Dover (DOV) 8-K Dover Reports Record First Quarter 2007 Results

Exhibit 99.1

CONTACT:	READ IT ON THE WEB
Paul Goldberg	www.dovercorporation.com
Treasurer and Director of Investor Relations
(212) 922-1640	April 25, 2007

DOVER REPORTS RECORD FIRST QUARTER 2007 RESULTS

New York, New York, April 25, 2007 — Dover Corporation (NYSE: DOV) announced that for the first quarter ended March 31, 2007, it had earnings from continuing operations of $138.8 million or $0.67 diluted earnings per share (“EPS”), compared to $131.3 million or $0.64 EPS from continuing operations in the prior-year period, representing increases of 6% and 5%, respectively. Revenue for the first quarter of 2007 was $1,780.2 million, an increase of 18% over the prior-year period.

Commenting on the first quarter results, Dover’s President and Chief Executive Officer, Ronald L. Hoffman, stated: “We are pleased to report that Dover delivered its best ever first quarter results with earnings of $0.67 per share, up 5% over the prior year. Revenue for the quarter was a record $1.8 billion, up 18% from the prior year with bookings setting an all time high of $1.9 billion, up 14% over last year.

“As expected, the quarter got off to a slow start and built sequentially into our best first quarter on record” said Hoffman. “All six segments posted revenue gains and four segments, Diversified, Electronics, Industries and Resources all showed double-digit earnings improvement. Diversified, Electronics and Industries recorded strong gains in operating leverage. These positive gains were partially offset by the expected slowdown in the Automation & Measurement group, ERP implementation costs coupled with new product development issues in the Product ID businesses and short term margin weakness in the Food Equipment group. Incoming order rates reflect continued strength in the Process Equipment, Mobile Equipment, Food Equipment, Packaging Equipment and Oil and Gas Equipment markets.

“As anticipated in our 2006 year-end call, acquisitions had a negative impact ($0.03 cents EPS) based on normal purchase accounting charges related to the Markem acquisition and softness in the construction markets impacting Paladin. We are very pleased with the initial progress being made at both Markem and Paladin to identify cost reduction and synergy opportunities to optimize their operations and we expect to show significant improvements during the year. As a whole, we are very satisfied that our industrial companies are performing well in this environment and they continue to benefit from our “PerformanceCOUNTS” initiatives.

“Looking forward to the second quarter and the remainder of the year, we expect our industrial businesses to show increased strength, particularly the Product Identification, Mobile Equipment and Oil and Gas Equipment groups. Our A & M group is also expected to improve sequentially, but will still reflect the impact of reduced demand compared to the prior year. In line with our normal seasonal trends and assuming the global economy remains healthy, we expect the second quarter to be significantly improved over this year’s first quarter and up over the second quarter of last year. We also anticipate full-year revenue and earnings will once again be record-setting, underscoring the strength and global engagement of our market-leading companies. In closing, I sincerely thank the

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dedicated employees of Dover, who continue to work tirelessly on our shareholders behalf by consistently delivering world-class performance.”

Organic revenue growth for the quarter was 3.8%, while growth from acquisitions and foreign currency were 12.0% and 2.1% respectively. Net earnings for the first quarter of 2007 were $128.9 million or $0.63 EPS, including a loss from discontinued operations of $9.9 million or $0.05 EPS, compared to net earnings of $203.8 million or $0.99 EPS for the same period of 2006, which included earnings from discontinued operations of $72.5 million or $0.35 EPS.

Dover will host a Webcast of its first quarter 2007 conference call at 8:00 AM Eastern Time on Wednesday, April 25, 2007. The Webcast can be accessed at the Dover Corporation website atwww.dovercorporation.com. The conference call will also be made available for replay on the website and additional information on Dover’s first quarter 2007 results and its operating companies can also be found on the Company website and in the Company’s Form 10-Q filed after this release.

Dover Corporation makes information available to the public, orally and in writing, which may use words like “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans” and “should,” which are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements concerning future events and the performance of Dover Corporation that involve inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, failure to achieve expected synergies, the impact of continued events in the Middle East on the worldwide economy, economic conditions, increases in the cost of raw materials, changes in customer demand, increased competition in the markets served by Dover Corporation’s operating companies, the impact of natural disasters, such as hurricanes, and their effect on global energy markets and other risks. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.

TABLES FOLLOW

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DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) (in thousands, except per share figures)

	Three Months Ended March 31,
	2007			2006
Revenue	$	1,780,187		$	1,510,213
Cost of goods and services		1,144,276			962,304
Gross profit		635,911			547,909
Selling and administrative expenses		420,431			335,492
Operating earnings		215,480			212,417
Interest expense, net		21,840			21,485
Other expense (income), net		(284	)		2,830
Total interest/other expense, net		21,556			24,315
Earnings before provision for income taxes and discontinued operations		193,924			188,102
Provision for income taxes		55,080			56,812
Earnings from continuing operations		138,844			131,290
Earnings (loss) from discontinued operations, net of tax		(9,913	)		72,538
Net earnings	$	128,931		$	203,828
Basic earnings per common share:
Earnings from continuing operations	$	0.68		$	0.65
Earnings (loss) from discontinued operations		(0.05	)		0.36
Net earnings		0.63			1.00
Weighted average shares outstanding		204,457			203,316
Diluted earnings per common share:
Earnings from continuing operations	$	0.67		$	0.64
Earnings (loss) from discontinued operations		(0.05	)		0.35
Net earnings		0.63			0.99
Weighted average shares outstanding		206,182			204,960
Dividends paid per common share	$	0.19		$	0.17

The following table is a reconciliation of the share amounts used in computing earnings per share:

	Three Months Ended March 31,
	2007		2006
Weighted average shares outstanding — Basic		204,457		203,316
Dilutive effect of assumed exercise of employee stock options and stock settled appreciation rights		1,725		1,644
Weighted average shares outstanding — Diluted		206,182		204,960
Anti-dilutive shares excluded from diluted EPS computation		3,400		6,193

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DOVER CORPORATION
MARKET SEGMENT INFORMATION
(unaudited) (in thousands)

	2006															2007
	Q1			Q2			Q3			Q4			YTD			Q1
REVENUE
Diversified	$	193,676		$	202,358		$	191,755		$	190,336		$	778,125		$	215,004
Electronics		199,496			222,751			225,469			232,969			880,685			222,418
Industries		218,743			226,072			233,744			242,311			920,870			230,460
Resources		425,162			435,341			463,853			517,135			1,841,491			551,980
Systems		181,285			234,124			217,543			201,902			834,854			205,584
Technologies		294,942			343,367			330,768			344,469			1,313,546			358,538
Intramarket eliminations		(3,091	)		(3,672	)		(3,453	)		(3,356	)		(13,572	)		(3,797	)
Total consolidated revenue	$	1,510,213		$	1,660,341		$	1,659,679		$	1,725,766		$	6,555,999		$	1,780,187
NET EARNINGS
Segment Earnings:
Diversified	$	22,584		$	23,384		$	24,308		$	19,779		$	90,055		$	26,969
Electronics		20,754			29,862			31,618			37,191			119,425			23,838
Industries		27,328			30,208			31,389			35,057			123,982			30,837
Resources		82,797			80,919			76,641			75,971			316,328			93,812
Systems		26,972			38,341			24,920			23,880			114,113			26,576
Technologies		47,712			60,684			52,257			46,075			206,728			29,924
Total segments		228,147			263,398			241,133			237,953			970,631			231,956
Corporate expense/other		(18,559	)		(18,692	)		(16,353	)		(17,174	)		(70,778	)		(16,192	)
Net interest expense		(21,486	)		(19,247	)		(17,183	)		(19,068	)		(76,984	)		(21,840	)
Earnings from continuing operations before provision for income taxes		188,102			225,459			207,597			201,711			822,869			193,924
Provision for income taxes		56,812			66,699			50,454			45,576			219,541			55,080
Earnings from continuing operations		131,290			158,760			157,143			156,135			603,328			138,844
Earnings (loss) from discontinued operations, net		72,538			(86,850	)		10,382			(37,615	)		(41,545	)		(9,913	)
Net earnings	$	203,828		$	71,910		$	167,525		$	118,520		$	561,783		$	128,931
SEGMENT OPERATING MARGIN
Diversified		11.7	%		11.6	%		12.7	%		10.4	%		11.6	%		12.5	%
Electronics		10.4	%		13.4	%		14.0	%		16.0	%		13.6	%		10.7	%
Industries		12.5	%		13.4	%		13.4	%		14.5	%		13.5	%		13.4	%
Resources		19.5	%		18.6	%		16.5	%		14.7	%		17.2	%		17.0	%
Systems		14.9	%		16.4	%		11.5	%		11.8	%		13.7	%		12.9	%
Technologies		16.2	%		17.7	%		15.8	%		13.4	%		15.7	%		8.3	%

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QUARTERLY EPS
(unaudited) (in thousands)

	2006										2007
	1 Qtr.		2 Qtr.			3 Qtr.		4 Qtr.			1 Qtr.
Basic earnings (loss) per common share:
Continuing operations	$	0.65	$	0.78		$	0.77	$	0.76		$	0.68
Discontinued operations		0.36		(0.43	)		0.05		(0.18	)		(0.05	)
Net earnings		1.00		0.35			0.82		0.58			0.63
Diluted earnings (loss) per common share:
Continuing operations	$	0.64	$	0.77		$	0.77	$	0.76		$	0.67
Discontinued operations		0.35		(0.42	)		0.05		(0.18	)		(0.05	)
Net earnings		0.99		0.35			0.82		0.58			0.63

DOVER CORPORATION
MARKET SEGMENT INFORMATION
(continued)
(unaudited) (in thousands)

	2006											2007
										Q4
	Q1		Q2		Q3		Q4			YTD		Q1
BOOKINGS
Diversified	$	208,245	$	210,061	$	199,207	$	213,243		$	830,756	$	219,406
Electronics		223,559		219,784		231,527		213,374			888,244		218,954
Industries		219,424		232,185		251,017		236,523			939,149		296,526
Resources		454,669		441,761		471,625		505,186			1,873,241		577,533
Systems		231,036		229,633		210,132		171,112			841,913		235,079
Technologies		339,124		325,101		307,885		325,609			1,297,719		361,759
BOOK-TO-BILL
Diversified		1.08		1.04		1.04		1.12			1.07		1.02
Electronics		1.12		0.99		1.03		0.92			1.01		0.98
Industries		1.00		1.03		1.07		0.98	��		1.02		1.29
Resources		1.07		1.01		1.02		0.98			1.02		1.05
Systems		1.27		0.98		0.97		0.85			1.01		1.14
Technologies		1.15		0.95		0.93		0.95			0.99		1.01
BACKLOG
Diversified	$	317,750	$	323,567	$	334,638	$	358,385			—	$	358,118
Electronics		165,253		163,182		169,151		150,143			—		184,260
Industries		234,174		251,301		282,234		288,835			—		360,037
Resources		196,379		203,757		249,040		237,987			—		262,845
Systems		223,843		218,360		211,939		181,530			—		210,850
Technologies		147,984		141,526		123,416		125,929			—		130,062