Colfax Provides 2009 Outlook and Preliminary 2008 Highlights
January 09 2009 - 6:00AM
PR Newswire (US)
RICHMOND, Va., Jan. 9 /PRNewswire-FirstCall/ -- Colfax Corporation
(NYSE: CFX), a global leader in engineered fluid handling products
and systems, announced today that it expects full-year 2009 net
earnings in the range of $.80 to $.87 per share. The range for
adjusted net earnings is $1.10 to $1.17 per share and excludes the
impact of asbestos-related items. The company expects organic sales
growth in 2009, which excludes the impact of foreign exchange rate
fluctuations and acquisitions, to be in the range of 1% to 3%.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080508/DC21739LOGO )
The company expects full-year 2008 net sales to be approximately
$605 million, an increase of 19%. Organic sales growth for 2008 is
expected to be about 14%, in line with the company's low
double-digit organic growth expectation for the year. Orders for
the year increased 15% to approximately $670 million. On an organic
basis, the company expects orders to be up 7% over 2007. The
backlog on December 31, 2008 was approximately $331 million. "We
are expecting modest organic sales growth in 2009," said John
Young, president and CEO of Colfax Corporation. "While we are
entering the year with a sizable backlog, we remain cautious about
the second half of the year due to the uncertainty related to the
weak global economy and its potential impact on our end markets. We
believe we're well positioned to execute on our long-term
strategies given our broad product portfolio, global footprint in
diverse markets and unmatched application expertise. We believe
these strengths, combined with our solid financial condition, will
enable us to perform successfully in a challenging economic
environment." Conference Call and Webcast Colfax will host a
conference call to review the outlook and answer questions on
Friday January 9, 2009 at 8:00 a.m. EST. The call will be open to
the public through 719-325-4749 or 877-723-9502 and webcast via
Colfax's website at http://www.colfaxcorp.com/ under the "Investor
Relations" section. Access to a supplemental slide presentation can
also be found at the Colfax website under the same heading. Both
the audio of this call and the slide presentation will be archived
on the website later today and will be available until our next
quarterly earnings call. In addition, a replay of this call will be
available until approximately January 23, 2009. The replay number
is 888-203-1112 (or 719-457-0820) for international participants),
and the access code is 4979159. Non-GAAP Financial Measures Colfax
has provided financial information that has not been prepared in
accordance with GAAP. These non-GAAP financial measures are
adjusted net income per share, organic sales growth and organic
order growth. Adjusted net income per share excludes asbestos
liability and defense costs (income) and asbestos coverage
litigation expense. Organic sales growth and organic order growth
exclude the impact of acquisitions and foreign exchange rate
fluctuations. These non-GAAP financial measures assist Colfax in
comparing its operating performance on a consistent basis. Non-GAAP
financial measures should not be considered in isolation from, or
as a substitute for, financial information calculated in accordance
with GAAP. Investors are encouraged to review the reconciliation of
these non-GAAP measures to their most directly comparable GAAP
financial measures. About Colfax Corporation Colfax Corporation is
a global leader in critical fluid-handling solutions, including the
manufacture of positive displacement industrial pumps and valves
used in global oil & gas, power generation, marine, naval and a
variety of other industrial applications. Key product brands
include Allweiler, Fairmount Automation, Houttuin, Imo, LSC,
Portland Valve, Tushaco, Warren and Zenith. Colfax is traded on the
NYSE under the ticker "CFX." Additional information about Colfax's
products, businesses and practices is available at
http://www.colfaxcorp.com/. Cautionary Note Concerning
Forward-Looking Statements This press release contains
forward-looking statements, including forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements include, but are not
limited to, statements concerning Colfax's plans, objectives,
expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based
on Colfax's current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause Colfax's results to differ materially from
current expectations include, but are not limited factors detailed
in Colfax's reports filed with the U.S. Securities and Exchange
Commission as well as its Registration Statement on Form S-1 under
the caption "Risk Factors". In addition, these statements are based
on a number of assumptions that are subject to change. This press
release speaks only as of this date. Colfax disclaims any duty to
update the information herein. Colfax Corporation Reconciliation of
GAAP to Non-GAAP Financial Measures (amounts in dollars)
(preliminary unaudited) EPS Range --------- Projected net income
per share - fully diluted $0.80 $0.87 Asbestos coverage litigation
0.28 0.28 Asbestos liability and defense costs 0.16 0.16 Income tax
benefit at 32% (0.14) (0.14) ----- ----- Projected adjusted net
income per share - fully diluted $1.10 $1.17 ===== ===== Colfax
Corporation Sales and Order Growth (amounts in millions)
(preliminary unaudited) Sales Orders -------- --------- $ % $ %
-------- --------- Twelve Months Ended December 31, 2007 $506 $582
Components of Growth: Organic Growth from Existing Businesses 69
14% 41 7% Acquisitions 6 1% 12 2% Foreign Currency Translation 24
5% 35 6% -- -- Total Growth 98 19% 89 15% -- -- ---- ---- Twelve
Months Ended December 31, 2008 $605 $670 ==== ====
http://www.newscom.com/cgi-bin/prnh/20080508/DC21739LOGO
http://photoarchive.ap.org/ DATASOURCE: Colfax Corporation CONTACT:
Investors, Mitzi Reynolds, Vice President of Investor Relations,
+1-804-327-5689, Web Site: http://www.colfaxcorp.com/
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