Organic Growth, Pricing and Cost Reductions Drive Profitability Improvement
and Debt Reduction
Compared to the Third Quarter of 2005: -- Revenues increase 16% -- Net
income increases 93% -- Diluted earnings per share increase 88% -- Total
debt decreases more than $136 million from September 30, 2005
QUINCY, Ill., Oct. 25 /PRNewswire-FirstCall/ -- Gardner Denver, Inc.
(NYSE: GDI) announced that revenues and net income for the three months
ended September 30, 2006 were $414.0 million and $32.1 million,
respectively. Diluted earnings per share (DEPS) were $0.60, 88% higher than
the comparable period of 2005. The improvement in financial results for the
three-month period reflects incremental profitability attributable to
organic revenue growth, price increases and cost reductions, including
acquisition integration activities. For the nine-month period of 2006,
revenues and net income were $1.2 billion and $95.6 million, respectively.
DEPS for the nine-month period of 2006 were $1.79, 103% higher than the
comparable period of the previous year. Acquisitions contributed to the
improvement in financial results for the nine-month period of 2006,
compared to 2005, in addition to the organic growth, price increases and
cost reductions mentioned previously. Current and prior year DEPS and all
share amounts presented in this press release reflect the effect of the
two-for-one stock split (in the form of a stock dividend) that was
completed on June 1, 2006.
CEO's Comments Regarding Results
"I am proud of the overall efforts of our employees in achieving
another successful quarter. Our results reflect continued strength in our
end market segments and my outlook remains positive. Although I expect our
rate of growth to begin to slow in 2007, demand for compressor and vacuum
products remains broad-based, both regionally and across product lines. In
the third quarter, we began to see some increased demand for engineered
products in North America. We believe we have gained share in compressor
and vacuum product market segments, particularly in Europe and Asia where
results continue to improve," said Ross J. Centanni, Chairman, President
and CEO.
"I am also pleased with our operational improvements, including the
inventory turnover improvements achieved this quarter as a result of
previously completed lead-time reductions. In the third quarter, we
continued to work with our suppliers to improve their performance and we
completed the expansion of a manufacturing facility in China. The
previously announced project to transfer production from Nuremberg, Germany
to China and Brazil is expected to generate annualized savings in excess of
$3 million beginning in the second quarter of 2007."
"The rationalization of our European blower product lines and
manufacturing facilities is well underway and the project remains on
schedule and within budget. Through this project, we have merged the
Rietschle and Wittig operations (located in Schopfheim, Germany) and are in
the process of relocating the mobile blower product line from Wittig to a
Gardner Denver facility in the U.K., where other European mobile equipment
is manufactured. In the fourth quarter of 2006, we expect to complete the
rearrangement of the manufacturing facility in the U.K. and the
installation of new machine tools required to increase output. As part of
this project, we also plan to rationalize the Elmo and Rietschle
side-channel blower product lines and centralize production of standard
products. By the fourth quarter of 2007, when the integration project is
scheduled for completion, common manufacturing processes will have been
implemented to increase productivity and reduce lead- times and inventory.
We also expect to reduce administrative and manufacturing overhead
expenses. Once completed, this project is expected to reduce costs by
approximately $6.4 million annually and add manufacturing capacity."
"Compared to the third quarter of 2005, we increased manufacturing
output, revenues and segment operating margin(1) (for a reconciliation of
segment operating earnings to consolidated income before income taxes, see
"Business Segment Results.") while concurrently executing our integration
projects. As a result of improved profitability and asset management, our
return on equity (defined as net income divided by average equity) has
increased to 16.5% (on an annualized basis) for the third quarter of 2006,
compared to 10.6% (annualized) in the third quarter of 2005."
Outlook
"The Company expects orders for its compressor and vacuum products to
remain strong through the remainder of 2006 and the rate of order growth
for these products to begin to slow in 2007 from the current double-digit
level. We anticipate revenue growth to continue in 2007 through a
combination of the order growth and some reduction in backlog as
operational improvements are achieved and integration projects are
completed. During the third quarter of 2006, we experienced improved demand
for engineered products in North America, primarily for geothermal
applications and environmental projects. Lead-times associated with
engineered products typically exceed those of more standard products,
providing the Company more visibility into 2007 revenues. The economic
environment in Europe and Asia also remains strong. We continue to
experience good demand for our petroleum pumps and are currently taking
orders for delivery of these products in the second half of 2007, also
contributing to our visibility and favorable outlook. Further revenue
increases for oil and natural gas-related products will depend upon our
ability to identify additional outsourcing alternatives, implement
incremental price increases and add machining capacity through selective
capital investment."
"As expected, integration activities and fewer production days
negatively impacted the Company's operating earnings in the third quarter
of 2006, compared to the second quarter of 2006. The integration activities
resulted in lower productivity and increased severance expenses in the
Compressor and Vacuum Products segment compared to the prior quarter. As a
result of annual vacation shut-downs at several of our manufacturing
facilities in the third quarter, production levels decreased and fixed
expenses represented a greater percentage of revenues, which contributed to
lower sequential operating margin in both reportable segments. The annual
plant shut-downs present an opportune time to complete capital projects and
significant repair and maintenance projects. Therefore, incremental
spending was incurred during the shut-down period, also contributing to
lower sequential operating margins in both reportable segments. We expect
costs associated with the integration projects to further impact financial
results in the fourth quarter of 2006 and decline in 2007 until the
projects are completed in the fourth quarter of the year. The holiday
period in the fourth quarter will negatively impact operating margins in
both reportable segments, but we expect consolidated results to be
comparable to the third quarter," noted Mr. Centanni.
"Based on our current economic outlook, existing backlog, and expected
operational improvements as integration projects are completed, we are
increasing our DEPS outlook for 2006 to a range of $2.35 to $2.45, with
fourth quarter DEPS approximating $0.56 to $0.66. The current estimate
assumes that approximately $2.0 million to $2.5 million of severance and
relocation expenses ($0.02 to $0.03 DEPS) are incurred in the fourth
quarter as a result of integration projects. The midpoint of the range for
2006 ($2.40) represents a 75% increase over 2005 results. This improvement
is expected despite the $0.07 reduction in DEPS associated with recognizing
stock-based compensation expense for the year in accordance with SFAS
123(R), a greater number of average shares outstanding for the twelve-month
period of 2006 (compared to 2005) and a higher effective tax rate. The
implementation of SFAS 123(R) is expected to reduce net income by $0.6
million ($0.01 DEPS) in the fourth quarter of 2006. Based on current
expectations for the sources and magnitude of earnings in 2006, the
effective tax rate assumed in the DEPS guidance for 2006 is 33%."
"DEPS in 2007 are currently expected to be in a range of $2.60 to
$2.90. Achieving the midpoint of this range ($2.75) would represent the
fourth consecutive year of double-digit DEPS growth. The improvement in
DEPS is projected despite an expected increase in the Company's effective
tax rate to 34% in 2007. The increase in the effective tax rate is
primarily a result of higher levels of pretax income expected in the U.S.
and Germany in 2007, which are taxed at higher rates than the Company's
effective average for 2006 (33%). Tax planning strategies are also expected
to provide decreasing rate benefits as the Company's pretax earnings
increase."
Third Quarter Results
Revenues increased $57.9 million (16%) to $414.0 million for the three
months ended September 30, 2006, compared to the same period of 2005.
Compressor and Vacuum Products segment revenues increased 10% for the
three- month period of 2006, compared to the previous year, primarily due
to stronger demand, favorable changes in currency exchange rates and price
increases. Fluid Transfer Products segment revenues increased 44% for the
three months ended September 30, 2006, compared to the same period of 2005,
primarily due to stronger demand for drilling and well servicing pumps,
manufacturing and supply chain improvements, incremental shipments as a
result of increased outsourcing, price increases and acquisitions. (See
Selected Financial Data Schedule.)
Compressor and Vacuum Products orders for the three-month period ended
September 30, 2006 were $45.4 million (15%) higher than the same period of
the previous year due to organic growth, price increases and favorable
changes in exchange rates. Backlog in this reportable segment increased for
the eleventh consecutive quarter and was 23% higher than September 30,
2005.
As expected, orders for Fluid Transfer Products were lower in the third
quarter of 2006 than the same period of the previous year due to the timing
of bookings for drilling pumps and loading arms. The level of orders in the
third quarter of 2005 was unusually high and represented 192% of revenues
for that quarter as customers for oil and natural gas products began
securing future production capacities. At present, customers for petroleum
pump products remain optimistic in their outlook and demand expectations
for 2007 and are inquiring about incremental capacity the Company will have
available next year. The slight decline in backlog for Fluid Transfer
Products compared to the second quarter of 2006 is attributable to the
timing of orders for loading arms. Backlog for petroleum products remained
relatively constant over the most recent three-month period.
Cost of sales (excluding depreciation and amortization) as a percentage
of revenues decreased to 65.6% in the three-month period ended September
30, 2006, from 67.5% in the same period of 2005. This improvement was
attributable to cost reduction initiatives, leveraging fixed and semi-fixed
costs over additional production volume and favorable sales mix. The third
quarter of 2006 included a higher percentage of drilling pump and
replacement pump parts shipments than the previous year and these products
have cost of sales (excluding depreciation and amortization) percentages
below the Company's average. Finally, cost of sales (excluding depreciation
and amortization) for the three-month period of 2005, included
approximately $3.9 million of non- recurring costs attributable to
recording inventory of acquired businesses at fair value. Declines in
productivity related to acquisition integration efforts completed in 2006
partially offset some of these improvements.
Depreciation and amortization increased $1.7 million (15%) to $13.0
million, primarily due to the incremental depreciation and amortization
associated with capital investments and the effect of finalizing the fair
market value of Thomas Industries' tangible and amortizable intangible
assets.
As a percentage of revenues, selling and administrative expenses
decreased to 17.8% for the three-month period ended September 30, 2006,
compared to 20.0% for the same period of 2005 as a result of cost control
initiatives and leveraging the benefit of the revenue growth. Selling and
administrative expenses increased $2.7 million in the three-month period
ended September 30, 2006 to $73.8 million, primarily due to the incremental
effect of stock-based compensation expense ($1.0 million), severance and
integration costs ($1.1 million) and salary and benefit expense increases.
These increases were partially offset by cost reductions realized through
completed integration initiatives.
As a result of the improved cost of sales (excluding depreciation and
amortization) percentage and leveraging selling and administrative expenses
over higher revenues, operating earnings(1) (for a reconciliation of
segment operating earnings to consolidated income before income taxes, see
"Business Segment Results.") as a percentage of revenues (operating margin)
for each reportable segment improved for the three-month period ended
September 30, 2006, compared to the same period of 2005. Compressor and
Vacuum Products segment operating margin was 10.2% in the three months
ended September 30, 2006, compared to 7.8% in the same period of 2005.
Fluid Transfer Products segment operating margin increased to 25.4% for the
three months ended September 30, 2006, compared to 16.7% in the same period
of 2005.
Debt repayments over the previous twelve months resulted in lower
interest expense for the three months ended September 30, 2006, compared to
the same period of 2005, despite higher short-term interest rates.
Net income for the three months ended September 30, 2006 increased
$15.5 million (93%) to $32.1 million, compared to $16.7 million in same
period of 2005, despite the inclusion of stock-based compensation expense
and a higher effective tax rate in 2006 (33%) than in 2005 (30%). DEPS for
the three-month period of 2006 were $0.60, 88% higher than the comparable
period of the previous year as a result of the increased net income.
Nine Month Results
Revenues for the nine-month period of 2006 increased $384.3 million
(45%) to $1.2 billion, compared to the same period of 2005, due to
acquisitions, organic growth and price increases. (See Selected Financial
Data Schedule.)
Net income for the nine months ended September 30, 2006 increased $54.0
million (130%) to $95.6 million ($1.79 DEPS), compared to $41.6 million
($0.88 DEPS) in same period of 2005. This increase was primarily
attributable to organic revenue growth and price increases, cost reductions
(including those associated with integrating previously acquired
businesses) and acquisitions (net of interest expense related to financing
the purchase price). DEPS for the nine months ended September 30, 2006 were
reduced $0.06 due to the recognition of stock-based compensation expense in
accordance with SFAS 123(R). Compared to the previous year, DEPS for 2006
were also reduced as a result of having a greater number of average shares
outstanding and a higher effective tax rate.
Cash provided by operating activities was approximately $86.7 million
in the nine-month period of 2006, 64% more than $52.8 million generated in
the same period of 2005. The timing of shipments resulted in higher
receivable balances, but Days Sales Outstanding were 59, similar to the
level as of September 30, 2005, and inventory turnover was 4.8 times in the
three-month period of 2006. Continued focus on lean initiatives, additional
supplier performance improvement and execution of the integration plans are
expected to result in further improvement in inventory turnover.
The Company invested approximately $26.3 million in capital
expenditures in the nine-month period of 2006, compared to $22.7 million in
the same period of 2005. The higher spending in 2006 reflects incremental
investments in acquisition integration, cost reductions and capital
spending at Thomas Industries' operations. Capital spending is currently
expected to be approximately $40 million to $45 million in 2006, and will
be used primarily to integrate businesses and improve operations. In
addition to capital expenditures and acquisition payments, cash provided by
operations was used to repay debt. Total debt as of September 30, 2006 was
$491.2 million, $77.5 million less than total debt as of December 31, 2005.
As of September 30, 2006, debt to total capital was 38.1%, compared to
46.4% on December 31, 2005.
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" and "Nine 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 ability to
effectively integrate acquisitions, including product and manufacturing
rationalization initiatives, 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) 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) changes in the availability or
costs of new financing to support the Company's operations and future
investments; (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 nine-month
periods ended September 30, 2006 and 2005 follow.
Gardner Denver will broadcast a conference call to discuss third
quarter earnings on Thursday, October 26, 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 ).
(1) Total segment operating earnings (defined as revenues less cost of
sales (excluding depreciation and amortization), depreciation and
amortization, 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. See "Business Segment Results."
GARDNER DENVER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts and percentages)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
% %
2006 2005 Change 2006 2005 Change
Revenues $414,028 $ 356,095 16 $1,229,634 $845,265 45
Costs and
expenses:
Cost of sales
(excluding
depreciation
and
amortization) 271,549 240,535 13 800,438 569,449 41
Depreciation
and
amortization 13,000 11,335 15 39,527 25,816 53
Selling and
administrative
expenses 73,783 71,082 4 220,531 175,245 26
Interest
expense 8,762 10,358 (15) 28,574 19,642 45
Other income,
net (1,015) (1,016) - (2,155) (4,338) (50)
Total costs and
expenses 366,079 332,294 10 1,086,915 785,814 38
Income before
income taxes 47,949 23,801 101 142,719 59,451 140
Provision for
income taxes 15,832 7,140 122 47,106 17,835 164
Net income $32,117 $16,661 93 $95,613 $41,616 130
Basic earnings
per share (1) $0.61 $0.32 91 $1.83 $0.90 103
Diluted earnings
per share (1) $0.60 $0.32 88 $1.79 $0.88 103
Basic weighted
average
number of
shares
outstanding (1) 52,436 51,742 52,258 46,438
Diluted weighted
average
number of
shares
outstanding (1) 53,548 52,742 53,405 47,520
Shares outstanding
as of September
30 (1) 52,501 51,913
(1) Current and prior year amounts reflect the effect of a two-for-one
stock split (in the form of a stock dividend) completed on June 1,
2006.
GARDNER DENVER, INC.
CONDENSED BALANCE SHEET ITEMS
(in thousands, except percentages)
%
9/30/2006 6/30/2006 Change 12/31/2005
(Unaudited) (Unaudited)
Cash and equivalents $86,024 $88,600 (3) $110,906
Accounts receivable, net 271,677 266,959 2 229,467
Inventories, net 228,555 231,728 (1) 207,326
Total current assets 630,070 626,059 1 586,267
Total assets 1,794,931 1,793,289 - 1,715,060
Short-term debt and current
maturities of long-term debt 32,034 33,983 (6) 26,081
Accounts payable and accrued
liabilities 300,985 286,454 5 287,763
Total current liabilities 333,019 320,437 4 313,844
Long-term debt, less current
maturities 459,197 514,512 (11) 542,641
Total liabilities 997,278 1,035,335 (4) 1,056,771
Total stockholders' equity $797,653 $757,954 5 $658,289
GARDNER DENVER, INC.
BUSINESS SEGMENT RESULTS
(in thousands, except percentages)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
% %
2006 2005 Change 2006 2005 Change
Compressor and
Vacuum Products
Revenues $326,094 $295,185 10 $969,929 $681,683 42
Operating
earnings 33,332 22,944 45 102,891 51,617 99
% of revenues 10.2% 7.8% 10.6% 7.6%
Orders 339,889 294,473 15 1,017,846 717,646 42
Backlog 356,091 290,022 23 356,091 290,022 23
Fluid Transfer
Products
Revenues 87,934 60,910 44 259,705 163,582 59
Operating
earnings 22,364 10,199 119 66,247 23,138 186
% of revenues 25.4% 16.7% 25.5% 14.1%
Orders 83,784 116,790 (28) 282,315 263,840 7
Backlog 189,583 153,137 24 189,583 153,137 24
Reconciliation of
Segment Results
to Consolidated
Results
Compressor and
Vacuum Products
operating
earnings $33,332 $22,944 $102,891 $51,617
Fluid Transfer
Products
operating
earnings 22,364 10,199 66,247 23,138
Total segment
operating
earnings 55,696 33,143 169,138 74,755
Interest expense 8,762 10,358 28,574 19,642
Other income, net (1,015) (1,016) (2,155) (4,338)
Income before
income taxes $47,949 $23,801 $142,719 $59,451
Income before
income taxes
as a percentage
of revenues 11.6% 6.7% 11.6% 7.0%
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 (excluding
depreciation and amortization), depreciation and amortization, 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 Nine Months
Ended Ended
September 30, September 30,
% %
$ Millions Change $ Millions Change
Compressor and Vacuum Products
2005 Revenues 295.2 681.7
Incremental effect of acquisitions - - 218.2 32
Effect of currency exchange rates 7.6 3 0.5 -
Organic growth 23.3 7 69.5 10
2006 Revenues 326.1 10 969.9 42
2005 Orders 294.5 717.6
Incremental effect of acquisitions - - 218.9 31
Effect of currency exchange rates 8.2 3 0.5 -
Organic growth 37.2 12 80.8 11
2006 Orders 339.9 15 1,017.8 42
Backlog as of 09/30/05 290.0
Incremental effect of acquisitions - -
Effect of currency exchange rates 10.4 4
Organic growth 55.7 19
Backlog as of 09/30/06 356.1 23
Fluid Transfer Products
2005 Revenues 60.9 163.6
Incremental effect of acquisitions 2.3 4 11.2 7
Effect of currency exchange rates 0.9 1 (0.1) -
Organic growth 23.8 39 85.0 52
2006 Revenues 87.9 44 259.7 59
2005 Orders 116.8 263.8
Incremental effect of acquisitions 1.5 1 11.4 4
Effect of currency exchange rates 0.6 1 (0.9) -
Organic growth (35.1) (30) 8.0 3
2006 Orders 83.8 (28) 282.3 7
Backlog as of 09/30/05 153.1
Incremental effect of acquisitions 1.0 1
Effect of currency exchange rates 1.3 1
Organic growth 34.2 22
Backlog as of 09/30/06 189.6 24
Consolidated Revenues
2005 356.1 845.3
Incremental effect of acquisitions 2.3 1 229.4 27
Effect of currency exchange rates 8.5 2 0.4 -
Organic growth 47.1 13 154.5 18
2006 414.0 16 1,229.6 45
GARDNER DENVER, INC.
SELECTED FINANCIAL DATA SCHEDULE
(in millions, except percentages)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
$ % % of $ % % of
Millions Change Revenues Millions Change Revenues
Segment Operating
Earnings
2005 Compressor
and Vacuum Operating
Earnings 22.9 7.8 51.6 7.6
Incremental effect of
acquisitions - - - 23.0 45 10.5
Other changes 10.4 45 28.3 54
2006 Compressor
and Vacuum Operating
Earnings 33.3 45 10.2 102.9 99 10.6
2005 Fluid Transfer
Operating Earnings 10.2 16.7 23.1 14.1
Incremental effect of
acquisitions 0.4 4 17.4 1.9 8 17.0
Other changes 11.8 115 41.2 178
2006 Fluid Transfer
Operating Earnings 22.4 119 25.4 66.2 186 25.5
Depreciation &
Amortization
2005 11.3 3.2 25.8 3.1
Incremental effect of
acquisitions - - - 12.4 48 5.4
Other changes 1.7 15 1.3 5
2006 13.0 15 3.1 39.5 53 3.2
Selling & Administrative
Expenses
2005 71.1 20.0 175.2 20.7
Incremental effect of
acquisitions 0.5 1 21.7 41.2 24 18.0
Other changes 2.2 3 4.1 2
2006 73.8 4 17.8 220.5 26 17.9
Total Segment Operating
Earnings
2005 33.1 9.3 74.8 8.8
Incremental effect of
acquisitions 0.4 1 17.4 24.9 33 10.9
Other changes 22.2 67 69.4 93
2006 55.7 68 13.5 169.1 126 13.8
Net Income
2005 16.7 4.7 41.6 4.9
Incremental effect of
acquisitions 0.1 1 4.3 6.0 14 2.6
Other changes 15.3 92 48.0 116
2006 32.1 93 7.8 95.6 130 7.8
SOURCE Gardner Denver, Inc.
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Related links:
http://www.gardnerdenver.com/
http://www.prnewswire.com/comp/303875.html/
CONTACT:
Helen W. Cornell, Vice President, Finance and
CFO of Gardner Denver, Inc., +1-217-228-8209
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