Roper (ROP) 8-K Roper Industries Announces Record Third Quarter Results

Exhibit 99.1

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

Roper Industries Announces Record Third Quarter Results

Net Earnings Increase 49%; Sales Increase 25%; Orders Increase 31%; Operating Cash Flow Increases 60%; Guidance Raised

Sarasota, Florida, October 25, 2010 ... Roper Industries, Inc. (NYSE: ROP) reported record results for its third quarter ended September 30, 2010.

Net earnings for the third quarter were $84 million, a 49% increase over the third quarter of 2009, and diluted earnings per share (DEPS) were $0.87 compared to $0.61 in the prior year third quarter. Orders increased 31% to $654 million and sales increased 25% to $605 million, representing a 1.08 book-to-bill ratio.  Operating Cash Flow was a record $139 million.

Free cash flow represented 21.9% of sales and 158% of net earnings.  Third quarter gross margin expanded 260 basis points to 53.2% and operating margin increased 230 basis points to 21.2%.  EBITDA grew to $163 million, or 27.0% of sales.

“Roper performed exceptionally well in the third quarter,” said Brian Jellison, Roper’s Chairman, President and CEO.  “We achieved record levels in orders, sales, net earnings, DEPS, EBITDA and cash flow.  Our continued growth in orders and backlog gives us confidence that we will finish 2010 with record performance and enter 2011 with significant momentum.”

Third quarter results include the acquisition of iTradeNetwork which was completed on July 27, 2010.  “Our integration and international market development with iTradeNetwork is off to a good start, and we are excited about the growth prospects we see in all of our software businesses,” said Mr. Jellison.  “We saw substantial order growth in our businesses, led by Medical & Imaging (+81%), Industrial Technology (+35%) and Energy Systems & Controls (+29%).  Our backlog finished the third quarter at a record $770 million, up 39% from the prior year.”

Fourth Quarter and Full Year Guidance

Roper is increasing its full year DEPS guidance to $3.22-$3.26 from $3.05-$3.15, and establishing fourth quarter DEPS guidance of $0.96-$1.00.  The Company is increasing its guidance for operating cash flow to $465-$485 million from $425-$450 million.  The Company’s guidance excludes future acquisitions and the first quarter impact of acquisition-related inventory charges.

Table 1:

	Q3 Sales Growth	Q3 Orders Growth
Organic Growth	13.7%	19.6%
Acquisitions / Divestitures	11.9%	12.6%
Foreign Exchange	(1.0%)	(1.1%)
Total Growth	24.6%	31.1%

Table 2:  Free Cash Flow (millions)

	Q3 2010
Sales (A)	605.1
Net Earnings (B)	84.3
Operating Cash Flow	$139.1
Less: Capital Expenditures	(6.3)
Free Cash Flow (C)	$132.8
Free Cash Flow as % of Net Earnings (C)/(B)	158%
Free Cash Flow as % of Q2 Revenue (C)/(A)	22%

Table 3:  EBITDA (millions)

	Q3 2010
Net Earnings	$84.3
Add: Interest Expense	17.1
Add: Income Taxes	29.5
Add: Depreciation and Amortization	32.2
EBITDA	$163.1

Conference Call to be Held at 8:30 AM (ET) Today

A conference call to discuss these results has been scheduled for 8:30 AM ET on Monday, October 25, 2010. The call can be accessed via webcast or by dialing +1 888-280-4443 (US/Canada) or +1 719-325-2106, using confirmation code 4932667.  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 4932667.

About Roper Industries

Roper Industries is a market-driven, diversified growth company and is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. 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.  I mportant 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)

	September 30,			December 31,
	2010			2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	250,813		$	167,708
Accounts receivable		378,323			381,658
Inventories		180,929			178,795
Deferred taxes		28,941			27,306
Unbilled receivable		76,928			57,153
Other current assets		41,708			58,125
Total current assets		957,642			870,745
PROPERTY, PLANT AND EQUIPMENT, NET		105,878			109,493
OTHER ASSETS:
Goodwill		2,727,249			2,388,432
Other intangible assets, net		1,128,435			868,900
Deferred taxes		60,828			33,123
Other assets		76,095			57,043
Total other assets		3,992,607			3,347,498
TOTAL ASSETS	$	5,056,127		$	4,327,736
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	134,316		$	110,103
Accrued liabilities		269,309			253,441
Income taxes payable		-			-
Deferred taxes		9,933			1,671
Current portion of long-term debt		95,788			112,796
Total current liabilities		509,346			478,011
NONCURRENT LIABILITIES:
Long-term debt		1,380,742			1,040,962
Deferred taxes		466,356			328,299
Other liabilities		63,308			58,974
Total liabilities		2,419,752			1,906,246
STOCKHOLDERS' EQUITY:
Common stock		967			958
Additional paid-in capital		1,019,993			982,321
Retained earnings		1,583,997			1,395,586
Accumulated other comprehensive earnings		52,514			63,945
Treasury stock		(21,096	)		(21,320	)
Total stockholders' equity		2,636,375			2,421,490
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,056,127		$	4,327,736

Roper Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Earnings (unaudited)

(Amounts in thousands, except per share data)

	Three months ended September 30,				Nine months ended September 30,
	2010		2009		2010		2009
Net sales	$	605,088	$	485,676	$	1,706,633	$	1,496,030
Cost of sales		283,339		240,156		803,372		744,304
Gross profit		321,749		245,520		903,261		751,726
Selling, general and administrative expenses		193,516		153,648		555,125		477,098
Income from operations		128,233		91,872		348,136		274,628
Interest expense		17,134		14,437		49,608		41,708
Other income		2,631		105		1,421		2,917
Earnings from continuing operations before  income taxes		113,730		77,540		299,949		235,837
Income taxes		29,467		21,130		84,680		68,280
Net Earnings	$	84,263	$	56,410	$	215,269	$	167,557
Earnings per share:
Basic	$	0.89	$	0.62	$	2.29	$	1.85
Diluted	$	0.87	$	0.61	$	2.23	$	1.81
Weighted average common and common equivalent shares outstanding:
Basic		94,312		90,877		94,046		90,526
Diluted		96,671		92,908		96,374		92,635

Roper Industries, Inc. and Subsidiaries

Selected Segment Financial Data (unaudited)

(Amounts in thousands and percents of net sales)

	Three months ended September 30,										Nine months ended September 30,
	2010					2009					2010					2009
	Amount		%			Amount		%			Amount		%			Amount		%
Net sales:
Industrial Technology	$	161,205				$	130,538				$	442,007				$	397,730
Energy Systems & Controls		123,458					102,988					348,523					314,997
Scientific & Industrial Imaging		134,434					78,934					393,192					238,914
RF Technology		185,991					173,216					522,911					544,389
Total	$	605,088				$	485,676				$	1,706,633				$	1,496,030
Gross profit:
Industrial Technology	$	82,383		51.1	%	$	62,060		47.5	%	$	223,825		50.6	%	$	190,501		47.9	%
Energy Systems & Controls		65,590		53.1	%		52,464		50.9	%		183,884		52.8	%		164,123		52.1	%
Scientific & Industrial Imaging		82,610		61.5	%		44,169		56.0	%		238,427		60.6	%		132,385		55.4	%
RF Technology		91,166		49.0	%		86,827		50.1	%		257,125		49.2	%		264,717		48.6	%
Total	$	321,749		53.2	%	$	245,520		50.6	%	$	903,261		52.9	%	$	751,726		50.2	%
Operating profit*:
Industrial Technology	$	44,954		27.9	%	$	30,547		23.4	%	$	115,462		26.1	%	$	91,614		23.0	%
Energy Systems & Controls		28,611		23.2	%		19,214		18.7	%		76,606		22.0	%		59,926		19.0	%
Scientific & Industrial Imaging		31,193		23.2	%		14,818		18.8	%		88,323		22.5	%		43,300		18.1	%
RF Technology		37,155		20.0	%		38,918		22.5	%		104,060		19.9	%		115,724		21.3	%
Total	$	141,913		23.5	%	$	103,497		21.3	%	$	384,451		22.5	%	$	310,564		20.8	%
Operating profit excluding restructuring*:
Industrial Technology	$	44,954		27.9	%	$	31,494		24.1	%	$	115,462		26.1	%	$	95,931		24.1	%
Energy Systems & Controls		28,611		23.2	%		20,503		19.9	%		76,606		22.0	%		63,739		20.2	%
Scientific & Industrial Imaging		31,193		23.2	%		15,195		19.3	%		88,323		22.5	%		44,797		18.8	%
RF Technology		37,155		20.0	%		38,976		22.5	%		104,060		19.9	%		116,542		21.4	%
Total	$	141,913		23.5	%	$	106,168		21.9	%	$	384,451		22.5	%	$	321,009		21.5	%
Net Orders:
Industrial Technology	$	169,887				$	125,776				$	488,665				$	391,049
Energy Systems & Controls		135,224					104,593					377,484					298,551
Scientific & Industrial Imaging		152,499					84,329					418,874					235,433
RF Technology		196,265					184,243					555,427					534,251
Total	$	653,875				$	498,941				$	1,840,450				$	1,459,284

  *  Operating profit is before unallocated corporate general and administrative expenses.  These expenses

       were $13,680 and $11,625 for the three months ended September 30, 2010 and 2009, respectively and

       $36,315 and $35,936 for the nine months ended September 30, 2010 and 2009, respectively.

Roper Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

	Nine months ended
	September 30,
	2010			2009
Net earnings	$	215,269		$	167,557
Non-cash items:
Depreciation		27,271			25,828
Amortization		61,430			51,280
Stock-based compensation expense		19,384			20,821
Income taxes		10,943			(24,146	)
Changes in assets and liabilities:
Receivables		(13,118	)		53,303
Inventory		(7,277	)		14,496
Accounts payable		22,549			(22,354	)
Accrued liabilities		10,561			(42,375	)
Other, net		(2,594	)		3,439
Cash provided by operating activities		344,418			247,849
Business acquisitions, net of cash acquired		(536,413	)		(1,248	)
Capital expenditures		(20,391	)		(18,708	)
Other, net		1,815			6,983
Cash used by investing activities		(554,989	)		(12,973	)
Principal debt borrowings		-			500,000
Principal debt payments		(20,123	)		(466,186	)
Revolver borrowings (payments), net		318,000			(179,000	)
Debt issuance costs		-			(4,310	)
Dividends		(26,722	)		(22,343	)
Excess tax benefit from share-based payment		4,287			1,055
Proceeds from exercise of stock options		16,955			4,845
Other, net		922			(604	)
Cash provided/(used) by financing activities		293,319			(166,543	)
Effect of exchange rate changes on cash		357			9,622
Net increase in cash and equivalents		83,105			77,955
Cash and equivalents, beginning of period		167,708			178,069
Cash and equivalents, end of period	$	250,813		$	256,024