UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report: November 10, 2008
(Date of earliest event reported)
IDEX CORPORATION
(Exact name of registrant as specified in its charter)
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| Delaware
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1-10235
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36-3555336 |
| (State of
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(Commission File Number)
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(IRS Employer |
| Incorporation)
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Identification No.) |
630 Dundee Road
Northbrook, Illinois 60062
(Address of principal executive offices, including zip code)
(847) 498-7070
(Registrant’s telephone number, including area code)
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) |
Item 8.01 — Other Events.
As previously disclosed in the Form 8-K filed on October 21, 2008, the Company concluded that a
non-cash impairment charge is required to reduce the carrying value of the goodwill associated with
the Company’s Fluid Management Americas subsidiary (a reporting unit within the Company’s
Dispensing Segment). The Company determined that the charge is appropriate due to the combination
of the recent downturn in capital spending by the customer base and the loss of a major retail
customer during the third quarter. In the previously filed Form 8-K, the Company estimated the
impairment charge would be between $15 and $35 million. The current estimated impairment charge is
$30.1 million ($20.4 million net of tax). The Company is awaiting the completion of certain asset
valuations in order to finalize this estimate and, if a further
adjustment is necessary, the Company will record this amount during the
fourth quarter of 2008.
Additionally, a $1.3 million ($.9 million net of tax) inventory related charge was recorded at the
Fluid Management Americas subsidiary.
The effect to the Company’s third quarter earnings as a result of these charges is $0.26 per share.
The impairment and inventory charges are reflected in the financial statements contained in the
Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on
November 10, 2008.
While the goodwill impairment charge will reduce reported results under accounting principles
generally accepted in the United States of America, it is non-cash in nature and does not affect
the Company’s liquidity, cash flows from operating activities, debt covenants, nor have any impact
on future operations.