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Roper Technologies Annual Report, Year Ended Oct 31, 2000

Filing Date
Filed January 26, 2001
Period End
October 31, 2000
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 26, 2001. Cited figures are marked; the original filing is the authoritative source.

Roper Industries, Inc. reported record fiscal 2000 results for the year ended October 31, 2000, with net sales of $503.8 milliona, 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 millionb. 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 millionc 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 milliond. 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.

02—Key points

Key Highlights

  1. Net sales rose 24% to $503.8 million in fiscal 2000, the eighth consecutive year of record sales.
  2. Net earnings were $49.3 million, or $1.58 per diluted share, versus $47.3 million, or $1.53 per diluted share, in fiscal 1999.
  3. Analytical Instrumentation net sales increased 50% to $223.2 million, mostly from acquisitions such as Petroleum Analyzer, MASD, and Antek Instruments.
  4. Total debt rose to $241.3 million, or 47% of total capitalization, from 36% a year earlier, after about $161.5 million of acquisition investment funded by borrowings.
  5. Gazprom was the largest single customer in Industrial Controls, contributing approximately 21% of segment sales, and its supply agreement was extended through 2007 with an additional $150 million of equipment.
  6. Backlog reached $109.9 million at October 31, 2000, up from $73.7 million a year earlier.
  7. Management expects fiscal 2001 to be another record year for sales and earnings and plans to continue an active acquisition program; the quarterly dividend was increased to $0.075 per share.

03—Questions

Frequently Asked Questions

  1. How much did Roper grow in fiscal 2000?

    Net sales were $503.8 million, up 24% from $407.3 million in fiscal 1999, and net earnings were $49.3 million, up from $47.3 million. Excluding sales to Gazprom, net sales increased 26%.

  2. What drove the revenue growth?

    Growth was principally from business acquisitions, including Hansen Technologies, Antek Instruments, Abel Pump, MASD, Flowdata, and Cybor. The company also cited a very strong year for its semiconductor-related Fluid Handling business, whose sales rose 81%.

  3. How did the company finance its acquisitions and how leveraged is it?

    Acquisitions were financed principally from borrowings. Total debt was $241.3 million at October 31, 2000, or 47% of total capitalization, compared with 36% a year earlier. The company has a $275 million credit facility maturing May 2005 and $125 million of term notes.

  4. What are the main risks flagged in the filing?

    Risks include continued improvement in oil and gas markets, the level and timing of business with Gazprom and other Eastern European customers, interest rate changes, and the performance of recently acquired companies. Currency strength also hurt fiscal 2000 sales by approximately $9.2 million.

  5. What is the outlook for fiscal 2001?

    Management expects fiscal 2001 to be another record year for sales and earnings, benefiting from full-year contributions of fiscal 2000 acquisitions, and expects capital expenditures to decline. It also expects to continue an active acquisition program and to reduce debt at a pace consistent with its history.

04—Continue

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