News
Triton performs well for parent in '02
January 28, 2003
NEW YORK -- Dover Corporation, the parent company of ATM manufacturer Triton Systems, suffered a tough fourth quarter and full year 2002, with fourth quarter net earnings falling to $15 million, or 7 cents diluted earnings per share, versus $23.6 million, or 12 cents diluted earnings per share, in 2001's fourth quarter.
According to a news release, the performance included losses from discontinued operations of $23.9 million, or 12 cents diluted earnings per share, for 2002's fourth quarter, compared to $19.3 million 9 cents diluted earnings per share, a year earlier. In the fourth quarter of 2002, Dover discontinued six businesses in its Technologies and Resources segments.
For 2002, the net loss was $121.3 million or 60 cents diluted earnings per share, compared to earnings of $248.5 million or $1.22 diluted earnings per share in 2001. The 2002 results included an impairment charge of $345.1 million due to accounting changes.
Triton, however, was a star performer for Dover. Triton was one of five businesses in Dover's Industries segment that favorably impacted earnings in the segment.
"Of these, Triton, a manufacturer of ATMs, had the most beneficial impact on the segment as it continued to show significant improvement over 2001 based on successful new product introductions along with a reduced cost structure," according to the release. "For the full year 2002, Triton was the largest contributor to the segment's earnings."
Triton was one of two companies in the Industries segment to show an increase in earnings in 2002's third quarter, according to an earlier earnings report. Triton's 9100, which was introduced in May of 2002, boosted Triton's performance. The 9100 accounted for more than half of Triton's sales in 2002's third quarter.
Dover Industries' full year 2002 earnings increased 4 percent or $5.3 million to $147.6 million, while sales for the year declined 3 percent or $36.1 million to $1.1 billion. Full year results included inventory, restructuring and other charges of $3.7 million and $4.6 million for 2002 and 2001, respectively.
Fourth quarter earnings decreased 5 percent or $1.8 million to $32.1 million and sales declined 3 percent or $7.9 million to $273 million from the comparable period in 2001. The current quarter's results include inventory, restructuring and other charges of $1.3 million and $1.9 million in the comparable period of 2001.
Thomas L. Reece, Dover's chairman and chief executive, said in the release, "While we were moderately optimistic early in 2002 that economic conditions would improve, the remainder of 2002 proved as difficult as 2001. All but a very few of our companies continue to suffer the effects of this protracted manufacturing recession and those aligned with the electronics industry continue to be hit the hardest."
Reece said that Dover's plans for 2003 are based on "no growth" in the economy and will include more downsizing and restructuring of businesses, particularly in its Technologies segment.
"We will come out of this very difficult period stronger than we were going into it, and we will enjoy very positive leverage as a result of our reduced costs, our steady investments in R&D, and our strong competitive position," he said in the release.
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