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

Exhibit 99.1

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

Roper Announces Record Fourth Quarter and Full Year Results

Fourth Quarter DEPS of $1.23

Full Year Operating Cash Flow Increases to $602 Million

First Quarter and Full Year 2012 Guidance Established

Sarasota, Florida, February 2, 2012 ... Roper Industries, Inc.  (NYSE: ROP) reported financial results for the fourth quarter and full year ended December 31, 2011.

Fourth Quarter 2011

Net earnings for the fourth quarter were $122 million, or $1.23 per diluted share.  Sales in the fourth quarter were $739 million, a 9% increase over the same period in 2010.  Operating income was $187 million, representing 25.3% of sales, an increase of 80 basis points over the prior year.  Operating cash flow increased 24% to $193 million and represented 26% of sales.

“We achieved a new milestone in the fourth quarter as EBITDA reached $222 million and EBITDA margin expanded to an all-time record of 30.1% of sales” said Brian Jellison, Roper’s Chairman, President and CEO.  “Our businesses performed exceptionally well with 7% organic growth, continued margin expansion and record cash flow generation.”

Full Year 2011

“2011 was another terrific year for Roper as we once again achieved record levels for sales, orders, backlog, net earnings and cash flow,” Mr. Jellison said.  “Our leading positions in favorable niche markets combined with outstanding execution by our asset-light businesses delivered exceptional results.”

Net earnings for 2011 were $427 million, a 32% increase over 2010.  Sales for the year were $2.8 billion, up 17% over the prior year.  Gross margin expanded 80 basis points to 54.2%.  Operating income was $661 million and operating margin increased 200 basis points to 23.6%.  EBITDA reached $802 million for the year, representing 28.7% of sales.

Operating cash flow was $602 million.  Free cash flow reached $561 million, representing 20% of sales.  This marked the fourteenth consecutive year that free cash flow exceeded net income.

2012 Outlook and Guidance

Roper expects 2012 full year diluted earnings per share (DEPS) between $4.67 and $4.87 with expected first quarter DEPS between $1.01 and $1.05.  The Company’s guidance excludes future acquisitions.

“We enter 2012 with record year-end backlog, exciting opportunities and an expectation for continued growth and record performance.  Our balance sheet is exceptionally strong, providing us with significant financial capacity as we continue to execute our growth strategy,” concluded Mr. Jellison.

Table 1:  Sales Growth

	Q4 2011
Organic Growth	7%
Acquisitions / Divestitures	2%
Foreign Currency	-
Total Sales Growth	9%

Table 2:  Free Cash Flow ($M)

	2011
Operating Cash Flow	$602
Less:  Capital Expenditures	(41)
Free Cash Flow	$561

Table 3:  EBITDA ($M) and EBITDA Margins

	Q4 2011	FY 2011
Net Earnings	$121.7	$427.2
Less: Remeasurement Gain on Intercompany Debt, Pre-Tax		(6.9)
Add:  Interest Expense	15.4	63.6
Add:  Income Taxes	49.7	177.7
Add:  Depreciation & Amortization	35.4	140.1
Rounding	-	0.2
EBITDA (A)	$222.2	$801.9
Revenue (B)	$739.2	$2,797.1
EBITDA Margin (A)/(B)	30.1%	28.7%

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 Thursday, February 2, 2012.  The call can be accessed via webcast or by dialing +1 888-283-6901 (US/Canada) or +1 719-325-2404, using confirmation code 9647718.  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 9647718.

About Roper Industries

Roper Industries is a 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, transportation, medical, education, and SaaS-based information networks. Additional information about Roper 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,
	2011			2010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	338,101		$	270,394
Accounts receivable		439,134			403,337
Inventories		204,758			178,559
Deferred taxes		38,004			32,894
Unbilled receivable		63,829			75,620
Other current assets		31,647			37,287
Total current assets		1,115,473			998,091
PROPERTY, PLANT AND EQUIPMENT, NET		108,775			103,487
OTHER ASSETS:
Goodwill		2,866,426			2,727,780
Other intangible assets, net		1,094,142			1,104,513
Deferred taxes		63,006			57,850
Other assets		71,595			77,803
Total other assets		4,095,169			3,967,946
TOTAL ASSETS	$	5,319,417		$	5,069,524
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	141,943		$	137,778
Accrued liabilities		322,904			298,080
Income taxes payable		8,895			-
Deferred taxes		10,548			10,445
Current portion of long-term debt		69,906			93,342
Total current liabilities		554,196			539,645
NONCURRENT LIABILITIES:
Long-term debt		1,015,110			1,247,703
Deferred taxes		482,603			465,001
Other liabilities		72,412			66,268
Total liabilities		2,124,321			2,318,617
STOCKHOLDERS' EQUITY:
Common stock		987			971
Additional paid-in capital		1,117,093			1,045,286
Retained earnings		2,063,110			1,680,849
Accumulated other comprehensive earnings		33,800			43,978
Treasury stock		(19,894	)		(20,177	)
Total stockholders' equity		3,195,096			2,750,907
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	5,319,417		$	5,069,524

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,
	2011			2010			2011		2010
Net sales	$	739,204		$	679,479		$	2,797,089	$	2,386,112
Cost of sales		333,355			307,614			1,281,525		1,110,986
Gross profit		405,849			371,865			1,515,564		1,275,126
Selling, general and administrative expenses		218,495			205,707			855,025		760,832
Income from operations		187,354			166,158			660,539		514,294
Interest expense		15,383			16,925			63,648		66,533
Other income/(expense)		(548	)		(788	)		8,096		633
Earnings from continuing operations before
income taxes		171,423			148,445			604,987		448,394
Income taxes		49,747			41,134			177,740		125,814
Net Earnings	$	121,676		$	107,311		$	427,247	$	322,580
Earnings per share:
Basic	$	1.26		$	1.13		$	4.45	$	3.42
Diluted	$	1.23		$	1.10		$	4.34	$	3.34
Weighted average common and common
equivalent shares outstanding:
Basic		96,455			94,823			95,959		94,242
Diluted		98,662			97,517			98,386		96,653

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,
	2011					2010					2011					2010
	Amount		%			Amount		%			Amount		%			Amount		%
Net sales:
Industrial Technology	$	198,661				$	165,557				$	737,356				$	607,564
Energy Systems & Controls		172,034					155,374					597,802					503,897
Medical & Scientific Imaging		157,782					155,526					610,617					548,718
RF Technology		210,727					203,022					851,314					725,933
Total	$	739,204				$	679,479				$	2,797,089				$	2,386,112
Gross profit:
Industrial Technology	$	97,947		49.3	%	$	85,854		51.9	%	$	366,967		49.8	%	$	309,679		51.0	%
Energy Systems & Controls		99,356		57.8	%		86,622		55.8	%		331,746		55.5	%		270,506		53.7	%
Medical & Scientific Imaging		100,947		64.0	%		97,698		62.8	%		386,242		63.3	%		336,125		61.3	%
RF Technology		107,599		51.1	%		101,691		50.1	%		430,609		50.6	%		358,816		49.4	%
Total	$	405,849		54.9	%	$	371,865		54.7	%	$	1,515,564		54.2	%	$	1,275,126		53.4	%
Operating profit*:
Industrial Technology	$	58,032		29.2	%	$	46,547		28.1	%	$	208,188		28.2	%	$	162,009		26.7	%
Energy Systems & Controls		52,537		30.5	%		43,821		28.2	%		157,960		26.4	%		120,427		23.9	%
Medical & Scientific Imaging		39,377		25.0	%		42,235		27.2	%		148,376		24.3	%		130,558		23.8	%
RF Technology		52,464		24.9	%		46,651		23.0	%		202,877		23.8	%		150,711		20.8	%
Total	$	202,410		27.4	%	$	179,254		26.4	%	$	717,401		25.6	%	$	563,705		23.6	%
Net Orders:
Industrial Technology	$	184,051				$	181,217				$	767,020				$	669,882
Energy Systems & Controls		171,905					161,377					608,538					538,861
Medical & Scientific Imaging		153,335					160,083					612,787					578,957
RF Technology		185,390					193,109					834,903					748,536
Total	$	694,681				$	695,786				$	2,823,248				$	2,536,236

  *  Operating profit is before unallocated corporate general and administrative expenses.  These expenses were $15,056 and $13,096 for the three months ended December 31, 2011 and 2010, respectively, and $56,862 and $49,411 for the twelve months ended December 31, 2011 and 2010, respectively.

Roper Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

	Twelve months ended
	December 31,
	2011			2010
Net earnings	$	427,247		$	322,580
Non-cash items:
Depreciation		36,780			36,728
Amortization		103,363			86,293
Stock-based compensation expense		31,730			25,150
Income taxes		14,526			10,123
Changes in assets and liabilities:
Receivables		(21,574	)		(25,812	)
Inventory		(23,033	)		(5,687	)
Accounts payable		1,903			26,602
Accrued liabilities		22,444			25,938
Other, net		8,232			(2,375	)
Cash provided by operating activities		601,618			499,540
Business acquisitions, net of cash acquired		(233,594	)		(536,413	)
Capital expenditures		(40,702	)		(28,591	)
Other, net		(1,453	)		1,730
Cash used by investing activities		(275,749	)		(563,274	)
Principal debt payments		(26,457	)		(23,411	)
Revolver borrowings (payments), net		(230,000	)		190,000
Dividends		(42,090	)		(35,706	)
Excess tax benefit from share-based payment		12,664			6,364
Proceeds from exercise of stock options		28,167			29,047
Other, net		1,037			1,315
Cash provided by (used in) financing activities		(256,679	)		167,609
Effect of exchange rate changes on cash		(1,483	)		(1,189	)
Net increase (decrease) in cash and equivalents		67,707			102,686
Cash and equivalents, beginning of period		270,394			167,708
Cash and equivalents, end of period	$	338,101		$	270,394