Dover Corporation Revises First Quarter Outlook

Apr 03, 2001, 01:00 ET from Dover Corporation

    NEW YORK, April 3 /PRNewswire/ -- Dover Corporation (NYSE:   DOV) announced
 today that first quarter earnings are going to be lower than the company had
 previously expected.  In January, when reporting earnings for the fourth
 quarter of 2000, Dover said that "first quarter earnings this year could
 easily be 20% below the first quarter of 2000." Earnings in the first quarter
 of 2000 were $117.3 million or $.57 per diluted share. It now appears that
 earnings for the first quarter will be in the range of $.38 to $.41 per
 diluted share, a decline of roughly 30% from the prior year.
     Results in the Dover Technologies segment have been particularly heavily
 impacted by a decline in demand from the customers of its Circuit Board
 Assembly and Test (CBAT) businesses. Though the earnings decline in the CBAT
 business will be off-set to some degree by favorable year-over-year
 comparisons in the Specialty Electronics Components (SEC) businesses, both
 CBAT and SEC will report first quarter bookings levels substantially below
 first quarter sales, reflecting the widely reported decline in the electronics
 manufacturing industry.
     The companies in Dover's other three segments -- Dover Industries, Dover
 Diversified, and Dover Resources, serve a large number of niche commercial and
 industrial markets. These segments will all also likely report declines in
 earnings compared to last year's first quarter, largely as the result of the
 impact of sluggish economic conditions in many markets.
     Thomas L. Reece, Chairman and Chief Executive Officer, said "Despite the
 current market environment, Dover believes that the longer-term growth
 prospects of these businesses remains positive."
     In the first quarter, Dover's financial condition remained strong,
 supporting continued investment in existing businesses, continuing the add-on
 acquisition program, and permitting, near the end of the quarter, modest
 levels of stock re-purchases.
     Concurrent with this press release Dover is making available on its web
 site, http://www.dovercorporation.com, the sales, bookings and operational
 earnings of the CBAT and SEC businesses for the first quarter of 1997 through
 the fourth quarter of 2000, to aid investors in analyzing the cyclical nature
 of Dover Technologies business.
     Dover is scheduled to issue a press release disclosing first quarter
 results on April 16th, and will conduct a conference call regarding the press
 release at 9:00am EDT on April 17th. The conference call will be
 simultaneously web-cast from http://www.dovercorporation.com.
 
     This press release contains forward-looking statements regarding future
 events and the performance of Dover Corporation that involve risks and
 uncertainties that could cause actual results to differ materially including,
 but not limited to, failure to achieve expected synergies, failure to
 successfully integrate acquisitions, failure to service debt, failure to sell
 non-core properties, including without limitation, as a result of the failure
 to obtain regulatory approvals or of conditions to closing to occur, economic
 conditions, customer demand, increased competition in the relevant market, and
 others.  Dover Corporation refers you to the documents that it files from time
 to time with the Securities and Exchange Commission, such as the Form 10-K,
 Form 10-Q and Form 8-K, which contain additional important factors that could
 cause its actual results to differ from its current expectations and from the
 forward-looking statements contained in this press release.
 
 

SOURCE Dover Corporation
    NEW YORK, April 3 /PRNewswire/ -- Dover Corporation (NYSE:   DOV) announced
 today that first quarter earnings are going to be lower than the company had
 previously expected.  In January, when reporting earnings for the fourth
 quarter of 2000, Dover said that "first quarter earnings this year could
 easily be 20% below the first quarter of 2000." Earnings in the first quarter
 of 2000 were $117.3 million or $.57 per diluted share. It now appears that
 earnings for the first quarter will be in the range of $.38 to $.41 per
 diluted share, a decline of roughly 30% from the prior year.
     Results in the Dover Technologies segment have been particularly heavily
 impacted by a decline in demand from the customers of its Circuit Board
 Assembly and Test (CBAT) businesses. Though the earnings decline in the CBAT
 business will be off-set to some degree by favorable year-over-year
 comparisons in the Specialty Electronics Components (SEC) businesses, both
 CBAT and SEC will report first quarter bookings levels substantially below
 first quarter sales, reflecting the widely reported decline in the electronics
 manufacturing industry.
     The companies in Dover's other three segments -- Dover Industries, Dover
 Diversified, and Dover Resources, serve a large number of niche commercial and
 industrial markets. These segments will all also likely report declines in
 earnings compared to last year's first quarter, largely as the result of the
 impact of sluggish economic conditions in many markets.
     Thomas L. Reece, Chairman and Chief Executive Officer, said "Despite the
 current market environment, Dover believes that the longer-term growth
 prospects of these businesses remains positive."
     In the first quarter, Dover's financial condition remained strong,
 supporting continued investment in existing businesses, continuing the add-on
 acquisition program, and permitting, near the end of the quarter, modest
 levels of stock re-purchases.
     Concurrent with this press release Dover is making available on its web
 site, http://www.dovercorporation.com, the sales, bookings and operational
 earnings of the CBAT and SEC businesses for the first quarter of 1997 through
 the fourth quarter of 2000, to aid investors in analyzing the cyclical nature
 of Dover Technologies business.
     Dover is scheduled to issue a press release disclosing first quarter
 results on April 16th, and will conduct a conference call regarding the press
 release at 9:00am EDT on April 17th. The conference call will be
 simultaneously web-cast from http://www.dovercorporation.com.
 
     This press release contains forward-looking statements regarding future
 events and the performance of Dover Corporation that involve risks and
 uncertainties that could cause actual results to differ materially including,
 but not limited to, failure to achieve expected synergies, failure to
 successfully integrate acquisitions, failure to service debt, failure to sell
 non-core properties, including without limitation, as a result of the failure
 to obtain regulatory approvals or of conditions to closing to occur, economic
 conditions, customer demand, increased competition in the relevant market, and
 others.  Dover Corporation refers you to the documents that it files from time
 to time with the Securities and Exchange Commission, such as the Form 10-K,
 Form 10-Q and Form 8-K, which contain additional important factors that could
 cause its actual results to differ from its current expectations and from the
 forward-looking statements contained in this press release.
 
 SOURCE  Dover Corporation