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Roper Technologies Annual Report, Year Ended Oct 31, 2001

Filing Date
Filed January 22, 2002
Period End
October 31, 2001
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 22, 2002. Cited figures are marked; the original filing is the authoritative source.

Roper Industries, Inc. (ROP) reported net sales of $586.5 milliona 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 millionb), 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 millionc 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 $0.0825d per share in November 2001.

02—Key points

Key Highlights

  1. Net sales rose 16% to $586.5 million in fiscal 2001; diluted EPS was $1.77 versus $1.58 in fiscal 2000.
  2. Net earnings were $55.8 million, up from $49.3 million, with gross margin improving to 52.7% from 51.4%.
  3. Acquisitions were a major driver, including Struers and Logitech for $143.3 million in acquisition costs, with combined fiscal 2001 acquisition spending of approximately $170.2 million.
  4. Total debt increased to $326.8 million (50% of total capital) from $241.3 million (47%), and the company cited 2.5x debt to EBITDA.
  5. Analytical Instrumentation generated $264.4 million in net sales and $43.2 million in operating profit, its highest-margin segment.
  6. Semiconductor-related sales in Fluid Handling declined 33% on a pro forma basis, and the company expects lower sales in fiscal 2002.
  7. Gazprom accounted for about 25% of Industrial Controls sales in fiscal 2001; the company said continuation of this business is subject to commercial and political risks.
  8. The quarterly dividend was increased 10% to $0.0825 per share in November 2001.

03—Questions

Frequently Asked Questions

  1. How did Roper Industries perform in fiscal 2001?

    Net sales rose 16% to $586.5 million and net earnings increased to $55.8 million from $49.3 million. Diluted earnings per share were $1.77, compared with $1.58 in fiscal 2000. Pro forma net sales, adjusted for exited operations and acquisitions, increased 5%.

  2. How much debt does Roper carry and how did it change?

    Total debt was $326.8 million at October 31, 2001, or 50% of total capital, compared with $241.3 million (47%) a year earlier. The increase was due to borrowings to fund fiscal 2001 acquisitions. Total debt was 2.5x EBITDA for fiscal 2001, up from 2.2x.

  3. What is the outlook for fiscal 2002?

    Management expects fiscal 2002 to be another record year for sales and earnings, aided by full-year contributions from fiscal 2001 acquisitions and the adoption of SFAS 142, which stops goodwill amortization. The company expects semiconductor-related sales to be lower than in 2001 and does not expect a significant recovery in that industry before at least the second half of 2002.

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

    The filing cites dependence on Gazprom, which was about 25% of Industrial Controls sales, with continuation subject to commercial and political risks. It also flags weak semiconductor and automotive markets, the economic uncertainty following the September 11, 2001 attacks, changes in interest and currency rates, and the performance of newly acquired companies.

04—Continue

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