SPX First Quarter Results Exceed Analysts' Estimates

Revenues Up 8.4% to $680.4 Million



Apr 24, 2001, 01:00 ET from SPX Corporation

    MUSKEGON, Mich., April 24 /PRNewswire Interactive News Release/ -- SPX
 Corporation (NYSE:   SPW) today announced first quarter 2001 financial results.
 First quarter 2001 results included $680.4 million in revenues and earnings
 per share of $1.14 or $1.21 before special charges.
     John B. Blystone, Chairman, President and Chief Executive Officer of SPX
 said, "The year is off to a good start.  We delivered the 21st consecutive
 quarter of meeting our commitments.  Despite a very difficult economy, we
 reported double-digit revenue growth in two of our three business segments.
 The proactive cost control measures we implemented, have positioned the
 company to be profitable in a soft economy."
 
     Earnings Per Share - Reported first quarter earnings of $1.14 per share
 included pretax charges of $3.4 million ($2.0 million after-tax) or $0.07 per
 share.  The first quarter 2001 earnings per share without the impact of these
 one-time items was $1.21, exceeding the First Call consensus estimate of $1.17
 per share.
     *  First quarter special charges included costs associated with facilities
 consolidation primarily at the Fluid Power unit.  The consolidations began in
 the fourth quarter of 2000 and the company expects them to be complete by the
 end of June.
 
     Business Segment Realignment - Beginning with the first quarter 2001, the
 company reported the results of operations in three segments, Technical
 Products and Systems, Industrial Products and Services, and Service Solutions.
     *  Laboratory ovens and freezers now report in the Technical Products and
 Systems segment, while vehicle components report as part of Industrial
 Products and Services.
     *  The new structure aligns financial reporting with the current structure
 of the organization.  Upon completion of the acquisition of United Dominion
 Industries, which is expected to close on or about May 24, 2001, a fourth
 segment, Flow Technology will be added.
 
     Revenues - Revenues for the first quarter grew by 8.4% to $680.4 million
 compared with first quarter 2000 revenues of $627.8 million.
 
                                          First Quarter
     Revenue Growth By Segment         Reported     Internal
 
     Technical Products and Systems      21.6%        10.4%
     Industrial Products and Services    11.5%         0.0%
     Service Solutions                  -10.3%       -10.3%
 
     Consolidated                         8.4%         0.1%
 
     -  Technical Products and Systems:  In the Technical Products and Systems
 segment, internal revenue growth of 10.4% was driven by demand for open
 storage networking systems, fire detection and building life-safety products,
 digital broadcast antennas and laboratory ovens and freezers.  Revenues from
 sales of fare collection systems were down as anticipated, due to contract
 timing which is expected to reverse by the second quarter and for the
 remainder of the year.
     -  Industrial Products and Services:  Strong demand for power transformers
 offset by a decline in vehicle components resulted in a flat internal growth
 rate for the first quarter.  The soft economy has impacted the end markets for
 some of the businesses in this segment and will continue to challenge these
 units.
     -  Service Solutions:  Timing of several specialty tool programs impacted
 revenues in the segment and make a tough year over year comparison.  Difficult
 year over year comparisons for Service Solutions are expected to persist
 through the second quarter 2001 and then improve for the remainder of the
 year.
 
     Operating Margins - First quarter operating margins, excluding special
 charges, declined by 100 points to 11.3%, compared to 12.3% for the first
 quarter 2000.
 
                                          First Quarter
     Operating Margin By Segment         2001         2000
     Technical Products and Systems      14.1%        17.2%
     Industrial Products and Services    13.7%        14.8%
     Service Solutions                    8.1%         8.0%
 
         Consolidated                    11.3%        12.3%
 
     -  Technical Products and Systems: Margin declines for the quarter were
 due to the anticipated reduced volume of fare collection systems' revenues
 caused by timing of contracts and costs to support the growth of Inrange
 expected later in the year.
     -  Industrial Products and Services: The anticipated margin decline for
 the quarter was driven by startup costs associated with plant expansion and
 consolidation projects.
 
     Cash Flow - The company generated EBIT of $88.1 million and EBITDA of
 $119.3 million for the first quarter 2001, compared to EBIT of $86.4 million
 and EBITDA of $113.2 million for the first quarter 2000.
     *  First quarter 2001 EBITDA margins were 17.5% compared to 18.0% for
 first quarter 2000.
     *  There were no stock purchases during the quarter.
     *  Working capital was $45.9 million in the first quarter.  Improved
 accounts receivable collections were offset by recurring first quarter
 incentive payments and accounts payable timing.
     *  Cash earnings from the EGS joint venture were $10.7 million, exceeding
 the reported earnings of $9.4 million.
 
     Acquisition Update - During the quarter, the company completed several
 acquisitions for total consideration of $120.4 million.
     *  In March, SPX signed a definitive agreement to purchase United Dominion
 Industries, a $2.3 billion diversified manufacturer of proprietary engineered
 products.  The transaction is anticipated to close on or about May 24, 2001,
 subject to receipt of United Dominion shareholder approval and Court and other
 regulatory approvals.
     *  In order to give the Department of Justice additional time to review
 its application, the company has voluntarily withdrawn its application and has
 filed a new application for review under the Hart Scott Rodino Antitrust
 Improvements Act of 1976 of the acquisition of United Dominion.  The waiting
 period under the old filing would have expired at midnight on April 26, 2001.
 The waiting period under the new filing will expire at midnight on May 23,
 2001.
     *  The company also signed a definitive agreement to purchase VSI
 Holdings, Inc., a provider of customer relationship management services,
 Internet/Intranet communications, education, training, and integrated
 marketing services.  VSI will become part of the company's Service Solutions
 business.  The transaction is expected to close in July.
 
     SPX Corporation is a global provider of technical products and systems,
 industrial products and services, and service solutions.  The Internet address
 for SPX Corporation's home page is www.spx.com .
     Certain statements in this press release are forward-looking statements
 within the meaning of Section 21E of the Securities Exchange Act of 1934, as
 amended, and are subject to the safe harbor created thereby.  Please refer to
 the Company's public filings for discussion of certain important factors that
 relate to forward-looking statements contained in this press release.  The
 words "believe," "expect," "anticipate," "estimate," and similar expressions
 identify forward-looking statements.  Although the Company believes that the
 expectations reflected in its forward-looking statements are reasonable, it
 can give no assurance that such expectations will prove to be correct.
 
 
                         SPX CORPORATION AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
                                  ($ in millions)
 
                                                    March 31,      December 31,
                                                      2001              2000
     ASSETS
      Current assets:
      Cash and equivalents                           $562.9             $73.7
      Accounts receivable                             546.8             547.7
      Inventories                                     325.9             299.6
      Prepaid and other current assets                 69.4              57.7
      Deferred income taxes and refunds                88.3              84.2
         Total current assets                       1,593.3           1,062.9
      Property, plant and equipment                   916.1             884.7
      Accumulated depreciation                       (408.9)           (392.7)
         Net property, plant and equipment            507.2             492.0
      Goodwill and intangible assets, net           1,278.6           1,211.8
      Investment in EGS                                80.9              82.3
      Other assets                                    352.8             315.6
         Total assets                              $3,812.8          $3,164.6
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
      Current liabilities:
      Accounts payable                               $279.1            $289.4
      Accrued expenses                                312.1             346.3
      Income taxes payable                             20.5               1.4
         Total current liabilities                    611.7             637.1
 
     Long-term debt                                 1,926.4           1,295.6
      Deferred income taxes                           404.2             403.4
      Other long-term liabilities                     180.2             192.1
         Total long-term liabilities                2,510.8           1,891.1
 
     Minority Interest                                 27.9              28.2
      Shareholders' equity:
      Common stock                                    358.0             357.7
      Paid-in capital                                 496.2             492.5
      Retained earnings                               213.3             177.8
      Unearned compensation                            (6.0)             (9.5)
      Accumulated other comprehensive
       income                                         (11.8)            (23.0)
      Common stock in treasury                       (387.3)           (387.3)
         Total shareholders' equity                   662.4             608.2
         Total liabilities and
          shareholders' equity                     $3,812.8          $3,164.6
 
 
 
                         SPX CORPORATION AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CASH FLOW
                                  ($ in millions)
 
 
                                                         Three Months Ended
                                                              March 31,
                                                       2001              2000
     Cash flows from operating activities:
     Net income                                       $35.4             $29.0
     Adjustments to reconcile net income
      to net cash from operating activities -
      Special charges                                   3.4                 -
      Earnings of EGS, net of
       distributions                                    1.3              (2.6)
      Loss on early extinguishment of
       debt, net of tax                                  -                8.8
      Deferred income taxes                            (3.3)              2.6
      Depreciation                                     19.2              17.2
      Amortization of goodwill and
       intangibles                                     12.0               9.6
      Employee benefits                                (7.7)             (7.3)
      Other, net                                        3.2              (3.6)
     Changes in operating assets and
      liabilities, net of
      effects from acquisitions and
      divestitures                                    (44.5)            (28.5)
     Net cash from operating activities
      before taxes on sale of Best Power               19.0              25.2
     Taxes paid on the sale of Best Power                 -             (69.0)
                                                       19.0             (43.8)
 
     Cash flows from (used in) investing
      activities:
      Business acquisitions and
       investments                                   (120.4)            (81.3)
      Capital expenditures                            (33.0)            (29.6)
      Other, net                                        8.1                 -
     Net cash (used in) investing
      activities                                     (145.3)           (110.9)
 
     Cash flows from (used in) financing
      activities:
      Net borrowings (repayments) under
       revolving credit agreement                    (220.0)             71.0
      Net borrowings under other debt
       agreements                                     853.3             498.0
      Payments under other debt agreements            (25.3)           (432.5)
      Treasury stock purchased                            -             (36.8)
      Common stock issued under stock
       incentive programs                               7.5               8.8
     Net cash from financing activities               615.5             108.5
     Net increase (decrease) in cash and
      equivalents                                     489.2             (46.2)
     Cash and equivalents, beginning of
      period                                           73.7              78.8
     Cash and equivalents, end of period             $562.9             $32.6
 
 
 
                                  SPX CORPORATION
                         CONSOLIDATED STATEMENTS OF INCOME
                      ($ in millions, except per share data)
 
 
 
                                                         Three months ended
                                                              March 31,
                                                       2001              2000
 
     Revenues                                        $680.4            $627.8
 
     Costs and expenses:
      Cost of products sold                           463.3             421.6
      Selling, general and administrative             129.3             119.4
      Goodwill/intangible amortization                 10.8               9.6
      Special charges                                   3.4                 -
         Operating income                              73.6              77.2
 
     Other (expense) income, net                        1.7              (0.1)
     Equity in earnings of EGS                          9.4               9.3
     Interest expense, net                            (24.7)            (22.3)
         Income before income taxes                    60.0              64.1
     Provision for income taxes                       (24.6)            (26.3)
     Income before loss on early
      extinguishment of debt                           35.4              37.8
     Loss on early extinguishment of debt,
      net of tax                                          -              (8.8)
     Net income                                       $35.4             $29.0
 
     Basic income per share of common
      stock
          Income before loss on early
           extinguishment of debt                     $1.17             $1.22
          Loss on early extinguishment of
           debt                                           -             (0.28)
          Net income per share                        $1.17             $0.94
 
     Weighted average number of common
      shares outstanding                             30.285            30.920
 
 
     Diluted income per share of common
      stock
          Income before loss on early
           extinguishment of debt                     $1.14             $1.20
          Loss on early extinguishment of
           debt                                           -             (0.28)
          Net income per share                        $1.14             $0.92
 
     Weighted average number of common
      shares outstanding                             30.976            31.588
 
 
 
                                  SPX CORPORATION
                     STATEMENTS OF OPERATING INCOME BY SEGMENT
                                  ($ in millions)
 
 
                                                Three months ended
                                                     March 31,
                                                 2001        2000         %
     Technical Products and Systems
 
     Revenues                                  $208.0      $171.0       21.6%
     Gross profit                                86.2        72.4
     Selling, general & administrative           55.2        42.4
     Goodwill/intangible amortization             1.7         0.6
     Operating income                           $29.3       $29.4       -0.3%
      as a percent of revenues                   14.1%       17.2%
 
     Industrial Products and Services
 
     Revenues                                  $320.9      $287.9       11.5%
     Gross profit                                88.0        86.6
     Selling, general & administrative           39.0        38.9
     Goodwill/intangible amortization             5.0         5.0
     Operating income                           $44.0       $42.7        3.0%
      as a percent of revenues                   13.7%       14.8%
 
     Service Solutions
 
     Revenues                                  $151.5      $168.9      -10.3%
     Gross profit                                42.9        47.2
     Selling, general & administrative           26.6        29.6
     Goodwill/intangible amortization             4.1         4.1
     Operating income                           $12.2       $13.5       -9.6%
      as a percent of revenues                    8.1%        8.0%
 
     Corporate expenses                          $8.5        $8.4
 
 
 
                                   SPX CORPORATION
                                   RECONCILIATION OF
                RESULTS ON A COMPARABLE BASIS EXCLUDING UNUSUAL ITEMS
                      ($ in millions, except per share amounts)
 
 
                                                 Three months ended
                                                      March 31,
                                                  2001         2000
 
 
       Income before income taxes                $60.0        $64.1
       Special charges:
       Restructuring and other special
        charges                                    3.4            -
 
       Pretax income excluding unusual
        items                                     63.4         64.1
       Income taxes                              (26.0)       (26.3)
       Net income from continuing
        operations excluding unusual items       $37.4        $37.8
 
       Diluted EPS from continuing
        operations excluding unusual items       $1.21        $1.20
 
       Shares Outstanding                       30.976       31.588
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X74882133
 
 

SOURCE SPX Corporation
    MUSKEGON, Mich., April 24 /PRNewswire Interactive News Release/ -- SPX
 Corporation (NYSE:   SPW) today announced first quarter 2001 financial results.
 First quarter 2001 results included $680.4 million in revenues and earnings
 per share of $1.14 or $1.21 before special charges.
     John B. Blystone, Chairman, President and Chief Executive Officer of SPX
 said, "The year is off to a good start.  We delivered the 21st consecutive
 quarter of meeting our commitments.  Despite a very difficult economy, we
 reported double-digit revenue growth in two of our three business segments.
 The proactive cost control measures we implemented, have positioned the
 company to be profitable in a soft economy."
 
     Earnings Per Share - Reported first quarter earnings of $1.14 per share
 included pretax charges of $3.4 million ($2.0 million after-tax) or $0.07 per
 share.  The first quarter 2001 earnings per share without the impact of these
 one-time items was $1.21, exceeding the First Call consensus estimate of $1.17
 per share.
     *  First quarter special charges included costs associated with facilities
 consolidation primarily at the Fluid Power unit.  The consolidations began in
 the fourth quarter of 2000 and the company expects them to be complete by the
 end of June.
 
     Business Segment Realignment - Beginning with the first quarter 2001, the
 company reported the results of operations in three segments, Technical
 Products and Systems, Industrial Products and Services, and Service Solutions.
     *  Laboratory ovens and freezers now report in the Technical Products and
 Systems segment, while vehicle components report as part of Industrial
 Products and Services.
     *  The new structure aligns financial reporting with the current structure
 of the organization.  Upon completion of the acquisition of United Dominion
 Industries, which is expected to close on or about May 24, 2001, a fourth
 segment, Flow Technology will be added.
 
     Revenues - Revenues for the first quarter grew by 8.4% to $680.4 million
 compared with first quarter 2000 revenues of $627.8 million.
 
                                          First Quarter
     Revenue Growth By Segment         Reported     Internal
 
     Technical Products and Systems      21.6%        10.4%
     Industrial Products and Services    11.5%         0.0%
     Service Solutions                  -10.3%       -10.3%
 
     Consolidated                         8.4%         0.1%
 
     -  Technical Products and Systems:  In the Technical Products and Systems
 segment, internal revenue growth of 10.4% was driven by demand for open
 storage networking systems, fire detection and building life-safety products,
 digital broadcast antennas and laboratory ovens and freezers.  Revenues from
 sales of fare collection systems were down as anticipated, due to contract
 timing which is expected to reverse by the second quarter and for the
 remainder of the year.
     -  Industrial Products and Services:  Strong demand for power transformers
 offset by a decline in vehicle components resulted in a flat internal growth
 rate for the first quarter.  The soft economy has impacted the end markets for
 some of the businesses in this segment and will continue to challenge these
 units.
     -  Service Solutions:  Timing of several specialty tool programs impacted
 revenues in the segment and make a tough year over year comparison.  Difficult
 year over year comparisons for Service Solutions are expected to persist
 through the second quarter 2001 and then improve for the remainder of the
 year.
 
     Operating Margins - First quarter operating margins, excluding special
 charges, declined by 100 points to 11.3%, compared to 12.3% for the first
 quarter 2000.
 
                                          First Quarter
     Operating Margin By Segment         2001         2000
     Technical Products and Systems      14.1%        17.2%
     Industrial Products and Services    13.7%        14.8%
     Service Solutions                    8.1%         8.0%
 
         Consolidated                    11.3%        12.3%
 
     -  Technical Products and Systems: Margin declines for the quarter were
 due to the anticipated reduced volume of fare collection systems' revenues
 caused by timing of contracts and costs to support the growth of Inrange
 expected later in the year.
     -  Industrial Products and Services: The anticipated margin decline for
 the quarter was driven by startup costs associated with plant expansion and
 consolidation projects.
 
     Cash Flow - The company generated EBIT of $88.1 million and EBITDA of
 $119.3 million for the first quarter 2001, compared to EBIT of $86.4 million
 and EBITDA of $113.2 million for the first quarter 2000.
     *  First quarter 2001 EBITDA margins were 17.5% compared to 18.0% for
 first quarter 2000.
     *  There were no stock purchases during the quarter.
     *  Working capital was $45.9 million in the first quarter.  Improved
 accounts receivable collections were offset by recurring first quarter
 incentive payments and accounts payable timing.
     *  Cash earnings from the EGS joint venture were $10.7 million, exceeding
 the reported earnings of $9.4 million.
 
     Acquisition Update - During the quarter, the company completed several
 acquisitions for total consideration of $120.4 million.
     *  In March, SPX signed a definitive agreement to purchase United Dominion
 Industries, a $2.3 billion diversified manufacturer of proprietary engineered
 products.  The transaction is anticipated to close on or about May 24, 2001,
 subject to receipt of United Dominion shareholder approval and Court and other
 regulatory approvals.
     *  In order to give the Department of Justice additional time to review
 its application, the company has voluntarily withdrawn its application and has
 filed a new application for review under the Hart Scott Rodino Antitrust
 Improvements Act of 1976 of the acquisition of United Dominion.  The waiting
 period under the old filing would have expired at midnight on April 26, 2001.
 The waiting period under the new filing will expire at midnight on May 23,
 2001.
     *  The company also signed a definitive agreement to purchase VSI
 Holdings, Inc., a provider of customer relationship management services,
 Internet/Intranet communications, education, training, and integrated
 marketing services.  VSI will become part of the company's Service Solutions
 business.  The transaction is expected to close in July.
 
     SPX Corporation is a global provider of technical products and systems,
 industrial products and services, and service solutions.  The Internet address
 for SPX Corporation's home page is www.spx.com .
     Certain statements in this press release are forward-looking statements
 within the meaning of Section 21E of the Securities Exchange Act of 1934, as
 amended, and are subject to the safe harbor created thereby.  Please refer to
 the Company's public filings for discussion of certain important factors that
 relate to forward-looking statements contained in this press release.  The
 words "believe," "expect," "anticipate," "estimate," and similar expressions
 identify forward-looking statements.  Although the Company believes that the
 expectations reflected in its forward-looking statements are reasonable, it
 can give no assurance that such expectations will prove to be correct.
 
 
                         SPX CORPORATION AND SUBSIDIARIES
                            CONSOLIDATED BALANCE SHEETS
                                  ($ in millions)
 
                                                    March 31,      December 31,
                                                      2001              2000
     ASSETS
      Current assets:
      Cash and equivalents                           $562.9             $73.7
      Accounts receivable                             546.8             547.7
      Inventories                                     325.9             299.6
      Prepaid and other current assets                 69.4              57.7
      Deferred income taxes and refunds                88.3              84.2
         Total current assets                       1,593.3           1,062.9
      Property, plant and equipment                   916.1             884.7
      Accumulated depreciation                       (408.9)           (392.7)
         Net property, plant and equipment            507.2             492.0
      Goodwill and intangible assets, net           1,278.6           1,211.8
      Investment in EGS                                80.9              82.3
      Other assets                                    352.8             315.6
         Total assets                              $3,812.8          $3,164.6
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
      Current liabilities:
      Accounts payable                               $279.1            $289.4
      Accrued expenses                                312.1             346.3
      Income taxes payable                             20.5               1.4
         Total current liabilities                    611.7             637.1
 
     Long-term debt                                 1,926.4           1,295.6
      Deferred income taxes                           404.2             403.4
      Other long-term liabilities                     180.2             192.1
         Total long-term liabilities                2,510.8           1,891.1
 
     Minority Interest                                 27.9              28.2
      Shareholders' equity:
      Common stock                                    358.0             357.7
      Paid-in capital                                 496.2             492.5
      Retained earnings                               213.3             177.8
      Unearned compensation                            (6.0)             (9.5)
      Accumulated other comprehensive
       income                                         (11.8)            (23.0)
      Common stock in treasury                       (387.3)           (387.3)
         Total shareholders' equity                   662.4             608.2
         Total liabilities and
          shareholders' equity                     $3,812.8          $3,164.6
 
 
 
                         SPX CORPORATION AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CASH FLOW
                                  ($ in millions)
 
 
                                                         Three Months Ended
                                                              March 31,
                                                       2001              2000
     Cash flows from operating activities:
     Net income                                       $35.4             $29.0
     Adjustments to reconcile net income
      to net cash from operating activities -
      Special charges                                   3.4                 -
      Earnings of EGS, net of
       distributions                                    1.3              (2.6)
      Loss on early extinguishment of
       debt, net of tax                                  -                8.8
      Deferred income taxes                            (3.3)              2.6
      Depreciation                                     19.2              17.2
      Amortization of goodwill and
       intangibles                                     12.0               9.6
      Employee benefits                                (7.7)             (7.3)
      Other, net                                        3.2              (3.6)
     Changes in operating assets and
      liabilities, net of
      effects from acquisitions and
      divestitures                                    (44.5)            (28.5)
     Net cash from operating activities
      before taxes on sale of Best Power               19.0              25.2
     Taxes paid on the sale of Best Power                 -             (69.0)
                                                       19.0             (43.8)
 
     Cash flows from (used in) investing
      activities:
      Business acquisitions and
       investments                                   (120.4)            (81.3)
      Capital expenditures                            (33.0)            (29.6)
      Other, net                                        8.1                 -
     Net cash (used in) investing
      activities                                     (145.3)           (110.9)
 
     Cash flows from (used in) financing
      activities:
      Net borrowings (repayments) under
       revolving credit agreement                    (220.0)             71.0
      Net borrowings under other debt
       agreements                                     853.3             498.0
      Payments under other debt agreements            (25.3)           (432.5)
      Treasury stock purchased                            -             (36.8)
      Common stock issued under stock
       incentive programs                               7.5               8.8
     Net cash from financing activities               615.5             108.5
     Net increase (decrease) in cash and
      equivalents                                     489.2             (46.2)
     Cash and equivalents, beginning of
      period                                           73.7              78.8
     Cash and equivalents, end of period             $562.9             $32.6
 
 
 
                                  SPX CORPORATION
                         CONSOLIDATED STATEMENTS OF INCOME
                      ($ in millions, except per share data)
 
 
 
                                                         Three months ended
                                                              March 31,
                                                       2001              2000
 
     Revenues                                        $680.4            $627.8
 
     Costs and expenses:
      Cost of products sold                           463.3             421.6
      Selling, general and administrative             129.3             119.4
      Goodwill/intangible amortization                 10.8               9.6
      Special charges                                   3.4                 -
         Operating income                              73.6              77.2
 
     Other (expense) income, net                        1.7              (0.1)
     Equity in earnings of EGS                          9.4               9.3
     Interest expense, net                            (24.7)            (22.3)
         Income before income taxes                    60.0              64.1
     Provision for income taxes                       (24.6)            (26.3)
     Income before loss on early
      extinguishment of debt                           35.4              37.8
     Loss on early extinguishment of debt,
      net of tax                                          -              (8.8)
     Net income                                       $35.4             $29.0
 
     Basic income per share of common
      stock
          Income before loss on early
           extinguishment of debt                     $1.17             $1.22
          Loss on early extinguishment of
           debt                                           -             (0.28)
          Net income per share                        $1.17             $0.94
 
     Weighted average number of common
      shares outstanding                             30.285            30.920
 
 
     Diluted income per share of common
      stock
          Income before loss on early
           extinguishment of debt                     $1.14             $1.20
          Loss on early extinguishment of
           debt                                           -             (0.28)
          Net income per share                        $1.14             $0.92
 
     Weighted average number of common
      shares outstanding                             30.976            31.588
 
 
 
                                  SPX CORPORATION
                     STATEMENTS OF OPERATING INCOME BY SEGMENT
                                  ($ in millions)
 
 
                                                Three months ended
                                                     March 31,
                                                 2001        2000         %
     Technical Products and Systems
 
     Revenues                                  $208.0      $171.0       21.6%
     Gross profit                                86.2        72.4
     Selling, general & administrative           55.2        42.4
     Goodwill/intangible amortization             1.7         0.6
     Operating income                           $29.3       $29.4       -0.3%
      as a percent of revenues                   14.1%       17.2%
 
     Industrial Products and Services
 
     Revenues                                  $320.9      $287.9       11.5%
     Gross profit                                88.0        86.6
     Selling, general & administrative           39.0        38.9
     Goodwill/intangible amortization             5.0         5.0
     Operating income                           $44.0       $42.7        3.0%
      as a percent of revenues                   13.7%       14.8%
 
     Service Solutions
 
     Revenues                                  $151.5      $168.9      -10.3%
     Gross profit                                42.9        47.2
     Selling, general & administrative           26.6        29.6
     Goodwill/intangible amortization             4.1         4.1
     Operating income                           $12.2       $13.5       -9.6%
      as a percent of revenues                    8.1%        8.0%
 
     Corporate expenses                          $8.5        $8.4
 
 
 
                                   SPX CORPORATION
                                   RECONCILIATION OF
                RESULTS ON A COMPARABLE BASIS EXCLUDING UNUSUAL ITEMS
                      ($ in millions, except per share amounts)
 
 
                                                 Three months ended
                                                      March 31,
                                                  2001         2000
 
 
       Income before income taxes                $60.0        $64.1
       Special charges:
       Restructuring and other special
        charges                                    3.4            -
 
       Pretax income excluding unusual
        items                                     63.4         64.1
       Income taxes                              (26.0)       (26.3)
       Net income from continuing
        operations excluding unusual items       $37.4        $37.8
 
       Diluted EPS from continuing
        operations excluding unusual items       $1.21        $1.20
 
       Shares Outstanding                       30.976       31.588
 
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 SOURCE  SPX Corporation

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