EXHIBIT 99.1
IDEX CORPORATION EXPANDS NUMBER OF REPORTING SEGMENTS;
NEW STRUCTURE REFLECTS MORE FOCUSED MARKET STRATEGY
ALIGNED WITH EMERGING CUSTOMER NEEDS
NORTHBROOK, IL, JUNE 28 -- IDEX CORPORATION (NYSE: IEX) today announced the
expansion of its number of reporting segments from three to four segments.
Effective with the reporting of its financial results for the three months
ending June 30, 2006, IDEX's segments will be disclosed as:
o Fluid & Metering Technologies
o Health & Science Technologies
o Dispensing Equipment
o Fire & Safety/Diversified Products
"The new business structure reflects a more focused market strategy across all
businesses and provides a strong platform to support our future growth," said
Larry Kingsley, Chairman and Chief Executive Officer. "Through this new
structure, we will be better positioned to address emerging customer needs in
industrial fluid and metering technologies, health and science instrumentation
and equipment, dispensing, and fire and safety. The addition of a fourth segment
reflects our evolving capability and content for applied health and science
technologies."
Under the new structure, the Fluid & Metering Technologies segment will consist
of the following IDEX business units: Liquid Controls, Pulsafeeder, Viking,
Warren Rupp and Versa-Matic. The Health & Science Technologies segment will
include Gast Manufacturing, Micropump, Rheodyne, Scivex and recently-acquired
Eastern Plastics Inc. (EPI). The Dispensing Equipment segment will consist of
FAST, Fluid Management and Lubriquip. The Fire & Safety/Diversified Products
segment will include the company's Hale Products' fire suppression and rescue
tools businesses, as well as its BAND-IT engineered clamping business.
For informational purposes, the attached tables present the company's historical
financial data for fiscal years 2004 and 2005, as well as its quarterly
financial data for the previous five quarters, reflecting the new segments.
IDEX Corporation plans to issue its second quarter financial results on July 20,
2006.
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".
IDEX CORPORATION
Historical Financial Data Reflecting New Segment Structure
(Dollars in millions)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Q1 2006 Q1 2005 Q2 2005 Q3 2005 Q4 2005 FY 2005 FY 2004
---------- ---------- ---------- ---------- ---------- ---------- ----------
FLUID & METERING TECHNOLOGIES:
NET SALES ....................... $ 102,399 $ 93,471 $ 98,793 $ 98,205 $ 95,013 $ 385,482 $ 354,271
OPERATING INCOME ................ 19,277 15,316 18,283 19,293 18,316 71,208 61,145
OPERATING MARGIN ................ 18.8% 16.4% 18.5% 19.6% 19.3% 18.5% 17.3%
DEPRECIATION AND AMORTIZATION ... $ 2,251 $ 2,607 $ 2,545 $ 2,448 $ 2,295 $ 9,895 $ 9,614
CAPITAL EXPENDITURES ............ 1,132 2,500 2,539 1,461 1,741 8,241 10,781
HEALTH & SCIENCE TECHNOLOGIES:
NET SALES ....................... $ 63,021 $ 52,921 $ 59,541 $ 60,517 $ 62,520 $ 235,499 $ 188,292
OPERATING INCOME ................ 12,299 9,015 10,130 11,602 12,449 43,196 32,211
OPERATING MARGIN ................ 19.5% 17.0% 17.0% 19.2% 19.9% 18.3% 17.1%
DEPRECIATION AND AMORTIZATION ... $ 1,395 $ 1,519 $ 1,509 $ 1,450 $ 1,424 $ 5,902 $ 6,850
CAPITAL EXPENDITURES ............ 877 1,084 1,568 1,639 1,226 5,517 3,187
DISPENSING EQUIPMENT:
NET SALES ....................... $ 49,612 $ 51,327 $ 53,117 $ 40,936 $ 42,434 $ 187,814 $ 170,198
OPERATING INCOME ................ 11,432 11,578 13,230 7,882 8,095 40,785 33,489
OPERATING MARGIN ................ 23.0% 22.6% 24.9% 19.3% 19.1% 21.7% 19.7%
DEPRECIATION AND AMORTIZATION ... $ 1,199 $ 1,298 $ 1,298 $ 1,257 $ 1,357 $ 5,210 $ 5,616
CAPITAL EXPENDITURES ............ 766 951 903 1,012 958 3,824 2,769
FIRE & SAFETY/DIVERSIFIED PRODUCTS:
NET SALES ....................... $ 61,216 $ 55,572 $ 61,199 $ 59,388 $ 62,833 $ 238,992 $ 219,006
OPERATING INCOME ................ 13,675 11,561 13,988 14,972 16,161 56,682 47,120
OPERATING MARGIN ................ 22.3% 20.8% 22.9% 25.2% 25.7% 23.7% 21.5%
DEPRECIATION AND AMORTIZATION ... $ 1,533 $ 1,564 $ 1,487 $ 1,297 $ 1,348 $ 5,696 $ 6,012
CAPITAL EXPENDITURES ............ 1,137 791 995 854 1,717 4,357 3,204
COMPANY:
NET SALES ....................... $ 275,071 $ 252,058 $ 271,758 $ 257,930 $ 261,529 $1,043,275 $ 928,297
OPERATING INCOME ................ 48,461 40,695 48,132 46,649 47,311 182,787 149,384
OPERATING MARGIN ................ 17.6% 16.1% 17.7% 18.1% 18.1% 17.5% 16.1%
DEPRECIATION AND AMORTIZATION ... $ 6,489 $ 7,139 $ 6,990 $ 6,558 $ 6,441 $ 27,128 $ 28,636
CAPITAL EXPENDITURES ............ 4,121 5,707 6,160 5,287 5,840 22,994 21,097
IDEX CORPORATION
Historical Financial Data Reflecting New Segment Structure
(Dollars in millions)
-------- -------- -------- -------- -------- ---------- --------
Q1 2006 Q1 2005 Q2 2005 Q3 2005 Q4 2005 FY 2005 FY 2004
-------- -------- -------- -------- -------- ---------- --------
NET SALES:
FLUID & METERING TECHNOLOGIES:
EXTERNAL CUSTOMERS ............. $102,117 $ 93,238 $ 98,322 $ 97,779 $ 94,605 $ 383,944 $352,265
INTERSEGMENT SALES ............. 282 233 471 426 408 1,538 2,006
-------- -------- -------- -------- -------- ---------- --------
TOTAL GROUP SALES ........... 102,399 93,471 98,793 98,205 95,013 385,482 354,271
-------- -------- -------- -------- -------- ---------- --------
HEALTH & SCIENCE TECHNOLOGIES:
EXTERNAL CUSTOMERS ............. 62,128 51,923 59,122 59,828 61,658 232,531 186,836
INTERSEGMENT SALES ............. 893 998 419 689 862 2,968 1,456
-------- -------- -------- -------- -------- ---------- --------
TOTAL GROUP SALES ........... 63,021 52,921 59,541 60,517 62,520 235,499 188,292
-------- -------- -------- -------- -------- ---------- --------
DISPENSING EQUIPMENT:
EXTERNAL CUSTOMERS ............. 49,611 51,327 53,117 40,936 42,434 187,814 170,195
INTERSEGMENT SALES ............. 1 -- -- -- -- -- 3
-------- -------- -------- -------- -------- ---------- --------
TOTAL GROUP SALES ........... 49,612 51,327 53,117 40,936 42,434 187,814 170,198
-------- -------- -------- -------- -------- ---------- --------
FIRE & SAFETY/DIVERSIFIED PRODUCTS:
EXTERNAL CUSTOMERS ............. 61,215 55,570 61,197 59,387 62,832 238,986 219,001
INTERSEGMENT SALES ............. 1 2 2 1 1 6 5
-------- -------- -------- -------- -------- ---------- --------
TOTAL GROUP SALES ........... 61,216 55,572 61,199 59,388 62,833 238,992 219,006
-------- -------- -------- -------- -------- ---------- --------
INTERSEGMENT ELIMINATIONS ......... (1,177) (1,233) (892) (1,116) (1,271) (4,512) (3,470)
-------- -------- -------- -------- -------- ---------- --------
TOTAL NET SALES ................ $275,071 $252,058 $271,758 $257,930 $261,529 $1,043,275 $928,297
======== ======== ======== ======== ======== ========== ========
OPERATING INCOME:
FLUID & METERING TECHNOLOGIES ..... $ 19,277 $ 15,316 $ 18,283 $ 19,293 $ 18,316 $ 71,208 $ 61,145
HEALTH & SCIENCE TECHNOLOGIES ..... 12,299 9,015 10,130 11,602 12,449 43,196 32,211
DISPENSING EQUIPMENT .............. 11,432 11,578 13,230 7,882 8,095 40,785 33,489
FIRE & SAFETY/DIVERSIFIED PRODUCTS 13,675 11,561 13,988 14,972 16,161 56,682 47,120
CORPORATE OFFICE AND OTHER ........ (8,222) (6,775) (7,499) (7,100) (7,710) (29,084) (24,581)
-------- -------- -------- -------- -------- ---------- --------
TOTAL OPERATING INCOME ......... $ 48,461 $ 40,695 $ 48,132 $ 46,649 $ 47,311 $ 182,787 $149,384
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