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Triton revenues 'highest in history' in '03's 4Q

January 27, 2004

NEW YORK - Dover Corp. (NYSE:DOV), parent of ATM manufacturer Triton, said its quarterly earnings jumped five-fold in 2003's fourth quarter.

In 2003's fourth quarter, Dover's net earnings increased to $76.3 million, or 37 cents per share, from $15 million, or 7 cents per share, a year earlier. Revenue rose 19 percent in the quarter to nearly $1.2 billion.

For the year, Dover earned $2.9 billion, or $1.44 per share.

"Dover's performance in 2003 generated the second highest sales and third highest net earnings in our history," Chief Executive Thomas Reece said in a news release. "This is a strong indication that we are finally emerging from the manufacturing recession of the past three years."

Dover said earnings from continuing operations in 2003's fourth quarter more than doubled to $80.7 million, or 39 cents per share, from $38.8 million, or 19 cents per share, a year earlier.

Analysts on average expected Dover to earn 39 cents per share in the quarter, according to Reuters Research, a unit of Reuters Group Plc.

Sales for the quarter rose in all four of Dover's main business segments: Diversified Companies, Industries, Resources and Technology.

Sales for Dover Industries, which includes Triton, rose 9.7 percent to $278.5 million, with positive earnings comparisons at seven of the 12 operating companies, according to the release.

According to the release, Triton's revenues were the highest in its history, driven by the introduction of new products. Earnings were flat, however, because of start-up costs associated with the products.

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