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Pentair's Fourth Quarter 2002 EPS Rises 33% on 10% Sales Gain, Free Cash Flow Exceeds $214 Million for the Year

January 30, 2003

ST. PAUL, Minn., Jan. 30 /PRNewswire-FirstCall/ -- Pentair (NYSE: PNR) today announced fourth quarter 2002 earnings per share (EPS) of $0.57, a 33 percent gain over fourth quarter 2001 EPS of $0.43 (without goodwill amortization and restructuring charge). This performance exceeds analysts' consensus EPS estimate of $0.55 by $0.02. Sales for the fourth quarter totaled $640.3 million, a 10 percent gain over sales in the same period in 2001. Full year free cash flow totaled $214.1 million, representing a 165 percent conversion of 2002 net income, and cash EPS of $4.30.

"The fourth quarter played out largely as expected, with slower sell- through at our major retail and industrial accounts, and continued constrained spending in machine tool, capital goods and technology markets," said Randall J. Hogan, Pentair chairman and CEO. "These factors were mitigated by our supply management, lean enterprise, cash flow, and growth initiatives, as well as contributions from our newly acquired businesses."

Pentair's net sales for 2002 totaled $2,580.8 million, up slightly from the $2,574.1 million recorded in 2001. Operating income for the year totaled $236.0 million, versus $234.9 million, before goodwill amortization and restructuring charge, in 2001. EPS in 2002 totaled $2.61, an eight percent gain over 2001 EPS of $2.42 without goodwill amortization and restructuring charge. (On a reported basis, 2002 EPS was up 123 percent versus reported 2001 EPS of $1.17.) Pentair's $214 million of free cash flow is net of approximately $23 million that was paid to bring a synthetic lease from a 1999 capital project onto the balance sheet.

In the Tools Group, fourth quarter 2002 sales of $270.7 million were eight percent higher than in the same period last year, while operating income of $24.6 million improved 12 percent on the same comparison. Fourth quarter operating income margins in the Group were 9.1 percent, representing an increase of 40 basis points over the fourth quarter 2001.

Fourth quarter sales for the Tools Group were stronger than in 2001, benefiting from the Oldham Saw business, which was acquired in October 2002 and was accretive to earnings in the fourth quarter. Gains in operating income were due primarily to benefits generated by supply chain, lean enterprise, and cost reduction initiatives, somewhat offset by costs of promotional pricing programs and a mix shift to lower priced products.

The Tools Group continues to address margin expansion through cost productivity and working capital improvements, supplemented by accelerated new product development. Patent applications within the Group increased in 2002 from the prior year, and the time required to move new tools to market has been cut dramatically.

In the Water Technologies Group, fourth quarter sales of $231.8 million increased 20 percent versus the same period last year, benefiting from sales in the Pool business that had been delayed by the customer from the third quarter to the fourth quarter, as well as contributions from the Plymouth Products business, acquired in October of 2002. The Group's operating income of $23.1 million was five percent higher than in the same period last year. CodeLine pressure vessels for international projects are now being sourced from Pentair's facilities in India, which is expected to improve margins on large international water treatment projects. Headcount reductions within the Ashland, Ohio pump operations, coupled with accelerated lean enterprise and supply chain management activities, will build margins in the pump business during the first quarter of 2003.

In the Enclosures Group, sales of $137.7 million in the fourth quarter of 2002 were down two percent, reflecting continued weakness in capital spending and technology markets. Fourth quarter operating income of $9.5 million - up 176 percent, or 450 basis points, from the same period in 2001 - reflects the benefits of ongoing restructuring, Lean Enterprise practices, and working capital management. The fourth quarter was the Enclosure Group's fourth consecutive quarter of margin improvement, gaining 60 basis points over the third quarter margins. Pentair said its Enclosures Group continues to pursue a goal of reaching double-digit margins.

Hogan said Pentair's key operating initiatives - cash flow, lean enterprise practices, and supply management - have taken root and the Company is now executing plans designed to drive organic growth. These plans include exploring new business platforms within existing operations, expanding product lines, adding new channels, and entering new geographic markets.

"We expect this emphasis on internal growth, coupled with revenues from potential future acquisitions, to return our growth rates to the high levels we recorded in the '90s," Hogan said. "Considering how lean and efficient our operations are becoming, even a modest improvement in sales volume would improve our earnings significantly."

Hogan said that assuming there is no change in the business environment in 2003, Pentair expects to deliver EPS of between $.50 and $.60 in the first quarter of 2003, compared to EPS of $0.43 in the first quarter of 2002, and between $2.90 and $3.05 in 2003. Free cash flow for the year is targeted at $200 million.

"We think that Pentair's prospects for improving shareholder value in 2003 are excellent, and we're anxious to prove what this leaner, more dynamic business can do for its shareholders, customers, and employees," Hogan added.

A Pentair conference call scheduled for 11:00 a.m. CST today will be webcast live via http://www.pentair.com . The conference call, which can be found on the site's "Financial Information" page, will be archived at the same location.

Pentair is a St. Paul-based manufacturer whose core businesses compete in tools, water technologies, and enclosures markets. The company employs 12,000 people in more than 50 locations around the world.

Any statements made about the company's anticipated financial results are forward-looking statements subject to risks and uncertainties such as continued economic growth; retail and industrial demand; product introductions; and pricing and other competitive pressures. Forward-looking statements included herein are made as of the date hereof and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

                          Pentair, Inc. and Subsidiaries
             Condensed Consolidated Statements of Income (Unaudited)


                                 Fourth quarter             Year ended
    In thousands,             Dec. 31      Dec. 31     Dec. 31     Dec. 31
      except per-share data     2002        2001         2002       2001

    Net sales (B)            $640,303     $584,310   $2,580,783  $2,574,080
    Cost of goods sold        486,556      442,222    1,965,076   1,967,945
    Gross profit              153,747      142,088      615,707     606,135
      % of net sales            24.0%        24.3%        23.9%       23.5%
    Selling, general
     and administrative
     (A)(B)                    89,276      100,234      342,806     377,098
      % of net sales            13.9%        17.2%        13.3%       14.6%
    Research and
     development               10,620        8,377       36,909      31,171
      % of net sales             1.7%         1.4%         1.4%        1.2%
    Restructuring charge            -       40,105            -      40,105
      % of net sales              n/a         6.9%          n/a        1.6%
    Operating income (loss)    53,851       (6,628)     235,992     157,761
      % of net sales             8.4%       (1.1%)         9.1%        6.1%
    Net interest expense       11,134       13,122       43,545      61,488
      % of net sales             1.7%         2.2%         1.7%        2.4%
    Other expense, write-off
      of investment                 -          485            -       2,985
      % of net sales              n/a         0.1%          n/a        0.1%
    Income (loss) from
     continuing operations
     before income taxes       42,717      (20,235)     192,447      93,288
      % of net sales             6.7%       (3.5%)         7.5%        3.6%
    Provision for income
      taxes                    14,632       (3,961)      62,545      35,772
    Effective tax rate          34.3%        19.6%        32.5%       38.3%
    Income (loss) from
     continuing operations     28,085      (16,274)     129,902      57,516
      % of net sales             4.4%       (2.8%)         5.0%        2.2%
    Loss on disposal of
     discontinued operations,
     net of tax                     -      (24,647)           -     (24,647)
    Net income (loss)         $28,085     $(40,921)    $129,902     $32,869

    Earnings per common share
    Basic
    Continuing operations       $0.57      $(0.33)        $2.64       $1.17
    Discontinued operations         -       (0.50)            -       (0.50)
    Basic earnings per
      common share              $0.57      $(0.83)        $2.64       $0.67

    Diluted
    Continuing operations       $0.57      $(0.33)        $2.61       $1.17
    Discontinued operations         -       (0.50)            -       (0.50)
    Diluted earnings per
      common share              $0.57      $(0.83)        $2.61       $0.67

    Weighted average common
      shares outstanding
    Basic                      49,305       49,070       49,235      49,047
    Diluted                    49,552       49,376       49,744      49,297

    Cash dividends declared
      per common share          $0.19        $0.18        $0.74       $0.70

    Goodwill amortization
      disclosure (continuing
      operations)
    Reported net income
      (loss)                  $28,085     $(16,274)    $129,902     $57,516
    Add back goodwill
      amortization, net
      of tax                        -        7,890            -      32,043
    Adjusted net income
      (loss)                  $28,085      $(8,384)    $129,902     $89,559

    Reported earnings
      per share - basic         $0.57       $(0.33)       $2.64       $1.17
    Goodwill amortization           -         0.16            -        0.65
    Adjusted net earnings
      per share - basic         $0.57       $(0.17)       $2.64       $1.82

    Reported earnings per
      share - diluted           $0.57       $(0.33)       $2.61       $1.17
    Goodwill amortization           -         0.16            -        0.65
    Adjusted net earnings
      per share - diluted       $0.57       $(0.17)       $2.61       $1.82

(A) During the first quarter of 2002, we adopted SFAS 142 which requires that goodwill no longer be amortized. Selling, general and administrative (SG&A) expense for the fourth quarter and full year 2001 include $8,896 and $36,107 of goodwill amortization, respectively ($7,890 and $32,043 net of tax, or $0.16 and $0.65 per diluted share, respectively). SG&A expense for the fourth quarter and full year 2001 excluding the impact of goodwill amortization was $91,338 and $340,991, or 15.6% and 13.2% of sales, respectively.

(B) We adopted Emerging Issues Task Force (EITF) Issue No. 01-9, Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products. This new guidance was effective for Pentair beginning January 1, 2002. EITF 01-9 requires that certain payments to our customers for cooperative advertising and certain sales incentive offers that were historically classified in selling, general and administrative expense be reclassified and shown as a reduction in net sales. EITF 01-9 also requires the reclassification of previously reported results of operations for periods prior to the adoption to conform to the current presentation.

                          Pentair, Inc. and Subsidiaries
                Condensed Consolidated Balance Sheets (Unaudited)


                                                   December 31    December 31
    In thousands                                      2002           2001
                               Assets
    Current assets
    Cash and cash equivalents                        $39,648        $39,844
    Accounts and notes receivable, net               403,793        398,579
    Inventories                                      293,202        300,923
    Deferred income taxes                             55,234         69,953
    Prepaid expenses and other current assets         17,132         20,979
    Net assets of discontinued operations              1,799          5,325
    Total current assets                             810,808        835,603

    Property, plant and equipment, net               351,316        329,500

    Goodwill                                       1,218,341      1,088,206
    Other assets                                     133,985        118,889
    Total assets                                  $2,514,450     $2,372,198

                Liabilities and Shareholders' Equity
    Current liabilities
    Short-term borrowings                               $686             $-
    Current maturities of long-term debt               8,340          8,729
    Accounts and notes payable                       171,709        179,149
    Employee compensation and benefits                84,965         74,888
    Accrued product claims and warranties             36,855         37,590
    Income taxes                                      12,071          6,252
    Other current liabilities                        109,426        121,825
    Total current liabilities                        424,052        428,433

    Long-term debt                                   726,059        714,977
    Pension and other retirement compensation        124,301         74,263
    Post-retirement medical and other benefits        42,815         43,583
    Deferred income taxes                             31,728         34,128
    Other noncurrent liabilities                      59,771         61,812
    Total liabilities                              1,408,726      1,357,196

    Shareholders' equity                           1,105,724      1,015,002
    Total liabilities and shareholders' equity    $2,514,450     $2,372,198

    Days sales in accounts receivable
      (13 month moving average)                           59             65
    Days inventory on hand (13 month moving average)      63             75
    Days in accounts payable (13 month moving average)    53             59
    Debt/total capital                                 39.9%          41.6%

We recorded a charge to shareholders' equity of $29.2 million in the fourth quarter of 2002 as required under SFAS No. 87, "Employers' Accounting for Pensions", as the fair market value of the pension assets were less than the related accumulated benefit obligation.

                          Pentair, Inc. and Subsidiaries
           Condensed Consolidated Statements of Cash Flows (Unaudited)

                                                           Year ended
                                                   December 31    December 31
    In thousands                                      2002           2001
    Operating activities
    Net income                                      $129,902        $32,869
    Depreciation                                      58,833         62,674
    Other amortization                                 4,089          5,568
    Amortization of goodwill                               -         36,107
    Deferred income taxes                             11,007         (5,315)
    Restructuring charge                                   -         41,060
    Other expense, write-off of investment                 -          2,985
    Loss on disposal of discontinued operations            -         24,647
    Changes in assets and liabilities, net of
      effects of business acquisitions
      Accounts and notes receivable                   25,535         70,890
      Inventories                                     29,717         87,840
      Prepaid expenses and other current assets       20,197            653
      Accounts payable                               (18,356)       (69,321)
      Employee compensation and benefits               8,070        (13,185)
      Accrued product claims and warranties           (1,704)        (4,468)
      Income taxes                                     5,863          9,942
      Other current liabilities                      (30,434)       (50,758)
      Pension and post-retirement benefits(A)         15,030         17,199
      Other assets and liabilities(B)                  9,521         (7,205)
        Net cash provided by continuing operations   267,270        242,182
        Net cash provided by (used for)
          discontinued operations                      3,524         (9,848)
          Net cash provided by operating
            activities                               270,794        232,334

    Investing activities
    Capital expenditures                             (33,744)       (53,668)
    Acquisition of previously leased facility        (22,952)            -
    Proceeds from sale of businesses                   1,744         70,100
    Acquisitions, net of cash acquired              (170,270)        (1,937)
    Equity investments                                (9,383)       (25,438)
    Other                                                 (7)          (186)
      Net cash used for investing activities        (234,612)       (11,129)

    Financing activities
    Net repayments of debt                            (4,897)      (190,050)
    Proceeds from exercise of stock options            2,730          2,913
    Repurchases of common stock                            -         (1,458)
    Dividends paid                                   (36,420)       (34,327)
      Net cash used for financing activities         (38,587)      (222,922)

    Effect of exchange rate changes on cash            2,209          6,617
    Change in cash and cash equivalents                 (196)         4,900
    Cash and cash equivalents, beginning of period    39,844         34,944
    Cash and cash equivalents, end of period         $39,648        $39,844

    Free cash flow
    Net cash provided by operating activities       $270,794       $232,334
    Less capital expenditures (including buyout
      of synthetic lease)                            (56,696)       (53,668)
    Free cash flow                                  $214,098       $178,666

    Weighted average common shares
      outstanding - diluted                           49,744         49,297
    Free cash flow per share                           $4.30          $3.62

(A) Includes $15.3 million pension contribution in December 2002.

(B) Includes $8.2 million cash received in September 2002 for the monetization of an interest rate swap agreement.

                          Pentair, Inc. and Subsidiaries
       Supplemental Condensed Consolidated Statements of Income (Unaudited)

                          First Qtr  Second Qtr Third Qtr Fourth Qtr   Year
    In thousands,
     except per-share
     data                    2001      2001      2001      2001        2001
    Net sales(A)           $664,169  $689,427  $636,174  $584,310 $2,574,080
    Cost of goods sold      507,396   531,294   487,033   442,222  1,967,945
    Gross profit            156,773   158,133   149,141   142,088    606,135
      % of net sales          23.6%     22.9%     23.4%     24.3%      23.5%
    Selling, general
      and administrative
      (A)                    96,178    90,534    90,152   100,234    377,098
      % of net sales          14.5%     13.1%     14.2%     17.2%      14.6%
    Research and
      development             7,739     7,250     7,805     8,377     31,171
      % of net sales           1.2%      1.1%      1.2%      1.4%       1.2%
    Restructuring charge          -         -         -    40,105     40,105
      % of net sales            n/a       n/a       n/a      6.9%       1.6%
    Operating income (loss)  52,856    60,349    51,184    (6,628)   157,761
      % of net sales           8.0%      8.8%      8.0%     (1.1%)      6.1%
    Net interest expense     17,716    16,241    14,409    13,122     61,488
      % of net sales           2.7%      2.4%      2.3%      2.2%       2.4%
    Other expense, write-
     off of investment        2,500         -         -       485      2,985
      % of net sales           0.4%       n/a       n/a      0.1%       0.1%
    Income (loss) from
     continuing operations
     before income taxes     32,640    44,108    36,775   (20,235)    93,288
      % of net sales           4.9%      6.4%      5.8%     (3.5%)      3.6%
    Provision for income
     taxes                   12,077    15,552    12,104    (3,961)    35,772
    Effective tax rate        37.0%     35.3%     32.9%     19.6%      38.3%
    Income (loss) from
     continuing operations   20,563    28,556    24,671   (16,274)    57,516
      % of net sales           3.1%      4.1%      3.9%     (2.8%)      2.2%
    Loss on disposal of
     discontinued operations,
     net of tax                   -         -         -   (24,647)   (24,647)
    Net income (loss)       $20,563   $28,556   $24,671  $(40,921)   $32,869

    Earnings per common share
    Basic
    Continuing operations     $0.42     $0.58     $0.50    $(0.33)     $1.17
    Discontinued operations       -         -         -     (0.50)     (0.50)
    Basic earnings per
     common share             $0.42     $0.58     $0.50    $(0.83)     $0.67

    Diluted
    Continuing operations     $0.42     $0.58     $0.50    $(0.33)     $1.17
    Discontinued operations       -         -         -     (0.50)     (0.50)
    Diluted earnings per
     common share             $0.42     $0.58     $0.50    $(0.83)     $0.67


    Weighted average common
     shares outstanding
    Basic                    49,006    49,032    49,082    49,070     49,047
    Diluted                  49,127    49,274    49,410    49,376     49,297

    Cash dividends declared
     per common share         $0.17     $0.17     $0.18     $0.18      $0.70

    Goodwill amortization
     disclosure (continuing
     operations)
    Reported net income     $20,563   $28,556   $24,671  $(16,274)   $57,516
    Add back goodwill
     amortization, net
     of tax                   8,000     8,200     7,953     7,890     32,043
    Adjusted net income     $28,563   $36,756   $32,624   $(8,384)   $89,559

    Reported earnings per
     share - basic            $0.42     $0.58     $0.50    $(0.33)     $1.17
    Goodwill amortization      0.16      0.17      0.16      0.16       0.65
    Adjusted net earnings
     per share - basic        $0.58     $0.75     $0.66    $(0.17)     $1.82

    Reported earnings per
     share - diluted          $0.42     $0.58     $0.50    $(0.33)     $1.17
    Goodwill amortization      0.16      0.17      0.16      0.16       0.65
    Adjusted net earnings
     per share - diluted      $0.58     $0.75     $0.66    $(0.17)     $1.82

(A) Adjusted to give effect to the adoption of EITF 01-9.

                          Pentair, Inc. and Subsidiaries
        Supplemental Financial Information by Reportable Business Segment
                                   (Unaudited)

                        First Qtr Second Qtr  Third Qtr Fourth Qtr   Year
    In thousands           2002      2002        2002      2002      2002

    Net sales to
     external customers (A)
    Tools                $252,092   $303,771   $265,732  $270,736 $1,092,331
    Water                 211,411    265,531    223,637   231,841    932,420
    Enclosures            139,560    138,814    139,932   137,726    556,032
    Corporate/other             -          -          -         -          -
    Consolidated         $603,063   $708,116   $629,301  $640,303 $2,580,783

    Operating income
     (loss) as reported
    Tools                 $16,686    $30,837    $25,479   $24,596    $97,598
    Water                  29,747     43,708     29,969    23,135    126,559
    Enclosures              4,608      6,995      8,884     9,455     29,942
    Other                  (5,314)    (6,948)    (2,510)   (3,335)   (18,107)
    Consolidated          $45,727    $74,592    $61,822   $53,851   $235,992

    Restructuring charge
    Tools                      $-         $-         $-        $-         $-
    Water                       -          -          -         -          -
    Enclosures                  -          -          -         -          -
    Other                       -          -          -         -          -
    Consolidated               $-         $-         $-        $-         $-

    Goodwill amortization
    Tools                      $-         $-         $-        $-         $-
    Water                       -          -          -         -          -
    Enclosures                  -          -          -         -          -
    Total goodwill
     amortization               -          -          -         -          -
    Other amortization        864        864        864     1,497      4,089
    Total amortization       $864       $864       $864    $1,497     $4,089

    Operating income (loss)
     excluding restructuring
     charge and goodwill
     amortization
    Tools                 $16,686    $30,837    $25,479   $24,596    $97,598
    Water                  29,747     43,708     29,969    23,135    126,559
    Enclosures              4,608      6,995      8,884     9,455     29,942
    Other                  (5,314)    (6,948)    (2,510)   (3,335)   (18,107)
    Consolidated          $45,727    $74,592    $61,822   $53,851   $235,992

    Operating income (loss)
     before restructuring
     charge and goodwill
     amortization as a
     percent of net sales
    Tools                    6.6%      10.2%       9.6%      9.1%       8.9%
    Water                   14.1%      16.5%      13.4%     10.0%      13.6%
    Enclosures               3.3%       5.0%       6.3%      6.9%       5.4%
    Consolidated             7.6%      10.5%       9.8%      8.4%       9.1%

(A) Adjusted to give effect to the adoption of EITF 01-9.

    Pentair, Inc. and Subsidiaries
    Supplemental Financial Information by Reportable Business Segment
    (Unaudited)

                        First Qtr  Second Qtr  Third Qtr Fourth Qtr   Year
    In thousands           2001       2001       2001      2001       2001

    Net sales to
     external customers (A)
    Tools                $234,404   $274,419   $241,487  $251,335 $1,001,645
    Water                 219,626    239,854    230,370   192,765    882,615
    Enclosures            210,139    175,154    164,317   140,210    689,820
    Corporate/other             -          -          -         -          -
    Consolidated         $664,169   $689,427   $636,174  $584,310 $2,574,080

    Operating income
     (loss) as reported
    Tools                  $7,863    $18,218    $17,524   $19,627    $63,232
    Water                  28,193     35,650     28,427    17,522    109,792
    Enclosures             21,237      9,834      8,740   (37,954)     1,857
    Other                  (4,437)    (3,353)    (3,507)   (5,823)   (17,120)
    Consolidated          $52,856    $60,349    $51,184  $(6,628)   $157,761

    Restructuring charge
    Tools                      $-         $-         $-        $-         $-
    Water                       -          -          -         -          -
    Enclosures                  -          -          -    39,382     39,382
    Other                       -          -          -     1,678      1,678
    Consolidated (B)           $-         $-         $-   $41,060    $41,060

    Goodwill amortization
    Tools                  $2,319     $2,319     $2,318    $2,318     $9,274
    Water                   4,549      4,859      4,575     4,577     18,560
    Enclosures              2,146      2,060      2,066     2,001      8,273
    Total goodwill
     amortization           9,014      9,238      8,959     8,896     36,107
    Other amortization        870      1,443      1,442     1,813      5,568
    Total amortization     $9,884    $10,681    $10,401   $10,709    $41,675

    Operating income
     (loss) excluding
     restructuring charge
     and goodwill
     amortization
    Tools                 $10,182    $20,537    $19,842   $21,945    $72,506
    Water                  32,742     40,509     33,002    22,099    128,352
    Enclosures             23,383     11,894     10,806     3,429     49,512
    Other                  (4,437)    (3,353)    (3,507)   (4,145)   (15,442)
    Consolidated          $61,870    $69,587    $60,143   $43,328   $234,928

    Operating income (loss)
     before restructuring
     charge and goodwill
     amortization as a
     percent of net sales
    Tools                    4.3%       7.5%       8.2%      8.7%       7.2%
    Water                   14.9%      16.9%      14.3%     11.5%      14.5%
    Enclosures              11.1%       6.8%       6.6%      2.4%       7.2%
    Consolidated             9.3%      10.1%       9.5%      7.4%       9.1%

(A) Adjusted to give effect to the adoption of EITF 01-9.

(B) $955 thousand of the fourth quarter 2001 restructuring charge is included in cost of goods sold on the consolidated income statements for the write-down of inventory on certain product lines that were discontinued as a result of plant closures.

    Pentair, Inc. and Subsidiaries
    Additional Supplemental Financial Information (Unaudited)

    In thousands             2000       1999       1998      1997         1996

    Net sales to
     external customers (A)
    Tools              $1,029,658   $850,327   $644,226   $559,907    $467,464
    Water                 898,247    579,236    438,810    304,647     216,769
    Enclosures            777,725    657,500    586,829    600,491     566,919
    Other                       -          -          -    128,136     133,360
    Consolidated       $2,705,630 $2,087,063 $1,669,865 $1,593,181  $1,384,512

    Goodwill amortization
    Tools                 $ 9,285    $ 3,282       $287      $214         $306
    Water                  18,074     12,714      7,793     7,363        4,920
    Enclosures              9,097      8,413      5,832     5,576        5,667
    Other                       -          -          -       418          502
    Total goodwill
     amortization          36,456     24,409     13,912    13,571       11,395
    Other amortization      2,675      1,578      1,571     1,669        1,400
    Total amortization    $39,131    $25,987    $15,483   $15,240      $12,795

    SG&A (A)             $396,105   $310,700   $261,302  $241,062     $216,775

(A) Adjusted to give effect to the adoption of EITF 01-9.

Contact: Mark Cain of Pentair, +1-651-639-5278

SOURCE Pentair