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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : JANUARY 8, 2003
IDEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-10235 36-3555336
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
630 DUNDEE ROAD
NORTHBROOK, ILLINOIS 60062
(Address of principal executive offices, including zip code)
(847) 498-7070
(Registrant's telephone number)
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ITEM 5. OTHER INFORMATION
On January 8, 2003, IDEX Corporation announced that it expects fourth quarter
2002 sales and orders each to be approximately $190 million and net income to be
in the range of $11.5 to $12.5 million, or 35 to 38 cents per diluted share. In
the same 2001 period, sales and orders were $169 million and $161 million,
respectively, and net income was $4.3 million, or 14 cents per diluted share.
Net income in the fourth quarter of 2001 was unfavorably affected by two items
on an after tax basis - $3.0 million in goodwill amortization (which is not
currently subject to amortization under U.S. GAAP) and $3.6 million of
restructuring charges. In the third quarter of 2002, sales and orders each
totaled approximately $189 million and net income was $14.8 million, or 45 cents
per diluted share. IDEX will announce its actual 2002 fourth quarter and
full-year financial results on January 23, and hold its scheduled quarterly
conference call at 1:30 p.m. CST.
While the pace of incoming orders and sales has not substantially changed from
the third quarter, the mix of IDEX's business has, with sales from certain
higher margin base businesses in the Pump Products Group being lower than the
prior quarter. In addition, the estimated lower net income reflects investments
the Company is making to generate future top- and bottom-line growth, and
certain higher-than-normal expenses incurred in the quarter that are not
expected to continue in the future. The comparison of anticipated fourth quarter
results with the same 2001 period is expected to show that higher operating
income from increased sales volume will be largely offset by IDEX's investments
in the businesses and certain higher expenses.
While the anticipated fourth quarter performance will show a sequential decline
in earnings, IDEX's management believes the investments being made are sensible
for the future of the business. The Company remains committed to the operational
excellence and global sourcing initiatives. In addition, IDEX will continue to
fine-tune the resource levels in all of its operations based on the current
operating environment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IDEX CORPORATION
/s/ WAYNE P. SAYATOVIC
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Wayne P. Sayatovic
Senior Vice President--Finance,
And Chief Financial Officer
January 10, 2003