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IDEX Reports Adjusted EPS of $2.68 for the Year and $0.69 for Q4 with Record 2012 Free Cash Flow

IDEX Corporation (NYSE: IEX) today announced its financial results for the three- and twelve- month periods ended December 31, 2012.

Full Year 2012

  • Orders increased 7 percent compared to the prior year (+3 percent organic, +5 percent acquisition and -1 percent foreign currency translation).
  • Sales increased 6 percent compared to the prior year (+3 percent organic, +5 percent acquisition and -2 percent foreign currency translation).
  • Adjusted operating margin of 18.4 percent was up 30 basis points from the prior year.
  • Adjusted net income of $224 million, which excludes a preliminary non-cash pre-tax impairment charge of $198 million and pre-tax restructuring charges of $32 million, represents an increase of 5 percent compared to the prior year adjusted net income of $214 million.
  • Reported net income of $38 million, which reflects the previously mentioned charges, represents a decrease of 81 percent compared to the prior year reported net income of $194 million.
  • Adjusted EPS of $2.68 was 12 cents, or 5 percent, higher than the prior year adjusted EPS of $2.56.
  • Reported EPS of 45 cents, which reflects the previously mentioned charges, represents a decrease of 81 percent compared to the prior year reported EPS of $2.32.
  • Adjusted EBITDA of $438 million, which represents a record and an 8 percent increase from the prior year, was 22 percent of sales and covered interest expense over 10 times.
  • Record free cash flow of $295 million, which represents a 30 percent increase from the adjusted prior year, was over 132 percent of adjusted net income.
  • The Company completed the repurchase of 2.2 million shares of common stock for $90 million in 2012.

Fourth Quarter 2012

New orders in the quarter totaled $482 million, up 8 percent from the prior year period. Sales in the quarter totaled $491 million, 2 percent higher than the prior year period. For the quarter, on an organic basis, orders were 5 percent higher and sales were flat compared with the prior year period.

In the fourth quarter, the Company recorded a preliminary non-cash goodwill and intangible asset impairment charge of $198 million in its Optics & Photonics and Water platforms. Excluding the impact of the impairment charge and restructuring charges of $18 million, fourth quarter 2012 operating income was $91 million. This resulted in an adjusted operating margin of 18.5 percent, up 70 basis points from the prior year adjusted operating margin, primarily due to productivity and benefits from structural cost actions.

Excluding the impact of the above-mentioned charges, fourth quarter adjusted earnings per share was 69 cents, an increase of 4 cents, or 6 percent, from the prior year.

Free cash flow was $79 million for the quarter, an 8 percent increase from the adjusted prior year fourth quarter due to improved operating working capital.

“IDEX is proud to announce in 2012, our 25th anniversary year, we once again achieved record orders, sales and free cash flow. Our flexible operating model drove productivity improvements which, together with structural cost reductions, increased operating margins to 18.4 percent for 2012. I’m pleased with our profit flow-thru of greater than 50 percent on organic revenue growth in 2012.

In the face of uncertain market conditions throughout 2012, our team executed well. We delivered record free cash flow of $295 million, up $69 million over last year, resulting in cash conversion of 132 percent. Operationally, we reduced inventory by over $20 million from the prior year. Our strong balance sheet and ability to convert cash allows us to execute our capital deployment strategy.

In the fourth quarter we finalized our restructuring activities. No further restructuring is currently planned. We will continue to drive productivity through our proven operational excellence capabilities. Our focus on cost reduction has allowed us to make growth-focused investments while still netting a $12 million, or 10 cents of EPS, benefit in 2013.

Difficult end market conditions resulted in impairment charges in our Optics & Photonics and Water platforms. Throughout the year, we have aggressively restructured both platforms and are well positioned to take advantage of long-term growth opportunities.

As we enter 2013, our team is focused on executing our strategic priorities. With over one billion dollars of capital availability, we will continue to fund organic growth, while remaining committed to our capital deployment objectives of strategic acquisitions, shareholder dividends and share repurchases. Looking ahead, we see low- to mid-single digit organic growth in 2013, with escalating growth in the second half of the year.

On a regional basis, North America remains steady, the Asian markets are improving, and we see stabilization in Europe. Based on this outlook, for 2013 we are forecasting EPS of $2.85 to $2.95, up 6 to 10 percent over 2012 adjusted EPS of $2.68. Our projected first quarter EPS is in the range of 70 to 72 cents, up 6 to 9 percent.

Andrew K. Silvernail
Chairman and Chief Executive Officer

Fourth Quarter 2012 Business Highlights (Operating margin excludes non-cash impairment and restructuring charges)

Fluid & Metering Technologies

  • Sales in the fourth quarter of $212 million reflected a 2 percent decrease compared to the fourth quarter of 2011 (-1 percent organic and -1 percent foreign currency translation).
  • Operating margin of 21.0 percent represented a 120 basis point improvement compared with the fourth quarter of 2011 primarily due to productivity and cost reduction initiatives.

Health & Science Technologies

  • Sales in the fourth quarter of $175 million reflected a 6 percent increase compared to the fourth quarter of 2011 (-3 percent organic and +9 percent acquisitions).
  • Operating margin of 18.4 percent represented a 100 basis point decrease compared with the fourth quarter of 2011 primarily due to lower margins from recently acquired businesses. Sequentially, operating margin improved 110 basis points.

Fire & Safety/Diversified Products

  • Sales in the fourth quarter of $109 million reflected a 9 percent increase compared to the fourth quarter of 2011 (+10 percent organic and -1 percent foreign currency translation).
  • Operating margin of 24.2 percent represented a 200 basis point increase compared with the fourth quarter of 2011 primarily due to higher volume and improved productivity.

For the fourth quarter of 2012, Fluid & Metering Technologies contributed 43 percent of sales and 43 percent of operating income; Health & Science Technologies accounted for 35 percent of sales and 31 percent of operating income; and Fire & Safety/Diversified Products represented 22 percent of sales and 26 percent of operating income.

Non-Cash Impairment Charge

Under U.S. GAAP, companies are required to conduct an annual impairment test for each business, or more frequently if an event occurs or circumstances change. An impairment charge is required when the fair value is less than the carrying value of a business.

On February 1, 2013, the Company concluded that a significant non-cash impairment charge was required in the fourth quarter of 2012 to reduce the carrying value of goodwill and intangible assets within the Optics & Photonics platform and goodwill and long-lived assets within the Water platform. The goodwill at Optics & Photonics primarily originated from the 2011 acquisition of CVI Melles Griot and the goodwill in the Water platform primarily originated from the 2008 acquisitions of IETG and ADS. As a result of our annual test, an impairment charge was required within Optics & Photonics due to continued softness in the Optics & Photonics end markets. In addition, we were required to perform an interim impairment test in the Water platform due to the reorganization of certain FMT businesses in the fourth quarter. This reorganization, combined with continued softness in municipal end markets, contributed to the impairment charge.

The Company currently estimates the pre-tax charge associated with this impairment to be in the range of $198 to $238 million. An estimated charge of $198 million has been included in the fourth quarter and full-year operating results reported herein based on preliminary valuation results. Pending the completion of these valuations and the associated deferred tax asset impact, the charge will be finalized and updated, if necessary, in the filing of the Company’s Form 10-K for the period ended December 31, 2012.

The non-cash accounting charge will not affect our liquidity, operations or ongoing financial performance.

EBITDA and Free Cash Flow

EBITDA means earnings before interest, income taxes, depreciation and amortization, while free cash flow means cash flow from operating activities less capital expenditures plus the excess tax benefit from stock-based compensation. Management uses these non-GAAP financial measures as internal operating metrics and for enterprise valuation purposes. Management believes these measures are useful as analytical indicators of leverage capacity and debt servicing ability, and uses them to measure financial performance as well as for planning purposes. However, they should not be considered as alternatives to net income, cash flow from operating activities or any other items calculated in accordance with U.S. GAAP, or as an indicator of operating performance. The definitions of EBITDA and free cash flow used here may differ from those used by other companies.

   
EBITDA and Free Cash Flow bridge

For the Quarter Ended

For the Year Ended

December 31,

 

 

September 30,

December 31,

2012   2011   Change 2012   Change 2012   2011   Change
 

Income (Loss) before Taxes

$ (135.9 ) $ 67.2 n/m % $ 70.2 n/m

%

$

86.2

$

273.9

(69

)

%

Depreciation and Amortization

20.4 19.3 6 19.5 4

78.3

72.4

8

Interest

  10.5     8.4   25   10.5   -  

42.3

   

29.3

 

44

EBITDA

(105.0 ) 94.9 n/m 100.2 n/m

206.8

375.6

(45

)

CVI Fair Value Inventory

- - - - -

-

15.8

(100

)

Restructuring charge

17.9 9.4 90 7.1 n/m

32.5

12.3

n/m

Impairment charge

  198.5     -   100   -   100  

198.5

   

-

 

100

Adjusted EBITDA

$ 111.4   $ 104.3   7 $ 107.3   4

$

437.8

 

$

403.7

 

8

 

Cash Flow from Operating Activities

$

85.7

$

41.6

n/m

%

$

101.0

(15

)

%

$

326.1

$

217.2

50

%

Capital Expenditures

(7.7 ) (7.2 ) 7 (9.4 ) (18 )

(35.8

)

(35.2

)

2

Excess Tax Benefit from Stock-Based Compensation

 

1.2

   

0.4

 

n/m

 

0.8

 

41

 

4.5

   

5.3

 

(16

)

Free Cash Flow

79.2 34.8 n/m 92.4 (14 )

294.8

187.3

57

Forward Swap

  -     38.7   (100 )   -   -  

-

   

38.7

 

(100

)

Adjusted Free Cash Flow

$ 79.2   $ 73.5   8 $ 92.4   (14 )

$

294.8

 

$

226.0

 

30

 

Conference Call to be Broadcast over the Internet

IDEX will broadcast its fourth quarter earnings conference call over the Internet on Tuesday, February 5, 2013 at 9:30 a.m. CT. Chairman and Chief Executive Officer Andy Silvernail and Vice President and Chief Financial Officer Heath Mitts will discuss the Company’s recent financial performance and respond to questions from the financial analyst community. IDEX invites interested investors to listen to the call and view the accompanying slide presentation, which will be carried live on its website at www.idexcorp.com. Those who wish to participate should log on several minutes before the discussion begins. After clicking on the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the presentation slides, or download the correct applications at no charge. Investors will also be able to hear a replay of the call by dialing 855.859.2056 (or 404.537.3406 for international participants) using the ID # 86510532.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements may relate to, among other things, capital expenditures, cost reductions, cash flow, and operating improvements and are indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “management believes,” “the company believes,” “the company intends,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this news release. The risks and uncertainties include, but are not limited to, the following: economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures and other competitive factors, and levels of capital spending in certain industries – all of which could have a material impact on order rates and IDEX’s results, particularly in light of the low levels of order backlogs it typically maintains; its ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the company operates; interest rates; capacity utilization and the effect this has on costs; labor markets; market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters. The forward-looking statements included here are only made as of the date of this news release, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.

About IDEX

IDEX Corporation is an applied solutions company specializing in fluid and metering technologies, health and science technologies, and fire, safety and other diversified products built to its customers’ exacting specifications. Its products are sold in niche markets to a wide range of industries throughout the world. IDEX shares are traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol “IEX”.

For further information on IDEX Corporation and its business units, visit the company’s website at www.idexcorp.com.

(Tables follow)

       
IDEX CORPORATION
Condensed Statements of Consolidated Operations
(in thousands except per share amounts)
(unaudited)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
    2012   2011   2012   2011
 
Net sales $ 490,838 $ 480,683 $ 1,954,258 $ 1,838,451
Cost of sales     287,980       287,081     1,150,558       1,099,778
Gross profit 202,858 193,602 803,700 738,673
Selling, general and administrative expenses 112,059 108,218 444,490 421,703
Impairment 198,519 - 198,519 -
Restructuring expenses     17,869       9,383     32,473       12,314
Operating income (loss) (125,589 ) 76,001 128,218 304,656
Other expense (income) - net (217 ) 442 (236 ) 1,443
Interest expense     10,516       8,395     42,250       29,332
Income (loss) before income taxes (135,888 ) 67,164 86,204 273,881
Provision for income taxes     (16,869 )     19,776     48,574       80,024
Net income (loss)   $ (119,019 )   $ 47,388   $ 37,630     $ 193,857
 
 
Earnings per Common Share:
Basic earnings (loss) per common share (a) $ (1.45 ) $ 0.57 $ 0.45 $ 2.34
Diluted earnings (loss) per common share (a) $ (1.45 ) $ 0.57 $ 0.45 $ 2.32
 
 
Share Data:
 
Basic weighted average common shares outstanding 82,296 82,596 82,689 82,145
 
Diluted weighted average common shares outstanding 82,296 83,573 83,641 83,543
 
 
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
            2012   2011
 
Assets
Current assets
Cash and cash equivalents $ 318,864 $ 230,259
Receivables - net 256,095 252,845
Inventories 234,950 254,258
Other current assets             71,956       51,799
Total current assets 881,865 789,161
Property, plant and equipment - net 219,161 213,717
Goodwill and intangible assets 1,663,099 1,813,588
Other noncurrent assets             21,265       19,641
Total assets           $ 2,785,390     $ 2,836,107
 
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable $ 117,341 $ 110,977
Accrued expenses 150,176 130,696
Short-term borrowings 7,335 2,444
Dividends payable             16,575       14,161
Total current liabilities 291,427 258,278
Long-term borrowings 779,241 806,366
Other noncurrent liabilities             249,724       258,328
Total liabilities 1,320,392 1,322,972
Shareholders' equity             1,464,998       1,513,135
Total liabilities and shareholders' equity           $ 2,785,390     $ 2,836,107
     
 
 
IDEX CORPORATION
Company and Business Group Financial Information
(dollars in thousands)
(unaudited)
 
 
Three Months Ended Twelve Months Ended
December 31, (b) December 31, (b)
    2012    

2011 (c)

  2012    

2011 (c)

 
 
 
Fluid & Metering Technologies
Net sales $ 211,855 $ 216,920 $ 833,288 $ 831,287
Operating income (d) 44,455 42,879 180,630 167,679
Operating margin 21.0 % 19.8 % 21.7 % 20.2 %
Depreciation and amortization $ 7,445 $ 7,527 $ 29,637 $ 32,368
Capital expenditures 3,784 2,723 13,535 12,543
 
Health & Science Technologies
Net sales $ 174,661 $ 165,281 $ 695,235 $ 607,900
Operating income (d) (e) 32,214 32,086 122,708 123,967
Operating margin 18.4 % 19.4 % 17.6 % 20.4 %
Depreciation and amortization $ 10,687 $ 9,369 $ 39,981 $ 30,055
Capital expenditures 2,704 3,020 13,140 12,938
 
Fire & Safety/Diversified Products (c)
Net sales $ 108,880 $ 99,611 $ 437,053 $ 402,425
Operating income (d) 26,296 22,156 104,461 91,128
Operating margin 24.2 % 22.2 % 23.9 % 22.6 %
Depreciation and amortization $ 1,881 $ 1,955 $ 7,107 $ 8,516
Capital expenditures 1,471 1,059 6,654 5,644
 
Company
Net sales $ 490,838 $ 480,683 $ 1,954,258 $ 1,838,451
Operating income (d) 90,799 85,384 359,210 332,770
Operating margin 18.5 % 17.8 % 18.4 % 18.1 %
Depreciation and amortization (f) $ 20,374 $ 19,270 $ 78,312 $ 72,386
Capital expenditures 8,254 7,412 35,520 34,548
 
                       
 
(a) Calculated by applying the two-class method of allocating earnings to common stock and participating securities as required by ASC 260, Earnings Per Share.
 
(b) Three and twelve month data includes acquisitions of Matcon (July 2012), ERC (April 2012), CVI Melles Griot (June 2011), Microfluidics (March 2011) and Advanced Thin Films (January 2011) in the Health & Science Technologies segment from the date of acquisition.
 
(c) Financial data for 2011 has been revised to reflect the transfer of our Trebor business unit from the Health & Science Technologies segment to the Fluid & Metering Technologies segment as well as the movement of the Dispensing Equipment segment into the Fire & Safety/Diversified Products segment.
 
(d) Group operating income excludes unallocated corporate operating expenses while both Group and Company operating income excludes the impairment charge in 2012 (for the Fluid & Metering Technologies and Health & Science Technologies segments) and restructuring related charges for 2012 and 2011.
 
(e) Operating income excludes $15.8 million for the twelve months ending December 31, 2011 related to a non-cash acquisition fair value inventory charge.
 
(f) Depreciation and amortization excludes amortization of debt issuance expenses.
       
IDEX Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)
 
 
Three Months ended December 31, 2012
 
Non-GAAP
GAAP As Restructuring Impairment Adjusted (ex
    Reported   Expense   Charge   charges)
 
Net sales $ 490,838 $ 490,838
Cost of sales     287,980               287,980  
Gross profit 202,858 202,858
SG&A 112,059 112,059
Impairment 198,519 (198,519 ) -
Restructuring expenses     17,869       (17,869 )         -  
Operating income (loss) (125,589 ) 17,869 198,519 90,799
Other expense (income) - net (217 ) (217 )
Interest expense     10,516               10,516  
Income (loss) before income taxes (135,888 ) 17,869 198,519 80,500
Provision (benefit) for taxes     (16,869 )     5,182       35,008       23,321  
Net income (loss)   $ (119,019 )   $ 12,687     $ 163,511     $ 57,179  
 
Earnings (loss) per common share   $ (1.45 )   $ 0.15     $ 1.99     $ 0.69  
 
 
 
Twelve Months ended December 31, 2012
 
Non-GAAP
GAAP As Restructuring Impairment Adjusted (ex
    Reported   Expense   Charge   charges)
 
Net sales $ 1,954,258 $ 1,954,258
Cost of sales     1,150,558               1,150,558  
Gross profit 803,700 803,700
SG&A 444,490 444,490
Impairment 198,519 (198,519 ) -
Restructuring expenses     32,473       (32,473 )         -  
Operating income 128,218 32,473 198,519 359,210
Other expense (income) - net (236 ) (236 )
Interest expense     42,250               42,250  
Income before income taxes 86,204 32,473 198,519 317,196
Provision for taxes     48,574       9,547       35,008       93,129  
Net income   $ 37,630     $ 22,926     $ 163,511     $ 224,067  
 
Earnings per common share   $ 0.45     $ 0.27     $ 1.95     $ 2.68  

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