QUINCY, Ill., Feb. 7 /PRNewswire-FirstCall/ -- Gardner Denver, Inc.
(NYSE: GDI) announced that revenues and net income for the twelve months ended
December 31, 2005 were $1.2 billion and $67.0 million, respectively; the
Company's highest levels since becoming an independent entity in 1994.
Diluted earnings per share (DEPS) for the twelve months of 2005 was $2.74, 43%
higher than the previous year. Revenues for the three months ended December
31, 2005 were $369.3 million, a 53% increase compared to the fourth quarter of
the previous year, primarily as a result of acquisitions completed in 2005 and
strong organic growth. Net income for the three months ended December 31,
2005 was $25.3 million, an 86% increase compared to the same period last year,
as a result of the benefit of acquisitions and flow-through profitability on
organic revenue growth. Diluted earnings per share for the three months of
2005 was $0.96, 43% higher than the previous year. Cash generated by
operations increased 55% to $119 million in 2005, compared to $77 million in
the previous year.
CEO's Comments Regarding Results
"I look at 2005 as a year of many successes. I am pleased to report that
the Company has once again achieved record orders, revenues, net income and
operating cash flow. Our strategic acquisitions, internal revenue growth and
cost reduction initiatives continue to result in increased earnings and cash
flow for our shareholders. For the twelve-month period, total segment
operating earnings (defined as revenues less cost of sales, depreciation and
amortization, and selling and administrative expenses) as a percentage of
revenues (operating margin) for the Company increased to 9.9% in 2005 from
8.4% in 2004. In 2005, we completed our largest acquisition to date, Thomas
Industries, which has further diversified our revenue base, expanded our
presence in higher growth end markets and broadened our sales channels with a
strong focus on original equipment manufacturers. We realized significant
order growth for compressor and pump products serving the energy market and
blowers used for mobile applications in North America, and improved demand for
compressors used in industrial applications. We strengthened our
manufacturing processes through the use of lean practices, and used these
tools to help some of our suppliers reduce their lead-times. Finally, we used
cash generated from operations and cash repatriated from our international
subsidiaries to significantly reduce our debt in the fourth quarter," stated
Ross Centanni, Chairman, President and CEO.
"Demand for our drilling and well stimulation pumps has been exceptional.
For the twelve-month period of 2005, orders for drilling pumps and well
servicing pumps increased more than 300% and 100%, respectively, compared to
the previous year. Previous capital investments to improve production
efficiencies enabled us to realize much of this order growth in revenues. We
enter 2006 with a significant level of backlog, and expect demand for these
products to remain strong into 2007. Orders for our industrial compressor,
vacuum and blower products also continued to improve, with very strong growth
in Asia and improving demand in North America, partially offset by lower
demand for mobile products in Europe and a slower growth environment, in
general, in this region."
"Our efforts to integrate acquired businesses remain on plan. We expect
to realize the benefit of the liquid ring pump manufacturing rationalization,
which encompasses a shift in standard product manufacturing from Germany to
China and Brazil, in early 2007. The integration of Thomas Industries, while
in the early stages, has already yielded annualized administrative synergies
in excess of $4.5 million. Further synergistic benefits through facility and
product rationalization, sales channel leverage and material cost reductions
are planned in 2006 for realization in early 2007. We completed the
previously announced closure and sale of a distribution facility in the fourth
quarter of 2005, realizing an $0.8 million pretax gain and generating $2.1
million of cash. We will continue to seek opportunities to reduce costs and
sell excess assets in 2006, as we further streamline our operations."
"In early January, the Company completed the acquisition of the Todo
Group, for a purchase price of Swedish Krona (SEK) 118.5 million
(approximately $15 million), net of debt and cash acquired. Todo, with
assembly operations in Sweden and the U.K., and a central European sales and
distribution operation in the Netherlands, has one of the most extensive
offerings of dry-break couplers in the industry. Many of the world's largest
oil, chemical and gas companies rely on TODO-MATIC(R) self-sealing couplings
to safely and efficiently transfer their products. This acquisition extends
our product line of Emco Wheaton couplers, added as part of the Syltone
acquisition in 2004, and strengthens the distribution of each company's
products throughout the world."
Outlook
Looking forward, Mr. Centanni stated, "In 2006, I anticipate further cost
reductions and acquisition integration savings. I believe broader
implementation of our lean manufacturing techniques will contribute to
inventory reductions and production efficiency improvements. Our
manufacturing presence in Asia will enable our participation in the continued
dynamic growth for industrial products in this region. Manufacturing capacity
utilization in the U.S. exceeded the key threshold level of 80% for two
consecutive months in the fourth quarter of 2005. Therefore, we enter 2006
with a feeling of cautious optimism that industrial demand will continue to
expand, albeit slowly, and positively influence demand for our compressor and
vacuum products. We expect that the combination of cost reductions realized
through acquisition integration, efficiency improvements, and leverage
associated with revenue growth will more than offset the effect of expensing
stock options in 2006, resulting in year-over-year operating margin
expansion."
"Demand for our drilling and well stimulation pumps is extremely strong
and we expect this to continue throughout 2006 and into 2007. To reduce
potential manufacturing bottlenecks, we will continue to outsource machining
operations to smooth our production processes and we expect to continue to
ship product at rates that satisfy our customers' requirements," noted Mr.
Centanni.
"Given the current economic environment, as well as our existing backlog
and recent order trends, we expect DEPS for 2006 to be approximately $3.25 to
$3.45, with first quarter DEPS approximating $0.65 to $0.75. The midpoint of
this range ($3.35) represents a 22% increase over the 2005 results. This
improvement is expected despite the reduction in DEPS associated with
expensing stock options for the first time in 2006 and a greater number of
average shares outstanding for the twelve-month period of 2006, as compared to
2005. Based on current expectations for the sources of earnings in 2006, the
effective tax rate assumed in the DEPS guidance for 2006 is 30%."
The Thomas Industries acquisition is expected to contribute net income of
$8.4 million in 2006, compared to $2.5 million in 2005. However, in 2006, the
Company will begin expensing stock options, in accordance with SFAS 123R,
which was adopted on January 1, 2006. The after-tax effect of these expenses
is estimated to be in a range of $3.6 million to $4.2 million for the year. A
disproportionate amount of this expense will be recognized in the first
quarter of 2006, due to the number of options held by employees eligible for
retirement. The implementation of this accounting standard is expected to
reduce net income by $1.7 million to $2.0 million in the first quarter of
2006. These estimates are based on an assumption that the value of the 2005
stock option grant recurs in 2006.
Fourth Quarter Results
Revenues increased $128.1 million (53%) to $369.3 million for the three
months ended December 31, 2005, compared to the same period of 2004.
Compressor and Vacuum Products segment revenues increased 58% for the three-
month period of 2005, compared to the previous year, primarily due to the
incremental effect of acquisitions, improved demand for compressor and blower
products, especially in the Asian market, and price increases. Fluid Transfer
Products segment revenues increased 32% for the three months ended December
31, 2005, compared to the same period of 2004, due to strong organic growth in
drilling and well servicing pump shipments and price increases (See Selected
Financial Data Schedule).
Orders exceeded revenues during the fourth quarter and for the full year
of 2005, resulting in backlog increases. Orders for the three-month period of
2005 were $146.5 million (60%) higher than the same period of the previous
year, due to acquisitions (43%) and organic growth (17%). For the twelve-
month period of 2005, orders increased $584.0 million (74%). Acquisitions
accounted for approximately two-thirds of this increase, with organic growth
generating the remainder.
Gross margin (defined as revenues less cost of sales) as a percentage of
sales (gross margin percentage) increased to 34.0% in the three-month period
ended December 31, 2005, from 32.8% in the same period of 2004. This
improvement was attributable to the benefit of leveraging costs over
additional production volume, acquisitions and price increases. Favorable
sales mix also contributed to increased gross margin as the fourth quarter of
2005 included a higher percentage of drilling pump sales than the previous
year.
Selling and administrative expenses increased $15.7 million in the three-
month period ended December 31, 2005 to $67.1 million, due to the incremental
effect of acquisitions. Some acquisition-related adjustments were recognized
during the fourth quarter, such as reducing pension expense to reflect the
most recent actuarial valuations. Year-end adjustments reduced selling and
administrative expenses approximately $2.4 million in the fourth quarter of
2005.
Operating earnings for the Compressor and Vacuum Products segment were
10.5% of revenues in the three months ended December 31, 2005, an increase
from 7.4% in the same period of 2004. This increase is attributable to margin
improvements realized at Nash Elmo since its acquisition, cost reductions
initiated at Thomas Industries' operations and year-end adjustments to selling
and administrative expenses, partially offset by increased material,
compensation and fringe benefit expenses. The Fluid Transfer Products segment
operating margin increased to 21.6% for the three months ended December 31,
2005, compared to 16.1% in the same period of 2004. This improvement was
attributable to the benefit of cost leverage over a higher revenue base,
favorable mix, price increases and operational improvements.
Incremental borrowings necessary to complete acquisitions in 2005 and
higher effective interest rates resulted in increased interest expense for the
three months ended December 31, 2005, compared to the same period of 2004.
The weighted average interest rate for the three-month period of 2005 was
6.9%, compared to 5.0% in the prior year period.
Net income for the three months ended December 31, 2005 increased $11.7
million (86%) to $25.3 million, compared to $13.6 million in same period of
2004. Diluted earnings per share for the three months of 2005 was $0.96, 43%
higher than the previous year. The improvement in net income and DEPS was
primarily attributable to the incremental benefit of acquisitions, cost
reductions and synergy savings, and higher revenue volume and the related
leverage of fixed and semi-fixed expenses. These results include
approximately $2.7 million of net income from Thomas Industries' operations
for the three months ended December 31, 2005. The improvement in DEPS is net
of the dilutive effect of the issuance of 5.7 million shares in May 2005 and a
higher effective tax rate in 2005 (30%), compared to the previous year. In
2004, the effective annual tax rate was reduced to 29% through a decrease in
the fourth quarter effective tax rate to 18%, arising from a one-time
favorable tax audit settlement.
Full Year Results
Revenues increased $475.1 million (64%) to $1.2 billion in 2005, compared
to $739.5 million in 2004. This increase was primarily due to acquisitions,
which contributed $375.5 million in incremental revenues. Increased volume,
especially from fluid transfer products, and price increases added to this
improvement but were partially offset by changes in foreign currency exchange
rates.
Revenues for the Compressor and Vacuum Products segment increased 70% to
$1.0 billion in 2005. This increase was primarily due to acquisitions and
increased volume of compressor and blower shipments in the U.S. and China,
partially offset by foreign currency exchange rate fluctuations. Fluid
Transfer Products segment revenues increased 43% to $214.9 million in 2005,
driven by increased shipments in all product lines, but in particular drilling
and well stimulation pumps, and price increases.
Incremental volume and the related benefit of increased cost leverage over
a higher revenue base, and favorable sales mix, resulted in improved gross
margin percentage (33.0% in 2005, compared to 32.6% in 2004). Acquisitions
(net of cost reductions realized) also positively impacted gross margin
percentage, as their gross margin percentage for the year was higher than the
Company's previously existing businesses. These positive factors were
partially offset by higher material costs and some supply chain inefficiencies
that affected material availability.
As a percentage of revenues, selling and administrative expenses decreased
to 20.0% for the twelve-month period of 2005 from 21.3% in 2004, due to the
leverage of incremental revenue volume and the completion of various
integration activities and cost reductions. Selling and administrative
expenses increased $84.9 million (54%) to $242.4 million in 2005, compared to
$157.5 million in 2004, primarily due to acquisitions. Higher compensation
and fringe benefit costs also contributed to this increase.
The Compressor and Vacuum Products segment generated operating margin of
8.6% in 2005, compared to 7.9% in 2004. This increase was primarily
attributable to acquisitions (net of cost reductions realized) with operating
margins higher than the Company's previously existing businesses, cost
reductions and favorable mix. These positive factors were partially offset by
increased material costs and compensation-related expenses. The Fluid
Transfer Products segment generated operating margin of 15.9% in 2005,
compared to 10.0% in 2004. This improvement was primarily attributable to the
positive effect of increased cost leverage over a higher revenue base,
favorable mix, operational improvements and price increases.
Interest expense increased $20.3 million to $30.4 million in 2005,
compared to 2004, due to higher average borrowings to fund acquisitions and
higher average rates during the year. Income taxes increased in 2005,
compared to the previous year, due to higher pretax income and a slightly
higher rate in 2005 (30%) than in 2004 (29%).
Other income-net increased $4.8 million in 2005 to $5.4 million, compared
to the previous year. This improvement was primarily due to litigation-
related settlements, the sale of a distribution facility and interest income
earned on the investment of financing proceeds prior to their use to complete
the acquisition of Thomas Industries.
Net income increased $29.9 million (80%) to $67.0 million in 2005,
compared to $37.1 million in 2004. Diluted earnings per share for the twelve
months of 2005 was $2.74, 43% higher than the previous year. Net income for
2005 includes the incremental effect of the Nash Elmo acquisition for 8 months
($7.0 million) and the Thomas Industries acquisition for 6 months ($2.5
million). For the twelve-month period of 2005, Nash Elmo net income was $11.3
million higher than the net income generated by this acquisition in 2004. The
increase in DEPS was partially offset by higher average shares outstanding for
the twelve-month period of 2005, as compared to 2004.
Cash provided by operating activities increased 55% to approximately $119
million in 2005. This improvement reflects the increased leverage of the
revenue growth, with a continued focus on working capital management. Days
sales outstanding decreased for the fifth consecutive quarter to 57 days,
compared to 63 days at the end of 2004. Inventory decreased $7 million in the
fourth quarter of 2005, resulting in improved turnover, but opportunities for
further reductions exist through the expanded use of lean manufacturing
techniques and additional supplier performance improvements.
The Company invested approximately $35.5 million in capital expenditures
in 2005, compared to $19.6 million in 2004. The higher spending in 2005
reflected a full year of investments in Nash Elmo and six months of capital
spending on Thomas Industries' operations. Capital spending is currently
expected to be approximately $45 million to $50 million in 2006, and will be
used primarily to integrate businesses, introduce new products and improve
operations. During the fourth quarter of 2005, the Company repatriated
approximately $44 million of excess cash from its foreign subsidiaries and
used the proceeds to repay debt. At year-end, debt to total capital was
46.4%, compared to 51.5 % on June 30, 2005, pro forma for the acquisition of
Thomas Industries, which was completed July 1.
Cautionary Statement Regarding Forward-Looking Statements
All of the statements in this release, other than historical facts, are
forward-looking statements made in reliance upon the safe harbor of the
Private Securities Litigation Reform Act of 1995, including, without
limitation, the statements made under the "CEO's Comments Regarding Results"
and "Outlook" sections. As a general matter, forward-looking statements are
those focused upon anticipated events or trends, expectations, and beliefs
relating to matters that are not historical in nature. Such forward-looking
statements are subject to uncertainties and factors relating to the Company's
operations and business environment, all of which are difficult to predict and
many of which are beyond the control of the Company. These uncertainties and
factors could cause actual results to differ materially from those matters
expressed in or implied by such forward-looking statements.
The following uncertainties and factors, among others, could affect future
performance and cause actual results to differ materially from those expressed
in or implied by forward-looking statements: (1) the ability to effectively
integrate acquisitions and realize anticipated cost savings, synergies and
revenue enhancements; (2) the risk that the Company may incur significant cash
integration costs to achieve any such cost savings; (3) the Company's exposure
to economic downturns and market cycles, particularly the level of oil and
natural gas prices and oil and gas drilling and production, which affect
demand for the Company's petroleum products, and industrial production and
manufacturing capacity utilization rates, which affect demand for the
Company's compressor and vacuum products; (4) the risks of large or rapid
increases in raw material costs or substantial decreases in their
availability, and the Company's dependence on particular suppliers,
particularly iron casting and other metal suppliers; (5) the risks associated
with intense competition in the Company's markets, particularly the pricing of
the Company's products; (6) the Company's ability to continue to identify and
complete other strategic acquisitions and effectively integrate such
acquisitions to achieve desired financial benefits; (7) the risks associated
with the reduced liquidity generated by the substantial additional
indebtedness incurred to complete the Thomas Industries acquisition, including
reduced liquidity for working capital and other purposes, increased
vulnerability to general economic conditions and floating interest rates, and
reduced financial and operating flexibility due to increased covenant and
other restrictions in the Company's credit facilities and indentures; (8)
economic, political and other risks associated with the Company's
international sales and operations, including changes in currency exchange
rates (primarily between the U.S. dollar, the Euro, the British pound and the
Chinese yuan); (9) the risks associated with pending asbestos and silicosis
personal injury lawsuits, as well as other potential product liability and
warranty claims due to the nature of the Company's products; (10) the risks
associated with environmental compliance costs and liabilities; (11) the
ability to attract and retain quality management personnel; (12) the ability
to avoid employee work stoppages and other labor difficulties; (13) the risks
associated with defending against potential intellectual property claims and
enforcing intellectual property rights; (14) market performance of pension
plan assets and changes in discount rates used for actuarial assumptions in
pension and other postretirement obligation and expense calculations; (15) the
risk of possible future charges if the Company determines that the value of
goodwill or other intangible assets has been impaired; and (16) changes in
laws and regulations, including accounting standards, tax requirements and
related interpretations or guidance. The Company does not undertake, and
hereby disclaims, any duty to update these forward-looking statements,
although its situation and circumstances may change in the future.
Comparisons of the financial results for the three and twelve-month
periods ended December 31, 2005 and 2004 follow.
Gardner Denver will broadcast a conference call to discuss fourth quarter
earnings on Tuesday, February 7, 2006 at 9:30 a.m. Eastern time, through a
live webcast. This free webcast will be available in listen-only mode and can
be accessed, for up to ninety days following the call, through the Investor
Relations page on the Gardner Denver website (http://www.gardnerdenver.com) or
through Thomson StreetEvents at http://www.earnings.com.
Gardner Denver, Inc., with 2005 revenues of $1.2 billion ($1.4 billion on
a pro forma basis including the acquisition of Thomas Industries, which was
completed in July 2005) is a leading worldwide manufacturer of reciprocating,
rotary and vane compressors, liquid ring pumps and blowers for various
industrial and transportation applications, pumps used in the petroleum and
industrial markets, and other fluid transfer equipment serving chemical,
petroleum, and food industries. Gardner Denver's news releases are available
by visiting the Investor Relations page on the Company's website
(http://www.gardnerdenver.com).
GARDNER DENVER, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share amounts and percentages)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
% %
2005 2004 Change 2005 2004 Change
Revenues $369,287 $ 241,198 53 $1,214,552 $739,539 64
Costs and Expenses:
Cost of sales 243,778 161,978 51 813,227 498,435 63
Depreciation and
amortization 12,506 5,827 115 38,322 21,901 75
Selling and
administrative 67,123 51,422 31 242,368 157,453 54
Interest expense 10,791 4,153 160 30,433 10,102 201
Other (income)
expense, net (1,104) 1,118 NM (5,442) (638) NM
Total costs and
expenses 333,094 224,498 48 1,118,908 687,253 63
Income before
income taxes 36,193 16,700 117 95,644 52,286 83
Provision for
income taxes 10,858 3,064 254 28,693 15,163 89
Net income $25,335 $13,636 86 $66,951 $37,123 80
Basic earnings
per share $0.98 $0.69 42 $2.80 $1.96 43
Diluted earnings
per share $0.96 $0.67 43 $2.74 $1.92 43
Basic weighted average
number of shares
outstanding 25,976 19,880 23,914 18,955
Diluted weighted average
number of shares
outstanding 26,523 20,389 24,455 19,377
Shares outstanding
as of 12/31 25,999 19,948
CONDENSED BALANCE SHEET ITEMS
(in thousands, except percentages)
(Unaudited)
%
12/31/05 9/30/05 Change 12/31/04
Cash and equivalents $110,906 $114,556 (3) $$64,601
Receivables, net 229,467 228,578 --- 163,927
Inventories, net 207,326 214,033 (3) 138,386
Current assets 586,267 594,849 (1) 385,522
Total assets 1,718,068 1,733,755 (1) 1,028,609
Short-term debt and
cur. maturities 26,081 31,332 (17) 32,949
Accounts payable and
accrued liabilities 306,160 285,141 7 206,069
Current liabilities 332,241 316,473 5 239,018
Long-term debt, ex.
cur. maturities 542,641 596,581 (9) 280,256
Total liabilities 1,059,779 1,095,792 (3) 623,133
Total stockholders'
equity 658,289 637,963 3 405,476
GARDNER DENVER, INC.
BUSINESS SEGMENT RESULTS
(in thousands, except percentages)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
% %
2005 2004 Change 2005 2004 Change
Compressor and
Vacuum Products
Revenues $306,127 $193,212 58 $999,631 $589,382 70
Operating
earnings 32,252 14,259 126 86,402 46,681 85
% of Revenues 10.5% 7.4% 8.6% 7.9%
Orders 313,208 195,506 60 1,044,388 611,262 71
Backlog 298,554 169,894 76 298,554 169,894 76
Fluid Transfer
Products
Revenues 63,160 47,986 32 214,921 150,157 43
Operating
earnings 13,628 7,712 77 34,233 15,069 127
% of Revenues 21.6% 16.1% 15.9% 10.0%
Orders 76,309 47,503 61 326,615 175,728 86
Backlog 161,889 52,271 210 161,889 52,271 210
Reconciliation of
Segment Results
to Consolidated Results
Compressor and
Vacuum Products
operating
earnings $32,252 $14,259 $86,402 $46,681
Fluid Transfer
Products
operating
earnings 13,628 7,712 34,233 15,069
Total segment
operating
earnings 45,880 21,971 120,635 61,750
Interest expense 10,791 4,153 30,433 10,102
Other (income)
expense, net (1,104) 1,118 (5,442) (638)
Income before
income taxes $36,193 $16,700 $95,644 $52,286
GARDNER DENVER, INC.
SELECTED FINANCIAL DATA SCHEDULE
(in millions, except percentages)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
% %
Change Change
Compressor and Vacuum Products
2004 Revenues $193.2 $589.4
Incremental effect of
acquisitions 103.2 53% 375.5 64%
Effect of currency
exchange rates (7.0) -4% (2.1) --
Other changes 16.7 9% 36.8 6%
2005 Revenues 306.1 58% 999.6 70%
2004 Orders 195.5 611.3
Incremental effect of
acquisitions 105.7 54% 391.1 64%
Effect of currency
exchange rates (7.6) -4% (2.7) --
Other changes 19.6 10% 44.7 7%
2005 Orders 313.2 60% 1,044.4 71%
Backlog as of 12/31/04 169.9
Incremental effect of
acquisitions 90.7 53%
Effect of currency
exchange rates (9.4) -5%
Other changes 47.4 28%
Backlog as of 12/31/05 298.6 76%
Fluid Transfer Products
2004 Revenues 48.0 150.2
Effect of currency
exchange rates (1.1) -2% (0.8) -1%
Other changes 16.3 34% 65.5 44%
2005 Revenues 63.2 32% 214.9 43%
2004 Orders 47.5 175.7
Effect of currency
exchange rates (1.1) -2% (0.6) --
Other changes 29.9 63% 151.5 86%
2005 Orders 76.3 61% 326.6 86%
Backlog as of 12/31/04 52.3
Effect of currency
exchange rates (2.0) -3%
Other changes 111.6 213%
Backlog as of 12/31/05 161.9 210%
GARDNER DENVER, INC.
SELECTED FINANCIAL DATA SCHEDULE
(in millions, except percentages)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
% % of % % of
Change Revenues Change Revenues
Revenues
2004 Revenues $241.2 $739.5
Incremental effect of
acquisitions 103.2 43% 375.5 51%
Effect of currency
exchange rates (8.1) -3% (2.9) -1%
Other changes 33.0 13% 102.5 14%
2005 Revenues 369.3 53% 1,214.6 64%
Gross Margin
2004 79.2 32.8% 241.1 32.6%
Incremental effect of
acquisitions 35.8 45% 34.7% 132.1 55% 35.2%
Other changes 10.5 13% 28.1 11%
2005 125.5 58% 34.0% 401.3 66% 33.0%
Depreciation & Amortization
2004 5.8 2.4% 21.9 3.0%
Incremental effect of
acquisitions 5.0 86% 4.8% 16.6 76% 4.4%
Other changes 1.7 29% (0.2) -1%
2005 12.5 115% 3.4% 38.3 75% 3.2%
Selling & Administrative
2004 51.4 21.3% 157.5 21.3%
Incremental effect of
acquisitions 18.6 36% 18.0% 81.4 52% 21.7%
Other changes (2.9) -5% 3.5 2%
2005 67.1 31% 18.2% 242.4 54% 20.0%
Total Segment Operating Earnings
2004 22.0 9.1% 61.8 8.4%
Incremental effect of
acquisitions 12.2 55% 11.8% 34.1 55% 9.1%
Other changes 11.7 54% 24.7 40%
2005 45.9 109% 12.4% 120.6 95% 9.9%
Net Income
2004 13.6 5.6% 37.1 5.0%
Incremental effect of
acquisitions 2.8 21% 2.7% 9.6 26% 2.6%
Other changes 8.9 65% 20.3 54%
2005 25.3 86% 6.9% 67.0 80% 5.5%
SOURCE Gardner Denver, Inc.
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Related links:
http://www.gardnerdenver.com
Company News On-Call:
http://www.prnewswire.com/comp/303875.html
CONTACT:
Helen W. Cornell of Vice President, Finance
and CFO of Gardner Denver, +1-217-228-8209
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