IDEX (IEX) 8-K Idex Corporation Reports Record Quarter — Second Quarter 2011 Results of 20% Sales Growth, 19% Orders Growth and 24% Adjusted Eps Growth

EXHIBIT 99.1

IDEX CORPORATION REPORTS RECORD QUARTER — SECOND QUARTER 2011 RESULTS OF
20% SALES GROWTH, 19% ORDERS GROWTH AND 24% ADJUSTED EPS GROWTH

LAKE FOREST, IL, July 20 – IDEX Corporation (NYSE: IEX) today announced its financial results for the three-month period ended June 30, 2011.

New orders in the quarter totaled $447 million, up 19 percent over the prior year period. Sales in the quarter totaled $454 million, 20 percent higher than the prior year period.

Second quarter 2011 reported operating income was $80 million, resulting in an operating margin of 17.5 percent, up 90 basis points from the prior year reported operating margin. Adjusted for a $3.0 million CVI Melles Griot non-cash acquisition fair value inventory charge, second quarter adjusted operating margin was 18.2 percent, up 130 basis points from the prior year adjusted operating margin, which excluded restructuring-related charges. In addition, reported operating income in the second quarter of 2011 was negatively impacted by approximately $3.7 million of acquisition related costs, partially offset by a $2.8 million gain from the sale of a facility.

Second quarter reported EPS was 60 cents, an increase of 11 cents, or 22 percent, from the second quarter of the prior year reported EPS of 49 cents. Excluding the effect of the inventory charge referenced above, adjusted EPS was 62 cents and 24 percent higher than prior year adjusted EPS of 50 cents.

Second Quarter 2011 Highlights

• Orders increased 19 percent compared to the prior year (+8 percent organic, +7 percent acquisitions and +4 percent foreign currency translation).

• Sales increased 20 percent compared to the prior year (+8 percent organic, +8 percent acquisitions and +4 percent foreign currency translation).

• Operating margin for the second quarter was up 90 basis points on a reported basis and up 130 basis points on an adjusted basis.

• Reported net income of $50 million was $10 million, or 24 percent, higher than the prior year reported net income.

• Reported EPS of 60 cents was 11 cents, or 22 percent, higher than the prior year reported EPS.

• Adjusted EPS of 62 cents was 12 cents, or 24 percent, higher than the prior year adjusted EPS.

• EBITDA of $97 million was 21 percent of sales and covered interest expense by more than 14 times.

• Free cash flow was $46 million.

“The IDEX team delivered another very strong quarter. We continue to take advantage of healthy secular trends and capture share in our target end markets. In particular, we experienced broad based, better than expected results across the Fluid and Metering segment in the quarter. Our new acquisitions are performing extremely well and margin continues to improve as a result of fixed cost leverage and solid productivity gains.

We have invested significantly in the business for long-term growth and to ensure short-term supply chain flexibility. We will continue to acquire Health and Science and Fluid and Metering businesses this year supported by our very strong balance sheet.

Our newest acquisition, CVI Melles Griot, will be accretive this year excluding the impact of non-cash acquisition inventory charges. Accordingly, we are expecting EPS for the third quarter to be 60 to 62 cents and we are increasing full year EPS to a range of $2.40 to $2.46, up 21 to 24 percent versus 2010. This full year EPS guidance assumes higher interest expense in the fourth quarter from an anticipated debt issuance. As we build and integrate the Optics/Photonics platform, we expect to improve profitability and drive further accretion.

While the macro environment remains mixed, we are well positioned and anticipate continued strong performance for the remainder of the year.”

Lawrence D. Kingsley
Chairman and Chief Executive Officer

Second Quarter 2011 Business Highlights (2010 adjusted operating margin excludes restructuring-related charges)

Fluid & Metering Technologies

• Sales in the second quarter of $205 million reflected a 22 percent increase compared to the second quarter of 2010 (+16 percent organic, +2 percent acquisitions and +4 percent foreign currency translation).

• Operating margin of 19.6 percent represented a 180 basis point improvement compared to the second quarter 2010 adjusted operating margin. The improvement in operating margin was primarily related to higher volumes and productivity.

Health & Science Technologies

• Sales in the second quarter of $144 million reflected a 36 percent increase compared to the second quarter of 2010 (+10 percent organic, +23 percent acquisitions and +3 percent foreign currency translation).

• Operating margin adjusted for the $3 million non-cash acquisition fair value inventory charge associated with the CVI Melles Griot acquisition was 21.6 percent representing a 130 basis point increase compared to the second quarter 2010 adjusted operating margin. The improvement in the 2011 adjusted operating margin was the result of higher volumes and productivity.

Dispensing Equipment

• Sales in the second quarter of $36 million reflected a 12 percent decrease compared to the second quarter of 2010 (-21 percent organic and +9 percent for foreign currency translation) due to the prior year North American replenishment program.

• Operating margin of 28.7 percent represented a 510 basis point improvement compared to the second quarter of 2010 operating margin, primarily due to a $2.8 million gain from the sale of a facility in Italy.

Fire & Safety/Diversified Products

• Sales in the second quarter of $69 million reflected an 8 percent increase compared to the second quarter of 2010 (+3 percent organic and +5 percent for foreign currency translation).

• Operating margin of 23.9 percent represented a 200 basis point improvement compared to the second quarter 2010 adjusted operating margin. The improvement in operating margin was primarily related to favorable product mix.

For the second quarter of 2011,Fluid & Metering Technologies contributed 45 percent of sales and 42 percent of operating income; Health & Science Technologies accounted for 32 percent of sales and 30 percent of operating income; Dispensing Equipment accounted for 8 percent of sales and 11 percent of operating income; and Fire & Safety/Diversified Products represented 15 percent of sales and 17 percent of operating income.

IDEX Closes on CVI Melles Griot

On May 10, 2011, IDEX announced a definitive agreement to acquire all of the outstanding membership interest of CVI Melles Griot. On June 10, 2011, IDEX completed the acquisition of CVI Melles Griot. CVI Melles Griot operates within IDEX’s Health & Science Technologies segment as a part of the IDEX optics and photonics platform.

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
	June 30,						March 31,
	2011			2010			Change			2011			Change
Income before Taxes	$	73.3		$	59.4			23	%	$	70.4			4	%
Depreciation and Amortization		17.0			15.4			10			15.6			9
Interest		6.7			3.6			87			6.4			4
EBITDA	$	97.0		$	78.4			24		$	92.4			5
Cash Flow from Operating Activities	$	51.7		$	68.6			(25)	%	$	29.1			78	%
Capital Expenditures		(7.2	)		(10.0	)		(28	)		(11.4	)		(37	)
Excess Tax Benefit from Stock-Based Compensation		1.6			1.7			(5	)		2.4			(31	)
Free Cash Flow	$	46.1		$	60.3			(23	)	$	20.1			n/m

Conference Call to be Broadcast over the Internet

IDEX will broadcast its second quarter earnings conference call over the Internet on Thursday, July 21, 2011 at 9:30 a.m. CT. Chairman and Chief Executive Officer Larry Kingsley 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 atwww.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 800.642.1687 (or 706.645.9291 for international participants) using the ID # 66065698.

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, dispensing equipment, 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 Web site at
www.idexcorp.com.

(Tables follow)

IDEX CORPORATION
Condensed Statements of Consolidated Operations
(in thousands except per share amounts)
(unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011			2010
Net sales	$	453,798	$	378,526	$	880,887		$	734,124
Cost of sales		268,959		223,705		517,348			431,762
Gross profit		184,839		154,821		363,539			302,362
Selling, general and administrative expenses		105,210		91,010		206,189			178,791
Restructuring expenses		—		1,031		—			2,898
Operating income		79,629		62,780		157,350			120,673
Other income (expense) — net		347		239		(560	)		493
Interest expense		6,720		3,599		13,174			7,033
Income before income taxes		73,256		59,420		143,616			114,133
Provision for income taxes		23,074		19,022		45,483			37,110
Net income	$	50,182	$	40,398	$	98,133		$	77,023
Earnings per Common Share:
Basic earnings per common share(a)	$	0.61	$	0.50	$	1.19		$	0.95
Diluted earnings per common share(a)	$	0.60	$	0.49	$	1.17		$	0.94
Share Data:
Basic weighted average common shares outstanding		82,151		80,369		81,790			80,225
Diluted weighted average common shares outstanding		83,778		81,800		83,507			81,655

Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

	June 30,		December 31,
	2011		2010
Assets
Current assets
Cash and cash equivalents	$	202,961	$	235,136
Receivables — net		270,234		213,553
Inventories		282,381		196,546
Other current assets		58,429		47,523
Total current assets		814,005		692,758
Property, plant and equipment — net		231,538		188,562
Goodwill and intangible assets		1,857,328		1,488,393
Other noncurrent assets		20,449		11,982
Total assets	$	2,923,320	$	2,381,695
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable	$	128,117	$	104,055
Accrued expenses		122,894		117,879
Short-term borrowings		85,020		119,445
Dividends payable		14,095		12,289
Total current liabilities		350,126		353,668
Long-term borrowings		793,117		408,450
Other noncurrent liabilities		269,215		243,917
Total liabilities		1,412,458		1,006,035
Shareholders’ equity		1,510,862		1,375,660
Total liabilities and shareholders’ equity	$	2,923,320	$	2,381,695

-more-

IDEX CORPORATION
Company and Business Group Financial Information
(dollars in thousands)
(unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011(b)			2010(c)			2011(b)			2010(c)
Fluid & Metering Technologies
Net sales	$	205,251		$	168,803		$	400,524		$	335,911
Operating income(d)		40,288			30,005			80,525			61,365
Operating margin		19.6	%		17.8	%		20.1	%		18.3	%
Depreciation and amortization	$	8,211		$	7,906		$	16,180		$	15,632
Capital expenditures		3,040			6,037			6,507			9,631
Health & Science Technologies
Net sales	$	144,119		$	106,231		$	277,754		$	199,522
Operating income(d) (e)		31,065			21,546			62,179			41,812
Operating margin		21.6	%		20.3	%		22.4	%		21.0	%
Depreciation and amortization	$	6,019		$	4,661		$	11,032		$	8,472
Capital expenditures		1,984			2,326			5,323			3,804
Dispensing Equipment
Net sales	$	36,146		$	41,135		$	68,304		$	74,689
Operating income(d)		10,377			9,716			16,016			16,470
Operating margin		28.7	%		23.6	%		23.4	%		22.1	%
Depreciation and amortization	$	901		$	1,131		$	1,924		$	2,164
Capital expenditures		426			459			850			642
Fire & Safety/Diversified Products
Net sales	$	69,046		$	63,991		$	135,775		$	127,392
Operating income(d)		16,488			14,041			31,991			27,464
Operating margin		23.9	%		21.9	%		23.6	%		21.6	%
Depreciation and amortization	$	1,474		$	1,346		$	2,793		$	2,798
Capital expenditures		951			1,012			2,211			1,876
Company
Net sales	$	453,798		$	378,526		$	880,887		$	734,124
Operating income(f)		82,629			63,811			160,350			123,571
Operating margin		18.2	%		16.9	%		18.2	%		16.8	%
Depreciation and amortization(g)	$	16,954		$	15,369		$	32,576		$	29,653
Capital expenditures		7,004			10,686			17,088			18,036

(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 month and six month data includes acquisitions of OBL (July 2010) in the Fluid & Metering Technologies segment and CVI (June 2011), Microfluidics (March 2011), Advanced Thin Films (January 2011), Fitzpatrick (November 2010) and Seals-PPE (April 2010) in the Health & Science Technologies segment from the date of acquisition.
(c)	Financial data has been revised to reflect the movement of the Pharma group from the Fluid & Metering Technologies segment to the Health & Science Technologies segment.
(d)	Group operating income excludes unallocated corporate operating expenses and 2010 restructuring-related charges.
(e)	Operating income within the Health & Science Technologies segment excludes the $3.0 million CVI Melles Griot non-cash acquisition fair value inventory charge in the second quarter of 2011.
(f)	Company operating income for the three and six month periods of 2011 excludes the $3.0 million CVI Melles Griot non-cash acquisition fair value inventory charge. Company operating income for the three and six month periods of 2010 excludes $1.0 million and $2.9 million, respectively, of restructuring-related charges.
(g)	Excludes amortization of debt issuance expenses.