This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending June 30, 2005. It includes condensed consolidated financial statements such as the balance sheet, income statement, and statement of cash flows. It also includes notes to the financial statements and sections for management's discussion of financial condition, market risk disclosures, and controls and procedures. The financial statements provide an overview of Dover's financial position for the quarter, including sales, expenses, earnings, assets, liabilities, and cash flows.
- The document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2002.
- It includes financial statements such as statements of earnings, balance sheets, and cash flows for the periods ended June 30, 2002 and 2001.
- It also includes management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, legal proceedings, and other required disclosures.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending March 31, 2007. It includes Dover's condensed consolidated financial statements and notes for the quarter, as well as management's discussion and analysis of financial condition and results of operations. Some key details include:
- Revenue for the quarter was $1.78 billion, up 18% from the same period in 2006.
- Net earnings for the quarter were $128.9 million, down from $203.8 million in the prior year due to a loss from discontinued operations.
- Cash flow from operating activities was $61.1 million for the quarter.
This document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2001. It includes International Paper's consolidated financial statements and notes for the quarter. The financial statements show a net loss of $313 million for the quarter compared to net earnings of $270 million in the prior year period. Revenues decreased slightly to $6.7 billion for the quarter from $6.8 billion in the prior year. Costs and expenses increased to $6.9 billion from $6.1 billion due primarily to restructuring and impairment charges.
- The document is International Paper Company's Form 10-Q filing for the quarterly period ended September 30, 2002.
- It includes International Paper's consolidated financial statements including statements of earnings, balance sheets, cash flows, and shareholders' equity for the periods ended September 30, 2002 and 2001.
- It also includes management's discussion and analysis of financial condition and results of operations, quantitative and qualitative market risk disclosures, and controls and procedures.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the second quarter of 2005. It includes condensed financial statements and notes. The financial statements show that for the quarter, Sunoco reported revenues of $7.99 billion, net income of $242 million, and earnings per share of $1.77. Notes include details on Sunoco's cokemaking operations, in which it has sold minority interests to third parties and has preferential return agreements in place.
This document is a Form 10-Q quarterly report filed with the SEC by KB Home. It provides financial statements and other information for the quarter ended May 31, 2005. The financial statements show total revenues of $3.77 billion for the six months ended May 31, 2005, with net income of $304.3 million. Construction operations generated pretax income of $460.1 million and mortgage banking operations generated pretax income of $978,000. The report also includes information on cash flows, segment reporting policies, and accounting policies for stock-based compensation.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the quarter ending March 31, 2005. It includes condensed consolidated financial statements and notes. The financial statements show that for the quarter, Sunoco had total revenues of $7.2 billion, net income of $116 million, and basic earnings per share of $1.68. Total assets as of March 31, 2005 were $8.7 billion. The notes provide additional details on minority interests in cokemaking and logistics operations, as well as contingencies related to these operations.
This document is International Paper Company's Form 10-Q filing for the quarterly period ended June 30, 2005. It includes:
1) Financial statements including statements of operations, balance sheets, cash flows, and changes in shareholders' equity for the periods ended June 30, 2005 and 2004.
2) Management's discussion and analysis of the company's financial condition and results of operations.
3) Disclosures around market risk, controls and procedures, legal proceedings, and other required information.
The financial statements show that for the six months ended June 30, 2005, the company had net earnings of $154 million on net sales of $13.1 billion.
- The document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2002.
- It includes financial statements such as statements of earnings, balance sheets, and cash flows for the periods ended June 30, 2002 and 2001.
- It also includes management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, legal proceedings, and other required disclosures.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending March 31, 2007. It includes Dover's condensed consolidated financial statements and notes for the quarter, as well as management's discussion and analysis of financial condition and results of operations. Some key details include:
- Revenue for the quarter was $1.78 billion, up 18% from the same period in 2006.
- Net earnings for the quarter were $128.9 million, down from $203.8 million in the prior year due to a loss from discontinued operations.
- Cash flow from operating activities was $61.1 million for the quarter.
This document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2001. It includes International Paper's consolidated financial statements and notes for the quarter. The financial statements show a net loss of $313 million for the quarter compared to net earnings of $270 million in the prior year period. Revenues decreased slightly to $6.7 billion for the quarter from $6.8 billion in the prior year. Costs and expenses increased to $6.9 billion from $6.1 billion due primarily to restructuring and impairment charges.
- The document is International Paper Company's Form 10-Q filing for the quarterly period ended September 30, 2002.
- It includes International Paper's consolidated financial statements including statements of earnings, balance sheets, cash flows, and shareholders' equity for the periods ended September 30, 2002 and 2001.
- It also includes management's discussion and analysis of financial condition and results of operations, quantitative and qualitative market risk disclosures, and controls and procedures.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the second quarter of 2005. It includes condensed financial statements and notes. The financial statements show that for the quarter, Sunoco reported revenues of $7.99 billion, net income of $242 million, and earnings per share of $1.77. Notes include details on Sunoco's cokemaking operations, in which it has sold minority interests to third parties and has preferential return agreements in place.
This document is a Form 10-Q quarterly report filed with the SEC by KB Home. It provides financial statements and other information for the quarter ended May 31, 2005. The financial statements show total revenues of $3.77 billion for the six months ended May 31, 2005, with net income of $304.3 million. Construction operations generated pretax income of $460.1 million and mortgage banking operations generated pretax income of $978,000. The report also includes information on cash flows, segment reporting policies, and accounting policies for stock-based compensation.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the quarter ending March 31, 2005. It includes condensed consolidated financial statements and notes. The financial statements show that for the quarter, Sunoco had total revenues of $7.2 billion, net income of $116 million, and basic earnings per share of $1.68. Total assets as of March 31, 2005 were $8.7 billion. The notes provide additional details on minority interests in cokemaking and logistics operations, as well as contingencies related to these operations.
This document is International Paper Company's Form 10-Q filing for the quarterly period ended June 30, 2005. It includes:
1) Financial statements including statements of operations, balance sheets, cash flows, and changes in shareholders' equity for the periods ended June 30, 2005 and 2004.
2) Management's discussion and analysis of the company's financial condition and results of operations.
3) Disclosures around market risk, controls and procedures, legal proceedings, and other required information.
The financial statements show that for the six months ended June 30, 2005, the company had net earnings of $154 million on net sales of $13.1 billion.
This document is a Form 10-Q quarterly report filed by Aetna Inc. with the US Securities and Exchange Commission for the quarter ended June 30, 2006. The summary includes:
- Aetna reported total revenue of $6.25 billion for the quarter, up from $5.5 billion in the prior year quarter.
- Net income was $389.5 million for the quarter, down slightly from $394.9 million in the prior year quarter.
This document is Toll Brothers' quarterly report filed with the SEC for the period ending January 31, 2002. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. Revenues increased from the prior year due to higher housing sales. Net income increased to $44.5 million from $39.9 million a year ago. Earnings per share increased to $1.27 from $1.10 in the prior year period. The company issued $150 million in senior subordinated notes in November 2001 to fund general corporate purposes including land acquisition.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2002. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discusses forward-looking statements and risk factors that may affect future results.
aetna Download Documentation Form 10-Q2008 3rdfinance9
This document is an SEC Form 10-Q quarterly report filed by Aetna Inc. for the quarterly period ended September 30, 2008. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter Aetna reported total revenue of $7.6 billion, net income of $277 million, and earnings per share of $0.58. For the nine months ended September 30, Aetna reported total revenue of $23.2 billion, net income of $1.2 billion, and earnings per share of $2.40. The balance sheet shows total assets of $37.3 billion and total liabilities of $28 billion.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes Danaher's consolidated condensed financial statements, including the balance sheet, income statement, statement of cash flows, and notes to the financial statements. Of note, Danaher reported net earnings of $314.5 million for the quarter and $530.2 million for the six months ended June 30, 2006. Total assets increased to $11.9 billion as of June 30, 2006 from $9.2 billion as of December 31, 2005, primarily due to acquisitions completed during the first six months of 2006.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2007. It includes Dover's condensed consolidated financial statements and notes for the periods presented. Some key details:
- Revenue for the quarter increased 15% to $1.84 billion compared to $1.61 billion in the prior year. Net earnings increased 5% to $174.6 million.
- Year-to-date revenue increased 16% to $5.37 billion and net earnings increased 7% to $475.7 million.
- Total assets increased to $7.95 billion at the end of the quarter from $7.63 billion at the end of 2006
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended April 30, 2001. It summarizes Toll Brothers' financial position, including revenues of $989.8 million, total assets of $2.3 billion, and total liabilities of $1.5 billion. It also reports net income of $85.7 million and earnings per share of $2.36 for the six months ended April 30, 2001. Toll Brothers' inventory increased to $2.1 billion as of April 30, 2001.
This document is a Form 10-Q quarterly report filed by United States Steel Corporation with the SEC for the quarter ended September 30, 2008. It includes the company's consolidated financial statements and notes. The financial statements show that for the quarter, U.S. Steel had net income of $919 million on net sales of $7.3 billion, compared to net income of $269 million on net sales of $4.4 billion in the same quarter last year. For the nine months ended September 30, 2008, the company had net income of $1.822 billion on net sales of $19.252 billion, compared to net income of $844 million on net sales of $12.338 billion for the same
The document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including the consolidated statement of earnings, balance sheet, cash flows, and shareholders' equity for the quarter and year to date.
2) Notes to the financial statements providing additional information on items such as basis of presentation and earnings per share calculations.
3) Certification by management on disclosure controls and procedures.
In summary, it presents International Paper's required quarterly financial reporting to the SEC on their financial position and operating results for the period.
This document is Dover Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2007. It includes Dover's condensed consolidated financial statements for the quarter, showing revenue increased 12% to $1.86 billion compared to the same quarter last year. Net earnings were $172.2 million compared to $71.9 million in the prior year quarter. The report also includes management's discussion and analysis of the financial results, quantitative and qualitative disclosures about market risk, and certifications regarding the accuracy of the financial statements.
This document is a quarterly report filed by The AES Corporation with the US Securities and Exchange Commission for the quarter ended June 30, 2002. It includes consolidated financial statements and notes for AES, including statements of operations, balance sheets, cash flows, and notes to the financial statements. The report provides key financial information on AES's revenues, costs, assets, liabilities, equity, cash flows, and accounting policies for the periods presented. It discloses that AES has operations in both regulated utility and non-regulated generation segments.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended January 31, 2003. It includes:
1) Condensed consolidated balance sheets comparing assets/liabilities as of January 31, 2003 and October 31, 2002, showing increased cash/inventory and decreased debt.
2) Condensed consolidated statements of income for the quarters ended January 31, 2003 and 2002, though no financial figures are provided.
3) Notes to the condensed consolidated financial statements and standard sections including management's discussion of financial results, market risk, controls and procedures, and certifications. The document provides required regulatory financial disclosures for Toll Brothers' first fiscal
This document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2001. It includes:
1) Financial statements including the consolidated statement of earnings, balance sheet, cash flows, and shareholders' equity for the quarter. Revenues were $6.9 billion and net loss was $44 million.
2) Notes to the financial statements providing additional details on earnings per share calculations, recent mergers and acquisitions, and basis of presentation of the interim financial statements.
3) Management's discussion and analysis of financial condition and results of operations including details of business segment performance.
4) Certification that all required SEC filings have been made
aetna Download Documentation Form 10-Q2008 2ndfinance9
This document is Aetna Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2008. It includes Aetna's consolidated statements of income and balance sheets for the periods. The filing reports that Aetna's total revenue for the quarter increased to $7.8 billion, up from $6.8 billion in the prior year. Net income for the quarter was $480.5 million, compared to $451.3 million in the prior year. As of June 30, 2008, Aetna's current assets included $830.8 million in cash and cash equivalents, $493.6 million in investments, and $692.7 million in premiums receivable.
This document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2002. It includes International Paper's consolidated financial statements for the quarter, including statements of earnings, balance sheets, cash flows, and shareholders' equity. It also includes management's discussion and analysis of the financial results, quantitative and qualitative disclosures about market risk, legal proceedings information, and certifications.
- The document is AES Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2003.
- It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements and information on legal proceedings, market risk, controls and procedures.
- The financial statements show results for the quarter such as revenues of $2.3 billion, net income of $76 million, and cash and cash equivalents of $1.5 billion as of September 30, 2003.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the third quarter of 2005. It provides financial statements and notes for the periods ended September 30, 2005 and 2004. Specifically, it includes condensed consolidated statements of income, balance sheets, cash flows, and notes on general information, minority interests in cokemaking operations, and new energy tax credits impacting those operations.
2010 Honda Civic Gx color brochure provided by Brickell Honda located in Miami, FL. Find the 2010 Honda Civic Gx for sale in Florida; call about our current sales and incentives at (888) 259-5362.
Welcome to Brickell Honda, where you can choose from our entire inventory of new and used cars at our Miami, Fort Lauderdale, Hollywood and Hialeah region Honda dealership. Come visit us to test drive a vehicle, speak to one of our experts, or discuss auto financing options. Brickell Honda provides quality vehicles from Honda for Miami. Our large selection ensures that we have a vehicle for everyone, no matter what it is you're looking for.
The document summarizes an experimental report comparing Jacob's Cream Crackers and Pacific Spring Onion Soda Crackers. It finds that Jacob's Cream Crackers are more expensive but have fewer ingredients and lower fat, carbohydrate, and energy content per 100g compared to Pacific Spring Onion Soda Crackers. Through testing, it also determines that Jacob's Cream Crackers are higher quality, tastier, and yummier than Pacific Spring Onion Soda Crackers.
Las proteínas son polímeros formados por cadenas de aminoácidos unidos por enlaces peptídicos. Tienen estructuras primarias, secundarias, terciarias y cuaternarias que determinan su función. La estructura secundaria incluye hélices alfa y hojas beta mantenidas por puentes de hidrógeno. La estructura terciaria se pliega en 3D debido a interacciones laterales de la cadena. Algunas proteínas están formadas por subunidades, mostrando estructura cuaternaria. La hemoglob
This document lists companies attending the POLYTECHNIC UNIVERSITY OF PR JOB FAIR 2011 and their areas of interest. Accenture is seeking candidates from various engineering, science, technology, business and management fields for full-time, internship and cooperative education roles. The Federal Energy Regulatory Commission is also interested in candidates from engineering, business and management for all levels of study. The National Security Agency seeks electrical engineering and electronics candidates for internships and full-time roles ensuring secure federal government communications.
This document is a Form 10-Q quarterly report filed by Aetna Inc. with the US Securities and Exchange Commission for the quarter ended June 30, 2006. The summary includes:
- Aetna reported total revenue of $6.25 billion for the quarter, up from $5.5 billion in the prior year quarter.
- Net income was $389.5 million for the quarter, down slightly from $394.9 million in the prior year quarter.
This document is Toll Brothers' quarterly report filed with the SEC for the period ending January 31, 2002. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. Revenues increased from the prior year due to higher housing sales. Net income increased to $44.5 million from $39.9 million a year ago. Earnings per share increased to $1.27 from $1.10 in the prior year period. The company issued $150 million in senior subordinated notes in November 2001 to fund general corporate purposes including land acquisition.
This document is Toll Brothers' quarterly report filed with the SEC for the quarter ended April 30, 2002. It includes condensed consolidated financial statements such as the balance sheet, income statement, and cash flow statement. It also provides notes to the financial statements and discusses forward-looking statements and risk factors that may affect future results.
aetna Download Documentation Form 10-Q2008 3rdfinance9
This document is an SEC Form 10-Q quarterly report filed by Aetna Inc. for the quarterly period ended September 30, 2008. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter Aetna reported total revenue of $7.6 billion, net income of $277 million, and earnings per share of $0.58. For the nine months ended September 30, Aetna reported total revenue of $23.2 billion, net income of $1.2 billion, and earnings per share of $2.40. The balance sheet shows total assets of $37.3 billion and total liabilities of $28 billion.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes Danaher's consolidated condensed financial statements, including the balance sheet, income statement, statement of cash flows, and notes to the financial statements. Of note, Danaher reported net earnings of $314.5 million for the quarter and $530.2 million for the six months ended June 30, 2006. Total assets increased to $11.9 billion as of June 30, 2006 from $9.2 billion as of December 31, 2005, primarily due to acquisitions completed during the first six months of 2006.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2007. It includes Dover's condensed consolidated financial statements and notes for the periods presented. Some key details:
- Revenue for the quarter increased 15% to $1.84 billion compared to $1.61 billion in the prior year. Net earnings increased 5% to $174.6 million.
- Year-to-date revenue increased 16% to $5.37 billion and net earnings increased 7% to $475.7 million.
- Total assets increased to $7.95 billion at the end of the quarter from $7.63 billion at the end of 2006
This document is Toll Brothers' Form 10-Q quarterly report filed with the SEC for the quarter ended April 30, 2001. It summarizes Toll Brothers' financial position, including revenues of $989.8 million, total assets of $2.3 billion, and total liabilities of $1.5 billion. It also reports net income of $85.7 million and earnings per share of $2.36 for the six months ended April 30, 2001. Toll Brothers' inventory increased to $2.1 billion as of April 30, 2001.
This document is a Form 10-Q quarterly report filed by United States Steel Corporation with the SEC for the quarter ended September 30, 2008. It includes the company's consolidated financial statements and notes. The financial statements show that for the quarter, U.S. Steel had net income of $919 million on net sales of $7.3 billion, compared to net income of $269 million on net sales of $4.4 billion in the same quarter last year. For the nine months ended September 30, 2008, the company had net income of $1.822 billion on net sales of $19.252 billion, compared to net income of $844 million on net sales of $12.338 billion for the same
The document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including the consolidated statement of earnings, balance sheet, cash flows, and shareholders' equity for the quarter and year to date.
2) Notes to the financial statements providing additional information on items such as basis of presentation and earnings per share calculations.
3) Certification by management on disclosure controls and procedures.
In summary, it presents International Paper's required quarterly financial reporting to the SEC on their financial position and operating results for the period.
This document is Dover Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2007. It includes Dover's condensed consolidated financial statements for the quarter, showing revenue increased 12% to $1.86 billion compared to the same quarter last year. Net earnings were $172.2 million compared to $71.9 million in the prior year quarter. The report also includes management's discussion and analysis of the financial results, quantitative and qualitative disclosures about market risk, and certifications regarding the accuracy of the financial statements.
This document is a quarterly report filed by The AES Corporation with the US Securities and Exchange Commission for the quarter ended June 30, 2002. It includes consolidated financial statements and notes for AES, including statements of operations, balance sheets, cash flows, and notes to the financial statements. The report provides key financial information on AES's revenues, costs, assets, liabilities, equity, cash flows, and accounting policies for the periods presented. It discloses that AES has operations in both regulated utility and non-regulated generation segments.
This document is a Form 10-Q quarterly report filed by Toll Brothers, Inc. with the SEC for the quarter ended January 31, 2003. It includes:
1) Condensed consolidated balance sheets comparing assets/liabilities as of January 31, 2003 and October 31, 2002, showing increased cash/inventory and decreased debt.
2) Condensed consolidated statements of income for the quarters ended January 31, 2003 and 2002, though no financial figures are provided.
3) Notes to the condensed consolidated financial statements and standard sections including management's discussion of financial results, market risk, controls and procedures, and certifications. The document provides required regulatory financial disclosures for Toll Brothers' first fiscal
This document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2001. It includes:
1) Financial statements including the consolidated statement of earnings, balance sheet, cash flows, and shareholders' equity for the quarter. Revenues were $6.9 billion and net loss was $44 million.
2) Notes to the financial statements providing additional details on earnings per share calculations, recent mergers and acquisitions, and basis of presentation of the interim financial statements.
3) Management's discussion and analysis of financial condition and results of operations including details of business segment performance.
4) Certification that all required SEC filings have been made
aetna Download Documentation Form 10-Q2008 2ndfinance9
This document is Aetna Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2008. It includes Aetna's consolidated statements of income and balance sheets for the periods. The filing reports that Aetna's total revenue for the quarter increased to $7.8 billion, up from $6.8 billion in the prior year. Net income for the quarter was $480.5 million, compared to $451.3 million in the prior year. As of June 30, 2008, Aetna's current assets included $830.8 million in cash and cash equivalents, $493.6 million in investments, and $692.7 million in premiums receivable.
This document is International Paper Company's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2002. It includes International Paper's consolidated financial statements for the quarter, including statements of earnings, balance sheets, cash flows, and shareholders' equity. It also includes management's discussion and analysis of the financial results, quantitative and qualitative disclosures about market risk, legal proceedings information, and certifications.
- The document is AES Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2003.
- It includes financial statements such as the consolidated statements of operations and balance sheets, as well as notes to the financial statements and information on legal proceedings, market risk, controls and procedures.
- The financial statements show results for the quarter such as revenues of $2.3 billion, net income of $76 million, and cash and cash equivalents of $1.5 billion as of September 30, 2003.
This document is Sunoco Inc.'s quarterly report filed with the SEC for the third quarter of 2005. It provides financial statements and notes for the periods ended September 30, 2005 and 2004. Specifically, it includes condensed consolidated statements of income, balance sheets, cash flows, and notes on general information, minority interests in cokemaking operations, and new energy tax credits impacting those operations.
2010 Honda Civic Gx color brochure provided by Brickell Honda located in Miami, FL. Find the 2010 Honda Civic Gx for sale in Florida; call about our current sales and incentives at (888) 259-5362.
Welcome to Brickell Honda, where you can choose from our entire inventory of new and used cars at our Miami, Fort Lauderdale, Hollywood and Hialeah region Honda dealership. Come visit us to test drive a vehicle, speak to one of our experts, or discuss auto financing options. Brickell Honda provides quality vehicles from Honda for Miami. Our large selection ensures that we have a vehicle for everyone, no matter what it is you're looking for.
The document summarizes an experimental report comparing Jacob's Cream Crackers and Pacific Spring Onion Soda Crackers. It finds that Jacob's Cream Crackers are more expensive but have fewer ingredients and lower fat, carbohydrate, and energy content per 100g compared to Pacific Spring Onion Soda Crackers. Through testing, it also determines that Jacob's Cream Crackers are higher quality, tastier, and yummier than Pacific Spring Onion Soda Crackers.
Las proteínas son polímeros formados por cadenas de aminoácidos unidos por enlaces peptídicos. Tienen estructuras primarias, secundarias, terciarias y cuaternarias que determinan su función. La estructura secundaria incluye hélices alfa y hojas beta mantenidas por puentes de hidrógeno. La estructura terciaria se pliega en 3D debido a interacciones laterales de la cadena. Algunas proteínas están formadas por subunidades, mostrando estructura cuaternaria. La hemoglob
This document lists companies attending the POLYTECHNIC UNIVERSITY OF PR JOB FAIR 2011 and their areas of interest. Accenture is seeking candidates from various engineering, science, technology, business and management fields for full-time, internship and cooperative education roles. The Federal Energy Regulatory Commission is also interested in candidates from engineering, business and management for all levels of study. The National Security Agency seeks electrical engineering and electronics candidates for internships and full-time roles ensuring secure federal government communications.
Dover Corporation reported financial results for the first quarter of 2005, with sales up 17% and earnings per share up 20% compared to the same period last year. All six of Dover's operating segments saw sales gains. The CEO commented that results reflected success in building on momentum from 2004, and that sequential improvement in sales, earnings, bookings and backlog suggested continued growth in the current quarter. Dover remains actively focused on acquisitions that meet its financial and operating criteria.
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.
The document is Crown Holdings' 2006 annual report. It includes:
1) An invitation for shareholders to attend Crown's annual meeting on April 26, 2007 to vote on proposals.
2) Financial highlights showing Crown's 2006 sales increased 4.6% over 2005 while income from continuing operations increased significantly.
3) A letter from the CEO stating Crown achieved solid results in 2006 despite challenges, and is well positioned for continued success and growth in 2007.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes Dover's condensed consolidated financial statements for the quarter, including statements of operations, balance sheets, cash flows, and stockholders' equity. It also includes notes to the financial statements regarding the basis of presentation, new accounting pronouncements related to stock-based compensation, and segment information. The report indicates Dover's revenues for the quarter increased 22% to $1.67 billion compared to the same period in 2005.
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 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.
The 2004 annual report of Crown Holdings, Inc. provides financial highlights and a letter to shareholders. Key details include:
- Net sales grew 8.6% to $7.2 billion in 2004, with segment income up 31.3% and net income of $51 million compared to a loss of $32 million in 2003.
- Free cash flow was $266 million in 2004, down from $314 million in 2003 but supporting debt reduction.
- All operating divisions saw sales, segment income, and margin growth in 2004 both with and without currency effects.
- Research and development led to numerous new product innovations helping drive further business improvements.
- The report outlines goals to continue strengthening operations and pursuing growth opportunities
The document is Pilgrim's Pride Corporation's 2007 annual report. It discusses key events from fiscal year 2007, including completing the acquisition of Gold Kist Inc. to become the world's largest chicken company, achieving $150 million in annualized cost savings from integrating the two companies, and returning to profitability due to higher pricing and export demand despite rising feed costs. It also notes challenges around operational inefficiencies and higher production and freight costs. Going forward, the company will focus on automation investments to improve efficiency and help address tight labor markets and input cost pressures.
This document provides the annual report for Gannett Co., Inc. for the year 2006. It includes the financial summary which shows operating revenues increased 5.7% to $8.03 billion. It also discusses the company's strategic plan to transform into a digital media powerhouse and focus on customers. Key aspects of the plan include growing the digital business through acquisitions and partnerships, transforming newsrooms, and focusing on innovation, leadership, and diversity. Progress made in 2006 included growing digital revenues, partnerships in areas like mobile and video, and launching initiatives like the Gannett Center for Design and Innovation to spur new ideas.
Dover Corporation reported strong financial results for Q3 2006, with revenue increasing 21% and EPS rising 26% compared to Q3 2005. All six of Dover's business segments experienced revenue and order growth. Free cash flow was up 92% and represented 14.6% of revenue for the quarter. Year-to-date 2006 EPS equaled the full year 2005 EPS. While most metrics exceeded targets, Dover fell short on inventory turns and working capital as a percentage of revenue. Overall the quarter reflected continued strength across Dover's diversified portfolio of companies.
pilgrim's pride Final%20Slideshow%20Q2%20FY2008finance30
Pilgrim's Pride Corporation reported financial results for the 2008 fiscal year second quarter. Net loss was $1.67 per share compared to a net loss of $0.60 per share in the previous year's second quarter. Results included restructuring charges related to plant and distribution center closings. Feed costs, the largest expense, increased $200 million from the prior year due to higher corn and soybean meal prices. The company also sold its turkey business. Industrywide production cutbacks and declining egg sets were expected to improve pricing in the second half of the fiscal year as unused capacity is reduced and seasonal demand increases.
The document is Crown's 2003 annual report which includes:
- An invitation for shareholders to attend Crown's annual meeting on April 22, 2004.
- Financial highlights showing Crown's sales, losses, assets, debt, and other financial metrics for 2003 and 2002.
- A letter to shareholders detailing Crown's strategic focus on metal packaging and plastic closures, debt refinancing in 2003, operating improvements across divisions, new product developments, and outlook.
- Information on Crown's board of directors and corporate officers.
The document provides an agenda and background information for an investor presentation by Mohawk Industries. The presentation will include discussions of Mohawk's financial performance, flooring market overview, brand and product lines, and growth strategy achieved in part through acquisitions. An introduction to Unilin will also be provided, covering its historical sales, margins, product offerings, and competitive advantages as a vertically integrated laminate flooring manufacturer.
The document summarizes JP Morgan's Basics & Industrial Conference presentation by Robert Kuhbach and Paul Goldberg of Dover Corporation. Some key points:
1) Dover reported record financial results in 2007 and strong performance in Q1 2008 with 8% revenue growth and 16% higher earnings per share.
2) Dover recently reorganized into a new four segment structure that improves clarity and visibility, and is developing growth platforms.
3) Dover focuses on strategic capital allocation to support value-creating acquisitions and shareholder returns through dividend growth and share repurchases.
The document provides information about Pilgrim's Pride Corporation's 2003 annual meeting, stock exchange listings, transfer agent, corporate offices, and independent auditors. It announces that the annual meeting will be held on January 14, 2004 and lists contact information for shareholder inquiries and stock transfer questions.
This document is a Form 10-Q quarterly report filed by Aetna Inc with the SEC for the quarter ended June 30, 2005. It includes financial statements such as the consolidated statements of income, balance sheets, shareholders' equity, and cash flows. The financial statements show that for the quarter Aetna's revenue increased to $5.5 billion, net income increased to $409.7 million, and basic earnings per share increased to $1.41. Total assets increased to $43.1 billion and shareholders' equity increased to $9.4 billion. Cash flows from operations for the first six months of the year were $747.3 million.
This document is a Form 10-Q quarterly report filed by Aetna Inc with the SEC for the quarter ended June 30, 2005. It includes financial statements such as the consolidated statements of income, balance sheets, shareholders' equity, and cash flows. The financial statements show that for the quarter Aetna's revenue increased to $5.5 billion, net income increased to $409.7 million, and basic earnings per share increased to $1.41. Total assets increased to $43.1 billion and shareholders' equity increased to $9.4 billion. Cash flows from operations for the first six months of the year were $747.3 million.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes condensed consolidated financial statements such as statements of operations, balance sheets, cash flows, and notes to the financial statements. Some key details include total revenue for the quarter of $1.66 billion, net earnings of $71.9 million, total assets of $6.86 billion, and total stockholders' equity of $3.63 billion. The report provides the company's quarterly and year-to-date financial performance as well as additional disclosures regarding accounting policies, business acquisitions, and subsequent events.
This document is an SEC Form 10-Q filing by Xcel Energy Inc. for the quarterly period ended June 30, 2005. It includes Xcel Energy's consolidated financial statements and notes. The financial statements show operating revenues of $2.1 billion for the quarter and $4.5 billion for the six months. Net income was $83 million for the quarter and $205 million for the six months. Earnings per share were $0.20 for the quarter on a basic basis and $0.49 for the six months. The balance sheet lists total assets of $20.5 billion including $14.3 billion in net property, plant and equipment. Total liabilities were $11.7 billion and total
This document is an SEC Form 10-Q filing by Xcel Energy Inc. for the quarterly period ended June 30, 2005. It includes Xcel Energy's consolidated financial statements and notes. The financial statements show operating revenues of $2.1 billion for the quarter and $4.5 billion for the six months. Net income was $83 million for the quarter and $205 million for the six months. Earnings per share were $0.20 for the quarter on a basic basis and $0.49 for the six months. The balance sheet lists total assets of $20.5 billion including $14.3 billion in net property, plant and equipment. Total liabilities were $11.7 billion and total
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2006. It includes Dover's condensed consolidated financial statements and notes for the periods. Some key details:
- Revenue for the quarter was $1.65 billion, up 21% from the prior year. Net earnings were $167.5 million.
- Year-to-date revenue was $4.81 billion, up 23% from prior year. Net earnings were $443.3 million.
- Total assets increased to $7.32 billion from $6.58 billion at the end of 2005, driven primarily by acquisitions.
- Cash flow from operations was
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ending May 31, 2004. The summary includes:
1) KB Home reported total revenues of $2.9 billion for the six months ended May 31, 2004, with construction pretax income of $258.7 million and mortgage banking pretax income of $4.5 million.
2) The balance sheet shows KB Home's assets including $65.6 million in cash, $429.2 million in receivables, and $3.55 billion in construction inventories as of May 31, 2004.
3) The document provides KB Home's financial statements and notes for the quarter,
aetna Download Documentation Form 10-Q 2005 3rdfinance9
This document is a quarterly report filed with the SEC by Aetna Inc. for the quarter ended September 30, 2005. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter, Aetna reported total revenue of $5.7 billion and net income of $377.8 million. For the nine months ended September 30, 2005, Aetna reported total revenue of $16.6 billion and net income of $1.2 billion. The balance sheet shows that as of September 30, 2005, Aetna had total assets of $43.3 billion and total liabilities of $33.9 billion.
This document is a quarterly report filed by SunTrust Banks, Inc. with the Securities and Exchange Commission for the quarter ended March 31, 2002. It includes unaudited consolidated financial statements such as the balance sheet, income statement, and cash flow statement. The financial statements show that for the quarter ended March 31, 2002, SunTrust had total assets of $106.2 billion, total liabilities of $97.7 billion, and total shareholders' equity of $8.6 billion. It reported net income of $304.9 million for the quarter.
aetna Download Documentation Form 10-Q2007 3rdfinance9
This document is a quarterly report filed by Aetna Inc. with the Securities and Exchange Commission for the quarterly period ended September 30, 2007. It includes Aetna's consolidated financial statements and notes. The financial statements show that for the quarter, Aetna reported total revenue of $6.96 billion, income from continuing operations of $496.7 million, and net income of $496.7 million. For the nine months ended September 30, 2007, Aetna reported total revenue of $20.46 billion, income from continuing operations of $1.38 billion, and net income of $1.38 billion. The balance sheet shows total assets of $50.06 billion and total liabilities
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. It discloses that for the quarter ended August 31, 2003, KB Home had total revenues of $1.44 billion, net income of $97.8 million, and basic earnings per share of $2.51.
This document is a Form 10-Q quarterly report filed by KB Home with the Securities and Exchange Commission for the quarter ended August 31, 2003. The 10-Q provides financial statements and disclosures including the consolidated statements of income, balance sheets, cash flows, and notes to the financial statements. Key details include revenues of $3.98 billion for the nine months, net income of $232 million, basic EPS of $5.87, and total assets of $4.12 billion as of August 31, 2003.
This document is a Form 10-Q quarterly report filed by KB Home with the SEC for the quarter ended August 31, 2005. The report includes consolidated financial statements for the nine months and three months ended August 31, 2005 and 2004, including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements describing the company's reporting segments, stock-based compensation accounting policies, and subsequent events.
This document is a Form 10-Q quarterly report filed by KB Home with the United States Securities and Exchange Commission. It provides financial statements and notes for the quarter ended August 31, 2005. Specifically, it includes the consolidated statements of income, balance sheets, and cash flows for this quarter compared to the same quarter in the prior year. It also lists two business segments - construction and mortgage banking - and provides financial details for each.
This document is Xcel Energy's quarterly report filed with the SEC for the quarter ending March 31, 2005. It includes Xcel Energy's consolidated statements of operations, cash flows, and balance sheets for the quarter. The statements show that Xcel Energy had net income of $121.5 million for the quarter, operating revenues of $2.4 billion, and total assets of $20.3 billion as of March 31, 2005. It also provides details on common stockholders' equity, commitments and contingencies, and other financial details.
This document is Xcel Energy Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It includes Xcel Energy's consolidated statements of operations, cash flows, and balance sheets for the periods ended March 31, 2005 and 2004. The report shows that for the quarter ended March 31, 2005, Xcel Energy had net income of $121.5 million, operating revenues of $2.4 billion, and total assets of $20.3 billion.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements such as the consolidated statements of income and balance sheets, as well as notes to the financial statements and information on reportable segments. The filing provides shareholders and the public with financial information on KB Home's construction and mortgage banking operations for the quarterly period.
This document is KB Home's Form 10-Q quarterly report filed with the SEC for the quarterly period ended February 29, 2004. It includes financial statements, notes to the financial statements, and other financial information. Specifically, it provides KB Home's consolidated statements of income and cash flows for the periods ended February 29, 2004 and February 28, 2003, and consolidated balance sheet as of February 29, 2004 and November 30, 2003. It also includes a discussion and analysis of the company's financial condition and results of operations for the periods.
This document is an SEC Form 10-Q quarterly report filed by Xcel Energy Inc. for the quarter ended June 30, 2006. It includes Xcel Energy's consolidated financial statements and notes. The financial statements show operating revenues of $2.1 billion for the quarter and $5 billion for the six months. Net income was $98 million for the quarter and $250 million for the six months. Assets totaled $21.3 billion as of June 30, 2006, including $15.1 billion in net property, plant and equipment. Liabilities totaled $11.3 billion, including $2.3 billion in deferred income taxes.
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.
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
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.
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?
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
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.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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.
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.
Chapter 25: Economic Growth Summary from Samuelson and Nordhaus
dover 2Q05_10Q
1. FORM 10−Q
DOVER CORP − dov
Filed: July 29, 2005 (period: June 30, 2005)
Quarterly report which provides a continuing view of a company's financial position
2. Table of Contents
PART I
Item 2. Management s Discussion and Analysis of Financial Condition and Results of
Operations 11
PART I.
FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Item 2. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 4. CONTROLS AND PROCEDURES
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits
Signatures
EXHIBIT INDEX
EX−31.1
EX−31.2
EX−32 (Certifications required under Section 906 of the Sarbanes−Oxley Act of 2002)
3. Table of Contents
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 June 30, 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 þ No o
Indicate by checkmark whether the registrant is an accelerated filer (as defined by Rule 12b−2 of the Securities Exchange
Act). Yes þ No o
The number of shares outstanding of the Registrant’s common stock as of July 21, 2005 was 202,493,696.
Dover Corporation
Index
Form 10−Q
Item Page
Part I — Financial Information
Item 1. Financial Statements (unaudited)
Condensed Consolidated Statements of Earnings for the three and six months ended June 30, 2005 and 2004 1
Condensed Consolidated Balance Sheets at June 30, 2005 and December 31, 2004 2
Condensed Consolidated Statement of Stockholder’s Equity for the six months ended June 30, 2005 2
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2005 and 2004 3
Notes to Condensed Consolidated Financial Statements 4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 11
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Item 4. Controls and Procedures 20
Part II — Other Information
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 21
Item 5. Other Information 21
Item 6. Exhibits 21
Signatures 22
Exhibit Index 23
EX−31.1: CERTIFICATION
EX−31.2: CERTIFICATION
EX−32: CERTIFICATION
(All other schedules are not required and have been omitted)
4.
5. Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)
Three Months Ended June 30, Six Months Ended June 30,
2005 2004 2005 2004
Net sales $1,584,485 $1,365,719 $3,022,104 $2,595,878
Cost of sales 1,041,320 889,226 1,987,305 1,689,757
Gross profit 543,165 476,493 1,034,799 906,121
Selling and administrative
expenses 361,402 307,978 708,217 606,461
Operating profit 181,763 168,515 326,582 299,660
Interest expense, net 15,202 15,324 31,348 30,004
All other income, net (7,281) (189) (11,739) (198)
Total 7,921 15,135 19,609 29,806
Earnings from continuing
operations, before taxes on
income 173,842 153,380 306,973 269,854
Federal and other taxes on
income 50,324 45,332 84,093 78,849
Net earnings from continuing
operations 123,518 108,048 222,880 191,005
Net earnings from
discontinued operations 49,683 4,216 48,455 4,371
Net earnings $ 173,201 $ 112,264 $ 271,335 $ 195,376
Basic earnings per common
share:
− Continuing operations $ 0.61 $ 0.53 $ 1.10 $ 0.94
− Discontinued operations 0.24 0.02 0.23 0.02
− Net earnings $ 0.85 $ 0.55 $ 1.33 $ 0.96
Diluted earnings per
common share:
− Continuing operations $ 0.61 $ 0.53 $ 1.09 $ 0.93
− Discontinued operations 0.24 0.02 0.24 0.02
− Net earnings $ 0.85 $ 0.55 $ 1.33 $ 0.95
Weighted average number of
common shares outstanding
during the period:
Basic 202,959 203,263 203,303 203,176
Diluted 203,984 204,787 204,417 204,774
The computations of basic and diluted earnings per share from continuing operations were as follows:
Three Months Ended June 30, Six Months Ended June 30,
2005 2004 2005 2004
Numerator:
Net earnings from continuing operations
available to common stockholders $123,518 $108,048 $222,880 $191,005
Denominator:
Basic weighted average shares 202,959 203,263 203,303 203,176
Dilutive effect of assumed exercise of employee
stock options 1,025 1,524 1,114 1,598
Denominator:
Diluted weighted average shares 203,984 204,787 204,417 204,774
Basic earnings per share from continuing $ 0.61 $ 0.53 $ 1.10 $ 0.94
6. operations
Diluted earnings per share from continuing
operations $ 0.61 $ 0.53 $ 1.09 $ 0.93
Shares excluded from dilutive effect due to
exercise price exceeding average market price
of common stock 8,906 3,909 8,357 3,387
See Notes to Condensed Consolidated Financial Statements
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7. Table of Contents
DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) (in thousands)
December 31,
June 30, 2005 2004
Assets:
Current assets:
Cash and equivalents $ 399,671 $ 356,932
Receivables, net 970,425 903,554
Inventories, net 795,032 771,811
Deferred tax and other current assets 126,680 103,430
Total current assets 2,291,808 2,135,727
Property, plant and equipment, net 741,552 749,646
Goodwill 2,148,355 2,124,905
Intangible assets, net 536,884 528,639
Other assets and deferred charges 202,680 195,616
Assets of discontinued operations 11,244 54,845
Total assets $5,932,523 $ 5,789,378
Liabilities:
Current liabilities:
Short−term debt and commercial paper $ 380,710 $ 339,265
Accounts payable 411,808 360,370
Accrued expenses 444,046 468,055
Federal and other taxes on income 189,806 177,702
Total current liabilities 1,426,370 1,345,392
Long−term debt 751,651 753,063
Deferred income taxes 317,758 296,854
Other deferrals (principally compensation) 245,972 246,330
Liabilities of discontinued operations 23,176 32,248
Stockholders’ equity:
Total stockholders’ equity 3,167,596 3,115,491
Total liabilities and stockholders’ equity $5,932,523 $ 5,789,378
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(unaudited) (in thousands)
Accumulated
Common Additional Other Total
Stock Paid−In Comprehensive Retained Treasury Stockholders’
$1 Par Value Capital Earnings (Loss) Earnings Stock Equity
Balance as of
December 31,
2004 $239,015 $ 98,979 $ 192,029 $3,628,715 $(1,043,247) $3,115,491
Net earnings — — — 271,335 — 271,335
Dividends paid — — — (64,987) — (64,987)
Common stock
issued for options
exercised 384 10,519 — — — 10,903
Stock acquired — — — — (51,063) (51,063)
Translation of
foreign financial
statements — — (113,391) — — (113,391)
Unrealized holding
losses,
net of tax — — (692) — — (692)
Balance as of
June 30, 2005 $239,399 $109,498 $ 77,946 $3,835,063 $(1,094,310) $3,167,596
Preferred Stock, $100 par value sper share. 100,000 share authorized; none issued.
8. Dividends paid per share for the three and six months ended June 30, 2005 and 2004 were $0.16 and $0.32, and $0.15
and $0.30, respectively.
See Notes to Condensed Consolidated Financial Statements
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9. Table of Contents
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) (in thousands)
Six Months Ended June 30,
2005 2004
Operating Activities:
Net earnings $ 271,335 $ 195,376
Adjustments to reconcile net earnings to net cash from operating activities:
Net earnings from discontinued operations (48,455) (4,371)
Depreciation and amortization 84,377 75,016
Changes in current assets and liabilities (excluding effects of
acquisitions, dispositions and foreign exchange):
Increase in accounts receivable (97,072) (139,341)
Increase in inventories (29,922) (75,230)
Increase in prepaid expenses & other assets (5,045) (5,520)
Increase in accounts payable 65,317 73,208
Increase (decrease) in accrued expenses (14,226) 43,767
Increase in accrued federal and other taxes payable 15,882 30,836
Net increase in current assets and liabilities (65,066) (72,280)
Net (increase) decrease in non−current assets & liabilities (10,295) 17,278
Total adjustments (39,439) 15,643
Net cash provided by operating activities 231,896 211,019
Investing Activities:
Proceeds from the sale of property and equipment 4,846 6,937
Additions to property, plant and equipment (68,324) (47,462)
Proceeds from sale of discontinued businesses 95,943 22,313
Acquisitions (net of cash and cash equivalents acquired) (117,858) (83,563)
Net cash used in investing activities (85,393) (101,775)
Financing Activities:
Increase (decrease) in debt, net 38,878 (52,043)
Purchase of treasury stock (51,063) (4,639)
Proceeds from exercise of stock options 8,380 10,128
Dividends to stockholders (64,987) (60,972)
Net cash used in financing activities (68,792) (107,526)
Effect of exchange rate changes on cash (28,366) (7,228)
Cash provided by (used in) discontinued operations (6,606) 5,781
Net increase in cash and cash equivalents 42,739 271
Cash and cash equivalents at beginning of period 356,932 370,177
Cash and cash equivalents at end of period $ 399,671 $ 370,448
See Notes to Condensed Consolidated Financial Statements
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10. Table of Contents
DOVER CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
NOTE A — Basis of Presentation
The accompanying unaudited condensed consolidated financial statements, in accordance with Securities and Exchange
Commission (“SEC”) rules, do not include all of the information and notes required by accounting principles generally
accepted in the United States of America for complete financial statements and should be read in conjunction with the
Company’s consolidated financial statements included in the Annual Report on our Form 10−K for the year ended
December 31, 2004, filed with the SEC. It is the opinion of the Company’s management that all adjustments necessary for
a fair presentation of the interim results 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 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.
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 costs 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.” 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 June 30, Six Months Ended June 30,
(in thousands, except per share figures) 2005 2004 2005 2004
Net earnings, as reported $173,201 $112,264 $271,335 $195,376
Deduct:
Total stock−based employee compensation
expense determined under fair value based
method for all awards, net of tax effects (4,735) (4,519) (9,398) (9,168)
Pro forma net earnings $168,466 $107,745 $261,937 $186,208
Earnings per share:
Basic−as reported $ 0.85 $ 0.55 $ 1.33 $ 0.96
Basic−pro forma 0.83 0.53 1.29 0.92
Diluted−as reported $ 0.85 $ 0.55 $ 1.33 $ 0.95
Diluted−pro forma 0.83 0.53 1.28 0.91
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11. Table of Contents
NOTE C — Acquisitions
The Company completed five acquisitions during the first six months of 2005 one of which was during the second quarter.
During the first six months of 2004, the Company completed four acquisitions, all in the second quarter. The acquisitions
have been appropriately accounted for 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. The 2005 acquisitions are wholly
owned and had an aggregate cost of approximately $119 million, including cash, at the date of acquisition.
2005 Acquisitions
Date Type Acquired Companies Location (Near) Segment Operating Company
7−Jun Stock C−Tech Energy Services Edmonton, Alberta Resources Energy Products Group
Inc.
Manufacturer of continuous rod technology for oil and gas production.
2−Mar Asset APG Longmont, Colorado Technologies ECT
Manufacturer of test fixtures for loaded circuit board testing.
23−Feb Stock Fas−Co Coders, Inc. Phoenix, Arizona Technologies Imaje
Integrator of high resolution carton printers.
Asset Rostone (Reunion Lafayette, Indiana Electronics Kurz−Kasch
21−Feb Industries)
Manufacturer of thermo set specialty plastics.
18−Jan Asset Avborne Accessory Miami, Florida Diversified Sargent
Group, Inc.
Maintenance, repair, and overhaul of commercial, military and business aircraft.
The following unaudited pro forma information presents the results of operations of the Company for the three− and
six−month periods ending June 30, 2005 and 2004 as if the 2005 and 2004 acquisitions had taken place on January 1,
2004.
Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share figures) 2005 2004 2005 2004
Net sales from continuing operations:
As reported $1,584,485 $1,365,719 $3,022,104 $2,595,878
Pro forma 1,586,340 1,467,155 3,032,680 2,810,597
Net earnings from continuing operations:
As reported $ 123,518 $ 108,048 $ 222,880 $ 191,005
Pro forma 123,458 114,851 223,511 206,908
Basic earnings per share from continuing
operations:
As reported $ 0.61 $ 0.53 $ 1.10 $ 0.94
Pro forma 0.61 0.57 1.10 1.02
Diluted earnings per share from continuing
operations:
As reported $ 0.61 $ 0.53 $ 1.09 $ 0.93
Pro forma 0.61 0.56 1.09 1.01
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.
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12. Table of Contents
NOTE D — Inventory
Summary by Components
June 30, December 31,
(in thousands) 2005 2004
Raw materials $354,641 $366,429
Work in progress 217,172 207,335
Finished goods 267,928 239,993
Total 839,741 813,757
Less LIFO reserve (44,709) (41,946)
Net amount per balance sheet $795,032 $771,811
NOTE E — Property, Plant and Equipment
Summary by Components
June 30, December 31,
(in thousands) 2005 2004
Land $ 59,651 $ 61,485
Buildings 493,373 498,431
Machinery and equipment 1,522,613 1,499,260
Less accumulated depreciation (1,334,085) (1,309,530)
Net amount per balance sheet $ 741,552 $ 749,646
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 certain acquisitions. The
following table provides the changes in carrying value of goodwill by market segment through the six months ended
June 30, 2005:
Balance as of Goodwill from Other (primarily Balance as of
December 31, currency
(in thousands) 2004 Acquisitions translation) June 30, 2005
Diversified $ 223,601 $61,659 $ (2,135) $ 283,125
Electronics 161,118 (4,729) (808) 155,581
Industries 264,051 0 (1,597) 262,454
Resources 626,909 159 (6,568) 620,500
Systems 164,333 0 (2,244) 162,089
Technologies 684,893 4,357 (24,644) 664,606
Total $2,124,905 $61,446 $ (37,996) $2,148,355
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13. Table of Contents
The following table provides the gross carrying value and accumulated amortization for each major class of intangible
asset:
June 30, 2005 December 31, 2004
Gross Gross
Carrying Accumulated Carrying Accumulated
(in thousands) Amount Amortization Amount Amortization
Trademarks $ 30,110 $ 11,777 $ 30,084 $ 11,084
Patents 99,668 56,422 96,073 60,231
Customer Intangibles 190,468 22,640 176,984 15,219
Unpatented Technologies 102,719 31,139 101,228 28,521
Non−Compete Agreements 7,901 6,753 9,395 7,853
Drawings & Manuals 5,942 3,371 5,989 2,722
Distributor Relationships 38,300 2,681 38,300 1,915
Other (primarily minimum pension liability)* 59,489 11,788 55,269 5,978
Total Amortizable Intangible Assets 534,597 146,571 513,322 133,523
Total Indefinite−Lived Trademarks 148,858 — 148,840 —
Total $683,455 $146,571 $662,162 $133,523
* Intangible asset
balance related to
minimum pension
liability
requirements for
the Company’s
Supplemental
Executive
Retirement Plan
liability.
NOTE G — Discontinued Operations
During the second quarter of 2005, Dover discontinued Hydratight Sweeney, a business in the Diversified segment, which
was sold on May 17, 2005. The net gain on the sale of Hydratight Sweeney of $46.9 million or $0.23 per diluted share
along with the income from operations, were partially offset by losses related to businesses discontinued in previous
periods and resulted in net earnings from discontinued operations of $49.7 million.
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 $1.2 million.
During the second quarter of 2004, Dover sold two previously discontinued businesses from the Diversified segment.
Earnings from discontinued operations during the second quarter and first six months of 2004 primarily relate to the
disposition of discontinued operations. Discontinued operations did not have a material financial impact on any period
presented.
Cash proceeds from the sale of discontinued operations during the first six months of 2005 and 2004 were $95.9 million
and $22.3 million, respectively.
NOTE H — Debt
Dover’s long−term notes with a book value of $1,002.9 million, of which $251.2 million matures in the current year, had a
fair value of approximately $1,096.0 million at June 30, 2005. The estimated fair value of the Company’s long−term notes
is based on quoted market prices for similar issues.
During the second quarter of 2005 Dover terminated an interest rate swap with a notional amount of $50.0 million for an
immaterial gain, which is being amortized over the remaining term of the debt issuance. This interest rate swap was
designated as a fair value hedge of the Company’s 6.25% Notes, due June 1, 2008.
There are presently two interest rate swap agreements outstanding for a total notional amount of $100.0 million,
designated as fair value hedges of part of the Company’s $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 4.69%.
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14. Table of Contents
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 “potentially responsible parties.” 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 “potentially responsible parties” 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 June 30, 2005 and 2004
are as follows:
(in thousands) 2005 2004
Beginning Balance January 1, $ 46,761 $ 36,598
Provision for warranties 12,093 13,325
Settlements made (12,568) (10,850)
Other adjustments (702) (236)
Ending Balance June 30, $ 45,584 38,837
NOTE J — Employee Benefit Plans
The following table sets forth the components of the Company’s net periodic expense for the three and six months ended
June 30, 2005 and 2004:
Retirement Plan Benefits Post Retirement Benefits
Three Months Ended June 30, Three Months Ended June 30,
(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 $(6,198) $(4,026) $(443) $(1,055)
Retirement Plan Benefits Post Retirement Benefits
Six Months Ended June 30, Six Months Ended June 30,
(in thousands) 2005 2004 2005 2004
Expected return on plan assets $ 12,816 $ 13,754 $ — $ —
Benefits earned during period (7,794) (6,716) (196) (458)
Interest accrued on benefit obligation (11,732) (11,308) (682) (1,118)
Amortization
Prior service cost (3,538) (2,446) 42 (456)
Unrecognized actuarial losses (2,668) (1,872) (50) (78)
Transition 520 536 — —
Net periodic expense $(12,396) $ (8,052) $(886) $(2,110)
The Company does not anticipate making any employer discretionary contributions to defined benefit plan assets during
the year ending December 31, 2005.
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15. Table of Contents
NOTE K — New Accounting Standards
In May 2005, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 154, “Accounting Changes and Error
Corrections” (“SFAS 154”), which replaces Accounting Principles Board Opinion (“APB”) No. 20 “Accounting Changes,”
and SFAS No. 3 “Reporting Accounting Changes in Interim Financial Statements.” SFAS 154 changes the requirements
for the accounting for and reporting of a change in accounting principle, and applies to all voluntary changes in accounting
principles, as well as changes required by an accounting pronouncement in the unusual instance that it does not include
specific transition provisions. Specifically, SFAS 154 requires retrospective application to prior periods’ financial
statements, unless it is impracticable to determine the period−specific effects or the cumulative effect of the change.
SFAS 154 does not change the transition provisions of any existing pronouncement. SFAS 154 is effective for the
Company for all accounting changes and corrections of errors made beginning January 1, 2006.
In March 2005, the FASB issued FASB Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations”
(“FIN 47”). FIN 47 clarifies that a conditional asset retirement obligation, as used in SFAS No. 143, “Accounting for Asset
Retirement Obligations,” refers to a legal obligation to perform an asset retirement activity in which the timing and/or
method of settlement are conditional on a future event that may or may not be within the control of the entity. FIN 47 is
effective for the Company no later than the end of the 2005. The effect of FIN 47 will be immaterial to the Company’s
consolidated results of operations, cash flows or financial position.
In December of 2004, the FASB issued SFAS No. 123R, “Share−Based Payment” (“SFAS 123R”). SFAS No. 123R
revises previously issued SFAS 123 “Accounting for Stock−Based Compensation,” supersedes APB No.25 “Accounting
for Stock Issued to Employees,” and amends SFAS Statement No. 95 “Statement of Cash Flows.” SFAS 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 123R will not be materially different from the pro−forma results
included in Note B — Stock−Based Compensation.
In December 2004, the FASB issued SFAS No. 153, “Exchanges of Nonmonetary assets, an amendment of APB No. 29,
Accounting for Nonmonetary Transactions” (“SFAS 153”). The amendments made by SFAS 153 are based on the
principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged.
Further, the amendments eliminate the narrow exception for nonmonetary exchanges of similar productive assets and
replace it with a broader exception for exchanges of nonmonetary assets that do not have commercial substance. The
statement is effective for the Company beginning July 1, 2005 and shall be applied prospectively. The effect of the
adoption of SFAS 153 will be immaterial to the Company’s consolidated results of operations, cash flows or financial
position.
In November of 2004, the FASB issued SFAS No. 151, “Inventory Costs, an amendment of Accounting Research Bulletin
No. 43, Chapter 4” (“SFAS 151”). SFAS 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 151 are applicable to inventory
costs incurred by the Company beginning January 1, 2006. The effect of the adoption of SFAS 151 will be immaterial to
the Company’s consolidated results of operations, cash flow or financial position.
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16. Table of Contents
NOTE L — Comprehensive Income
Comprehensive income was as follows:
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2005 2004 2005 2004
Net Income $173,201 $112,264 $ 271,335 $195,376
Foreign Currency Translation adjustment (63,945) (5,566) (113,391) (28,362)
Unrealized holding losses, net of tax (236) (323) (279) (407)
Derivative cash flow hedges (413) — (413) —
Comprehensive Income $108,607 $106,375 $ 157,252 $166,607
NOTE M — Segment Information
The Company has six reportable segments which are based on the management reporting structure used to evaluate
performance. Segment information is as follows:
MARKET SEGMENT RESULTS
(unaudited) (in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2005 2004 2005 2004
NET SALES
Diversified $ 227,294 $ 181,949 $ 438,807 $ 354,635
Electronics 141,487 113,261 277,085 223,633
Industries 235,568 210,201 455,247 405,804
Resources 394,248 315,610 765,904 606,403
Systems 188,617 159,031 354,219 306,662
Technologies 399,977 387,971 736,013 703,215
Intramarket eliminations (2,706) (2,304) (5,171) (4,474)
Net sales $1,584,485 $1,365,719 $3,022,104 $2,595,878
EARNINGS FROM CONTINUING
OPERATIONS
Diversified $ 26,836 $ 21,693 $ 49,884 $ 42,736
Electronics 13,174 10,383 23,508 21,486
Industries 28,190 26,222 53,410 47,254
Resources 66,710 55,081 130,478 102,661
Systems 23,424 15,913 44,648 31,492
Technologies 45,707 53,120 66,648 79,398
Subtotal continuing operations 204,041 182,412 368,576 325,027
Corporate expense/other (14,998) (13,708) (30,255) (25,169)
Net interest expense (15,201) (15,324) (31,348) (30,004)
Earnings from continuing operations,
before taxes on income 173,842 153,380 306,973 269,854
Federal and other taxes on
income 50,324 45,332 84,093 78,849
Net earnings from continuing operations $ 123,518 $ 108,048 $ 222,880 $ 191,005
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17. Table of Contents
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
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.
Dover Corporation (the “Company”) is a multinational, diversified manufacturing corporation comprised of 48 stand−alone
operating companies which manufacture a broad range of specialized industrial products and sophisticated manufacturing
equipment. The Company also provides some engineering and testing services, which are not significant in relation to
consolidated revenue. The Company’s operating companies are based primarily in the United States of America and
Europe. The Company reports its results in six segments and discusses its operations in 13 groups.
(1) 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 $399.7 million at June 30, 2005 increased from the December 31, 2004
balance of $356.9 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:
Six Months Ended June 30,
Cash Flows from Continuing Operations (in thousands, unaudited) 2005 2004
Cash flows provided by operating activities $231,896 $ 211,019
Cash flows used in investing activities (85,393) (101,775)
Cash flows used in financing activities (68,792) (107,526)
Cash flow provided by operating activities for the first six months of 2005 increased $20.9 million from $211.0 million in
the prior year period. Increases in cash flows provided by operations were primarily due to increased net earnings which
were partially offset by changes in net tax payments of $34.3 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 six months of 2005 decreased $16.4 million compared to the prior
year period, largely reflecting an increase in proceeds from dispositions, partially offset by higher than prior year
acquisition and capital expenditure activity. Acquisition expenditures for the first six months of 2005 increased
$34.3 million to $117.9 million from $83.6 million in the prior year period. Capital expenditures in the first six months of
2005 increased $20.9 million to $68.3 million as compared to $47.5 million in the prior year period due to investments in
plant expansions, plant machinery and information systems. Proceeds from sales of discontinued businesses in the first
six months of 2005 increased $73.6 million from $22.3 million of proceeds in the prior year period. 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 used in financing activities for the first six months of 2005 decreased $38.7 million to $68.8 million. Net cash used in
financing activities during the first six months of 2005 primarily reflected an increase in borrowings which was used to fund
the majority of our $46.0 million open market treasury stock buyback.
Operational working capital (calculated as accounts receivable, plus inventory, less accounts payable) increased from the
prior year period by $38.7 million or 3% to $1,353.6 million, primarily driven by increases in receivables of $66.9 million
and increases in inventory of $23.2 million, offset by increases in
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18. Table of Contents
payables of $51.4 million. Excluding the impact of changes in foreign currency of $44.0 million and acquisitions of
$26.5 million, operational working capital increased approximately 4% when compared to the prior year period. 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,
pay dividends, repay debt and repurchase the Company’s common stock. Dover’s free cash flow for the six months ended
June 30, 2005, was essentially flat compared to the prior year period, driven primarily by the increase of net tax funding of
$34.3 million and higher benefits and compensation payouts in 2005 which were offset by higher earnings for the six
months ended June 2005.
The following table is a reconciliation of free cash flow with cash flows from operating activities:
Six Months Ended June 30,
Free Cash Flow (in thousands, unaudited) 2005 2004
Cash flow provided by operating activities $231,896 $211,019
Less: Capital expenditures (68,324) (47,462)
Free cash flow $163,572 $163,557
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:
June 30, December 31,
Net Debt to Total Capitalization Ratio (in thousands, unaudited) 2005 2004
Current maturities of long−term debt $ 251,215 $ 252,677
Commercial paper and other short−term debt 129,495 86,588
Long−term debt 751,651 753,063
Total debt 1,132,361 1,092,328
Less: Cash and cash equivalents 399,671 356,932
Net debt 732,690 735,396
Add: Stockholders’ equity 3,167,596 3,115,491
Total capitalization $3,900,286 $3,850,887
Net debt to total capitalization 18.8% 19.1%
The total debt level of $1,132.4 million as of June 30, 2005 increased from December 31, 2004 as a result of an increase
of $42.9 million in borrowings of short−term commercial paper. Net debt as of June 30, 2005, decreased $2.7 million
primarily as a result of increased cash from operations offset by higher capital expenditures. The net debt−to−total
capitalization ratio decreased to 18.8% during the period.
Dover’s long−term notes with a book value of $1,002.9 million, of which $251.2 million matures in the current year, had a
fair value of approximately $1,096.0 million at June 30, 2005. The estimated fair value of the Company’s long−term notes
is based on quoted market prices for similar issues.
During the first quarter of 2005 Dover terminated an interest rate swap with a notional amount of $50.0 million for an
immaterial gain, which is being amortized over the remaining term of the debt issuance. This interest rate swap was
designated as a fair value hedge of the Company’s 6.25% Notes due June 1, 2008.
There are presently two interest rate swap agreements outstanding for a total notional amount of $100.0 million,
designated as fair value hedges of part of the Company’s $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 4.69%.
There is no hedge ineffectiveness, and the fair value of the interest rate swaps outstanding as of June 30, 2005 was
determined through market quotation.
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19. Table of Contents
(2) RESULTS OF OPERATIONS:
Three and Six Months Ended June 30, 2005, Compared with Three and Six Months Ended June 30, 2004
Gross Profit
Three Months Ended June 30, Six Months Ended June 30,
% %
(in thousands, unaudited) 2005 2004 Change 2005 2004 Change
Net sales $1,584,485 $1,365,719 16% $3,022,104 $2,595,878 16%
Cost of sales 1,041,320 889,226 17% 1,987,305 1,689,757 18%
Gross profit 543,165 476,493 14% 1,034,799 906,121 14%
Gross profit margin 34.3% 34.9% 34.2% 34.9%
Sales in the second quarter of 2005 increased 16% or $218.8 million from the comparable 2004 period, driven by
increases of $78.6 million at Resources, $45.3 million at Diversified, $29.6 at Systems, $28.2 million at Electronics,
$25.4 million at Industries, and $12.0 million at Technologies. Sales would have increased 14% to $1,558.8 million if 2004
foreign currency translation rates were applied to 2005 results. Acquisitions completed subsequent to the second quarter
of 2004 contributed $93.6 million to consolidated sales during the quarter ended June 30, 2005. Gross profit margin
decreased slightly from the comparable 2004 period.
Sales for the six months of 2005 increased 16% or $426.2 million from the comparable 2004 period, driven by increases
of $159.5 million at Resources, $84.2 million at Diversified, $53.5 at Electronics, $49.4 million at Industries, $47.6 million
at Systems, and $32.8 million at Technologies. Sales would have increased 15% to $2,978.1 million if 2004 foreign
currency translation rates were applied to 2005 results. Acquisitions completed subsequent to the second quarter of 2004
contributed $179.3 million to consolidated sales during the six months ended June 30, 2005. Gross profit margin
decreased slightly from the comparable 2004 period.
Selling and Administrative Expenses
Selling and administrative expenses for the second quarter of 2005 increased $53.4 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.
Selling and administrative expenses for the first six months of 2005 increased $101.8 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 June 30, Six Months Ended June 30,
%
(in thousands, unaudited) 2005 2004 % Change 2005 2004 Change
Interest expense, net $15,202 $15,324 −1% $ 31,348 $30,004 4%
All other income, net (7,281) (189) (11,739) (198)
Net interest expense for the second quarter of 2005 remained essentially flat when compared to the prior year. Net
interest expense for the first six months of 2005 increased $1.3 million, primarily due to an increase in commercial paper
borrowings. Other Income of $7.3 million and $11.7 million for the three and six months ended June 30, 2005,
respectively, primarily results from the effects of foreign exchange fluctuations on assets and liabilities denominated in
currencies other than the functional currency.
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20. Table of Contents
Income Taxes
The effective tax rate for continuing operations for the second quarter and first six months of 2005 were 28.9% and
27.4%, respectively, compared to last year’s second quarter tax rate of 29.6% and first six months tax rate of 29.2%. 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 first quarter and can no longer be
appealed. The benefit of this discrete item did not affect the second quarter effective tax rate which saw a slight increase
due to the 20% reduction in tax benefits relating to U.S. export sales caused by the American Jobs Creation Act of 2004.
Net Earnings
Net earnings from continuing operations for the second quarter of 2005 were $123.5 million or $0.61 per diluted share
compared to $108.0 million or $0.53 per diluted share from continuing operations in the comparable 2004 period.
Net earnings from continuing operations for the first six months of 2005 were $222.9 million or $1.09 per diluted share
compared to $191.0 million or $0.93 per diluted share from continuing operations in the comparable 2004 period.
Discontinued Operations
During the second quarter of 2005, Dover discontinued Hydratight Sweeney a business in the Diversified segment which
was sold on May 17, 2005. The gain on the carrying value of Hydratight Sweeney of $46.9 million or $0.23 per diluted
share along with the income from operations, were partially offset by losses related to businesses discontinued in
previous periods and resulted in net earnings from discontinued operations of $49.7 million.
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 $1.2 million.
During the second quarter of 2004, Dover sold two previously discontinued businesses from the Diversified segment.
Earnings from discontinued operations during the second quarter and first six months of 2004 primarily relate to the
disposition of discontinued operations. Discontinued operations did not have a material financial impact on any period
presented.
Cash proceeds from the sale of discontinued operations during the first six months of 2005 and 2004 were $95.9 million
and $22.3 million, respectively.
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MARKET SEGEMENT RESULTS OF OPERATIONS
Diversified
Three Months Ended June 30, Six Months Ended June 30,
% %
(in thousands, unaudited) 2005 2004 Change 2005 2004 Change
Net sales $227,294 $181,949 25% $438,807 $354,635 24%
Earnings 26,836 21,693 24% 49,884 42,736 17%
Operating margins 11.8% 11.9% 11.4% 12.1%
Bookings 232,926 185,538 26% 491,882 391,444 26%
Book−to−Bill 1.02 1.02 1.12 1.10
Backlog 340,367 258,584 32%
For the quarter, Diversified sales and earnings increased, reflecting improvements at both Industrial Equipment and
Process Equipment. Strong bookings generated a record backlog, driven by the aerospace, defense, and heat exchanger
markets.
Industrial Equipment sales were up 32% over the prior year quarter, primarily due to the commercial aerospace and
construction markets. Earnings increased 22% as a result of higher margins on incremental sales, partially offset by
higher material costs, product mix, and Avborne acquisition and integration costs. Bookings increased 19%, generating a
book−to−bill ratio of 0.96, and backlog increased 30%.
For the quarter, Process Equipment sales and earnings increased 16% and 27%, respectively, aided by higher volume as
a result of demand from the oil and gas markets, pricing, productivity gains and reduced headcount. Bookings increased
35%, backlog grew 34% and the book−to−bill ratio was 1.12.
For the six months ended June 30, 2005, Diversified sales, bookings and earnings increases reflected improvements at
both Industrial Equipment and Process Equipment. Industrial equipment had sales and earnings increases of 31% and
13%, respectively. Bookings increased 30% and the book−to−bill ratio was 1.12. Process equipment had sales and
earnings increases of 14% and 24%, respectively. Bookings increased 20% and the book−to−bill ratio was 1.12.
Electronics
Three Months Ended June 30, Six Months Ended June 30,
% %
(in thousands, unaudited) 2005 2004 Change 2005 2004 Change
Net sales $141,487 $113,261 25% $277,085 $223,633 24%
Earnings 13,174 10,383 27% 23,508 21,486 9%
Operating margins 9.3% 9.2% 8.5% 9.6%
Bookings 134,967 115,087 17% 282,122 237,962 19%
Book−to−Bill 0.95 1.02 1.02 1.06
Backlog 103,247 88,016 17%
For the quarter, both Components and Commercial Equipment contributed to the sales and earnings increases at
Electronics despite the restructuring/severance costs recognized by Components. Sequential quarterly sales and earnings
increased 4% and 27%, respectively. Sequential quarterly bookings declined 8%.
Components recorded a 31% increase in sales over the prior year quarter, which reflected the impact of the 2004
acquisitions. Earnings increased 17% over the prior year driven by volume and cost improvements in the core businesses,
partially offset by acquisition and rationalization costs. Compared to the previous quarter, sales increased 5% as a result
of broad improvements in most markets, and earnings increased 41%. Bookings increased 21%, backlog increased 17%
and the book−to−bill ratio was 0.95.
Commercial Equipment sales and earnings increased 12% and 20%, respectively, over the prior year quarter due to
stronger ATM sales. The book−to−bill ratio was 0.97, and bookings and backlog increased 9% and 21%, respectively.
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For the six months ended June 30, 2005, Electronics sales, bookings and earnings increases reflected improvements at
both Components and Commercial Equipment. Components had sales and earnings increases of 30% and 2%,
respectively. Bookings increased 23% and the book−to−bill ratio was 1.04. Commercial Equipment had sales and
earnings increases of 12% and 9%, respectively. Bookings increased 8% and the book−to−bill ratio was 0.97.
Industries
Three Months Ended June 30, Six Months Ended June 30,
% %
(in thousands, unaudited) 2005 2004 Change 2005 2004 Change
Net sales $235,568 $210,201 12% $455,247 $405,804 12%
Earnings 28,190 26,222 8% 53,410 47,254 13%
Operating margins 12.0% 12.5% 11.7% 11.6%
Bookings 234,087 216,374 8% 457,245 444,933 3%
Book−to−Bill 0.99 1.03 1.00 1.10
Backlog 204,741 208,935 −2%
Industries sales have increased for the ninth consecutive quarter, driven by market strength, share gains and pricing.
Industries second quarter 12% sales increase was driven primarily by Mobil Equipment.
During the second quarter, Mobile Equipment sales increased 17% compared to the prior year, resulting from strength in
the dry bulk and petroleum transportation markets and a rebounding refuse collection vehicle market. A 22% earnings
increase was driven by increased volume, pricing and productivity gains. Bookings were up 15%, backlog was essentially
flat, and the book−to−bill ratio was 0.98.
Service Equipment sales increased 5%, and earnings declined 3% compared to the prior year quarter as commodity and
new product introduction costs, along with product mix impacted margins. Revenue softness in the automotive service
industry continued, but was more than offset by pricing and continued share gains. Bookings were essentially flat, backlog
decreased 14% and the book−to−bill ratio was 1.02.
For the six months ended June 30, 2005, Industries sales, bookings and earnings increases reflected improvement
primarily at Mobile Equipment, which had sales and earnings increases of 16% and 26%, respectively. Mobile Equipment
bookings increased 5% and the book−to−bill ratio was 1.00. Service Equipment earnings were flat on increased sales of
7% with a bookings decrease of 2% and a book−to−bill ratio of 1.02.
Resources
Three Months Ended June 30, Six Months Ended June 30,
% %
(in thousands, unaudited) 2005 2004 Change 2005 2004 Change
Net sales $394,248 $315,610 25% $765,904 $606,403 26%
Earnings 66,710 55,081 21% 130,478 102,661 27%
Operating margins 16.9% 17.5% 17.0% 16.9%
Bookings 388,117 339,620 14% 793,205 675,726 17%
Book−to−Bill 0.98 1.08 1.04 1.11
Backlog 186,415 170,915 9%
All three Resources groups contributed to record quarterly sales and earnings.
During the quarter, the Oil and Gas Equipment group was the strongest performer in the segment with sales and earnings
increases of 55% and 67%, respectively, aided by the acquisition of US Synthetic in the third quarter of 2004, as well as
positive market conditions. Bookings increased 70%, the book−to−bill ratio was 1.02, and backlog increased 112%.
For the quarter, Fluid Solutions sales and earnings both increased 17% due to strength in the rail car, chemical
processing and environmental markets and from the Almatec acquisition, partially offset by softness in the petroleum
transport and industrial markets. Bookings increased 3%, the book−to−bill ratio was 0.97, and backlog was essentially flat.
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23. Table of Contents
Material Handling earnings increased 5% on a 16% sales increase compared to the prior year quarter. The negative sales
to earnings leverage reflects continued investment in, and cost of analysis of, the businesses, as well as some operational
inefficiencies, and managing significant increases in volume. The book−to−bill ratio was 0.97, backlog increased 6% and
bookings were essentially flat.
For the six months ended June 30, 2005, Resources sales, bookings and earnings increases reflected improvements at
all three Resources groups. Oil and Gas Equipment had sales and earnings increases of 56% and 76%, respectively.
Bookings increased 53% and the book−to−bill ratio was 1.02. Fluid Solutions had sales and earnings increases of 19%
and 22%, respectively. Bookings increased 11% and the book−to−bill ratio was 1.02. Material Handling had sales and
earnings increases of 17% and 4%, respectively. Bookings increased 6% and the book−to−bill ratio was 1.07.
Systems
Three Months Ended June 30, Six Months Ended June 30,
% %
(in thousands, unaudited) 2005 2004 Change 2005 2004 Change
Net sales $188,617 $159,031 19% $354,219 $306,662 16%
Earnings 23,424 15,913 47% 44,648 31,492 42%
Operating margins 12.4% 10.0% 12.6% 10.3%
Bookings 233,795 178,092 31% 402,491 339,305 19%
Book−to−Bill 1.24 1.12 1.14 1.11
Backlog 185,525 133,549 39%
Incremental margin improvement in both the Food Equipment and Packaging groups contributed to Systems’ increase in
quarterly sales and earnings. Compared to the first quarter, sales and earnings were up 14% and 10%, respectively.
Food Equipment sales and earnings improved 14% and 30%, respectively, over the prior year quarter primarily due to
increased supermarket equipment sales. Bookings increased 27%, backlog increased 42% and the book−to−bill ratio was
1.23.
For the quarter, Packaging Equipment sales were up 30% and earnings more than doubled due to increased can necking
and trimming equipment and closure systems sales, partially offset by a decrease in automated packaging equipment
sales. The book−to−bill ratio was 1.25, bookings increased 41% and backlog increased 33%.
For the six months ended June 30, 2005, Systems sales, bookings and earnings increases reflected improvements at
both Food Equipment and Packaging. Food Equipment had sales and earnings increases of 14% and 30%, respectively.
Bookings increased 17% and the book−to−bill ratio was 1.15. Packaging had sales and earnings increases of 19% and
53%, respectively. Bookings increased 21% and the book−to−bill ratio was 1.12.
Technologies
Three Months Ended June 30, Six Months Ended June 30,
(in thousands, unaudited) 2005 2004 % Change 2005 2004 % Change
Net sales $399,977 $387,971 3% $736,013 $703,215 5%
Earnings 45,707 53,120 −14% 66,648 79,398 −16%
Operating margins 11.4% 13.7% 9.1% 11.3%
Bookings 419,741 413,027 2% 798,189 776,764 3%
Book−to−Bill 1.05 1.06 1.08 1.10
Backlog 218,277 235,459 −7%
Technologies second quarter sales, earnings and margins were the best since the third quarter of 2004. The second
quarter earnings decline reflects lower demand in the Circuit Assembly and Test (“CAT”) markets and competitive
conditions in the Product Identification and Printing (“PIP”) markets, and also includes the results of Datamax, a fourth
quarter 2004 acquisition.
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24. Table of Contents
CAT experienced a 12% sales decline and a 41% earnings decline when compared to the same quarter in 2004. This
reflects very strong first half 2004 conditions in the backend semiconductor equipment market, which subsequently
moderated in 2004 and through the first quarter of 2005. Beginning late in the second quarter of 2005 conditions improved
in the backend semiconductor equipment market. As a result, on a sequential basis, CAT companies leveraged a 21%
sales increase into a 184% earnings increase. The book−to−bill ratio grew to 1.08 during the quarter with a sequential
bookings increase of 13%. CAT also continues to see growth resulting from the replacement of equipment required for
compliance with the new lead free regulations in Europe.
For the quarter, PIP reported a 14% increase in earnings on a 44% increase in sales. The acquisition of Datamax
Corporation accounted for a significant portion of sales growth and substantially all of the earnings growth. The product
identification market is seeing increased price and margin pressure along with continuing weakness in European sales.
However, new product releases continue to be accepted by the market and orders trended positively through the second
quarter. The book−to−bill ratio was 0.99, bookings increased 40% and backlog increased 11%.
For the six months ended June 30, 2005, Technologies sales increased 5%, bookings were up 3% and earnings
decreased 16%. CAT had a 10% decrease in sales and bookings, and a 53% decrease in earnings with a book−to−bill
ratio of 1.11. PIP earnings increased 26% on a 43% increase in sales with a 37% increase in bookings and a book−to−bill
ratio of 1.03. The six month results for Technologies and its two groups reflect the conditions described for the second
quarter.
Outlook
The Company expects to see the benefits of its renewed focus on operational excellence which includes improving
margins and working capital. Most market indicators are cautiously positive, and each subsidiary enters the third quarter
with a strong backlog after two quarters of record or near record bookings. This gives the Company some confidence that
the third quarter should continue to show positive trends.
The acquisition market is active and the Company expects to complete additional purchases through the remainder of the
year.
New Accounting Standards
See NOTE K — New Accounting Standards
Special Notes Regarding Forward Looking Statements
This Quarterly Report on Form 10−Q, particularly “Management’s Discussion and Analysis,” 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 “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes”,
“should,” “would,” “could,” “hope,” “forecast,” “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,
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
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25. Table of Contents
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, pay
dividends, repay debt and repurchase the Company’s common stock. Reconciliations of free cash flow, total debt and net
debt can be found in Part (1) of Item 2−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 six 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.
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26. Table of Contents
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 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 second 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 June 30, 2005, management has excluded SSE GmbH, Flexbar, Rasco,
Voltronics, US Synthetics, Corning Frequency Control, Almatec, Datamax, Avborne Accessory Group, Rostone, Fas−Co
Coders, APG and C−Tech because these companies were acquired in purchase business combinations during the twelve
months ended June 30, 2005. The Company is currently assessing the control environments of these acquisitions. These
companies are wholly−owned by the Company and their total sales for both the three− and six−month periods ended
June 30, 2005 and assets at June 30, 2005, represent approximately 5.9% and 10.4% of the Company’s consolidated
total sales and assets, respectively.
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27. Table of Contents
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) The shares listed below represent shares of the Company’s stock which were acquired by the Company during
the second quarter. The following table depicts the purchase of these shares:
(d) Maximum Number
(c) Total Number of (or Approximate Dollar
Shares Purchased as Value) of Shares that
(a) Total Number Part of Publicly May Yet Be Purchased
(b) Average
of Shares Price Announced Plans or under the Plans or
Paid per
Period Purchased Share Programs Programs
April 1 to April 30, 2005 525,000 35.36 Not applicable Not applicable
May 1 to May 31, 2005 747,500 36.68 Not applicable Not applicable
June 1 to June 30, 2005 — — Not applicable Not applicable
For Second Quarter 2005 1,272,500 36.14 Not applicable Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
The results of the matters submitted to a vote of security holders at the Annual Meeting of Stockholders of Dover
Corporation held on April 19, 2005, were reported in the Company’s first quarter Form 10−Q filed with the Securities and
Exchange Commission on May 2, 2005, and are incorporated herein by reference.
Item 5. Other Information
(a) None.
(b) None.
Item 6. Exhibits
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
28. 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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29. Table of Contents
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: July 29, 2005 /s/ Robert G. Kuhbach
Robert G. Kuhbach, Vice President,
Finance, Chief Financial Officer & Treasurer
(Principal Financial Officer)
Date: July 29, 2005 /s/ Raymond T. McKay, Jr.
Raymond T. McKay, Jr., Vice President,
Controller
(Principal Accounting Officer)
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30. Table of Contents
EXHIBIT INDEX
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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31. 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: July 29, 2005 /s/ Robert G. Kuhbach
Robert G. Kuhbach
Vice President, Finance & Chief Financial
Officer (Principal Financial Officer) &
Treasurer