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NOVEMBER 2004 INDUSTRY NEWS

 

 

Tony Picone Named New President of Mahr Federal

Thomas Keidel, General Manager, CEO, of Carl Mahr Holding GmbH, announced that Tony Picone has been promoted to CEO and President of US subsidiary, Mahr Federal Inc. The promotion is effective immediately. Picone, who had been the company's COO and CFO for the past four years, replaces Craig Crossley who has resigned to pursue other interests.

Mahr Federal manufactures and markets dimensional metrology products critical to manufacturing operations across a broad range of industries. Mahr Federal, a member of the Mahr Group, is known worldwide for its expertise in providing measurement solutions. The ISO 9001:2000-certified company is headquartered in Providence, RI. Mahr Federal is responsible for marketing all Mahr Group products in North America, Canada and Mexico.

"I am very much looking forward to the opportunities available to Mahr Federal," said Picone. "The past few years have not been strong for our industry, but forecasts show excellent promise, and I know we at Mahr have the products and technology to meet growing needs for precision need for changes in sales strategy or direction, but that he is "very optimistic."

Said Thomas Keidel, "Tony brings nearly 30 years of leadership experience to his new role. Mahr remains very committed to the North American marketplace, and Tony has already demonstrated the vision and drive for excellence necessary to lead the Mahr Federal business forward."

Prior to joining Mahr Federal in early 2001, Picone held a number of leadership roles within the Department of Defense and several multi-national corporations. He served as Executive Vice President and General Manager of Fry Technology, a member of the Cookson Electronics Group, and held a number of senior financial and operations management positions within the London based Invensys Group. A graduate of Dowling College with a BBA in Accounting, Tony lives in East Greenwich, RI, with his wife and two children.

 

Sypris Test and Measurement News - New Locations and Hiring of a National Quality Manager

Sypris Test & Measurement, a subsidiary of Sypris Solutions Inc., announced that it has completed an expansion of its Buffalo, N.Y., A2LA-accredited calibration laboratory. The new facility triples the facility’s floor space and expands capabilities for customers in automotive and other manufacturing markets, while better serving existing customers in military, aerospace, communications, semiconductor and FDA-regulated markets.

“Expansion of the Buffalo lab, which Sypris has operated for 17 years, demonstrates our commitment to growth opportunities in the region,” said Jason Renn, branch manager. “The incredible growth rate of industry in the Toronto area has created a calibration market that needs a major calibration provider with the robust capabilities and network that Sypris can provide.”

Customers with questions about the Buffalo lab expansion should contact Jason Renn, branch manager, at (716) 438-4584 or jason.renn@sypris.com.

Sypris Test & Measurement, a subsidiary of Sypris Solutions Inc., moved its Cleveland A2LA-accredited calibrations laboratory across the street from its previous location, effective Nov. 1. The new, larger facility expands the lab's offerings. The relocation increases the lab floor space by 80 percent. The larger size will help Sypris accommodate the needs of customers in manufacturing, aerospace, communications, semiconductor and FDA-regulated markets.

"The relocation of the lab gives us the ability to increase our electrical-calibration capabilities for our customers," said Ron Bartek, branch manager. "We'll have a lot more space to expand."

The Cleveland lab's new address is 950 Keynote Circle, Brooklyn Heights, Ohio, 44131. The lab phone--(216) 741-7040--and fax--(216) 741-7466--will remain the same. Customers with questions about the relocation should contact Ron Bartek at (216) 741-7040 or ron.bartek@sypris.com.

"Sypris has enjoyed extensive growth in the Cleveland market and in our other 13 branch locations around the country,” said Derrell James, Sypris Test & Measurement general manager. “These larger facilities will help accommodate that growth, and allow us to invest further in world-class technical support and asset management capabilities, as well as continuing to provide the best calibration services in the industry."

Sypris Test & Measurement, a subsidiary of Sypris Solutions, Inc., announced Fred Mullavey as National Quality Manager. Mullavey is a Six Sigma Black Belt and a Lean Manufacturing expert, who also is trained as an ISO-9000 Lead Auditor experienced in implementation of ISO 9000 Quality Systems.

“The addition of Fred Mullavey reflects our continued commitment to quality among all of our divisions,” said Kathy Boyd, Sypris Test & Measurement president and CEO. “Fred will guide all of our divisions in meeting our continuous improvement goals, helping to develop a more effective quality management process sensitive to internal and external customer needs.”

Mullavey has more than 15 years of quality management experience, including management level positions at Silverado Cable Company, Rexnord Corporation and Allied Signal Aerospace. During his career he has implemented numerous quality initiatives resulting in significant cost reductions, improved efficiency and increased customer satisfaction.

At Allied Signal Aerospace, Mullavey received a Six Sigma Value Award for one of his numerous quality initiatives, which have saved millions of dollars. He also received an FAA Flight Safety Award for aircraft engine quality while at Allied Signal Aerospace, and the United States Navy’s W.J. Willoughby Award to civilian employees for instituting an initiative resulting in a $6 million project savings.

“Fred will have the strategic and tactical responsibility to drive continuous improvement and meet process improvement targets,” Boyd added, “while fostering a Six Sigma culture that will increase profits by eliminating variability, defects and waste.”

Sypris Test & Measurement Inc. is a leading provider of calibration services, test and component sourcing services, and specialty products to major corporations and government agencies. Sypris serves customers in a variety of markets, including pharmaceutical, medical, military, aerospace, avionics, telecommunications and more. With over 40 years of calibration and repair experience in locations across the United States, Sypris is qualified to provide cost-effective calibration and repair support for a variety of metrology needs. More information about Sypris Test & Measurement’s calibration and repair services are available on the Internet, or by calling 800-775-2550.

 

Brookfield Engineering Labs Opens New Sales & Support Office

Brookfield Engineering Laboratories, the world standard in viscosity measurement and control, has opened a new sales and support office in the Chicago area, which will primarily serve Illinois, Indiana, Wisconsin, and neighboring states. This new office will be managed by David Larson, a long-time Chicago resident and President of Johnson Instrument Sales, Inc., a company that has represented the Brookfield product line for over 42 years. As such, and now as our Regional Sales Manager, David brings with him a strong history of sales and service, selling both Brookfield laboratory and process instrumentation.

This key appointment and the opening of a regional office in such an important market demonstrate a dedicated effort by Brookfield to better serve customers in the upper Midwest and represent one more step in its quest for a higher level of direct support for them. For additional information regarding this important announcement or Brookfield's complete line of products and services, contact us at 508-946-6200 or 800-628-8139.

 

Transcat Anounces Fiscal 2005 First Half and Second Quarter Results

Transcat's First Half and Second Quarter Revenues Rise 5%

-- Fiscal year 2005 net sales increased 5.0% to $12.5 million in the second quarter and 5.0% to $25.7 million in the first half.

-- Operating income for the fiscal year 2005 second quarter increased $0.4 million to $0.1 million from the fiscal year 2005 first quarter but declined from the prior year second quarter in which $0.3 million in manufacturer rebates were earned.

-- The net loss for the fiscal year 2005 second quarter was $0.1 million, or $0.01 per share, as compared with net income of $0.4 million, or $0.05 per share on a fully diluted basis, in the prior year second quarter. Prior year results included recognition of a $0.2 million tax benefit and a swing of $0.1 million for Canadian currency translation effects.

-- Distribution products -- Net sales increased 9.0% to $8.3 million from $7.6 million in the fiscal year 2005 second quarter on increased order rates; backorders remained stable; and the gross profit ratio decreased 6.6 points. Consistent with first quarter results, the margin ratio declined due to increased year-over-year promotional allowances and increased sales
in lower margin channels. In addition, a significant manufacturer rebate in the second quarter of fiscal year 2004 contributed to 3.8 points of margin decline in the current quarter.

-- Calibration services -- Net sales declined $0.1 million, or 2.3%, from the prior year fiscal second quarter. The gross profit ratio decreased 4.8 points resulting from increased spending and lower revenue.

-- Operating expenses decreased $0.4 million when compared to the prior year second quarter as a result of the benefits of cost control initiatives.

Commenting on the fiscal year 2005 second quarter results, Carl E. Sassano, Chairman of the Board, President and Chief Executive Officer, stated: "We are pleased with the growth in product sales during the fiscal 2005 first half and second quarter, which were in line with our previously stated expectations.
"We believe the mailing of the industry recognized 2004 Transcat Master Catalog, cross-selling to our calibration customers, and our focus on expanding our presence in additional market segments in the process calibrator market will continue to produce growth in this segment. In keeping with our strategic plan, we continue to expect growth for product sales to be in the single-digit range for the second half of fiscal 2005.

"Calibration services results were 2% below the fiscal 2004 second quarter. We are continuing our focus on gaining new customers. Our goal is to have Transcat calibration services become an integral component of a customer's strategic supplier network that supports and enhances their manufacturing, quality and productivity programs. Because this is a strategic initiative for many of our current and targeted customers, we anticipate considerable variation in time-to-adoption.
"Calibration services revenue can be significantly affected by the timing of new customer business and prior year comparisons in any quarter could vary widely. We continue to make capital, personnel, and systems technology investments in our calibration services that will result in sustained growth over time."
Calibration services net sales for the first six months of fiscal year 2005 were $8.5 million, a decrease of $0.3 million, or 3.8%, compared with net sales of $8.9 million for the first six months of fiscal year 2004.

For the fiscal year 2005 second quarter, net sales were $12.5 million, an increase of $0.6 million, or 5.0%, compared with net sales of $11.9 million during the fiscal year second quarter. Calibration services net sales for the second quarter of fiscal year 2005 were $4.2 million, a decrease of $0.1 million, or 2.3%, compared with net sales of $4.3 million for the second quarter of fiscal year 2004.

The net loss for the first six months of fiscal year 2005 was $0.5 million, or $0.08 per share, as compared with net income of $0.5 million, or $0.08 per share on a fully diluted basis, in the first six months of fiscal year 2004. The net loss for the fiscal year 2005 second quarter was $0.1 million, or $0.01 per share, as compared with net income of $0.4 million, or $0.05 per share on a fully diluted basis, for the fiscal year 2004 second quarter.

 

Keithley Instruments Reports 35% Sales Growth and 49% Order Growth for Fiscal 2004 Fourth Quarter

Highest orders, sales and earnings quarter in last three years

Keithley Instruments, Inc., announced results for its fourth quarter and year that ended September 30, 2004. Net sales of $39.7 million for the fourth quarter of fiscal 2004 increased 35 percent from the prior year's fourth quarter sales of $29.3 million. Of the 35 percent increase, approximately three percentage points were due to the effect of a weaker U.S. dollar. Sequentially, sales increased eight percent from the third quarter. The company reported pretax earnings for the fourth quarter of fiscal 2004 of $5.4 million versus $1.1 million last year. Net income for the fourth quarter of fiscal 2004 was $4.5 million, or $0.27 per share, compared with a net loss of $0.8 million, or $0.05 per share, last year.

Orders of $40.5 million for the fourth quarter increased 49 percent from last year's fourth quarter orders of $27.2 million. Geographically, orders were up 67 percent in the United States, up 45 percent in the Pacific Basin and up 24 percent in Europe, when compared to the prior year. Orders from the company's semiconductor customers were up approximately 90 percent, orders from precision electronic components and subassembly manufacturers were up about 25 percent, orders from wireless communications customers increased approximately 60 percent, and research and education customer orders were up approximately 20 percent compared to the prior year's quarter.

"We reported another strong quarter, which exceeded our guidance," stated Joseph P. Keithley, the company's Chairman, President and Chief Executive Officer. "We saw strong orders during the quarter and are pleased that the trend of sequentially higher sales and orders continued throughout the entire fiscal year. Selling, general and administrative expenses were higher in the fourth quarter than in the previous quarters as commissions and other incentive plan expenses increased due to the strong performance in fiscal 2004."

 

FARO Adds President/COO to Executive Team

FARO Technologies, Inc. announced the appointment of Jay Freeland as President and Chief Operating Officer, effective November 15, 2004. Mr. Freeland is a 12-year veteran of the General Electric Company.

"Jay Freeland is a proven executive who brings a wealth of experience and energy to help us meet the needs of our growing enterprise," said Simon Raab, Chairman and CEO. "Jay has demonstrated successful leadership in several of GE's diverse businesses. He has been president and chief operating officer of GE Harris Energy Control Systems, a $200 million, 700-person software development and hardware manufacturing division of GE, and his background in international business, acquisitions and business development is ideally suited to our needs. Our aggressive growth plans require us to expand our upper management team, and we are delighted to have Jay join the FARO family."

"I am pleased to join FARO at this exciting time in the Company's history," Mr. Freeland said. "The combination of FARO's cutting-edge technology, global reach and world-class team has us positioned well for continued growth. I believe that I bring a balance of leadership experience and cultural fit that will help us achieve our long-term strategic goals."

Mr. Freeland began his career in GE's Financial Management Program, spent four years on their Corporate Audit Staff and served in financial, business development, sales, and management roles of increasing responsibility.

FARO Technologies, Inc. and its international subsidiaries design, develop, and market software and portable, computerized measurement devices. The Company's products allow manufacturers to perform 3-D inspections of parts and assemblies on the shop floor. This helps eliminate manufacturing errors, and thereby increases productivity and profitability for a variety of industries in FARO's worldwide customer base. Principal products include the FARO Laser ScanArm; FARO Gage and Gage-PLUS; Platinum, Titanium and Advantage FaroArms; the FARO Laser Tracker X and Si; and the CAM2 family of advanced CAD-based measurement and reporting software. FARO Technologies is ISO 9001 certified and ISO-17025 laboratory registered.

 


The NIST Virtual Library Web Site

You're invited to visit the NIST Virtual Library (NVL) Web site. Use the databases, e-journals and subject guides. Read current and past articles in the Journal of Research, the Information Services Directions newsletter, and the NIST Technicalendar newsletter. The features available on the NVL are endless. Take a few minutes today to visit the NVL. We're open 24 hours a day, seven days a week, 365 days a year.

 

Matheson Tri-Gas, Inc., Expands in the U.S.

Matheson Tri-Gas, Inc., has successfully completed its purchase of six air separation plants and related assets from Air Liquide. The transaction involves mainly liquid gas and distribution operations, as well as certain pipeline assets located in the southern and western parts of the United States (see list below).

Mr. Hiroshi Taguchi, President of Taiyo Nippon Sanso Corporation (parent Company of Matheson Tri-Gas, Inc.) stated, "This acquisition is consistent with Taiyo Nippon Sanso's focused strategy to expand our presence in the US Market. The conditions were fully satisfactory for both parties. Our US management team has successfully carried out this transaction, and is skillfully managing both the transition and integration plans. The acquisition will solidify our position in the South, and will further establish our presence in the West, where we hope to capture more electronic, medical and packaged gas business through our expanded portfolio of gas and equipment products. Matheson Tri-Gas is a key player in the industrial gas market in the South, and the strategic fit of these assets with existing business significantly strengthens Matheson Tri-Gas as a competitive supplier of industrial gases."

According to Bill Kroll, Chairman, President Matheson Tri-Gas, Inc., "The acquisition has been finalized in an expeditious manner to the benefit of all employees involved. We have already begun adopting best practices from both organizations blending them into one culture to serve the combined customer base in an exemplary fashion."

Matheson Tri-Gas, Inc., is a single source provider of industrial and specialty gases, including bulk and cylinder gases, gas handling equipment, high performance purification systems, and related hardgoods. The Company also provides support services, engineering services, and systems management services to analytical laboratories and semiconductor manufacturers worldwide. As a member of the Taiyo Nippon Sanso Corporation group, Matheson Tri-Gas, Inc., is part of a worldwide industrial gas organization focusing on being the single source provider for global customer requirements.

List of facilities acquired by Matheson Tri-Gas, Inc.:
Irwindale, California
Vacaville, California
Westlake, Louisiana
Waxahachie, Texas
De Lisle, Mississippi
San Antonio, Texas

 

National Instruments Names New Vice President of Manufacturing

National Instruments named NI veteran Rob Porterfield as the company’s new vice president of manufacturing effective November 1, 2004. In his new role, Porterfield, who most recently led the expansion of the company’s manufacturing operations into Hungary, will oversee the National Instruments worldwide manufacturing organization, including purchasing, production and operations.

“Rob has served in key roles in the NI manufacturing department since 1992, managing our global supply chain and international manufacturing operations for the last two years,” said Alex Davern, NI CFO and senior vice president of manufacturing and IT operations. “His contributions to the manufacturing organization, including opening our state-of-the-art production facility in Hungary, a software duplication center in Ireland and repair centers in Europe and Japan, have been key to the success of National Instruments. We look forward to Rob’s leadership as NI continues to grow.”

In 2001, Porterfield led efforts to open the first National Instruments overseas production facility, which went from ground breaking to production in just four months and has delivered millions of dollars in cost savings to both National Instruments and its customers around the globe. Porterfield also implemented an inventory expansion system in Europe and Asia and an advanced planning system worldwide that resulted in a reduction in quoted product delivery times and a decrease in material costs. Under his leadership, the company has seen record customer satisfaction ratings and on-time delivery rates.

“I am fortunate to work in a world-class manufacturing organization with such strong leadership and teamwork,” Porterfield said. “With great support from the production and manufacturing engineering side of the business, we have been very successful in increasing quality and efficiency, and the supply chain side of the group has continued to improve customer satisfaction while lowering costs over the past several years. I am pleased to have this opportunity to continue to contribute to the growth and success of National instruments.”


Sypris Reports 72% Increase in Third Quarter Revenue

Sypris Solutions, Inc. reported revenue increased 72% to a record $118.5 million for the third quarter in 2004 compared to $68.9 million for the prior year period. Net income for the third quarter increased to $3.5 million compared to $0.7 million for the same quarter in 2003, while earnings per share increased to $0.19 per diluted share compared to $0.05 per diluted share for the third quarter of 2003.

Revenue for the Electronics Group was $40.0 million in the third quarter compared to $46.5 million for the prior year period and $37.7 million for the second quarter of this year. Gross profit for the quarter was $6.8 million compared to $8.2 million in the same period in 2003 and $7.5 million for the second quarter of 2004, primarily as a result of a change in mix reflecting increased sales of lower margin circuit card assemblies and reduced sales of higher margin products to certain government agencies.

For the nine months ended September 30, 2004, revenue for the Electronics Group was $118.6 million compared to $127.7 million for the prior year period. Gross profit for the first nine months was $22.2 million compared to $25.2 million for the prior year period, primarily reflecting the lower level of shipments for the period and the change in mix mentioned above.

"Net orders for our Electronics Group declined during the quarter to $33.1 million, but backlog remained solid at $124.0 million," said Jeffrey T. Gill. "In the short-term, we believe the outlook for growth in this segment of our business will remain somewhat constrained at least until such time as the delays in program funding to accommodate our current military operations are successfully resolved. For the long-term, we remain optimistic that we are well-positioned on a series of major programs that should contribute to the Company's growth in the future."

Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and for users of test and measurement equipment.


Danaher 3Q Earnings Rise 45 Percent on Increased Revenue

Specialty tool maker Danaher Corp. on October 21, 2004 said its third-quarter earnings rose 45 percent on increased revenue, beating industry estimates.

For the three months ended Oct. 1, the company reported earnings of $201 million, or 62 cents per share, up from $139 million, or 44 cents per share, in the year-ago period. Revenue for the quarter rose 33 percent to $1.75 billion from $1.31 billion last year. Revenue from existing business rose 9 percent.

"The strength we continue to see across our businesses through the first nine months of this year reinforces our confidence in our ability to deliver excellent results for all of 2004," president and chief executive H. Lawrence Culp Jr. said in a statement.


MKS Instruments Reports Third Quarter 2004 Results

MKS Instruments, Inc., reported third quarter 2004 financial results on October 19, 2004. Net sales were $139.7 million, up 71 percent from $81.6 million in the third quarter of 2003 and down 8 percent from $151.6 million in the second quarter of 2004.

John Bertucci, Chairman and Chief Executive Officer, said, "Our nine month sales growth of 80 percent reflects strong demand for our process control technologies and share gains in key markets. In semiconductor capital equipment and thin-film markets, our nine month sales growth rate of 98 percent was well above industry estimates of 61 percent growth for our served semiconductor front-end equipment market. To meet increased demand over the period, OEM customers filled their work-in-process pipelines as they raised their tool production rates.

"In the third quarter, we saw some softening in orders from semiconductor OEMs, along with stretched out delivery requests and order push outs. We believe these reduced orders for our products reflected a closer alignment of product demand to our customers' production rates.

"Looking longer term, we believe that device manufacturers will need to add capacity and upgrade technology to stay competitive and support the growth of new and emerging electronic applications. With each technology upgrade, more process steps are required, and processes must be controlled more precisely. We are well positioned with technologies for improving manufacturing productivity, and we expect to continue to gain share as semiconductor process complexity continues to increase."

MKS Instruments, Inc. is a leading worldwide provider of process control solutions for advanced manufacturing processes such as semiconductor device manufacturing; thin-film manufacturing for flat panel displays, data storage media, architectural glass and electro-optical products; and technology for medical imaging equipment.


Teradyne Announces Third Quarter Results

Teradyne, Inc. reported sales of $457.8 million for the third quarter of 2004 and net income of $41.1 million, or $0.21 per share. Net orders for the quarter were $284.1 million.

"Our customers sharply lowered their capital spending in the third quarter, resulting in a significant reduction in our orders compared with the second quarter," said Mike Bradley, Teradyne's President and CEO. "We're responding to this by lowering our shipment plan and reducing our costs in the fourth quarter. At the same time, we're maintaining our investments in new products and customer support. Our guidance for the fourth quarter is for sales to be between $360 and $380 million, with earnings per share of between break-even and four cents."

Teradyne is a leading supplier of Automatic Test Equipment, and interconnection systems. The company's products deliver competitive advantage to the world's leading semiconductor, electronics, automotive and network systems companies. In 2003, Teradyne had sales of $ 1.4 billion, and currently employs about 6300 people worldwide.


National Instruments Reports 20 Percent Year-Over-Year Revenue Growth

National Instruments reported third quarter revenue on October 26, 2004 of $125 million, an increase of 20 percent compared to the third quarter of 2003, as well as the company's ninth consecutive quarter of year-over-year revenue growth.

"We continued our aggressive investment in R&D in Q3 and introduced significant new products at NIWeek, including our new NI M Series family of data acquisition devices, two new 200 MS/s PXI modular instruments, and the CompactRIO embedded control system platform," said NI president and CEO Dr. James Truchard. "Strong sales of software, PXI and modular instruments during the quarter demonstrate the mainstream acceptance of virtual instrumentation in test, and we are excited about our growing opportunities in industrial control and design."

Q3 2004 Highlights
· Revenue growth of 20 percent year-over-year
· Pro forma net income up 20 percent year-over-year
· Record quarter for software sales
· Successful NIWeek with record attendance and record number of exhibitors
· New M Series products that lead the industry with more performance, I/O capabilities and value to customers
· Strong growth in PXI led by modular instruments and switch products with the launch of two new 200 MS/s modular instruments
· Introduction of CompactRIO, a new rugged, ultrahigh-performance platform for industrial control
· Release of SignalExpress, an interactive software environment for design engineers
· Disciplined expense management by employees

"The strong growth of our newer products shows that our strategy of increased investment in R&D paid off as our order growth outpaced our peers," said NI CFO Alex Davern. "We expect to see sequential revenue growth and a record revenue quarter in Q4." Geographically, the growth of revenue in U.S. dollar terms for Q3 2004 compared to Q3 2003 was up 23 percent in the Americas, up 15 percent in Europe and up 19 percent in Asia, equaling overall growth of 20 percent. In local currency terms, revenue was up 5 percent in Europe, up 16 percent in Asia and up 23 percent in the Americas for an overall local currency growth of 16 percent. NI anticipates Q4 revenue to increase sequentially to a new quarterly revenue record.


AMETEK Achieves Record Quarterly Results

--Revenues Increase 16%, Net Income up 32% --
AMETEK Inc. announced third quarter results on October 20 that established quarterly records for sales, operating income, net income and diluted earnings per share. AMETEK’s third quarter 2004 sales of $310.7 million were up 16% from the $267.8 million recorded in the third quarter of 2003.

“AMETEK performed extremely well in the third quarter, establishing quarterly records for sales and earnings. This record performance was driven by strong internal growth, continued operational improvements, and contributions from our strategic acquisitions,” commented Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.

Electronic Instruments Group's (EIG) third quarter 2004 sales were $172.9 million, up 24% from last year’s level of $139.0 million. Third quarter group operating income was up 29% to $32.1 million, versus $24.9 million in the same period of 2003. Group operating margins were 18.6%, up from 17.9% in the third quarter of 2003.

“EIG had a tremendous quarter,” noted Mr. Hermance. “The revenue increase was driven by 8% internal growth and the contributions from the Taylor Hobson and Chandler Instruments acquisitions. Operating income was up sharply, driven by the top-line performance and the benefits of our operational excellence initiatives across the Group.”

AMETEK is a leading global manufacturer of electronic instruments and electric motors with annualized sales of more than $1.2 billion
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