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Portfolio: EnPro Industries

A weekly report compiled from the proxy statement and annual report of
a publicly held company with local headquarters or a company with a
major division in the area

Based in Charlotte, N.C., EnPro Industries Inc. is engaged in the design,
development, manufacturing and marketing of proprietary engineered industrial
products. EnPro operates in three segments: sealing products, engineered products
and engine products and services. The sealing products segment designs, manufactures
and sells sheet gaskets, metallic gaskets, rotary lip seals, compression packing,
resilient metal seals, elastomeric seals, hydraulic components and expansion joints,
as well as wheel-end component systems, PTFE products and industrial rubber products.
The engineered products segment includes self-lubricating, non-rolling, metal polymer
bearing products, air compressor systems and vacuum pumps, and reciprocating compressor components. The engine products and services segment designs, manufactures, sells and
services heavy-duty, medium-speed diesel, natural gas engines and dual fuel reciprocating engines. The company has 29 primary manufacturing facilities located in the United States
and eight other countries. It employs some 4,200 people worldwide. Garlock Sealing Technologies, a subsidiary of EnPro, is headquartered in Palmyra and manufactures and markets fluid sealing products. As of April, Garlock employed 616 people locally.
Net sales were $838.6 million in fiscal 2005, up 1.5 percent over the previous year?s sales of $826.3 million. The company attributed the increase to strong demand in the heavy-duty truck market served by Stemco, increased requirements in the industrial markets served by Quincy Compressor and France Compressor Products, higher demand in the North American industrial
bearing markets, and increased volumes in the upstream oil and gas markets, as well as price increases. Net income rose to $58.6 million from $33.8 million in 2004, and net income per share increased 71.9 percent to $2.75 a share. Net cash flow provided by operating activities was
$76.4 million; net cash losses used in investing activities were $64.1 million; and net cash losses used in financing activities were $9.1 million.
The company’s fiscal year ended on Dec. 31.

Common shares outstanding 21,169,000
Price per share of common stock on Dec. 20 $34.12
Total market value on Dec. 20 $722,286,280
Controlled by all directors and officers as a group. 928,8961
(4.3 percent)

Performance Record
(Dollars in millions except per-share data)
2005 2004 2003 2002 2001
Net sales 838.6 826.3 $730.1 $710.4 $629.7
Net income (loss) 58.6 33.8 33.2 (12.6) 6.6
Net income (loss) per share 2.75 1.60 1.61 (0.62) NA
Total assets 1,276.2 1,181 1,020.7 955.3 1,473
Long-term debt 185.2 164.8 170.2 170.9 314.6
Shareholders? equity 539.9 476.5 436.6 387.5 276.4
Operating cash flow (loss) 76.4 41.1 44 19.9 (62.7)
Investing cash flow (loss) (64.1) (26.8) (36.8) (33.2) (169.8)
Financing cash flow (loss) (9.1) (3.9) 0.7 53 191.8

Directors Number of common shares1
J.P. Bolduc, 66, chairman and CEO, JPB Enterprises Inc. 1,000
Peter Browning, 64, non-executive chairman, Nucor Corp. 4,340
Joe Ford, 68, chairman, Alltel Corp. 10,000
James Hance Jr., 61 20,000
Gordon Harnett, 63, chairman and CEO,
Brush Engineered Materials Inc. 2,060
William Holland, 67, non-executive chairman 41,250
Wilbur Prezzano Jr., 65, non-executive chairman, Lance Inc. 0
Ernest Schaub, 62, president and CEO 477,023

Executive Compensation
Officer 2005 cash compensation2
Ernest Schaub, president and CEO $2,828,511
William Dries, senior vice president and chief financial officer 974,427
Richard Magee, senior vice president, general counsel and secretary 854,733
Richard Driscoll, senior vice president, human resources and administration 1,135,144
Wayne Byrne, vice president and controller 386,583
Above executive officers as a group $6,179,398

1Includes shares that may be acquired by exercising stock options and shares credited to directors’ retirement savings plan accounts
2Includes salaries, bonuses, value realized from stock options exercised, restricted stock awards, LTIP payouts and all other compensation

Researched by Jeff Sickelco

12/29/06 (C) Rochester Business Journal


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