GOLDEN VALLEY, Minn., Dec. 19 /PRNewswire-FirstCall/ -- Pentair, Inc.
(NYSE: PNR) today reaffirmed its guidance for fourth quarter 2005 continuing
operations earnings per share (EPS), indicating that it is expected to be
within a range of between $0.40 and $0.42. This equates to a full year 2005
continuing operations EPS range of between $1.91 and $1.93. Originally issued
on October 25, 2005, this guidance does not reflect the impact of SFAS 123R,
an accounting change that must occur no later than the first quarter of fiscal
2006, requiring companies to recognize an expense in the Income Statement for
stock options instead of reflecting the pro forma impact in a footnote
disclosure in the financial statements.
The Company also announced it will early adopt SFAS 123R for Share-Based
Payment, which will result in a non-cash charge to fourth quarter 2005
earnings of approximately $0.03 per share, or $0.13 per share for the full
year 2005. This is comparable to the EPS impact previously reported in the
Company's 10-Qs as the pro forma impact under the fair value recognition
provisions of SFAS 123 of $0.03, $0.04 and $0.03, for the first, second, and
third quarters of 2005, respectively. Due to the early adoption of the new
standard, Pentair will be restating the 2005 earnings for the first three
quarters to reflect the impact of SFAS 123R. This accounting change is
consistent with the upcoming requirement and it does not change any previously
made statements about the performance of the Company.
Pentair also reaffirmed its full year 2006 EPS guidance of between $2.20
and $2.30, which when adjusted to reflect the approximate $0.12 per share
impact of SFAS 123R, is now estimated to be between $2.08 and $2.18.
About Pentair, Inc.
Pentair ( http://www.pentair.com ) is a diversified operating company
headquartered in Minnesota. Its Water Group is a global leader in providing
innovative products and systems used worldwide in the movement, treatment,
storage and enjoyment of water. Pentair's Enclosures Group is a leader in the
global enclosures market, designing and manufacturing standard, modified and
custom enclosures that house and protect sensitive electronics and electrical
components. With 2004 revenues of $2.28 billion, or $2.76 billion on a pro
forma basis, Pentair has approximately 13,000 employees worldwide.
Caution concerning forward-looking statements
Any statements made about the company's anticipated financial results are
forward-looking statements subject to risks and uncertainties such as
continued economic growth; the ability to integrate the WICOR acquisition
successfully and the risk that expected synergies may not be fully realized or
may take longer to realize than expected; the ability to close and integrate
the acquisition of APW's thermal management businesses; foreign currency
effects; 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.
SOURCE Pentair, Inc.
Pentair Contacts: Rachael Jarosh, Communications, +1-763-656-5280,
rachael.jarosh@pentair.com , or Mark Cain, Investor Relations,
+1-763-656-5278, mark.cain@pentair.com , both of Pentair, Inc.