DALLAS, Texas, April 5, 2002 -- Flowserve Corp. on Friday said that, based on preliminary quarterly financial information, it expects to report first quarter 2002 earnings per share in the range of 27 to 29 cents, in line with the company's earlier guidance.
In the first quarter of the previous year, the company reported a net loss of 22 cents a share. Before integration expenses, earnings per share were 10 cents in the first quarter of 2001. Under current accounting rules, including the new treatment of goodwill amortization, earnings per share before integration expenses would have been 19 cents a share in the first quarter of 2001.
The company said it expects first quarter 2002 sales to be flat to slightly up compared with $444.0 million in the first quarter of 2001.
Sequentially, first quarter 2002 bookings are expected to be up around 5 percent compared with $452.9 million in the fourth quarter of 2001. First quarter 2002 bookings are expected to be down modestly primarily due to currency translation, compared with $496.3 million in the year ago quarter.
The company also said it paid down $36.4 million of debt in the first quarter of 2002, primarily as a result of improvements in cash flow and working capital utilization.
"Preliminary information for the first quarter of 2002 supports our earlier view that activity is improving in several of Flowserve's businesses," said Chairman, President and Chief Executive Officer C. Scott Greer.
The company plans to release its final first quarter 2002 financial results on April 23.
More information about Flowserve Corp. can be obtained by visiting the company's website at www.flowserve.com.
Flowserve Corp. is one of the world's providers of industrial flow management services. Operating in 30 countries, the company produces engineered pumps for the process industries, precision mechanical seals, automated and manual quarter-turn valves, control valves and valve actuators, and provides a range of related flow management services.
