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Roper Technologies Annual Report (Amendment), Year Ended Oct 31, 2002

Filing Date
Filed January 22, 2003
Period End
October 31, 2002
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/A filed January 22, 2003. Cited figures are marked; the original filing is the authoritative source.

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 milliona, 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 millionb, 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 millionc, 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 milliond 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.

02—Key points

Key Highlights

  1. Net sales of $627.0 million in fiscal 2002, up 7% from $586.5 million, but down 7% on a pro forma basis
  2. Net earnings of $40.1 million ($1.26 diluted EPS) after a $26.0 million goodwill impairment charge on SFAS 142 adoption; earnings before that change were $66.0 million ($2.08 diluted EPS)
  3. Gross margin rose to 53.6% from 52.7%, mainly from exiting low-margin Petrotech businesses
  4. Total debt of $332.1 million at October 31, 2002, or 47% of total capital, versus $326.8 million (50% of total capital) a year earlier
  5. Operating cash flow fell to $87.0 million from $102.4 million, largely due to a one-time Gazprom supplemental order
  6. Pro forma sales order backlog of $113.1 million at October 31, 2002, down 7%; semiconductor weakness hit Fluid Handling most
  7. Quarterly dividend increased 6% to $0.0875 per share from $0.0825; management expects fiscal 2003 sales and net income to be higher than fiscal 2002

03—Questions

Frequently Asked Questions

  1. What was the purpose of this 10-K/A amendment?

    The amendment corrects a typographical error in footnote 14 to the consolidated financial statements. The Latin America 2002 sales figure in the Industrial Controls column was changed from "88,669" to "8,669" (in thousands). The filing otherwise contains the full annual report.

  2. How did Roper perform in fiscal 2002, and why did net earnings fall?

    Net sales rose 7% to $627.0 million, but net earnings fell to $40.1 million from $55.8 million because of a $26.0 million goodwill impairment recorded as a change in accounting principle when the company adopted SFAS 142. Earnings before that change rose to $66.0 million from $55.8 million.

  3. How concentrated is Roper's Industrial Controls business with Gazprom?

    Gazprom, a Russian gas provider, was the segment's largest customer in fiscal 2002, accounting for approximately 28% of Industrial Controls sales, up from 25% in fiscal 2001. The company expects Gazprom sales in fiscal 2003 to be lower as a share of the segment's sales, and the relationship carries risks beyond Roper's control.

  4. What are the main risks to Roper's outlook?

    The filing cites a poor semiconductor market not expected to recover meaningfully in fiscal 2003, sluggish U.S. and European economies, terrorism and possible military action against Iraq, reductions in Gazprom business, currency movements, acquisition integration, product liability and asbestos-related litigation, and potential goodwill write-offs, given goodwill of $460.2 million.

04—Continue

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