Roper Industries ends 2010 with $790 million cash, borrowing ability

By Jennifer Lanning Drey

Savannah, Ga., Jan. 31 - Roper Industries, Inc. closed out 2010 with $270 million of cash and $520 million of borrowing capacity available on its undrawn revolving credit facility, Brian Jellison, Roper's chief executive officer, reported Monday during the company's fourth-quarter and year-end earnings conference call.

The company's net debt-to-EBTIDA ratio was 1.7 at Dec. 31.

Roper has invested $900 million in transactions the last 15 months and is positioned to capture opportunities at that level in the coming 15 months, Jellison said.

The company recorded record operating cash flow of $500 million in 2010, up from $367 million in 2009.

Free cash flow was 20% of sales in 2010, Jellison reported.

Roper posted fourth-quarter sales of $679 million, representing a 23% increase over the same period in 2009. EBITDA was $200 million in the fourth quarter.

For the full year, Roper recorded sales of $2.4 billion, up 16% from sales 2009. Meanwhile, EBITDA improved to $638 million.

"By closing out the year as strong as we have really gives us a lot of confidence going into 2011 that we'll have another record year in 2011," Jellison said.

The company expects operating cash flow in excess of $550 million in 2011.

Roper is a Sarasota, Fla.-based provider of engineered products for niche markets, including water, energy, radio frequency and research/medical applications.

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