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 (Date of earliest event reported):  July 22, 2011
________________________________
 
DOVER CORPORATION
(Exact Name of Registrant as Specified in Charter)
________________________________

Delaware
(State or other Jurisdiction
of Incorporation)	1-4018
(Commission File Number)	53-0257888
(I.R.S. Employer
Identification No.)	

3005 Highland Parkway, Suite 200
Downers Grove, Illinois 60515
(Address of Principal Executive Offices)	
 
(630) 541-1540
(Registrant’s telephone number, including area code)
______________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

 
Item 2.02  Results of Operations and Financial Condition.
 
On July 22, 2011, Dover Corporation (i) issued the press release attached hereto as Exhibit 99.1 announcing its results of operations for the quarter ended June 30, 2011; and (ii) posted on its website at http://www.dovercorporation.com  the investor supplement attached hereto as Exhibit 99.2 for the quarter ended June 30, 2011 and the presentation slides attached hereto as Exhibit 99.3 for the quarter ended June 30, 2011.
 
The information in this Current Report on Form 8-K, including exhibits, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933.
 
Item 9.01 Financial Statements and Exhibits.
 
(a)	Financial statements of businesses acquired.
Not applicable.
 	
(b)	Pro forma financial information.
Not applicable.
 	
(c) 	Shell company transactions.
Not applicable.
 	
(d)	Exhibits.
 
The following exhibits are furnished as part of this report:
 
99.1 Press Release of Dover Corporation, dated July 22, 2011.
 
99.2 Investor Supplement Posted on Dover Corporation’s Website at http://www.dovercorporation.com.
 
99.3 Presentation Slides Posted on Dover Corporation’s Website at http://www.dovercorporation.com.	

 

 
SIGNATURES
 
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Date: July 22, 2011	DOVER CORPORATION	 	
 	(Registrant) 	
 	 	 	 	
 	By:	/s/ Joseph W. Schmidt	 	
 	 	Joseph W. Schmidt	 	
 	 	Senior Vice President, General Counsel & Secretary	 	

                         

 
EXHIBIT INDEX
 
Number	 	Exhibit	
99.1	 	Press Release of Dover Corporation, dated July 22, 2011	
 	 	 	
99.2	 	Investor Supplement Posted on Dover Corporation’s Website at http://www.dovercorporation.com	
 	 	 	
99.3	 	Presentation Slides Posted on Dover Corporation’s Website at http://www.dovercorporation.com	

Exhibit 99.1

 
CONTACT:	READ IT ON THE WEB	
Paul Goldberg	www.dovercorporation.com	
Treasurer & Director of Investor Relations	 	
(212) 922-1640	 	
 
DOVER CORPORATION REPORTS SECOND QUARTER 2011 RESULTS
 
 ●	Reports revenue of $2.2 billion, an increase of 21% over the prior year	
 	 	
 ●	Delivers quarterly diluted earnings per share from continuing operations of $1.31, up 44% from prior year	
 	 	
 ●	Achieves adjusted quarterly diluted earnings per share of $1.19, excluding tax benefits of $0.12, up 31% from prior year	
 	 	
 ●	Raises guidance for full year organic revenue growth to 12% -14%, and diluted earnings per share from continuing operations to $4.50 - $4.60	
 
Downers Grove, Illinois, July 22, 2011 — Dover Corporation (NYSE: DOV) announced today that for the second quarter ended June 30, 2011, revenue was $2.2 billion, an increase of 21% over the prior-year period.  The revenue increase was driven by organic revenue growth of 14%, a 4% increase from acquisitions and a 3% favorable impact from foreign exchange.  Earnings from continuing operations were $249.1 million or $1.31 diluted earnings per share (“EPS”), compared to $171.9 million or $0.91 EPS from continuing operations in the prior-year period, representing increases of 45% and 44%, respectively.  Excluding the impact of tax benefits of $0.12 recognized in the quarter, adjusted diluted EPS from continuing operations was $1.19, an increase of 31% over the prior year. The tax benefits of $0.12 were principally related to the favorable resolution of domestic tax positions.
 
Revenue for the six months ended June 30, 2011 was $4.1 billion, an increase of 22% over the prior year period, reflecting organic growth of 16%, a 4% increase from acquisitions, and a 2% favorable impact from foreign exchange. Earnings from continuing operations for the six months ended June 30, 2011 were $432.4 million or $2.28 EPS, compared to $293.4 million or $1.55 EPS in the prior-year period, representing increases in both measures of 47%. Excluding the impact of tax benefits recognized in the first and second quarters of 2011 of $0.04 and $0.12 EPS, respectively, adjusted diluted EPS from continuing operations for the six months ended June 30, 2011 was $2.12, an increase of 37% over the prior year period.
 
Commenting on the second quarter results, Dover’s President and Chief Executive Officer, Robert A. Livingston, said, “I was pleased with Dover’s second quarter performance, as quarterly revenue, earnings, margin, bookings and backlog all increased over the prior year. Revenue growth of 21% was largely driven by strength in our energy markets and a continued recovery in selected infrastructure markets served by Industrial Products.  Our segment margin of 17.4% was led by strong performances at Fluid Management and Electronic Technologies.  We also continued to see solid order rates across most of Dover, resulting in a book-to-bill of 1.03. Lastly, we completed the previously announced acquisition of Sound Solutions, which will operate as Knowles Sound Solutions, in the beginning of July and everyone at Dover is excited to welcome them into our organization.  Knowles Sound Solutions will add nearly $200 million to our second half revenue and will be slightly dilutive for 2011, inclusive of significant early period acquisition related expenses.

 
“Given our second quarter results and the addition of Knowles Sound Solutions, we now expect full-year 2011 revenue growth of 18% - 20%, representing organic revenue growth of 12% - 14% and 6% growth from acquisitions.  As a result, we are raising our full-year guidance to reflect higher volume, the aforementioned tax benefit and a slightly lower effective tax rate, net of the impact of Knowles Sound Solutions (-$0.03 to -$0.05 EPS).  We now expect full-year diluted EPS from continuing operations to be in the range of $4.50 - $4.60.”
 
Net earnings for the second quarter of 2011 were $249.8 million or $1.32 diluted EPS, including a gain from discontinued operations of $0.7 million, compared to net earnings of $169.9 million or $0.90 EPS for the same period of 2010, which included a loss from discontinued operations of $2.0 million or $0.01 EPS.  Net earnings for the six months ended June 30, 2011 were $444.7 million or $2.34 EPS, including a gain from discontinued operations of $12.3 million or $0.06 EPS, compared to net earnings of $278.0 million or $1.47 EPS for the same period of 2010, which included a loss from discontinued operations of $15.4 million or $0.08 EPS.
 
Dover will host a webcast of its second quarter 2011 conference call at 10:30 A.M. Eastern Time (9:30 A.M. Central Time) on Friday, July 22, 2011.  The webcast can be accessed at the Dover Corporation website at www.dovercorporation.com.   The conference call will also be made available for replay on the website.  Additional information on Dover’s second quarter 2011 results and its operating companies can also be found on the Company website.
 
Dover Corporation is a global manufacturer providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets. For more information, please visit  www.dovercorporation.com .
 
This press release contains “forward-looking” statements within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, industries in which Dover companies operate and the U.S. and global economies. Statements in this press release that are not historical may be indicated by words or phrases such as “anticipates,” “expects,” “believes,” “indicates,” “suggests,” “will,” “plans,” “supports,” “projects,” “should,” “would,” “could,” “hope,” “forecast” and “management is of the opinion,” use of future tense and similar words or phrases. Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from current expectations, including, but not limited to, political events that could impact the worldwide economy; the impact of natural disasters and their effect on global supply chains and energy markets; increases in the cost of raw materials; current economic conditions and uncertainties in the credit and capital markets; the Company’s ability to achieve expected savings from integration, synergy and other cost-control initiatives; the ability to identify and successfully consummate value-adding acquisition opportunities; increased competition and pricing pressures in the markets served by Dover’s operating companies; the ability of Dover’s companies to expand into new geographic markets and to anticipate and meet customer demands for new products and product enhancements; changes in customer demand; the impact of loss of a single-source manufacturing facility; a downgrade in Dover’s credit ratings; international economic conditions including interest rate and currency exchange rate fluctuations; the relative mix of products and services which impacts margins and operating efficiencies; short-term capacity constraints; domestic and foreign governmental and public policy changes including environmental regulations and tax policies (including domestic and international export subsidy programs, R&E credits and other similar programs); unforeseen developments in contingencies such as litigation; protection and validity of patent and other intellectual property rights; the cyclical nature of some of Dover’s companies; domestic housing industry weakness; instability in countries where Dover conducts business; and possible future terrorist threats and their effect on the worldwide economy. Dover Corporation refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as its reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause its actual results to differ materially from its current expectations and from the forward-looking statements contained in this press release. Dover Corporation undertakes no obligation to update any forward-looking statement.

Exhibit 99.2

 
INVESTOR SUPPLEMENT - SECOND QUARTER 2011
 
DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited) (in thousands, except per share figures)
 
 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 	
 	 	2011	 	 	2010	 	 	2011	 	 	2010	 	
Revenue	 	$	2,156,871	 	 	$	1,786,696	 	 	$	4,115,892	 	 	$	3,369,966	 	
Cost of goods and services	 	 	1,341,014	 	 	 	1,097,998	 	 	 	2,551,210	 	 	 	2,069,111	 	
Gross profit	 	 	815,857	 	 	 	688,698	 	 	 	1,564,682	 	 	 	1,300,855	 	
Selling and administrative expenses	 	 	474,130	 	 	 	423,809	 	 	 	952,649	 	 	 	832,978	 	
Operating earnings	 	 	341,727	 	 	 	264,889	 	 	 	612,033	 	 	 	467,877	 	
Interest expense, net	 	 	28,134	 	 	 	26,942	 	 	 	56,420	 	 	 	54,111	 	
Other expense (income), net	 	 	1,374	 	 	 	(4,708	)	 	 	2,594	 	 	 	(5,949	)	
Earnings before provision for income taxes and discontinued operations	 	 	312,219	 	 	 	242,655	 	 	 	553,019	 	 	 	419,715	 	
Provision for income taxes	 	 	63,125	 	 	 	70,762	 	 	 	120,619	 	 	 	126,337	 	
Earnings from continuing operations	 	 	249,094	 	 	 	171,893	 	 	 	432,400	 	 	 	293,378	 	
Earnings (loss) from discontinued operations, net	 	 	675	 	 	 	(2,023	)	 	 	12,274	 	 	 	(15,381	)	
Net earnings	 	$	249,769	 	 	$	169,870	 	 	$	444,674	 	 	$	277,997	 	

Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.34	 	 	$	0.92	 	 	$	2.32	 	 	$	1.57	 	
Gain (loss) from discontinued operations, net	 	 	-	 	 	 	(0.01	)	 	 	0.07	 	 	 	(0.08	)	
Net earnings	 	 	1.34	 	 	 	0.91	 	 	 	2.38	 	 	 	1.49	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	186,443	 	 	 	186,823	 	 	 	186,522	 	 	 	186,998	 	

Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings from continuing operations	 	$	1.31	 	 	$	0.91	 	 	$	2.28	 	 	$	1.55	 	
Gain (loss) from discontinued operations, net	 	 	-	 	 	 	(0.01	)	 	 	0.06	 	 	 	(0.08	)	
Net earnings	 	 	1.32	 	 	 	0.90	 	 	 	2.34	 	 	 	1.47	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding	 	 	189,705	 	 	 	188,720	 	 	 	189,905	 	 	 	188,948	 	

Dividends paid per common share	 	$	0.275	 	 	$	0.26	 	 	$	0.55	 	 	$	0.52	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The following table is a reconciliation of the share amounts used in computing earnings per share:	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Three Months Ended June 30,	 	 	Six Months Ended June 30,	 	
 	 	 	2011	 	 	 	2010	 	 	 	2011	 	 	 	2010	 	
Weighted average shares outstanding - Basic	 	 	186,443	 	 	 	186,823	 	 	 	186,522	 	 	 	186,998	 	
Dilutive effect of assumed exercise of employee stock options, SARs and Performance Shares	 	 	3,262	 	 	 	1,897	 	 	 	3,383	 	 	 	1,950	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding - Diluted	 	 	189,705	 	 	 	188,720	 	 	 	189,905	 	 	 	188,948	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Anti-dilutive options/SARs excluded from diluted EPS computation	 	 	1,513	 	 	 	3,790	 	 	 	1,184	 	 	 	1,501	 	

 

 
DOVER CORPORATION - INVESTOR SUPPLEMENT
SECOND QUARTER 2011
 
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
 
 	 	2010	 	 	2011	 	
 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	 	 	Q3	 	 	 	Q4	 	 	FY 2010	 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
REVENUE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Material Handling	 	$	189,052	 	 	$	214,295	 	 	$	403,347	 	 	$	220,997	 	 	$	229,987	 	 	$	854,331	 	 	$	252,766	 	 	$	276,828	 	 	$	529,594	 	
       Mobile Equipment	 	 	240,139	 	 	 	248,523	 	 	 	488,662	 	 	 	250,664	 	 	 	255,833	 	 	 	995,159	 	 	 	266,675	 	 	 	290,668	 	 	 	557,343	 	
       Eliminations	 	 	(393	)	 	 	(432	)	 	 	(825	)	 	 	(453	)	 	 	(401	)	 	 	(1,679	)	 	 	(679	)	 	 	(721	)	 	 	(1,400	)	
 	 	 	428,798	 	 	 	462,386	 	 	 	891,184	 	 	 	471,208	 	 	 	485,419	 	 	 	1,847,811	 	 	 	518,762	 	 	 	566,775	 	 	 	1,085,537	 	
Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Product Identification	 	 	212,500	 	 	 	219,551	 	 	 	432,051	 	 	 	221,677	 	 	 	236,743	 	 	 	890,471	 	 	 	226,330	 	 	 	239,035	 	 	 	465,365	 	
       Engineered Products	 	 	271,773	 	 	 	357,570	 	 	 	629,343	 	 	 	398,685	 	 	 	311,176	 	 	 	1,339,204	 	 	 	334,315	 	 	 	406,620	 	 	 	740,935	 	
 	 	 	484,273	 	 	 	577,121	 	 	 	1,061,394	 	 	 	620,362	 	 	 	547,919	 	 	 	2,229,675	 	 	 	560,645	 	 	 	645,655	 	 	 	1,206,300	 	
Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Energy	 	 	205,327	 	 	 	216,020	 	 	 	421,347	 	 	 	220,001	 	 	 	244,234	 	 	 	885,582	 	 	 	303,540	 	 	 	321,076	 	 	 	624,616	 	
       Fluid Solutions	 	 	175,505	 	 	 	187,759	 	 	 	363,264	 	 	 	196,554	 	 	 	194,832	 	 	 	754,650	 	 	 	205,563	 	 	 	213,599	 	 	 	419,162	 	
       Eliminations	 	 	(32	)	 	 	(105	)	 	 	(137	)	 	 	(127	)	 	 	(178	)	 	 	(442	)	 	 	(163	)	 	 	(137	)	 	 	(300	)	
 	 	 	380,800	 	 	 	403,674	 	 	 	784,474	 	 	 	416,428	 	 	 	438,888	 	 	 	1,639,790	 	 	 	508,940	 	 	 	534,538	 	 	 	1,043,478	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Electronic Technologies	 	 	290,989	 	 	 	345,607	 	 	 	636,596	 	 	 	381,386	 	 	 	405,682	 	 	 	1,423,664	 	 	 	373,330	 	 	 	412,630	 	 	 	785,960	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(1,590	)	 	 	(2,092	)	 	 	(3,682	)	 	 	(2,243	)	 	 	(2,367	)	 	 	(8,292	)	 	 	(2,656	)	 	 	(2,727	)	 	 	(5,383	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated revenue	 	$	1,583,270	 	 	$	1,786,696	 	 	$	3,369,966	 	 	$	1,887,141	 	 	$	1,875,541	 	 	$	7,132,648	 	 	$	1,959,021	 	 	$	2,156,871	 	 	$	4,115,892	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NET EARNINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Segment Earnings:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Industrial Products	 	$	51,039	 	 	$	61,635	 	 	$	112,674	 	 	$	59,473	 	 	$	54,238	 	 	$	226,385	 	 	$	64,413	 	 	$	73,316	 	 	$	137,729	 	
   Engineered Systems	 	 	54,843	 	 	 	84,655	 	 	 	139,498	 	 	 	91,442	 	 	 	70,966	 	 	 	301,906	 	 	 	67,313	 	 	 	94,116	 	 	 	161,429	 	
   Fluid Management	 	 	86,767	 	 	 	96,168	 	 	 	182,935	 	 	 	101,847	 	 	 	103,638	 	 	 	388,420	 	 	 	113,685	 	 	 	131,382	 	 	 	245,067	 	
   Electronic Technologies	 	 	44,905	 	 	 	59,582	 	 	 	104,487	 	 	 	69,617	 	 	 	76,324	 	 	 	250,428	 	 	 	59,775	 	 	 	76,917	 	 	 	136,692	 	
Total Segments	 	 	237,554	 	 	 	302,040	 	 	 	539,594	 	 	 	322,379	 	 	 	305,166	 	 	 	1,167,139	 	 	 	305,186	 	 	 	375,731	 	 	 	680,917	 	
Corporate expense / other	 	 	33,325	 	 	 	32,443	 	 	 	65,768	 	 	 	34,553	 	 	 	35,393	 	 	 	135,714	 	 	 	36,100	 	 	 	35,378	 	 	 	71,478	 	
Net interest expense	 	 	27,169	 	 	 	26,942	 	 	 	54,111	 	 	 	26,335	 	 	 	25,895	 	 	 	106,341	 	 	 	28,286	 	 	 	28,134	 	 	 	56,420	 	
Earnings from continuing operations before provision for income taxes	 	 	177,060	 	 	 	242,655	 	 	 	419,715	 	 	 	261,491	 	 	 	243,878	 	 	 	925,084	 	 	 	240,800	 	 	 	312,219	 	 	 	553,019	 	
Provision for income taxes	 	 	55,575	 	 	 	70,762	 	 	 	126,337	 	 	 	38,732	 	 	 	52,107	 	 	 	217,176	 	 	 	57,494	 	 	 	63,125	 	 	 	120,619	 	
Earnings from continuing operations	 	 	121,485	 	 	 	171,893	 	 	 	293,378	 	 	 	222,759	 	 	 	191,771	 	 	 	707,908	 	 	 	183,306	 	 	 	249,094	 	 	 	432,400	 	
Earnings (loss) from discontinued operations, net	 	 	(13,358	)	 	 	(2,023	)	 	 	(15,381	)	 	 	1,000	 	 	 	6,577	 	 	 	(7,804	)	 	 	11,599	 	 	 	675	 	 	 	12,274	 	
Net earnings	 	$	108,127	 	 	$	169,870	 	 	$	277,997	 	 	$	223,759	 	 	$	198,348	 	 	$	700,104	 	 	$	194,905	 	 	$	249,769	 	 	$	444,674	 	

SEGMENT OPERATING MARGIN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
   Industrial Products	 	 	11.9	%	 	 	13.3	%	 	 	12.6	%	 	 	12.6	%	 	 	11.2	%	 	 	12.3	%	 	 	12.4	%	 	 	12.9	%	 	 	12.7	%	
   Engineered Systems	 	 	11.3	%	 	 	14.7	%	 	 	13.1	%	 	 	14.7	%	 	 	13.0	%	 	 	13.5	%	 	 	12.0	%	 	 	14.6	%	 	 	13.4	%	
   Fluid Management	 	 	22.8	%	 	 	23.8	%	 	 	23.3	%	 	 	24.5	%	 	 	23.6	%	 	 	23.7	%	 	 	22.3	%	 	 	24.6	%	 	 	23.5	%	
   Electronic Technologies	 	 	15.4	%	 	 	17.2	%	 	 	16.4	%	 	 	18.3	%	 	 	18.8	%	 	 	17.6	%	 	 	16.0	%	 	 	18.6	%	 	 	17.4	%	
Total Segment	 	 	15.0	%	 	 	16.9	%	 	 	16.0	%	 	 	17.1	%	 	 	16.3	%	 	 	16.4	%	 	 	15.6	%	 	 	17.4	%	 	 	16.5	%	

 

 
DOVER CORPORATION - INVESTOR SUPPLEMENT
SECOND QUARTER 2011
 
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited) (in thousands)
 
 	 	2010	 	 	2011	 	
 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	 	 	Q3	 	 	 	Q4	 	 	FY 2010	 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BOOKINGS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Material Handling	 	$	204,098	 	 	$	223,787	 	 	$	427,885	 	 	$	222,961	 	 	$	248,948	 	 	$	899,794	 	 	$	288,714	 	 	$	293,000	 	 	$	581,714	 	
       Mobile Equipment	 	 	231,128	 	 	 	288,887	 	 	 	520,015	 	 	 	233,731	 	 	 	279,368	 	 	 	1,033,114	 	 	 	337,273	 	 	 	336,212	 	 	 	673,485	 	
       Eliminations	 	 	(407	)	 	 	(303	)	 	 	(710	)	 	 	(444	)	 	 	(976	)	 	 	(2,130	)	 	 	(499	)	 	 	(734	)	 	 	(1,233	)	
 	 	 	434,819	 	 	 	512,371	 	 	 	947,190	 	 	 	456,248	 	 	 	527,340	 	 	 	1,930,778	 	 	 	625,488	 	 	 	628,478	 	 	 	1,253,966	 	
 Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Product Identification	 	 	220,410	 	 	 	223,203	 	 	 	443,613	 	 	 	218,213	 	 	 	241,048	 	 	 	902,874	 	 	 	232,934	 	 	 	239,234	 	 	 	472,168	 	
       Engineered Products	 	 	368,134	 	 	 	379,048	 	 	 	747,182	 	 	 	329,119	 	 	 	332,142	 	 	 	1,408,443	 	 	 	399,757	 	 	 	400,604	 	 	 	800,361	 	
 	 	 	588,544	 	 	 	602,251	 	 	 	1,190,795	 	 	 	547,332	 	 	 	573,190	 	 	 	2,311,317	 	 	 	632,691	 	 	 	639,838	 	 	 	1,272,529	 	
 Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Energy	 	 	208,669	 	 	 	226,301	 	 	 	434,970	 	 	 	213,247	 	 	 	247,143	 	 	 	895,360	 	 	 	354,774	 	 	 	335,748	 	 	 	690,522	 	
       Fluid Solutions	 	 	179,037	 	 	 	192,035	 	 	 	371,072	 	 	 	195,865	 	 	 	191,065	 	 	 	758,002	 	 	 	217,787	 	 	 	218,868	 	 	 	436,655	 	
       Eliminations	 	 	(85	)	 	 	(51	)	 	 	(136	)	 	 	(144	)	 	 	(895	)	 	 	(1,175	)	 	 	(309	)	 	 	51	 	 	 	(258	)	
 	 	 	387,621	 	 	 	418,285	 	 	 	805,906	 	 	 	408,968	 	 	 	437,313	 	 	 	1,652,187	 	 	 	572,252	 	 	 	554,667	 	 	 	1,126,919	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 Electronic Technologies	 	 	358,477	 	 	 	394,441	 	 	 	752,918	 	 	 	402,332	 	 	 	389,704	 	 	 	1,544,954	 	 	 	420,261	 	 	 	393,860	 	 	 	814,121	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(1,616	)	 	 	(2,244	)	 	 	(3,860	)	 	 	(2,278	)	 	 	(2,644	)	 	 	(8,782	)	 	 	(2,617	)	 	 	(3,315	)	 	 	(5,932	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated bookings	 	$	1,767,845	 	 	$	1,925,104	 	 	$	3,692,949	 	 	$	1,812,602	 	 	$	1,924,903	 	 	$	7,430,454	 	 	$	2,248,075	 	 	$	2,213,528	 	 	$	4,461,603	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
BACKLOG	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
  Industrial Products	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Material Handling	 	$	131,521	 	 	$	140,452	 	 	 	 	 	 	$	142,959	 	 	$	165,505	 	 	 	 	 	 	$	201,925	 	 	$	217,518	 	 	 	 	 	
       Mobile Equipment	 	 	319,801	 	 	 	359,727	 	 	 	 	 	 	 	344,160	 	 	 	368,140	 	 	 	 	 	 	 	439,693	 	 	 	485,276	 	 	 	 	 	
       Eliminations	 	 	(386	)	 	 	(257	)	 	 	 	 	 	 	(248	)	 	 	(822	)	 	 	 	 	 	 	(642	)	 	 	(654	)	 	 	 	 	
 	 	 	450,936	 	 	 	499,922	 	 	 	 	 	 	 	486,871	 	 	 	532,823	 	 	 	 	 	 	 	640,976	 	 	 	702,140	 	 	 	 	 	
 Engineered Systems	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Product Identification	 	 	78,976	 	 	 	80,550	 	 	 	 	 	 	 	80,986	 	 	 	86,315	 	 	 	 	 	 	 	96,090	 	 	 	97,236	 	 	 	 	 	
       Engineered Products	 	 	314,465	 	 	 	334,971	 	 	 	 	 	 	 	267,545	 	 	 	288,969	 	 	 	 	 	 	 	352,067	 	 	 	346,335	 	 	 	 	 	
 	 	 	393,441	 	 	 	415,521	 	 	 	 	 	 	 	348,531	 	 	 	375,284	 	 	 	 	 	 	 	448,157	 	 	 	443,571	 	 	 	 	 	
 Fluid Management	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
       Energy	 	 	76,844	 	 	 	84,800	 	 	 	 	 	 	 	84,659	 	 	 	94,113	 	 	 	 	 	 	 	163,475	 	 	 	177,129	 	 	 	 	 	
       Fluid Solutions	 	 	63,535	 	 	 	65,639	 	 	 	 	 	 	 	69,130	 	 	 	65,525	 	 	 	 	 	 	 	77,553	 	 	 	81,436	 	 	 	 	 	
       Eliminations	 	 	(55	)	 	 	(1	)	 	 	 	 	 	 	(17	)	 	 	(33	)	 	 	 	 	 	 	(180	)	 	 	-	 	 	 	 	 	
 	 	 	140,324	 	 	 	150,438	 	 	 	 	 	 	 	153,772	 	 	 	159,605	 	 	 	 	 	 	 	240,848	 	 	 	258,565	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 Electronic Technologies	 	 	271,340	 	 	 	318,450	 	 	 	 	 	 	 	357,800	 	 	 	342,578	 	 	 	 	 	 	 	392,823	 	 	 	374,139	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Intra-segment eliminations	 	 	(362	)	 	 	(570	)	 	 	 	 	 	 	(490	)	 	 	(748	)	 	 	 	 	 	 	(711	)	 	 	(1,243	)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total consolidated backlog	 	$	1,255,679	 	 	$	1,383,761	 	 	 	 	 	 	$	1,346,484	 	 	$	1,409,542	 	 	 	 	 	 	$	1,722,093	 	 	$	1,777,172	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DEPRECIATION AND AMORTIZATION EXPENSE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Industrial Products	 	$	17,370	 	 	$	17,118	 	 	$	34,488	 	 	$	16,929	 	 	$	17,045	 	 	$	68,462	 	 	$	16,401	 	 	$	16,589	 	 	$	32,990	 	
Engineered Systems	 	 	15,750	 	 	 	15,273	 	 	 	31,023	 	 	 	15,626	 	 	 	15,699	 	 	 	62,348	 	 	 	15,826	 	 	 	16,350	 	 	 	32,176	 	
Fluid Management	 	 	14,763	 	 	 	15,523	 	 	 	30,286	 	 	 	15,109	 	 	 	15,868	 	 	 	61,263	 	 	 	21,597	 	 	 	21,775	 	 	 	43,372	 	
Electronic Technologies	 	 	17,688	 	 	 	17,823	 	 	 	35,511	 	 	 	18,811	 	 	 	19,974	 	 	 	74,296	 	 	 	19,279	 	 	 	19,178	 	 	 	38,457	 	
Corporate	 	 	369	 	 	 	336	 	 	 	705	 	 	 	658	 	 	 	674	 	 	 	2,037	 	 	 	584	 	 	 	626	 	 	 	1,210	 	
 	 	$	65,940	 	 	$	66,073	 	 	$	132,013	 	 	$	67,133	 	 	$	69,260	 	 	$	268,406	 	 	$	73,687	 	 	$	74,518	 	 	$	148,205	 	

 

 
DOVER CORPORATION - INVESTOR SUPPLEMENT
SECOND QUARTER 2011
 
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)
 
 	 	2010	 	 	2011	 	
 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	 	 	Q3	 	 	 	Q4	 	 	FY 2010	 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Basic earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.65	 	 	$	0.92	 	 	$	1.57	 	 	$	1.19	 	 	$	1.03	 	 	$	3.79	 	 	$	0.98	 	 	$	1.34	 	 	$	2.32	 	
Discontinued operations	 	 	(0.07	)	 	 	(0.01	)	 	 	(0.08	)	 	 	0.01	 	 	 	0.04	 	 	 	(0.04	)	 	 	0.06	 	 	 	-	 	 	 	0.07	 	
Net earnings	 	 	0.58	 	 	 	0.91	 	 	 	1.49	 	 	 	1.20	 	 	 	1.06	 	 	 	3.75	 	 	 	1.04	 	 	 	1.34	 	 	 	2.38	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings (loss) per common share:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	 	$	0.65	 	 	$	0.91	 	 	$	1.55	 	 	$	1.18	 	 	$	1.01	 	 	$	3.74	 	 	$	0.96	 	 	$	1.31	 	 	$	2.28	 	
Discontinued operations	 	 	(0.07	)	 	 	(0.01	)	 	 	(0.08	)	 	 	0.01	 	 	 	0.03	 	 	 	(0.04	)	 	 	0.06	 	 	 	-	 	 	 	0.06	 	
Net earnings	 	 	0.58	 	 	 	0.90	 	 	 	1.47	 	 	 	1.19	 	 	 	1.04	 	 	 	3.70	 	 	 	1.03	 	 	 	1.32	 	 	 	2.34	 	
 
NOTE:	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share in the first and second quarters of 2011 and third and fourth quarters of 2010 were favorably impacted by discrete tax events.  The third quarter of 2010 was additionally impacted by the favorable resolution of a tax position in a foreign jurisdiction.  As a result, the Company's effective tax rates in the first and second quarters of 2011 and the third and fourth quarters of 2010 were 23.9%, 20.2%, 14.8% and 21.4%, respectively, which were lower than the Company's previously estimated tax rates of 27% to 29% for each of the respective periods.  These lower effective tax rates contributed incremental diluted earnings per share of $0.04 and $0.12 in the first and second quarters of 2011 and $0.20 and $0.07 in the third and fourth quarters of 2010, respectively.	

 

 
DOVER CORPORATION - INVESTOR SUPPLEMENT
SECOND QUARTER 2011
 
DOVER CORPORATION
QUARTERLY FREE CASH FLOW INFORMATION
(unaudited) (in thousands)
 
 	 	2010	 	 	2011	 	
 	 	 	Q1	 	 	 	Q2	 	 	 	Q3	 	 	 	Q4	 	 	FY 2010	 	 	 	Q1	 	 	 	Q2	 	 	Q2 YTD	 	
Cash From Operations	 	$	87,066	 	 	$	231,199	 	 	$	200,847	 	 	$	431,439	 	 	$	950,551	 	 	$	132,609	 	 	$	209,288	 	 	$	341,897	 	
CAPEX	 	 	(39,336	)	 	 	(46,945	)	 	 	(43,556	)	 	 	(53,380	)	 	 	(183,217	)	 	 	(52,650	)	 	 	(73,770	)	 	 	(126,420	)	
Free Cash Flow	 	$	47,730	 	 	$	184,254	 	 	$	157,291	 	 	$	378,059	 	 	$	767,334	 	 	$	79,959	 	 	$	135,518	 	 	$	215,477	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Free Cash Flow to Earnings From Continuing Operations	 	 	39.3	%	 	 	107.2	%	 	 	70.6	%	 	 	197.1	%	 	 	108.4	%	 	 	43.6	%	 	 	54.4	%	 	 	49.8	%	

Exhibit 99.3
 
Dover Corporation Second Quarter 2011 Conference CallJuly 22, 201110:30 am ET

 
2Forward Looking Statements We want to remind everyone that our comments  may contain forward-looking statements that are  inherently subject to uncertainties. We caution  everyone to be guided in their analysis of Dover  Corporation by referring to our Form 10-K for a list  of factors that could cause our results to differ from  those anticipated in any such forward-looking  statements. We would also direct your attention to our internet  site, www.dovercorporation.com, where  considerably more information can be found.

 
Revenue$ 2.2B↑ 21%$ 4.1B↑ 22%EPS (cont.)$1.31↑ 44%$2.28↑ 47%Bookings$2.2B↑ 15%$4.5B↑ 21%Seg. Margins17.4%↑ 50 bps16.5%↑ 50 bpsOrganic Rev. ↑ 14%  ↑ 16%Acq. Growth ↑ 4%  ↑ 4%FCF (a)$136M↓ 26%$215M ↓ 7%3Dover’s Q2 2011 PerformanceContinuing Earnings Per Share2009FY $3.74• Strong results are broad-based, as all segments achieved double-digit growth in revenue and earnings•Solid organic revenue growth, with Fluid Management, Industrial Products and Electronic Technologies all over 15%•Segment operating margin of 17.4% is Dover’s best ever• Bookings strength is primarily driven by oil & gas and global infrastructure resulting in a book-to-bill of 1.03Q2Q2/Q22010FY $1.992011* Includes discrete tax benefits of $0.15 EPS in Q2 2009, $0.20 EPS in Q3 2010, $0.07 in Q4 2010, $0.04 in Q1 2011 and $0.12 in Q2 2011YTD $2.281H1H/1HAdjusted continuing earnings per shareDiscrete tax benefits(a) See Form 10-Q for free cash flow reconciliation

 
4RevenueQ2 2011Industrial ProductsEngineered SystemsFluid ManagementElectronic TechnologiesTotalDoverOrganic 20% 8%16% 17% 14%Net Acquisitions 2% -14% - 4%Currency 1% 4% 2% 2% 3%Total 23%12%32% 19% 21%1H 2011Industrial ProductsEngineered SystemsFluid ManagementElectronic TechnologiesTotalDoverOrganic 20%11%18% 21% 16%Net Acquisitions 1% -14% - 4%Currency 1% 3% 1% 2% 2%Total 22%14%33% 23% 22%

 
5Sequential Results - Q1 11 / Q2 11Material HandlingFluid SolutionsMobile EquipmentEnergyProduct IdentificationEngineered Products↑ 9%↑ 15%Electronic Technologies↑ 1%↑ 1%↓ 3%↓ 6%$ in millions

 
6Industrial Products•Revenue and bookings growth was broad-based, led by strong downstream energy activity and solid infrastructure markets •Margin impacted by product mix, increased investment in sales and marketing, and the one-time gain on a property sale in Q2 2010•Book-to-bill at 1.11•Backlog grew 40% to $702 million$ in millions Q22011Q22010%ChangeRevenue$567$462 +23%Earnings$ 73$ 62 +19%Margin 12.9% 13.3%↓ 40 bpsBookings$628$512 +23%Quarterly Comments 1H20111H2010%ChangeRevenue$1,086$891 +22%Earnings$ 138$113 +22%Margin 12.7% 12.6%↑ 10 bpsBookings$1,254$947 +32%

 
7Engineered Systems•All companies posted revenue gains with retail refrigeration having the largest positive impact• Strong earnings leverage and operating margin performance at Engineered Products were offset by new product launch related costs at Product ID•Product ID’s results improve sequentially within the quarter on increased sales activities •Bookings up 6%, led by strong activity at SWEP, partially offset by a moderating refrigeration case market; book-to-bill is 0.99$ in millionsQuarterly Comments Q22011Q22010%ChangeRevenue$646$577+12%Earnings$ 94$ 85+11%Margin14.6%14.7%↓ 10 bpsBookings$640$602+6% 1H20111H2010%ChangeRevenue$1,206$1,061+14%Earnings$ 161$ 139+16%Margin13.4%13.1%↑ 30 bpsBookings$1,273$1,191+7%

 
8Fluid Management•Revenue growth was broad- based, especially at our businesses serving the oil & gas markets•Operating margin improvement driven by volume; especially strong revenue growth in Energy•Fluid Solutions continues to perform at a high level with strong activity in their petro-chemical and energy markets•Book-to-bill of 1.04$ in millionsQuarterly Comments Q22011Q22010%ChangeRevenue$535$404+32%Earnings$131$ 96+37%Margin 24.6%23.8%↑ 80 bpsBookings$555$418+33% 1H20111H2010%ChangeRevenue$1,043$784+33%Earnings$ 245$183+34%Margin 23.5%23.3%↑ 20 bpsBookings$1,127$806+40%

 
9Electronic Technologies•Revenue growth was driven by strong solar equipment deliveries, and continued strong demand for MEMS microphones; telecom end -markets were soft•Operating margin increase was driven by good leverage on higher volume•Sound Solutions acquisition closed in early July and will operate as Knowles Sound Solutions•Strong bookings gains at Knowles were offset by weaker electronic equipment orders, especially solar equipment, resulting in book-to-bill of 0.95$ in millionsQuarterly Comments Q22011Q22010%ChangeRevenue$413$346 +19%Earnings$ 77$ 60 +29%Margin18.6%17.2%↑ 140 bpsBookings$394$394 Flat 1H20111H2010%ChangeRevenue$786$637 +23%Earnings$137$104 +31%Margin17.4%16.4%↑ 100 bpsBookings$814$753 +8%

 
Q2 2011 Overview Q2 2011Net Interest Expense$28.1 million, up $1 million from last year, due to higher outstanding debt Corporate Expense$35.3 million, up $3 million from last year, and in-line with expectationsEffective Tax Rate (ETR)Q2 rate was 20.2%. Rate reflects $0.12 EPS benefit on resolution of certain domestic tax matters. Adjusting for this benefit, the normalized rate would have been 27.4%10

 
11FY 2011 Guidance - Update• Revenue: – Core revenue:    ≈ 12.0% - 14.0% – Acquisitions:    ≈    6.0%         – Total revenue:   ≈ 18.0% - 20.0%• Corporate expense:   ≈ $135 million (unchanged)• Interest expense:    ≈ $116 million  (unchanged)• Full-Year Tax Rate:   ≈ 27% - 27.5%*• Capital expenditures:   ≈ 2.8% - 3.0% of rev. (unchanged) • Free cash flow for full year:  ≈ 10% - 11% of rev. (unchanged)* Excludes Q1 & Q2 discrete tax benefits of $0.16 EPS(Sound Solutions = 3%)

 
• 2010 EPS - Continuing Ops   $3.74 – Less 2010 tax benefits:     ($0.27)• 2010 Adjusted EPS - Continuing Ops  $3.47 – Volume, mix, price (inc. FX):      $0.67 - $0.76 – Net benefits of productivity:     $0.26 - $0.30 –  Acquisitions:    $0.06 - $0.07 – Investment / Compensation:    ($0.16 - $0.20) – Corporate expense:    - – Interest:      ($0.03)  – Tax (including discrete tax benefits(1) and lower rate):     $0.23•  2011 EPS - Continuing Ops   $4.50 - $4.60122011 EPS Guidance Bridge - Cont. Ops(inc. Sound Solutions: -$0.03 to -$0.05)(1) $0.04 in Q1 2011 and $0.12 in Q2 2011

 
2011 & 2012 Knowles Sound Solutions13 2H 2011FY 2012Revenue$190M - $200M$400M - $410MEPS-$0.03 to -$0.05 (a)+$0.18 to +$0.22Q3 2011 EPS dilution is expected to be -$0.06 to -$0.08; Q4 2011 EPS accretion is expected to be $0.03(a)Marginal tax rate for Knowles Sound Solutions is expected to be ≈ 15% - 20%Note: