Revenue Growth and Cost Reductions Drive Higher Earnings and Cash Provided
by Operating Activities
- Company Raises Full-Year DEPS Outlook Range to $3.10 to $3.18
- Compared to the Second Quarter of 2006:
* Revenues increased 10 percent
* Net income increased 36 percent
* Diluted earnings per share increased 34 percent
- Cash provided by operating activities exceeded $54 million in the
six-month period of 2007, compared to $23 million in the same period of
2006
QUINCY, Ill., July 25 /PRNewswire-FirstCall/ -- Gardner Denver, Inc.
(NYSE: GDI) announced that revenues and net income for the three months
ended June 30, 2007 were $459.9 million and $44.8 million, respectively.
For the six-month period of 2007, revenues and net income were $901.3
million and $87.6 million, respectively. Diluted earnings per share
("DEPS") for the three months ended June 30, 2007 were $0.83, 34 percent
higher than the comparable period of 2006. For the six-month period of
2007, DEPS were $1.63, 37 percent higher than the comparable period of the
previous year. The DEPS improvement is primarily attributable to the
incremental flow-through profitability of organic revenue growth,
operational improvements, including the benefits from acquisition
integration, and a lower effective tax rate.
CEO's Comments Regarding Results
"Gardner Denver achieved a new record in revenues and net income during
the second quarter," said Ross J. Centanni, Chairman, President and CEO of
Gardner Denver. "Year-over-year, we continued to expand the Company's total
segment operating earnings(1) as a percentage of revenues (segment
operating margin(1)) and net income grew more than three times faster than
revenues. We continued to realize the benefit of some of our integration
activities and have initiated additional cost reduction programs in Europe.
I believe reductions in inventory will be realized in the second half of
2007 as we continue our focus on lean manufacturing initiatives and
business process improvements.
"In the second quarter of 2007, Compressor and Vacuum Products segment
revenues grew 9 percent compared to the second quarter of 2006.
Sequentially, organic growth accelerated as we resolved some manufacturing
inefficiencies associated with our acquisition integration initiatives. We
continued to see strong demand outside of the United States, particularly
in Europe and Asia, while year-over-year orders and revenues were
relatively flat in the United States, as expected, primarily due to lower
demand for transportation applications.
"Although we made improvements during the second quarter, we believe
manufacturing plant relocations in Europe negatively impacted orders and
production efficiency during the quarter. As I stated last quarter, we
expect this effect to be temporary. Furthermore, year-over-year comparisons
in Compressor and Vacuum Products segment orders were negatively impacted
by a reporting change to exclude some OEM orders with delivery times beyond
90 days, which was implemented in the fourth quarter of 2006.
"Fluid Transfer Products segment revenues grew 16 percent in the second
quarter of 2007, compared with the second quarter of 2006," said Mr.
Centanni. "Orders grew 13 percent in the second quarter due to our receipt
of certain contracts for liquid natural gas and compressed natural gas
loading arms to be shipped in the first half of 2008. These orders more
than offset the expected decline in orders for drilling pumps, compared to
the same period of the previous year."
Commenting on profitability initiatives, Mr. Centanni stated, "Our
previously announced integration projects remain substantially on schedule,
while additional profitability improvement projects were initiated in the
second quarter. Our product line transfers from Nuremberg, Germany to China
and Brazil were substantially completed during the second quarter. Labor
productivity and supply chain efficiencies are now being realized, which
are expected to result in annualized savings of approximately $3 million.
Approximately $0.3 million of this benefit was realized in the second
quarter of 2007.
"The manufacturing integration of the Schopfheim, Germany facilities
also continues as planned," said Mr. Centanni. "Upon the completion of the
manufacturing upgrade, process improvements are expected to increase
productivity, while reducing lead-times and inventory. The project is
expected to be completed by the end of the fourth quarter of 2007 and
generate cost savings of approximately $6.4 million annually.
"We continue to seek opportunities to reduce costs and sell excess
assets as we further streamline operations. In the second quarter of 2007,
we relocated assembly operations from Hesingue, France to our facility in
Schopfheim. We expect to sell the Hesingue property in the third quarter of
2007. We also began integrating other administrative functions in Europe
during the second quarter of 2007, resulting in severance expenses of $0.4
million.
"As a result of our continued improvement in profitability and asset
management, our annualized return on equity (defined as net income divided
by average equity) improved to 19.1 percent in the second quarter of 2007,
compared to 17.6 percent for the full-year 2006."
Outlook
"As we consider the second half of 2007, we anticipate demand for our
industrial equipment to remain strong in Europe and Asia and relatively
flat in the U.S. We expect future organic revenue and earnings growth based
on our current backlog and improving manufacturing execution of production
schedules. We continue to see potential opportunities in environmental
applications around the world, including flue gas desulfurization and flare
gas and wastewater treatment," said Mr. Centanni.
"In the Fluid Transfer Products segment, orders for well servicing
pumps accelerated in the second quarter compared to the first quarter of
2007. However, the number of drilling pumps in backlog is less than at this
time last year and we anticipate declining shipments for the balance of the
year. As drilling pump shipments decline in the second half of 2007, we
expect somewhat lower Fluid Transfer Products segment operating margin(1)
to result from the unfavorable mix and reduced volume leverage. The
deterioration in margin is expected to be somewhat mitigated, however, by
ongoing demand for well servicing pumps and aftermarket parts and our
ability to bring previously outsourced manufacturing in-house," said Mr.
Centanni.
"Given our current economic outlook, existing backlog, expected
operational improvements from integration projects, and lower effective tax
rate, we are raising our full-year 2007 DEPS outlook range to $3.10 to
$3.18. Third quarter DEPS is expected to be $0.72 to $0.77. Our outlook for
the third quarter assumes fewer production days due to holidays in Europe
and scheduled manufacturing shutdowns in the U.S. The midpoint of the DEPS
range for the third quarter of 2007 ($0.75) represents a 25 percent
increase over the same period of 2006. The midpoint of the new DEPS range
for the full-year 2007 ($3.14) represents a 26 percent increase over 2006
results. Based on current expectations, the effective tax rate assumed in
the DEPS guidance for the third and fourth quarters of 2007 is 31 percent."
The stated guidance above excludes the effect of a recently announced
German corporate tax rate reduction, which was enacted in the third quarter
of 2007 and will become effective beginning January 1, 2008. The Company
anticipates a non-recurring, non-cash reduction to deferred tax liabilities
of $8 million to $12 million related to this effective tax rate change,
which will be recognized in the third quarter of 2007 and reduce income tax
expense during the quarter by the same amount. Guidance for the Company's
expected tax rate for 2008 will be included in the Company's earnings
release for the third quarter of 2007.
Revised Presentation of Operating Results for the Reporting of
Depreciation and Amortization Expenses
Beginning in the first quarter of 2007, the Company's presentation of
its operating results reflects the inclusion of depreciation and
amortization expense in cost of sales and selling and administrative
expenses. Total depreciation and amortization was previously reported as a
separate caption in the consolidated statements of operations. The 2006
consolidated statements of operations included in this press release have
been reclassified to conform to the current presentation. Depreciation and
amortization expense included in cost of sales and selling and
administrative expense for the three months ended June 30, 2006 was
approximately $12.3 million and $2.2 million, respectively. For the six
months ended June 30, 2006, depreciation and amortization expense included
in cost of sales and selling and administrative expense was approximately
$19.7 million and $6.8 million, respectively. This reclassification had no
effect on reported consolidated income before tax, net income, per share
amounts, reportable segment operating earnings(1) or cash provided by
operating activities.
Second Quarter Results
Revenues increased $43.6 million (10 percent) to $459.9 million for the
three months ended June 30, 2007, compared to the same period of 2006.
Compressor and Vacuum Products segment revenues increased 9 percent for the
three-month period of 2007, compared to the previous year, driven by
organic growth in most product lines and favorable changes in currency
exchange rates. Fluid Transfer Products segment revenues increased 16
percent for the three months ended June 30, 2007, compared to the same
period of 2006, primarily resulting from increased volume in well servicing
pumps (see Selected Financial Data Schedule).
Compressor and Vacuum Products orders of $358.1 million for the
three-month period ended June 30, 2007 were $13.8 million (4 percent)
higher than the same period of the previous year due to favorable changes
in exchange rates. Orders for Fluid Transfer Products of $125.1 million for
the three months ended June 30, 2007 were $14.7 million (13 percent) higher
than the same period of the previous year due to the loading arm orders
mentioned previously, partially offset by declining demand for drilling
pumps.
Cost of sales as a percentage of revenues improved to 66.5 percent in
the three-month period ended June 30, 2007, from 67.7 percent in the same
period of 2006. Cost of sales in the three-month period of 2006 was
impacted by a non-recurring charge to depreciation expense of approximately
$4.1 million associated with the finalization of the fair market value of
Thomas Industries' property, plant, and equipment. The year-over-year
decrease in cost of sales as a percentage of revenues was also attributable
to cost reduction initiatives, leveraging fixed and semi-fixed costs over
additional production volume, and favorable sales mix. The second quarter
of 2007 included a higher percentage of well servicing pump shipments than
the previous year and these products have cost of sales percentages below
the Company's average.
As a percentage of revenues, selling and administrative expenses
improved to 17.9 percent for the three-month period ended June 30, 2007,
compared to 18.1 percent for the same period of 2006, as a result of cost
control initiatives and leveraging revenue growth. Selling and
administrative expenses increased $7.0 million in the three-month period
ended June 30, 2007 to $82.3 million, as compared to the same period of
2006. Approximately $2.4 million of the increase is attributable to a
non-recurring reduction to amortization expense in the three-month period
of 2006 associated with the finalization of the fair market value of Thomas
Industries' amortizable intangible assets. Unfavorable changes in foreign
currency exchange rates resulted in an increase of approximately $3.1
million in the three-month period of 2007, compared to the previous year.
The Company also recognized approximately $0.4 million of planned
restructuring costs related to the consolidation of certain administrative
functions in Europe during the second quarter of 2007. The remaining
increase in selling and administrative expenses is primarily due to
compensation and benefit expense increases. These increases were partially
offset by cost reductions realized through integration initiatives.
Segment operating earnings(1) as a percentage of revenues (segment
operating margin(1)) for the Compressor and Vacuum Products segment were
11.7 percent in the three months ended June 30, 2007, compared with 10.4
percent in the same period of 2006. The Fluid Transfer Products segment
generated segment operating margin(1) of 28.6 percent in the three months
ended June 30, 2007, an improvement from 27.8 percent in the second quarter
of 2006 and a new record level for this reportable segment despite the
decline in drilling pump shipments. The improved results for each
reportable segment reflect significant leveraging of fixed and semi-fixed
costs over higher revenues and cost reductions realized to date through
acquisition integration initiatives. Price increases and favorable product
mix resulting from the increased sales of well servicing pumps also
contributed to the improved operating margin for the Fluid Transfer
Products segment.
Interest expense decreased $2.7 million (28 percent) to $6.9 million
for the three months ended June 30, 2007, compared to the same period of
2006, due to significantly lower borrowing levels.
Net income for the three months ended June 30, 2007 increased $11.8
million (36 percent) to $44.8 million, compared to $33.0 million in same
period of 2006. DEPS for the three-month period of 2007 were $0.83, 34
percent higher than the comparable period of the previous year as a result
of the increased net income. These financial results reflect an effective
tax rate of 31.0% for the three-month period of 2007, compared to 33.9% for
the three-month period of 2006.
Six Month Results
Revenues for the first six months of 2007 increased $85.7 million (11
percent) to $901.3 million, compared to $815.6 million in the same period
of 2006. This increase resulted from organic growth and favorable changes
in foreign currency exchange rates. Incremental volume and the related
benefit of increased cost leverage over a higher revenue base, and
favorable sales mix, resulted in improved cost of sales as a percentage of
revenues, which decreased to 66.4 percent in the first six months of 2007,
compared with 67.3 percent in the same period of 2006. Cost of sales in the
six-month period of 2006 was negatively impacted by the previously
mentioned non-recurring increase in depreciation expense of approximately
$4.1 million associated with the finalization of the fair market value of
Thomas Industries' property, plant, and equipment. Declines in productivity
related to acquisition integration efforts partially offset these
improvements (see Selected Financial Data Schedule).
As a percentage of revenues, selling and administrative expenses
improved to 18.1 percent for the first six months of 2007, from 18.8
percent in the comparable period of 2006, as a result of cost control
initiatives and leveraging revenue growth. Selling and administrative
expenses increased $9.6 million for the six-month period ended June 30,
2007 to $163.2 million, primarily due to unfavorable changes in foreign
currency exchange rates ($6.8 million) and the $2.4 million non-recurring
reduction to amortization expense in the six-month period of 2006 mentioned
previously. Higher compensation and benefit costs were largely offset by
cost reductions realized through integration initiatives.
Interest expense decreased $6.2 million (31 percent) to $13.6 million
in the six-month period of 2007, compared to the same period of 2006, due
to lower average borrowings during the period.
Income taxes increased for the six months ended June 30, 2007, compared
to the same period of the previous year, due to higher pretax income,
partially offset by a lower effective tax rate for the six-month period of
2007 (30.9 percent) than in the same period of 2006 (33.0 percent).
Net income increased $24.1 million (38 percent) to $87.6 million for
the six months ended June 30, 2007, compared to $63.5 million for the same
period of 2006. Diluted earnings per share for the six-month period of 2007
were $1.63, 37 percent higher than the same period of previous year.
Cash provided by operating activities was approximately $54 million in
the six-month period of 2007, compared to approximately $23 million in the
same period of 2006. The increase in cash provided by operating activities
primarily reflects higher net income. The Company experienced an increase
in days sales outstanding for the second quarter of 2007, primarily due to
changes in product mix. Shipment delays and supply chain inefficiencies
continued to negatively impact inventory turnover, which declined to 4.7
times in the three-month period of 2007 from 4.9 times in the comparable
period of 2006. The Company believes opportunities for inventory reduction
exist through the expanded use of lean manufacturing techniques, supply
chain improvements, improved manufacturing efficiency as integration
initiatives are completed and consumption of inventory previously
positioned to avoid disruptions during the recent manufacturing
relocations.
The Company invested approximately $17.9 million in capital
expenditures during the six-month period of 2007, compared to $16.1 million
in the same period of 2006. For the full-year 2007, capital spending is
expected to be approximately $45 million to $50 million. Depreciation and
amortization expense was approximately $27.9 million for the six months
ended June 30, 2007, compared to $26.5 million in the six-month period of
2006.
Total debt as of June 30, 2007 was $367.7 million, $39.5 million less
than total debt as of December 31, 2006. As of June 30, 2007, debt to total
capital was 27.4 percent, compared to 32.3 percent on December 31, 2006 and
42.0 percent on June 30, 2006.
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," "Outlook," "Second Quarter Results" and "Six Month Results"
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 Company's
exposure to economic downturns and market cycles, particularly the level of
oil and natural gas prices and oil and natural gas drilling production,
which affect demand for Company's petroleum products, and industrial
production and manufacturing capacity utilization rates, which affect
demand for the Company's compressor and vacuum products; (2) 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; (3) the risks
associated with intense competition in the Company's markets, particularly
the pricing of the Company's products; (4) the ability to effectively
integrate acquisitions, including product and manufacturing rationalization
initiatives, and realize anticipated cost savings, synergies and revenue
enhancements; (5) the ability to attract and retain quality executive
management and other key personnel; (6) the ability to continue to identify
and complete other strategic acquisitions and effectively integrate such
acquisitions to achieve desired financial benefits; (7) 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); (8) the
risks associated with potential product liability and warranty claims due
to the nature of the Company's products; (9) the risks associated with
environmental compliance costs and liabilities; (10) the risks associated
with pending asbestos and silicosis personal injury lawsuits; (11) risks
associated with the Company's indebtedness and changes in the availability
or costs of new financing to support the Company's operations and future
investments; (12) the risks associated with enforcing the Company's
intellectual property rights and defending against potential intellectual
property claims; (13) the ability to avoid employee work stoppages and
other labor difficulties; (14) changes in discount rates used for actuarial
assumptions in pension and other postretirement obligation and expense
calculations and market performance of pension plan assets; and (15) the
risk of possible future charges if the Company determines that the value of
goodwill and other intangible assets, representing a significant portion of
its total assets, is impaired. 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 six-month
periods ended June 30, 2007 and 2006 follow.
Gardner Denver will broadcast a conference call to discuss second
quarter earnings on Thursday, July 26, 2007 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 2006 revenues of $1.7 billion, 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).
(1) Segment operating earnings (defined as revenues less cost of sales and
selling and administrative expenses), and segment operating margin
(defined as segment operating earnings divided by segment revenues)
are indicative of short-term operational performance and ongoing
profitability. For a reconciliation of segment operating earnings to
consolidated income before income taxes, see "Business Segment
Results."
GARDNER DENVER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts and percentages)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
% %
2007 2006 Change 2007 2006 Change
Revenues $459,869 $416,312 10 $901,287 $815,606 11
Costs and expenses:
Cost of sales (1) 306,037 281,989 9 598,528 548,599 9
Selling and
administrative
expenses (1) 82,324 75,297 9 163,153 153,565 6
Interest expense 6,858 9,580 (28) 13,595 19,812 (31)
Other income, net (236) (453) (48) (789) (1,140) (31)
Total costs
and expenses 394,983 366,413 8 774,487 720,836 7
Income before
income taxes 64,886 49,899 30 126,800 94,770 34
Provision for
income taxes 20,115 16,915 19 39,213 31,274 25
Net income $ 44,771 $ 32,984 36 $ 87,587 $ 63,496 38
Basic earnings
per share $ 0.84 $ 0.63 33 $ 1.65 $ 1.22 35
Diluted earnings
per share $ 0.83 $ 0.62 34 $ 1.63 $ 1.19 37
Basic weighted
average number
of shares
outstanding 53,147 52,388 52,951 52,249
Diluted weighted
average number
of shares
outstanding 54,043 53,579 53,890 53,420
Shares outstanding
as of June 30 53,456 52,490
(1) Current and prior year results reflect the inclusion of depreciation
and amortization expense in cost of sales and selling and
administrative expenses.
GARDNER DENVER, INC.
CONDENSED BALANCE SHEET ITEMS
(in thousands, except percentages)
(Unaudited)
%
6/30/2007 3/31/2007 Change 12/31/2006
Cash and equivalents $71,483 $75,916 (6) $62,331
Accounts receivable, net 301,809 281,862 7 261,115
Inventories, net 258,750 245,176 6 225,067
Total current assets 666,531 636,664 5 579,718
Total assets 1,832,623 1,801,824 2 1,750,231
Short-term borrowings and
current maturities of
long-term debt 26,639 27,595 (3) 23,789
Accounts payable and accrued
liabilities (1) 290,601 310,873 (7) 293,178
Total current liabilities (1) 317,240 338,468 (6) 316,967
Long-term debt, less current
maturities 341,091 363,006 (6) 383,459
Total liabilities 857,772 896,558 (4) 897,701
Total stockholders' equity $974,851 $905,266 8 $852,530
(1) In connection with the adoption of FASB Interpretation No. 48,
"Accounting for Uncertainty in Income Taxes -- an interpretation of
FASB Statement No. 109" effective January 1, 2007, the liability
established for unrecognized income tax benefits relative to matters
not expected to be resolved within twelve months at June 30, 2007 has
been classified as a non-current liability. The balance sheet at
December 31, 2006 was reclassified to conform to the current
presentation and, accordingly, approximately $9.4 million of the
liability for unrecognized tax benefits at December 31, 2006 was
reclassified from current liabilities to non-current liabilities.
GARDNER DENVER, INC.
BUSINESS SEGMENT RESULTS
(in thousands, except percentages)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
% %
2007 2006 Change 2007 2006 Change
Compressor and Vacuum
Products
Revenues $354,394 $325,402 9 $693,251 $643,835 8
Operating earnings 41,350 33,751 23 80,312 69,559 15
% of revenues 11.7% 10.4% 11.6% 10.8%
Orders 358,091 344,260 4 725,569 677,957 7
Backlog 393,487 342,866 15 393,487 342,866 15
Fluid Transfer
Products
Revenues 105,475 90,910 16 208,036 171,771 21
Operating earnings 30,158 25,275 19 59,294 43,883 35
% of revenues 28.6% 27.8% 28.5% 25.5%
Orders 125,075 110,437 13 199,657 198,531 1
Backlog 178,839 193,140 (7) 178,839 193,140 (7)
Reconciliation of
Segment Results
to Consolidated
Results
Compressor and Vacuum
Products operating
earnings $41,350 $33,751 $80,312 $69,559
Fluid Transfer
Products operating
earnings 30,158 25,275 59,294 43,883
Total segment
operating earnings 71,508 59,026 139,606 113,442
% of revenues 15.5% 14.2% 15.5% 13.9%
Interest expense 6,858 9,580 13,595 19,812
Other income, net (236) (453) (789) (1,140)
Income before income
taxes $64,886 $49,899 $126,800 $94,770
% of revenues 14.1% 12.0% 14.1% 11.6%
The Company has determined its reportable segments in accordance with
Statement of Financial Accounting Standards No. 131, "Disclosures about
Segments of an Enterprise and Related Information." The Company evaluates
the performance of its reportable segments based on income before interest
expense, other income, net, and income taxes. Reportable segment
operating earnings (defined as revenues less cost of sales and selling and
administrative expenses) and segment operating margin (defined as segment
operating earnings divided by revenues) are indicative of short-term
operating performance and ongoing profitability. Management closely
monitors the operating earnings of its reportable segments to evaluate
past performance, management performance and compensation, and actions
required to improve profitability.
GARDNER DENVER, INC.
SELECTED FINANCIAL DATA SCHEDULE
(in millions, except percentages)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
% %
$ Millions Change $ Millions Change
Compressor and Vacuum Products
2006 Revenues 325.4 643.8
Effect of currency exchange rates 13.6 4 29.7 5
Organic growth 15.4 5 19.8 3
2007 Revenues 354.4 9 693.3 8
2006 Orders 344.3 678.0
Effect of currency exchange rates 14.0 4 32.0 5
Organic growth (0.2) - 15.6 2
2007 Orders 358.1 4 725.6 7
Backlog as of 06/30/06 342.9
Effect of currency exchange rates 15.1 4
Organic growth 35.5 11
Backlog as of 06/30/07 393.5 15
Fluid Transfer Products
2006 Revenues 90.9 171.8
Effect of currency exchange rates 1.5 2 3.4 2
Organic growth 13.0 14 32.8 19
2007 Revenues 105.4 16 208.0 21
2006 Orders 110.4 198.5
Effect of currency exchange rates 4.2 4 6.5 3
Organic growth 10.5 9 (5.3) (2)
2007 Orders 125.1 13 199.7 1
Backlog as of 06/30/06 193.1
Effect of currency exchange rates 3.7 2
Organic growth (18.0) (9)
Backlog as of 06/30/07 178.8 (7)
Consolidated Revenues
2006 416.3 815.6
Effect of currency exchange rates 15.1 4 33.1 4
Organic growth 28.4 6 52.6 7
2007 459.8 10 901.3 11
SOURCE Gardner Denver, Inc.
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Related links:
http://www.gardnerdenver.com
http://www.prnewswire.com/comp/303875.html /
CONTACT:
Christian E. Rothe, Director, Strategic
Planning and Development of Gardner Denver, Inc., +1-217-228-8224
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