Exhibit 99.1
Dover Corporation Consolidated
Sales, Operating Profit and Other Data by Market Segment — Continuing Operations
(unaudited) (in thousands except % figures)
For the Years Ended December 31, | 2004 | 2003 | 2002 | |||||||||
(in thousands) | ||||||||||||
Sales to unaffiliated customers: | ||||||||||||
Diversified | $ | 763,237 | $ | 639,688 | $ | 602,178 | ||||||
Electronics | 476,555 | 379,306 | 361,650 | |||||||||
Industries | 834,518 | 695,848 | 701,492 | |||||||||
Resources | 1,289,791 | 938,400 | 830,865 | |||||||||
Systems | 663,818 | 666,643 | 649,431 | |||||||||
Technologies | 1,469,458 | 1,102,200 | 914,244 | |||||||||
Inter-company sales | (9,265 | ) | (8,789 | ) | (6,267 | ) | ||||||
Consolidated sales | $ | 5,488,112 | $ | 4,413,296 | $ | 4,053,593 | ||||||
Operating profit: | ||||||||||||
Diversified | $ | 89,579 | $ | 69,646 | $ | 77,611 | ||||||
Electronics | 41,181 | 32,540 | 13,585 | |||||||||
Industries | 96,558 | 74,779 | 89,078 | |||||||||
Resources | 209,369 | 129,262 | 116,917 | |||||||||
Systems | 70,355 | 85,772 | 75,950 | |||||||||
Technologies | 159,585 | 82,682 | (14,099 | ) | ||||||||
Interest income, interest expense and general corporate expenses, net | (114,481 | ) | (102,789 | ) | (95,673 | ) | ||||||
Consolidated earnings before taxes on income | $ | 552,146 | $ | 371,892 | $ | 263,369 | ||||||
Operating profit margin (pretax): | ||||||||||||
Diversified | 11.7 | % | 10.9 | % | 12.9 | % | ||||||
Electronics | 8.6 | 8.6 | 3.8 | |||||||||
Industries | 11.6 | 10.7 | 12.7 | |||||||||
Resources | 16.2 | 13.8 | 14.1 | |||||||||
Systems | 10.6 | 12.9 | 11.7 | |||||||||
Technologies | 10.9 | 7.5 | (1.5 | ) | ||||||||
Consolidated profit margin | 10.1 | % | 8.4 | % | 6.5 | % | ||||||
Total assets at December 31: | ||||||||||||
Diversified | $ | 780,785 | $ | 753,420 | $ | 671,843 | ||||||
Electronics | 534,067 | 417,335 | 389,930 | |||||||||
Industries | 627,515 | 621,259 | 597,316 | |||||||||
Resources | 1,478,145 | 1,214,965 | 772,634 | |||||||||
Systems | 320,832 | 299,800 | 304,210 | |||||||||
Technologies | 1,674,040 | 1,343,779 | 1,206,094 | |||||||||
Corporate (principally cash and equivalents and marketable securities) | 365,974 | 344,815 | 336,691 | |||||||||
Total continuing assets | $ | 5,781,358 | $ | 4,995,373 | $ | 4,278,718 | ||||||
Assets from discontinued operations | 10,821 | 164,139 | 158,398 | |||||||||
Consolidated total | $ | 5,792,179 | $ | 5,159,512 | $ | 4,437,116 | ||||||
Depreciation and amortization: | ||||||||||||
Diversified | $ | 28,214 | $ | 28,325 | $ | 27,029 | ||||||
Electronics | 23,226 | 21,175 | 23,228 | |||||||||
Industries | 15,069 | 16,872 | 17,960 | |||||||||
Resources | 45,056 | 33,513 | 34,774 | |||||||||
Systems | 13,043 | 14,122 | 13,664 | |||||||||
Technologies | 35,149 | 36,278 | 38,973 | |||||||||
Corporate | 1,088 | 1,024 | 1,318 | |||||||||
Consolidated total | $ | 160,845 | $ | 151,309 | $ | 156,946 | ||||||
Capital expenditures: | ||||||||||||
Diversified | $ | 20,118 | $ | 18,104 | $ | 18,495 | ||||||
Electronics | 17,949 | 12,852 | 12,339 | |||||||||
Industries | 10,803 | 10,740 | 15,947 | |||||||||
Resources | 26,484 | 15,479 | 14,720 | |||||||||
Systems | 7,334 | 13,287 | 9,118 | |||||||||
Technologies | 24,426 | 24,388 | 25,395 | |||||||||
Corporate | 320 | 1,550 | 403 | |||||||||
Consolidated total | $ | 107,434 | $ | 96,400 | $ | 96,417 | ||||||
Exhibit 99.1
DOVER CORPORATION
MARKET SEGMENT QUARTERLY RESULTS
(unaudited) (in thousands)
2004 | ||||||||||||||||||||
SALES | First | Second | Third | Fourth | Total | |||||||||||||||
Diversified | $ | 184,907 | $ | 196,591 | $ | 188,064 | $ | 193,675 | $ | 763,237 | ||||||||||
Electronics | 110,372 | 113,261 | 118,015 | 134,907 | 476,555 | |||||||||||||||
Industries | 195,603 | 210,201 | 210,248 | 218,466 | 834,518 | |||||||||||||||
Resources | 290,792 | 315,610 | 337,139 | 346,250 | 1,289,791 | |||||||||||||||
Systems | 147,631 | 159,031 | 180,732 | 176,424 | 663,818 | |||||||||||||||
Technologies | 315,244 | 387,971 | 412,414 | 353,829 | 1,469,458 | |||||||||||||||
Inter-company eliminations | (2,169 | ) | (2,305 | ) | (2,416 | ) | (2,375 | ) | (9,265 | ) | ||||||||||
Net sales | $ | 1,242,380 | $ | 1,380,360 | $ | 1,444,196 | $ | 1,421,176 | $ | 5,488,112 | ||||||||||
EARNINGS | ||||||||||||||||||||
Diversified | $ | 22,265 | $ | 23,992 | $ | 22,057 | $ | 21,265 | $ | 89,579 | ||||||||||
Electronics | 11,103 | 10,383 | 9,179 | 10,516 | 41,181 | |||||||||||||||
Industries | 21,060 | 26,216 | 24,930 | 24,352 | 96,558 | |||||||||||||||
Resources | 47,248 | 55,392 | 55,823 | 50,906 | 209,369 | |||||||||||||||
Systems | 15,579 | 15,913 | 18,289 | 20,574 | 70,355 | |||||||||||||||
Technologies | 26,583 | 52,816 | 58,065 | 22,121 | 159,585 | |||||||||||||||
Subtotal continuing operations | 143,838 | 184,712 | 188,343 | 149,734 | 666,627 | |||||||||||||||
Corporate expense/other | (11,463 | ) | (13,708 | ) | (13,696 | ) | (14,324 | ) | (53,191 | ) | ||||||||||
Net interest expense | (14,680 | ) | (15,324 | ) | (15,939 | ) | (15,347 | ) | (61,290 | ) | ||||||||||
Earnings from continuing operations, before taxes on income | 117,695 | 155,680 | 158,708 | 120,063 | 552,146 | |||||||||||||||
Federal and other taxes on income | 33,886 | 46,013 | 41,850 | 21,257 | 143,006 | |||||||||||||||
Net earnings from continuing operations | $ | 83,809 | $ | 109,667 | $ | 116,858 | $ | 98,806 | $ | 409,140 | ||||||||||
2003 | ||||||||||||||||||||
SALES | First | Second | Third | Fourth | Total | |||||||||||||||
Diversified | $ | 151,870 | $ | 166,010 | $ | 157,918 | $ | 163,890 | $ | 639,688 | ||||||||||
Electronics | 90,224 | 94,553 | 94,537 | 99,992 | 379,306 | |||||||||||||||
Industries | 156,567 | 173,387 | 175,113 | 190,781 | 695,848 | |||||||||||||||
Resources | 213,098 | 220,275 | 231,025 | 274,002 | 938,400 | |||||||||||||||
Systems | 157,772 | 168,858 | 170,152 | 169,861 | 666,643 | |||||||||||||||
Technologies | 230,849 | 273,032 | 296,212 | 302,107 | 1,102,200 | |||||||||||||||
Inter-company eliminations | (2,007 | ) | (2,115 | ) | (2,048 | ) | (2,619 | ) | (8,789 | ) | ||||||||||
Net sales | $ | 998,373 | $ | 1,094,000 | $ | 1,122,909 | $ | 1,198,014 | $ | 4,413,296 | ||||||||||
EARNINGS | ||||||||||||||||||||
Diversified | $ | 15,690 | $ | 20,487 | $ | 15,781 | $ | 17,688 | $ | 69,646 | ||||||||||
Electronics | 8,862 | 8,489 | 7,696 | 7,493 | 32,540 | |||||||||||||||
Industries | 15,017 | 17,259 | 18,299 | 24,204 | 74,779 | |||||||||||||||
Resources | 30,832 | 29,781 | 34,629 | 34,020 | 129,262 | |||||||||||||||
Systems | 21,242 | 21,877 | 21,365 | 21,288 | 85,772 | |||||||||||||||
Technologies | 8,942 | 19,658 | 30,778 | 23,305 | 82,683 | |||||||||||||||
Subtotal continuing operations | 100,585 | 117,551 | 128,548 | 127,998 | 474,682 | |||||||||||||||
Corporate expense/other | (8,525 | ) | (7,719 | ) | (12,848 | ) | (11,532 | ) | (40,624 | ) | ||||||||||
Net interest expense | (16,479 | ) | (15,666 | ) | (15,443 | ) | (14,578 | ) | (62,166 | ) | ||||||||||
Earnings from continuing operations, before taxes on income | 75,581 | 94,166 | 100,257 | 101,888 | 371,892 | |||||||||||||||
Federal and other taxes on income | 17,893 | 22,575 | 25,022 | 21,186 | 86,676 | |||||||||||||||
Net earnings from continuing operations | $ | 57,688 | $ | 71,591 | $ | 75,235 | $ | 80,702 | $ | 285,216 | ||||||||||