6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
H. Lawrence Culp, Jr., President and CEO, stated, "We are pleased to report record first quarter 2003 earnings. Record sales were driven by acquisition growth of 15% and core volume growth of 1%. Currency gains added approximately 3% to sales. Organic growth in our Process/Environmental Controls segment, in particular in our Motion business, offset the expected decline in the Tools and Components segment. Our operating cash flow of $214 million was more than twice net income. We are pleased with our performance through this period of uncertainty but we remain cautious regarding the economic challenges that persist. Nevertheless, we remain confident in our ability to deliver positive results for the balance of the year. "