or "intends" and similar words and phrases.These statements reflect management's current beliefs and are not guaranteesof future performance. They involve risks and uncertainties that could causeactual results to differ materially from those contained in any forwardlooking statement. Such risks and uncertainties include our ability tointegrate our acquisitions and realize expected synergies. We also face othergeneral risks, including our ability to realize cost savings from ouroperating initiatives, general economic conditions, unfavorable changes inforeign exchange rates, difficulties associated with exports, risks associatedwith our international operations, difficulties in making and integratingacquisitions, risks associated with newly acquired businesses, increasedproduct liability and insurance costs, increased warranty exposure, futurecompetition, changes in the supply of, or price for, parts and components,environmental compliance costs and liabilities, risks and cost associated withasbestos related litigation and potential write-offs of our substantialintangible assets, and risks associated with obtaining governmental approvalsand maintaining regulatory compliance for new and existing products.Important risks may be discussed in current and subsequent filings with theSEC. You should not place undue reliance on any forward looking statements.These statements speak only as of the date they are made, and we undertake noobligation to update publicly any of them in light of new information orfuture events. Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in thousands)
December 31, December 31,
ASSETS 2008 2007
CURRENT ASSETS:
Cash and cash equivalents $178,069 $308,768
Accounts receivable 376,855 359,808
Inventories 185,919 174,138
Deferred taxes 29,390 27,800
Unbilled receivable 61,168 60,218
Other current assets 26,906 20,405
Total current assets 858,307 951,137
PROPERTY, PLANT AND EQUIPMENT, NET 112,463 107,513
OTHER ASSETS:
Goodwill 2,118,852 1,706,083
Other intangible assets, net 804,020 613,505
Deferred taxes 28,050 23,854
Other assets 49,846 51,092
Total other assets 3,000,768 2,394,534
TOTAL ASSETS $3,971,538 $3,453,184
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $121,807 $115,809
Accrued liabilities 261,682 194,055
Income taxes payable 1,892 24,121
Deferred taxes - 2,442
Current portion of long-term debt 233,827 331,103
Total current liabilities 619,208 667,530
NONCURRENT LIABILITIES:
Long-term debt 1,033,689 727,489
Deferred taxes 272,077 221,411
Other liabilities 42,826 46,948
Total liabilities 1,967,800 1,663,378
STOCKHOLDERS' EQUITY:
Common stock 919 910
Additional paid-in capital 798,486 757,318
Retained earnings 1,204,521 944,886
Accumulated other comprehensive earnings 21,513 108,732
Treasury stock (21,701) (22,040)
Total stockholders' equity 2,003,738 1,789,806
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,971,538 $3,453,184
Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in thousands, except per share data)
Three months ended Twelve months ended
December 31, December 31,
2008 2007 2008 2007
Net sales $575,862 $560,084 $2,306,371 $2,102,049
Cost of sales 278,054 274,011 1,118,083 1,043,654
Gross profit 297,808 286,073 1,188,288 1,058,395
Selling, general and
administrative expenses 178,753 162,264 702,127 620,041
Income from operations 119,055 123,809 486,161 438,354
Interest expense 16,847 12,238 53,680 52,195
Loss on extinguishment of debt - - 3,133
Other income/(expense) 5,169 (618) 6,607 (2,502)
Earnings before income taxes 107,377 110,953 435,955 383,657
Income taxes 35,316 38,723 149,440 133,624
Net Earnings $72,061 $72,230 $286,515 $250,033
Earnings per share:
Basic $0.80 $0.81 $3.20 $2.83
Diluted $0.78 $0.77 $3.06 $2.68
Weighted average common and common
equivalent shares outstanding:
Basic 89,726 88,698 89,468 88,390
Diluted 92,336 93,916 93,699 93,229
Roper Industries, Inc. and Subsidiaries
Selected Segment Financial Data (unaudited)
(Amounts in thousands and percents of net sales)
Three months ended December 31,
2008 2007
Amount % Amount %
Net sales:
Industrial Technology 161,693 166,769
Energy Systems & Controls 137,576 155,376
Scientific & Industrial Imaging 93,336 99,121
RF Technology 183,257 138,818
Total $575,862 $560,084
Gross profit:
Industrial Technology 79,985 49.5% 82,293 49.3%
Energy Systems & Controls 71,413 51.9% 85,616 55.1%
Scientific & Industrial Imaging 52,488 56.2% 54,032 54.5%
RF Technology 93,922 51.3% 64,132 46.2%
Total $297,808 51.7% $286,073 51.1%
Operating profit*:
Industrial Technology 41,643 25.8% 44,029 26.4%
Energy Systems & Controls 30,250 22.0% 44,788 28.8%
Scientific & Industrial Imaging 20,648 22.1% 19,777 20.0%
RF Technology 39,885 21.8% 26,388 19.0%
Total $132,426 23.0% $134,982 24.1%
Net Orders:
Industrial Technology 141,850 160,248
Energy Systems & Controls 138,919 149,288
Scientific & Industrial Imaging 93,937 99,735
RF Technology 184,046 149,979
Total $558,752 $559,250
Twelve months ended December 31,
2008 2007
Amount % Amount %
Net sales:
Industrial Technology 687,622 644,436
Energy Systems & Controls 548,214 516,420
Scientific & Industrial Imaging 375,542 376,163
RF Technology 694,993 565,030
Total $2,306,371 $2,102,049
Gross profit:
Industrial Technology 333,704 48.5% 310,700 48.2%
Energy Systems & Controls 295,133 53.8% 276,775 53.6%
Scientific & Industrial Imaging 206,623 55.0% 206,661 54.9%
RF Technology 352,828 50.8% 264,259 46.8%
Total $1,188,288 51.5% $1,058,395 50.4%
Operating profit*:
Industrial Technology 178,270 25.9% 164,750 25.6%
Energy Systems & Controls 126,609 23.1% 126,367 24.5%
Scientific & Industrial Imaging 74,739 19.9% 73,230 19.5%
RF Technology 159,787 23.0% 117,057 20.7%
Total $539,405 23.4% $481,404 22.9%
Net Orders:
Industrial Technology 656,176 639,348
Energy Systems & Controls 541,472 525,899
Scientific & Industrial Imaging 383,543 377,653
RF Technology 722,670 575,100
Total $2,303,861 $2,118,000
* Operating profit is before unallocated corporate general and
administrative expenses. These expenses were $13,371 and $11,173 for
the three months ended December 31, 2008 and 2007, respectively, and
$53,244 and $43,050 for the twelve months ended December 31, 2008 and
2007, respectively.
Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
Twelve months ended
December 31,
2008 2007
Net earnings $286,515 $250,033
Depreciation 33,900 31,805
Amortization 69,208 61,375
Other, net 44,815 594
Cash provided by operating activities 434,438 343,807
Business acquisitions, net of cash acquired (705,244) (106,942)
Capital expenditures (30,047) (30,107)
Other, net (4,003) (5,339)
Cash used by investing activities (739,294) (142,388)
Debt borrowings, net 195,516 27,600
Issuance of common stock - -
Dividends (25,887) (22,954)
Other, net 18,290 24,902
Cash provided by financing activities 187,919 29,548
Effect of exchange rate changes on cash (13,762) 8,323
Net change in cash and equivalents (130,699) 239,290
Cash and equivalents, beginning of period 308,768 69,478
Cash and equivalents, end of period $178,069 $308,768 Conference Call to be Held at A conference call to discuss these results has been scheduled for About Roper Industries Roper Industries is a diversified growth company with annual revenues of The information provided in this press release contains forward lookingstatements within the meaning of the federal securities laws. These forwardlooking statements include, among others, statements regarding operatingresults, the success of our internal operating plans, and the prospects fornewly acquired businesses to be integrated and contribute to future growth andprofit expectations. Forward looking statements may be indicated by words orphrases such as "anticipate," "estimate," "plans," "expects," "projects,""should," "will," "believes" or "intends" and similar words and phrases.These statements reflect management's current beliefs and are not guaranteesof future performance. They involve risks and uncertainties that could causeactual results to differ materially from those contained in any forwardlooking statement. Such risks and uncertainties include our ability tointegrate our acquisitions and realize expected synergies. We also face othergeneral risks, including our ability to realize cost savings from ouroperating initiatives, general economic conditions, unfavorable changes inforeign exchange rates, difficulties associated with exports, risks associatedwith our international operations, difficulties in making and integratingacquisitions, risks associated with newly acquired businesses, increasedproduct liability and insurance costs, increased warranty exposure, futurecompetition, changes in the supply of, or price for, parts and components,environmental compliance costs and liabilities, risks and cost associated withasbestos related litigation and potential write-offs of our substantialintangible assets, and risks associated with obtaining governmental approvalsand maintaining regulatory compliance for new and existing products.Important risks may be discussed in current and subsequent filings with theSEC. You should not place undue reliance on any forward looking statements.These statements speak only as of the date they are made, and we undertake noobligation to update publicly any of them in light of new information orfuture events. Source: PRNewsWire
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