Skip to content
AnalystLens

Roper Technologies Annual Report, Year Ended Oct 31, 1999

Filing Date
Filed January 27, 2000
Period End
October 31, 1999
Security
ROP
In the record · 2016–202610-K1110-Q338-K114

ROP filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 114 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 10-K filed January 27, 2000. Cited figures are marked; the original filing is the authoritative source.

Roper Industries, Inc. reported record fiscal 1999 (year ended October 31, 1999) results, with net sales of $407.3 milliona, 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%b, 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 millionc 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 milliond 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.

02—Key points

Key Highlights

  1. Net sales of $407.3 million in fiscal 1999, up from $389.2 million in fiscal 1998; the seventh consecutive record year.
  2. Net earnings of $47.3 million, or $1.53 diluted EPS, versus $39.3 million, or $1.24 diluted, a year earlier.
  3. Gross profit percentage rose to 51.7% from 49.1%, driven largely by higher-margin Analytical Instrumentation sales.
  4. Analytical Instrumentation sales rose 32%, while Industrial Controls sales fell 10% on oil and gas market weakness.
  5. Total debt was 36.0% of total capitalization at October 31, 1999 (43.6% including November 1999 borrowings of $49 million).
  6. Acquired Redlake Imaging and Kodak's MASD division in November 1999 for about $60 million in cash, expected to be immediately accretive.
  7. Gazprom accounted for approximately 22% of Industrial Controls segment sales, a concentration risk tied to Russian political and economic conditions.

03—Questions

Frequently Asked Questions

  1. How did Roper perform financially in fiscal 1999?

    Net sales were $407.3 million and net earnings were $47.3 million, or $1.53 diluted EPS, compared with $389.2 million in sales and $39.3 million, or $1.24 diluted EPS, in fiscal 1998. Income from operations rose to $78.0 million from $66.1 million.

  2. Which business segments drove results?

    Analytical Instrumentation sales increased 32% to $148.9 million, aided by acquisitions and stronger digital imaging markets. Industrial Controls sales fell 10% to $160.1 million due to oil and gas weakness, and Fluid Handling sales decreased 1% to $98.3 million.

  3. How is the company financing its acquisitions and what is its debt level?

    Acquisitions were financed principally through borrowings under a $200 million U.S. revolving credit facility. Total debt was 36.0% of total capitalization at October 31, 1999, and the company stated it believes it is well positioned for additional acquisitions.

  4. What are the main risks to the outlook?

    Gazprom, the largest customer in Industrial Controls, contributed about 22% of that segment's sales, and future purchases are subject to Russian political and economic uncertainties. Backlog fell 8.7% to $73.7 million, and Industrial Controls backlog declined 25.0% on weak oil and gas conditions.

  5. What did management say about fiscal 2000?

    Management expects fiscal 2000 to be another record year for sales and earnings, citing immediately accretive November 1999 acquisitions and increased quoting activity by oil and gas businesses. The quarterly dividend was also raised to $0.07 per share from $0.065.

04—Continue

← View all 10-K filings