UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
April 5, 2002
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FLOWSERVE CORPORATION
(Exact name of registrant as specified in the charter)
New York 001-13179 31-0267900
(State of other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
222 W. Las Colinas Blvd., Suite 1500, 75039
Irving, Texas (Zip Code)
(Address of principal executive offices)
(972) 443-6500
Registrant's telephone number, including area code
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Item 9. Regulation FD Disclosure
The press release of Flowserve Corporation dated April 5, 2002, is
attached hereto as Exhibit 99.1.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: April 5, 2002
Flowserve Corporation
By: /s/ Ronald F. Shuff
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Name: Ronald F. Shuff
Title: Vice President, Secretary and
General Counsel
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EXHIBIT INDEX
Exhibit No. Description of the Exhibit
99.1 Press release of Flowserve Corporation dated April 5, 2002.
EXHIBIT 99.1
Investor Contact: Michael E. Conley
(972) 443-6557
Media Contact: Sean S. Clancy
(972) 443-6546
Flowserve Expects Improved First Quarter Earnings
DALLAS - April 5, 2002 - Flowserve Corp. (NYSE: FLS) today 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 leading 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.
SAFE HARBOR STATEMENT: This news release contains various forward-looking
statements and includes assumptions about Flowserve's future market
conditions, operations and results. These statements are based on current
expectations and are subject to significant risks and uncertainties. They are
made pursuant to safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Among the many factors that could cause actual results to
differ materially from the forward-looking statements are: material adverse
events in the national financial markets; changes in the already competitive
environment for the company's products or competitors' responses to
Flowserve's strategies; the company's ability to integrate past and future
acquisitions into its management operations; political risks, military actions
or trade embargoes affecting important country markets; the health of the
company's various customer industries, including the petroleum, chemical,
power and water industries; economic turmoil in areas outside the United
States; global economic growth; unanticipated difficulties or costs associated
with new systems, including software; and the recognition of significant
expenses associated with adjustments to realign the company's facilities and
other capabilities with its strategies and business conditions, including,
without limitation, expenses incurred in restructuring the company's
operations and the cost of financing, including increases in interest costs.
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