Roper (ROP) 8-K Roper Industries Announces Results For 2008 Fourth Quarter and Full Year

Exhibit 99.1

Contact Information: Investor Relations 941-556-2601 investor-relations@roperind.com Roper Industries, Inc.

Roper Industries Announces Results For 2008 Fourth Quarter and Full Year

Q4 Diluted Earnings Per Share of $0.78; Operating Cash Flow Reaches 22% of Revenue

2008 Revenue Increased 10% to $2.3 Billion; Operating Cash Flow of $434 Million

Sarasota, Florida, February 5, 2009 .... Roper Industries, Inc.  (NYSE: ROP) reported financial results for the fourth quarter and full year ended December 31, 2008.

Fourth Quarter 2008

Net earnings for the fourth quarter were $72 million, or $0.78 per diluted share, which includes $0.02 for restructuring charges.  Excluding restructuring charges, adjusted earnings per diluted share were $0.80.  Sales in the fourth quarter were $576 million, a 3% increase over the same period in 2007, which includes 9% from acquisitions and a negative 3% each from foreign currency and organic growth.  Operating cash flow was $129 million, representing 22% of revenue and 179% of net earnings.

Full Year 2008

Full year 2008 sales increased 10% to $2.3 billion.  Operating cash flow increased 26% to $434 million, representing 19% of revenue and 152% of net earnings.  Net earnings for the full year were $287 million, or $3.06 per diluted share.  Included in the full year 2008 earnings per diluted share are the fourth quarter restructuring costs noted above, as well as the non-cash charge for the early termination of the Company’s secured credit facility recorded in the third quarter.  Excluding these items, adjusted diluted earnings per share were $3.10.

“We are pleased with the performance of our businesses in 2008,” said Brian Jellison, Roper’s Chairman, President and CEO.  “Our consistent focus on growth, cash flow generation and working capital management, and lean cost structures led to record 2008 performance.  Sales for the year grew 10%, EBITDA margin expanded 50 basis points to 25.7% and operating cash flow was exceptional at $434 million.  In addition, we successfully refinanced our debt early in the third quarter, achieved investment grade credit ratings and we enter 2009 with over $700 million in cash and available liquidity.

“End market and economic conditions worsened in the fourth quarter, particularly affecting order levels in our Energy Systems and Industrial Technology segments,” continued Mr. Jellison. “Fourth quarter results include a $3 million pre-tax charge for severance costs, affecting approximately 225 people, with annualized savings over $10 million.  The majority of these reductions have been completed.”

2009 Outlook and Guidance

Mr. Jellison said, “We are well positioned for what will be a difficult economy in 2009 based on the actions already completed and those underway, coupled with our asset-light business models, leading positions in niche markets, and proven ability to complete and integrate strategic acquisitions.  Our outlook for 2009 reflects growth from acquisitions completed in 2008 and benefits from completed restructuring actions, offset by 4% negative foreign currency headwinds and flat to low single digit negative organic growth.  We expect our Radio Frequency and Scientific and Industrial Imaging segments to perform well in 2009, reflecting operational improvements and growth in businesses acquired during 2008 that provide software and solutions to the education, transportation and infrastructure markets.  We expect these segments will largely offset the difficult economic environment for several end markets served by our Industrial Technology and Energy Systems segments, where our restructuring actions are driving strong operating performance, but currency translation will result in unfavorable revenue comparisons in 2009.”

The Company expects full year diluted earnings per share (DEPS) to be between $2.70 and $3.00 with operating cash flow above 130% of net earnings.  First quarter DEPS are expected to be between $0.55 and $0.60.  The Company’s guidance excludes restructuring costs and future acquisitions.

“Throughout the year we will continually review the positioning and performance of each of our businesses to ensure that their cost structures are appropriately aligned with the realities of their markets.  We will continue to build on existing strengths across our business units and utilize our financial strength to pursue disciplined acquisition opportunities,” Mr. Jellison concluded.

Table 1:  Sales Growth

	Q4 2008	FY 2008
Organic Growth	(3%)	3%
Acquisitions / Divestitures	9%	6%
Foreign Currency (FX)	(3%)	1%
Total Sales Growth	3%	10%

Table 2:  EBITDA (Millions)

	Q4 2008	FY 2008
Net Earnings	$72	$287
Add: Interest Expense	17	54
Add: Income Taxes	35	149
Add: Depreciation and Amortization	28	103
EBITDA	152	593

Conference Call to be Held at 2:00 PM (ET) Tomorrow

A conference call to discuss these results has been scheduled for 2:00 PM ET on Friday, February 6, 2009.  The call can be accessed via webcast or by dialing +1 888-262-8790 (US/Canada) or +1 913-312-1483, using confirmation code 3973242.  Webcast information and conference call materials will be made available in the Investors 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 3973242.

About Roper Industries

Roper Industries is a diversified growth company with annual revenues of $2.3 billion, and is a component of the Fortune 1000, S&P MidCap 400 and the Russell 1000 Indexes. Roper provides engineered products and solutions for global niche markets, including water, energy, radio frequency and research/medical applications. Additional information about Roper Industries is available on the Company’s website at 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 operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth and profit expectations.  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 future performance.  They involve risks and uncertainties that 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, general economic conditions, 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, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products.  Important risks 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.

# # #

Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in thousands)
	December 31,			December 31,
ASSETS	2008			2007
CURRENT ASSETS:
Cash and cash equivalents	$	178,069		$	308,768
Accounts receivable		376,855			359,808
Inventories		185,919			174,138
Deferred taxes		29,390			27,800
Unbilled receivable		61,168			60,218
Other current assets		26,906			20,405
Total current assets		858,307			951,137
PROPERTY, PLANT AND EQUIPMENT, NET		112,463			107,513
OTHER ASSETS:
Goodwill		2,118,852			1,706,083
Other intangible assets, net		804,020			613,505
Deferred taxes		28,050			23,854
Other assets		49,846			51,092
Total other assets		3,000,768			2,394,534
TOTAL ASSETS	$	3,971,538		$	3,453,184
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	121,807		$	115,809
Accrued liabilities		261,682			194,055
Income taxes payable		1,892			24,121
Deferred taxes		-			2,442
Current portion of long-term debt		233,827			331,103
Total current liabilities		619,208			667,530
NONCURRENT LIABILITIES:
Long-term debt		1,033,689			727,489
Deferred taxes		272,077			221,411
Other liabilities		42,826			46,948
Total liabilities		1,967,800			1,663,378
STOCKHOLDERS' EQUITY:
Common stock		919			910
Additional paid-in capital		798,486			757,318
Retained earnings		1,204,521			944,886
Accumulated other comprehensive earnings		21,513			108,732
Treasury stock		(21,701	)		(22,040	)
Total stockholders' equity		2,003,738			1,789,806
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,971,538		$	3,453,184

Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in thousands, except per share data)
	Three months ended					Twelve months ended
	December 31,					December 31,
	2008		2007			2008		2007
Net sales	$	575,862	$	560,084		$	2,306,371	$	2,102,049
Cost of sales		278,054		274,011			1,118,083		1,043,654
Gross profit		297,808		286,073			1,188,288		1,058,395
Selling, general and administrative expenses		178,753		162,264			702,127		620,041
Income from operations		119,055		123,809			486,161		438,354
Interest expense		16,847		12,238			53,680		52,195
Loss on extinguishment of debt		-		-			3,133		-
Other income/(expense)		5,169		(618	)		6,607		(2,502	)
Earnings before income taxes		107,377		110,953			435,955		383,657
Income taxes		35,316		38,723			149,440		133,624
Net Earnings	$	72,061	$	72,230		$	286,515	$	250,033
Earnings per share:
Basic	$	0.80	$	0.81		$	3.20	$	2.83
Diluted	$	0.78	$	0.77		$	3.06	$	2.68
Weighted average common and common
equivalent shares outstanding:
Basic		89,726		88,698			89,468		88,390
Diluted		92,336		93,916			93,699		93,229

Roper Industries, Inc. and Subsidiaries
Selected Segment Financial Data (unaudited)
(Amounts in thousands and percents of net sales)
	Three months ended December 31,										Twelve months ended December 31,
	2008					2007					2008					2007
	Amount		%			Amount		%			Amount		%			Amount		%
Net sales:
Industrial Technology		161,693					166,769					687,622					644,436
Energy Systems & Controls		137,576					155,376					548,214					516,420
Scientific & Industrial Imaging		93,336					99,121					375,542					376,163
RF Technology		183,257					138,818					694,993					565,030
Total	$	575,862				$	560,084				$	2,306,371				$	2,102,049
Gross profit:
Industrial Technology		79,985		49.5	%		82,293		49.3	%		333,704		48.5	%		310,700		48.2	%
Energy Systems & Controls		71,413		51.9	%		85,616		55.1	%		295,133		53.8	%		276,775		53.6	%
Scientific & Industrial Imaging		52,488		56.2	%		54,032		54.5	%		206,623		55.0	%		206,661		54.9	%
RF Technology		93,922		51.3	%		64,132		46.2	%		352,828		50.8	%		264,259		46.8	%
Total	$	297,808		51.7	%	$	286,073		51.1	%	$	1,188,288		51.5	%	$	1,058,395		50.4	%
Operating profit*:
Industrial Technology		41,643		25.8	%		44,029		26.4	%		178,270		25.9	%		164,750		25.6	%
Energy Systems & Controls		30,250		22.0	%		44,788		28.8	%		126,609		23.1	%		126,367		24.5	%
Scientific & Industrial Imaging		20,648		22.1	%		19,777		20.0	%		74,739		19.9	%		73,230		19.5	%
RF Technology		39,885		21.8	%		26,388		19.0	%		159,787		23.0	%		117,057		20.7	%
Total	$	132,426		23.0	%	$	134,982		24.1	%	$	539,405		23.4	%	$	481,404		22.9	%
Net Orders:
Industrial Technology		141,850					160,248					656,176					639,348
Energy Systems & Controls		138,919					149,288					541,472					525,899
Scientific & Industrial Imaging		93,937					99,735					383,543					377,653
RF Technology		184,046					149,979					722,670					575,100
Total	$	558,752				$	559,250				$	2,303,861				$	2,118,000
* Operating profit is before unallocated corporate general and administrative expenses. These expenses
were $13,371 and $11,173 for the three months ended December 31, 2008 and 2007, respectively, and
$53,244 and $43,050 for the twelve months ended December 31, 2008 and 2007, respectively.

Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
	Twelve months ended
	December 31,
	2008			2007
Net earnings	$	286,515		$	250,033
Depreciation		33,900			31,805
Amortization		69,208			61,375
Other, net		44,815			594
Cash provided by operating activities		434,438			343,807
Business acquisitions, net of cash acquired		(705,244	)		(106,942	)
Capital expenditures		(30,047	)		(30,107	)
Other, net		(4,003	)		(5,339	)
Cash used by investing activities		(739,294	)		(142,388	)
Debt borrowings, net		195,516			27,600
Issuance of common stock		-			-
Dividends		(25,887	)		(22,954	)
Other, net		18,290			24,902
Cash provided by financing activities		187,919			29,548
Effect of exchange rate changes on cash		(13,762	)		8,323
Net change in cash and equivalents		(130,699	)		239,290
Cash and equivalents, beginning of period		308,768			69,478
Cash and equivalents, end of period	$	178,069		$	308,768