Robbins & Myers Reports Fourth Quarter and Year-End Results

Dayton, Ohio (PROTEXT) - Robbins & Myers, Inc. (NYSE: RBN)today announced results for the fourth quarter and the fiscalyear ended August 31, 1999. Sales for the fourth quarter were $103.2 million and $111.2million reported for the same period last fiscal year. IBIT was$9.6 million after $1.2 million in severance costs incurred inthe quarter due to staff reductions. This compared to $13.5million for the fourth quarter of fiscal 1998. Net income for thequarter was $3.7 million and $7.0 million for the same period infiscal 1998. Diluted earnings per share for the quarter prior tothe severance costs were in line with analysts' expectations at$.38. Fourth quarter diluted earnings per share were $.32 and$.56 for 1999 and 1998 respectively. Year-to-date sales were $400.1 million for fiscal year 1999and $436.5 million for fiscal 1998. Fiscal year IBIT of $33.3million compared to $60.1 million for last year. Included in thisyear's IBIT was the $1.2 million in severance costs along withthe previously reported $5.0 million one-time restructuringcharge primarily for the closure of the Company's Fairfield,California facility. Diluted earnings per share for the year,prior to the severance and plant closure costs were $1.37. Fiscalyear earnings per share were $1.06 and $2.43 respectively for1999 and 1998. Gerald L. Connelly, President and Chief Executive Officer, ofRobbins & Myers, said, "The sales and earnings decline from 1998levels was clearly disappointing. However, the management teamreacted proactively to a very adverse year driven by weakness inour end markets. We significantly reduced our cost structure andaddressed productivity improvements while continuing new productintroductions and strategic investments in our business." "The most significant external influence," Connelly continued,"was the dramatic drop in crude oil prices which resulted innearly a 50% drop in our Energy Systems business. Lack ofconfidence in the durability of crude prices continues to delayrecovery of oilfield activity." Connelly continued, "Capital spending in specialty chemicalsremains weak as evidenced by current low operating rates.Pharmaceutical and wastewater treatment remained steady somewhatmitigating the chemical market downturn. Overall end markets werenot friendly this past fiscal year and presented a realchallenge." Connelly stated, "We have improved our cost structure and arewell positioned to benefit from strengthening markets. Robbins &Myers maintains a strong leadership position in key markets andremains committed to superior performance and improvingshareholder value." The Company also announced that its Board of Directorsapproved the repurchase of outstanding shares and shareequivalents of outstanding convertible notes of approximatelythree percent of the Company's outstanding shares. The share andshare equivalents will be purchased in the open market orprivately negotiated transactions from time to time over the next12 months. The Company stated that its Board believes the currentmarket value does not adequately reflect the Company's earningspotential and the repurchases can bring value to theshareholders. The Company further announced the Board of Directors approveda regular quarterly dividend of $.055 per share (annual rate$.22). The dividend is payable October 29, 1999 to shareholdersof record as of October 18, 1999. Robbins & Myers, Inc. is an international manufacturer andmarketer of superior quality fluid management products andsystems serving the process industries including: specialtychemicals, pharmaceuticals, oil and gas exploration, productionand pipeline, water treatment, food and beverage, pulp and paper,and mining. Headquartered in Dayton, Ohio, the Company hasfacilities in the United States, Canada, Europe, Brazil, Mexico,Singapore and joint ventures in China, India, and Taiwan. The Company's common stock trades on the New York StockExchange under the symbol RBN. ROBBINS & MYERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENT

Three Months Ended

Twelve MonthsEnded

August 31, August 31, August 31, August31, (in thousands, except

per share data)

1999

1998

1999

1998 Net sales

$103,171 $111,236 $400,142$436,474 Cost of sales

67,040

71,778 263,976(a)277,761 Gross profit

36,131

39,458 136,166158,713 Operating expenses

23,143

24,399

89,40393,148 Operating income

12,988

15,059

46,76365,565 Amortization expense

1,787

1,824

7,6607,670 Other expense (income) 1,642(b)

(289)

5,815(a)(b)(2,247) Income before interest

and income taxes

9,559

13,524

33,28860,142 Interest expense

3,423

2,900

13,75212,821 Income before

income taxes

6,136

10,624

19,53647,321 Income taxes

2,090

3,614

6,64716,091 Minority interest, net

of taxes

360

--

1,040-- Net income

$3,686

$7,010 $11,849$31,230 Net Income Per Share:

Basic

$0.34

$0.63

$1.08$2.83

Diluted

$0.32

$0.56

$1.06$2.43 Weighted Average Common

Shares Outstanding:

Basic

10,934

11,072

10,93011,032

Diluted

13,521

13,770

13,53513,906 Backlog

$74,330

$96,022 $74,330$96,022 (a) In the twelve month period of fiscal 1999, cost of salesand other expense include one-time charges of $400,000 and$4,600,000, respectively, primarily for the closure of theCompany's Fairfield, California Manufacturing Facility. (b) Includes one-time severence and early retirement costs of$1,200,000. ROBBINS & MYERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (in thousands)

August 31, 1999 August 31, 1998 ASSETS

Current Assets

Cash and cash equivalents

$8,901

$6,822

Accounts receivable

74,900

72,266

Inventories

53,747

61,894

Other current assets

12,824

4,669

Deferred taxes

5,470

6,966

Total Current Assets

155,842

152,617

Goodwill & Other Intangible

Assets, Net

214,100

221,112

Other Assets

6,641

4,958

Property, Plant & Equipment,

Net

117,269

122,321

Total

$493,852

$501,008 LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Accounts payable

$27,949

$31,051

Accrued expenses

54,935

52,603

Current portion of

long-term debt

121

4,139

Total Current Liabilities

83,005

87,793

Long-Term Debt - Less

Current Portion

191,151

202,103

Deferred Taxes

24

2,878

Other long-term liabilities

58,494

55,848

Minority interest

6,952

1,623

Shareholders' Equity

154,226

150,763

Total

$493,852

$501,008ots Original Text Service: Robbins & Myers, Inc. Internet:http://www.newsaktuell.de Contact: Hugh E. Becker, VicePresident Investor Relations of Robbins & Myers, Inc. (USA)937-225-3335 Web site: http://www.robn.com

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT