SPX Reports Fourth Quarter 2013 Results And Provides 2014 Annual Financial Guidance

  SPX Reports Fourth Quarter 2013 Results And Provides 2014 Annual Financial
                                   Guidance

-- Q4 2013 Segment Income Margins Expanded 70 points to 12.9%

-- Record Order Quarter for Flow Segment

-- Q4 2013 Diluted Earnings Per Share from Continuing Operations of $1.85

-- 2014 Adjusted EPS from Continuing Operations* Guidance of $5.00 to $5.50

-- Announces 50% Increase in Annual Dividend

PR Newswire

CHARLOTTE, N.C., Feb. 12, 2014

CHARLOTTE, N.C., Feb. 12, 2014 /PRNewswire/ --SPX Corporation (NYSE:SPW)
today reported results for the fourth quarter ended December 31, 2013 and
provided 2014 annual financial guidance.

Fourth Quarter 2013 Overview:

  oRevenues declined 3.4% to $1.32 billion from $1.37 billion in the year-ago
    quarter. Organic revenues* decreased 3.0% and currency fluctuations
    decreased revenues by 0.4%.
  oSegment income and margins improved to $170.7 million and 12.9%, compared
    to $166.5 million and 12.2% in the year-ago quarter.
  oDiluted net income per share from continuing operations was $1.85,
    compared to a net loss per share from continuing operations of ($5.56) in
    the year-ago quarter. The prior year quarter included a non-cash
    impairment charge of $285.9 million, or $5.19 per share net of tax,
    associated with the Thermal Equipment and Services segment and a
    mark-to-market pension charge of $149.9 million, or $1.96 per share net of
    tax.
  oNet cash from continuing operations was $248.7 million, compared to net
    cash from continuing operations of $199.2 million in the year-ago
    quarter.
  oFree cash flow from continuing operations* was $236.3 million, compared to
    free cash flow from continuing operations of $174.0 million in the
    year-ago quarter.

Full Year 2013 Overview:

  oRevenues declined 2.4% to $4.72 billion from $4.83 billion in the prior
    year. Organic revenues* decreased 1.7%, currency fluctuations decreased
    revenues by 0.8% and acquisitions increased revenues by 0.1%.
  oSegment income and margins improved to $494.5 million and 10.5%, compared
    to $472.5 million and 9.8% in the prior year.
  oDiluted net income per share from continuing operations was $4.33,
    compared to a net loss per share from continuing operations of ($3.59) in
    2012. The prior year included a non-cash impairment charge of $285.9
    million, or $5.11 per share net of tax, associated with the Thermal
    Equipment and Services segment and a mark-to-market pension charge of
    $149.9 million, or $1.94 per share net of tax.
  oNet cash from continuing operations was $98.6 million, compared to net
    cash from continuing operations of $49.3 million in the prior year.
  oAdjusted free cash flow* from continuing operations increased to $318.7
    million, compared to free cash flow from continuing operations of ($32.1)
    million in 2012.

"We are committed to improving operational performance, returning capital to
shareholders and focusing our strategy around our Flow end markets. We made
very good progress in each of these areas during 2013 and finished with a
strong fourth quarter," said Chris Kearney, Chairman, President and Chief
Executive Officer of SPX.

"Our fourth quarter results were highlighted by strong free cash flow
performance, margin improvement and order growth. Free cash flow for the
quarter was $236 million, and we finished the year with $692 million of cash
on hand, exceeding our expectations. Segment income margins expanded 70
points, driven by operational improvement at both our Flow and Industrial
segments. Orders in the fourth quarter increased over the prior year in all
three segments, including another record order quarter for our Flow segment."

Kearney continued, "On the strategic front, we completed the sale of our EGS
joint venture interest in January, and the sale processes for the discontinued
industrial assets are progressing. As we continue to focus our business
around our Flow end markets, we are simultaneously reducing our overall cost
structure. We initiated actions that will significantly reduce our pension
obligations going forward. We also refinanced our senior credit facilities
and completed the redemption of $500 million of bonds. As a result of these
actions, we expect pension and interest expense to decline significantly in
our 2014 adjusted earnings model."

"Additionally, we have committed $500 million to share repurchases that we
expect to complete by the end of this year. After all of these actions, we
still expect to be within our target leverage range of 1.5x to 2.5x gross debt
to EBITDA. Given that, we are also implementing a dividend increase effective
with our next quarterly dividend payment. Our annual dividend will now be
targeted at $1.50 per share, payable quarterly."

"Looking at 2014, we remain cautious on the global economy, but are encouraged
by the positive order momentum we experienced in the second half of 2013,
particularly in our Flow segment. For 2014, we are targeting 2% to 6% revenue
growth and 90 points of margin expansion at the segment level, with margins
increasing at all three segments. Our guidance range for adjusted EPS from
continuing operations* is $5.00 to $5.50 per share."

CONTINUING OPERATIONS OVERVIEW

Flow Technology 

Revenues for the fourth quarter of 2013 were $720.0 million, compared to
$728.2 million in the fourth quarter of 2012, a decrease of $8.2 million, or
1.1%. Organic revenues* decreased 1.2%, while currency fluctuations increased
revenues by 0.1%. The decrease in organic revenues was due primarily to a
lower level of OE pump sales resulting from our increased discipline in order
acceptance of OE pump contracts as well as fewer nuclear project
opportunities. These declines were largely offset by increased sales of oil
& gas aftermarket services and pipeline valves, as well as increased sales of
food and beverage systems and components.

Segment income was $103.2 million, or 14.3% of revenues, in the fourth quarter
of 2013, compared to $90.8 million, or 12.5% of revenues, in the fourth
quarter of 2012. The increase in segment income and margin was due to growth
in higher margin aftermarket and component sales and also to reduced costs as
a result of restructuring actions completed earlier in the year.

Thermal Equipment and Services

Revenues for the fourth quarter of 2013 were $364.7 million, compared to
$446.7 million in the fourth quarter of 2012, a decrease of $82.0 million, or
18.4%.Organic revenues* declined 16.9%, while currency fluctuations decreased
revenues by 1.5%.The organic revenue decline was due to lower sales of power
generation equipment, the expected decline of residential boiler sales related
to the 2012 Hurricane Sandy relief efforts and the ramp-down in revenue on the
large power projects in South Africa.

Segment income was $32.3 million, or 8.9% of revenues, in the fourth quarter
of 2013 compared to $50.9 million, or 11.4% of revenues, in the fourth quarter
of 2012.The decrease in segment income and margin was primarily due to the
organic revenue decline described above, offset partially by improved
execution and cost reductions from restructuring actions.

Industrial Products and Services and Other

Revenues for the fourth quarter of 2013 were $234.3 million, compared to
$191.1 million in the fourth quarter of 2012, an increase of $43.2 million, or
22.6%. Organic revenues* increased 22.4%, while currency fluctuations
increased revenues by 0.2%. Each business within the group experienced
organic revenue growth in the period, led by a significant increase in sales
of power transformers.

Segment income was $35.2 million, or 15.0% of revenues, in the fourth quarter
of 2013, compared to $24.8 million, or 13.0% of revenues, in the fourth
quarter of 2012. The increase in income and margin was due primarily to
leverage on the organic revenue growth described above as well as improved
operational execution at our power transformer business.

OTHER ITEMS

Pension and Post Retirement Plan Actions: On November 12, 2013, we agreed to
transfer the obligations for the monthly pension payments of the current
retirees under the SPX U.S. Pension Plan (the "Plan") to Massachusetts Mutual
Life Insurance Company through the purchase of a group annuity contract.

Additionally, during a designated election period in the first quarter of
2014, we are offering approximately 7,500 eligible former employees under the
Plan a voluntary single lump-sum payment option in lieu of a future pension
benefit under the Plan.

We elected (during the fourth quarter of 2013) to change our accounting
methods for recognizing changes in the fair value of plan assets and actuarial
gains and losses associated with our pension and postretirement benefit plans.
Under our new accounting methods, we recognize actuarial gains and losses into
earnings during the fourth quarter of each year as a component of net periodic
benefit expense. The remaining components of pension/postretirement expense,
primarily service and interest costs and expected return on plan assets, are
recorded on a quarterly basis. These changes have been reported through
retrospective application of the new accounting methods to all periods
reported.

Sale of Interest in EGS Joint Venture: On January 7, 2014, we completed the
sale of our 44.5% interest in EGS to Emerson Electric Co. for $574.1 million.
As a result of the sale, we will record a gain, net of tax, of approximately
$300.0 million in our first quarter 2014 results.

Credit Facility Refinancing: On December 23, 2013, we amended our existing
senior credit facilities to, among other items:

  oExtend the final maturity of the facilities to December 23, 2018;
  oIncrease the borrowing capacity under our term loan facility from $475.0
    million to $575.0 million, with annual aggregate repayments of 5.0% of the
    initial principal balance ($475.0 million, together with any additional
    borrowings of up to $100.0 million available to be drawn under the
    facility on a delayed draw basis through June 20, 2014) beginning with the
    first fiscal quarter of 2015, with the remaining balance repayable in full
    on December 23, 2018;
  oReduce availability under our global revolving credit facility from $300.0
    million to $200.0 million; and
  oReduce availability under our foreign credit instrument facilities from
    $1,200.0 million to $1,000.0 million.

Bond Redemption: On February 11, 2014, we completed the redemption of $500
million of bonds scheduled to mature in December 2014. As a result, we will
record a pre-tax charge of approximately $32 million related to the premium
and transaction fees associated with the early extinguishment of debt in our
first quarter 2014 results. 

Dividend: On November 20, 2013, we announced that our Board of Directors had
declared a quarterly dividend of $0.25 per common share to shareholders of
record on December 12, 2013, which was paid on January 3, 2014.

On February 10, 2014 the Board of Directors approved a 50% increase in the
annual dividend to $1.50 per share, paid quarterly.

Form 10-K: The company expects to file its annual report on Form 10-K for the
year ended December 31, 2013 with the Securities and Exchange Commission no
later than March 1, 2014. This press release should be read in conjunction
with that filing, which will be available on the company's website at
www.spx.com, in the Investor Relations section.

About SPX: Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is
a global Fortune 500 multi-industry manufacturing leader with approximately $5
billion in annual revenue, operations in more than 35 countries and over
14,000 employees. The company's highly-specialized, engineered products and
technologies are concentrated in flow technology and energy infrastructure.
Many of SPX's innovative solutions are playing a role in helping to meet
rising global demand for electricity and processed foods and beverages,
particularly in emerging markets. The company's products include food
processing systems for the food and beverage industry, critical flow
components for oil and gas processing, power transformers for utility
companies, and cooling systems for power plants. For more information, please
visit www.spx.com.

*Non-GAAP number. See below for our definition of 2014 adjusted earnings per
share from continuing operations. For all other non-GAAP numbers, see
attached financial schedules for reconciliation to most comparable GAAP
number.

2014 adjusted earnings per share from continuing operations is defined as
diluted net income per share from continuing operations excluding the gain on
the sale of our joint venture interest in EGS Electrical Group, charges
related to the early extinguishment of our bonds and non-service related costs
associated with our defined benefit pension and post retirement plans.

Certain statements in this press release are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to the safe harbor created thereby. Please read these results
in conjunction with the company's documents filed with the Securities and
Exchange Commission, including the company's annual reports on Form 10-K, and
any amendments thereto, and quarterly reports on Form 10-Q. These filings
identify important risk factors and other uncertainties that could cause
actual results to differ from those contained in the forward-looking
statements. Actual results may differ materially from these statements. The
words "expect," "anticipate," "project" and similar expressions identify
forward-looking statements. Although the company believes that the
expectations reflected in its forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct. In
addition, estimates of future operating results are based on the company's
current complement of businesses, which is subject to change. Statements in
this press release speak only as of the date of this press release, and SPX
disclaims any responsibility to update or revise such statements.

SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
                          Three months ended December  Twelve months ended
                          31,                          December 31,
                          2013           2012          2013        2012
Revenues                  $ 1,319.0      $ 1,366.0     $ 4,717.2   $ 4,831.0
Costs and expenses:
 Cost of products sold 921.4          984.0         3,359.6     3,517.4
 Selling, general and  245.4          395.3         956.0       1,112.6
administrative
 Intangible            8.6            7.7           33.0        34.1
amortization
 Impairment of
goodwill and other       4.7            285.9         6.7         285.9
 long-term assets
 Special charges, net 7.2            6.2           32.3        23.4
 Operating income   131.7          (313.1)       329.6       (142.4)
(loss)
Other income (expense),   (7.1)          (5.0)         (11.3)      14.0
net
Interest expense          (29.2)         (29.4)        (112.6)     (114.4)
Interest income           2.0            1.8           8.2         6.3
Equity earnings in joint  11.6           13.6          42.2        38.6
ventures
 Income (loss) from
continuing operations     109.0          (332.1)       256.1       (197.9)
before income taxes
Income tax (provision)    (24.6)         56.4          (54.8)      21.3
benefit
 Income (loss) from    84.4           (275.7)       201.3       (176.6)
continuing operations
Income from discontinued  4.2            6.0           15.3        46.4
operations, net of tax
Gain (loss) on
disposition of            (1.7)          315.0         (4.0)       313.4
discontinued operations,
net of tax
 Income from
discontinued operations,  2.5            321.0         11.3        359.8
net of tax
Net income                86.9           45.3          212.6       183.2
Less: Net income (loss)
attributable to           (0.1)          0.3           2.4         2.8
noncontrolling interests
Net income attributable
to SPX Corporation common $   87.0    $   45.0   $  210.2  $  180.4
shareholders
Amounts attributable to
SPX Corporation common
shareholders:
Income (loss) from
continuing operations,    $   84.5    $ (276.0)    $  199.1  $ (179.6)
net of tax
Income from discontinued  2.5            321.0         11.1        360.0
operations, net of tax
Net income                $   87.0    $   45.0   $  210.2  $  180.4
Basic income (loss) per
share of common stock:
 Income (loss) from
continuing operations                                  $  
attributable to SPX       $   1.89    $  (5.56)   4.39       $  (3.59)
Corporation common
shareholders
 Income from
discontinued operations
attributable to SPX       0.05           6.47          0.24        7.20
Corporation common
shareholders
 Net income per
share attributable to SPX $   1.94    $   0.91   $         $   3.61
Corporation common                                     4.63
shareholders
Weighted average number
of common shares          44.768         49.605        45.384      50.031
outstanding - basic
Diluted income (loss) per
share of common stock:
 Income (loss) from
continuing operations                                  $  
attributable to SPX       $   1.85    $  (5.56)   4.33       $  (3.59)
Corporation common
shareholders
 Income from
discontinued operations
attributable to SPX       0.06           6.47          0.24        7.20
Corporation common
shareholders
 Net income per
share attributable to SPX $   1.91    $   0.91   $         $   3.61
Corporation common                                     4.57
shareholders
Weighted average number
of common shares          45.609         49.605        46.006      50.031
outstanding - diluted





SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
                                       December 31,        December 31,
                                       2013                2012
ASSETS
Current assets:
 Cash and equivalents               $      691.8  $      984.1
 Accounts receivable, net           1,206.7             1,311.8
 Inventories, net                   502.2               522.9
 Other current assets               104.3               148.7
 Deferred income taxes             119.6               92.4
 Assets of discontinued operations  148.3               142.6
 Total current assets             2,772.9             3,202.5
Property, plant and equipment:
 Land                               45.4                43.5
 Buildings and leasehold            384.4               389.7
improvements
 Machinery and equipment            789.7               776.4
                                       1,219.5             1,209.6
 Accumulated depreciation           (527.2)             (480.8)
 Property, plant and equipment, net 692.3               728.8
Goodwill                              1,517.0             1,509.8
Intangibles, net                      924.7               955.3
Other assets                          911.7               733.7
TOTAL ASSETS                          $     6,818.6   $     7,130.1
LIABILITIES AND EQUITY
Current liabilities:
 Accounts payable                   $      494.6  $      553.1
 Accrued expenses                   989.2               980.0
 Income taxes payable               73.1                174.9
 Short-term debt                    26.9                33.4
 Current maturities of long-term    558.7               8.7
debt
 Liabilities of discontinued        31.9                34.9
operations
 Total current liabilities      2,174.4             1,785.0
Long-term debt                        1,090.0             1,649.9
Deferred and other income taxes      389.6               247.2
Other long-term liabilities           992.6               1,212.5
 Total long-term liabilities    2,472.2             3,109.6
Equity:
 SPX Corporation shareholders'
equity:
 Common stock                       1,004.5             998.9
 Paid-in capital                    1,571.5             1,553.7
 Retained earnings                  2,303.1             2,138.4
 Accumulated other comprehensive    287.5               284.8
income
 Common stock in treasury           (3,008.6)           (2,751.6)
 Total SPX Corporation            2,158.0             2,224.2
shareholders' equity
 Noncontrolling interests           14.0                11.3
 Total equity                  2,172.0             2,235.5
TOTAL LIABILITIES AND EQUITY           $     6,818.6   $     7,130.1





SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
                                      Three months ended   Twelve months ended
                                      December 31,         December 31,
                                      2013      2012       2013      2012
Cash flows from operating activities:
Net income                            $  86.9  $  45.3  $ 212.6   $  183.2
Less: Income from discontinued        2.5       321.0      11.3      359.8
operations, net of tax
Income (loss) from continuing         84.4      (275.7)    201.3     (176.6)
operations
Adjustments to reconcile income
(loss) from continuing operationsto
net cash from operating activities:
 Special charges, net               7.2       6.2        32.3      23.4
 Impairment of goodwill and other   4.7       285.9      6.7       285.9
long-term assets
 Gain on sale of a business         -         -          -         (20.5)
 Deferred and other income taxes    (7.3)     (45.1)     95.0      (31.3)
 Depreciation and amortization      30.3      25.9       114.8     107.6
 Pension and other employee         (1.0)     157.6      (0.1)     176.1
benefits
 Stock-based compensation           3.5       4.9        32.8      38.8
 Other, net                         6.2       (2.4)      10.4      8.3
Changes in operating assets and
liabilities, net ofeffects from
acquisition and divestitures:
 Accounts receivable and other      (20.3)    (22.8)     57.8      (215.2)
assets
 Inventories                        68.6      81.1       10.1      58.7
 Accounts payable, accrued expenses 80.1      (12.6)     (183.7)   (186.8)
and other
 Discretionary pension contribution -         -          (250.0)   -
 Cash spending on restructuring     (7.7)     (3.8)      (28.8)    (19.1)
actions
Net cash from continuing operations   248.7     199.2      98.6      49.3
Net cash from discontinued operations 14.1      23.8       6.7       20.5
Net cash from operating activities    262.8     223.0      105.3     69.8
Cash flow from (used in) investing
activities:
 Proceeds from asset sales and      -         8.9        9.8       18.9
other, net
 Decrease in restricted cash        0.1       -          -         1.9
 Business acquisitions and other    (2.9)     (3.8)      (2.9)     (34.3)
investments, net of cash acquired
 Capital expenditures               (12.4)    (25.2)     (54.9)    (81.4)
Net cash used in continued operations (15.2)    (20.1)     (48.0)    (94.9)
Net cash from (used in) discontinued  (0.2)     1,131.7    1.3       1,125.6
operations
Net cash from (used in) investing     (15.4)    1,111.6    (46.7)    1,030.7
activities
Cash flows used in financing
activities:
 Borrowings under senior credit     -         179.0      287.0     1,065.0
facilities
 Repayments under senior credit     -         (640.0)    (287.0)   (1,421.9)
facilities
 Borrowings under trade receivables -         -          35.0      127.3
agreement
 Repayments under trade receivables -         (46.0)     (35.0)    (127.3)
agreement
 Net repayments under other         (11.1)    (3.8)      (20.8)    (8.6)
financing arrangements
 Purchases of common stock         (11.2)    (170.6)    (260.2)   (245.6)
 Minimum withholdings paid on
behalf of employees for net share
settlements,net of proceeds from the
exercise of employee stock options    0.3       0.2        (16.2)    5.3
and other
 Financing fees paid                (5.4)     -          (5.4)     (0.2)
 Change in noncontrolling interest  -         -          1.9       -
in subsidiary
 Dividends paid                     (11.2)    (25.1)     (34.7)    (63.6)
Net cash used in continuing           (38.6)    (706.3)    (335.4)   (669.6)
operations
Net cash used in discontinued         -         -          -         -
operations
Net cash used in financing activities (38.6)    (706.3)    (335.4)   (669.6)
Change in cash and equivalents due to
changes in foreign currency exchange  (7.7)     9.5        (15.5)    2.2
rates
Net change in cash and equivalents    201.1     637.8      (292.3)   433.1
Consolidated cash and equivalents,    490.7     346.3      984.1     551.0
beginning of period
Consolidated cash and equivalents,    $ 691.8   $ 984.1   $ 691.8   $  984.1
end of period





SPX CORPORATION AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS
(Unaudited; in millions)
                      Three months ended          Twelve months ended
                      December 31,                December 31,
                      2013      2012      %       2013       2012       %
Flow Technology
reportable segment
Revenues              $ 720.0   $ 728.2  -1.1%   $ 2,638.0  $ 2,682.2  -1.6%
Gross profit          240.4     226.2             835.5      807.9
Selling, general and
administrative        130.4     129.6             500.5      495.1
expense
Intangible            6.8       5.8               26.7       27.7
amortization expense
Income                $ 103.2   $  90.8 13.7%   $         $  285.1 8.1%
                                                  308.3
 as a percent of    14.3%     12.5%             11.7%      10.6%
revenues
Thermal Equipment and
Services reportable
segment
Revenues              $ 364.7   $ 446.7  -18.4%  $ 1,344.2  $ 1,490.9  -9.8%
Gross profit          85.8      108.3             290.9      316.6
Selling, general and
administrative        52.1      56.2              203.8      204.7
expense
Intangible            1.4       1.2               5.2        5.2
amortization expense
Income                $  32.3  $  50.9 -36.5%  $        $  106.7 -23.2%
                                                  81.9
as a percent of      8.9%      11.4%             6.1%       7.2%
revenues
Industrial Products
and Services and
Other
Revenues              $ 234.3   $ 191.1  22.6%   $         $  657.9 11.7%
                                                  735.0
Gross profit          70.8      54.4              229.0      195.1
Selling, general and
administrative        35.2      28.9              123.6      113.2
expense
Intangible            0.4       0.7               1.1        1.2
amortization expense
Income                $  35.2  $  24.8 41.9%   $         $        29.2%
                                                  104.3     80.7
as a percent of      15.0%     13.0%             14.2%      12.3%
revenues
Total income for                                  $ 
reportable and other  $ 170.7   $ 166.5          494.5     $  472.5
operating segments
Corporate expenses 28.6      29.5              110.8      108.8
Pension and
postretirement        (5.0)     153.1             (17.7)     158.0
expense (income)
Stock-based           3.5       4.9               32.8       38.8
compensation expense
Impairment of
goodwill and other    4.7       285.9             6.7        285.9
long-term assets
Special charges, net  7.2       6.2               32.3       23.4
Consolidated                                      $ 
Operating Income      $ 131.7   $ (313.1)         329.6     $ (142.4)
(Loss)





SPX CORPORATION AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
(Unaudited)
                          Three months ended December 31, 2013
                          Net Revenue                   Foreign    Organic
                                                                   Revenue
                          Growth        Acquisitions   Currency   Growth
                          (Decline)                                (Decline)
Flow Technology           (1.1)       % -             % 0.1      % (1.2)     %
reportable segment
Thermal Equipment and
Services reportable       (18.4)      % -             % (1.5)    % (16.9)    %
segment
Industrial Products and   22.6        % -             % 0.2      % 22.4      %
Services and Other
Consolidated              (3.4)       % -             % (0.4)    % (3.0)     %
                          Twelve months ended December 31, 2013
                          Net Revenue                   Foreign    Organic
                                                                   Revenue
                          Growth        Acquisitions   Currency   Growth
                          (Decline)                                (Decline)
Flow Technology           (1.6)       % 0.1           % (0.2)    % (1.5)     %
reportable segment
Thermal Equipment and
Services reportable       (9.8)       % -             % (2.4)    % (7.4)     %
segment
Industrial Products and   11.7        % -             % -        % 11.7      %
Services and Other
Consolidated              (2.4)       % 0.1           % (0.8)    % (1.7)     %





SPX CORPORATION AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
                                 Three months ended  Twelve months ended
                                 December 31,       December 31,
                                 2013       2012     2013         2012
Net cash from continuing         $      $     $       $     
operations                       248.7     199.2    98.6       49.3
Capital expenditures -           (12.4)     (25.2)   (54.9)       (81.4)
continuing operations
Free cash flow from (used in)    236.3      174.0    43.7         (32.1)
continuing operations
Taxes payable on the gain from   -          -        115.0        -
the sale of Service Solutions
Tax benefit associated with      -          -        (90.0)       -
voluntary pension funding
Discretionary pension            -          -        250.0        -
contribution
Adjusted free cash flow from     $      $     $       $     
(used in) continuing operations  236.3     174.0   318.7       (32.1)





SPX CORPORATION AND SUBSIDIARIES
CASH AND DEBT RECONCILIATION
(Unaudited; in millions)
                        Twelve
                        months
                        ended
                        December
                        31, 2013
Beginning cash and      $     
equivalents                  
                        984.1
Cash from continuing    98.6
operations
Capital expenditures    (54.9)
Proceeds from asset     9.8
sales and other, net
Business acquisition
and other investments,  (2.9)
net of cash acquired
Borrowings under senior 287.0
credit facilities
Repayments under senior (287.0)
credit facilities
Net repayments under
other financing         (20.8)
arrangements
Financing fees paid     (5.4)
Minimum withholdings
paid on behalf of
employees for net share
settlements, net of     (16.2)
proceeds from the
exercise of employee
stock options and other
Purchases of common     (260.2)
stock
Dividends paid          (34.7)
Change in
noncontrolling interest 1.9
in subsidiary
Cash from discontinued  8.0
operations
Change in cash and
equivalents due to      (15.5)
changes in foreign
currency exchange rates
Ending cash and         $     
equivalents                  
                        691.8
                        Debt at                                     Debt at
                        December     Borrowings  Repayments  Other  December
                        31, 2012                                    31, 2013
Domestic revolving loan $       $         $         $    $    
facility                       287.0      (287.0)             
                           -                              -         -
Term loan              475.0        -           -           -      475.0
6.875% senior notes     600.0        -           -           -      600.0
7.625% senior notes     500.0        -           -           -      500.0
Trade receivables       -            35.0        (35.0)      -      -
financing arrangement
Other indebtedness      117.0        3.4         (24.2)      4.4    100.6
                        $       $         $         $    $    
Totals                           325.4      (346.2)             
                        1,692.0                              4.4   1,675.6



SOURCE SPX Corporation

Website: http://www.spx.com
Contact: Ryan Taylor (Investors), 704-752-4486, E-mail: investor@spx.com; or
Jennifer H. Epstein (Media), 704-752-7403, jennifer.epstein@spx.com
 
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