Crane NXT (CXT) 8-K Crane Co. Announces Third Quarter Resultsand Agreementin Principle

Exhibit 99.3

CRANE CO.

Consolidated Income Statement Data

(in thousands, except per share data)

	Three Months Ended Sept 30,						Nine Months Ended Sept 30,
	2004			2003			2004			2003
Net Sales:
Aerospace & Electronics	$	127,144		$	110,778		$	372,857		$	302,224
Engineered Materials		69,913			64,317			213,244			185,481
Merchandising Systems		44,078			40,396			126,119			117,872
Fluid Handling		217,652			194,101			639,430			555,381
Controls		18,737			15,766			53,435			46,991
Intersegment Elimination		(204	)		(67	)		(353	)		(215	)
Total Net Sales	$	477,320		$	425,291		$	1,404,732		$	1,207,734
Operating Profit:
Aerospace & Electronics	$	23,574		$	22,655		$	67,722		$	62,804
Engineered Materials		13,283			13,295			44,596			37,933
Merchandising Systems		4,170			2,064			7,765			1,269
Fluid Handling		15,844			11,444			39,493			32,566
Controls		1,688			1,136			3,815			2,519
Corporate		(7,928	)		(5,824	)		(23,328	)		(21,232	)
Operating Profit before Charge		50,631			44,770			140,063			115,859
Asbestos and Environmental Charge		(361,813	)		—			(361,813	)		—
Total Operating (Loss) Profit		(311,182	)		44,770			(221,750	)		115,859
Interest Income		855			226			1,244			725
Interest Expense		(5,819	)		(4,916	)		(18,047	)		(13,000	)
Miscellaneous - Net		118			(212	)		(63	)		(1,210	)
(Loss) Income Before Income Taxes		(316,028	)		39,868			(238,616	)		102,374
(Benefit) Provision for Income Taxes		(110,822	)		11,734			(86,824	)		31,736
Net (Loss) Income	$	(205,206	)	$	28,134		$	(151,792	)	$	70,638
Basic & Diluted Share Data:
Net (Loss) Income	$	(3.48	)	$	0.47		$	(2.56	)	$	1.19
Average Diluted Shares Outstanding		59,004			59,723			59,279			59,542
Average Basic Shares Outstanding		59,004			59,305			59,279			59,338
Supplemental Data:
Cost of Sales	$	687,863		$	288,949		$	1,318,137		$	820,580
Selling, General & Administrative		100,639			91,572			308,345			271,295
Depreciation and Amortization *		13,355			13,485			41,984			38,697

* Amount included within cost of sales and selling, general & administrative costs.

CRANE CO.

Condensed Consolidated Balance Sheets

(in thousands)

	Sept 30, 2004		December 31, 2003
ASSETS
Current Assets
Cash and Cash Equivalents	$	32,199	$	142,518
Accounts Receivable		293,678		248,492
Inventories		278,682		235,431
Other Current Assets		150,195		35,335
Total Current Assets		754,754		661,776
Property, Plant and Equipment		287,340		302,638
Other Assets		426,275		311,123
Goodwill		569,559		536,239
Total Assets	$	2,037,928	$	1,811,776
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current Maturities of Long-Term Debt	$	8	$	100,275
Loans Payable		44,100		—
Accounts Payable		146,606		116,885
Accrued Liabilities		509,757		171,438
Income Taxes		48,814		29,976
Total Current Liabilities		749,285		418,574
Long-Term Debt		296,400		295,861
Deferred Income Taxes		58,952		57,738
Postretirement, Pension and Other Liabilities		347,910		253,352
Common Shareholders’ Equity		585,381		786,251
Total Liabilities and Shareholders’ Equity	$	2,037,928	$	1,811,776

CRANE CO.

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Three Months Ended Sept 30,						Nine Months Ended Sept 30,
	2004			2003			2004			2003
Operating Activities:
Net (loss) income	$	(205,206	)	$	28,134		($	151,792	)	$	70,638
Charge for asbestos and environmental - net of tax		238,384			—			238,384			—
Income from joint venture		(1,060	)		(783	)		(2,728	)		(2,318	)
Depreciation and amortization		13,355			13,485			41,984			38,697
Cash (used for) provided by operating working capital		(1,943	)		402			(39,049	)		(5,819	)
Other		(2,792	)		(1,108	)		(4,090	)		(3,518	)
Subtotal		40,738			40,130			82,709			97,680
Payments for asbestos-related fees and costs		(6,730	)		(2,275	)		(18,336	)		(6,247	)
Total provided from operating activities		34,008			37,855			64,373			91,433
Investing Activities:
Capital expenditures		(4,750	)		(7,383	)		(15,652	)		(20,473	)
Proceeds from disposition of capital assets		111			2,765			906			3,676
Payments for acquisitions, net		673			—			(49,957	)		(168,818	)
Proceeds from divestitures		—			—			—			1,600
Total used for investing activities		(3,966	)		(4,618	)		(64,703	)		(184,015	)
Financing Activities:
Dividends paid		(5,900	)		(5,930	)		(17,768	)		(17,804	)
Settlement of treasury shares acquired on the open market		—			—			(42,748	)		(6,641	)
Stock options exercised - net of shares reacquired		456			1,019			9,636			1,566
(Repayment) issuance of debt, net		(31,233	)		9,575			(58,987	)		147,287
Total (used for) provided from financing activities		(36,677	)		4,664			(109,867	)		124,408
Effect of exchange rate on cash and cash equivalents		491			495			(122	)		2,039
(Decrease) increase in cash and cash equivalents		(6,144	)		38,396			(110,319	)		33,865
Cash and cash equivalents at beginning of period		38,343			32,058			142,518			36,589
Cash and cash equivalents at end of period	$	32,199		$	70,454		$	32,199		$	70,454

CRANE CO.

Order Backlog

(in thousands)

	Sept 30, 2004		June 30, 2004		March 31, 2004		December 31, 2003		Sept 30, 2003
Aerospace & Electronics	$	355,564	$	353,087	$	319,954	$	277,173	$	286,539
Engineered Materials		15,677		16,197		17,564		11,787		10,927
Merchandising Systems		10,877		11,024		11,176		10,330		10,399
Fluid Handling		176,650		172,120		163,955		140,192		139,179
Controls		13,586		13,451		13,029		12,169		12,496
Total Backlog	$	572,354	$	565,879	$	525,678	$	451,651	$	459,540

CRANE CO.

Non-GAAP Financial Measures

(in thousands)

	Three Months Ended Sept 30,						Nine Months Ended Sept 30,						Year Ended Dec 31, 2003			Year Ended Dec 31, 2004
	2004			2003			2004			2003
																(Estimated)
Operating (loss) profit	($	311,182	)	$	44,770		($	221,750	)	$	115,859
Asbestos and environmental charge - pre-tax		361,813			—			361,813			—
Operating profit before charge	$	50,631		$	44,770		$	140,063		$	115,859
Net (loss) income	($	205,206	)	$	28,134		($	151,792	)	$	70,638
Asbestos and environmental charge - net of tax		238,384			—			238,384			—
Net income before charge	$	33,178		$	28,134		$	86,592		$	70,638
(Loss) earnings per share		($3.48	)	$	0.47			($2.56	)	$	1.19
Asbestos and environmental charge - net of tax		4.04			—			4.02			—
Earnings per share before charge	$	0.56		$	0.47		$	1.46		$	1.19
Cash provided from operating activities before asbestos-related payments	$	40,738		$	40,130		$	82,709		$	97,680		$	170,666		$	159,000
Asbestos-related payments		6,730			2,275			18,336			6,247			7,938			30,000
Cash provided from operating activities	$	34,008		$	37,855		$	64,373		$	91,433		$	162,728		$	129,000
Less: Capital expenditures		(4,750	)		(7,383	)		(15,652	)		(20,473	)		(28,128	)		(20,000	)
Dividends		(5,900	)		(5,930	)		(17,768	)		(17,804	)		(23,768	)		(24,000	)
Free cash flow	$	23,358		$	24,542		$	30,953		$	53,156		$	110,832		$	85,000

Certain non-GAAP measures have been provided to facilitate comparison with the prior year.

Free cash flow provides supplemental information to assist management and certain investors in analyzing the Company’s ability to generate positive cash flow.

Free cash flow is considered a measure of cash generation and should be considered in addition to, but not as a substitute for, other measures reported in accordance with generally accepted accounting principles and may be inconsistent with similar measures presented by other companies.