- Email: [email protected]
Imo Industries Inc, USA
Pump Industry Analyst
July 1997
Durco International Inc, USA
Imo Industries Inc, USA
KEY FIGURES (US$ million)’ Three months ended 30.6
KEY FIGURES (US$ million) Three months ended 30.6
1997 Net Sales Cost
of Sales
~ Research,
Engineering
1996
1997
162.7
151.1
93.3
88.5
4.1
4.0
28.2
21.8
15.6
8.9
and
Net Sales Of Which: Pumps Operating Of Which: Pumps
Development Operating
Income
Net Earnings
1Earnings
)
per Share
Six months
US$O.SS
)
I II
Cost
of Sales
Research, Development
Engineering
Operating
Income
IINet
Six months 1996
I/Earnings ’ Except
)
300.3
1)
I
181.1
1
177.7
11
8.5
I
26.6 US$l.l2
Net Sates Of Which: Pumps
126.6
119.9
28.7
27.4
11.3
10.8
4.1
3.5
120.8
116.2
28.0
29.8
ended 30.6 1997
1996
246.2
241.4
56.1
53.8
21.8
22.8
8.2
48.3
per Share per share
I
310.5
and
Earnings
1)
Bookings Of Which: Pumps
ended 30.6 1997
Net Sales
US80.36
Income
1996
Operating Of Which: Pumps
40.9 I I
19.0 US$O.77
II II
Income
Bookings Of Which: Pumps
7.7 242.7 58.6
7.0 238.9 58.9
data.
Durco International Inc has announced record sales, earnings and incoming business for the quarter and six months ended 30 June 1997. Secondquarter 1997 salesof US$162.7 million yielded net earningsof US$15.6 million, compared with last year’s second quarter sales of US$15 1.1 million and net income of US$8.9 million. For the fit six months of 1997, sales were up 3 per cent to US$310.5 million with net income up 40 per cent to US$26.6 million. Incoming business of US$158.9 million for the quarter and US$312.5 million for the six months were
all-time records. Backlog at 30 June 1997 was reducedto US$102.6 million and followed management’splan to improve customerserviceby shortening delivery lead times. Second quarter results were helped by shipments of the major Tyvek and LNG (liquid natural gas)control valve orders along with further improvements in grossmargin and the continuing decline in selling, general and administrative expenseas a percentage of net sales. The merger of BWIIP and Durco was approved by shareholders on 22 July 1997. n
Imo Industries Inc has reported net income of US%2.4 million for the second quarter ended 30 June 1997, compared with a net loss of US$7.6 million for the setond quarter of last year. Sales of US$126.6 million were 6 per cent higher than last year’ssecondquarter. In addition, bookings were up4 per cent on last year’sfigure. In the US, pump saleswere up 11 per cent, while the European pumps business saw a downturn in volumes and margins. Overall, the pumps segment continued its positive sales and earnings growth in the second quarter, supported primarily by increased orders for
equipment usedin the transport and processingof crude oil and fuel pumps for turbine-generatorsusedin electric PoWW generation. Segment operating income of USS4.1 million was 17 per cent ahead of last year’s second quarter, on a 5 per cent increase in sales to US$28.7 million. The tumaround at the Warren Pumps facility is making a strong contribution to profitability. As previously announced, Imo Industries has entered into a definitive merger agreement providing for the acquisition of Imo by United Dominion Industries Limited (seePump Industry Analyst, June 1997). n
July 1997
Durco International Inc, USA
Imo Industries Inc, USA
KEY FIGURES (US$ million)’ Three months ended 30.6
KEY FIGURES (US$ million) Three months ended 30.6
1997 Net Sales Cost
of Sales
~ Research,
Engineering
1996
1997
162.7
151.1
93.3
88.5
4.1
4.0
28.2
21.8
15.6
8.9
and
Net Sales Of Which: Pumps Operating Of Which: Pumps
Development Operating
Income
Net Earnings
1Earnings
)
per Share
Six months
US$O.SS
)
I II
Cost
of Sales
Research, Development
Engineering
Operating
Income
IINet
Six months 1996
I/Earnings ’ Except
)
300.3
1)
I
181.1
1
177.7
11
8.5
I
26.6 US$l.l2
Net Sates Of Which: Pumps
126.6
119.9
28.7
27.4
11.3
10.8
4.1
3.5
120.8
116.2
28.0
29.8
ended 30.6 1997
1996
246.2
241.4
56.1
53.8
21.8
22.8
8.2
48.3
per Share per share
I
310.5
and
Earnings
1)
Bookings Of Which: Pumps
ended 30.6 1997
Net Sales
US80.36
Income
1996
Operating Of Which: Pumps
40.9 I I
19.0 US$O.77
II II
Income
Bookings Of Which: Pumps
7.7 242.7 58.6
7.0 238.9 58.9
data.
Durco International Inc has announced record sales, earnings and incoming business for the quarter and six months ended 30 June 1997. Secondquarter 1997 salesof US$162.7 million yielded net earningsof US$15.6 million, compared with last year’s second quarter sales of US$15 1.1 million and net income of US$8.9 million. For the fit six months of 1997, sales were up 3 per cent to US$310.5 million with net income up 40 per cent to US$26.6 million. Incoming business of US$158.9 million for the quarter and US$312.5 million for the six months were
all-time records. Backlog at 30 June 1997 was reducedto US$102.6 million and followed management’splan to improve customerserviceby shortening delivery lead times. Second quarter results were helped by shipments of the major Tyvek and LNG (liquid natural gas)control valve orders along with further improvements in grossmargin and the continuing decline in selling, general and administrative expenseas a percentage of net sales. The merger of BWIIP and Durco was approved by shareholders on 22 July 1997. n
Imo Industries Inc has reported net income of US%2.4 million for the second quarter ended 30 June 1997, compared with a net loss of US$7.6 million for the setond quarter of last year. Sales of US$126.6 million were 6 per cent higher than last year’ssecondquarter. In addition, bookings were up4 per cent on last year’sfigure. In the US, pump saleswere up 11 per cent, while the European pumps business saw a downturn in volumes and margins. Overall, the pumps segment continued its positive sales and earnings growth in the second quarter, supported primarily by increased orders for
equipment usedin the transport and processingof crude oil and fuel pumps for turbine-generatorsusedin electric PoWW generation. Segment operating income of USS4.1 million was 17 per cent ahead of last year’s second quarter, on a 5 per cent increase in sales to US$28.7 million. The tumaround at the Warren Pumps facility is making a strong contribution to profitability. As previously announced, Imo Industries has entered into a definitive merger agreement providing for the acquisition of Imo by United Dominion Industries Limited (seePump Industry Analyst, June 1997). n