Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on page 11 and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reportable business segments: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE SAME PERIOD OF 1998 Net sales for the three months ended March 31, 1999, were $156.5 million, a decrease of 2% from the sales of $159.1 million for the first quarter of 1998. Net income from continuing operations for the quarter amounted to $11.9 million, 14% lower than the $13.9 million earned in last year's first quarter. Diluted earnings per share from continuing operations were 40 cents versus 46 cents in the same quarter last year. New orders from continuing operations totaled $165.9 million and exceeded shipments by more than $9 million in the first quarter of 1999. The Company ended the first quarter with a typical unfilled orders backlog of about 1 1/3 months' sales. In the first quarter of 1999, the Pump Products Group contributed 60% of sales and 63% of operating income, the Dispensing Equipment Group accounted for 17% of sales and 14% of operating income, and the Other Engineered Products Group represented 23% of both sales and operating income. The inclusion of Xxxx, acquired on January 21, 1998, for a full quarter of 1999 added 4% to the quarterly sales growth but was offset by a 6% decline in base business activity. International sales were 37% of total sales in the first quarter of 1999, down from 40% in last year's first quarter. A portion of this reduction came from including Xxxx for a full quarter in 1999, which only has about 20% of its sales outside of the United States. Certain international markets, particularly Europe and Latin America, experienced softer economic conditions this quarter compared to the first quarter of last year, which also contributed to the reduction in the international sales. Partially offsetting this international decline were shipments to Asia, which were about 5% higher than either the first or fourth quarters of 1998. Compared to the first quarter of last year, total domestic sales increased 2%, while international sales declined 8%. Pump Products Group sales of $94.3 million for the three months ended March 31, 1999, were essentially equal to the sales of $94.5 million in same period of 1998. The inclusion of Xxxx for a full quarter of 1999 added 8% to the quarterly sales growth but was offset by a decline in base business activity of the Pump Products Group. Sales to customers outside the U.S. declined to 30% of total sales in the first quarter of 1999 from 32% in 1998, principally due to the inclusion of Xxxx for the full first quarter of 1999. Dispensing Equipment Group sales of $26.3 million decreased by $3.7 million, or 12%, in the first quarter of 1999 compared with last year's first quarter principally due to lower sales volume in certain international markets, particularly Europe and Latin America. As a result of the decrease in international sales, shipments to customers outside the U.S. decreased to 40% of total Dispensing Equipment Group sales in the first quarter of 1999, down from 44% in the first quarter of 1998. Other Engineered Products Group sales of $36.6 million increased by $1.2 million, or 3%, in the first quarter of 1999 compared with 1998. The increase principally reflected higher sales in the U.S. fire and rescue markets. As a result of the strengthening in U.S. sales, international sales were 52% of total group sales in the first quarter of 1999, down from 54% in same quarter of 1998. IDEX CORPORATION AND SUBSIDIARIES COMPANY AND BUSINESS GROUP FINANCIAL INFORMATION (IN THOUSANDS) FOR THE THREE MONTHS ENDED MARCH 31, --------------------- 1999 1998(1) --------- --------- (UNAUDITED) Net sales (2)............................................. $ 94,308 $ 94,471 Operating income (3)...................................... 17,253 20,625 Operating margin.......................................... 18.3% 21.8% Depreciation and amortization............................. $ 4,909 $ 4,597 Capital expenditures...................................... 1,863 2,236 spensing Equipment Group Net sales (2)............................................. $ 26,259 $ 29,973 Operating income (3)...................................... 3,676 5,333 Operating margin.......................................... 14.0% 17.8% Depreciation and amortization............................. $ 1,699 $ 1,732 Capital expenditures...................................... 1,197 629 her Engineered Products Group Net sales (2)............................................. $ 36,569 $ 35,392 Operating income (3)...................................... 6,315 5,770 Operating margin.......................................... 17.3% 16.3% Depreciation and amortization............................. $ 1,729 $ 1,569 Capital expenditures...................................... 1,017 1,463 mpany Net sales................................................. $156,488 $159,084 Operating income.......................................... 23,625 28,392 Operating margin.......................................... 15.1% 17.8% Depreciation and amortization (4)......................... $ 8,415 $ 7,963 Capital expenditures...................................... 4,104 7,096 Pump Products Group Di Ot Co - -------------------------
Appears in 1 contract
Samples: Consulting Agreement
Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on the following page 11 and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reportable business segmentsreporting groups: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS ENDED MARCH 31, 1999 2001 COMPARED TO THE SAME PERIOD OF 1998 2000 IDEX reported record sales; however, recorded lower net income and earnings per share for the first quarter of 2001 compared with last year. Incoming orders of $189.7 million were 2% lower than 2000 as a result of an 11% decrease in the base businesses and a 2% negative effect from foreign currency translation partially offset by 11% growth from recent acquisitions. Net sales for the three months ended March 31, 1999, 2001 were $156.5 187.4 million, a decrease of 26% from increase over the sales of $159.1 176.7 million for the first quarter of 1998comparable 2000 period. Acquisitions accounted for a 13% improvement, which was partially offset by a 5% decline in base sales activity and a 2% unfavorable currency translation. Net income from continuing operations for the quarter amounted to was $11.9 7.2 million, 1454% lower than the $13.9 15.8 million earned in the first quarter of 2000. Diluted earnings per share decreased 29 cents to 23 cents, down 56% compared with the same period a year ago. Excluding the one-time restructuring charge, net income was $10.7 million, 32% lower than the $15.8 million earned in last year's first quarter. Diluted , and diluted earnings per share were 35 cents, down 33% from continuing operations were 40 52 cents versus 46 cents in the same quarter last year. New orders from continuing operations totaled $165.9 million and exceeded shipments by more than $9 million in the first quarter of 1999. The Company ended the first quarter with a typical unfilled orders backlog of about 1 1/3 months' sales. In the first quarter three months of 19992001, the Pump Products Group contributed 6058% of sales and 6360% of operating income, the Dispensing Equipment Group accounted for 1719% of sales and 1417% of operating income, and the Other Engineered Products Group represented both 23% of both sales and operating income. The inclusion In the first three months of Xxxx2001, acquired on January 21, 1998, for a full quarter of 1999 added international sales grew by 9% while domestic sales increased by 4% to the quarterly sales growth but was offset by compared with last year. As a 6% decline in base business activity. International result, international sales were 3741% of total sales in the first quarter of 1999sales, down up from 40% in last year's first quarter. A portion of this reduction came from including Xxxx for a full quarter in 1999, which only has about 20% of its sales outside of the United States. Certain international markets, particularly Europe and Latin America, experienced softer economic conditions this quarter compared to the first same quarter of last year, which also contributed to the reduction in the international sales. Partially offsetting this international decline were shipments to Asia, which were about 5% higher than either the first or fourth quarters of 1998. Compared to the first quarter of last year, total domestic sales increased 2%, while international sales declined 8%2000. Pump Products Group sales of $94.3 109.7 million for the three months ended March 31, 19992001 increased by $10.8 million, were essentially equal to or 11%, from 2000 principally reflecting the sales of $94.5 million in same period of 1998. The inclusion of Xxxx for a full quarter of 1999 Ismatec, Trebor and Liquid Controls acquisitions which added 816% to the quarterly first quarter sales. Base business sales growth but volume was offset down 4% from last year and foreign currency had a 1% negative effect on the Group's sales comparison to 2000. In the first quarter of 2001, international sales grew by a decline 24% and domestic sales increased by 5% principally reflecting the recent acquisitions. Excluding acquisitions and foreign currency, base international sales increased 1%, while base U.S. sales volume decreased 7% due to weak conditions in base business activity of the Pump Products GroupU.S. manufacturing sector. Sales to customers outside the U.S. declined United States increased to 3035% of total group sales in the first quarter of 1999 2001 from 3231% in 1998, 2000 principally due to recent acquisitions and the inclusion of Xxxx for change in sales mix caused by the full first quarter of 1999weaker domestic sales in 2001. Dispensing Equipment Group sales of $26.3 35.8 million decreased by $3.7 4.1 million, or 1210%, in the first quarter of 1999 2001 compared with last year's first quarter. Base business volume was down 6% from 2000 and foreign currency translation had a 4% negative effect. In the first quarter principally of 2001, international sales were essentially equal to last year, while domestic sales decreased by 21% due to lower sales continuing weak conditions in the U.S. manufacturing sector, which caused significant year-over-year volume in certain international markets, particularly Europe and Latin Americadeclines. As a result of the decrease in international sales, shipments Sales to customers outside the U.S. decreased to 40United States were 57% of total Dispensing Equipment Group group sales in the first quarter of 19992001, down up from 4451% in 2000 primarily reflecting a change in sales mix due to the first quarter of 1998weaker domestic sales in 2001. Other Engineered Products Group sales of $36.6 42.3 million increased by $1.2 3.9 million, or 310%, in the first quarter of 1999 2001 compared with 19982000 principally reflecting the Class 1 acquisition which added 18% to the first quarter sales. The increase principally reflected higher Overall base business sales decreased by 5% and foreign currency translation had a negative effect of 3%. In the first quarter of 2001, domestic sales increased by 24% and international sales decreased by 6% with the lower international sales resulting from foreign currency translation. Excluding foreign currency and acquisitions, international base sales increased by 1% in 2001, while the base U.S. sales volume decreased 10% compared to last year due to the weak conditions in the U.S. fire and rescue manufacturing markets. As a result of Sales to customers outside the strengthening in U.S. sales, international sales United States were 5241% of total group sales in the first quarter of 19992001, down from 5448% in same quarter of 19982000 principally reflecting the change in sales mix due to the Class 1 acquisition. IDEX CORPORATION AND SUBSIDIARIES COMPANY AND BUSINESS GROUP FINANCIAL INFORMATION (IN THOUSANDS) FOR THE THREE MONTHS ENDED MARCH 31, --------------------- 1999 1998(12001(1) --------- --------- 2000 (UNAUDITED) Net sales (2)............................................. $ 94,308 $ 94,471 Operating income (3)...................................... 17,253 20,625 Operating margin.......................................... 18.3% 21.8% Depreciation and amortization............................. $ 4,909 $ 4,597 Capital expenditures...................................... 1,863 2,236 spensing Equipment Group Net sales (2)............................................. $ 26,259 $ 29,973 Operating income (3)...................................... 3,676 5,333 Operating margin.......................................... 14.0% 17.8% Depreciation and amortization............................. $ 1,699 $ 1,732 Capital expenditures...................................... 1,197 629 her Engineered Products Group Net sales (2)............................................. $ 36,569 $ 35,392 Operating income (3)...................................... 6,315 5,770 Operating margin.......................................... 17.3% 16.3% Depreciation and amortization............................. $ 1,729 $ 1,569 Capital expenditures...................................... 1,017 1,463 mpany Net sales................................................. $156,488 $159,084 Operating income.......................................... 23,625 28,392 Operating margin.......................................... 15.1% 17.8% Depreciation and amortization (4)......................... $ 8,415 $ 7,963 Capital expenditures...................................... 4,104 7,096 Pump Products Group Di Ot Co - -------------------------Group
Appears in 1 contract
Samples: investors.idexcorp.com
Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on page 11 and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reportable business segmentsreporting groups: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS SECOND QUARTER ENDED MARCH 31JUNE 30, 1999 2001 COMPARED TO THE SAME PERIOD OF 1998 2000 IDEX reported increased orders and sales and lower net income and earnings per share for the second quarter of 2001 compared with last year. Incoming orders, $191.4 million, were 6% higher than 2000 as a result of recent acquisitions (Ismatec -- April 2000, Trebor -- May 2000, Class 1 -- January 2001, Liquid Controls -- January 2001 and Versa-Matic -- June 2001) contributing growth of 15%, partially offset by a 7% decrease in the base businesses and a 2% negative effect from foreign currency translation. Net sales for in the three months ended March 31, 1999, were second quarter grew 4% to $156.5 million, a decrease of 2% 192.6 million from the sales of $159.1 185.3 million for the first quarter of 1998comparable 2000 period. Acquisitions accounted for a 13% improvement, which was partially offset by a 7% decline in base business activity and a 2% unfavorable currency translation. Net income from continuing operations for the quarter amounted to was $11.9 13.0 million, 1426% lower than the record $13.9 17.5 million earned in last year's first second quarter. Diluted earnings per share share, at 42 cents, also were down 26% from continuing operations were 40 cents versus 46 cents in the same quarter last year. New orders from continuing operations totaled $165.9 million and exceeded shipments by more than $9 million in the first quarter of 1999. The Company ended the first quarter with a typical unfilled orders backlog of about 1 1/3 months' sales's record 57 cents. In the first second quarter of 19992001, the Pump Products Group contributed 6057% of sales and 6356% of operating income, the Dispensing Equipment Group accounted for 1722% of sales and 14% of operating income, and the Other Engineered Products Group represented 2321% of both sales and 22% of operating income. The inclusion of Xxxx, acquired on January 21, 1998, for a full quarter of 1999 added 4% to the quarterly sales growth but was offset by a 6% decline in base business activity. International sales were 3743% of total sales sales, up from 41% in the first same quarter of 1999, down from 40% in last year's first quarter2000. A portion of this reduction came from including Xxxx for a full quarter in 1999, which only has about 20% of its sales outside of In the United States. Certain international markets, particularly Europe and Latin America, experienced softer economic conditions this quarter compared to the first second quarter of last year2001, which also contributed to the reduction in the international sales. Partially offsetting this international decline were shipments to Asia, which were about 5sales grew by 8% higher than either the first or fourth quarters of 1998. Compared to the first quarter of last year, total while domestic sales increased 2%by 1% compared with last year. Excluding the recent acquisitions and currency translation, while international sales declined 8increased 1% while domestic sales decreased 13%. Pump Products Group sales of $94.3 110.4 million for the three months ended March 31June 30, 19992001 increased by $8.5 million, were essentially equal to or 8%, from 2000 principally reflecting the sales of $94.5 million in same period of 1998. The inclusion of Xxxx for a full quarter of 1999 Ismatec, Trebor, Liquid Controls and Versa-Matic acquisitions which added 816% to the quarterly second quarter sales. Base business sales growth but volume was offset down 7% from last year and foreign currency had a 1% negative effect on the Group's sales comparison to 2000. In the second quarter of 2001, international sales grew by 22% and domestic sales increased by 2% principally reflecting the recent acquisitions. Excluding acquisitions and foreign currency, base international sales decreased 2%, while base U.S. sales volume decreased 10% with the lower U.S. sales principally caused by weak conditions in the U.S. manufacturing sector. As a decline in base business activity of the Pump Products Group. Sales result, sales to customers outside the U.S. declined increased to 3037% of total group sales in the first quarter of 1999 2001 from 3233% in 1998, 2000 principally due to the inclusion of Xxxx for the full first quarter of 1999recent acquisitions. Dispensing Equipment Group sales of $26.3 41.6 million decreased by $3.7 5.6 million, or 12%, in the first second quarter of 1999 2001 compared with last year's first second quarter. Base business volume was down 8% from 2000 and foreign currency translation had a 4% negative effect. In the second quarter principally of 2001, international sales essentially were equal to last year, while domestic sales decreased by 25% due to lower sales continuing weak conditions in the U.S. manufacturing sector, which caused significant year-over-year volume declines in certain international U.S. markets, particularly Europe and Latin America. As a result of the decrease in international sales, shipments Sales to customers outside the U.S. decreased to 40% of total Dispensing Equipment Group sales in the first quarter of 1999, down from 44% in the first quarter of 1998. Other Engineered Products Group sales of $36.6 million increased by $1.2 million, or 3%, in the first quarter of 1999 compared with 1998. The increase principally reflected higher sales in the U.S. fire and rescue markets. As a result of the strengthening in U.S. sales, international sales were 5260% of total group sales in 2001, up from 53% in 2000 primarily reflecting a change in sales mix due to weaker U.S. sales in 2001. Other Engineered Products sales of $41.3 million increased by $4.4 million, or 12%, in the first second quarter of 19992001 compared with 2000 principally reflecting the Class 1 acquisition which added 19% to the second quarter sales. Overall base business decreased by 6% and foreign currency translation had a negative effect of 1% on this Group's sales volume. In the second quarter of 2001, domestic sales increased by 26% and international sales decreased by 4%. Excluding foreign currency and acquisitions, international base sales decreased by 3% in 2001, while the base U.S. sales volume decreased 8% compared to last year. Sales to customers outside the U.S. were 40% of total group sales in 2001, down from 5447% in same quarter of 19982000 principally reflecting the change in sales mix due to the Class 1 acquisition. IDEX CORPORATION AND SUBSIDIARIES COMPANY AND BUSINESS GROUP FINANCIAL INFORMATION (IN THOUSANDS) FOR THE THREE MONTHS ENDED MARCH 31, --------------------- 1999 1998(1) --------- --------- (UNAUDITED) SECOND QUARTER ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, -------------------- -------------------- 2001(1) -------- 2000(2) -------- 2001(1) -------- 2000(2) -------- Pump Products Group Net sales (2sales(3)............................................. $ 94,308 $ 94,471 ................................ $110,433 $101,906 $220,175 $200,893 Operating income (3before restructuring(4)...................................... 17,253 20,625 .... 16,721 18,942 32,946 38,265 Operating margin.......................................... 18.3............................ 15.1% 21.818.6% 15.0% 19.0% Depreciation and amortization............................. ............... $ 4,909 6,146 $ 4,597 5,047 $ 12,319 $ 10,022 Capital expenditures...................................... 1,863 2,236 spensing ........................ 2,656 1,867 5,283 3,833 Dispensing Equipment Group Net sales (2sales(3)............................................. ................................ $ 26,259 41,577 $ 29,973 47,172 $ 77,411 $ 87,092 Operating income (3before restructuring(4)...................................... 3,676 5,333 .... 6,626 10,715 11,274 17,932 Operating margin.......................................... 14.0............................ 15.9% 17.822.7% 14.6% 20.6% Depreciation and amortization............................. ............... $ 1,699 2,247 $ 1,732 2,244 $ 4,657 $ 4,382 Capital expenditures...................................... 1,197 629 her ........................ 1,591 1,382 2,703 2,483 Other Engineered Products Group Net sales (2sales(3)............................................. ................................ $ 36,569 41,333 $ 35,392 36,978 $ 83,612 $ 75,381 Operating income (3before restructuring(4)...................................... 6,315 5,770 .... 6,627 6,549 12,674 13,988 Operating margin.......................................... 17.3............................ 16.0% 16.317.7% 15.2% 18.6% Depreciation and amortization............................. ............... $ 1,729 1,910 $ 1,569 1,737 $ 3,987 $ 3,505 Capital expenditures...................................... 1,017 1,463 mpany ........................ 1,429 889 2,919 2,156 Company Net sales................................................. sales(3)................................ $156,488 192,622 $159,084 Operating 185,258 $380,017 $361,920 Before restructuring: operating income.......................................... 23,625 28,392 Operating ...... 26,241 31,756 48,738 61,719 operating margin.......................................... 15.1...... 13.6% 17.817.1% 12.8% 17.1% After restructuring: operating income....... $ 26,241 $ 31,756 $ 43,077 $ 61,719 operating margin....... 13.6% 17.1% 11.3% 17.1% Depreciation and amortization (4amortization(5)......................... ............ $ 8,415 10,865 $ 7,963 9,429 $ 22,090 $ 18,394 Capital expenditures...................................... 4,104 7,096 Pump Products Group Di Ot Co - -------------------------........................ 5,807 4,219 11,110 8,567 ---------------
Appears in 1 contract
Samples: Credit Agreement
Results of Operations. For purposes of this discussion and analysis section, reference is made to the table on page 11 10 and the Company's Statements of Consolidated Operations included in the Financial Statements section. IDEX consists of three reportable business segmentsreporting groups: Pump Products, Dispensing Equipment and Other Engineered Products. PERFORMANCE IN THE THREE MONTHS THIRD QUARTER ENDED MARCH 31SEPTEMBER 30, 1999 2000 COMPARED TO THE SAME PERIOD OF 1998 1999 IDEX reported record sales, net income and earnings per share for the third quarter ended September 30, 2000. Incoming orders, $164.0 million, were unchanged from 1999 with 3% growth from recent acquisitions (FAST-June 1999, Ismatec-April 2000 and Trebor-April 2000) offset by a 3% decline from base business which was totally attributable to the negative effect from foreign currency translation. Net sales for the three months ended March 31September 30, 1999, 2000 were $156.5 176.2 million, a decrease of 24% from increase over the sales of $159.1 169.9 million for the first comparable 1999 period. Acquisitions added 4% to third quarter of 1998sales and base business volume was up 3%, while foreign currency translation had a 3% negative effect. Net income from continuing operations for the quarter amounted to was $11.9 16.6 million, 1415% lower higher than the $13.9 14.5 million earned in last year's first quarterthe third quarter of 1999. Diluted earnings per share from continuing operations were 40 rose 6 cents versus 46 cents in to 54 cents, up 13% compared with the same quarter last year. New orders from continuing operations totaled $165.9 million and exceeded shipments by more than $9 million in the first quarter of 1999. The Company ended the first quarter with period a typical unfilled orders backlog of about 1 1/3 months' salesyear ago. In the first third quarter of 19992000, the Pump Products Group contributed 6056% of sales and 6355% of operating income, the Dispensing Equipment Group accounted for 1724% of sales and 1425% of operating income, and the Other Engineered Products Group represented 23both 20% of both sales and operating income. The inclusion of Xxxx, acquired on January 21, 1998, for a full quarter of 1999 added 4% to the quarterly sales growth but was offset by a 6% decline in base business activity. International sales were 3742% of total sales in the first quarter of 1999sales, down up from 40% in last year's first quarter. A portion of this reduction came from including Xxxx for a full quarter in 1999, which only has about 20% of its sales outside of the United States. Certain international markets, particularly Europe and Latin America, experienced softer economic conditions this quarter compared to the first same quarter of last year, which also contributed to 1999. In the reduction in the international sales. Partially offsetting this international decline were shipments to Asia, which were about 5% higher than either the first or fourth quarters of 1998. Compared to the first third quarter of last year2000, total international sales grew by 9% while domestic sales increased 2%by 1% compared with last year. Excluding the recent acquisitions and currency translation, while international sales declined 8%increased 11% reflecting increases in all international markets. Pump Products Group sales of $94.3 100.0 million for the three months ended March 31September 30, 19992000 increased by $6.5 million, were essentially equal or 7%, from 1999 principally reflecting the Ismatec and Trebor acquisitions which added 6% to the third quarter sales. Base business sales volume was up 2% from last year while foreign currency had a 1% negative effect on the Group's sales comparison to 1999. In the third quarter of 2000, international sales grew by 19%, while domestic sales increased by 2%. As a result, sales to customers outside the U.S. increased to 33% of total group sales in 2000 from 30% in 1999 due to higher sales in all international markets. Dispensing Equipment Group sales of $94.5 41.7 million increased $0.2 million, or 1%, in same period the third quarter of 19982000 compared with last year's third quarter. Base business volume was up 6% from 1999 and acquisitions added 1% to this Group's sales growth, while foreign currency translation had a 6% negative effect. In the third quarter of 2000, international sales grew by 9%, while domestic sales decreased by 8%, principally reflecting a temporary change in market conditions in the paints and coatings markets. The inclusion of Xxxx business environment for a full quarter of 1999 added 8% the Group's dispensing equipment, which primarily serves the paints and coatings markets, remains robust in Europe, due to the quarterly sales growth but was European Union-mandated change to water-based pigments. However, this strength is being offset by a decline as some paint manufacturers and retailers in base business activity of the Pump Products GroupU.S. have reduced their short-term demand for paint dispensing equipment. Sales to customers outside the U.S. declined to 30were 56% of total group sales in the first quarter of 1999 2000, up from 3252% in 1998, principally 1999 primarily reflecting a change in sales mix due to the inclusion of Xxxx for the full first quarter of 1999. Dispensing Equipment Group stronger European sales of $26.3 million decreased by $3.7 million, or 12%, increase in the first quarter of 1999 compared with last year's first quarter principally due to lower sales volume in certain international markets, particularly Europe and Latin America. As a result of the decrease in international sales, shipments to customers outside the U.S. decreased to 40% of total Dispensing Equipment Group sales in the first quarter of 1999, down from 44% in the first quarter of 19982000. Other Engineered Products Group sales of $36.6 35.2 million increased decreased by $1.2 0.3 million, or 31%, in the first third quarter of 1999 2000 compared with 19981999. The increase principally reflected higher Overall base business increased by 3% and foreign currency translation had a negative effect of 4% on this Group's sales in volume. In the U.S. fire third quarter of 2000, domestic sales increased by 6% and rescue marketsinternational sales decreased by 8% with the lower international sales resulting from foreign currency translation. As a result of the strengthening in U.S. salesExcluding foreign currency, international sales increased by 1% in 2000 compared to last year. Sales to customers outside the U.S. were 5246% of total group sales in the first quarter of 19992000, down from 5450% in same 1999 principally reflecting the foreign currency translation effect on international sales in 2000. Gross profit of $70.2 million in the third quarter of 19982000 increased by $4.4 million, or 7%, from 1999 reflecting higher sales volume at the Pump Products Group. Gross profit as a percent of sales was 39.8% in 2000 and increased from 38.7% in 1999 principally reflecting productivity improvements at the Company's IDEX CORPORATION AND SUBSIDIARIES COMPANY AND BUSINESS GROUP FINANCIAL INFORMATION (IN THOUSANDS) FOR THE THREE THIRD QUARTER ENDED NINE MONTHS ENDED MARCH 31SEPTEMBER 30, --------------------- SEPTEMBER 30, ------------------- ------------------- 2000 1999 1998(12000(1) --------- --------- 1999(2) -------- -------- -------- -------- (UNAUDITED) Net sales (2)............................................. $ 94,308 $ 94,471 Operating income (3)...................................... 17,253 20,625 Operating margin.......................................... 18.3% 21.8% Depreciation and amortization............................. $ 4,909 $ 4,597 Capital expenditures...................................... 1,863 2,236 spensing Equipment Group Net sales (2)............................................. $ 26,259 $ 29,973 Operating income (3)...................................... 3,676 5,333 Operating margin.......................................... 14.0% 17.8% Depreciation and amortization............................. $ 1,699 $ 1,732 Capital expenditures...................................... 1,197 629 her Engineered Products Group Net sales (2)............................................. $ 36,569 $ 35,392 Operating income (3)...................................... 6,315 5,770 Operating margin.......................................... 17.3% 16.3% Depreciation and amortization............................. $ 1,729 $ 1,569 Capital expenditures...................................... 1,017 1,463 mpany Net sales................................................. $156,488 $159,084 Operating income.......................................... 23,625 28,392 Operating margin.......................................... 15.1% 17.8% Depreciation and amortization (4)......................... $ 8,415 $ 7,963 Capital expenditures...................................... 4,104 7,096 UNAUDITED) Pump Products Group Di Ot Co - -------------------------Group
Appears in 1 contract
Samples: investors.idexcorp.com
