DAYTON, Ohio, June 24, 2010 /PRNewswire via COMTEX/ --Robbins & Myers, Inc. (NYSE: RBN) today reported diluted net earnings per share (DEPS) of $0.25 for its fiscal third quarter ended May 31, 2010. Fiscal 2009 third quarter DEPS of $0.31 included the benefit of a lower tax rate.

Third quarter orders of $159 million were 34% higher than the third quarter of 2009, most notably on strength in energy markets, and backlog grew to $160 million. Third quarter 2010 sales of $147 million were 3% higher than the comparable prior year period. Third quarter 2010 earnings before interest and taxes (EBIT) was $13 million, slightly higher than last year's third quarter and double the amount earned in the second quarter of this year.

"We are seeing improved customer demand across our portfolio of leading products and solutions," said Peter C. Wallace, President and Chief Executive Officer of Robbins & Myers, Inc. "We are benefiting from recovering energy markets, and have seen notable sales increases in our product lines that support horizontal drilling activity for shale projects. We have seen a higher level of quotation activity in our industrial product lines serving wastewater and chemical markets, but a full recovery for larger chemical projects is not expected this calendar year. The demand for Romaco equipment is solid and improving as demonstrated by the business' profit levels in the third quarter."

Robbins & Myers reported $28 million of cash from operating activities in the third quarter of 2010 compared with $20 million in the prior year quarter, and the last of the Company's senior notes were repaid in May 2010. The Company finished the recent quarter with $123 million of cash and virtually no debt, and it had $123 million of available capacity under its $150 million revolving credit agreement.

Mr. Wallace noted, "We have improved our working capital efficiency throughout the year, creating significant cash flow to bolster an already-strong balance sheet. Our ample capital capacity supports our growth agenda, including acquisitions, new product development and geographic expansion."

Robbins & Myers established its fourth quarter DEPS forecast of $0.31-$0.41, supported by current order trends and backlog. Robbins & Myers expects full year DEPS of $0.87-$0.97. All forecast figures exclude the cost of restructuring actions. Minimal restructuring costs were incurred during the first three quarters of 2010.

Third Quarter Results by Segment

In January, the Company announced a realignment of its businesses that included moving its Chemineer US and Asian operations from the Process Solutions Group to the Fluid Management Group. All results included in this press release have been adjusted to reflect the new operating and reporting structure. A recasting of quarterly segment results for fiscal 2007 through 2009 can be viewed in the "Investor Presentations" page of the "Investor Relations" section of the Company's website, www.robn.com.

The Company's Fluid Management segment orders of $85 million represent a 71% increase over the prior year third quarter, driven by strengthening energy and industrial markets. Sales of $80 million are 10% higher than the comparable prior year period, and EBIT improved 17% to $20 million.

The Process Solutions segment reported orders of $47 million, 13% higher than the prior year third quarter. Sales of $40 million were 14% lower than the comparable prior year period. Lower volumes and competitive pricing pressures resulted in an EBIT loss of $2 million in the third quarter of 2010 versus EBIT income of $2 million in the third quarter of 2009. The Company has been negotiating with the union representing workers at its German facility regarding the employment changes required to restore the business to long-term profitability. No agreement has yet been reached, but the Company hopes to achieve a successful resolution in the near-term.

Romaco segment orders of $27 million were nearly in-line with prior year results. Sales in the quarter were $27 million, 11% higher than the third quarter of 2009. Romaco achieved EBIT of $1.4 million as compared with a $0.5 million EBIT loss in the prior year third quarter.

Conference Call to Be Held Today, June 24 at 3:00 PM (Eastern)

A conference call to discuss these results has been scheduled for 3:00 PM Eastern on Thursday, June 24, 2010, which can be accessed at www.robn.com or by dialing 1-866-510-0712 (US/Canada) or +1-617-597-5380, using conference ID #35640996. Replays of the call can be accessed by dialing 1-888-286-8010 (U.S./Canada) or +1-617-801-6888, using replay ID #37056553.

About Robbins & Myers

Robbins & Myers, Inc. is a leading supplier of engineered equipment and systems for critical applications in global energy, industrial, chemical and pharmaceutical markets.

In this release the Company refers to EBIT, a non-GAAP measure. The Company uses this measure to evaluate its performance and believes this measure is helpful to investors in assessing its performance. A reconciliation of this measure to net income is included in our Condensed Consolidated Income Statement. EBIT is not a measure of cash available for use by the Company.

In addition to historical information, this press release contains forward-looking statements identified by use of words such as "expects," "anticipates," "believes," and similar expressions. These statements reflect management's current expectations and involve known and unknown risks, uncertainties, contingencies and other factors that could cause actual results, performance or achievements to differ materially from those stated. The most significant of these risks and uncertainties are described in our Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission and include, but are not limited to: the cyclical nature of some of our markets; a significant decline in capital expenditures in our primary markets; a major decline in oil and natural gas prices; reduced demand due to the general worldwide economic downturn and general credit market crises; our ability to realize the benefits of our restructuring programs; increases in competition; changes in the availability and cost of our raw materials; foreign exchange rate fluctuations as well as economic or political instability in international markets and the performance of our business in hyperinflationary environments, such as Venezuela; work stoppages related to union negotiations; customer order cancellations; the possibility of product liability lawsuits that could harm our business; events or circumstances which result in an impairment of, or valuation against, assets; the potential impact of U.S. and foreign legislation, government regulations, and other governmental action, including those relating to export and import of products and materials, and changes in the interpretation and application of such laws and regulations; the outcome of audit, compliance, administrative or investigatory reviews; proposed changes in U.S. tax law which could impact our future tax expense and cash flow; and decline in the market value of our pension plans' investment portfolios affecting our financial condition and results of operations. Except as otherwise required by law, we do not undertake any obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date hereof.

    ROBBINS & MYERS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEET
      (Unaudited)


                                                 May 31,         August 31,
    (in thousands)                                 2010              2009
    --------------                              --------        -----------
    ASSETS
      Current Assets:
        Cash and cash equivalents                $122,697           $108,169
        Accounts receivable                       104,050            114,191
        Inventories                               101,842            105,772
        Other current assets                       10,869             11,573
        Deferred taxes                             11,218             12,519
                                                   ------             ------
          Total Current Assets                    350,676            352,224

      Goodwill & Other Intangible Assets          262,411            273,476
      Deferred Taxes                               24,692             26,477
      Other Assets                                  9,474              9,490
      Property, Plant & Equipment                 122,918            135,187
                                                  -------            -------
                                                 $770,171           $796,854
                                                 ========           ========
    LIABILITIES AND SHAREHOLDERS' EQUITY
      Current Liabilities:
        Accounts payable                          $53,041            $55,918
        Accrued expenses                           80,227             68,059
        Current portion of long-term debt             641             30,194
          Total Current Liabilities               133,909            154,171

      Long-Term Debt - Less Current
       Portion                                        161                265
      Deferred Taxes                               43,867             44,194
      Other Long-Term Liabilities                 112,056            115,113
      Shareholders' Equity                        480,178            483,111
                                                  -------            -------
                                                 $770,171           $796,854
                                                 ========           ========


    ROBBINS & MYERS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED INCOME STATEMENT
      (Unaudited)

                                 Three Months Ended        Nine Months Ended
                                 ------------------        -----------------
                              May 31,      May 31,    May 31,      May 31,
    (in thousands,  except
     per share data)                2010         2009       2010         2009
    ----------------------          ----         ----       ----         ----

    Sales                     $146,965     $143,375   $406,297     $485,171
    Cost of sales                 95,587       93,582    269,955      310,626
                                  ------       ------    -------      -------
    Gross profit                  51,378       49,793    136,342      174,545
    SG&A expenses               38,300       37,398    106,982      114,921
    Income before interest
     and income taxes           13,078       12,395     29,360       59,624
    Interest expense, net          102           99        406          242
                                   ---          ---        ---          ---
    Income before income
     taxes                      12,976       12,296     28,954       59,382
    Income tax expense           4,650        1,628      9,949       15,875
    Net income including
     noncontrolling interest     8,326       10,668     19,005       43,507
    Less: Net income
     attributable to
     noncontrolling interest       164          382        620          950
                                   ---          ---        ---          ---
    Net income attributable
     to Robbins & Myers, Inc.   $8,162      $10,286    $18,385      $42,557
                                ======      =======    =======      =======

    Net income per share:
      Basic                      $0.25        $0.31      $0.56        $1.28
      Diluted                    $0.25        $0.31      $0.56        $1.28

    Weighted average common
     shares outstanding:
      Basic                     32,941       32,829     32,913       33,353
      Diluted                   33,016       32,845     32,973       33,365


    ROBBINS & MYERS, INC. AND SUBSIDIARIES
    CONDENSED BUSINESS SEGMENT INFORMATION
      (Unaudited)

                             Three Months Ended      Nine Months Ended
                             ------------------      -----------------
                             May 31,    May 31,    May 31,    May 31,
    (in thousands)               2010       2009       2010        2009
    --------------               ----       ----       ----        ----

      Customer Sales
        Fluid Management        $79,813    $72,542   $214,971    $259,943
        Process Solutions        39,898     46,373    123,298     148,900
        Romaco                 27,254     24,460     68,028      76,328
                               ------     ------     ------      ------
        Total                $146,965   $143,375   $406,297    $485,171
                             ========   ========   ========    ========

      Income Before Interest
       and Income Taxes
       (EBIT)
        Fluid Management      $20,104    $17,153    $50,471     $67,660
        Process Solutions      (1,895)     2,246     (6,084)      7,468
        Romaco                  1,357       (464)       939      (1,465)
        Corporate and
         Eliminations          (6,488)    (6,540)  (15,966)     (14,039)
                               ------     ------    -------     -------
        Total                 $13,078    $12,395    $29,360     $59,624
                              =======    =======    =======     =======

      Depreciation and
       Amortization
        Fluid Management       $1,995     $1,950     $6,011      $6,036
        Process Solutions       1,262      1,447      4,164       4,265
        Romaco                    575        501      1,725       1,483
        Corporate and
         Eliminations              74         98        231         360
                                  ---        ---        ---         ---
        Total                  $3,906     $3,996    $12,131     $12,144
                               ======     ======    =======     =======

      Orders
        Fluid Management      $84,987    $49,718   $232,954    $216,736
        Process Solutions      47,320     42,033    134,034     140,300
        Romaco                 26,853     27,333     84,830      75,177
                               ------     ------     ------      ------
        Total                $159,160   $119,084   $451,818    $432,213
                             ========   ========   ========    ========

      Backlog
        Fluid Management      $52,000    $46,311    $52,000     $46,311
        Process Solutions      68,323     74,152     68,323      74,152
        Romaco                 39,724     48,302     39,724      48,302
                               ------     ------     ------      ------
        Total                $160,047   $168,765   $160,047    $168,765
                             ========   ========   ========    ========



      Note: EBIT is a non-GAAP measure.  The Company uses this measure to
      evaluate its performance and believes this measure is helpful to
      investors in assessing its performance. A reconciliation of this
      measure to net income is included in our Condensed Consolidated
      Income Statement. EBIT is not a measure of cash available for use by
      the Company.

    ROBBINS & MYERS, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
       (Unaudited)


                                   Three Months Ended     Nine Months Ended
                                   ------------------     -----------------
                                   May 31,    May 31,   May 31,    May 31,
    (in thousands)                       2010      2009       2010       2009
    --------------                       ----      ----       ----       ----

    Operating activities:
       Net income including
        noncontrolling interest        $8,326   $10,668    $19,005    $43,507
       Depreciation and
        amortization                    3,906     3,996     12,131     12,144
       Other, net                    15,379     5,496     25,978    (30,566)
                                     ------     -----     ------    -------
    Cash provided by operating
     activities                      27,611    20,160     57,114     25,085

    Investing activities:
       Capital expenditures          (3,259)  (5,870)     (6,706)   (12,914)
       Proceeds from asset sales          -         -      1,094          -
    Cash used by investing
     activities                      (3,259)  (5,870)     (5,612)   (12,914)

    Financing activities:
       Payments of long-term debt,
        net                        (30,227)      (840)  (29,657)     (3,035)
       Share buyback program              -         -          -    (39,114)
       Dividends paid                (1,402)  (1,313)     (4,115)    (3,929)
       Other, net                       273       387        639      1,246
                                        ---       ---        ---      -----
    Cash used by financing
     activities                    (31,356)   (1,766)   (33,133)    (44,832)
    Exchange rate impact on cash     (2,719)    3,897     (3,841)    (2,198)
                                     ------     -----     ------     ------
    (Decrease) increase in cash      (9,723)   16,421     14,528    (34,859)
    Cash at beginning of period     132,420    72,125    108,169    123,405
                                    -------    ------    -------    -------
    Cash at end of period          $122,697   $88,546   $122,697    $88,546
                                   ========   =======   ========    =======

SOURCE Robbins & Myers, Inc.