EX-99.1 2 y07548exv99w1.htm EX-99.1: ANNUAL UNAUDITED FINANCIAL INFORMATION EX-99.1
 

Exhibit 99.1

Dover Corporation Consolidated
Sales, Operating Profit and Other Data by Market Segment — Continuing Operations
(unaudited) (in thousands except % figures)

                         
For the Years Ended December 31,   2004     2003     2002
   
    (in thousands)  
Sales to unaffiliated customers:
                        
Diversified
   $ 763,237     $ 639,688     $ 602,178  
Electronics
     476,555       379,306       361,650  
Industries
     834,518       695,848       701,492  
Resources
     1,289,791       938,400       830,865  
Systems
     663,818       666,643       649,431  
Technologies
     1,469,458       1,102,200       914,244  
Inter-company sales
     (9,265 )     (8,789 )     (6,267 )
     
Consolidated sales
   $ 5,488,112     $ 4,413,296     $ 4,053,593  
     
Operating profit:
                        
Diversified
   $ 89,579     $ 69,646     $ 77,611  
Electronics
     41,181       32,540       13,585  
Industries
     96,558       74,779       89,078  
Resources
     209,369       129,262       116,917  
Systems
     70,355       85,772       75,950  
Technologies
     159,585       82,682       (14,099 )
Interest income, interest expense and general corporate expenses, net
     (114,481 )     (102,789 )     (95,673 )
     
Consolidated earnings before taxes on income
   $ 552,146     $ 371,892     $ 263,369  
     
Operating profit margin (pretax):
                        
Diversified
     11.7 %     10.9 %     12.9 %
Electronics
     8.6       8.6       3.8  
Industries
     11.6       10.7       12.7  
Resources
     16.2       13.8       14.1  
Systems
     10.6       12.9       11.7  
Technologies
     10.9       7.5       (1.5 )
     
Consolidated profit margin
     10.1 %     8.4 %     6.5 %
Total assets at December 31:
                        
Diversified
   $ 780,785     $ 753,420     $ 671,843  
Electronics
     534,067       417,335       389,930  
Industries
     627,515       621,259       597,316  
Resources
     1,478,145       1,214,965       772,634  
Systems
     320,832       299,800       304,210  
Technologies
     1,674,040       1,343,779       1,206,094  
Corporate (principally cash and equivalents and marketable securities)
     365,974       344,815       336,691  
     
Total continuing assets
   $ 5,781,358     $ 4,995,373     $ 4,278,718  
     
Assets from discontinued operations
     10,821       164,139       158,398  
     
Consolidated total
   $ 5,792,179     $ 5,159,512     $ 4,437,116  
     
Depreciation and amortization:
                        
Diversified
   $ 28,214     $ 28,325     $ 27,029  
Electronics
     23,226       21,175       23,228  
Industries
     15,069       16,872       17,960  
Resources
     45,056       33,513       34,774  
Systems
     13,043       14,122       13,664  
Technologies
     35,149       36,278       38,973  
Corporate
     1,088       1,024       1,318  
     
Consolidated total
   $ 160,845     $ 151,309     $ 156,946  
     
Capital expenditures:
                        
Diversified
   $ 20,118     $ 18,104     $ 18,495  
Electronics
     17,949       12,852       12,339  
Industries
     10,803       10,740       15,947  
Resources
     26,484       15,479       14,720  
Systems
     7,334       13,287       9,118  
Technologies
     24,426       24,388       25,395  
Corporate
     320       1,550       403  
     
Consolidated total
   $ 107,434     $ 96,400     $ 96,417  
 

 

 

Exhibit 99.1

DOVER CORPORATION
MARKET SEGMENT QUARTERLY RESULTS
(unaudited) (in thousands)

                                         
                    2004              
SALES   First     Second     Third     Fourth     Total  
     
Diversified
   $ 184,907     $ 196,591     $ 188,064     $ 193,675     $ 763,237  
Electronics
     110,372       113,261       118,015       134,907       476,555  
Industries
     195,603       210,201       210,248       218,466       834,518  
Resources
     290,792       315,610       337,139       346,250       1,289,791  
Systems
     147,631       159,031       180,732       176,424       663,818  
Technologies
     315,244       387,971       412,414       353,829       1,469,458  
Inter-company eliminations
     (2,169 )     (2,305 )     (2,416 )     (2,375 )     (9,265 )
     
Net sales
   $ 1,242,380     $ 1,380,360     $ 1,444,196     $ 1,421,176     $ 5,488,112  
     
EARNINGS                                        
Diversified
   $ 22,265     $ 23,992     $ 22,057     $ 21,265     $ 89,579  
Electronics
     11,103       10,383       9,179       10,516       41,181  
Industries
     21,060       26,216       24,930       24,352       96,558  
Resources
     47,248       55,392       55,823       50,906       209,369  
Systems
     15,579       15,913       18,289       20,574       70,355  
Technologies
     26,583       52,816       58,065       22,121       159,585  
     
Subtotal continuing operations
     143,838       184,712       188,343       149,734       666,627  
Corporate expense/other
     (11,463 )     (13,708 )     (13,696 )     (14,324 )     (53,191 )
Net interest expense
     (14,680 )     (15,324 )     (15,939 )     (15,347 )     (61,290 )
     
Earnings from continuing operations, before taxes on income
     117,695       155,680       158,708       120,063       552,146  
Federal and other taxes on income
     33,886       46,013       41,850       21,257       143,006  
     
Net earnings from continuing operations
   $ 83,809     $ 109,667     $ 116,858     $ 98,806     $ 409,140  
     
                                         
                    2003              
SALES   First     Second     Third     Fourth     Total  
     
Diversified
   $ 151,870     $ 166,010     $ 157,918     $ 163,890     $ 639,688  
Electronics
     90,224       94,553       94,537       99,992       379,306  
Industries
     156,567       173,387       175,113       190,781       695,848  
Resources
     213,098       220,275       231,025       274,002       938,400  
Systems
     157,772       168,858       170,152       169,861       666,643  
Technologies
     230,849       273,032       296,212       302,107       1,102,200  
Inter-company eliminations
     (2,007 )     (2,115 )     (2,048 )     (2,619 )     (8,789 )
     
Net sales
   $ 998,373     $ 1,094,000     $ 1,122,909     $ 1,198,014     $ 4,413,296  
     
EARNINGS                                        
Diversified
   $ 15,690     $ 20,487     $ 15,781     $ 17,688     $ 69,646  
Electronics
     8,862       8,489       7,696       7,493       32,540  
Industries
     15,017       17,259       18,299       24,204       74,779  
Resources
     30,832       29,781       34,629       34,020       129,262  
Systems
     21,242       21,877       21,365       21,288       85,772  
Technologies
     8,942       19,658       30,778       23,305       82,683  
     
Subtotal continuing operations
     100,585       117,551       128,548       127,998       474,682  
Corporate expense/other
     (8,525 )     (7,719 )     (12,848 )     (11,532 )     (40,624 )
Net interest expense
     (16,479 )     (15,666 )     (15,443 )     (14,578 )     (62,166 )
     
Earnings from continuing operations, before taxes on income
     75,581       94,166       100,257       101,888       371,892  
Federal and other taxes on income
     17,893       22,575       25,022       21,186       86,676  
     
Net earnings from continuing operations
   $ 57,688     $ 71,591     $ 75,235     $ 80,702     $ 285,216