Compressed Air Best Practices - January 2009 - (Page 45)

Compressed Air Industry ENERGY REBATES A | 01/09 | Diluted net income per share from continuing operations was $2.01, compared with $1.74 in the year-ago quarter. Net cash from continuing operations was $103.8 million, compared with $48.3 million in the year-ago quarter. The increase in cash flow was due primarily to increased operating income. Chris Kearney, Chairman, President and CEO said, “SPX’s third-quarter performance marked another period of solid revenue and earnings growth for our company, despite facing the most challenging economic environment in recent history. Our adjusted earnings per share of $1.66 represents a 19% increase over the same period last year, and we had strong revenue growth of 29% during the quarter. “At this time, we are narrowing our full year earnings guidance to a range of $6.40 to $6.50 per share. This is necessary primarily from the impact the recent rapid strengthening of the U.S. dollar against many of the foreign currencies in which we conduct business is expected to have on our fourth quarter results. Although we’re unable to predict what impact the current global financial crisis will ultimately have on our customers, we are confident in the strategic direction we embarked on four years ago and we maintain our conservative approach to capital allocation. We believe we are well positioned to remain competitive and resilient during these uncertain times,” Kearney added. Flow Technology Revenues for the third quarter of 2008 were $493.0 million compared to $256.3 million in the third quarter of 2007, an increase of $236.7 million, or 92.4%. The increase was due primarily to the fourth quarter 2007 acquisition of APV, which contributed $211.5 million of revenues during the quarter. Additionally, organic revenue growth* was 8.3% in the quarter, driven primarily by strong sales in the power, oil and gas and dehydration markets. The impact of currency fluctuations increased revenues by 1.0% from the year-ago quarter. Segment income was $55.8 million, or 11.3% of revenues, in the third quarter of 2008 compared to $44.2 million, or 17.2% of revenues, in the third quarter of 2007. Segment income was favorably impacted by organic growth and operating profit from the APV acquisition. Segment margins declined primarily due to the significantly lower margins at APV. www.airbestpractices.com 45 http://www.airbestpractices.com

Table of Contents Feed for the Digital Edition of Compressed Air Best Practices - January 2009

Compressed Air Best Practices - January 2009 Contents From the Editor Utility-Air News Compressed Air Audit of the Month: A Nitrogen Audit at Boeing Air Standards: New ASME & ISO Standards for Compressed Air System Assessments Energy Rebates Assist Industrial Sustainability Initiatives Seven Sustainability Projects for Industrial Energy Savings: Project #1: Lighting Optimization Minimum Supply Wire Size Recommendations for Compressor Packages Utilizing Variable Frequency Drives The Pneumatic Advantage: Pneumatics Bring Precision and Reliability to Furniture Industry Specialist Personal Productivity: Is Afternoon Fatigue Influencing Your Job Performance? The Explanation and Some Solutions. Resources for Energy Engineers: Training Calendar & Product Picks Wall Street Watch Advertiser Index Classifieds

Compressed Air Best Practices - January 2009

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