ST. LOUIS, April 22 /PRNewswire-FirstCall/ --
2008 Results (all percentage comparisons are to comparable periods in
-- Q1 2008 Sales Set New Quarterly Record: Q1 2008 sales reached a new
quarterly high of $569.6 million, an increase of 14.9%, with all
four business units also achieving new quarterly sales records and
reporting double-digit growth for the quarter. Organic sales growth
of 6.5% was enhanced by a currency benefit of 7.6% and a 0.8%
contribution from a February 2007 acquisition. Quarterly
comparisons and a reconciliation of reported to adjusted sales
growth can be found on page 10.
-- Operating And Pretax Margins Remained Strong: Q1 2008 operating and
pretax income margins were 22.6% and 21.8%, respectively, largely
comparable to Q1 2007 levels.
-- Double-Digit EPS Growth Despite Higher Tax Rates: Q1 2008 diluted
EPS increased 14.3% to $.64, including $0.10 from favorable currency
rates. A previously communicated tax rate increase resulted in an
effective tax rate of 32.1% in Q1 2008 compared to 30.3% for Q1
2007. An explanation of the tax rate difference and a
reconciliation of currency adjusted proforma to reported diluted EPS
for the quarter can be found on pages 4 and 10, respectively.
-- Cash Flow From Operations Increased: Cash flow from operations for
Q1 2008 improved by 2.3% to $89.6 million. Working capital
increases largely offset other increases in cash from operations.
-- Sales for full year 2008 are expected to meet the Company's 7%
organic growth goal. Currency benefits could add another 6% to
growth, a three percentage point increase from prior expectations,
if currency exchange rat
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