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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of earliest event reported)
  April 21, 2005
   

AMETEK, Inc.


(Exact name of registrant as specified in its charter)
         
DELAWARE   1-12981   14-1682544
 
(State or other jurisdiction of
incorporation or organization)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)
     
37 North Valley Road, Building 4, P.O. Box 1764, Paoli, Pennsylvania   19301
 
(Address of principal executive offices)   (Zip Code)
         
Registrant’s telephone number, including area code
  610-647-2121    
       


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 


TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition
Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX


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AMETEK, Inc.

Item 2.02. Results of Operations and Financial Condition

     On April 20, 2005, AMETEK, Inc. issued a press release announcing its financial results for the three month period ending March 31, 2005. A copy of such press release is furnished as Exhibit 99(a) to this Current Report.

Item 9.01. Financial Statements and Exhibits

(c) Exhibit

99(a)  Copy of press release issued by AMETEK, Inc. on April 20, 2005 (furnished but not filed pursuant to Item 2.02).

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AMETEK, Inc.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

         
   
AMETEK, Inc.
     
    (Registrant)
 
       
  By   /s/ Robert R. Mandos, Jr.
       
                Robert R. Mandos, Jr.
                Senior Vice President & Comptroller
                (Principal Accounting Officer)

April 21, 2005

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AMETEK, Inc.

EXHIBIT INDEX

     
Exhibit Number   Description
99 (a)
  Copy of press release issued by AMETEK, Inc. on April 20, 2005.

4

exv99wa
 

EXHIBIT 99(a)

(AMETEK NEWS LOGO)

Contact: William J. Burke (610) 889-5249

AMETEK ACHIEVES RECORD FIRST QUARTER WITH NET INCOME UP 30%

Paoli, PA, April 20, 2005 – AMETEK, Inc. (NYSE: AME) today announced first quarter results that established records for sales, operating income, and net income.

AMETEK’s first quarter 2005 sales of $334.1 million were up 15% over the same period of 2004. Operating income for the first quarter of 2005 was $55.0 million, a 27% increase from the $43.5 million recorded in the same period of 2004. Net income in the first quarter of 2005 increased 30% to $32.0 million, or $.46 per diluted share, from the first quarter 2004 level of $24.7 million, or $.36 per diluted share. Sales, operating income, and net income were quarterly records.

“AMETEK had an excellent quarter,” noted Frank S. Hermance, AMETEK Chairman and Chief Executive Officer. “Strong internal growth in both our Electronic Instruments and Electromechanical segments combined with the contributions from businesses acquired last year enabled us to grow the top-line by 15%. Operating income was up 27% as we captured the leverage in our business model,” he commented.

Electronic Instruments Group (EIG)

For the 2005 first quarter, EIG sales increased 20% to $180.9 million. Operating income was $36.9 million, compared with $26.1 million in the first quarter of 2004, an increase of 41%. Operating margins for the quarter improved to 20.4%, from 17.3% in the first quarter of 2004.

“EIG sales were up in the quarter on strong core growth in our aerospace, industrial, and process and analytical businesses and the contribution from the 2004 acquisition of Taylor Hobson. Operating income was up 41%, benefiting from the top line growth and continued focus on operational excellence improvements,” said Mr. Hermance.

Electromechanical Group (EMG)

For the first quarter of 2005, EMG sales were $153.2 million, a 9% increase over the same period of 2004 driven by strong core growth and the 2004 acquisition of Hughes-Treitler. Operating income of $24.7 million was up 6% from the $23.3 million recorded in the same period of 2004. Operating margins for the quarter were 16.1%, compared with 16.6% in the first quarter of 2004. This margin decline was due to shipment delays on several high margin military aerospace programs. We expect to ship these products over the balance of the year.

-MORE-

 


 

AMETEK ACHIEVES RECORD FIRST QUARTER WITH NET INCOME UP 30%
Page 2

2005 Outlook

“For 2005 we expect revenues to be up approximately 10% on solid internal growth in each of our two groups and the full-year benefits from our Taylor Hobson and Hughes-Treitler acquisitions,” commented Mr. Hermance. “Based on our first quarter performance we are raising our earnings estimates. We now expect 2005 earnings to be approximately $1.90 to $1.97 per diluted share, an increase of 17% to 21% over 2004, driven by the top-line growth and our continued focus on operational excellence, including the movement of additional manufacturing to low-cost locales.”

“Our second quarter 2005 sales are expected to be up approximately 10% to 15% from last year’s second quarter on internal growth in both segments and the contribution from our 2004 acquisitions of Taylor Hobson and Hughes-Treitler. We expect our earnings to be approximately $.46 to $.48 per diluted share, an increase of 15% to 20% over last year’s second quarter,” concluded Mr. Hermance.

Conference Call

AMETEK, Inc. will Web cast it’s First Quarter 2005 investor conference call on Wednesday, April 20, 2005, beginning at 8:30 AM ET. The live audio Web cast will be available at www.ametek.com/investors and at www.streetevents.com. To access the Web cast from ametek.com, click on the Audio Conference Call link. The call will be archived at www.ametek.com/investors. To access the audio archive, click on the Audio Conference Call link in the Investors Section.

Corporate Profile

AMETEK is a leading global manufacturer of electronic instruments and electric motors with annualized sales of approximately $1.3 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion and New Products. AMETEK’s objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P MidCap 400 Index and the Russell 1000 Index.

Forward-looking Information

Statements in this news release that are not historical are considered “forward-looking statements” and are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. Those factors are contained in AMETEK’s Securities and Exchange Commission filings.

# # #
(Financial Information Follows)

 


 

AMETEK, Inc.
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(In thousands, except per share amounts)

                 
    Three months ended  
    March 31,  
    2005     2004  
Net sales
  $ 334,096     $ 291,423  
 
           
Expenses:
               
Cost of sales excluding depreciation
    233,290       208,362  
Selling, general and administrative
    37,439       30,890  
Depreciation
    8,331       8,674  
 
           
Total expenses
    279,060       247,926  
 
           
 
               
Operating income
    55,036       43,497  
Other income (expenses):
               
Interest expense
    (7,632 )     (6,411 )
Other, net
    158       (326 )
 
           
Income before income taxes
    47,562       36,760  
Provision for income taxes
    15,523       12,096  
 
           
 
Net Income
  $ 32,039     $ 24,664  
 
           
 
               
Diluted earnings per share
  $ 0.46     $ 0.36  
 
           
 
               
Basic earnings per share
  $ 0.47     $ 0.37  
 
           
 
               
Average common shares outstanding:
               
Diluted shares
    70,277       68,651  
 
           
Basic shares
    68,704       67,278  
 
           
 
               
Dividends per share
  $ 0.06     $ 0.06  
 
           

 


 

AMETEK, Inc.
INFORMATION BY BUSINESS SEGMENT (Unaudited)
(In thousands)

                 
    Three months ended  
    March 31,  
    2005     2004  
Net sales
               
Electronic Instruments
  $ 180,921     $ 150,646  
Electromechanical
    153,175       140,777  
 
           
Total Consolidated
  $ 334,096     $ 291,423  
 
           
 
               
Operating income
               
Electronic Instruments
  $ 36,877     $ 26,121  
Electromechanical
    24,701       23,324  
 
           
Total segments
    61,578       49,445  
Corporate and other
    (6,542 )     (5,948 )
 
           
Total Consolidated
  $ 55,036     $ 43,497  
 
           

 


 

AMETEK, Inc.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)

                 
    March 31,     December 31,  
    2005     2004  
    (Unaudited)          
ASSETS
               
 
               
Current assets:
               
Cash, cash equivalents and marketable securities
  $ 45,456     $ 48,975  
Receivables, net
    232,763       217,329  
Inventories
    172,687       168,523  
Other current assets
    28,335       27,113  
 
           
Total current assets
    479,241       461,940  
 
               
Property, plant and equipment, net
    200,501       207,542  
Goodwill, net
    589,249       601,007  
Other intangibles, investments and other assets
    162,259       149,863  
 
           
Total assets
  $ 1,431,250     $ 1,420,352  
 
           
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
 
               
Current liabilities:
               
Short-term borrowings and current portion of long-term debt
  $ 29,237     $ 49,943  
Accounts payable and accruals
    222,399       222,895  
 
           
Total current liabilities
    251,636       272,838  
 
               
Long-term debt
    397,904       400,177  
Deferred income taxes and other long-term liabilities
    89,466       87,755  
Stockholders’ equity
    692,244       659,582  
 
           
Total liabilities and stockholders’ equity
  $ 1,431,250     $ 1,420,352