Revenues up 19%, Organic Revenues* up 13%
Segment Income of $166 Million
CHARLOTTE, N.C., Oct. 31 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today reported results for the third quarter ended September
30, 2007:
- Revenues increased 19.3% to $1.23 billion from $1.03 billion in the
year-ago quarter. Organic revenue growth* was 13.2%, while completed
acquisitions and the impact of currency fluctuations increased reported
revenues by 3.4% and 2.7%, respectively.
- Segment income and margins were $166.3 million and 13.5%, compared with
$137.4 million and 13.3% in the year-ago quarter. The increase in
segment income and margins was driven primarily by increased demand for
the company's power and energy infrastructure products.
- Diluted net income per share from continuing operations was $1.71,
compared with $0.87 in the year-ago quarter. The current quarter
included $19.1 million ($0.35 per share) of income tax benefits from
the settlement of certain tax matters and reductions in certain foreign
statutory tax rates, which contributed to an effective tax rate for the
quarter of 13.1%.
- Excluding the tax benefits described above, adjusted diluted net income
per share from continuing operations* was $1.36, compared to the
diluted net income per share from continuing operations of $0.87 in the
year-ago quarter.
- Net income was $92.9 million, or $1.71 per share, compared with a loss
of $48.1 million, or $0.82 per share in the year-ago quarter. The year-
ago quarter included a loss from discontinued operations of $98.8
million ($1.69 per share), related primarily to the loss on the
discontinuance of Contech.
- Net cash from continuing operations was $37.1 million, compared with
$108.5 million in the year-ago quarter. Free cash flow from continuing
operations* was $18.6 million, compared with $91.0 million in the year-
ago quarter. The decline in cash flow was due primarily to investments
in working capital to support growth.
- For the full year, the company is raising its guidance for adjusted
diluted net income per share from continuing operations to a range of
$4.70 to $4.80 from a previous range of $4.50 to $4.70. This guidance
range excludes the $0.35 per share in tax benefits recorded in the
third quarter. Earnings guidance for diluted net income per share from
continuing operations without the adjustments would be a range of $5.05
to $5.15 per share.
Chris Kearney, Chairman, President and CEO said, "Our focus on power
and energy infrastructure continued to drive strong organic growth in the
third quarter, and we are pleased with the solid margin improvement in
three of our four segments. As expected, our Test and Measurement segment
continues to experience difficulties related to the domestic automotive
market."
Kearney continued, "We exceeded our earnings per share expectations for
the third quarter, and are raising our full year adjusted diluted net
income per share guidance range to $4.70 to $4.80 from the previous range
of $4.50 to $4.70."
"In addition, we have announced a definitive agreement to acquire APV,
a global manufacturer of process equipment and engineering solutions, from
Invensys PLC. This will expand our global reach and footprint, particularly
for the sanitary flow markets. We expect this acquisition, along with our
growing exposure to global infrastructure, to drive significant value for
SPX in 2008 and beyond," Kearney concluded.
SEGMENT HIGHLIGHTS
Flow Technology
During the third quarter of 2007, the company committed to a plan to
divest its air filtration product line, which was previously reported in
the Flow Technology segment. The following results for Flow Technology
exclude the financial results of the air filtration product line for all
periods presented.
Revenues in the third quarter of 2007 were $269.4 million compared to
$212.3 million in the third quarter of 2006, an increase of $57.1 million,
or 26.9%. The increase was due to organic revenue growth of 10.9%, growth
from acquisitions of 13.5% and currency fluctuations of 2.5%. The organic
growth was related primarily to continued strong demand in the power,
mining, and oil and gas markets.
Segment income was $45.2 million, or 16.8% of revenues, in the third
quarter of 2007 compared to $34.4 million, or 16.2% of revenues, in the
third quarter of 2006. The increase in segment income and margins was due
primarily to organic growth, as well as lean manufacturing initiatives and
lower operating expenses resulting from previous restructuring initiatives.
Test and Measurement
Revenues in the third quarter of 2007 were $267.8 million compared to
$276.7 million in the third quarter of 2006, a decrease of $8.9 million, or
3.2%. The decrease was due primarily to an organic decline of 8.4%
associated with lower domestic OEM and dealer equipment volumes resulting
from difficult conditions in the domestic automotive market. Currency
fluctuations and acquisitions partially offset this decline, increasing
reported revenue by 2.7% and 2.5%, respectively.
Segment income was $24.0 million, or 9.0% of revenues, in the third
quarter of 2007 compared to $43.8 million, or 15.8% of revenues, in the
third quarter of 2006. The decrease in segment income and margins was due
largely to the organic decline noted above, additional costs associated
with investments in Asia Pacific, and increased research and development
costs in support of new products. In addition, the company recorded a
charge of $7.4 million relating to accounting adjustments from an internal
audit at an operation in Japan, which included $2.4 million of inventory
write-downs, $2.0 million of accounts receivable write-offs and $3.0
million of other adjustments.
Thermal Equipment and Services
Revenues in the third quarter of 2007 were $446.3 million compared to
$337.9 million in the third quarter of 2006, an increase of $108.4 million,
or 32.1%. The increase was due primarily to organic revenue growth of
28.1%, related largely to the continued strong global power market demand
for cooling systems and products and thermal services and equipment.
Currency fluctuations increased revenues by 4.0% from the year-ago quarter.
Segment income was $53.1 million, or 11.9% of revenues, in the third
quarter of 2007 compared to $34.7 million, or 10.3% of revenues, in the
third quarter of 2006. The increase in segment income and margins was due
primarily to the organic growth noted above and improved operating
execution in cooling equipment.
Industrial Products and Services
Revenues in the third quarter of 2007 were $248.6 million compared to
$206.3 million in the third quarter of 2006, an increase of $42.3 million,
or 20.5%. The increase was due to organic revenue growth of 19.7%, driven
primarily by increased demand for power transformers. Currency fluctuations
increased revenues by 0.8% from the year-ago quarter.
Segment income was $44.0 million, or 17.7% of revenues, in the third
quarter of 2007 compared to $24.5 million, or 11.9% of revenues, in the
third quarter of 2006. The increase in segment income and margins was
driven primarily by the strong organic growth in the power transformer
market noted above, as well as continuous improvement initiatives.
OTHER ITEMS
Acquisition: The company also announced today that it has entered into
a definitive agreement to acquire APV, a global manufacturer of process
equipment and engineering solutions primarily for the sanitary market. APV
is a division of Invensys PLC, an international industrial automation,
transportation and controls group located in London. APV will become a part
of SPX's Flow Technology segment.
APV's primary products include pumps, valves, heat exchangers and
homogenizers for the food, dairy, beverage and pharmaceutical industries.
SPX expects the transaction to close by year-end 2007, subject to customary
regulatory approvals and closing conditions.
SPX has agreed to pay approximately 250 million British pounds (GBP)
for APV (approximately $510 million). Revenues for APV were about $800
million for the fiscal year ending March 31, 2007. SPX plans to fund the
acquisition with a mixture of borrowings and cash on hand.
Discontinued Operations: During the third quarter of 2007, the company
committed to a plan to divest its air filtration product line, which was
previously reported in the Flow Technology segment. It is anticipated that
a sale will be completed in the first half of 2008. The financial
condition, results of operations, and cash flows of the air filtration
product line have been reported as discontinued operations in the attached
condensed consolidated financial statements. As a result of the planned
divestiture, the company recorded a net charge of $11.0 million during the
quarter to "Loss on disposition of discontinued operations, net of tax" in
order to reduce the net assets to be sold to their estimated realizable
value.
In addition, during the third quarter of 2007, the company recognized
an income tax benefit of $11.8 million to "Loss on disposition of
discontinued operations, net of tax" relating to corrections to income
taxes associated primarily with gains on certain dispositions during 2005.
Credit Facility Refinancing: On September 21, 2007, the company
announced that it had entered into new syndicated senior secured credit
facilities in an aggregate amount of $2.3 billion, comprised of the
following:
- a five year term loan facility in an aggregate principal amount of $750
million,
- a five year global multi-currency revolving credit facility available
for loans up to the equivalent of $200 million,
- a five year domestic revolving credit facility, available for loans and
letters of credit, in an aggregate principal amount up to $400 million,
and
- a five year foreign credit instrument facility, available for
performance letters of credit and guarantees, in an aggregate principal
amount up to the equivalent of $950 million.
The new committed facilities replaced the existing senior secured
credit facilities of SPX, which have been terminated. In connection with
the termination of the previous facilities, the company incurred charges of
$3.3 million in the quarter, including $2.3 million for the write-off of
deferred financing fees, $0.2 million for an early termination fee, and
$0.8 million for costs associated with the termination of then-existing
interest rate swaps.
Share Repurchases: During the third quarter of 2007, the company
repurchased 2.7 million shares of its common stock for $234.1 million.
Year- to-date, the company has repurchased 9.0 million shares of its common
stock for $715.9 million. The company's 10b5-1 trading plan announced in
May 2007 has been completed.
Dividend: On August 30, 2007, the Board of Directors announced a
quarterly dividend of $0.25 per common share payable to shareholders of
record on September 14, 2007. This third quarter 2007 dividend was paid on
October 1, 2007.
Form 10-Q: The company expects to file its quarterly report on Form
10-Q for the quarter ended September 30, 2007 with the Securities and
Exchange Commission by November 9, 2007. This news release should be read
in conjunction with that filing, which will be available on the company's
website at http://www.spx.com, in the Investor Relations section.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader.
The company offers highly-specialized engineered solutions to solve
critical problems for customers.
SPX is focused on providing solutions that support the expansion of
global infrastructure, with particular emphasis on the growing worldwide
demand for energy and power. Its innovative product portfolio, containing
many environmentally friendly products, includes cooling systems for all
types of power plants throughout the world; custom engineered pumps, valves
and mixers that assist a variety of flow processes including oil and gas
exploration, distribution and refinement; handheld diagnostic tools that
aid in vehicle maintenance and repair; and power transformers that regulate
voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs over
14,000 people worldwide in over 20 countries. Visit http://www.spx.com. (NYSE:
SPW)
* Non-GAAP number. See attached financial schedules for reconciliation
to most comparable GAAP number.
Certain statements in this press release, including any statements as
to future results of operations and financial projections, as well as the
timetable and other information relating to the acquisition of APV, are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. Please read these results in conjunction with the
company's documents filed with the Securities and Exchange Commission,
including the company's annual report on Form 10-K for the year ended
December 31, 2006. These filings identify important risk factors and other
uncertainties that could cause actual results to differ from those
contained in the forward- looking statements. Actual results may differ
materially from these statements. The words "believe," "expect,"
"anticipate," "estimate," "guidance," "target" and similar expressions
identify forward-looking statements. Particular risks facing the company
include economic, business and other risks stemming from its international
operations, legal and regulatory risks, costs of raw materials, pricing
pressures, pension funding requirements, integration of acquisitions and
changes in the economy. Although the company believes that the expectations
reflected in its forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct. In addition,
estimates of future operating results are based on the company's current
complement of businesses, which is subject to change.
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
2007 2006 2007 2006
Revenues $1,232.1 $1,033.2 $3,537.4 $2,981.6
Costs and expenses:
Cost of products sold 876.0 734.5 2,557.4 2,153.2
Selling, general and
administrative 228.6 205.3 680.1 616.1
Intangible amortization 4.5 2.7 13.4 10.1
Special charges, net 2.5 2.9 4.1 4.6
Operating income 120.5 87.8 282.4 197.6
Other (expense) income, net (0.9) 0.2 (2.9) (19.3)
Interest expense (23.7) (15.9) (56.0) (46.2)
Interest income 2.1 2.1 6.5 8.9
Equity earnings in joint ventures 9.1 8.9 29.1 28.2
Income from continuing operations
before income taxes 107.1 83.1 259.1 169.2
Income tax provision (14.0) (32.4) (61.8) (31.7)
Income from continuing operations 93.1 50.7 197.3 137.5
Income from discontinued
operations, net of tax 0.4 1.2 3.1 7.4
Loss on disposition of
discontinued operations, net of tax (0.6) (100.0) (14.4) (61.0)
Loss from discontinued operations (0.2) (98.8) (11.3) (53.6)
Net income (loss) $92.9 $(48.1) $186.0 $83.9
Basic income (loss) per share of
common stock
Income from continuing operations $1.76 $0.89 $3.54 $2.35
Loss from discontinued operations (0.01) (1.74) (0.21) (0.92)
Net income (loss) per share $1.75 $(0.85) $3.33 $1.43
Weighted average number of common
shares outstanding - basic 53.045 56.899 55.809 58.528
Income from continuing operations
for diluted income per share $93.1 $50.7 $197.3 $138.6
Net income (loss) for diluted
income per share $92.9 $(48.1) $186.0 $85.0
Diluted income (loss) per share of
common stock
Income from continuing operations $1.71 $0.87 $3.44 $2.26
Loss from discontinued operations - (1.69) (0.19) (0.87)
Net income (loss) per share $1.71 $(0.82) $3.25 $1.39
Weighted average number of common
shares outstanding - diluted 54.473 58.398 57.273 61.323
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
September 30, December 31,
2007 2006
ASSETS
Current assets:
Cash and equivalents $282.8 $477.2
Accounts receivable, net 1,166.1 1,114.2
Inventories, net 605.0 498.0
Other current assets 95.8 87.7
Deferred income taxes 62.2 60.3
Assets of discontinued operations 55.5 271.3
Total current assets 2,267.4 2,508.7
Property, plant and equipment:
Land 36.1 29.4
Buildings and leasehold improvements 209.7 195.2
Machinery and equipment 571.1 522.0
816.9 746.6
Accumulated depreciation (426.5) (385.7)
Net property, plant and equipment 390.4 360.9
Goodwill 1,769.0 1,734.1
Intangibles, net 517.8 480.1
Other assets 351.9 353.3
TOTAL ASSETS $5,296.5 $5,437.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $560.4 $510.7
Accrued expenses 872.4 834.0
Income taxes payable 39.0 81.0
Short-term debt 239.9 168.0
Current maturities of long-term debt 60.2 42.3
Liabilities of discontinued operations 31.5 81.3
Total current liabilities 1,803.4 1,717.3
Long-term debt 936.6 753.5
Deferred and other income taxes 129.2 202.7
Other long-term liabilities 593.4 650.7
Total long-term liabilities 1,659.2 1,606.9
Minority interest 7.8 3.5
Shareholders' equity:
Common stock 958.5 937.4
Paid-in capital 1,254.3 1,134.5
Retained earnings 1,950.9 1,754.2
Accumulated other comprehensive loss (0.7) (86.6)
Common stock in treasury (2,336.9) (1,630.1)
Total shareholders' equity 1,826.1 2,109.4
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $5,296.5 $5,437.1
SPX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Nine months ended
September 30,
2007 2006
Cash flows from (used in) operating activities:
Net income $186.0 $83.9
Less: Loss from discontinued
operations, net of tax (11.3) (53.6)
Income from continuing operations 197.3 137.5
Adjustments to reconcile income from continuing
operations to net cash from (used in)
operating activities
Special charges, net 4.1 4.6
Deferred and other income taxes (4.3) 25.5
Depreciation and amortization 59.3 51.8
Accretion of LYONs - 1.7
Pension and other employee benefits 44.5 47.9
Stock-based compensation 32.4 24.9
Other, net 19.9 2.4
Changes in operating assets and liabilities,
net of effects from acquisitions and divestitures
Accounts receivable and other (49.9) (96.5)
Inventories (84.6) (65.1)
Accounts payable, accrued expenses and other (103.4) (5.7)
Taxes paid on LYONs tax recapture - (67.5)
Accreted interest paid on LYONs
repurchase (accreted since issuance date) - (84.3)
Cash spending on restructuring actions (3.5) (8.0)
Net cash from (used in) continuing operations 111.8 (30.8)
Net cash from (used in) discontinued operations 33.6 (0.1)
Net cash from (used in) operating activities 145.4 (30.9)
Cash flows from (used in) investing activities:
Proceeds from sales of discontinued
operations, net of cash sold 134.3 73.5
Proceeds from other asset sales 3.2 16.3
Business acquisitions and
investments, net of cash acquired (42.0) (14.1)
Capital expenditures (47.8) (40.9)
Net cash from continuing operations 47.7 34.8
Net cash used in discontinued operations (2.9) (18.4)
Net cash from investing activities 44.8 16.4
Cash flows from (used in) financing activities:
Borrowing under senior credit facilities 1,347.3 750.0
Repayments of senior credit facilities (1,137.8) (10.0)
Repurchase of LYONs principal - (576.0)
Borrowings under trade receivable agreement 405.0 114.0
Repayments under trade receivable agreement (335.0) (114.0)
Net repayments under other
financing arrangements (21.2) (31.5)
Purchases of common stock (715.9) (436.3)
Proceeds from the exercise of
employee stock options and other 119.2 115.8
Financing fees paid (8.4) (0.4)
Dividends paid (43.5) (45.6)
Net cash used in continuing operations (390.3) (234.0)
Net cash used in discontinued operations (5.2) (0.6)
Net cash used in financing activities (395.5) (234.6)
Change in cash and equivalents due to
changes in foreign exchange rates 10.9 4.8
Net change in cash and equivalents (194.4) (244.3)
Cash and equivalents, beginning of period 477.2 580.2
Cash and equivalents, end of period $282.8 $335.9
Cash and equivalents of continuing operations $282.8 $335.8
Cash and equivalents of discontinued operations $- $0.1
SPX CORPORATION AND SUBSIDIARIES
RESULTS OF OPERATIONS BY SEGMENT
(Unaudited; in millions)
Three months ended Nine months ended
September 30, September 30,
2007 2006 % 2007 2006 %
Flow Technology (1)
Revenues $269.4 $212.3 26.9% $798.2 $621.6 28.4%
Gross profit 97.0 70.9 277.9 209.2
Selling, general and
administrative expense 50.8 36.3 147.2 112.1
Intangible amortization
expense 1.0 0.2 3.4 0.4
Segment income $45.2 $34.4 31.4% $127.3 $96.7 31.6%
as a percent of revenues 16.8% 16.2% 15.9% 15.6%
Test and Measurement
Revenues $267.8 $276.7 -3.2% $833.2 $820.0 1.6%
Gross profit 76.7 96.6 250.5 271.4
Selling, general and
administrative expense 51.1 52.1 162.7 158.1
Intangible amortization
expense 1.6 0.7 4.4 4.0
Segment income $24.0 $43.8 -45.2% $83.4 $109.3 -23.7%
as a percent of revenues 9.0% 15.8% 10.0% 13.3%
Thermal Equipment and
Services
Revenues $446.3 $337.9 32.1% $1,192.6 $930.7 28.1%
Gross profit 108.5 82.0 260.6 208.6
Selling, general and
administrative expense 53.7 45.7 149.4 143.7
Intangible amortization
expense 1.7 1.6 4.9 4.9
Segment income $53.1 $34.7 53.0% $106.3 $60.0 77.2%
as a percent of revenues 11.9% 10.3% 8.9% 6.4%
Industrial Products and
Services (1)
Revenues $248.6 $206.3 20.5% $713.4 $609.3 17.1%
Gross profit 77.9 53.0 202.8 151.7
Selling, general and
administrative expense 33.7 28.3 97.8 85.2
Intangible amortization
expense 0.2 0.2 0.7 0.8
Segment income $44.0 $24.5 79.6% $104.3 $65.7 58.8%
as a percent of revenues 17.7% 11.9% 14.6% 10.8%
Total segment income $166.3 $137.4 $421.3 $331.7
Corporate expenses (23.6) (29.0) (69.9) (70.8)
Pension and postretirement
expense (11.1) (10.7) (32.5) (33.8)
Stock-based compensation
expense (8.6) (7.0) (32.4) (24.9)
Special charges, net (2.5) (2.9) (4.1) (4.6)
Consolidated Operating
Income (1) $120.5 $87.8 $282.4 $197.6
(1) Excludes results of discontinued operations.
SPX CORPORATION AND SUBSIDIARIES
ORGANIC REVENUE GROWTH RECONCILIATION
(Unaudited)
Three Months ended September 30, 2007
Acquisitions, Organic
Net Revenue Divestitures Revenue
Growth and Foreign Growth
(Decline) Other Currency (Decline)
Flow Technology 26.9 % 13.5 % 2.5 % 10.9 %
Test and Measurement (3.2)% 2.5 % 2.7 % (8.4)%
Thermal Equipment and Services 32.1 % - % 4.0 % 28.1 %
Industrial Products and Services 20.5 % - % 0.8 % 19.7 %
Consolidated 19.3 % 3.4 % 2.7 % 13.2 %
Nine Months ended September 30, 2007
Acquisitions, Organic
Divestitures Revenue
Net Revenue and Foreign Growth
Growth Other Currency (Decline)
Flow Technology 28.4 % 13.9 % 2.7 % 11.8 %
Test and Measurement 1.6 % 0.1 % 2.7 % (1.2)%
Thermal Equipment and Services 28.1 % - % 3.7 % 24.4 %
Industrial Products and Services 17.1 % - % 0.7 % 16.4 %
Consolidated 18.6 % 2.9 % 2.6 % 13.1 %
SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
Three months ended Nine months ended
September 30, September 30,
2007 2006 2007 2006
Net cash from (used in) continuing
operations $37.1 $108.5 $111.8 $(30.8)
Capital expenditures - continuing
operations (18.5) (17.5) (47.8) (40.9)
Free cash flow from (used in)
continuing operations $18.6 $91.0 $64.0 $(71.7)
SPX CORPORATION AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
Nine months ended
September 30, 2007
Beginning cash and equivalents $477.2
Operational cash flow 111.8
Business acquisitions and investments, net of cash acquired (42.0)
Capital expenditures (47.8)
Proceeds from sales of discontinued operations 134.3
Proceeds from other asset sales 3.2
Borrowings under senior credit facilities 1,347.3
Repayments of senior credit facilities (1,137.8)
Net repayments under other financing arrangements (21.2)
Net borrowings under trade receivable agreement 70.0
Purchases of common stock (715.9)
Proceeds from the exercise of employee stock options and other 119.2
Dividends paid (43.5)
Financing fees paid (8.4)
Cash from discontinued operations 25.5
Change in cash and equivalents due to change in foreign
exchange rates 10.9
Ending cash and equivalents $282.8
Debt at Debt at
12/31/2006 Borrowings Repayments Other 9/30/2007
Term loans $735.0 $750.0 $(735.0) $- $750.0
Domestic revolving loan
facility - 498.0 (318.0) - 180.0
Global revolving loan
facility 82.8 99.3 (84.8) 1.9 99.2
7.50% senior notes 28.2 - - - 28.2
6.25% senior notes 21.3 - - - 21.3
Trade receivables
financing arrangement 1.0 405.0 (335.0) - 71.0
Other indebtedness 95.5 - (21.2) 12.7 87.0
Totals $963.8 $1,752.3 $(1,494.0) $14.6 $1,236.7
SPX CORPORATION AND SUBSIDIARIES
ADJUSTED EARNINGS PER SHARE RECONCILIATION
(Unaudited; in millions, except per share)
Three months ended Nine months ended
September 30, 2007 September 30, 2007
Diluted net income per share of common
stock from continuing operations $1.71 $3.44
Settlement of certain tax matters (0.20) (0.19)
Reductions in foreign statutory rates (0.15) (0.14)
Adjusted diluted net income per share of
common stock from continuing operations $1.36 $3.11
SOURCE SPX Corporation
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Related links:
http://www.spx.com
CONTACT:
Jeremy W. Smeltser, Investors,
+1-704-752-4478, investor@spx.com, or Jennifer Epstein, Media,
+1-704-752-7403, Jennifer.Epstein@spx.com, both of SPX
Corporation
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