SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, DC 20549
FORM 8-K 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 
July 28, 2004 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
ROPER INDUSTRIES, INC. 

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 

(STATE OR OTHER JURISDICTION OF INCORPORATION)
 	 	 	
1-12273	 	51-0263969	
	
(COMMISSION FILE NUMBER)	 	(IRS EMPLOYER IDENTIFICATION NO.)	
 	 	 	
2160 SATELLITE BLVD., SUITE 200, DULUTH, GEORGIA	 	30097	
	
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)	 	(ZIP CODE)	
(770) 495-5100 

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)
160 BEN BURTON ROAD, BOGART, GEORGIA 30622 

(FORMER ADDRESS)

 
ITEM 7.     FINANCIAL STATEMENTS AND EXHIBITS 
 	 	 	
(a)	 	Financial Statements of Business Acquired	
 	 	 	
 	 	Not Applicable	
 	 	 	
(b)	 	Pro Forma Financial Statements	
 	 	 	
 	 	Not Applicable	
 	 	 	
(c)	 	Exhibits	
 	 	 	
 	 	99.1     Press Release of the Company dated July 28, 2004.	
ITEM 12.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION 
On July 28, 2004, Roper Industries, Inc. (“the Company”) issued the press release containing information about the Company’s results of operations for the second quarter ended June 30, 2004. A copy of the press release is furnished as Exhibit 99.1 

SIGNATURE 
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
 	 	 	 	 	 		
 	 	Roper Industries, Inc.	 	 		
 	 	 	 	 	 		
 	 	          (Registrant)	 	 		
 	 	 	 	 	 		
 	 	BY:   /s/ Martin S. Headley	 		

 	 	 	Martin S. Headley,
Vice President, Chief Financial Officer 	 	Date: July 28, 2004		

EXHIBIT INDEX 
 	 	 	
Exhibit No.	 	Description	
	 		
99.1	 	Press Release of the Company dated July 28, 2004	

Roper Industries, Inc. 
Contact Information:
Chris Hix
Director of Investor Relations 
+1 (770) 495-5100
investor-relations@roperind.com 
FOR IMMEDIATE RELEASE 
Roper Industries Achieves Record Second Quarter 2004 Results 
Sales Increase 40%; Earnings Up 58%; Cash Flow Grows 62%; 
Margins Expand
Duluth, Georgia, July 28, 2004 ... Roper Industries, Inc. (NYSE: ROP) reported record diluted earnings per share (DEPS) of $0.63 in the second quarter of 2004, 58% higher than the prior-year quarter DEPS of $0.40 and at the high end of previously-issued guidance of $0.57-$0.63. The Company also reported record net sales of $232 million, an increase of 40%, from continued favorable organic growth trends and the December 2003 Neptune Technology Group Holdings (NTGH) acquisition. 
“Second quarter results demonstrate the success of our growth strategy, with significant contributions from both existing businesses and acquisitions,” said Brian Jellison, Chairman, President and CEO of Roper Industries. “Our Neptune business had another strong quarter with double-digit revenue growth, and we continue to make important progress in our organic growth initiatives. Excluding net sales to Gazprom, we achieved our 6th consecutive quarter of organic growth, with double-digit performance in the second quarter.” 
Leverage from revenue increases and the completion of restructuring activities earlier this year both contributed to significant margin expansion in the quarter. Operating margins increased over the prior-year quarter by 370 basis points to 17.5%, and EBITDA margins grew 560 basis points to 21.8%. Roper produced $41 million of operating profit and $51 million of EBITDA in this year’s second quarter. 
Roper achieved record cash flow from operating activities of $40 million during the quarter, 62% higher than the prior year. These results included approximately $5 million from working capital improvements. The Company now expects full year cash flow of $150-$160 million versus its previous forecast of $140-$160 million. “Our focus on cash returns is driving exceptional cash flow performance,” said Mr. Jellison. “We could achieve even greater results depending on the pace of our continued working capital success. We are also well-positioned to produce as much as $3.74 of cash DEPS this year.” 
As previously reported, late in the second quarter the Company acquired the power generation test business from R/D Tech, complementing Roper’s existing non-destructive evaluation systems business. This acquisition is expected to be accretive in 2005 after the completion of integration activities. Partly as a result of this acquisition and foreign currency exchange effects, the Company expects 2004 net sales to exceed its previous revenue guidance of $900-$925 million, even with a recent reduction in expected sales to Gazprom. Roper announced that it raised the lower end of its DEPS guidance range for the second consecutive quarter, increasing its estimates from $2.50-$2.70 to $2.58-$2.70, excluding inventory revaluation costs from recent acquisitions. The Company expects continued sequential strengthening in the third and fourth quarters of 2004, forecasting $0.68-$0.73 of DEPS in its third quarter and $0.75-$0.82 of DEPS in its fourth quarter. 
Mr.     Jellison commented, “Despite lower sales to Gazprom, which now represents 1% or less of our expected net sales this year, we remain on track to achieve our plans for record sales, cash flow and earnings this year. Favorable market conditions and organic growth initiatives should produce sequentially higher revenues throughout the remainder of the year, further expanding our already high margins. Cash flows are expected to continue to grow, increasing the financial resources available to support our full pipeline of acquisition opportunities.” 
Second Quarter Results by Segment 
All comparisons are made against the year-ago period unless otherwise stated. 
The Instrumentation segment posted $50 million of net sales in the second quarter, a 15% increase, driven by continued strength in petroleum analysis and materials testing markets. Operating profits increased 61% to over $8 million due to higher sales and benefits from restructuring activities completed in the prior year. Operating margins improved 490 basis points to 17%. 
Excluding sales to Gazprom, second quarter net sales increased 31% in the Energy Systems & Controls segment due to strong activity with oil & gas and power utility maintenance customers. Total net sales increased 1% to $36 million. Operating profit grew 27% to $7 million in the quarter and operating margins improved 390 basis points to 19% as the segment realized the benefits of restructuring activities. 
The Industrial Technology segment reported net sales of $101 million in the second quarter, 132% higher, due primarily to contributions from Neptune and organic sales gains throughout the segment. The segment produced a record $22 million of operating profit during the quarter and an operating margin of 22%. 
Scientific & Industrial Imaging segment net sales rose 5% to $46 million, including sales of handheld instruments acquired as part of the NTGH transaction. Net orders increased 29%, supporting the Company’s expectations for a stronger second half for the segment. Operating profits increased 16% to $7 million, and operating margins increased 150 basis points to 16%. 
Conference Call to be Held at 10:00 AM (ET) Tomorrow 
A conference call to discuss these results has been scheduled for 10:00 AM ET on Thursday, July 29, 2004. The call can be accessed via webcast or by dialing (800) 811-0667 (US/Canada) or +1 (913) 981-4901, using confirmation code 555496. Webcast information and conference call materials will be made available in the “Investor Information” section of Roper’s website (www.roperind.com) prior to the start of the call. Telephonic replays will be available for up to two weeks by calling +1 (719) 457-0820 and using the passcode 555496. 
Table 1: EBITDA (millions) 
	Q2 2004
		Q2 2003
		
Net earnings	 	 	$	23.6	 	$	12.7	 	
Interest expense	 	 	 	6.8	 	 	4.4	 	
Income tax expense	 	 	 	10.3	 	 	5.6	 	
Depreciation & amortization expense	 	 	 	9.9	 	 	4.2	 	
					
EBITDA	 	 	$	50.6	 	$	26.9	 	
					
Table 2: Cash DEPS 
	2004 Forecast
		
DEPS	 	 	$2.54-$2.66	 	 	
Add: Inventory revaluation charges from acquisitions	 	 	0.04	 	 	
				
DEPS before inventory revaluation charges	 	 	$2.58-$2.70	 	 	
Add: Depreciation & amortization expense per share (diluted)	 	 	1.04	 	 	
				
Cash DEPS	 	 	$3.62-$3.74	 	 	
				
Table 3: Sales to Gazprom (Millions)
	Q2 2004
		Q2 2003
		
Sales to Gazprom	 	 	$	0.7	 	$	8.7	 	
					
About Roper Industries 
Roper Industries is a diversified industrial growth company providing engineered products and solutions for global niche markets. Additional information about Roper Industries, including registration for Company’s press releases via email, is available on the Company’s website, www.roperind.com. 
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management’s current beliefs and are not guarantees of performance. They involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Important risk factors include those discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2003, and may be discussed in subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. 
_________________ 
Roper Industries, Inc. and Subsidiaries 
Condensed Consolidated Balance Sheets (unaudited)
(Amounts in thousands)
	June 30,
2004
		December 31,
2003
		
ASSETS	 	 	 		 	 		 	
					
CURRENT ASSETS:	 	 		
  Cash and cash equivalents	 	 	$	74,733	 	$	70,234	 	
  Accounts receivable	 	 	 	161,833	 	 	150,856	 	
  Inventories	 	 	 	108,995	 	 	107,082	 	
  Deferred taxes	 	 	 	29,964	 	 	33,314	 	
  Other current assets	 	 	 	15,031	 	 	19,706	 	
					
    Total current assets	 	 	 	390,556	 	 	381,192	 	
					
PROPERTY, PLANT AND EQUIPMENT, NET	 	 	 	75,840	 	 	78,461	 	
					
OTHER ASSETS:	 	 		
  Goodwill	 	 	 	736,014	 	 	711,158	 	
  Other intangible assets, net	 	 	 	301,059	 	 	298,669	 	
  Deferred taxes	 	 	 	2,121	 	 	6,034	 	
  Other assets	 	 	 	39,665	 	 	39,481	 	
					
    Total other assets	 	 	 	1,078,859	 	 	1,055,342	 	
					
TOTAL ASSETS	 	 	$	1,545,255	 	$	1,514,995	 	
					
LIABILITIES AND STOCKHOLDERS' EQUITY	 	 		
					
CURRENT LIABILITIES:	 	 		
  Accounts payable	 	 	$	51,370	 	$	45,412	 	
  Accrued liabilities	 	 	 	77,991	 	 	93,523	 	
  Deferred taxes	 	 	 	1,640	 	 	1,639	 	
  Current portion of long-term debt	 	 	 	20,184	 	 	20,923	 	
					
    Total current liabilities	 	 	 	151,185	 	 	161,497	 	
					
NONCURRENT LIABILITIES:	 	 		
  Long-term debt	 	 	 	599,264	 	 	630,186	 	
  Deferred taxes	 	 	 	53,596	 	 	50,187	 	
  Other liabilities	 	 	 	18,829	 	 	17,344	 	
					
    Total liabilities	 	 	 	822,874	 	 	859,214	 	
					
STOCKHOLDERS' EQUITY:	 	 		
  Common stock	 	 	 	381	 	 	372	 	
  Additional paid-in capital	 	 	 	328,552	 	 	293,402	 	
  Retained earnings	 	 	 	371,100	 	 	336,520	 	
  Accumulated other comprehensive earnings	 	 	 	45,655	 	 	48,989	 	
  Treasury stock	 	 	 	(23,307	)	 	(23,502	)	
					
    Total stockholders' equity	 	 	 	722,381	 	 	655,781	 	
					
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	 	 	$	1,545,255	 	$	1,514,995	 	

Roper Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings (unaudited)
(Amounts in thousands, except per share data)
	Three months ended
June 30,
		Six months ended
June 30,
		
	2004
		2003
		2004
		2003
		
Net sales	 	 	$	232,434	 	$	166,055	 	$	453,074	 	$	315,498	 	
Cost of sales	 	 	 	116,419	 	 	80,858	 	 	227,621	 	 	151,610	 	
									
Gross profit	 	 	 	116,015	 	 	85,197	 	 	225,453	 	 	163,888	 	
Selling, general and administrative expenses	 	 	 	75,307	 	 	62,203	 	 	151,773	 	 	117,613	 	
									
Income from operations	 	 	 	40,708	 	 	22,994	 	 	73,680	 	 	46,275	 	
Interest expense	 	 	 	6,836	 	 	4,382	 	 	13,739	 	 	8,635	 	
Other income/(expense)	 	 	 	12	 	 	74	 	 	35	 	 	44	 	
									
Earnings from continuing operations before	 	 		
   income taxes	 	 	 	33,884	 	 	18,686	 	 	59,976	 	 	37,684	 	
Income taxes	 	 	 	10,334	 	 	5,604	 	 	18,292	 	 	11,305	 	
									
Earnings from continuing operations	 	 	 	23,550	 	 	13,082	 	 	41,684	 	 	26,379	 	
Loss from discontinued operations, net of tax benefit	 	 		
    of $240 and $480, respectively for 2003	 	 	 	0	 	 	410	 	 	0	 	 	910	 	
									
Net Earnings	 	 	$	23,550	 	$	12,672	 	$	41,684	 	$	25,469	 	
									
Earnings per share:	 	 		
  Basic:	 	 		
    Earnings from continuing operations	 	 	$	0.64	 	$	0.42	 	$	1.13	 	$	0.84	 	
    Loss from discontinued operations	 	 	$	--	 	$	(0.01	)	$	--	 	$	(0.03	)	
									
    Net Earnings	 	 	$	0.64	 	$	0.40	 	$	1.13	 	$	0.81	 	
									
  Diluted:	 	 		
    Earnings from continuing operations	 	 	$	0.63	 	$	0.41	 	$	1.12	 	$	0.83	 	
    Loss from discontinued operations	 	 	$	--	 	$	(0.01	)	$	--	 	$	(0.03	)	
									
    Net Earnings	 	 	$	0.63	 	$	0.40	 	$	1.12	 	$	0.80	 	
									
Weighted average common and common	 	 		
  equivalent shares outstanding:	 	 		
    Basic	 	 	 	36,863	 	 	31,471	 	 	36,784	 	 	31,437	 	
    Diluted	 	 	 	37,468	 	 	31,780	 	 	37,375	 	 	31,747	 	

Roper Industries, Inc. and Subsidiaries 
Selected Segment Financial Data (unaudited)
(Amounts in thousands and percents of net sales)
	Three months ended June 30,
		Six months ended June 30,
		
	2004
		2003
		2004
		2003
		
	Amount
		%
		Amount
		%
		Amount
		%
		Amount
		%
		
Net sales:	 	 	 		 	 		 	 		 	 		 	 		 	 		 	 		 	 		 	
  Instrumentation	 	 	$	49,702	 	 	 		$	43,316	 	 	 		$	98,827	 	 	 		$	85,838	 	 	 		
  Industrial Technology	 	 	 	100,961	 	 	 		 	43,437	 	 	 		 	194,079	 	 	 		 	83,603	 	 	 		
  Energy Systems & Controls	 	 	 	36,261	 	 	 		 	35,884	 	 	 		 	68,338	 	 	 		 	63,639	 	 	 		
  Scientific & Industrial Imaging	 	 	 	45,510	 	 	 		 	43,418	 	 	 		 	91,830	 	 	 		 	82,418	 	 	 		
																	
    Total	 	 	$	232,434	 	 	 		$	166,055	 	 	 		$	453,074	 	 	 		$	315,498	 	 	 		
																	
Gross profit:	 	 		
  Instrumentation	 	 	$	28,529	 	 	57.4	%	$	25,004	 	 	57.7	%	$	57,760	 	 	58.4	%	$	49,907	 	 	58.1	%	
  Industrial Technology	 	 	 	43,027	 	 	42.6	%	 	20,061	 	 	46.2	%	 	80,512	 	 	41.5	%	 	38,650	 	 	46.2	%	
  Energy Systems & Controls	 	 	 	18,973	 	 	52.3	%	 	17,473	 	 	48.7	%	 	36,591	 	 	53.5	%	 	32,200	 	 	50.6	%	
  Scientific & Industrial Imaging	 	 	 	25,486	 	 	56.0	%	 	22,659	 	 	52.2	%	 	50,590	 	 	55.1	%	 	43,131	 	 	52.3	%	
																	
    Total	 	 	$	116,015	 	 	49.9	%	$	85,197	 	 	51.3	%	$	225,453	 	 	49.8	%	$	163,888	 	 	51.9	%	
																	
Operating profit*:	 	 		
  Instrumentation	 	 	$	8,435	 	 	17.0	%	$	5,234	 	 	12.1	%	$	17,830	 	 	18.0	%	$	12,842	 	 	15.0	%	
  Industrial Technology	 	 	 	21,684	 	 	21.5	%	 	9,403	 	 	21.6	%	 	37,411	 	 	19.3	%	 	18,192	 	 	21.8	%	
  Energy Systems & Controls	 	 	 	6,848	 	 	18.9	%	 	5,395	 	 	15.0	%	 	11,649	 	 	17.0	%	 	8,955	 	 	14.1	%	
  Scientific & Industrial Imaging	 	 	 	7,385	 	 	16.2	%	 	6,378	 	 	14.7	%	 	14,380	 	 	15.7	%	 	12,699	 	 	15.4	%	
																	
    Total	 	 	$	44,352	 	 	19.1	%	$	26,410	 	 	15.9	%	$	81,270	 	 	17.9	%	$	52,688	 	 	16.7	%	
																	
Net Orders:	 	 		
  Instrumentation	 	 	$	49,132	 	 	 		$	41,858	 	 	 		$	97,560	 	 	 		$	81,786	 	 	 		
  Industrial Technology	 	 	 	96,615	 	 	 		 	44,511	 	 	 		 	189,310	 	 	 		 	87,577	 	 	 		
  Energy Systems & Controls	 	 	 	31,851	 	 	 		 	45,013	 	 	 		 	65,745	 	 	 		 	67,835	 	 	 		
  Scientific & Industrial Imaging	 	 	 	45,429	 	 	 		 	35,211	 	 	 		 	90,499	 	 	 		 	72,970	 	 	 		
																	
    Total	 	 	$	223,027	 	 	 		$	166,593	 	 	 		$	443,114	 	 	 		$	310,168	 	 	 		
																	
* 	Operating profit is before unallocated corporate general and administrative expenses. Such expenses were $3,644 and $3,416 for the three months ended June 30, 2004 and 2003, respectively, and $7,590 and $6,413 for the six months ended June 30, 2004 and 2003, respectively.	

Roper Industries, Inc. and Subsidiaries 
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands)
	Six months ended
June 30,
		
	2004
		2003
		
Net earnings	 	 	$	41,684	 	$	25,469	 	
Depreciation	 	 	 	8,845	 	 	5,794	 	
Amortization	 	 	 	10,766	 	 	2,295	 	
Other, net	 	 	 	4,646	 	 	2,964	 	
						
  Cash provided by operating activities	 	 	 	65,941	 	 	36,522	 	
Business acquisitions, net of cash acquired	 	 	 	(51,511	)	 	(65	)	
Capital expenditures	 	 	 	(5,125	)	 	(4,836	)	
Other, net	 	 	 	(1,307	)	 	(1,516	)	
						
  Cash used by investing activities	 	 	 	(57,943	)	 	(6,417	)	
Debt payments, net	 	 	 	(30,752	)	 	(17,272	)	
Issuance of common stock	 	 	 	28,873	 	 	--	 	
Dividends	 	 	 	(7,104	)	 	(5,514	)	
Other, net	 	 	 	6,183	 	 	2,575	 	
						
  Cash used by financing activities	 	 	 	(2,800	)	 	(20,211	)	
Effect of exchange rate changes on cash	 	 	 	(699	)	 	2,040	 	
						
Net increase in cash and equivalents	 	 	 	4,499	 	 	11,934	 	
Cash and equivalents, beginning of period	 	 	 	70,234	 	 	15,270	 	
						
Cash and equivalents, end of period	 	 	$	74,733	 	$	27,204