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ROP · Roper Technologies

33 filings

10-K

ROP 10-K Annual Reports

Roper Technologies - 33 annual reports

Filing record · 2016–202610-K1110-Q338-K114

2025
Roper Technologies Annual Report, Year Ended Dec 31, 2025
Roper Technologies, Inc. (Nasdaq: ROP) reported 2025 net revenues of $7,902.5 million, up from $7,039.2 million in 2024, with organic revenue growth of 5.4% and acquisitions contributing 6.7 points of growth. Net earnings from continuing operations were $1,536.3 million, down from $1,549.3 million, and diluted EPS was $14.20 versus $14.35 in 2024. Income from operations rose to $2,235.4 million, while interest expense, net, increased to $325.0 million from $259.2 million, reflecting higher fixed-rate debt. Operating cash flow was $2,540.3 million, up from $2,393.2 million. The company deployed significant capital toward acquisitions in 2025, most notably CentralReach (approximately $1,850 million) and Subsplash (approximately $800 million), and total debt, excluding unamortized issuance costs, rose to $9,355.9 million from $7,669.2 million. Goodwill of $21,341.2 million represented roughly 62% of total assets of $34,577.0 million, and the filing states that management does not expect impairment in any reporting unit based on its 2025 qualitative assessment. Management also repurchased $500.0 million of stock in the fourth quarter and, from January 1 to February 20, 2026, repurchased a further $1,313.5 million, leaving $1,186.5 million available under the $3,000.0 million program. The Board raised the quarterly dividend to $0.91 per share from $0.825. The filing describes a decentralized, three-segment structure: Application Software ($4,483.0 million, 56.7% of revenue), Network Software ($1,600.8 million, 20.3%), and Technology Enabled Products ($1,818.7 million, 23.0%). Backlog rose 10.3% to $3,424.6 million. The company also notes the Indicor minority equity stake, valued at $796.3 million, and a 2025 cash tax benefit of approximately $150 million from the OBBBA's repeal of Section 174 capitalization.
Feb 24, 2026
2024
Roper Technologies Annual Report, Year Ended Dec 31, 2024
Roper Technologies, Inc. reported net revenues of $7,039.2 million for 2024, up from $6,177.8 million in 2023, an increase of 13.9% (organic growth of 5.8%, with acquisitions contributing 8.1%). Income from operations rose to $1,996.8 million from $1,745.2 million, and net earnings from continuing operations increased to $1,549.3 million from $1,368.4 million. Diluted EPS from continuing operations was $14.35 versus $12.74 in 2023. Operating cash flow from continuing operations was $2,393.2 million, up from $2,037.4 million. The company's growth in 2024 was driven largely by acquisitions, most notably Procare ($1,860.0 million) and Transact Campus ($1,607.0 million), which were combined with the Application Software segment. Application Software revenue rose to $3,868.3 million, Network Software to $1,475.6 million, and Technology Enabled Products to $1,695.3 million. Backlog declined 1.6% to $3,105.4 million, primarily due to lower Technology Enabled Products backlog. Leverage increased: total debt was $7,669.2 million (excluding debt issuance costs) at year-end 2024 versus $6,360.2 million a year earlier, mainly from $2,000.0 million of senior notes issued in 2024. Goodwill totaled $19,312.9 million, or 62% of total assets of $31,334.7 million, which the filing identifies as a key risk if future performance falls short. Roper also sold its Certinia equity investment for $245.6 million, and its Indicor minority stake is carried at $772.3 million under the fair value option.
Feb 24, 2025
2023
Roper Technologies Annual Report, Year Ended Dec 31, 2023
Roper Technologies, Inc. reported net revenues of $6,177.8 million for 2023, up 15.0% from $5,371.8 million in 2022, with organic revenue growth of 7.8% for the company as a whole. Net earnings from continuing operations were $1,368.4 million, and total net earnings were $1,384.2 million, compared with $4,544.7 million in 2022, a year that included large gains from the divestitures of TransCore and the majority stake in Indicor. Operating cash flow from continuing operations rose to $2,037.4 million from $606.6 million, driven mainly by lower cash taxes paid following the 2022 divestitures. Diluted earnings per share from continuing operations were $12.74, versus $9.23 in 2022. The company's three segments all grew in 2023. Application Software revenue was $3,186.9 million, Network Software was $1,439.4 million, and Technology Enabled Products was $1,551.5 million. Segment operating margins were 25.8%, 43.9%, and 33.4%, respectively. Backlog rose 8.4% to $3,156.6 million. Acquisitions included Syntellis for $1,381 million and Replicon for $447.5 million. In January 2024, Roper agreed to acquire Procare for approximately $1,860 million, with closing expected in the first quarter of 2024. Balance-sheet leverage remains a key consideration. Total debt, net of deferred financing costs, was $6,330.1 million at year-end 2023, and goodwill of $17,118.8 million represented 61% of total assets of $28,167.5 million. The company holds a 47.3% minority interest in Indicor, which is carried at fair value at $675.9 million after a $140.9 million fair value gain in 2023. The quarterly dividend was raised to $0.75 per share from $0.6825, a 10% increase.
Feb 22, 2024
2022
Roper Technologies Annual Report, Year Ended Dec 31, 2022
Roper Technologies, Inc. reported net revenues of $5.37 billion for 2022, up from $4.83 billion in 2021, with organic revenue growth of 9.4% for the company as a whole. Income from operations rose to $1.52 billion from $1.24 billion, and net earnings from continuing operations were $985.6 million. Total net earnings were $4.54 billion, driven largely by a $3.36 billion gain on disposition of discontinued operations, mainly from the Indicor Transaction, in which the company sold a 51% stake in its industrial businesses to Clayton, Dubilier & Rice, LLC and retained a 49% minority interest valued at $535.0 million. The company reorganized into three reportable segments: Application Software ($2.64 billion, 49.1% of revenues), Network Software ($1.38 billion, 25.7%), and Technology Enabled Products ($1.35 billion, 25.2%). Recurring software revenue was $2.94 billion of total revenue. Backlog rose 25.3% to $2.91 billion. The company acquired Frontline Education for $3.74 billion in October 2022 and completed six additional bolt-on acquisitions. On the balance sheet, total debt fell to $6.66 billion from $7.92 billion as the company repaid $800.0 million of senior notes and $470.0 million on its revolver. Cash and cash equivalents rose to $792.8 million, and goodwill totaled $15.95 billion, representing 59% of total assets of $26.98 billion. Operating cash flow from continuing operations was $606.6 million, down from $1.66 billion in 2021, reflecting $953.8 million of cash taxes paid on the 2021 divestitures and the Indicor Transaction.
Feb 27, 2023
2021
Roper Technologies Annual Report, Year Ended Dec 31, 2021
Roper Technologies, Inc. reported net revenues of $5,777.8 million for 2021, up from $4,854.2 million in 2020, with income from operations of $1,480.2 million and net earnings of $1,152.6 million, compared with $949.7 million in 2020. Growth was driven by the Vertafore acquisition and organic growth, with the filing citing organic revenue growth of 8.9% for the company overall. Backlog rose to $2,560.8 million at December 31, 2021, up 24.2% from $2,061.8 million. Net cash from operating activities was $2,011.9 million in 2021, versus $1,525.1 million in 2020. The company is in the midst of a portfolio reshaping. It signed agreements in 2021 to divest TransCore, Zetec and CIVCO Radiotherapy for an aggregate of approximately $3.2 billion in cash. CIVCO Radiotherapy closed in the fourth quarter of 2021 for approximately $120.0 million, and Zetec closed on January 5, 2022 for approximately $350.0 million. The TransCore sale, for approximately $2,680.0 million, is expected to close in the first quarter of 2022. These businesses are reported as discontinued operations for all periods presented, and the company describes the divestitures as enhancing its mix of high-margin, recurring revenue businesses. Balance sheet leverage declined during 2021. Total debt excluding unamortized issuance costs was $7,970.3 million, or 40.8% of total capital, down from $9,620.5 million (47.9%) a year earlier, after $1,150.0 million of revolver repayments and the redemption of $500.0 million of senior notes. Risk factors highlighted by the filing include pending Texas driver's license data class actions against subsidiary Vertafore, a patent suit against Verathon, and a $94.4 million non-cash impairment of the Sunquest trade name, which is being merged into CliniSys.
Feb 22, 2022
2020
Roper Technologies Annual Report, Year Ended Dec 31, 2020
Roper Technologies, Inc. (NYSE: ROP) reported net revenues of $5,527.1 million for 2020, up from $5,366.8 million in 2019, an increase of 3.0%. The company describes itself as a diversified technology company operating software (license and SaaS) and engineered products businesses across four segments: Application Software, Network Software & Systems, Measurement & Analytical Solutions, and Process Technologies. Net earnings fell to $949.7 million from $1,767.9 million, largely because 2019 included an $920.7 million pretax gain on the sale of the Imaging businesses and Gatan. Income from operations declined to $1,431.1 million from $1,498.4 million, and diluted EPS was $8.98 versus $16.82. The defining event of 2020 was capital deployment: Roper spent $6 billion on acquisitions, including about $5.4 billion for Vertafore, Inc., a SaaS provider to the property and casualty insurance industry. Funding came largely from $3,300.0 million of senior notes and $1,620.0 million of revolver borrowings, which pushed total debt to $9,566.5 million (net of issuance costs) from $5,275.3 million a year earlier. Goodwill rose to $14,395.2 million, representing 60% of total assets of $24,024.8 million, and the company stated its commitment to reducing debt. Operating cash flow was $1,525.1 million, up from $1,461.8 million, and the dividend was raised to $0.5625 per quarter from $0.5125, the twenty-eighth consecutive annual increase. The filing also discloses a data security incident at Vertafore, in which three data files containing Texas driver's license information were accessed without authorization, leading to three putative class actions that the company is vigorously defending.
Feb 22, 2021
2019
Roper Technologies Annual Report, Year Ended Dec 31, 2019
Roper Technologies, Inc. (NYSE: ROP) reported net revenues of $5.37 billion for 2019, up 3.4% from $5.19 billion in 2018, with organic growth of 2.8%. Net earnings rose to $1.77 billion ($16.82 diluted EPS) from $944.4 million ($9.05 diluted EPS in 2018), driven largely by a $920.7 million pretax gain on the disposal of the Imaging businesses and Gatan. Income from operations increased to $1.50 billion from $1.40 billion, and segment operating margin reached 31.1% versus 30.8%. The company describes itself as a diversified technology company operating software (license and SaaS) and engineered products businesses across four segments: Application Software, Network Software & Systems, Measurement & Analytical Solutions, and Process Technologies. During 2019 Roper completed four acquisitions, including iPipeline and Foundry, for an aggregate purchase price of $2.39 billion net of cash acquired, funded partly by $1.2 billion of senior notes. Cash provided by operating activities was $1.46 billion, and backlog grew 17.3% to $1.99 billion. Total debt excluding unamortized issuance costs was $5.3 billion at year-end, with $2.5 billion of undrawn revolver availability, and the company stated it was in compliance with all debt covenants. Goodwill of $10.8 billion represented 60% of total assets of $18.1 billion, which is a key concentration risk the filing highlights. The filing also notes a planned quarterly dividend increase to $0.5125 per share (from $0.4625), the twenty-seventh consecutive annual dividend increase, and an expected 2020 effective tax rate of 21% to 23%. The company's year-end 2019 goodwill impairment testing found no impairment, and the auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on both the financial statements and internal control over financial reporting.
Feb 28, 2020
2018
Roper Technologies Annual Report, Year Ended Dec 31, 2018
Roper Technologies, Inc. reported net revenues of $5.19 billion for 2018, up 12.7% from $4.61 billion in 2017, with organic growth of 9.4%, a net effect from acquisitions and divestitures of 2.9%, and a foreign exchange benefit of 0.4%. Operating income rose to $1.40 billion from $1.21 billion, and net earnings were $944.4 million, or $9.05 per diluted share, compared with $971.8 million in 2017. The 2017 result included a one-time net income tax benefit of $215.4 million from the Tax Act, so 2018 net earnings declined year over year even as operations grew. Cash provided by operating activities rose to $1.43 billion from $1.23 billion. The balance sheet carries substantial acquisition-related intangibles: goodwill of $9.35 billion and other intangible assets of $3.84 billion against total assets of $15.25 billion and stockholders' equity of $7.74 billion. Total consolidated indebtedness was $4.9 billion at year-end, and $1.6 billion was undrawn under the senior unsecured credit facility. Roper acquired seven businesses in 2018 for an aggregate purchase price of $1.28 billion, most notably PowerPlan. It also agreed to sell its Gatan business to Thermo Fisher for approximately $925.0 million and its Imaging businesses to Teledyne for $225.0 million, with the Imaging sale closing on February 5, 2019. Management reported that internal control over financial reporting was effective as of December 31, 2018, and PricewaterhouseCoopers LLP issued an unqualified opinion. The Board increased the quarterly dividend to $0.4625 per share from $0.4125, marking the twenty-sixth consecutive year of dividend increases. Backlog was $1.69 billion at year-end, and the filing states that it expects to recognize about 60% of remaining performance obligations within 12 months.
Feb 25, 2019
2017
Roper Technologies Annual Report, Year Ended Dec 31, 2017
Roper Technologies, Inc. (ROP) reported net revenues of $4.61 billion for 2017, up from $3.79 billion in 2016, an increase the filing attributes to acquisitions (16.3%) and organic growth (5.3%). Net earnings rose to $971.8 million from $658.6 million, but the increase was boosted by a one-time net income tax benefit of $215.4 million from the Tax Cuts and Jobs Act of 2017, which lowered the effective tax rate to 6.1% from 30.0% in 2016. Income from operations grew to $1.21 billion from $1.05 billion, while the consolidated operating margin, as the filing reports segment and total operating margins, declined to 29.3% from 31.2%. The balance sheet remains heavily leveraged with goodwill and intangibles dominating assets. Total debt was $5.2 billion at December 31, 2017, down from $6.2 billion, following the repayment of $400 million of senior notes and a $660 million revolver pay-down. Goodwill of $8.8 billion exceeded stockholders' equity of $6.9 billion and represented 62% of total assets of $14.3 billion. Cash provided by operating activities rose to $1.23 billion from $964 million. The company completed four acquisitions in 2017 for an aggregate purchase price of $152 million, and it expects its 2018 effective tax rate to be between 21% and 23%. The company also raised its quarterly dividend to $0.4125 per share from $0.35, an 18% increase, marking the twenty-fifth consecutive year of dividend increases. Management reports that the RF Technology segment, which generated $1.86 billion in revenue, drove much of the growth, while segment operating margin in RF Technology fell to 25.7% from 30.8% due to a higher mix of software businesses carrying higher SG&A.
Feb 23, 2018
2016
Roper Technologies Annual Report, Year Ended Dec 31, 2016
Roper Technologies, Inc. (NYSE: ROP) reported net sales of $3.79 billion for 2016, up from $3.58 billion in 2015, with an increase of 5.8% attributed to acquisitions of 6.8%, negative organic growth of 0.3%, and a negative foreign exchange impact of 0.7%. Net earnings were $658.6 million, down from $696.1 million in 2015, and diluted earnings per share were $6.43 compared with $6.85. Income from operations rose to $1.05 billion from $1.03 billion. Management attributed the 2016 results to a series of acquisitions, most notably Deltek Inc., acquired on December 27, 2016 in a $2.8 billion all-cash transaction. Operating activities generated $964 million of cash, while investing activities used $3.75 billion, primarily for business acquisitions. The acquisition program substantially increased leverage. Total debt rose to $6.2 billion at December 31, 2016, or 51.8% of total capital, compared with $3.3 billion, or 38.3%, a year earlier. Roper funded the buildout with $1.2 billion of senior notes issued in December 2016 and a new $2.5 billion revolving credit facility, of which $1.93 billion was drawn at year-end. The company amended its leverage covenant to allow a maximum consolidated total leverage ratio of 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017, up from a 3.5 to 1 limit. Total backlog grew 46.9% to $1.57 billion, driven largely by the RF Technology segment, where backlog increased 83.9%. Segment performance was mixed. Medical & Scientific Imaging was the largest segment at $1.36 billion of net sales, with a 35.0% operating margin, and RF Technology grew to $1.21 billion with a 30.8% operating margin. Industrial Technology sales declined 5.2% to $707 million, and Energy Systems & Controls fell 13% to $510 million, reflecting weakness in oil and gas markets. Goodwill totaled $8.6 billion, representing 60% of total assets of $14.3 billion, which the filing notes creates impairment risk if performance weakens. The Board raised the quarterly dividend to $0.35 per share from $0.30, effective with the January 23, 2017 payment.
Feb 27, 2017
2015
Roper Technologies Annual Report, Year Ended Dec 31, 2015
Roper Technologies, Inc. (filed as Roper Industries, Inc. until its April 24, 2015 name change) reported 2015 net sales of $3.58 billion, up from $3.55 billion in 2014, with net earnings of $696.1 million, or $6.85 per diluted share, compared with $646.0 million, or $6.40, in 2014. The company described the 1% sales increase as the result of acquisitions contributing 4%, negative organic growth of 0.3%, and a negative foreign exchange impact of 3%. Income from operations rose to $1.03 billion from $999.5 million, and operating cash flow was $928.8 million. The company completed eight business combinations in 2015 for an aggregate purchase price of $1.8 billion in cash, and sold Abel Pumps for a pretax gain of $70.9 million. Leverage increased materially. Total consolidated indebtedness was $3.29 billion at December 31, 2015, versus $2.2 billion a year earlier, driven by a $900 million senior notes issuance in December 2015 and revolver borrowings used for acquisitions. Goodwill rose to $5.82 billion and represented 57% of total assets of $10.2 billion. The company disclosed $1.7 billion of undrawn availability under its senior unsecured credit facility and stated it was in compliance with all debt covenants. Management expects the effective tax rate to rise in 2016, and the Board increased the quarterly dividend to $0.30 per share from $0.25. By segment, Medical & Scientific Imaging grew net sales 12.5% to $1.215 billion with an operating margin of 36.4%, while Energy Systems & Controls declined 15% to $587.7 million and Industrial Technology declined 10% to $745.4 million, both reflecting weakness in oil and gas markets. Net orders rose 0.3% to $3.55 billion and backlog rose 2.8% to $1.07 billion. A subsequent event after year-end was the acquisition of CliniSys Group Ltd. for £170 million in cash.
Feb 26, 2016
2014
Roper Technologies Annual Report, Year Ended Dec 31, 2014
Roper Industries, Inc. (ROP) reported net sales of $3.55 billion for 2014, up from $3.24 billion in 2013, an increase of 10%, with organic sales growth of 7% and acquisitions contributing 3%. Net earnings rose to $646.0 million ($6.40 diluted earnings per share) from $538.3 million ($5.37 diluted) in 2013. Income from operations was $999.5 million, and the company describes itself as a diversified technology company operating across four segments: Medical and Scientific Imaging ($1.08 billion in sales), RF Technology ($950.2 million), Industrial Technology ($827.1 million) and Energy Systems and Controls ($691.8 million). Medical and Scientific Imaging posted the strongest margin gain, with operating margin rising to 34.8% from 29.7%. Cash flow from operating activities was $840.4 million, and the company used $298.1 million in financing activities, mainly for debt repayments and dividends. Total debt was $2.2 billion at December 31, 2014, down from $2.5 billion a year earlier, and there were no outstanding borrowings under the $1.5 billion revolving credit facility. Acquisitions used $305.4 million in cash during 2014, including Foodlink Holdings, Innovative Product Achievements and Strategic Healthcare Programs. The quarterly dividend was raised to $0.25 per share from $0.20, and the filing reports goodwill of $4.71 billion, which equaled 56% of total assets of $8.41 billion. The filing also discloses a subsequent event: after year-end and before the filing date, the company acquired Strata Decision Technology LLC and Softwriters Inc. for an aggregate of $360 million in cash. Risk factors highlighted by the filing include indebtedness, foreign exchange exposure (23% of net sales from non-U.S. functional currency operations), goodwill concentration, and acquisition integration.
Feb 20, 2015
2013-A
Roper Technologies Annual Report (Amendment), Year Ended Dec 31, 2013
This filing by Roper Industries, Inc. (now Roper Technologies, Inc.) (ROP), dated April 28, 2014, consists of Part IV, Item 15 and an exhibit index. It states that the company's consolidated financial statements are set forth in Part II, Item 8 of the Original Filing, and that the required financial statement schedule (Schedule II, Consolidated Valuation and Qualifying Accounts) appears in the Original Filing. The filing itself presents no financial results, balance sheet, or income figures. The substance of this filing is its exhibit list, which documents the company's governing agreements and capital structure. Notable items include a Stock Purchase Agreement dated July 28, 2012 with Sunquest Holdings, Inc. and its selling shareholders, a Credit Agreement dated July 27, 2012 with JPMorgan Chase Bank, N.A. as administrative agent, and a set of senior note indentures and forms, including notes due 2017, 2018, 2019, and 2022. The exhibits also cover executive compensation arrangements, equity incentive plans, and director compensation, several of which are marked as management contracts or compensatory plans. The filing references several exhibits as filed herewith, including an Amended and Restated Certificate of Incorporation and Rule 13a-14(a)/15d-14(a) certifications from the Chief Executive Officer and Chief Financial Officer. Other exhibits are incorporated by reference to prior filings, and the XBRL exhibits are furnished with the Annual Report on Form 10-K filed February 21, 2014.
Apr 28, 2014
2013
Roper Technologies Annual Report, Year Ended Dec 31, 2013
Roper Industries, Inc. reported net sales of $3.24 billion for 2013, up from $2.99 billion in 2012, with the increase driven by acquisitions contributing 7% and organic growth of 1%. Income from operations rose to $842.4 million from $757.6 million, and net earnings reached $538.3 million, or $5.37 per diluted share, compared with $483.4 million, or $4.86 per diluted share, in 2012. Gross margin improved to 58.1% from 55.8%. Growth was led by the Medical and Scientific Imaging segment, whose net sales rose $198 million, or 28%, largely on the $1.0 billion acquisition of Managed Health Care Associates (MHA) in May 2013. Backlog grew to $1.05 billion at December 31, 2013 from $947.2 million a year earlier, and total net orders rose 11.9%. The balance sheet expanded materially with acquisitions. Total assets were $8.18 billion and total debt was $2.46 billion, with $2.45 billion classified as long-term, against $4.21 billion of stockholders' equity. Goodwill totaled $4.55 billion, representing 56% of total assets, and the filing notes that a write-off of goodwill or intangibles would affect results and total capitalization. Operating cash flow was $802.6 million, and cash used in investing activities was $1.12 billion, primarily for business acquisitions. The company issued $800 million of 2.050% senior notes due 2018 in June 2013 and repaid $500 million of notes that matured in August 2013. Management stated that its internal controls were effective as of December 31, 2013 and that PricewaterhouseCoopers LLP issued an unqualified opinion. The filing also notes that the quarterly dividend was increased to $0.20 per share from $0.165, payable January 24, 2014, and that one RF Technology reporting unit's fair value was less than 5% above its carrying value at year-end, a point investors may wish to monitor.
Feb 21, 2014
2012
Roper Technologies Annual Report, Year Ended Dec 31, 2012
Roper Industries, Inc. reported 2012 net sales of $2.99 billion, up from $2.80 billion in 2011, with net earnings of $483.4 million, or $4.86 per diluted share, compared with $427.2 million, or $4.34 per diluted share, in 2011. The filing attributes the sales increase to organic sales growth of 4% and acquisitions contributing 4%, partly offset by a 1% unfavorable foreign exchange effect. Growth was driven in large part by the August 22, 2012 all-cash acquisition of Sunquest Information Systems, Inc. for $1.416 billion, which the company says complements and expands its medical platform. The balance sheet became more leveraged. Total debt rose to $2.02 billion at December 31, 2012 from $1.09 billion a year earlier, and the filing describes total debt as 35.4% of total capital, up from 25.4%. Management notes a $1.5 billion revolving credit facility entered in July 2012, of which $100 million was drawn at year-end, and $1.4 billion of undrawn availability. The company issued $400 million of 1.850% notes due 2017 and $500 million of 3.125% notes due 2022 in November 2012. Goodwill of $3.87 billion represented 55% of total assets of $7.07 billion, a concentration the filing flags as a risk if future write-offs occur. Cash provided by operating activities was $677.9 million in 2012, and the company expects capital expenditures of 1.0% to 1.5% of annual net sales going forward. The Board raised the quarterly dividend to $0.165 per share from $0.1375, and backlog rose to $947.2 million at December 31, 2012 from $828.3 million. The filing reports no impairment from annual goodwill reviews.
Feb 25, 2013
2011
Roper Technologies Annual Report, Year Ended Dec 31, 2011
Roper Industries, Inc. reported net sales of $2,797,089 thousand ($2.80 billion) for 2011, up from $2,386,112 thousand in 2010, an increase of 17.2%, with organic sales growth of 12.7%, a 1.4% favorable foreign exchange effect and 3.1% from acquisitions. Net earnings rose to $427,247 thousand from $322,580 thousand, and diluted earnings per share were $4.34 versus $3.34. Income from operations was $660,539 thousand, and operating cash flow was $601.6 million. The company made three acquisitions in 2011 (NDI Holding Corp., United Controls Group, Inc. and Trinity Integrated Systems Ltd.) for an aggregate cash purchase price of $234 million. Total debt declined to $1.09 billion at December 31, 2011 from $1.34 billion a year earlier, as debt was repaid from operating cash, and the company stated that it expects to continue reducing debt in 2012. Goodwill of $2.87 billion represented 54% of total assets of $5.32 billion, and the company reported that each reporting unit's fair value was substantially in excess of its carrying value, with no impairment identified. Shareholders were told of a 25.0% increase in the quarterly dividend to $0.1375 per share, payable January 27, 2012. The filing also highlights the company's exposure to international operations, with 29% of net sales attributed to operations outside the U.S., and to asbestos-related litigation, for which the company states it is not possible to determine potential liability. Segment results show RF Technology as the largest segment by sales at $851.3 million, followed by Industrial Technology at $737.4 million.
Feb 24, 2012
2010
Roper Technologies Annual Report, Year Ended Dec 31, 2010
Roper Industries, Inc. (ROP) reported record 2010 results as a diversified growth company that designs, manufactures and distributes medical and scientific imaging products and software, energy systems and controls, industrial technology products and radio frequency (RF) products and services. Net sales rose to $2,386.1 million in 2010 from $2,049.7 million in 2009, an increase of 16.4%, with internal sales growth of 7.8% plus contributions from acquisitions. Net earnings were $322.6 million, or $3.34 per diluted share, compared with $239.5 million, or $2.58 per diluted share, in 2009. Gross profit margin improved to 53.4% from 50.9%, and income from operations reached $514.3 million. The company grew its order book sharply, with total orders of $2,536.2 million, up 25.3%, and backlog of $785.4 million at December 31, 2010, up 38.9%. Growth was driven largely by acquisitions, including iTradeNetwork ($523 million gross purchase price) and Heartscape, and by a broad recovery in industrial and medical end markets. Operating cash flow was $499.5 million, and capital expenditures were $28.6 million. Acquisitions consumed $536.4 million of cash in investing activities. Total debt was $1.34 billion at year-end, against $5.07 billion of total assets, with goodwill of $2.73 billion representing 54% of total assets. Stockholders' equity was $2.75 billion. The company disclosed that its quarterly dividend was raised to $0.110 per share from $0.095, and it was in compliance with all debt covenants. Investors should weigh the company's dependence on acquisitions for growth and the substantial goodwill and intangible asset balance, which the filing notes could be subject to material write-offs if performance declines.
Feb 25, 2011
2009
Roper Technologies Annual Report, Year Ended Dec 31, 2009
Roper Industries, Inc. (ROP) reported net sales of $2.05 billion for 2009, down from $2.31 billion in 2008, a decrease of 11.1%, which the company attributed to the worldwide economic slump. Net earnings were $239.5 million, or $2.58 per diluted share, compared with $281.9 million, or $3.01 per diluted share, in 2008. Income from operations was $395.4 million versus $486.2 million a year earlier, and the effective income tax rate fell to 29.5% from 34.3%, which the company attributed largely to foreign tax planning and the release of reserves for uncertain tax provisions. The company remained acquisitive during the downturn, completing two 2009 acquisitions for an aggregate purchase price of $353 million: United Toll Systems, LLC (October 30, 2009) and Verathon, Inc. (December 3, 2009). Total debt was $1.2 billion at December 31, 2009, or 32.3% of total capital, down from 38.7% a year earlier. The company completed a public offering of 2,300,000 shares of common stock in December 2009 for net proceeds of approximately $121.4 million, and it repaid its $350 million term loan in September 2009 using proceeds from a $500 million 6.25% senior note offering due 2019. For investors, the filing shows a company with $2.39 billion of goodwill, which represented 55% of total assets of $4.33 billion, and a meaningful sensitivity to macroeconomic conditions. Operating segments were mixed: RF Technology sales rose 3.3% to $717.8 million, while Energy Systems and Controls fell 19.6% and Industrial Technology fell 22.0%. The Board raised the quarterly dividend to $0.0950 per share from $0.0825, effective with the January 29, 2010 payment.
Feb 26, 2010
2008
Roper Technologies Annual Report, Year Ended Dec 31, 2008
Roper Industries, Inc. reported net sales of $2.31 billion for 2008, up from $2.10 billion in 2007, with net earnings of $286.5 million, or $3.06 per diluted share, compared with $250.0 million, or $2.68 per diluted share, in 2007. The filing attributes the sales increase to acquired companies and internal growth, with internal growth of 3.4% including a 1% foreign currency impact. Gross profit was 51.5% of net sales versus 50.4% in 2007. Growth was led by the RF Technology segment, where net sales rose $130.0 million, or 23.0%, to $695.0 million, and whose backlog grew to $365.7 million from $271.3 million. Six acquisitions were completed in 2008, most notably CBORD Holdings Corp. for $375 million of cash. The balance sheet became more leveraged. Total debt was approximately $1.27 billion at December 31, 2008, including a $500 million 6.625% senior notes issuance and a new $1.1 billion unsecured credit facility that replaced the prior $1.355 billion secured facility. Goodwill rose to $2.12 billion, which the filing notes was 53% of total assets of $3.97 billion. Cash provided by operating activities was $434.4 million, while acquisitions used $704.8 million of cash net of cash acquired, so cash and cash equivalents fell to $178.1 million from $308.8 million. The filing also reports a dividend increase: the quarterly dividend paid January 31, 2009 rose to $0.0825 per share from $0.0725, and the Company stated it had not hedged foreign currency risk. Investors should weigh the strong earnings and order growth against higher indebtedness, the large goodwill balance, and the filing's disclosure that asbestos-related claims cannot currently be quantified.
Mar 2, 2009
2007
Roper Technologies Annual Report, Year Ended Dec 31, 2007
Roper Industries, Inc. reported net sales of $2.10 billion for 2007, up from $1.70 billion in 2006, an increase of 23.6%, with internal growth of 14.5% including a 2% foreign currency impact. Net earnings rose to $250.0 million ($2.68 diluted EPS) from $193.3 million ($2.13 diluted EPS). Growth came from a full year of 2006 acquisitions plus six 2007 acquisitions (JLT, DJ Instruments, Roda Deaco, Dynamic Instruments, Black Diamond), all purchased for cash and financed through borrowings and operating cash flow. Operating cash flow was $343.8 million, and income from operations was $438.4 million, compared with $337.7 million in 2006. The balance sheet carries substantial leverage and goodwill. Total indebtedness was approximately $1.06 billion at year-end 2007, with about $344 million undrawn under the senior secured credit facility, which was expanded to $1.355 billion through an accordion feature in December 2007. Goodwill of $1.71 billion and intangible assets were a large share of total assets of $3.45 billion, and the filing notes that goodwill impairment could materially affect results. The company does not hedge foreign currency risk, and about 28% of sales were by non-U.S.-dollar functional currency companies. The filing also discloses a subsequent event: on February 20, 2008, Roper acquired The CBORD Group, Inc. in a transaction valued at $367 million, to be reported in the RF Technology segment. The quarterly dividend was raised to $0.0725 per share from $0.0650, an increase of 11.5%.
Feb 29, 2008
2006
Roper Technologies Annual Report, Year Ended Dec 31, 2006
Roper Industries, Inc. reported net sales of $1,700,734 thousand ($1.70 billion) for the year ended December 31, 2006, up from $1,453,731 thousand in 2005, an increase of 17.0% that the filing attributes to both acquired companies and strong internal growth. Net earnings rose to $193,324 thousand from $153,175 thousand, and diluted earnings per share were $2.13 versus $1.74. Income from operations was $337,653 thousand, and the company's four segments (Industrial Technology, Energy Systems and Controls, Scientific and Industrial Imaging, and RF Technology) all reported higher net sales. Cash provided by operating activities was $262.5 million, down from $281.3 million, which the filing says reflects higher tax payments in 2006. The company made five acquisitions in 2006 (Sinmed, Intellitrans, Lumenera, AC Controls and Dynisco), with Dynisco at an approximate $247 million gross cash purchase price on November 30, 2006. Total debt rose to $1.0 billion at December 31, 2006 (40.8% of total capital), compared with $894.3 million a year earlier, largely due to borrowings for Dynisco. Goodwill reached $1.65 billion against stockholders' equity of $1.49 billion, and the filing notes that a write-off of intangible assets would affect results and total capitalization. Backlog grew to $504.6 million from $380.4 million, and the Board raised the quarterly dividend to $0.06500 per share from $0.05875. The filing also flags risks including leverage under the $1.055 billion senior secured credit facility, foreign currency exposure (sales from non-U.S.-dollar functional currency companies were 29% of total sales), and the company's policy of not hedging foreign currency risk. The company expects its 2007 effective tax rate to rise to approximately 35.0% to 35.5%.
Mar 1, 2007
2005
Roper Technologies Annual Report, Year Ended Dec 31, 2005
Roper Industries, Inc. reported net sales of $1.45 billion for 2005, up from $969.8 million in 2004, and net earnings of $153.2 million, or $1.74 per diluted share, compared with $93.8 million ($1.24 per diluted share) in 2004. The filing attributes the growth to acquired companies and strong internal growth: acquisitions contributed approximately $413 million of the sales increase, with other business growth accounting for the remaining $71 million. The company is a diversified industrial company organized into five segments: Instrumentation, Industrial Technology, Energy Systems and Controls, Scientific and Industrial Imaging, and RF Technology. RF Technology, established through the December 2004 TransCore acquisition, contributed $396.6 million of 2005 net sales. During 2005 the company acquired Inovonics, CIVCO and MEDTEC for cash, with the acquisitions financed through borrowings under its credit agreement and cash from operations. Balance sheet leverage rose meaningfully. Total debt was $894.3 million at December 31, 2005, or 41.7% of total capital, and the company reported a working capital deficit of $7.4 million, reflecting $230 million of senior subordinated convertible notes reclassified to short-term debt after their conversion feature was triggered by the stock price. Cash provided by operating activities was $281.3 million in 2005, and capital expenditures were $24.8 million. Management expects the 2006 effective tax rate to rise to approximately 33.8% from 30.6% in 2005, as the company does not expect a recurrence of the 2005 benefit from repatriating foreign earnings. The filing also highlights risk factors tied to indebtedness, currency exposure (about 25% of 2005 net sales came from operations with non-dollar functional currencies), acquisition integration, and goodwill of $1.35 billion, which represented about 54% of total assets of $2.52 billion. The company paid a quarterly dividend of $0.05875 per share beginning January 31, 2006, an increase of 11%.
Mar 16, 2006
2004
Roper Technologies Annual Report, Year Ended Dec 31, 2004
Roper Industries, Inc. reported net sales of $969.8 million for the year ended December 31, 2004, up from $657.4 million in 2003, an increase of 47.5%, driven by acquisitions (NTGH, R/D Tech power generation, and TransCore) and strong internal growth. Net earnings rose to $93.9 million, or $2.48 per diluted share, compared with $45.2 million, or $1.41 per diluted share, in 2003. Income from operations was $171.3 million, and the gross profit percentage declined to 50.0% from 52.7%, which the company attributed largely to lower-margin NTGH sales and third-party sourced products. The company's largest development was the December 13, 2004 acquisition of TransCore Holdings, Inc., a provider of RFID and satellite-based communication technologies, for approximately $597 million net of cash acquired and outstanding debt. It was financed with a public offering of 5,000,000 common shares (gross proceeds of about $300.5 million) and a new $1.055 billion senior secured credit facility. Total debt rose to $891.9 million at year-end from $651.1 million, and stockholders' equity increased to $1.11 billion from $655.8 million. Management expects a tax rate of approximately 32.5% in 2005, higher than 2004's 29.8%, due mainly to TransCore's higher effective rate. The company is organized into five market-focused segments: Instrumentation, Industrial Technology, Energy Systems and Controls, Scientific and Industrial Imaging, and the newly created RF Technology segment. Backlog of firm unfilled orders reached $336.0 million at year-end, compared with $148.6 million a year earlier, primarily due to the inclusion of TransCore's backlog. The filing also notes asbestos-related lawsuits naming subsidiaries, which management says cannot yet be assessed for potential liability.
Mar 16, 2005
2003
Roper Technologies Annual Report, Year Ended Dec 31, 2003
Roper Industries, Inc. reported its annual results for the fiscal year ended December 31, 2003, a transition-affected year after changing its fiscal year-end from October 31 to December 31. Net sales were $657.4 million, up from $617.5 million for the twelve months ended October 31, 2002, with income from operations of $108.1 million and net earnings of $45.2 million, or $1.41 per diluted share. Results were affected by $5.9 million of restructuring expenses and a $25.1 million loss on extinguishment of debt. Gazprom, the largest single customer in the Energy Systems and Controls segment, accounted for approximately 16.4% of that segment's sales, down from 40.7% a year earlier, and net sales to Gazprom fell to $22.8 million from $56.5 million. The most significant event of the year was the December 29, 2003 acquisition of Neptune Technology Group Holdings, Inc. (NTGH) for approximately $482 million in cash. It was funded by a $4.2 million-share common stock offering (gross proceeds of approximately $202 million), $230 million of senior subordinated convertible notes due 2034, and a new $625 million senior secured credit facility. NTGH had no operating results in fiscal 2003 because its businesses were closed over the year-end holiday period, but its assets and liabilities are consolidated on the December 31, 2003 balance sheet. Total debt rose to $651.1 million from $332.1 million a year earlier, and total assets reached $1.51 billion. Management expects operating cash flow in fiscal 2004 to be higher than in the prior three years because of the NTGH acquisition, and it plans to use cash flow to reduce debt. The company also raised its quarterly dividend 10% to $0.09625 per share, and the filing notes that gross margin declined to 52.7% from 54.1%, largely due to lower Gazprom volume and the Industrial Technology segment's margin erosion.
Mar 15, 2004
2002-A2
Roper Technologies Annual Report (Amendment), Year Ended Oct 31, 2002
Roper Industries, Inc. filed Amendment No. 2 to its Form 10-K for the fiscal year ended October 31, 2002, restating its consolidated financial statements to reflect discontinued operations of its Petrotech operation and to reflect the realignment of operations into four market-focused segments: Instrumentation, Industrial Technology, Energy Systems and Controls, and Scientific and Industrial Imaging. Net sales for fiscal 2002 were $617.5 million, up from $563.0 million in fiscal 2001, with net earnings of $40.1 million, which includes a goodwill impairment charge of $26.0 million net of taxes recorded as a change in accounting principle upon adoption of SFAS 142. Earnings from continuing operations before the change in accounting principle were $66.4 million, or $2.09 per diluted share, compared with $57.4 million, or $1.82 per diluted share, in fiscal 2001. The company's total debt was $332.1 million at October 31, 2002, representing 47% of total capital, and it was in compliance with its debt covenants. Cash provided by operating activities was $86.8 million in fiscal 2002, down from $102.4 million in fiscal 2001, which management attributed mainly to a one-time supplemental Gazprom order in the prior year. Sales outside the United States were 59% of total net sales in fiscal 2002. Gazprom, a Russian enterprise, accounted for approximately 45% of Energy Systems and Controls segment sales. As a subsequent event, on October 21, 2003, the company agreed to acquire Neptune Technology Group Holdings Inc. for a cash purchase price of approximately $475 million, net of cash acquired and including debt assumed. The acquisition is expected to close in the first fiscal quarter of 2004 and is to be financed by a new $625 million senior secured credit facility, planned convertible subordinated notes and common stock offerings, and possible bridge financing.
Nov 3, 2003
2002-A
Roper Technologies Annual Report (Amendment), Year Ended Oct 31, 2002
Roper Industries, Inc. filed this Amendment No. 1 to its Form 10-K for the fiscal year ended October 31, 2002, solely to correct a typographical error in footnote 14 (Latin America 2002 sales for Industrial Controls changed from "88,669" to "8,669"). The amended report otherwise restates the full annual report. Net sales for fiscal 2002 were $627.0 million, up 7% from $586.5 million in fiscal 2001, but down 7% on a pro forma basis. Net earnings were $40.1 million, or $1.26 diluted per share, after a $26.0 million goodwill impairment recorded as a change in accounting principle on adoption of SFAS 142. Earnings before that change were $66.0 million, or $2.08 diluted per share, versus $1.77 in fiscal 2001. Operating results were mixed across segments. Analytical Instrumentation sales rose 21% on an actual basis but fell 7% pro forma, reflecting weak semiconductor, electronics and automotive markets. Fluid Handling sales declined 16% on weak semiconductor capital equipment and industrial demand. Industrial Controls sales rose 3% actual, aided by Zetec and Gazprom, which accounted for approximately 28% of that segment's sales. Total debt was $332.1 million, or 47% of total capital, and the company stated that it expects fiscal 2003 sales and net income to be higher than fiscal 2002. Cash flow from operations was $87.0 million in fiscal 2002, down from $102.4 million, which management attributed mainly to a one-time Gazprom supplemental order. Total backlog at October 31, 2002 was $113.1 million on a pro forma basis, down 7%. The company also raised its quarterly dividend to $0.0875 per share from $0.0825, and reported that asbestos-related lawsuits name it as a defendant, with potential liability not estimable.
Jan 22, 2003
2002
Roper Technologies Annual Report, Year Ended Oct 31, 2002
Roper Industries, Inc. (now Roper Technologies, Inc.) reported fiscal 2002 (year ended October 31, 2002) net sales of $627.0 million, up 7% from $586.5 million in fiscal 2001, though the filing states sales declined 7% on a pro forma basis. Earnings before the change in accounting principle were $66.0 million, or $2.08 diluted per share, compared with $55.8 million, or $1.77 diluted, in fiscal 2001. After a $26.0 million non-cash goodwill impairment charge recorded as a change in accounting principle upon adoption of SFAS 142, net earnings were $40.1 million, or $1.26 per diluted share. The company attributed the pro forma sales decline mainly to exiting Petrotech businesses, a depressed semiconductor market, and weakness in oil and gas exploration and certain industrial markets, partly offset by a 15% increase in sales to Gazprom. Total debt was $332.1 million at October 31, 2002, representing 47% of total capital, and the company completed acquisitions costing $82.8 million in fiscal 2002, including Zetec, financed with borrowings. Backlog fell to $113.1 million from $115.5 million on an actual basis, and the filing notes that the prior-year backlog included a one-time Gazprom order. Management expects fiscal 2003 sales and net income to be higher than fiscal 2002, citing full-year contributions from acquired businesses and lower interest expense, while stating that semiconductor conditions remain poor and that it expects no meaningful recovery in that industry during fiscal 2003. Risk factors highlighted in the filing include customer concentration with Gazprom, which accounted for approximately 28% of Industrial Controls segment sales, foreign exchange exposure, and asbestos-related lawsuits in which the company is a named defendant, with potential liability not determinable. The quarterly dividend was raised to $0.0875 per share from $0.0825, an increase of 6%.
Jan 15, 2003
2001
Roper Technologies Annual Report, Year Ended Oct 31, 2001
Roper Industries, Inc. (ROP) reported net sales of $586.5 million for the fiscal year ended October 31, 2001, up 16% from $503.8 million in fiscal 2000, and net earnings of $55.8 million, or $1.77 diluted earnings per share, compared with $49.3 million, or $1.58 per diluted share, a year earlier. Growth was driven largely by acquisitions, including Struers and Logitech (combined acquisition costs of $143.3 million), with the company stating that pro forma net sales rose 5% and that acquisitions were financed mainly with borrowings. Total debt rose to $326.8 million, or 50% of total capital, from $241.3 million, and the company reported 2.5x debt to prior-year EBITDA, up from 2.2x. By segment, Analytical Instrumentation was the largest, with net sales of $264.4 million and an operating profit of $43.2 million, while Industrial Controls posted $196.7 million in sales and Fluid Handling $125.4 million. Fluid Handling pro forma sales fell 7% as semiconductor demand contracted, and the company expects semiconductor sales to be lower still in fiscal 2002. Industrial Controls benefited from Gazprom, which accounted for approximately 25% of that segment's fiscal 2001 sales. Management's outlook calls fiscal 2002 another record year for sales and earnings, supported by full-year contributions from fiscal 2001 acquisitions and the adoption of SFAS 142, which ends goodwill amortization ($15.7 million in fiscal 2001). The filing also notes uncertainty from the September 11, 2001 attacks and a weakening U.S. economy. The quarterly dividend was raised 10% to $0.0825 per share in November 2001.
Jan 22, 2002
2000
Roper Technologies Annual Report, Year Ended Oct 31, 2000
Roper Industries, Inc. reported record fiscal 2000 results for the year ended October 31, 2000, with net sales of $503.8 million, up 24% from $407.3 million in fiscal 1999, and net earnings of $49.3 million, or $1.58 per diluted share, compared with $47.3 million in fiscal 1999. Growth came principally from acquisitions, which the company says were financed mainly with borrowings and represented a combined investment of approximately $161.5 million. Analytical Instrumentation net sales rose 50% to $223.2 million, Fluid Handling rose 23% to $121.4 million, and Industrial Controls was roughly flat at $159.3 million. Net sales excluding sales to RAO Gazprom increased 26%, and Industrial Controls depended heavily on the Russian customer, which accounted for approximately 21% of segment sales. Leverage increased materially during the year. Total debt was $241.3 million at October 31, 2000, or 47% of total capitalization, up from 36% a year earlier. The company's $275 million credit facility and $125 million of term notes support its financing, and management believes internally generated cash flows and remaining credit availability will be adequate for normal operations and further acquisitions. Net cash provided by operating activities was $67.6 million. Management expects fiscal 2001 to be another record year for sales and earnings, benefiting from full-year contributions of fiscal 2000 acquisitions, and plans to continue an active acquisition program. The filing also flags risks, including dependence on Gazprom and oil and gas market conditions, interest rate exposure on variable-rate borrowings, and currency effects; a 1% strengthening of the dollar was not quantified, but the company cited a $9.2 million adverse impact on fiscal 2000 sales from dollar strength. The quarterly dividend was raised to $0.075 per share in November 2000.
Jan 26, 2001
1999
Roper Technologies Annual Report, Year Ended Oct 31, 1999
Roper Industries, Inc. reported record fiscal 1999 (year ended October 31, 1999) results, with net sales of $407.3 million, the seventh consecutive year of record sales, and net earnings of $47.3 million, or $1.53 diluted earnings per share, compared with $39.3 million, or $1.24 diluted, in fiscal 1998. Core sales excluding Gazprom rose 7%, while Industrial Controls sales fell 10% on weak oil and gas markets. Analytical Instrumentation sales increased 32%, aided by acquisitions including Petroleum Analyzer, and Fluid Handling sales declined 1%. Gross margin improved to 51.7% from 49.1%, while SG&A rose to 32.6% of sales from 32.1%. The company is financed largely by borrowings. Total debt was 36.0% of total capitalization at October 31, 1999, versus 39.0% a year earlier, and would rise to 43.6% after $49 million of November 1999 borrowings used to buy MASD. Cash flow from operations fell to $52.8 million from $76.2 million, mainly due to higher receivables. Post-year-end, Roper acquired Redlake Imaging and Kodak's Motion Analysis Systems Division for approximately $60 million in cash, and management expects both to be immediately accretive. Management also guided fiscal 2000 to be another record year for sales and earnings and raised the quarterly dividend to $0.07 per share. Investors should note concentration risk: Gazprom was the largest single customer in Industrial Controls, contributing approximately 22% of segment sales, and its future purchases depend on political and economic conditions in Russia that the company says cannot be assured. Backlog declined 8.7% to $73.7 million, with Industrial Controls backlog down 25.0% on softness in oil and gas.
Jan 27, 2000
1998
Roper Technologies Annual Report, Year Ended Oct 31, 1998
Roper Industries, Inc. reported record fiscal 1998 results for the year ended October 31, 1998, with net sales of $389.2 million, up from $298.2 million in fiscal 1997, and net earnings of $39.3 million, or $1.24 per diluted share, compared with $36.4 million, or $1.16 per diluted share, a year earlier. Income from operations was $66.1 million, and the company described this as the sixth consecutive year of record sales. Growth was driven largely by acquisitions, including Flow Technology, Acton Research, Photometrics and PMC/Beta, which together represented a combined investment of $64.3 million in cash and common stock, along with higher sales to Gazprom, which totaled $41.9 million for the year. Gross margin declined to 49.1% from 51.4%, reflecting lower margins from Petrotech and Compressor Controls, an inventory write-down at Roper Scientific, and SG&A expenses rising to 32.1% of sales, which included reserves taken in the fourth quarter for receivables in Russia and the region. The balance sheet shows total debt of $126.1 million at October 31, 1998, against a $200 million credit agreement, and the debt-to-total-capitalization ratio rose to 39.0% from 36.5%. Cash flow from operating activities was $76.2 million, up from $35.4 million, and the board authorized a buy-back of up to 5% of outstanding common stock, with approximately 964,000 shares repurchased for $18.0 million before year-end. The quarterly dividend was raised to $0.065 per share in November 1998. Management's outlook expects fiscal 1999 to be a seventh consecutive year of record sales and earnings, though it notes softness in demand in the oil and gas, power generation and semiconductor capital equipment markets, and that the first-quarter earnings will be below the prior year's first quarter due to unusually high Gazprom shipments in that period. Risks highlighted include the level and timing of Gazprom and other Eastern European business, interest rate changes, and Year 2000 effects.
Jan 20, 1999
1997
Roper Technologies Annual Report, Year Ended Oct 31, 1997
Roper Industries, Inc. (now Roper Technologies, Inc.) reported fiscal 1997 (year ended October 31, 1997) net sales of $298.2 million, up from $225.7 million in 1996, and net earnings of $36.4 million, or $1.16 per common share, compared with $28.9 million, or $0.93 per share, in 1996. The increase was driven mostly by acquisitions: Gatan and FMI were included for a full year, and Princeton and Petrotech contributed $42.6 million of sales after their May 1997 acquisitions. Excluding these four companies, net sales were approximately flat. Gross margin held at 51.4%, with Petrotech's lower margins offsetting CCC's improvement. Selling, general and administrative expenses rose to 31.0% of sales from 30.4%, mainly reflecting higher research and development spending. The company's total debt was $98 million under its revolving credit line at October 31, 1997, representing 36% of total capitalization, and the company stated it was well positioned for additional acquisitions. Long-term debt rose to $99.6 million from $63.4 million, while stockholders' equity increased to $177.9 million. Operating cash flow was $35.4 million. Bookings grew 29% to $297.6 million, and sales order backlog reached $82.6 million. The filing flags a significant risk tied to RAO Gazprom, the largest customer of the Compressor Controls subsidiary. Gazprom has not secured the financing needed for its purchases, and the company said it may walk away from much of this business if Gazprom cannot provide assurance by mid-year. Receivables from Gazprom and related customers, totaling $14.1 million, were also at risk of collection problems. Management said it expects its three segments to continue growing in sales and earnings absent adverse market conditions.
Jan 21, 1998
1996
Roper Technologies Annual Report, Year Ended Oct 31, 1996
Roper Industries, Inc. reported record net sales of $225.7 million for the fiscal year ended October 31, 1996, up 29% from $175.4 million in 1995, with each of its business segments achieving double-digit sales growth. Net earnings rose to $28.9 million, or $1.87 per common share, compared with $23.3 million, or $1.54 per share, in 1995. Income from operations increased to $47.3 million, although the operating margin eased to 20.9% from 21.3%, and gross margin declined to 51.4% from 53.5%, reflecting lower margins at Industrial Controls and Fluid Handling. The company's growth was supported by two May 1996 acquisitions, Gatan International and Fluid Metering, which together cost $78.8 million, of which $72.7 million was paid in cash and financed mainly through borrowings. Long-term debt rose to $70.2 million at year-end from $20.8 million, and long-term debt to total capitalization was 31.6% versus 16.5% a year earlier. Operating cash flow was $33.1 million. Management said the company is positioned to continue its acquisition strategy and expects its three segments to keep growing in sales and earnings, though a cyclical downturn in semiconductor capital markets is likely to hurt Integrated Designs. A key risk for investors is concentration in Russian Gazprom, the largest customer in the Industrial Controls segment at approximately 19% of segment sales. Future shipments depend on the availability of Ex-Im Bank supported financing for a $151 million export contract, and the timing of orders remains uncertain. The company also moved its stock listing from NASDAQ to the New York Stock Exchange effective November 1, 1996, under the symbol ROP.
Jan 9, 1997