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Roper Industries Announces Record Third Quarter Results

SARASOTA, Fla., Oct. 25 /PRNewswire-FirstCall/ -- Roper Industries, Inc. (NYSE: ROP) reported record results for its third quarter ended September 30, 2010.  

Net earnings for the third quarter were $84 million, a 49% increase over the third quarter of 2009, and diluted earnings per share (DEPS) were $0.87 compared to $0.61 in the prior year third quarter. Orders increased 31% to $654 million and sales increased 25% to $605 million, representing a 1.08 book-to-bill ratio.  Operating Cash Flow was a record $139 million.  

Free cash flow represented 21.9% of sales and 158% of net earnings.  Third quarter gross margin expanded 260 basis points to 53.2% and operating margin increased 230 basis points to 21.2%.  EBITDA grew to $163 million, or 27.0% of sales.  

“Roper performed exceptionally well in the third quarter,” said Brian Jellison, Roper’s Chairman, President and CEO.  “We achieved record levels in orders, sales, net earnings, DEPS, EBITDA and cash flow.  Our continued growth in orders and backlog gives us confidence that we will finish 2010 with record performance and enter 2011 with significant momentum.”

Third quarter results include the acquisition of iTradeNetwork which was completed on July 27, 2010.  “Our integration and international market development with iTradeNetwork is off to a good start, and we are excited about the growth prospects we see in all of our software businesses,” said Mr. Jellison.  “We saw substantial order growth in our businesses, led by Medical & Imaging (+81%), Industrial Technology (+35%) and Energy Systems & Controls (+29%).  Our backlog finished the third quarter at a record $770 million, up 39% from the prior year.”

Fourth Quarter and Full Year GuidanceRoper is increasing its full year DEPS guidance to $3.22-$3.26 from $3.05-$3.15, and establishing fourth quarter DEPS guidance of $0.96-$1.00.  The Company is increasing its guidance for operating cash flow to $465-$485 million from $425-$450 million.  The Company’s guidance excludes future acquisitions and the first quarter impact of acquisition-related inventory charges.Table 1:Q3 Sales Growth

Q3 Orders GrowthOrganic Growth


19.6%Acquisitions / Divestitures


12.6%Foreign Exchange


(1.1%)Total Growth


31.1%Table 2:  Free Cash Flow (millions)Q3 2010Sales (A)

605.1Net Earnings (B)

84.3Operating Cash Flow

$139.1Less: Capital Expenditures

(6.3)Free Cash Flow (C)

$132.8Free Cash Flow as % of Net Earnings (C)/(B)

158%Free Cash Flow as % of Q2 Revenue (C)/(A)

22%Table 3:  EBITDA (millions)Q3 2010Net Earnings

$84.3Add: Interest Expense

17.1Add: Income Taxes

29.5Add: Depreciation and Amortization


$163.1Conference Call to be Held at 8:30 AM (ET) TodayA conference call to discuss these results has been scheduled for 8:30 AM ET on Monday, October 25, 2010. The call can be accessed via webcast or by dialing +1 888-280-4443 (US/Canada) or +1 719-325-2106, using confirmation code 4932667.  Webcast information and conference call materials will be made available in the Investors section of Roper’s website ( prior to the start of the call.  Telephonic replays will be available for up to two weeks by calling +1 (719) 457-0820 and using the access code 4932667.

About Roper IndustriesRoper Industries is a market-driven, diversified growth company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications.  Additional information about Roper Industries is available on the Company’s website at

The information provided in this press release contains forward looking statements within the meaning of the federal securities laws. These forward looking statements include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth and profit expectations.  Forward looking statements may be indicated by words or phrases 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 guarantees of future performance.  They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward looking statement. Such risks and uncertainties include our ability to integrate our acquisitions and realize expected synergies.  We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions, unfavorable changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation and potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products.  Important risks may be discussed in current and subsequent filings with the SEC.  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 no obligation to update publicly any of them in light of new information or future events.

Roper Industries, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (unaudited)(Amounts in thousands)September 30,December 31,ASSETS20102009CURRENT ASSETS:  Cash and cash equivalents

7,708  Accounts receivable

378,323381,658  Inventories

180,929178,795  Deferred taxes

28,94127,306  Unbilled receivable

76,92857,153  Other current assets

41,70858,125Total current assets


105,878109,493OTHER ASSETS:  Goodwill

2,727,2492,388,432  Other intangible assets, net

1,128,435868,900  Deferred taxes

60,82833,123  Other assets

76,09557,043Total other assets

3,992,6073,347,498TOTAL ASSETS


,103  Accrued liabilities

269,309253,441  Income taxes payable

--  Deferred taxes

9,9331,671  Current portion of long-term debt

95,788112,796Total current liabilities

509,346478,011NONCURRENT LIABILITIES:  Long-term debt

1,380,7421,040,962  Deferred taxes

466,356328,299  Other liabilities

63,30858,974Total liabilities

2,419,7521,906,246STOCKHOLDERS' EQUITY:  Common stock

967958  Additional paid-in capital

1,019,993982,321  Retained earnings

1,583,9971,395,586  Accumulated other comprehensive earnings

52,51463,945  Treasury stock

(21,096)(21,320)Total stockholders' equity


4,327,736Roper Industries, Inc. and SubsidiariesCondensed Consolidated Statements of Earnings (unaudited)(Amounts in thousands, except per share data)Three months endedNine months endedSeptember 30,September 30,2010200920102009Net sales$ 605,088$ 485,676$ 1,706,633$ 1,496,030Cost of sales283,339240,156803,372744,304Gross profit321,749245,520903,261751,726Selling, general and administrative expenses193,516153,648555,125477,098Income from operations128,23391,872348,136274,628Interest expense17,13414,43749,60841,708Other income2,6311051,4212,917Earnings from continuing operations before   income taxes113,73077,540299,949235,837Income taxes29,46721,13084,68068,280Net Earnings$   84,263$   56,410$
7,557Earnings per share:  Basic$
.85  Diluted$
.81Weighted average common and common  equivalent shares outstanding:Basic94,31290,87794,04690,526Diluted96,67192,90896,37492,635Roper Industries, Inc. and SubsidiariesSelected Segment Financial Data (unaudited)(Amounts in thousands and percents of net sales)Three months ended September 30,Nine months ended September 30,2010200920102009Amount%Amount%Amount%Amount%Net sales:Industrial Technology$ 161,205$ 130,538$
397,730Energy Systems & Controls123,458102,988348,523314,997Scientific & Industrial Imaging134,43478,934393,192238,914RF Technology185,991173,216522,911544,389Total$ 605,088$ 485,676$ 1,706,633$ 1,496,030Gross profit:Industrial Technology$   82,38351.1%$   62,06047.5%$
90,50147.9%Energy Systems & Controls65,59053.1%52,46450.9%183,88452.8%164,12352.1%Scientific & Industrial Imaging82,61061.5%44,16956.0%238,42760.6%132,38555.4%RF Technology91,16649.0%86,82750.1%257,12549.2%264,71748.6%Total$ 321,74953.2%$ 245,52050.6%$
751,72650.2%Operating profit*:Industrial Technology$   44,95427.9%$   30,54723.4%$
91,61423.0%Energy Systems & Controls28,61123.2%19,21418.7%76,60622.0%59,92619.0%Scientific & Industrial Imaging31,19323.2%14,81818.8%88,32322.5%43,30018.1%RF Technology37,15520.0%38,91822.5%104,06019.9%115,72421.3%Total$ 141,91323.5%$ 103,49721.3%$
310,56420.8%Operating profit excluding restructuring*:Industrial Technology$   44,95427.9%$   31,49424.1%$
95,93124.1%Energy Systems & Controls28,61123.2%20,50319.9%76,60622.0%63,73920.2%Scientific & Industrial Imaging31,19323.2%15,19519.3%88,32322.5%44,79718.8%RF Technology37,15520.0%38,97622.5%104,06019.9%116,54221.4%Total$ 141,91323.5%$ 106,16821.9%$
321,00921.5%Net Orders:Industrial Technology$ 169,887$ 125,776$
391,049Energy Systems & Controls135,224104,593377,484298,551Scientific & Industrial Imaging152,49984,329418,874235,433RF Technology196,265184,243555,427534,251Total$ 653,875$ 498,941$ 1,840,450$ 1,459,284*  Operating profit is before unallocated corporate general and administrative expenses.  These expenses were $13,680 and $11,625 for the three months ended September 30, 2010 and 2009, respectively and $36,315 and $35,936 for the nine months ended September 30, 2010 and 2009, respectively.Roper Industries, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (unaudited)(Amounts in thousands)Nine months endedSeptember 30,20102009Net earnings$ 215,269$ 167,557Non-cash items:Depreciation27,27125,828Amortization61,43051,280Stock-based compensation expense19,38420,821Income taxes10,943(24,146)Changes in assets and liabilities:Receivables(13,118)53,303Inventory(7,277)14,496Accounts payable22,549(22,354)Accrued liabilities10,561(42,375)Other, net(2,594)3,439  Cash provided by operating activities344,418247,849Business acquisitions, net of cash acquired(536,413)(1,248)Capital expenditures(20,391)(18,708)Other, net1,8156,983  Cash used by investing activities(554,989)(12,973)Principal debt borrowings-500,000Principal debt payments(20,123)(466,186)Revolver borrowings (payments), net318,000(179,000)Debt issuance costs-(4,310)Dividends(26,722)(22,343)Excess tax benefit from share-based payment4,2871,055Proceeds from exercise of stock options16,9554,845Other, net922(604)  Cash provided/(used) by financing activities293,319(166,543)Effect of exchange rate changes on cash3579,622Net increase in cash and equivalents83,10577,955Cash and equivalents, beginning of period167,708178,069Cash and equivalents, end of period$250,813$256,024

SOURCE Roper Industries, Inc.
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