IDEX (IEX) Q4 2003 earnings summary

Executive summary

• FY2003 operations spanned engineered pumps and flow products, dispensing equipment, firefighting and rescue systems, and stainless-steel banding; products served diverse industrial and commercial markets worldwide.

• At Dec. 31, 2003, operations employed ~3,700 people and had ~2.9M sq. ft. of facilities, with 70% in the U.S.

Financial highlights

• Pump Products Group generated 57% of FY2003 sales and 55% of operating income; Dispensing Equipment Group generated 20% of both.

• Other Engineered Products Group represented 23% of sales and 25% of operating income in 2002, as stated in the segment description.

Outlook and guidance

• Production schedules and quantities were adjusted to incoming orders; backlog typically equaled ~1–1.5 months of production.

• Manufacturing capacity utilization was estimated at 40%–70% at each facility; inventory levels were generally managed to remain relatively stable based on expected industry requirements.