Compressed Air Best Practices - May 2008 - (Page 47)

Compressed Air Industry AUTOMOTIVE ASSEMBLY | 05/08 | The intent of this column is to provide industry watchers with publicly held information, on publicly held companies, involved with the sub-industry of compressed air. It is not the intent of the column to provide any opinions or recommendations related to stock valuations. All information gathered, in this column, was on April 3, 2008. Charlotte, NC, February 27, 2008 — SPX Corporation (NYSE: SPW) today reported results for the year ended December 31, 2007: Full Year 2007 Highlights: Revenues increased 15.7% to $4.82 billion from $4.17 billion in 2006. Organic revenue growth was 9.8%, while completed acquisitions and the impact of currency fluctuations increased reported revenues by 3.2% and 2.7%, respectively. Segment income and margins were $622.4 million and 12.9%, compared with $502.7 million and 12.1% in 2006. Diluted net income per share from continuing operations was $5.33, compared with $3.74 in 2006. The primary drivers of the increase were the improvement in segment income, a reduced number of common shares outstanding and a lower effective tax rate in 2007. Adjusted net income per share from continuing operations was $4.85 in 2007, as compared to the company’s guidance of $4.70 to $4.80. This figure is adjusted to exclude the following items: p Miscellaneous tax benefits totaling $0.59 per share as compared to the company’s expected 32.0% tax rate 2007 charges of $5.0 million, or $0.06 per share, related to legacy legal matters recorded in corporate expense 2007 non-cash charge of $4.0 million, or $0.05 per share, for impairment of intangible assets p p Net cash from continuing operations was $404.2 million, compared with $48.6 million in 2006. The primary drivers of the increase were improved working capital performance and 2006 interest and tax payments totaling $175.2 million relating to the retirement of the company's convertible debt in the first quarter of 2006. Free cash flow from continuing operations was $313.3 million, compared with a cash use of $7.1 million in 2006. The increase was due to the items noted above, partially offset by increased capital expenditures in 2007 to support continued growth of the company. www.airbestpractic e s. co m cs o 47 http://www.airbestpractices.com

Table of Contents Feed for the Digital Edition of Compressed Air Best Practices - May 2008

Compressed Air Best Practices - May 2008 Contents From the Editor Utility-Air News The Compressed Air Audit of the Month Pneumatics Real World Best Practices Delta Industries: Doing What is Right for Customers Delta Industries: Six Truths You Need to Know about Really Putting the Customer First Power Supply Industries Resources for Energy Engineers Wall Street Watch Advertiser Index Job Market

Compressed Air Best Practices - May 2008

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