The document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2005. It includes Dover's condensed consolidated financial statements and notes. The financial statements show that for the quarter, Dover's net sales increased 17% to $1.45 billion compared to the same period last year. Net earnings increased 18% to $98.1 million. Basic earnings per share from continuing operations increased 20% to $0.49. Cash provided by operating activities was $46.2 million for the quarter.
The document is an exam for the elective course ECO-2 Accountancy-I. It contains 6 questions testing various accounting concepts. Question 1 has 4 sub-questions about the dual aspect concept, trial balance, bank reconciliation statement, and journal proper. Question 2 differentiates bills of exchange and promissory notes and explains the matching concept. Question 3 distinguishes normal and abnormal losses and sectional balancing. Question 4 provides journal entries for adjustments. Question 5 describes errors discovered in a trial balance and their rectification. Question 6 involves preparation of an income and expenditure account from a receipts and payments account.
Merck is considering replacing aging inspection equipment at its Alcala de Henares, Spain facility with new high-speed equipment. The new equipment would reduce costs by lowering rejection rates and reducing the number of required workers. A discounted cash flow analysis must determine if the net present value (NPV) should be calculated in US dollars or Spanish pesetas given exchange rate fluctuations and differing inflation rates between the two currencies.
The document is notes from a math class on factoring expressions. It includes examples of factoring quadratic expressions, mistakes students commonly make when factoring, and a brief discussion of how factoring relates to graphing and finding the roots or zeros of expressions. Practice problems are provided throughout for students to work through. The homework assigned is a cumulative review sheet due the following Tuesday.
This document contains an elementary mathematics emission test for primary school students consisting of 4 topics: addition, subtraction, multiplication, and division. It provides the test schedule specifying the number of questions in each topic. The test has a total of 75 questions that must be completed within the allotted time. The document also includes sample questions, instructions, answer sheets for recording scores, as well as a form for the teacher to provide feedback and determine if the student has passed or failed the test. The goal of the test is to evaluate students' mastery of basic mathematics skills.
InvestorsAlly Realty - Ile. Gagnon, CanadaRalph 刘冶民 Liu
This listing summarizes a magnificent 24,000 square foot stone mansion located on a private island in Montreal, Quebec. The estate includes 19 acres of land, extensive amenities, and is being sold fully furnished. Notable features include a gourmet kitchen, wine cellar, pool, and luxury finishes throughout. It is listed for USD 29,655,500.
InvestorsAlly Realty - Buck Island, CaribbeanRalph 刘冶民 Liu
This document provides contact and location information for a property listing located on Buck Island in the British Virgin Islands that is for sale by InvestorsAlly Realty. The multi-million dollar listing includes a main house completed in 2006 to high standards and additional details about the property.
The document is Gannett Co., Inc.'s definitive proxy statement for its 1998 annual shareholder meeting. It summarizes that shareholders will vote on (1) electing three directors, (2) electing Price Waterhouse as the independent auditor, and (3) one shareholder proposal. It provides instructions for shareholders on obtaining admission tickets to the meeting and voting procedures. The Board recommends voting for the director and auditor proposals and against the shareholder proposal.
- The document is a proxy statement for the annual meeting of shareholders of Gannett Co., Inc. to be held on May 8, 2001.
- Shareholders will vote on electing three directors, electing PricewaterhouseCoopers as the independent auditor, and approving an Omnibus Incentive Compensation Plan. There will also be consideration of two shareholder proposals.
- The board recommends voting for the election of directors and auditors, and approval of the compensation plan, and against the shareholder proposals. Shareholders are urged to vote by proxy, whether attending the meeting or not.
The document is an exam for the elective course ECO-2 Accountancy-I. It contains 6 questions testing various accounting concepts. Question 1 has 4 sub-questions about the dual aspect concept, trial balance, bank reconciliation statement, and journal proper. Question 2 differentiates bills of exchange and promissory notes and explains the matching concept. Question 3 distinguishes normal and abnormal losses and sectional balancing. Question 4 provides journal entries for adjustments. Question 5 describes errors discovered in a trial balance and their rectification. Question 6 involves preparation of an income and expenditure account from a receipts and payments account.
Merck is considering replacing aging inspection equipment at its Alcala de Henares, Spain facility with new high-speed equipment. The new equipment would reduce costs by lowering rejection rates and reducing the number of required workers. A discounted cash flow analysis must determine if the net present value (NPV) should be calculated in US dollars or Spanish pesetas given exchange rate fluctuations and differing inflation rates between the two currencies.
The document is notes from a math class on factoring expressions. It includes examples of factoring quadratic expressions, mistakes students commonly make when factoring, and a brief discussion of how factoring relates to graphing and finding the roots or zeros of expressions. Practice problems are provided throughout for students to work through. The homework assigned is a cumulative review sheet due the following Tuesday.
This document contains an elementary mathematics emission test for primary school students consisting of 4 topics: addition, subtraction, multiplication, and division. It provides the test schedule specifying the number of questions in each topic. The test has a total of 75 questions that must be completed within the allotted time. The document also includes sample questions, instructions, answer sheets for recording scores, as well as a form for the teacher to provide feedback and determine if the student has passed or failed the test. The goal of the test is to evaluate students' mastery of basic mathematics skills.
InvestorsAlly Realty - Ile. Gagnon, CanadaRalph 刘冶民 Liu
This listing summarizes a magnificent 24,000 square foot stone mansion located on a private island in Montreal, Quebec. The estate includes 19 acres of land, extensive amenities, and is being sold fully furnished. Notable features include a gourmet kitchen, wine cellar, pool, and luxury finishes throughout. It is listed for USD 29,655,500.
InvestorsAlly Realty - Buck Island, CaribbeanRalph 刘冶民 Liu
This document provides contact and location information for a property listing located on Buck Island in the British Virgin Islands that is for sale by InvestorsAlly Realty. The multi-million dollar listing includes a main house completed in 2006 to high standards and additional details about the property.
The document is Gannett Co., Inc.'s definitive proxy statement for its 1998 annual shareholder meeting. It summarizes that shareholders will vote on (1) electing three directors, (2) electing Price Waterhouse as the independent auditor, and (3) one shareholder proposal. It provides instructions for shareholders on obtaining admission tickets to the meeting and voting procedures. The Board recommends voting for the director and auditor proposals and against the shareholder proposal.
- The document is a proxy statement for the annual meeting of shareholders of Gannett Co., Inc. to be held on May 8, 2001.
- Shareholders will vote on electing three directors, electing PricewaterhouseCoopers as the independent auditor, and approving an Omnibus Incentive Compensation Plan. There will also be consideration of two shareholder proposals.
- The board recommends voting for the election of directors and auditors, and approval of the compensation plan, and against the shareholder proposals. Shareholders are urged to vote by proxy, whether attending the meeting or not.
Gannett held a conference call to discuss its second quarter 2008 earnings results. Gracia Martore, the CFO, introduced Craig Dubow, the CEO, to provide an overview of Gannett's strategic initiatives and financial performance. Dubow discussed Gannett's plans to grow its digital business while enhancing its core newspaper and television operations. He outlined several recent investments and partnerships that will allow Gannett to better serve advertisers across its digital properties. However, Dubow noted the results were impacted by the challenging economy in both the US and UK. Preliminary earnings per share were $1.02 but will be reduced by impairment charges. More details on the financials would be provided later in the call.
Dover Corporation reported strong financial results for the second quarter of 2006, with revenue increasing 24% to $1.7 billion and earnings per share rising 44% to $0.77. All six of Dover's business segments saw increases in both revenue and earnings. Dover exceeded 4 out of 5 targeted metrics for the quarter, including earnings growth, operating margin, and return on investment. Management attributed the strong results to record earnings, organic revenue growth of 17%, and continued strength in most of the end markets served by Dover's businesses.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved strong free cash flow of $834.6 million. Looking ahead, Dover is focused on cost savings initiatives, restructuring programs, and strategic capital allocation to deliver solid results in a challenging economic environment. Guidance for 2009 anticipates an 11-13% decline in total revenue but maintains a target for free cash flow to remain above 10% of revenue.
This document is the 2002 annual report for Gannett Co., Inc. It provides a financial summary showing increased operating revenues, income, and cash flow for 2002 compared to 2001. It also discusses the company's performance, corporate governance practices, convergence efforts across its newspaper, broadcasting, and digital properties, and initiatives within its newspaper and broadcasting divisions. The letter to shareholders expresses optimism about 2002 results despite economic challenges and emphasizes the company's focus on quality, customers, and building new relationships across platforms.
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares. Integration and synergy programs contributed $0.05 per share for the quarter and $0.11 per share year-to-date.
- The document is a letter from the Chairman, President and CEO of Gannett Co., Inc. inviting shareholders to attend the company's upcoming Annual Meeting of Shareholders on May 6, 2003.
- At the meeting, shareholders will vote on electing three directors, ratifying the appointment of the independent auditors, and amending the company's incentive compensation plan.
- The letter encourages shareholders to vote by proxy via telephone, internet or mail in advance of the meeting.
Dover Corporation reported record third quarter revenues and earnings. Earnings per share from continuing operations increased 18% year-over-year to $0.65. All six of Dover's subsidiaries saw sales increases, with four posting double-digit gains. Operating margins improved across many of Dover's companies. The company also announced three acquisitions totaling $960 million that will fuel future growth. Two divestitures were announced that will generate approximately $135 million in after-tax proceeds. While impacts from hurricanes and energy prices affected some operations, Dover remains cautiously optimistic about economic conditions.
Dover Corporation reported financial results for the third quarter of 2006 with the following highlights:
- Earnings from continuing operations increased 27% to $156.3 million compared to $123 million in the prior year.
- Revenue for the quarter increased 21% to $1.651.9 billion.
- Net earnings were $167.5 million including discontinued operations, compared to $122.7 million the previous year.
- The company expects a solid fourth quarter but with results moderating from the third quarter.
This document is Gannett's 2003 annual report. It discusses Gannett's financial results for 2003, which included record operating revenues of $6.7 billion and net income of $1.21 billion, up 4% from 2002. It provides an overview of Gannett's business segments, which include newspapers, broadcasting stations, and digital media. The letter to shareholders discusses some of the challenges Gannett faced in 2003 from economic conditions and regulatory changes, but also highlights areas of growth such as new youth-oriented newspaper publications and increased online revenues. Acquisitions that expanded Gannett's operations in the U.S. and U.K. are also summarized.
The document provides revenue, earnings, assets and other financial data for Dover Corporation for 2006 and the first two quarters of 2007 by business segment. It shows that total consolidated revenue increased from $6.3 billion in 2006 to $3.5 billion for the first half of 2007. Earnings from continuing operations also increased, reaching $306 million for the first half of 2007, up from $592 million in 2006. Operating margins varied by segment but remained around 15% total for segments.
The document discusses Gannett's strategic plan and progress in 2006 toward transforming the company to embrace changes in consumer demand and technology. Key points:
- Gannett formed Gannett Digital to grow its digital business and capture a share of the growing online advertising market.
- Gannett made acquisitions and partnerships to enhance its capabilities in areas like local search, mobile, video and rich media advertising.
- The strategic plan focused on innovation, transforming newsrooms into information centers, and developing leadership. Significant progress was made in 2006 on these initiatives.
- Financial results for 2006 were strong, with operating revenues reaching a record $8.03 billion, though operating income declined slightly.
The 2008 annual report summarizes Gannett Co.'s financial performance for the year and initiatives to transform the company. Operating revenues declined 9% to $6.8 billion due to economic challenges. Net income would have been $747 million without $8.4 billion in impairment charges, resulting in a reported net loss of $6.65 billion. The company continued investing in its digital strategy through acquisitions and partnerships. It also restructured operations to reduce costs and focus on revenue opportunities while delivering local news across multiple platforms. Gannett made progress in its transition despite economic headwinds.
1) In Q4 2007, the company repurchased 4.8 million shares for $222 million, and a total of 12.4 million shares in 2007 for $591 million. They also repurchased an additional 1 million shares in early 2008 for $40 million.
2) In Q4 2007, the company completed two acquisitions for a total of $97.1 million and seven acquisitions in 2007 for a total of $273.6 million. They also finalized the sale of six businesses in 2007 resulting in an after-tax loss of $17.1 million.
3) Organic revenue growth was 2.3% for 2007, with acquisitions contributing 9.7
The document provides an overview of RW Baird's Chicago investor roadshow on September 25-26, 2008. It discusses Dover Corporation's record financial results in 2007, its four segment structure, platforms for sustained growth, and strategic capital allocation. Charts are presented showing Dover's revenue and earnings growth over 2003-2007, balanced growth from acquisitions and organic sales, free cash flow generation, and second quarter 2008 performance.
Dover Corporation reported record revenue, bookings, and backlog for the fourth quarter and full year 2005. Revenue increased 19% in the fourth quarter and 17% for the full year. Acquisitions contributed significantly to growth but lowered EPS in the fourth quarter. Several segments saw strong growth from energy, construction, and industrial markets while automotive and retail slowed. The company expects continued positive trends in 2006 driven by backlog and market conditions.
This document provides an annual financial summary and letter to shareholders for Gannett Co., Inc. for the year 2000. Some key points:
- Revenues exceeded $6 billion for the first time, up 22% from 1999, due to strong advertising demand, the Olympics, and election spending.
- Operating cash flow rose 19% to $2.2 billion on strong results across businesses. Earnings increased 10% to $972 million despite higher costs.
- Gannett completed several major acquisitions in 2000, including Newsquest, Central Newspapers (adding the Arizona Republic and Indianapolis Star), and other newspapers.
- The company grew to 99 daily newspapers in the US and expanded its presence in fast
This document is SunTrust Banks' quarterly report filed with the SEC for the quarter ended March 31, 2003. It includes the consolidated statements of income, balance sheets, and cash flows. For the quarter, SunTrust reported net income of $327.8 million compared to $304.8 million in the same quarter last year. Total assets increased to $120.1 billion from $106.2 billion at the end of the previous quarter. Noninterest income increased from $547.7 million to $590.5 million, while noninterest expense decreased from $818.2 million to $812.9 million.
The document presents an economic study analyzing factors that influence economic growth rates in 15 countries from 1999-2013. It estimates multiple regression models using panel data with GDP growth rate as the dependent variable. Key independent variables include investment, government spending, trade openness, debt levels, and labor force growth. The results find that higher government spending negatively impacts growth significantly, while increased trade openness and investment positively influence growth. Diagnostic tests confirm the fixed effects model specification over random effects.
Good Lynx, bad Lynx: Document enrichment for historical ecologistsMarieke van Erp
This document describes a research project called SERPENS that analyzed newspaper articles mentioning lynx to understand how people's perceptions of the animal changed over time. Researchers developed a machine learning classifier to categorize articles into topics like natural history, nuisance, pest control, and others. The classifier achieved over 70% accuracy. Analysis of categorized articles showed shifting perceptions, with more recent articles discussing lynx accidents and its figurative uses compared to older economic focus. The project aims to help historians study how human-wildlife relations have changed.
The document provides information about the eXact® Micro 10 photometer system for poolside water testing. It describes the features of the system including its precision, built-in cell, automatic timing, test memory, and use of eXact® strip technology. The system uses a patented EZ-3 method involving filling, dipping, and reading strips without color matching. The document also provides instructions for common pool water tests as well as information on quality control and manufacturing of the system.
This document contains evaluations of a training on fundraising and resource capture for third sector managers. It includes evaluations from Priscila Pasqualin and Monica Pasqualin that rate various aspects of the content, methodology, supporting materials, presentation format, and overall training on a scale of 0 to 10. It also has a section for commenting on how the training will most impact their work.
Cover story in December 2015's Winning Edge magazine from ISMM. How Pete Jenkins of Gamification+ used the gamification in CRM.me to help a start up smash their monthly sales targets.
Gannett held a conference call to discuss its second quarter 2008 earnings results. Gracia Martore, the CFO, introduced Craig Dubow, the CEO, to provide an overview of Gannett's strategic initiatives and financial performance. Dubow discussed Gannett's plans to grow its digital business while enhancing its core newspaper and television operations. He outlined several recent investments and partnerships that will allow Gannett to better serve advertisers across its digital properties. However, Dubow noted the results were impacted by the challenging economy in both the US and UK. Preliminary earnings per share were $1.02 but will be reduced by impairment charges. More details on the financials would be provided later in the call.
Dover Corporation reported strong financial results for the second quarter of 2006, with revenue increasing 24% to $1.7 billion and earnings per share rising 44% to $0.77. All six of Dover's business segments saw increases in both revenue and earnings. Dover exceeded 4 out of 5 targeted metrics for the quarter, including earnings growth, operating margin, and return on investment. Management attributed the strong results to record earnings, organic revenue growth of 17%, and continued strength in most of the end markets served by Dover's businesses.
Dover Corporation is a $7 billion global provider of industrial products, fluid management, engineered systems and electronic technologies. In 2008, Dover exceeded 3 of its 5 performance targets and achieved strong free cash flow of $834.6 million. Looking ahead, Dover is focused on cost savings initiatives, restructuring programs, and strategic capital allocation to deliver solid results in a challenging economic environment. Guidance for 2009 anticipates an 11-13% decline in total revenue but maintains a target for free cash flow to remain above 10% of revenue.
This document is the 2002 annual report for Gannett Co., Inc. It provides a financial summary showing increased operating revenues, income, and cash flow for 2002 compared to 2001. It also discusses the company's performance, corporate governance practices, convergence efforts across its newspaper, broadcasting, and digital properties, and initiatives within its newspaper and broadcasting divisions. The letter to shareholders expresses optimism about 2002 results despite economic challenges and emphasizes the company's focus on quality, customers, and building new relationships across platforms.
Dover Corporation reported third quarter 2008 results with revenue increasing 5% year-over-year to $2 billion and earnings per share increasing 13% to $1.01. Free cash flow was up 4% to $306 million for the quarter. Segment margins increased slightly to 15.9% while organic growth was 2.8% and acquisition growth was 1.7%. The company completed its $500 million share repurchase program for the quarter, repurchasing $114 million in shares. Integration and synergy programs contributed $0.05 per share for the quarter and $0.11 per share year-to-date.
- The document is a letter from the Chairman, President and CEO of Gannett Co., Inc. inviting shareholders to attend the company's upcoming Annual Meeting of Shareholders on May 6, 2003.
- At the meeting, shareholders will vote on electing three directors, ratifying the appointment of the independent auditors, and amending the company's incentive compensation plan.
- The letter encourages shareholders to vote by proxy via telephone, internet or mail in advance of the meeting.
Dover Corporation reported record third quarter revenues and earnings. Earnings per share from continuing operations increased 18% year-over-year to $0.65. All six of Dover's subsidiaries saw sales increases, with four posting double-digit gains. Operating margins improved across many of Dover's companies. The company also announced three acquisitions totaling $960 million that will fuel future growth. Two divestitures were announced that will generate approximately $135 million in after-tax proceeds. While impacts from hurricanes and energy prices affected some operations, Dover remains cautiously optimistic about economic conditions.
Dover Corporation reported financial results for the third quarter of 2006 with the following highlights:
- Earnings from continuing operations increased 27% to $156.3 million compared to $123 million in the prior year.
- Revenue for the quarter increased 21% to $1.651.9 billion.
- Net earnings were $167.5 million including discontinued operations, compared to $122.7 million the previous year.
- The company expects a solid fourth quarter but with results moderating from the third quarter.
This document is Gannett's 2003 annual report. It discusses Gannett's financial results for 2003, which included record operating revenues of $6.7 billion and net income of $1.21 billion, up 4% from 2002. It provides an overview of Gannett's business segments, which include newspapers, broadcasting stations, and digital media. The letter to shareholders discusses some of the challenges Gannett faced in 2003 from economic conditions and regulatory changes, but also highlights areas of growth such as new youth-oriented newspaper publications and increased online revenues. Acquisitions that expanded Gannett's operations in the U.S. and U.K. are also summarized.
The document provides revenue, earnings, assets and other financial data for Dover Corporation for 2006 and the first two quarters of 2007 by business segment. It shows that total consolidated revenue increased from $6.3 billion in 2006 to $3.5 billion for the first half of 2007. Earnings from continuing operations also increased, reaching $306 million for the first half of 2007, up from $592 million in 2006. Operating margins varied by segment but remained around 15% total for segments.
The document discusses Gannett's strategic plan and progress in 2006 toward transforming the company to embrace changes in consumer demand and technology. Key points:
- Gannett formed Gannett Digital to grow its digital business and capture a share of the growing online advertising market.
- Gannett made acquisitions and partnerships to enhance its capabilities in areas like local search, mobile, video and rich media advertising.
- The strategic plan focused on innovation, transforming newsrooms into information centers, and developing leadership. Significant progress was made in 2006 on these initiatives.
- Financial results for 2006 were strong, with operating revenues reaching a record $8.03 billion, though operating income declined slightly.
The 2008 annual report summarizes Gannett Co.'s financial performance for the year and initiatives to transform the company. Operating revenues declined 9% to $6.8 billion due to economic challenges. Net income would have been $747 million without $8.4 billion in impairment charges, resulting in a reported net loss of $6.65 billion. The company continued investing in its digital strategy through acquisitions and partnerships. It also restructured operations to reduce costs and focus on revenue opportunities while delivering local news across multiple platforms. Gannett made progress in its transition despite economic headwinds.
1) In Q4 2007, the company repurchased 4.8 million shares for $222 million, and a total of 12.4 million shares in 2007 for $591 million. They also repurchased an additional 1 million shares in early 2008 for $40 million.
2) In Q4 2007, the company completed two acquisitions for a total of $97.1 million and seven acquisitions in 2007 for a total of $273.6 million. They also finalized the sale of six businesses in 2007 resulting in an after-tax loss of $17.1 million.
3) Organic revenue growth was 2.3% for 2007, with acquisitions contributing 9.7
The document provides an overview of RW Baird's Chicago investor roadshow on September 25-26, 2008. It discusses Dover Corporation's record financial results in 2007, its four segment structure, platforms for sustained growth, and strategic capital allocation. Charts are presented showing Dover's revenue and earnings growth over 2003-2007, balanced growth from acquisitions and organic sales, free cash flow generation, and second quarter 2008 performance.
Dover Corporation reported record revenue, bookings, and backlog for the fourth quarter and full year 2005. Revenue increased 19% in the fourth quarter and 17% for the full year. Acquisitions contributed significantly to growth but lowered EPS in the fourth quarter. Several segments saw strong growth from energy, construction, and industrial markets while automotive and retail slowed. The company expects continued positive trends in 2006 driven by backlog and market conditions.
This document provides an annual financial summary and letter to shareholders for Gannett Co., Inc. for the year 2000. Some key points:
- Revenues exceeded $6 billion for the first time, up 22% from 1999, due to strong advertising demand, the Olympics, and election spending.
- Operating cash flow rose 19% to $2.2 billion on strong results across businesses. Earnings increased 10% to $972 million despite higher costs.
- Gannett completed several major acquisitions in 2000, including Newsquest, Central Newspapers (adding the Arizona Republic and Indianapolis Star), and other newspapers.
- The company grew to 99 daily newspapers in the US and expanded its presence in fast
This document is SunTrust Banks' quarterly report filed with the SEC for the quarter ended March 31, 2003. It includes the consolidated statements of income, balance sheets, and cash flows. For the quarter, SunTrust reported net income of $327.8 million compared to $304.8 million in the same quarter last year. Total assets increased to $120.1 billion from $106.2 billion at the end of the previous quarter. Noninterest income increased from $547.7 million to $590.5 million, while noninterest expense decreased from $818.2 million to $812.9 million.
The document presents an economic study analyzing factors that influence economic growth rates in 15 countries from 1999-2013. It estimates multiple regression models using panel data with GDP growth rate as the dependent variable. Key independent variables include investment, government spending, trade openness, debt levels, and labor force growth. The results find that higher government spending negatively impacts growth significantly, while increased trade openness and investment positively influence growth. Diagnostic tests confirm the fixed effects model specification over random effects.
Good Lynx, bad Lynx: Document enrichment for historical ecologistsMarieke van Erp
This document describes a research project called SERPENS that analyzed newspaper articles mentioning lynx to understand how people's perceptions of the animal changed over time. Researchers developed a machine learning classifier to categorize articles into topics like natural history, nuisance, pest control, and others. The classifier achieved over 70% accuracy. Analysis of categorized articles showed shifting perceptions, with more recent articles discussing lynx accidents and its figurative uses compared to older economic focus. The project aims to help historians study how human-wildlife relations have changed.
The document provides information about the eXact® Micro 10 photometer system for poolside water testing. It describes the features of the system including its precision, built-in cell, automatic timing, test memory, and use of eXact® strip technology. The system uses a patented EZ-3 method involving filling, dipping, and reading strips without color matching. The document also provides instructions for common pool water tests as well as information on quality control and manufacturing of the system.
This document contains evaluations of a training on fundraising and resource capture for third sector managers. It includes evaluations from Priscila Pasqualin and Monica Pasqualin that rate various aspects of the content, methodology, supporting materials, presentation format, and overall training on a scale of 0 to 10. It also has a section for commenting on how the training will most impact their work.
Cover story in December 2015's Winning Edge magazine from ISMM. How Pete Jenkins of Gamification+ used the gamification in CRM.me to help a start up smash their monthly sales targets.
The document contains mathematical equations and symbols. It discusses functions involving variables such as x, y, and z. It also mentions concepts like derivatives, integrals, and exponential and logarithmic functions. Scientific notation is used for some numbers. Diagrams or graphs could be involved.
DIC offers a wide range of Hydraulic Packers. Hydraulic Packers are used in deviated or crooked holes where tubing movement is restricted or unwanted. These are designed for low to medium-pressure applications. Various configurations can be supplied as per customer requirements.
This document contains solutions to multiple engineering problems involving shaft design and analysis. In problem 7-10, the author evaluates a shaft design for strength and deflection. They calculate bending and torsion stresses at critical locations to determine safety factors against failure from distortion and fatigue. The safety factors are found to be 1.59 for distortion and below recommendations, so the design is unsatisfactory. Modifications to increase the shaft diameter are suggested.
This document is the 2000 annual report for Barnes & Noble. It summarizes the company's financial performance for the fiscal year 2000 and discusses initiatives to build an integrated retail and online customer network. In fiscal year 2000, Barnes & Noble saw record total sales of $4.4 billion, with retail sales growing 26% year-over-year. The company also saw strong growth at Barnes & Noble stores and online sales at Barnes & Noble.com increased 65%. Barnes & Noble announced new initiatives to integrate its retail and online channels, such as Internet Service Counters in stores and a membership program, to provide customers a seamless shopping experience across channels.
This document summarizes a study on the composite index of market access (CIMA) for U.S. rice exports from 2006-2008. It provides an overview of the study approach and U.S. rice sector structure. It then details the price ladder from farm gate prices to final importer prices, including production costs, transportation costs, import duties, and other factors. Finally, it calculates the CIMA for key export markets like Mexico, the EU, and Japan by measuring barriers to market access as a percentage of the importer price.
This document provides the agenda for a City Council meeting on September 24, 2013. The agenda includes four items for consideration: 1) approving amendments to the city's comprehensive plan regarding two properties, 2) approving changes to mobile home regulations, 3) discussing the fiscal year 2013-2014 budget including the stormwater fund, wastewater transfers, and capital projects, and 4) future agenda items and adjournment. A related memo provides details on the budget discussion, outlining funding for the stormwater fund, wastewater transfers, and remaining capital project funds.
The document contains mathematical equations and symbols. It discusses various topics related to mathematics including equations, functions, variables, and algebraic expressions. It provides calculations and solutions to problems involving numbers, exponents, and other mathematical concepts.
I c - destefanis local skills development in italyOECD CFE
The upgrading of workforce skills is key to the competitiveness of SMEs. In today’s business environment there is a premium on innovation that enables firms to develop new products and services, new production processes and new business models. This requires both in-house innovation and the ability to absorb knowledge from other firms and organisations, both of which call for a skilled labour force. Skills are also a critical but understated resource for entrepreneurship seen in the sense of business creation. Similarly to workforce skills, entrepreneurship skills will boost the competitiveness of local businesses thanks to the improved strategic and management competences of the entrepreneur.
This letter from the IRS informs Kids Voting Mecklenburg County that its business name has been changed as requested. The letter provides the organization's new Taxpayer Identification Number and notes corrected tax forms will arrive in 5-6 weeks. The letter also states that the organization has been determined to be a private foundation under Section 501(c)(3) of the tax code.
This document provides information about Portugal across multiple topics in short sections. It discusses Portugal's leadership in various industries such as critical software, machinery, moulds, home textiles, footwear technology, pre-paid mobile cards, cork, and renewable energy. It also highlights top Portuguese brands and exports in many categories including porcelain, wine, construction, shopping centers, and kayaks. The overall message is that Portugal is highly innovative with world-leading companies and exports in more industries than one might expect from a small country.
1. The document discusses regulation of large technology companies like Google, Facebook, Amazon, and Apple, referred to as GAFA.
2. It notes the power of these companies in collecting and exploiting large amounts of personal data from their users.
3. The European Union is seeking to impose greater regulation and restrictions on how these companies can use personal data.
This document contains diagrams and descriptions of an early computer network topology. It shows Ethernet hosts connected through routers to an ARPANET network. The text also includes bit-level explanations of IPv4 packet headers.
The document summarizes the financial results of Iochpe-Maxion for the first quarter of 2004. Key highlights include a 13.5% increase in total vehicle production in Brazil compared to Q1 2003. Iochpe-Maxion's net sales increased 44% to R$212.9 million in Q1 2004 from R$148.3 million in Q1 2003. The company's operational result decreased from R$9.7 million in Q1 2003 to R$7.4 million in Q1 2004. Automotive components accounted for 58% of Iochpe-Maxion's revenue in Q1 2004.
The document describes tooling for machining a compressor wheel part number 802823-0011 for a 1.6L Volkswagen engine. It includes descriptions and pictures of a jig fixture, shroud gauge, and balance spindle supplied by Aikoku Alpha Corp for turning, 5-axis machining, marking, and balancing the compressor wheel in 4 operations.
Smurfit-Stone reported a net loss of $19 million for Q1 2005, an improvement from a $66 million loss in Q1 2004. Net sales increased 8% to $2.1 billion. The company continued to face cost pressures from higher energy, fiber, and employee benefit costs which narrowed margins. However, demand was improving and costs were expected to moderate for the rest of the year, leading the company to expect a return to profitability in Q2 2005.
Smurfit-Stone Container Corporation reported second quarter 2005 net income of $1 million, an improvement from a $10 million net loss in the second quarter of 2004. Sales increased to $2.2 billion from $2 billion in the prior year period. For the first half of 2005, the company reported a net loss of $18 million, an improvement from a $76 million net loss in the first half of 2004, with sales of $4.2 billion compared to $4 billion in the prior year. The company expects third quarter results to be negatively impacted by unfavorable pricing trends but anticipates increased packaging demand in the seasonally strong period.
Smurfit-Stone Container Corporation reported a net loss of $229 million or $0.90 per share for Q3 2005, primarily due to a $293 million pretax restructuring charge related to mill closures in Canada and a paper machine closure. Net sales were $2.1 billion, down from $2.2 billion in Q3 2004. For the first nine months of 2005, the net loss was $247 million or $0.97 per share, compared to a net loss of $48 million or $0.19 per share for the same period in 2004. The company expects costs to increase in Q4 due to higher energy and freight expenses, while average corrugated prices are expected to
- Smurfit-Stone Container Corporation reported a net loss of $92 million for Q4 2005 and a net loss of $339 million for the full year 2005.
- Market conditions were unfavorable in the first half of 2005 with declining containerboard and corrugated prices but began to improve in Q4 2005. However, higher energy and fiber costs negatively impacted results.
- The company expects better comparisons going forward as market conditions improve but not meaningful sequential earnings growth in Q1 2006 due to seasonal factors and cost pressures.
- Smurfit-Stone Container Corporation reported a net loss of $64 million for Q1 2006 compared to a net loss of $19 million in Q1 2005.
- Net sales were $2.1 billion for Q1 2006, comparable to Q1 2005. However, higher costs such as energy and freight, as well as lower containerboard and corrugated prices, negatively impacted year-over-year results.
- The company expects results to improve in Q2 2006 but not reach breakeven, and anticipates returning to profitability in Q3 2006 as prices have rebounded and benefits from strategic initiatives continue.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2006. The company reported a net loss of $44 million compared to net income of $1 million in the second quarter of 2005. Sales were flat at $1.76 billion. For the first half of 2006 the company reported a net loss of $108 million compared to a net loss of $18 million in the first half of 2005, with sales of $3.5 billion, consistent with the previous year. The company's containerboard and corrugated containers segment saw improved operating profits compared to the previous quarter and previous year.
1) Smurfit-Stone Container Corporation reported a net income of $22 million or $0.09 per diluted share for Q4 2006, compared to a net loss of $0.36 per diluted share in Q4 2005.
2) For full year 2006, Smurfit-Stone reported a net loss of $71 million or $0.28 per diluted share, an improvement from a net loss of $339 million or $1.33 per diluted share in 2005.
3) The company exceeded its cost reduction target for 2006 from its strategic initiatives program, achieving $243 million in savings, and expects further meaningful earnings growth in 2007.
1) Smurfit-Stone Container Corporation reported a net loss of $55 million for the first quarter of 2007 compared to a net loss of $0.25 per share in the first quarter of 2006.
2) The company announced plans to close two containerboard mills with 200,000 tons of annual capacity and restart a previously idled paper machine with 170,000 tons of annual capacity to realign its mill system.
3) While costs increased due to higher wood and recycled fiber prices, the company expects improved second quarter results and a return to profitability due to moderating costs and stronger demand.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2007, with the following highlights:
1) Operating profits were up 59% from the previous quarter and 16% from the second quarter of 2006, driven by higher average prices across major product lines.
2) Sales increased 6% year-over-year to $1.87 billion for the second quarter.
3) The company expects higher mill production and continued price improvements to drive further financial gains in the third quarter.
Smurfit-Stone Container Corporation reported improved financial results in the third quarter of 2007 compared to the previous quarter:
- Adjusted net income nearly doubled from the second quarter, reaching $28 million.
- Strategic initiatives led to $18 million in quarterly benefits from cost reductions.
- Debt was reduced by $328 million through the sale of the Brewton, Alabama mill.
While earnings are expected to decrease in the fourth quarter due to seasonal factors, management expects ongoing benefits from strategic cost cutting initiatives and capital investments to drive continued margin improvements.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
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During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
1. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2005 Commission File No. 1-4018
DOVER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 53-0257888
(State of Incorporation) (I.R.S. Employer Identification No.)
280 Park Avenue, New York, NY 10017
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 922-1640
Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject
to such filing requirements for the past 90 days. Yes [ X ] No [ ]
Indicate by checkmark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of the
Securities Exchange Act). Yes [ X ] No [ ]
The number of shares outstanding of the Registrant’s common stock as April 27, 2005 was 203,727,972.
1 of 28
2. Dover Corporation
Index
Form 10-Q
Page Item
Part I – Financial Information
Item 1. Financial Statements
3 Condensed Consolidated Statement of Earnings for the three months ended March
31, 2005
4 Condensed Consolidated Balance Sheets at March 31, 2005 and December 31,
2004
4 Condensed Consolidated Statement of Stockholder’s Equity and Comprehensive
Income for the three months ended March 31, 2005
5 Condensed Consolidated Statements of Cash Flows for the three months ended
March 31, 2005
6 Notes to Condensed Consolidated Financial Statements
6 Market Segment Results
12 Item 2. Management’s Discussion and Analysis of Financial Condition and
Results
of Operations
20 Item 3. Quantitative and Qualitative Disclosure About Market Risk
20 Item 4. Controls and Procedures
Part II – Other Information
21 Item 1. Legal Proceedings
21 Item 2. Unregistered Sales of Equity Securities and of Use Proceeds
21 Item 3. Defaults Upon Senior Securities
21 Item 4. Submission of Matters to a Vote of Security Holders
22 Item 5. Other Information
22 Item 6. Exhibits
23 Signatures
24 Exhibit Index
25 Exhibit 10.1 Summary of 2005 Named Executive Officer Salaries
26 Exhibit 31.1 Certification
27 Exhibit 31.2 Certification
28 Exhibit 32 Certification
(All other schedules are not required and have been omitted)
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3. PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
(unaudited) (in thousands, except per share figures)
T h re e M o n th s E n d e d M a rc h 3 1 ,
2005 2004
N e t s a le s $ 1 ,4 4 9 ,0 3 4 $ 1 ,2 4 2 ,3 8 0
C o s t o f s a le s 9 5 1 ,5 4 3 8 0 6 ,5 1 5
G ro s s p ro fit 4 9 7 ,4 9 1 4 3 5 ,8 6 5
S e llin g a n d a d m in is tra tive e x p e n s e s 3 5 1 ,4 3 7 3 0 3 ,1 7 7
O p e ra tin g p ro fit 1 4 6 ,0 5 4 1 3 2 ,6 8 8
In te re s t e x p e n s e , n e t 1 6 ,1 4 7 1 4 ,6 8 0
A ll o th e r (in c o m e ) e x p e n s e , n e t (4 ,4 7 9 ) 313
T o ta l 1 1 ,6 6 8 1 4 ,9 9 3
E a rn in g s fro m c o n tin u in g o p e ra tio n s , b e fo re
ta x e s o n in c o m e 1 3 4 ,3 8 6 1 1 7 ,6 9 5
F e d e ra l a n d o th e r ta x e s o n in c o m e 3 4 ,1 2 1 3 3 ,8 8 6
N e t e a rn in g s fro m c o n tin u in g o p e ra tio n s 1 0 0 ,2 6 5 8 3 ,8 0 9
N e t (lo s s e s ) fro m d is c o n tin u e d o p e ra tio n s (2 ,1 3 1 ) (6 9 7 )
N e t e a rn in g s $ 9 8 ,1 3 4 $ 8 3 ,1 1 2
B a s ic e a rn in g s p e r c o m m o n s h a re :
- C o n tin u in g o p e ra tio n s $ 0 .4 9 $ 0 .4 1
- D is c o n tin u e d o p e ra tio n s (0 .0 1 ) -
- N e t e a rn in g s $ 0 .4 8 $ 0 .4 1
D ilu te d e a rn in g s p e r c o m m o n s h a re :
- C o n tin u in g o p e ra tio n s $ 0 .4 9 $ 0 .4 1
- D is c o n tin u e d o p e ra tio n s (0 .0 1 ) -
- N e t e a rn in g s $ 0 .4 8 $ 0 .4 1
W e ig h te d a ve ra g e n u m b e r o f c o m m o n s h a re s o u ts ta n d in g d u rin g th e p e rio d :
B a s ic 2 0 3 ,6 5 0 2 0 3 ,0 8 8
D ilu te d 2 0 4 ,9 0 4 2 0 4 ,7 6 3
T h e c o m p u ta tio n s o f b a s ic a n d d ilu te d e a rn in g s p e r s h a re fro m c o n tin u in g
o p e ra tio n s w e re a s fo llo w s :
T h re e M o n th s E n d e d M a rc h 3 1 ,
2005 2004
N u m e ra to r:
N e t e a rn in g s fro m c o n tin u in g
o p e ra tio n s a v a ila b le to
c o m m o n s to c k h o ld e rs $ 1 0 0 ,2 6 5 $ 8 3 ,8 0 9
D e n o m in a to r:
B a s ic w e ig h te d a v e ra g e s h a re s 2 0 3 ,6 5 0 2 0 3 ,0 8 8
D ilu tive e ffe c t o f a s s u m e d e x e rc is e
o f e m p lo ye e s to c k o p tio n s 1 ,2 5 4 1 ,6 7 5
D e n o m in a to r:
D ilu te d w e ig h te d a ve ra g e s h a re s 2 0 4 ,9 0 4 2 0 4 ,7 6 3
B a s ic e a rn in g s p e r s h a re fro m
c o n tin u in g o p e ra tio n s $ 0 .4 9 $ 0 .4 1
D ilu te d e a rn in g s p e r s h a re fro m
c o n tin u in g o p e ra tio n s $ 0 .4 9 $ 0 .4 1
S h a re s e x c lu d e d fro m d ilu tive e ffe c t d u e to e x e rc is e p ric e e x c e e d in g a ve ra g e
m a rk e t p ric e o f c o m m o n s to c k 4 ,6 3 5 2 ,7 7 7
See Notes to Condensed Consolidated Financial Statements
3 of 28
4. DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands)
March 31, 2005 Decem ber 31, 2004
Assets:
Current assets:
Cash and equivalents $ 411,830 $ 357,606
Receivables, net 964,565 912,688
Inventories, net 813,254 775,741
Deferred tax and other current assets 117,283 103,912
Total current assets 2,306,932 2,149,947
Property, plant and equipm ent, net 750,119 756,680
Goodwill 2,209,913 2,149,780
Intangible assets, net 523,705 529,277
Other assets and deferred charges 204,350 195,674
Assets of discontinued operations 11,157 10,821
Total assets $ 6,006,176 $ 5,792,179
Liabilities:
Current liabilities:
Short-term debt and com m ercial paper $ 515,129 $ 339,264
Accounts payable 409,061 364,406
Accrued expenses 425,097 471,413
Federal and other taxes on incom e 181,677 180,893
Total current liabilities 1,530,964 1,355,976
Long-term debt 755,443 753,063
Deferred incom e taxes 312,950 296,464
Other deferrals (principally com pensation) 246,212 246,170
Liabilities of discontinued operations 21,594 21,824
Stockholders' equity:
Total stockholders' equity 3,139,013 3,118,682
Total liabilities and stockholders' equity $ 6,006,176 $ 5,792,179
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY AND
COMPREHENSIVE INCOME
(unaudited) (in thousands)
Common Additional Other Total
Stock Paid-In Comprehensive Retained Treasury Stockholders' Comprehensive
$1 Par Value Capital Earnings (Loss) Earnings Stock Equity Earnings (Loss)
Balance as of December 31, 2004 $ 239,015 $ 98,979 $ 195,220 $ 3,628,715 $ (1,043,247) $ 3,118,682 $ 488,302
Net earnings - - - 98,134 - 98,134 98,134
Dividends paid - - - (32,592) - (32,592) -
Common stock issued for
options exercised 362 9,508 - - - 9,870 -
Stock issued, net of cancellations - - - - - - -
Stock acquired during the period - - - - (5,080) (5,080) -
Decrease from translation
of foreign financial statements - - (49,958) - - (49,958) (49,958)
Unrealized holding gains (losses) - - (43) - - (43) (43)
Balance as of March 31, 2005 $ 239,377 $ 108,487 $ 145,219 $ 3,694,257 $ (1,048,327) $ 3,139,013 $ 48,133
Preferred Stock, $100 par value per share. 100,000 shares authorized; none issued.
Common Stock, $1 par value per share. 500,000,000 shares authorized; issued 239,376,755 in 2005, and 239,015,320 shares in 2004.
See Notes to Condensed Consolidated Financial Statements
4 of 28
5. DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) (in thousands)
Three Months Ended March 31,
2005 2004
Cash flows from operating activities:
Net earnings $ 98,134 $ 83,112
Adjustments to reconcile net earnings to net cash from operating activities:
Net (earnings) losses from discontinued operations 2,131 697
Depreciation and amortization 42,496 38,201
Changes in current assets and liabilities (excluding effects of acquisitions,
dispositions and foreign exchange):
Decrease (increase) in accounts receivable (58,113) (63,391)
Decrease (increase) in inventories (33,621) (33,100)
Decrease (increase) in prepaid expenses & other assets (4,465) (8,890)
Increase (decrease) in accounts payable 46,421 46,796
Increase (decrease) in accrued expenses (45,345) (1,333)
Increase (decrease) in accrued federal and other taxes payable 786 63,262
Net change (increase) decrease in current assets and liabilities (94,337) 3,344
Net change (increase) decrease in non-current assets & liabilities (2,180) 5,929
Total adjustments (51,890) 48,171
Net cash from operating activities 46,244 131,283
Cash flows from (used in) investing activities:
Proceeds from the sale of property and equipment 1,156 1,424
Additions to property, plant and equipment (27,820) (20,931)
Proceeds from sale of discontinued businesses - 15,000
Acquisitions (net of cash and cash equivalents acquired) (100,668) -
Net cash used in investing activities (127,332) (4,507)
Cash flows from (used in) financing activities:
Increase (decrease) in debt 177,815 (37,691)
Purchase of treasury stock (5,080) (1,466)
Proceeds from exercise of stock options 7,865 5,829
Dividends to stockholders (32,592) (30,479)
Net cash used in financing activities 148,008 (63,807)
Effect of exchange rate changes on cash (9,999) (7,365)
Cash from (used in) discontinued operations (2,697) (3,450)
Net increase (decrease) in cash & cash equivalents 54,224 52,154
Cash & cash equivalents at beginning of period 357,606 370,379
Cash & cash equivalents at end of period $ 411,830 $ 422,533
See Notes to Condensed Consolidated Financial Statements
5 of 28
6. DOVER CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE A – Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes
necessary for a fair presentation of financial position, results of operations, and changes in financial
position in conformity with accounting principles generally accepted in the United States of America. It is
the opinion of the Company’s management that all adjustments necessary for a fair statement of the
interim results presented have been reflected therein. The results of operations of any interim period are
not necessarily indicative of the results of operations for the fiscal year. Certain amounts in prior years
have been reclassified to conform to the current quarter’s presentation.
As previously disclosed, the Company expanded its subsidiary structure from four to six reporting market
segments effective January 1, 2005 and is reporting financial information on this basis effective January
1, 2005.
DOVER CORPORATION
MARKET SEGMENT RESULTS
(unaudited) (in thousands)
Three Months Ended March 31,
SALES 2005 2004
Diversified $ 222,927 $ 184,907
Electronics 135,599 110,372
Industries 219,679 195,603
Resources 371,655 290,792
System s 165,602 147,631
Technologies 336,036 315,244
Intram arket elim inations (2,464) (2,169)
Net sales $ 1,449,034 $ 1,242,380
EARNINGS
Diversified $ 24,303 $ 22,265
Electronics 10,334 11,103
Industries 25,220 21,060
Resources 63,768 47,248
System s 21,223 15,579
Technologies 20,941 26,583
Subtotal continuing operations 165,789 143,838
Corporate expense/other (15,256) (11,463)
Net interest expense (16,147) (14,680)
Earnings from continuing operations,
before taxes on incom e 134,386 117,695
Federal and other taxes on incom e 34,121 33,886
Net earnings from continuing operations $ 100,265 $ 83,809
See Notes to Condensed Consolidated Financial Statements
6 of 28
7. For a more complete understanding of the Company's financial position, operating results, business
properties and other matters, reference is made to the Company's Annual Report on Form 10-K which
was filed with the Securities and Exchange Commission on March 14, 2005.
NOTE B – Stock-Based Compensation
The Company has long-term incentive plans authorizing various types of market and performance based
incentive awards that may be granted to officers and employees. Statement of Financial Accounting
Standards (“SFAS”) No. 123 and SFAS No. 148 “Accounting for Stock-Based Compensation,” allow
companies to measure compensation cost in connection with employee share option plans using a fair
value based method or to continue to use an intrinsic value based method as defined by APB No. 25
“Accounting for Stock Issued to Employees,” which generally does not result in a compensation cost at
time of grant. The Company accounts for stock-based compensation under APB 25, and does not
recognize stock-based compensation expense upon the grant of its stock options because the option
terms are fixed and the exercise price equals the market price of the underlying stock on the grant date.
All granted stock options have a term of ten years and cliff vest after three years.
The following table illustrates the effect on net earnings and basic and diluted earnings per share if the
Company had recognized compensation expense upon grant of the options, based on the Black-Scholes
option pricing model:
Three Months Ended March 31,
(in thousands, except per share figures) 2005 2004
Net earnings, as reported $ 98,134 $ 83,112
Deduct:
Total stock-based employee compensation
expense determined under fair value based
method for all awards, net of tax effects (4,663) (4,649)
Pro forma net earnings $ 93,471 $ 78,463
Earnings per share:
Basic-as reported $ 0.48 $ 0.41
Basic-pro forma 0.46 0.39
Diluted-as reported $ 0.48 $ 0.41
Diluted-pro forma 0.46 0.38
The fair value of each option grant was estimated on the date of grant using a Black-Scholes option-
pricing model with the following assumptions:
Three Months Ended March 31,
2005 2004
Risk-free interest rates 3.97% 3.71%
Dividend yield 1.70% 1.46%
Expected life 8 8
Volatility 31.15% 31.54%
Weighted average option grant price $38.00 $41.25
Weighted average fair value of options granted $13.27 $14.89
NOTE C – Acquisitions
The Company completed four acquisitions during the first quarter of 2005. There were no acquisitions
during the first quarter of 2004. The acquisitions completed during the first three months of 2005 have
been accounted for appropriately under SFAS 141 “Business Combinations”. Accordingly, the accounts
of the acquired companies, after adjustments to reflect fair market values assigned to assets and
liabilities, have been included in the consolidated financial statements from their respective dates of
acquisitions. All 2005 acquisitions are wholly owned and had an aggregate cost of approximately $101.2
million, including cash, at date of acquisition.
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8. 2005 Acquisitions
Date Type Acquired Companies Location (Near) Segment Operating Company
18-Jan Asset Avborne Accessory Group, Inc. Miam i, Florida Diversified Sargent
Maintenance, repair, and overhaul of comm ercial, military, and business aircraft.
21-Feb Asset Rostone (Reunion Industries) Lafayette, Indiana Electronics Kurz-Kasch
Manufacturer of thermo set specialty plastics.
23-Feb Stock Fas-Co Coders, Inc. Phoenix, Arizona Technologies Imaje
Integrator of high resolution carton printers.
2-Mar Asset APG Longmont, Colorado Technologies ECT
Manufacturer of test fixtures for loaded circuit board testing.
The following unaudited pro forma information presents the results of operations of the Company for the
three-month periods ending March 31, 2005 and 2004 as if the 2005 and 2004 acquisitions had taken
place on January 1, 2004 and January 1, 2005.
Three Months Ended March 31,
(in thousands, except per share figures) 2005 2004
Net sales from continuing operations:
As reported $ 1,449,034 $ 1,242,380
Pro forma 1,454,756 1,352,232
Net earnings from continuing operations:
As reported $ 100,265 $ 83,809
Pro forma 99,664 92,358
Basic earnings per share from continuing operations:
As reported $ 0.49 $ 0.41
Pro forma 0.49 0.45
Diluted earnings per share from continuing operations:
As reported $ 0.49 $ 0.41
Pro forma 0.49 0.45
These pro forma results of operations have been prepared for comparative purposes only and include
certain adjustments, such as additional amortization and depreciation expense as a result of intangibles
and fixed assets acquired. They do not purport to be indicative of the results of operations which actually
would have resulted had the acquisitions occurred on the date indicated, or which may result in the
future.
NOTE D – Inventory
Summary by Components
March 31, December 31,
(in thousands) 2005 2004
Raw materials $ 363,446 $ 366,977
W ork in progress 213,933 207,885
Finished goods 280,494 242,825
Total 857,873 817,687
Less LIFO reserve (44,619) (41,946)
Net amount per balance sheet $ 813,254 $ 775,741
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9. NOTE E – Property, Plant and Equipment
Summary by Components
March 31, December 31,
(in thousands) 2005 2004
Land $ 61,249 $ 61,744
Buildings 500,118 500,350
Machinery and equipment 1,535,172 1,524,119
Less accumulated depreciation (1,346,420) (1,329,533)
Net amount per balance sheet $ 750,119 $ 756,680
The Company changed its method of depreciation for assets acquired on or after January 1, 2004 from
primarily accelerated methods to the straight-line method of depreciation. Management’s decision to
change was based on the fact that straight-line depreciation has become a better method of matching
revenue and expenses over the estimated useful life of capitalized assets given their characteristics and
usage patterns. The Company has determined that the design and durability of these assets does not
diminish to any significant degree over time and it is therefore preferable to recognize the related cost
uniformly over their estimated useful lives.
NOTE F – Goodwill and Other Intangible Assets
Dover is continuing to evaluate the initial purchase price allocations of certain acquisitions and will adjust
the allocations as additional information relative to the fair values of the assets and liabilities of the
businesses becomes known. The Company is also in the process of obtaining appraisals of tangible and
intangible assets for acquisitions. The following table provides the changes in carrying value of goodwill
by market segment through the three months ended March 31, 2005:
(in thousands) Diversified Electronics Industires Resources Systems Technologies Total
Balance as of December 31, 2004 $ 248,476 $ 161,118 $ 264,051 $ 626,909 $ 164,333 $ 684,893 $ 2,149,780
Goodwill from acquisitions 73,539 (577) - 77 - 3,535 76,574
Other (primarily currency translation) (1,438) (778) (954) (2,629) (884) (9,758) (16,441)
Balance as of March 31, 2005 $ 320,577 $ 159,763 $ 263,097 $ 624,357 $ 163,449 $ 678,670 $ 2,209,913
The following table provides the gross carrying value and accumulated amortization for each major class
of intangible asset:
March 31, 2005 December 31, 2004
Gross Carrying Accumulated Gross Carrying Accumulated
(in thousands) Amount Amortization Average Life Amount Amortization
Trademarks $ 31,227 $ 11,816 29 $ 30,960 $ 11,508
Patents 98,828 64,022 13 98,193 62,199
Customer Intangibles 176,372 18,938 9 150,784 15,219
Unpatented Technologies 106,663 30,113 9 127,428 28,521
Non-Compete Agreements 7,838 6,559 5 9,395 7,853
Drawings & Manuals 5,979 3,289 5 5,989 2,722
Distributor Relationships 39,500 3,498 25 38,300 1,915
Other (primarily minimum pension liability)* 51,460 4,228 14 55,269 5,944
Total Amortizable Intangible Assets 517,867 142,463 13 516,318 135,881
Total Indefinite-Lived Trademarks 148,300 - 148,840 -
Total $ 666,167 $ 142,463 $ 665,158 $ 135,881
* Intangible asset balance related to minimum pension liability requirements related to the Company’s
Supplemental Executive Retirement Plan Liability.
NOTE G – Discontinued Operations
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10. During the first quarter of 2005, Dover discontinued one business from the Industries segment which was
subsequently sold on April 1, 2005. The write-down of the carrying value of the entity to fair market value
was partially offset by a small gain for a business discontinued in a previous period and resulted in a net
loss on discontinued operations of $2.1 million.
During the first quarter of 2004, Dover disposed of a small business in the Technologies segment
resulting in a gain on sale of $6.5 million, net of tax, which was offset by an adjustment to the fair value of
two discontinued businesses from the Diversified segment, resulting in a charge of $6.9 million, net of tax.
NOTE H – Debt
Dover's long-term notes with a book value of $1,006.7 million, of which $251.2 million matures in the
current year, had a fair value of approximately $1,077.0 million at March 31, 2005. The estimated fair
value of the Company's long-term notes is based on quoted market prices for similar issues.
There are presently three interest rate swap agreements outstanding for a total notional amount of $150.0
million, designated as fair value hedges of part of the $150.0 million 6.25% Notes due on June 1, 2008, to
exchange fixed-rate interest for variable-rate. The swap agreements have reduced the effective interest
rate on the notes to 5.19%.
NOTE I – Commitments and Contingent Liabilities
A few of the Company's subsidiaries are involved in legal proceedings relating to the cleanup of waste
disposal sites under federal and state statutes that provide for the allocation of such costs among
quot;potentially responsible parties.quot; In each instance, the extent of the Company's liability appears to be very
small in relation to the total projected expenditures and the number of other quot;potentially responsible
partiesquot; involved, and is anticipated to be immaterial to the Company. In addition, a few of the Company's
subsidiaries are involved in ongoing remedial activities at certain plant sites in cooperation with regulatory
agencies, and appropriate reserves have been established.
The Company and certain of its subsidiaries are also parties to a number of other legal proceedings
incidental to their businesses. Management and legal counsel periodically review the probable outcome
of such proceedings, the costs and expenses reasonably expected to be incurred, the availability and
extent of insurance coverage, and established reserves. While it is not possible at this time to predict the
outcome of these legal actions, in the opinion of management, based on these reviews, it is remote that
the disposition of the lawsuits and the other matters mentioned above will have a material adverse effect
on the financial position, results of operations or cash flows of the Company.
Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based
on historical costs and adjusted new claims. The changes in carrying amount of product warranties
through March 31, 2005 and March 31, 2004, are as follows:
March 31, March 31,
(in thousands) 2005 2004
Beginning Balance $ 46,828 $ 36,235
Provision for warranties 5,809 6,059
Settlements made (7,452) (5,439)
Other adjustments (86) 34
Ending Balance $ 45,099 36,889
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11. NOTE J - Employee Benefit Plans
The following table sets forth the components of the Company’s net periodic expense for the three
months ended March 31, 2005:
Retirement Plan Benefits Post Retirement Benefits
Three Months Ended March 31, Three Months Ended March 31,
(in thousands) 2005 2004 2005 2004
Expected return on plan assets $ 6,408 $ 6,877 $ - $ -
Benefits earned during period (3,897) (3,358) (98) (229)
Interest accrued on benefit obligation (5,866) (5,654) (341) (559)
Amortization
Prior service cost (1,769) (1,223) 21 (228)
Unrecognized actuarial (losses) (1,334) (936) (25) (39)
Transition 260 268 - -
Net periodic (expense)/income $ (6,198) $ (4,026) $ (443) $ (1,055)
The Company anticipates making employer discretionary contributions to defined benefit plan assets
during the year ending December 31, 2005 in the range of $0 to $15 million.
NOTE K – New Accounting Standards
In November of 2004, the FASB issued SFAS No. 151, “Inventory Costs,” an amendment of ARB No. 43,
Chapter 4 “Inventory Pricing.” SFAS No. 151 requires that abnormal amounts of idle capacity and
spoilage costs should be excluded from the cost of inventory and expensed when incurred. The
provisions of SFAS No. 151 are applicable to inventory costs incurred during fiscal years beginning after
June 15, 2005. The effect of the adoption of SFAS No. 151 will be immaterial to the Company’s
consolidated results of operations, cash flow or financial position.
In December of 2004, the FASB issued SFAS No. 123R, quot;Share-Based Payment.” SFAS No. 123R
revises previously issued SFAS 123 “Accounting for Stock-Based Compensation,” supersedes
Accounting Principles Board (APB) Opinion No.25 “Accounting for Stock Issued to Employees,” and
amends SFAS Statement No.95 “Statement of Cash Flows.” SFAS No. 123R requires the Company to
expense the fair value of employee stock options and other forms of stock-based compensation for the
annual periods beginning after June 15, 2005. The cost will be recognized over the period during which
an employee is required to provide services in exchange for the award. The share-based award must be
classified as equity or as a liability and the compensation cost is measured based on the fair value of the
award at the date of the grant. In addition, liability awards will be re-measured at fair value each reporting
period. Based on current guidance the Company will begin to expense the fair value of employee stock
options and other forms of stock-based compensation in the first quarter of 2006. The effect of the
adoption of SFAS No. 123R will not be materially different from the pro-forma results included in Note B
Stock-Based Compensation.
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12. Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Please refer to the section entitled “Special Notes Regarding Forward Looking Statements” for a
discussion of factors that could cause actual results to differ from the forward looking statements
contained below and throughout this quarterly report.
(1) MATERIAL CHANGES IN CONSOLIDATED FINANCIAL CONDITION:
Management assesses the Company’s liquidity in terms of its ability to generate cash to fund its
operating, investing and financing activities. Significant factors affecting liquidity are: cash flows
generated from operating activities, capital expenditures, acquisitions, dispositions, dividends, adequacy
of available bank lines of credit and the ability to attract long-term capital with satisfactory terms.
The Company’s cash and cash equivalents of $411.8 million at March 31, 2005 increased from the
December 31, 2004 balance of $357.6 million. Cash and cash equivalents were invested in highly liquid
investment grade money market instruments with a maturity of 90 days or less.
The following table is derived from the Condensed Consolidated Statements of Cash Flows:
Three Months Ended March 31,
Cash flows from Operations (in thousands, unaudited) 2005 2004
Cash flows provided by operating activities $ 46,244 $ 131,283
Cash flows (used in) investing activities (127,332) (4,507)
Cash flows (used in) financing activities 148,008 (63,807)
Cash flow provided from operating activities for the first three months of 2005 decreased $85.0 million
from $131.3 million in the prior year period. Decreases in cash flows from operations were primarily
driven by changes in net tax payments of $51.7 million over the same period last year and higher benefits
and compensation payouts in 2005.
The level of cash used in investing activities for the first three months of 2005 increased $122.8 million
compared to the prior year period, largely reflecting an increase in acquisition activity. Acquisition
expenditures for the first three months of 2005 increased to $100.7 million compared to the prior year
period when no acquisitions were made. Capital expenditures in the first three months of 2005
increased $6.9 million to $27.8 million as compared to $20.9 million in the prior year period. There were
no sales of discontinued businesses in the first three months of 2005 compared to $15.0 million of
proceeds in the prior year period from such sales. The Company currently anticipates that any additional
acquisitions made during 2005 will be funded from available cash and internally generated funds and, if
necessary, through the issuance of commercial paper, established lines of credit or public debt markets.
Cash from financing activities for the first three months of 2005 increased $211.8 million to $148.0 million.
Net cash from financing activities during the first three months of 2005 primarily reflected a net $215.5
million increase due to borrowings of commercial paper.
Operational working capital (calculated as accounts receivable, plus inventory, less accounts payable)
increased from the prior year period by $44.7 million or 3% to $1,368.8 million, primarily driven by
increases in receivables of $51.9 million and increases in inventory of $37.5 million, offset by increases in
payables of $44.7 million. Excluding the impact of changes in foreign currency of $17.2 million and
acquisitions of $22.1 million, operational working capital would have increased $49.6 million or 3.7% from
the prior year period. The increase in accounts receivable and inventory needed to support the
Company’s increased sales was partially mitigated by an increase in accounts payable, as the Company
continues to focus on working capital management.
In addition to measuring its cash flow generation and usage based upon the operating, investing and
financing classifications included in the Condensed Consolidated Statement of Cash Flow, the Company
also measures free cash flow. Management believes that free cash flow is an important measure of
operating performance because it provides both management and investors a measurement of cash
generated from operations that is available to fund acquisitions and repay debt. Dover’s free cash flow
for the three months ended March 31, 2005, decreased significantly by $94.0 million from the prior year
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13. period, driven primarily by the increase of net tax funding of $51.7 million and higher benefits and
compensation payouts in 2005.
The following table is a reconciliation of free cash flow with cash flows from operating activities:
Three Months Ended March 31,
Free Cash Flow (in thousands, unaudited) 2005 2004
Cash flow provided by operating activities $ 46,244 $ 131,283
Less: Capital expenditures (27,820) (20,931)
Dividends to stockholders (32,592) (30,479)
Free cash flow $ (14,168) $ 79,873
The Company utilizes the total debt and net debt-to-total-capitalization calculations to assess its overall
financial leverage and capacity and believes the calculations are useful to its stakeholders for the same
reason. The following table provides a reconciliation of total debt and net debt to total capitalization to the
most directly comparable GAAP measures:
March 31, December 31,
Net Debt to Total Capitalization Ratio (in thousands, unaudited) 2005 2004
Current maturities of long-term debt $ 251,227 $ 252,677
Commercial paper and other short-term debt 263,902 86,588
Long-term debt 755,443 753,063
Total debt 1,270,572 1,092,328
Less: Cash and cash equivalents 411,960 357,803
Net debt 858,612 734,525
Add: Stockholders' equity 3,139,013 3,118,682
Total capitalization $ 3,997,625 $ 3,853,207
Net debt to total capitalization 21.5% 19.1%
The total debt level of $1,270.6 million as of March 31, 2005 increased from December 31, 2004 as a
result of an increase of $178.2 million in borrowings of short-term commercial paper. Net debt as of
March 31, 2005, increased $124.1 million primarily as a result of increased borrowings of commercial
paper for acquisitions, offset by increased cash balances in Europe and Asia. The net debt-to-total
capitalization ratio increased to 21.5% during the period.
Dover's long-term notes with a book value of $1,006.7 million of which $251.2 million matures in the
current year, had a fair value of approximately $1,077.0 million at March 31, 2005. The estimated fair
value of the Company's long-term notes is based on quoted market prices for similar issues.
There are presently three interest rate swap agreements outstanding for a total notional amount of $150.0
million, designated as fair value hedges of part of the $150.0 million 6.25% Notes due on June 1, 2008, to
exchange fixed-rate interest for variable-rate. The swap agreements have reduced the effective interest
rate on the notes to 5.19%.
There is no hedge ineffectiveness, and the fair value of the interest rate swaps outstanding as of March
31, 2005 was determined through market quotation.
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14. (2) MATERIAL CHANGES IN RESULTS OF OPERATIONS:
Three Months Ended March 31, 2005, Compared with Three Months Ended March 31, 2004
Gross Profit
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 1,449,034 $ 1,242,380 17%
Cost of sales 951,543 806,515 18%
Gross profit 497,491 435,865 14%
Gross profit margin 34.3% 35.1%
Sales in the first quarter of 2005 increased 17% or $206.7 million from the comparable 2004 period,
driven by increases of $80.9 million at Resources, $38.0 million at Diversified, $25.2 million at
Electronics, $24.1 million at Industries, $20.8 million at Technologies, and $18.0 million at Systems. Sales
would have decreased 2% to $1,430.6 million if 2004 foreign currency translation rates were applied to
2005 results. Acquisitions completed subsequent to the first quarter of 2004 contributed $98.6 million to
consolidated sales during the quarter ended March 31, 2005. Gross profit margin decreased slightly from
the comparable 2004 period primarily as a result of an increase in average raw material costs.
Operating Profit
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Selling and administrative expenses $ 351,437 $ 303,177 16%
S&A as a % of sales 24% 24%
Operating profit 146,054 132,688 10%
Operating profit as a % of sales 10.1% 10.7%
Selling and administrative expenses for the first quarter of 2005 increased $48.3 million from the
comparable 2004 period, primarily due to increased sales activity, while selling and administrative
expenses as a percentage of sales remained essentially flat.
Interest and Other (Income) Expense
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Interest expense, net $ 16,147 $ 14,680 10%
Other (income) expense (4,479) 313 -
Net interest expense for the first quarter of 2005 increased $1.47 million, primarily due to an increase in
commercial paper borrowings. Other Income of $4.5 million for the first quarter of 2005 is primarily due to
foreign exchange gains and royalty income.
Income Taxes
The effective tax rate for continuing operations for the first quarter of 2005 was 25.4%, compared to last
year’s first quarter tax rate of 28.8%. A $5.5 million tax benefit, or a 4.1% tax rate reduction, was
recognized during the first quarter of 2005 as a result of a favorable United States Tax Court decision
related to a 1997 income tax return position. The tax reserve related to this transaction was no longer
required since the Tax Court decision became final during the quarter and can no longer be appealed.
Excluding the benefit of this discrete item, the slight increase in the 2005 first quarter rate is primarily
attributable to the 20% reduction in tax benefits relating to U.S. export sales caused by the American
Jobs Creation Act of 2004.
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15. Net Earnings
Net earnings from continuing operations for the first quarter of 2005 were $100.3 million or $.49 per
diluted share compared to $83.8 million or $.41 per diluted share from continuing operations in the
comparable 2004 period.
Discontinued Operations
Discontinued operations losses for first three months of 2005 and 2004 were primarily from write-downs
to fair market values in 2005 and tax benefits related to losses on sales of discontinued businesses in
2004.
MARKET SEGEMENTS INFORMATION
Diversified
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 222,927 $ 184,907 21%
Earnings 24,303 22,265 9%
Operating margins 10.9% 12.0%
Bookings 272,072 218,092 25%
Book-to-Bill 1.22 1.18
Backlog 342,758 264,098 30%
Diversified achieved a 9% earnings improvement over the prior year, with favorable year-over-year
comparisons in both the Industrial Equipment and Process Equipment groups. Bookings were up 25%,
producing a 1.22 book-to-bill and a record backlog. The bookings increase was driven by military orders
and a robust construction market in the Industrial Equipment Group. Diversified expects to achieve better
results in the second quarter as a result of its recent acquisition and continued focus on operational
improvements.
The Industrial Equipment group’s sales were up 30%, driven mainly by the companies serving the
commercial aerospace and construction markets, although earnings rose only 5%. The January 2005
acquisition of Avborne, an aircraft maintenance, repair and overhaul business, provided nearly half of the
sales growth, but lowered margins due to initial acquisition and integration costs as well as lower overall
margin levels. As the year progresses, this strategic acquisition is expected to produce improved results
as synergies and cost efficiencies are realized. The group’s margins were further reduced by a one-time
labor contract renewal expense and steel cost increases passed through to customers at no markup.
The automotive and powersports businesses were flat, as strong North American markets were offset by
softness in Europe. Bookings rose 39% and backlog grew 20%, generating a book-to-bill ratio of 1.29.
The Process Equipment group achieved a 14% earnings improvement on a 10% increase in sales. The
group’s color control product sales to the printing industry were at record levels, resulting in significant
earnings and margin improvement. Though sales and earnings were flat in the power generation and oil
& gas markets, bookings remain on a positive trend. Results in the heat exchanger market were
negatively impacted by continued raw material price increases and lower volumes in Europe. Bookings
increased 6%, backlog grew 8% and book-to-bill was 1.12.
Electronics
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 135,599 $ 110,372 23%
Earnings 10,334 11,103 -7%
Operating margins 7.6% 10.1%
Bookings 147,154 122,874 20%
Book-to-Bill 1.09 1.11
Backlog 110,361 15 of 28
84,012 31%
16. First quarter sales were 23% higher than the prior year period, reflecting gains at both the Components
and Commercial Equipment groups. Electronics’ earnings for the quarter included $2.4 million of special
restructuring/severance charges in the Components businesses that caused earnings to decline by 7%
compared to the prior-year quarter. Electronics’ sequential quarterly sales and earnings were basically
flat, inclusive of the restructuring/severance charges. Quarterly bookings increased 15% over the prior
quarter resulting in a quarter end backlog of $110 million, up $12 million from year-end. The companies
serving the electronics industry continue to face challenges in the difficult market conditions. Electronics
expects the second quarter to show improvement, although further restructuring and integration efforts in
the Components group will continue to impact results during the balance of the year.
The Components group reported a 28% increase in sales over the prior-year quarter largely due to the
impact of the CFC and Voltronics acquisitions in 2004. Excluding the impact of acquisitions, sales were
up 1% as weaker telecom activity was offset by modest growth in military and heavy truck markets.
Compared to the previous quarter, Components’ sales were 5% higher as a result of improvements in
most markets. Bookings advanced in the current quarter as compared to the fourth quarter, and yielded
a book-to-bill of 1.13. The strength in the first quarter book-to-bill is attributed to strong 2004 orders in the
heavy truck business, which is typical of the first quarter, and generally improved orders in other markets.
Components’ first quarter 2005 earnings were down 13% compared to the same period last year, and
were negatively impacted by special charges for plant consolidation and severance costs, most of which
were associated with Vectron’s announced plans to consolidate its North American manufacturing
operations. Excluding these charges, earnings rose by 22%, approximately two-thirds of which was due
to cost and process improvements and one-third of which was due to acquisitions. Operating margins,
excluding the special charges, were flat compared to the same period last year as the margin
improvements at the core business were offset by weak results at Vectron’s CFC acquisition. Sequential
quarterly earnings in Components rose 16%, inclusive of restructuring/severance charges. Aside from
blanket orders received in the heavy truck business, order activity accelerated during the quarter, with
total quarter- end backlog up 15% from year-end.
Sales in the Commercial Equipment group rose 11% compared to the prior-year first quarter, driven by
stronger ATM sales, but partly offset by weaker shipments in the chemical concentration dispensing
business. Sales declined 9% from the previous record quarter, which benefited from very strong activity
in the ATM business. Earnings were flat compared to the prior-year quarter as higher infrastructure costs
and incremental spending on sales and marketing and product development activities offset the impact of
higher sales volumes. Sequential quarterly earnings declined by 21% as a result of the spending on
growth initiatives as well as the impact from lower sales volumes. Book-to-bill for the quarter was 0.97,
and while order rates early in the quarter were soft, the group ended the quarter on a strong footing.
Industries
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 219,679 $ 195,603 12%
Earnings 25,220 21,060 20%
Operating margins 11.5% 10.8%
Bookings 223,159 228,559 -2%
Book-to-Bill 1.02 1.17
Backlog 206,258 201,213 3%
Industries’ first quarter results exceeded the prior year’s first quarter performance with positive earnings
comparisons in both the Mobile Equipment and Service Equipment groups. Segment revenues increased
for the eighth consecutive quarter, driven by market strength, share gains and improved pricing.
Although earnings continued to be negatively impacted by rising steel costs, their impact on the first
quarter results was largely mitigated by pricing increases made in 2004 and early 2005. Industries
expects continued improvement in sales, earnings and margins in the second quarter of 2005.
The Mobile Equipment group saw sales increase 15% while earnings grew over 30%. Strength in the
transportation markets coupled with strong sales to the military drove North American segment
revenues. Growth in the commercial construction market, along with a strong replacement market, drove
higher screed sales. Although the waste management equipment market got off to a slow start, revenues
16 of 28
17. did grow slightly as compared to the first quarter of 2004. Earnings growth across the group was driven
by higher volume, pricing and productivity gains.
Revenues in the Service Equipment group grew 9%, and earnings increased 2%. Earnings across the
group were again affected by high steel costs. Although pricing increases made in 2004 and early 2005
helped to contain the negative impact of the majority of steel price increases, price increases on market-
sensitive products have been modest. Despite a soft automotive industry, Service Equipment revenues
increased, as a result of pricing and market share gains. Carryover strength in the laser and machine
tool markets resulted in a double-digit gain in chiller sales. Although bookings and backlog were down
slightly from 2004 levels, the book-to-bill ratio was positive at 1.01.
Resources
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 371,655 $ 290,792 28%
Earnings 63,768 47,248 35%
Operating margins 17.2% 16.2%
Bookings 405,088 336,105 21%
Book-to-Bill 1.09 1.16
Backlog 194,310 146,811 32%
Resources generated record sales, earnings, and bookings in the first quarter of 2005. All three groups
within Resources realized positive comparisons to the prior year first quarter with positive leverage on
increased sales in the Oil and Gas and Fluid Solutions groups. Based on robust market conditions,
relatively strong backlog as well as the continuing benefit of 2004 acquisitions, Resources expects the
second quarter to show further improvement.
The Oil and Gas Equipment group is experiencing the strongest market dynamics since the early 1990’s,
and the businesses within the group have done an excellent job of managing capacity, material costs,
material availability, and pricing. Earnings rose over 80% on a 57% sales increase, reflecting positive
margin improvement. This group has also benefited from incremental revenue and earnings
improvements associated with the acquisition of US Synthetic in the third quarter of 2004. Bookings for
the Oil and Gas group were up 39% compared to the prior year first quarter and backlog grew 26% with a
1.01 book-to-bill ratio.
The Fluid Solutions group had 22% higher sales and 28% earnings growth, producing positive leverage,
resulting from strong rail and truck transportation markets, increasing expenditures in hydrocarbon and
chemical processing, high utilization at refineries, and strong material commodity prices. The companies
in this group have a strong global presence and are leveraging their position to increase their global
sourcing activities, as well as their sales and marketing presence in key international markets.
Additionally, all of the businesses in this group are reaping the benefits of their well-structured lean
initiatives. The acquisition of Almatec in the fourth quarter of 2004 also had a positive impact on group
results. Bookings were up 21%, backlog increased 34% and book to bill was 1.06.
The Material Handling group was the most challenged in Resources, but was still able to generate a 3%
earnings increase on a 17% sales increase. Those companies serving the automotive industry were
negatively impacted by pricing pressures. The balance of the businesses in this group experienced
strong market conditions in their construction equipment, military, mobile crane, and aerial lift markets.
Ongoing cost reductions, as well as some pricing improvements had a positive impact, but could not fully
offset the effect of steel and energy price increases. Bookings rose 11%, backlog grew 33% and the
book-to-bill in Material Handling was 1.18.
Systems
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 165,602 $ 147,631 12%
Earnings 21,223 15,579 36%
Operating margins 12.8% 10.6%
Bookings 168,696 161,214 of 28 5%
17
Book-to-Bill 1.02 1.09
Backlog 139,038 112,500 24%
18. Systems’ earnings improved by 36% over the same quarter in the prior year and 3% sequentially.
Favorable year-over-year earnings improvements of 29% and 32%, respectively, were achieved by both
the Food Equipment group and the Packaging Equipment group. Segment margins improved by 2.2
percentage points over the prior year’s first quarter and by 1.1 percentage points over the preceding
quarter due to well-executed pricing initiatives and productivity programs. Sales were up 12% year-over-
year, reflecting increases in both groups, but down 6% sequentially due to normal quarterly fluctuations.
The book-to-bill ratio for the quarter was 1.02 and bookings were up 5% over the prior-year quarter,
reflecting increases in both the Food Equipment and Packaging Equipment groups. Backlog was up
substantially compared to last year in all operations. Some further improvements in operating
performance are expected in the second quarter.
The Food Equipment group had a strong first quarter, with earnings up 29% on a 14% sales increase.
Margins improved by 13% over the prior-year first quarter and 21% over the preceding quarter.
Supermarket equipment sales and earnings were also up over the prior-year quarter, reflecting strong
backlog entering 2005 and the continued strong capital programs of several major customers.
Foodservice equipment sales were flat as compared to the previous year, but rose 6% sequentially.
Margins on foodservice equipment also improved sequentially, but were below the prior-year level due to
material cost increases and increased discounting and rebates. Group bookings were up 6% over the
prior year first quarter, backlog grew 23%, primarily as a result of increases in supermarket equipment
bookings, and book-to-bill was 1.04.
The Packaging Equipment group’s sales were up 9% compared to the first quarter of 2004 due to
increased sales of can necking and trimming equipment, which rose 70%. This increase was partially
offset by lower sales of packaging closures and automated packaging systems. Closure systems
revenue was down due to slower demand in Europe, but bookings picked up in the last two months of the
quarter. Bookings and backlog for automated packaging equipment continued to be slow. Packaging
Equipment group earnings were up 32% over the prior year first quarter, but down 12% sequentially. The
year-over-year increase was due to strong shipments at the can necking and trimming division. Bookings
were up 2%, backlog increased 24% and the book-to-bill ratio for the quarter was .97.
Technologies
Three Months Ended March 31,
(in thousands, unaudited) 2005 2004 % Change
Net sales $ 336,036 $ 315,244 7%
Earnings 20,941 26,583 -21%
Operating margins 6.2% 8.4%
Bookings 378,448 363,737 4%
Book-to-Bill 1.13 1.15
Backlog 205,430 195,393 5%
Technologies' results reflect sales, earnings and margin improvements in the Product Identification and
Printing group (PIP), which were offset by sales and significant earnings declines in the Circuit Assembly
and Test (CAT) group. Based on modest improvements in bookings and backlog, and positive book-to-
bill ratios, Technologies is optimistic that the market for production equipment is showing some positive
signs of improvement. The markets served by the PIP companies have also seen some favorable
indicators in the printing equipment markets, and the acquisition of Datamax late last year is contributing
to improving comparisons.
The CAT companies experienced a 7% sales and a 61% earnings decline versus the prior-year period,
and a 10% sales and 36% earnings decline compared to the prior quarter, largely due to the significant
fall-off in activity in companies serving the back end semiconductor industry. The semiconductor sector
experienced strong growth going into 2004, a trend that reversed itself in the third quarter of last year.
Given a 13% improvement in bookings over the prior quarter, which were the highest since the second
quarter of 2004, a book-to-bill of 1.16, and a 28% increase in backlog over the end of the prior quarter,
most of the CAT companies are cautiously optimistic that the second quarter's results will show
improvement, although not to the levels achieved in the second quarter of 2004.
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19. The PIP companies had sales and earnings gains of 43% and 47%, respectively, over the prior year
period, largely driven by the impact of the Datamax acquisition completed late in 2004. Compared to the
prior year first quarter, bookings were up 34%, backlog grew 21% and the book-to-bill was 1.07, driven
both by the Datamax acquisition as well as core growth. For the quarter, the product identification
companies showed strong activity in the Americas and Asia, which was somewhat offset by weakness in
western European countries. The economic slowdown in key markets, as well as announcements of new
product releases and product mix, contributed to lower than expected sales, profits and margins. The
package printing equipment companies, however, achieved their best first quarter performance in five
years, reflecting strong activity in eastern European markets and specialty printing applications. The PIP
group expects improvements in sales, earnings and margins in the second quarter.
Outlook
The strength of the general industrial market and current booking rates should carry into the second
quarter. Even though high-energy prices continue to adversely impact a number of our businesses, our
companies that serve the oil patch posted substantial gains during the period. The Company is optimistic
that the rapid pace of steel price increases may be moderating and that recent price increases by our
operating companies are capturing a significant portion of these increased material costs. Global
sourcing efforts and relocating resources to lower cost operating locations, which provide the cost
improvements needed to drive future growth, continue to be pursued by the majority of our companies.
The companies serving the electronics industry continue to make progress in challenging markets.
New Accounting Standards
In November of 2004, the FASB issued SFAS No. 151, “Inventory Costs,” an amendment of ARB No. 43,
Chapter 4 “Inventory Pricing.” SFAS No. 151 adopts the IASB view related to inventories that abnormal
amounts of idle capacity and spoilage costs should be excluded from the cost of inventory and expensed
when incurred. The provisions of SFAS No. 151 are applicable to inventory costs incurred during fiscal
years beginning after June 15, 2005. The effect of the adoption of SFAS No. 151 will be immaterial to the
Company’s consolidated results of operations, cash flow or financial position.
In December of 2004, the FASB issued SFAS No. 123R, quot;Share-Based Payment.” SFAS No. 123R
revises previously issued SFAS 123 “Accounting for Stock-Based Compensation,” supersedes
Accounting Principles Board (APB) Opinion No.25 “Accounting for Stock Issued to Employees,” and
amends SFAS Statement No.95 “Statement of Cash Flows.” SFAS No. 123R requires the Company to
expense the fair value of employee stock options and other forms of stock-based compensation for the
annual periods beginning after June 15, 2005. The cost will be recognized over the period during which
an employee is required to provide services in exchange for the award. The share-based award must be
classified as equity or as a liability and the compensation cost is measured based on the fair value of the
award at the date of the grant. In addition, liability awards will be re-measured at fair value each reporting
period. Based on current guidance the Company will begin to expense the fair value of employee stock
options and other forms of stock-based compensation in the first quarter of 2006. The effect of the
adoption of SFAS No. 123R will not be materially different from the pro-forma results included in Note B
Stock-Based Compensation.
Special Notes Regarding Forward Looking Statements
This Quarterly Report on Form 10-Q, particularly quot;Management's Discussion and Analysis,quot; contains
forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such
statements relate to, among other things, the U.S. and global economies, earnings, cash flow, operating
improvements, and industries in which the Company operates, and may be indicated by words or phrases
such as quot;anticipates,” quot;supports,” quot;plans,” quot;projects,” quot;expects,” “believes”, quot;should,” quot;would,” quot;could,”
quot;hope,” quot;forecast,” quot;management is of the opinion,” use of the future tense and similar words or phrases.
Such statements may also be made by management orally. Forward-looking statements are subject to
inherent uncertainties and risks, including among others: continued events in the Middle East and
possible future terrorist threats and their effect on the worldwide economy; economic conditions;
increasing price and product/service competition by foreign and domestic competitors including new
entrants; technological developments and change which can impact the Company’s Electronics and
Technologies segments significantly; the ability to continue to introduce competitive new products and
services on a timely, cost-effective basis; changes in the cost or availability of raw materials or energy,
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20. particularly steel and other raw materials; changes in customer demand; the extent to which the
Company is successful in expanding into new geographic markets, particularly outside of North America;
the extent to which the Company is successful in integrating acquired businesses; the relative mix of
products and services which impacts margins and operating efficiencies; the achievement of lower costs
and expenses; domestic and foreign governmental and public policy changes including environmental
regulations and tax policies (including domestic and foreign export subsidy programs, R&E credits and
other similar programs, some of which were changed in 2004); unforeseen developments in
contingencies such as litigation; protection and validity of patent and other intellectual property rights; the
success of the Company's acquisition program; and the cyclical nature of some of the Company's
businesses. In addition, such statements could be affected by general industry and market conditions and
growth rates, and general domestic and international economic conditions including interest rate and
currency exchange rate fluctuations. In light of these risks and uncertainties, actual events and results
may vary significantly from those included in or contemplated or implied by such statements. Readers are
cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
The Company may, from time to time, post financial or other information on its Internet website,
www.dovercorporation.com. Such information will be found in the “What’s New” section of the website’s
home page. It will be accessible from the home page for approximately one month after release, after
which time it will be archived on the website for a period of time. The Internet address is for informational
purposes only and is not intended for use as a hyperlink. The Company is not incorporating any material
on its website into this report.
Non-GAAP Information
In an effort to provide investors with additional information regarding the Company’s results as
determined by generally accepted accounting principles (GAAP), the Company also discloses non-GAAP
information which management believes provides useful information to investors. Free cash flow, net
debt, total capitalization, operational working capital, revenues excluding the impact of changes in foreign
currency exchange rates and organic sales growth are not financial measures under GAAP and should
not be considered as a substitute for cash flows from operating activities, debt or equity, sales and
working capital as determined in accordance with GAAP, and they may not be comparable to similarly
titled measures reported by other companies. Management believes the (1) net debt to total
capitalization ratio and (2) free cash flow are important measures of operating performance and liquidity.
Net debt to total capitalization is helpful in evaluating the Company’s capital structure and the amount of
leverage it employs. Free cash flow provides both management and investors a measurement of cash
generated from operations that is available to fund acquisitions and repay debt. Reconciliations of free
cash flow, total debt and net debt can be found in item 2(1) of Management’s Discussion and Analysis.
Management believes that reporting operational working capital (also sometimes called “working
capital”), which is calculated as accounts receivable, plus inventory, less accounts payable, provides a
meaningful measure of the Company’s operational results by showing the changes caused solely by
sales. Management believes that reporting operational working capital and revenues at constant
currency, which excludes the positive or negative impact of fluctuations in foreign currency exchange
rates, provides a meaningful measure of the Company’s operational changes, given the global nature of
Dover’s businesses. Management believes that reporting organic sales growth, which excludes the
impact of foreign currency exchange rates and the impact of acquisitions, provides a better comparison of
the Company’s revenue performance and trends between periods.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There has been no significant change in the Company’s exposure to market risk during the first three
months of 2005. For discussion of the Company’s exposure to market risk, refer to Item 7A, Quantitative
and Qualitative Disclosures about Market Risk, contained in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2004.
Item 4. CONTROLS AND PROCEDURES
At the end of the period covered by this report, the Company carried out an evaluation, under the
supervision and with the participation of the Company’s management, including the Company’s Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the
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21. Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(e). Based upon
that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s
disclosure controls and procedures are effective. During the first quarter of 2005, there were no changes
in the Company’s internal control over financial reporting that materially affected, or are reasonably likely
to materially affect, the Company’s internal control over financial reporting. In making its assessment of
changes in internal control over financial reporting as of March 31, 2005, management has excluded SSE
GmbH, Flexbar, Rasco, Voltronics, US Synthetics, Corning Frequency Control, Almatec, Datamax,
Avborne Accessory Group, Rostone, Fas-Co Coders and APG because these companies were acquired
in purchase business combinations during the twelve months ended March 31, 2005. These companies
are wholly-owned by the Company and their total revenues and assets represent approximately 6.8% and
12.4% of the Company’s consolidated total revenues and assets, respectively, as reflected in its financial
statements for the period ended March 31, 2005.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
See Part I, Notes to Condensed Consolidated Financial Statements, Note I.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) Not applicable.
(b) Not applicable.
(c) Dover did not purchase any shares of its stock in the open market in the first quarter of 2005.
The shares listed below were acquired by Dover from the holders of its employee stock options
when they tendered previously owned shares as full or partial payment of the exercise price of
such stock options. These shares are applied against the exercise price at market price on the
date of exercise. The following table depicts the purchase of these shares:
(d) Maximum Number (or
(c) Total Number of
Approximate Dollar
(a) Total Number Shares Purchased as
(b) Average Price Value) of Shares that
Period of Shares Part of Publicly
Paid per Share May Yet Be Purchased
Purchased Announced Plans or
under the Plans or
Programs
Programs
January 1 to January 31, 2005 33,469 $ 38.74 Not applicable Not applicable
February 1 to February 28, 2005 1,339 $ 38.23 Not applicable Not applicable
March 1 to March 31, 2005 98,304 $ 37.97 Not applicable Not applicable
For First Quarter 2005 133,112 $ 38.17 Not applicable Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of security holders during the quarter ended March 31, 2005.
At the Annual Meeting of Stockholders of Dover Corporation held on April 19, 2005, the following matter
set forth in the Company’s Proxy Statement dated March 14, 2005, which was filed with the Securities
and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, was
voted upon with the results indicated below.
The nominees listed below were elected directors for a one-year term ending at the 2006 Annual Meeting
with the respective votes set forth opposite their names:
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22. Votes For Votes Withheld
David H. Benson 152,780,693 21,167,559
Robert W. Cremin 172,073,680 1,874,572
Jean-Pierre M. Ergas 171,550,600 2,397,652
Kristiane C. Graham 172,086,055 1,862,197
Ronald L. Hoffman 171,785,566 2,162,686
James L. Koley 170,350,726 3,597,526
Richard K. Lochridge 171,314,534 2,633,718
Thomas L. Reece 171,723,415 2,224,837
Bernard G. Rethore 170,355,516 3,592,736
Michael B. Stubbs 164,500,022 9,448,230
Mary A. Winston 170,961,804 2,986,448
Item 5. Other Information
(a) None.
(b) None.
Item 6. Exhibits
10.1 Summary of 2005 Named Executive Officer Salaries
31.1 Certificate pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended,
signed and dated by Robert G. Kuhbach.
31.2 Certificate pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended,
signed and dated by Ronald L. Hoffman.
32 Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, signed and dated by Ronald L. Hoffman and Robert G. Kuhbach.
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23. Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly
authorized.
DOVER CORPORATION
Date: April 29, 2005 /s/ Robert G. Kuhbach
Robert G. Kuhbach, Vice President,
Finance, Chief Financial Officer &
Treasurer
(Principal Financial Officer)
Date: April 29, 2005 /s/ Raymond T. McKay, Jr.
Raymond T. McKay, Jr., Vice President,
Controller
(Principal Accounting Officer)
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24. EXHIBIT INDEX
10.1 Summary of 2005 Named Executive Officer Salaries
31.1 Certificate pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended,
signed and dated by Robert G. Kuhbach.
31.2 Certificate pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 as amended,
signed and dated by Ronald L. Hoffman.
32 Certificate pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, signed and dated by Ronald L. Hoffman and Robert G. Kuhbach.
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25. Exhibit 10.1
Summary of 2005 Named Executive Officer Salaries
On February 10, 2005, the Compensation Committee of the Board of Directors approved the
annual base salaries (effective as of January 1, 2005) of the Company’s executive officers after reviewing
their performance and competitive market compensation data. The following table sets forth the 2005
base salaries of the five executive officers with the highest 2005 base salaries.
Name and Position Year Salary
Ronald L. Hoffman* 2005 $1,000,000
President and Chief Executive Officer
John E. Pomeroy 2005 $ 685,000
Vice President of Dover Corporation;
Director and President of Dover Technologies, Inc.
David J. Ropp 2005 $ 660,000
Vice President of Dover Corporation;
Director and President of Dover Resources, Inc.
Timothy J. Sandker 2005 $ 635,000
Vice President of Dover Corporation;
Director and President of Dover Industries, Inc.
Ralph S. Coppola 2005 $ 550,000
Vice President of Dover Corporation;
Director and President of Dover Systems, Inc.
* Mr. Hoffman became Chief Executive Officer effective January 1, 2005. CEO compensation is
determined by the Compensation Committee together with the other independent directors.
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26. Exhibit 31.1
Certification
I, Robert G. Kuhbach, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Dover Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-
15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;
(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures as of the end of the period covered by this report based on such
evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s
fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant’s auditors and the audit committee of
the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant’s internal control over financial reporting.
Date: April 29, 2005 /s/ Robert G. Kuhbach
Robert G. Kuhbach
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