Roper (ROP) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Roper Industries, Inc.

Contact Information:
Chris Hix
Director of Investor Relations
+1 (770) 495-5100
investor-relations@roperind.com

FOR IMMEDIATE RELEASE

Roper Industries Announces Record First Quarter 2005 Results

Sales, Net Earnings, EBITDA, Cash Flow All Grow in Excess of 50%;
Acquisition Integration Ahead of Expectations

Duluth, Georgia, April 28, 2005 .... Roper Industries, Inc. (NYSE: ROP) reported record first quarter results for the period ended March 31, 2005. Diluted earnings per share (DEPS) were $0.65 in the quarter, a 33% increase over the comparable period in the prior year. Net sales were a record $334 million in the first quarter, an increase of $113 million, driven by internal growth and contributions from acquisitions. The Company achieved record orders of $331 million in its first quarter, an increase of 51%.

First quarter 2005 results include contributions from Roper’s new Radio Frequency (RF) segment businesses, TransCore and Inovonics. “We are quickly integrating these businesses into Roper and are pleased that they both performed ahead of expectations in the quarter,” said Brian Jellison, Roper’s Chairman, President and CEO. “We are making progress on our RF technology and market initiatives and remain excited about the growing potential for RF applications into targeted markets, such as security and asset tracking.”

During the first quarter, the Company reported $39 million of cash flow from operating activities, an increase of 51% over the prior year. This performance represents 138% of first quarter net earnings. EBITDA improved 63% to a record $70 million, and EBITDA margins improved 140 basis points to 20.8%.

“We are off to a great start in 2005,” said Mr. Jellison. “Our operating focus continues to produce solid results, including 7% internal sales and 10% internal order growth in the first quarter and a year-over-year decrease in net working capital from 21.2% to 17.9% of annualized quarterly net sales. These gains supported our strong margin and cash flow improvements in the quarter.”

The Company also provided a financial forecast for its second quarter ended June 30, 2005, expecting DEPS of $0.74-$0.79. Full year DEPS guidance was increased from $3.10-$3.30 to $3.15-$3.35, and the Company expects to produce at least $225 million of cash flow from operating activities in 2005.

Mr. Jellison commented that the Company is well positioned to execute its growth strategy. “Roper’s primary end markets — RF, energy, water and research — have attractive growth characteristics with lower cyclical risk. Our businesses are operating effectively, with a focus on growth and cash returns. We continue to see exciting opportunities for our disciplined acquisition process to supplement our growth platforms, supported by our considerable financial capacity, including $98 million of cash and our $400 million undrawn revolver.”

Conference Call to be Held at 10:00 AM (ET) Tomorrow

A conference call to discuss these results has been scheduled for 10:00 AM ET on Friday, April 29, 2005. The call can be accessed via webcast or by dialing +1 (800) 289-0569 (US/Canada) or +1 (913) 981-5542, using access code 3012405. Webcast information and conference call materials will be made available in the “Investor Information” section of Roper’s website (www.roperind.com) prior to the start of the call. Telephonic replays will be available for up to two weeks by calling +1 (719) 457-0820 and using the access code 3012405.

Table 1: Net Sales (Millions)

	Q1 2004		Q1 2005
Net Sales as Reported	$	221	$	334
Less: Net Sales from Acquisitions		(--)		(97	)
Internal Net Sales	$	221	$	237

Note to Table 1: To compute internal growth, the Company excludes sales from business units not owned for the entire length of the comparative periods being presented.

Table 2: Orders (Millions)

	Q1 2004		Q1 2005
Orders as Reported	$	220	$	331
Less: Orders from Acquisitions		(--)		(89	)
Internal Orders	$	220	$	242

Table 3: EBITDA (Millions)

	Q1 2004		Q1 2005
Net Earnings	$	18	$	28
Add: Interest Expense		7		10
Add: Income Taxes		8		13
Add: Depreciation and Amortization		10		18
Rounding		--		1
EBITDA	$	43	$	70

About Roper Industries

Roper Industries is a diversified industrial growth company providing engineered products and solutions for global niche markets. Additional information about Roper Industries, including registration to receive press releases via email, is available on the Company’s website,www.roperind.com.

The information provided in this press release contains forward looking statements within the meaning of the federal securities laws. These forward looking statements include, among others, statements regarding the prospects for newly acquired businesses to compete in their markets and contribute to future growth and profit expectations; our strategic goals, and our second quarter and full year 2005 outlook. Forward looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes” or “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of performance. They involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward looking statement. Such risks and uncertainties include our ability to integrate our acquisitions and realize expected synergies. We also face other general risks, including our ability to realize cost savings from our operating initiatives, unfavorable changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, difficulties in making and integrating acquisitions, risks associated with newly acquired businesses, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation and potential write-offs of our substantial intangible assets. Important risk may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

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Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in thousands)

	March 31, 2005			December 31, 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	98,225		$	129,419
Accounts receivable		245,668			242,014
Inventories		136,601			132,282
Deferred taxes		20,547			20,485
Other current assets		32,948			31,960
Total current assets		533,989			556,160
PROPERTY, PLANT AND EQUIPMENT, NET		97,312			97,949
OTHER ASSETS:
Goodwill		1,153,237			1,144,035
Other intangible assets, net		497,749			487,173
Deferred taxes		29,246			34,205
Other assets		44,541			46,882
Total other assets		1,724,773			1,712,295
TOTAL ASSETS	$	2,356,074		$	2,366,404
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	59,939		$	65,801
Accrued liabilities		131,968			145,880
Deferred taxes		4,330			5,342
Current portion of long-term debt		36,338			36,527
Total current liabilities		232,575			253,550
NONCURRENT LIABILITIES:
Long-term debt		844,539			855,364
Deferred taxes		128,566			125,984
Other liabilities		17,411			17,420
Total liabilities		1,223,091			1,252,318
STOCKHOLDERS' EQUITY:
Common stock		437			436
Additional paid-in capital		653,062			645,373
Retained earnings		438,674			415,188
Accumulated other comprehensive earnings		63,870			76,249
Treasury stock		(23,060	)		(23,160	)
Total stockholders' equity		1,132,983			1,114,086
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,356,074		$	2,366,404

Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in thousands, except per share data)

	Three months ended March 31,
	2005		2004
Net sales	$	333,837	$	220,640
Cost of sales		171,213		111,202
Gross profit		162,624		109,438
Selling, general and administrative expenses		110,760		76,466
Income from operations		51,864		32,972
Interest expense		10,377		6,903
Other income/(expense)		12		23
Earnings from continuing operations before
income taxes		41,499		26,092
Income taxes		13,488		7,958
Net Earnings	$	28,011	$	18,134
Earnings per share:
Basic	$	0.66	$	0.49
Diluted	$	0.65	$	0.49
Weighted average common and common
equivalent shares outstanding:
Basic		42,461		36,706
Diluted		43,157		37,286

Roper Industries, Inc. and Subsidiaries
Selected Segment Financial Data (unaudited)
(Amounts in thousands and percents of net sales)

	Three months ended March 31,
	2005					2004
	Amount		%			Amount		%
Net sales:
Instrumentation	$	54,506				$	49,125
Industrial Technology		102,487					93,118
Energy Systems & Controls		40,315					32,077
Scientific & Industrial Imaging		44,258					46,320
RF Technology		92,271					—
Total	$	333,837				$	220,640
Gross profit:
Instrumentation	$	31,605		58.0	%	$	29,231		59.5	%
Industrial Technology		44,913		43.8	%		37,485		40.3	%
Energy Systems & Controls		20,237		50.2	%		17,618		54.9	%
Scientific & Industrial Imaging		24,702		55.8	%		25,104		54.2	%
RF Technology		41,167		44.6	%		-
Total	$	162,624		48.7	%	$	109,438		49.6	%
Operating profit*:
Instrumentation	$	10,774		19.8	%	$	9,395		19.1	%
Industrial Technology		21,334		20.8	%		15,727		16.9	%
Energy Systems & Controls		7,953		19.7	%		4,801		15.0	%
Scientific & Industrial Imaging		6,817		15.4	%		6,995		15.1	%
RF Technology		11,173		12.1	%		-
Total	$	58,051		17.4	%	$	36,918		16.7	%
Net Orders:
Instrumentation	$	52,970				$	48,428
Industrial Technology		110,326					92,695
Energy Systems & Controls		39,644					33,894
Scientific & Industrial Imaging		44,947					45,070
RF Technology		83,285					—
Total	$	331,172				$	220,087

* Operating profit is before unallocated corporate general and administrative expenses. Such expenses were $6,187 and $3,946 for the three months ended March 31, 2005 and 2004, respectively.

Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands and percents of net sales)

	Three months ended March 31,
	2005			2004
Net earnings	$	28,011		$	18,134
Depreciation		7,429			4,478
Amortization		10,299			5,226
Other, net		(7,116	)		(2,255	)
Cash provided by operating activities		38,623			25,583
Business acquisitions, net of cash acquired		(54,772	)		(12,042	)
Capital expenditures		(5,062	)		(2,546	)
Other, net		(968	)		(483	)
Cash used by investing activities		(60,802	)		(15,071	)
Debt borrowings (payments), net		(8,407	)		(25,780	)
Issuance of common stock		6,548			28,879
Dividends		(4,507	)		(3,542	)
Other, net		--			2,656
Cash provided (used) by financing activities		(6,366	)		2,213
Effect of exchange rate changes on cash		(2,649	)		(602	)
Net increase in cash and equivalents		(31,194	)		12,123
Cash and equivalents, beginning of period		129,419			70,234
Cash and equivalents, end of period	$	98,225		$	82,357