Edgar Filing: IDEX CORP /DE/

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2006

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 1-10235

IDEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)

DELAWARE 36-3555336
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

630 DUNDEE ROAD, NORTHBROOK, ILLINOIS 60062
(Address of principal executive offices) (Zip Code)

Registrant's telephone number: (847) 498-7070

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer or a non-accelerated filer.

Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ]

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

Number of shares of common stock of IDEX Corporation outstanding as of
October 31, 2006: 53,627,394 (net of treasury shares).

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TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements. 1

Consolidated Balance Sheets 1
Consolidated Statements of Operations 2
Consolidated Statements of Shareholders' Equity 3
Consolidated Statements of Cash Flows 4
Notes to Consolidated Financial Statements 5

Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations. 14

Cautionary Statement Under the Private Securities Litigation
Reform Act 14
Historical Overview and Outlook 15
Results of Operations 16
Liquidity and Capital Resources 20

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 21

Item 4. Controls and Procedures. 21

PART II. OTHER INFORMATION

Item 1. Legal Proceedings. 21

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 22

Item 5. Other Information. 22

Item 6. Exhibits. 22

Signatures 22

Exhibit Index 23

Certifications 24

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

IDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)

SEPTEMBER 30, DECEMBER 31,
2006 2005
------------- ------------

ASSETS
Current assets
Cash and cash equivalents ................................. $ 78,529 $ 77,201
Receivables, less allowance for doubtful accounts of $3,991
at September 30, 2006 and $3,684 at December 31, 2005 .. 157,846 129,428
Inventories ............................................... 140,842 123,281
Assets held for sale ...................................... 947 10,099
Other current assets ...................................... 15,980 10,962
---------- ----------
Total current assets ................................... 394,144 350,971
Property, plant and equipment - net .......................... 154,387 142,485
Goodwill ..................................................... 772,589 691,399
Intangible assets - net ...................................... 54,925 28,615
Other noncurrent assets ...................................... 29,803 30,710
---------- ----------
Total assets ........................................... $1,405,848 $1,244,180
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable .................................... $ 73,944 $ 66,859
Accrued expenses .......................................... 84,215 72,180
Short-term borrowings ..................................... 7,278 3,144
Liabilities held for sale ................................. 504 4,792
Dividends payable ......................................... 8,006 6,321
---------- ----------
Total current liabilities .............................. 173,947 153,296
Long-term borrowings ......................................... 160,168 156,899
Deferred income taxes ........................................ 72,515 64,650
Other noncurrent liabilities ................................. 44,803 46,325
---------- ----------
Total liabilities ...................................... 451,433 421,170
---------- ----------
Shareholders' equity
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value
Issued: 53,558,992 shares at September 30, 2006 and
52,857,059 shares at December 31, 2005 .............. 535 529
Additional paid-in capital ................................ 319,722 290,428
Retained earnings ......................................... 611,023 524,035
Minimum pension liability adjustment ...................... (5,884) (5,884)
Cumulative translation adjustment ......................... 42,281 25,160
Treasury stock at cost: 82,255 shares at September 30, 2006
and 63,318 shares at December 31, 2005 ................. (3,248) (2,361)
Unearned stock compensation ............................... (10,014) (8,897)
---------- ----------
Total shareholders' equity ............................. 954,415 823,010
---------- ----------
Total liabilities and shareholders' equity ............. $1,405,848 $1,244,180
========== ==========

See Notes to Consolidated Financial Statements.

-1-

IDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

THIRD QUARTER NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
2006 2005 2006 2005
-------- -------- -------- --------

Net sales ................................................ $289,848 $249,576 $852,809 $758,387
Cost of sales ............................................ 171,083 148,272 500,990 447,948
-------- -------- -------- --------
Gross profit ............................................. 118,765 101,304 351,819 310,439
Selling, general and administrative expenses ............. 64,352 55,434 193,644 176,175
-------- -------- -------- --------
Operating income ......................................... 54,413 45,870 158,175 134,264
Other income - net ....................................... 501 134 770 479
Interest expense ......................................... 3,366 3,534 10,368 11,194
-------- -------- -------- --------
Income from continuing operations before income taxes .... 51,548 42,470 148,577 123,549
Provision for income taxes ............................... 18,215 14,478 51,044 43,301
-------- -------- -------- --------
Income from continuing operations ........................ 33,333 27,992 97,533 80,248
Income/(loss) from discontinued operations, net of tax ... (306) 523 528 845
Net gain on sale of discontinued operations, net of tax .. 12,969 -- 12,969 --
-------- -------- -------- --------
Income from discontinued operations, net of tax .......... 12,663 523 13,497 845
-------- -------- -------- --------
Net income ............................................... $ 45,996 $ 28,515 $111,030 $ 81,093
======== ======== ======== ========

Basic earnings per common share:
Continuing operations .................................... $ .63 $ .54 $ 1.84 $ 1.57
Discontinued operations .................................. .24 .01 .26 .02
-------- -------- -------- --------
Net income ............................................... $ .87 $ .55 $ 2.10 $ 1.59
======== ======== ======== ========

Diluted earnings per common share:
Continuing operations .................................... $ .62 $ .53 $ 1.81 $ 1.53
Discontinued operations .................................. .23 .01 .25 .01
-------- -------- -------- --------
Net income ............................................... $ .85 $ .54 $ 2.06 $ 1.54
======== ======== ======== ========

Share data:
Basic weighted average common shares outstanding ......... 53,126 51,618 52,926 51,087
Diluted weighted average common shares outstanding ....... 53,971 53,071 53,931 52,503

See Notes to Consolidated Financial Statements.

-2-

IDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(IN THOUSANDS EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)

COMMON
STOCK & MINIMUM
ADDITIONAL PENSION CUMULATIVE UNEARNED TOTAL
PAID-IN RETAINED LIABILITY TRANSLATION TREASURY STOCK SHAREHOLDERS'
CAPITAL EARNINGS ADJUSTMENT ADJUSTMENT STOCK COMPENSATION EQUITY
---------- -------- ---------- ----------- -------- ------------ -------------

Balance, December 31, 2005................ $290,957 $524,035 $(5,884) $25,160 $(2,361) $ (8,897) $823,010
Net income................................ 111,030 111,030
Other comprehensive income
Cumulative translation adjustment...... 17,121 17,121
--------
Other comprehensive income.......... 17,121
--------
Comprehensive income................ 128,151
--------
Issuance of 631,073 shares of common
stock from exercise of stock
options and deferred compensation
plans.................................. 25,767 25,767
Issuance of restricted stock.............. 3,533 (3,533) --
Amortization of restricted stock.......... 2,416 2,416
Restricted shares surrendered for tax
withholdings .......................... (887) (887)
Cash dividends declared - $.45 per
common share outstanding............... (24,042) (24,042)
-------- -------- ------- ------- ------- -------- --------
Balance, September 30, 2006............... $320,257 $611,023 $(5,884) $42,281 $(3,248) $(10,014) $954,415
======== ======== ======= ======= ======= ======== ========

See Notes to Consolidated Financial Statements.

-3-

IDEX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)

NINE MONTHS
ENDED SEPTEMBER 30,
--------------------
2006 2005
--------- --------

Cash flows from operating activities of continuing operations
Net income .......................................................................... $ 111,030 $ 81,093
Adjustments to reconcile net income to net cash provided by operating activities:
Earnings from discontinued operations ............................................ (528) (844)
Gain on sale of fixed assets ..................................................... (810) --
Gain on sale of business ......................................................... (12,969) --
Depreciation and amortization .................................................... 18,505 19,481
Amortization of intangible assets ................................................ 2,182 547
Amortization of debt issuance expenses ........................................... 342 428
Stock-based compensation expense ................................................. 8,429 2,168
Deferred income taxes ............................................................ 3,166 7,097
Excess tax benefit from stock-based compensation ................................. (4,887) --
Changes in (net of the effect from acquisitions):
Receivables ................................................................... (18,183) (23,514)
Inventories ................................................................... (3,595) (5,686)
Trade accounts payable ........................................................ 3,914 5,217
Accrued expenses .............................................................. 5,357 14,910
Other - net ...................................................................... (2,400) (599)
--------- --------
Net cash flows from operating activities of continuing operations .......... 109,553 100,298

Cash flows from investing activities of continuing operations
Additions to property, plant and equipment ....................................... (15,985) (16,790)
Acquisition of businesses, net of cash acquired .................................. (120,208) (425)
Proceeds from sales of discontinued businesses ................................... 31,474 --
Proceeds from fixed assets disposals ............................................. 1,848 --
Other ............................................................................ (1,500) 42
--------- --------
Net cash flows from investing activities of continuing operations .......... (104,371) (17,173)

Cash flows from financing activities of continuing operations
Borrowings under credit facilities for acquisitions .............................. 44,000 425
Net repayments under credit facilities ........................................... (44,000) (60,458)
Net repayments of other long-term debt ........................................... (751) (891)
Dividends paid ................................................................... (22,357) (18,400)
Distributions from discontinued operations ....................................... 328 1,235
Proceeds from stock option exercises ............................................. 14,276 25,575
Excess tax benefit from stock-based compensation ................................. 4,887 --
Other - net ...................................................................... (888) (4,219)
--------- --------
Net cash flows from financing activities of continuing operations .......... (4,505) (56,733)

Cash flows from discontinued operations
Net cash provided by operating activities of discontinued operations ............. 561 1,596
Net cash used in investing activities of discontinued operations ................. (321) (365)
Net cash used in financing activities of discontinued operations ................. (328) (1,235)
--------- --------
Net cash flows from discontinued operations ................................ (88) (4)

Effect of exchange rate changes on cash and cash equivalents ........................ 651 --
--------- --------
Net increase in cash ................................................................ 1,240 26,388
Cash and cash equivalents at beginning of year ...................................... 77,290 7,274
--------- --------
Cash and cash equivalents at end of period .......................................... $ 78,530 $ 33,662
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Less-cash, end of period-discontinued operations .................................... 1 10
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Cash and cash equivalents at end of period-continuing operations .................... $ 78,529 $ 33,652
========= ========

SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for:
Interest ......................................................................... $ 12,595 $ 13,478
Income taxes ..................................................................... 47,441 22,559

Significant non-cash activities:
Issuance of restricted stock ..................................................... $ 3,533 $ 6,669
Debt acquired with acquisition of business ....................................... 7,195 --

See Notes to Consolidated Financial Statements.

-4-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements of IDEX Corporation ("IDEX" or the
"Company") have been prepared in accordance with the instructions to Form 10-Q
under the Securities Exchange Act of 1934, as amended. The statements are
unaudited but include all adjustments, consisting only of recurring items,
except as noted, which the Company considers necessary for a fair presentation
of the information set forth herein. The results of operations for the three and
nine months ended September 30, 2006 are not necessarily indicative of the
results to be expected for the entire year.

The consolidated financial statements and Management's Discussion and
Analysis of Financial Condition and Results of Operations should be read in
conjunction with the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2005.

Stock-Based Compensation

Prior to January 1, 2006, the Company accounted for its stock-based
compensation using the intrinsic value method of APB Opinion No. 25, "Accounting
for Stock Issued to Employees," and related interpretations. The Company
provided pro forma disclosure in accordance with SFAS No. 148, "Accounting for
Stock-Based Compensation-Transition and Disclosure," as if the fair value method
of SFAS 123 had been applied to stock-based compensation. In accordance with APB
Opinion No. 25, no stock-based compensation cost was reflected in the Company's
prior year net income for grants of stock options to employees because the
Company granted stock options with an exercise price equal to the market value
of the stock on the date of grant. The reported stock-based compensation
expense, net of related tax effects, in prior periods represents the
amortization of restricted stock grants.

Had the Company used the fair value based accounting method for stock
compensation expense prescribed by SFAS Nos. 123 and 148 for the quarter and
nine months ended September 30, 2005, the Company's consolidated income from
continuing operations and income from continuing operations per share would have
been reduced to the pro-forma amounts illustrated as follows:

QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, 2005 SEPTEMBER 30, 2005
------------------ ------------------

Income from continuing operations - as reported $27,992 $80,248
Add: Total stock-based employee compensation included in reported
income from continuing operations, net of related tax effects 435 1,409
Deduct: Total stock-based compensation expense determined under fair-value
based method for all awards, net of related tax effects (1,856) (6,340)
------- -------
Income from continuing operations - pro forma $26,571 $75,317
======= =======

Income from continuing operations per share:
Basic - as reported $ 0.54 $ 1.57
Stock - based compensation 0.03 0.10
------- -------
Basic - pro forma $ 0.51 $ 1.47
======= =======

Diluted - as reported $ 0.53 $ 1.53
Stock - based compensation 0.03 0.09
------- -------
Diluted - pro forma $ 0.50 $ 1.44
======= =======

Effective January 1, 2006, IDEX adopted the fair value recognition
provisions of Statement of Financial Accounting Standards ("SFAS") No. 123(R),
"Share-Based Payment," using the modified prospective transition method and
therefore has not restated results for prior periods. Under this transition
method, stock-based compensation expense for the three and nine months ended
September 30, 2006 includes compensation expense for all stock-based
compensation awards granted prior to, but not yet vested as of December 31,
2005, based on the

-5-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

grant date fair value estimated in accordance with the original provisions of
SFAS No. 123, "Accounting for Stock-Based Compensation." Stock-based
compensation expense for all stock-based compensation awards granted after
December 31, 2005 is based on the grant-date fair value estimated in accordance
with the provisions of SFAS No. 123(R). IDEX recognizes these compensation costs
on a straight-line basis over the requisite service period of the award, which
is generally the option vesting period of four years. Prior to the adoption of
SFAS No. 123(R), IDEX recognized stock-based compensation expense in accordance
with Accounting Principles Bulletin ("APB") Opinion No. 25, "Accounting for
Stock Issued to Employees." In March 2005, the Securities and Exchange
Commission ("SEC") issued Staff Accounting Bulletin ("SAB") No. 107 regarding
the SEC's interpretation of SFAS No. 123(R) and the valuation of share-based
payments for public companies. IDEX has applied the provisions of SAB No. 107 in
its adoption of SFAS No. 123(R). See Note 10 to the Consolidated Financial
Statements for a further discussion on stock-based compensation.

2. ACQUISITIONS

On January 12, 2006, the Company acquired the assets of Airshore
International ("Airshore"), based in British Columbia, Canada. Airshore has
annual sales of approximately $5 million and provides stabilization struts for
collapsed buildings and vehicles, high and low pressure lifting bags and
forcible entry tools for the fire and rescue markets. Airshore operates as part
of our Hale business unit within the Fire & Safety/Diversified Products segment.
IDEX acquired Airshore for a purchase price of $12.6 million, consisting
entirely of cash.

On February 28, 2006, the Company acquired JUN-AIR International A/S
("JUN-AIR"), based in Norresundby, Denmark. JUN-AIR has annual sales of
approximately $22 million and is a provider of low decibal, ultra quiet vacuum
compressors suitable to medical, dental and laboratory applications. JUN-AIR
operates as part of our Gast business unit within IDEX's Health & Science
Technologies segment. IDEX acquired JUN-AIR for an aggregate purchase price of
$22.4 million, consisting of cash consideration of $15.2 million and acquired
debt of approximately $7.2 million.

On May 2, 2006, the Company acquired the assets of Eastern Plastics, Inc.
("EPI"), a provider of high-precision integrated fluidics and associated
engineered plastics solutions. Based in Bristol, Connecticut, with revenues of
approximately $30 million, EPI's products are used in a broad set of end markets
including medical diagnostics, analytical instrumentation, and laboratory
automation. IDEX acquired EPI for a purchase price of $92.4 million, consisting
entirely of cash. EPI operates within the Company's Health & Science
Technologies segment.

On September 11, 2006, the Company announced that it had entered into a
definitive agreement to acquire Banjo Corporation, a provider of special
purpose, severe duty pumps, valves, fittings and systems used in liquid
handling. Based in Crawfordsville, Indiana, with revenues of approximately $44
million, Banjo's products are used in agricultural and industrial applications.
The acquisition closed on October 3, 2006 for a purchase price of $182.5
million, primarily with financing provided by borrowings under the Company's
credit facilities. Banjo will operate as part of the Company's Fluid & Metering
Technologies segment.

The purchase price for Airshore, JUN-AIR and EPI, including transaction
costs, has been allocated to the assets acquired and liabilities assumed based
on estimated fair values at the date of the acquisitions. The purchase price
allocation is preliminary and further refinements may be necessary pending
finalization of asset valuations.

The results of operations for these acquisitions have been included within
the financial results from the date of the respective acquisitions. The Company
does not consider any of the acquisitions, individually or in aggregate, to be
material to its results of operations for any of the periods presented.

-6-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

3. DISCONTINUED OPERATIONS

During the third quarter of 2006, the Company determined that Halox, its
chemical and electrochemical systems product line operating as a unit of
Pulsafeeder in IDEX's Fluid & Metering Technologies segment, met the criteria to
be classified as a discontinued operation. As a result, the Company recorded a
$6.2 million write-down ($3.7 after tax) of the carrying value to its estimated
fair market value. The Company is marketing Halox operations and conducting
other actions required to complete the sale within one year.

Also, during the third quarter of 2006, IDEX completed the sale of
Lubriquip, its lubricant dispensing business operating as part of IDEX's
Dispensing Equipment segment, resulting in an after-tax gain of $16.7 million.

Summarized results of the Company's discontinued operations are as follows:

THIRD QUARTER NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
2006 2005 2006 2005
------- ------ ------- -------

Revenue .......................................................... $ 1,025 $8,353 $17,550 $23,359
======= ====== ======= =======

Income (loss) from discontinued operations before income taxes ... (529) 772 680 1,210
Income tax benefit (provision) ................................... 223 (249) (152) (365)
Net gain on sale of discontinued operations, net of tax .......... 12,969 -- 12,969 --
------- ------ ------- -------
Income from discontinued operations .............................. $12,663 $ 523 $13,497 $ 845
======= ====== ======= =======

Total assets and liabilities of discontinued operations held for sale at
September 30, 2006 and at December 31, 2005 were as follows:

SEPTEMBER 30, DECEMBER 31,
2006 2005
------------- ------------

Cash and cash equivalents ........................ $ 1 $ 89
Receivables, net ................................. 502 3,115
Inventory, net ................................... 287 3,295
Other current assets ............................. 46 129
Property, plant and equipment, net ............... 111 3,000
Intangibles .......................... -- 471
---- -------
Total assets ..................................... $947 $10,099
==== =======

Accounts payable ................................. $214 $ 2,614
Other liabilities ................................ 290 2,178
---- -------
Total liabilities ................................ $504 $ 4,792
==== =======

4. BUSINESS SEGMENTS

Effective in the second quarter of 2006, IDEX changed its reporting
segments based on recent organizational and structural changes from three to
four reportable segments. The new business structure reflects a more focused
market strategy across all businesses. Through this new structure, the Company
will be better positioned to address emerging customer needs in industrial fluid
and metering technologies, health and science instrumentation and equipment,
dispensing, and fire and safety. The addition of a fourth segment reflects the
Company's evolving capability and content for applied health and science
technologies. Under the new reporting structure, the Fluid & Metering
Technologies segment will consist of the following IDEX business units: Liquid
Controls,

-7-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

Pulsafeeder, Viking, Warren Rupp, Versa-Matic and recently-acquired Banjo.
The Health & Science Technologies segment will include Gast Manufacturing,
Micropump, Rheodyne, Scivex and recently-acquired EPI. The Dispensing Equipment
segment will consist of FAST and Fluid Management. The Fire & Safety/Diversified
Products segment will include the Company's Hale Products' fire suppression and
rescue tools businesses, as well as its BAND-IT engineered clamping business.
Historical business segment information has been updated to reflect this change
in reporting segments.

Information on IDEX's business segments from continuing operations is
presented below, based on the nature of products and services offered. IDEX
evaluates performance based on several factors, of which operating income is the
primary financial measure. Intersegment sales are accounted for at fair value as
if the sales were to third parties.

THIRD QUARTER NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
2006 2005 2006 2005
-------- -------- -------- --------

Net sales
Fluid & Metering Technologies:
External customers ................. $105,883 $ 97,274 $314,910 $287,558
Intersegment sales ................. 366 426 1,100 1,130
-------- -------- -------- --------
Total group sales ............... 106,249 97,700 316,010 288,688
-------- -------- -------- --------
Health & Science Technologies:
External customers ................. 80,776 59,828 223,121 170,873
Intersegment sales ................. 476 689 2,451 2,106
-------- -------- -------- --------
Total group sales ............... 81,252 60,517 225,572 172,979
-------- -------- -------- --------
Dispensing Equipment:
External customers ................. 37,956 33,087 123,778 123,802
Intersegment sales ................. -- -- 1 --
-------- -------- -------- --------
Total group sales ............... 37,956 33,087 123,779 123,802
-------- -------- -------- --------
Fire & Safety/Diversified Products:
External customers ................. 65,233 59,387 190,999 176,154
Intersegment sales ................. 1 1 2 5
-------- -------- -------- --------
Total group sales ............... 65,234 59,388 191,001 176,159
-------- -------- -------- --------
Intersegment elimination .............. (843) (1,116) (3,553) (3,241)
-------- -------- -------- --------
Total net sales ................. $289,848 $249,576 $852,809 $758,387
======== ======== ======== ========
Operating income
Fluid & Metering Technologies ......... $ 22,955 $ 19,680 $ 64,361 $ 53,912
Health & Science Technologies ......... 14,488 11,576 41,281 30,693
Dispensing Equipment .................. 8,426 6,727 30,444 30,670
Fire & Safety/Diversified Products .... 15,845 14,949 45,766 40,450
Corporate office and other ............ (7,301) (7,062) (23,677) (21,461)
-------- -------- -------- --------
Total operating income ............. $ 54,413 $ 45,870 $158,175 $134,264
======== ======== ======== ========

-8-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

5. EARNINGS PER COMMON SHARE

Earnings per common share ("EPS") are computed by dividing net income by
the weighted average number of shares of common stock (basic) plus common stock
equivalents outstanding (diluted) during the period. Common stock equivalents
consist of stock options, which have been included in the calculation of
weighted average shares outstanding using the treasury stock method, unvested
restricted shares, and shares issuable in connection with certain deferred
compensation agreements ("DCUs"). Basic weighted average shares reconciles to
diluted weighted average shares as follows:

THIRD QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------- -----------------
2006 2005 2006 2005
------ ------ ------ ------

Basic weighted average common
shares outstanding ........... 53,126 51,618 52,926 51,087
Dilutive effect of stock options,
unvested restricted shares,
and DCUs ..................... 845 1,453 1,005 1,416
------ ------ ------ ------
Diluted weighted average common
shares outstanding............ 53,971 53,071 53,931 52,503
====== ====== ====== ======

Options to purchase approximately .9 million and .7 million shares of
common stock as of September 30, 2006 and 2005, respectively, were not included
in the computation of diluted EPS because the exercise price was greater than
the average market price of the Company's common stock and, therefore, the
effect of their inclusion would be antidilutive.

6. INVENTORIES

The components of inventories as of September 30, 2006 and December 31,
2005 were:

SEPTEMBER 30, DECEMBER 31,
2006 2005
------------- ------------

Raw materials ..... $ 52,494 $ 51,066
Work-in-process ... 16,015 12,749
Finished goods .... 72,333 59,466
-------- --------
Total .......... $140,842 $123,281
======== ========

Inventories carried on a LIFO basis amounted to $114,645 and $96,638 at
September 30, 2006 and December 31, 2005, respectively. The excess of current
cost over LIFO inventory value amounted to $2,197 and $1,348 at September 30,
2006 and December 31, 2005 respectively.

7. GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended
September 30, 2006, by business group, were as follows:

FIRE &
FLUID & HEALTH & SAFETY/
METERING SCIENCE DISPENSING DIVERSIFIED
TECHNOLOGIES TECHNOLOGIES EQUIPMENT PRODUCTS TOTAL
------------ ------------ ---------- ----------- --------

Balance at December 31, 2005 .... $177,223 $261,616 $120,517 $132,043 $691,399
Foreign currency translation .... 1,227 889 4,891 3,829 10,836
Acquisitions .................... -- 69,384 -- 7,629 77,013
Divesture ....................... (6,659) -- -- -- (6,659)
-------- -------- -------- -------- --------
Balance at September 30, 2006 ... $171,791 $331,889 $125,408 $143,501 $772,589
======== ======== ======== ======== ========

During the second quarter, the Company determined that due to changes in
the Company's strategy, certain previously indefinite lived intangible assets
should be considered definite lived assets. Therefore, effective at the
beginning of the second quarter of 2006 the Company began to amortize these
definite lived intangible assets.

-9-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

The following table provides the gross carrying value and accumulated
amortization for each major class of intangible asset as of September 30, 2006
and December 31, 2005:

AT SEPTEMBER 30, 2006 AT DECEMBER 31, 2005
GROSS ---------------------- -----------------------
CARRYING ACCUMULATED AVERAGE CARRYING ACCUMULATED
AMOUNT AMORTIZATION LIFE AMOUNT AMORTIZATION
-------- ------------ ------- -------- ------------

Amortizable intangible assets:
Patents ....................... $ 8,603 $(5,147) 10 $ 8,680 $(4,744)
Trademarks .................... 26,800 (595) 19 23,982 --
Customer intangibles .......... 20,837 (765) 12 -- --
Non-compete agreements ........ 1,914 (499) 4 400 (228)
Unpatented technology ......... 1,670 (55) 20 -- --
Other ......................... 2,405 (243) 8 571 (46)
------- ------- ------- -------
Total ...................... $62,229 $(7,304) $33,633 $(5,018)
======= ======= ======= =======

8. ACCRUED EXPENSES

The components of accrued expenses as of September 30, 2006 and December
31, 2005 were:

SEPTEMBER 30, DECEMBER 31,
2006 2005
------------- ------------

Payroll ............................. $25,834 $23,851
Management incentive compensation ... 12,558 13,109
Income taxes payable ................ 10,508 7,234
Deferred income taxes ............... 1,142 1,142
Insurance ........................... 7,633 6,742
Other ............................... 26,540 20,102
------- -------
Total ............................ $84,215 $72,180
======= =======

9. PREFERRED STOCK

The Company had five million shares of preferred stock authorized but
unissued at September 30, 2006 and December 31, 2005.

10. SHARE-BASED COMPENSATION

As of September 30, 2006, the Company has two stock-based compensation
plans for executives, non-employee directors, and certain key employees which
authorize the granting of stock options, restricted stock, restricted stock
units, and other types of awards consistent with the purpose of the plans. The
number of shares authorized for issuance under the Company's plans as of
September 30, 2006 totals 2.3 million, of which .9 million shares were available
for future issuance. Stock options granted under these plans are generally
non-qualified, and are granted with an exercise price equal to the market price
of the Company's stock at the date of grant. Substantially all of the options
issued to employees prior to 2005 become exercisable in five equal installments,
while all options issued to employees in 2005 and after become exercisable in
four equal installments, beginning one year from the date of grant, and
generally expire 10 years from the date of grant. Stock options granted to
non-employee directors cliff vest after one or two years. Restricted stock and
restricted stock unit awards generally cliff vest after four years for employees
and three years for non-employee directors.

-10-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

Effective January 1, 2006, the Company adopted the fair value recognition
provisions of SFAS No. 123(R) using the modified prospective method, and thus
did not restate any prior period amounts. Under this method, compensation cost
in the three months and nine months ending September 30, 2006 include the
portion vesting in the period for (1) all share-based payments granted prior to,
but not vested as of December 31, 2005, based on the grant date fair value
estimated using the Black-Scholes option-pricing model in accordance with the
original provisions of SFAS No. 123 and (2) all share-based payments granted
subsequent to December 31, 2005, based on the grant date fair value estimated
using the Binomial lattice option-pricing model. Weighted average option fair
values and assumptions for the period specified are disclosed in the following
table:

QUARTER ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
--------------------------- -------------------------------
2006 2005 2006 2005
------------ ------ ------------ ------

Weighted average fair value of grants $ 11.85 $13.11 $ 14.43 $12.49
Dividend yield 1.42% 1.50% 1.21% 1.50%
Volatility 30.83% 30.00% 30.76% 30.00%
Risk-free interest rate 4.39% - 4.82% 4.3% 4.71% - 5.00% 4.3%
Expected life (in years) 4.9 5.5 4.9 5.5

The assumptions are as follows:

- The Company estimated volatility using its historical share price
performance over the contractual term of the option.

- The Company uses historical data to estimate the expected life of the
option. The expected life assumption for the three and nine months ended
September 30, 2006 is an output of the Binomial lattice option-pricing
model, which incorporates vesting provisions, rate of voluntary exercise
and rate of post-vesting termination over the contractual life of the
option to define expected employee behavior.

- The risk-free interest rate is based on the U.S. Treasury yield curve in
effect at the time of grant for periods within the contractual life of the
option. For the three and nine months ended September 30, 2006, we present
the range of risk-free one-year forward rates, derived from the U.S.
treasury yield curve, utilized in the Binomial lattice option-pricing
model.

- The expected dividend yield is based on the Company's current dividend
yield as the best estimate of projected dividend yield for periods within
the contractual life of the option.

Results of prior periods do not reflect any restated amounts and the
Company had no cumulative effect adjustment upon adoption of SFAS No. 123(R)
under the modified prospective method. The Company's policy is to recognize
compensation cost on a straight-line basis over the requisite service period for
the entire award. Additionally, the Company's general policy is to issue new
shares of common stock to satisfy stock option exercises or grants of restricted
shares.

The adoption of SFAS No. 123(R) decreased the Company's reported operating
income and income before income taxes for the three and nine months ending
September 30, 2006 by $2.0 million and $6.0 million, respectively, and reported
net income by $1.2 million and $3.9 million, respectively. The adoption of SFAS
No. 123(R) resulted in a decrease in reported cash flow from operating
activities for the three and nine months ending September 30, 2006 of $.3
million and $4.9 million, respectively, offset by an increase in reported cash
flow from financing activities. The Company's adoption of SFAS No. 123(R) did
not effect operating income, income before income taxes, net income, cash flow
from operations, cash flow from financing activities, basic and diluted net
income per share in the comparable third quarter and nine months ended September
30, 2005.

Total compensation cost for stock-based compensation arrangements
recognized in the three and nine months ending September 30, 2006, respectively,
was $2.0 million and $6.0 million for stock options and $0.8 million and $2.4
million for restricted stock. Compensation cost recognized in general and
administrative expenses for the three and nine months ending September 30, 2006,
respectively, was $1.7 million and $5.2 million for stock options and $0.8
million and $2.3 million for restricted stock. Compensation cost recognized in
cost of goods sold for the three and nine months ending September 30, 2006,
respectively, was $0.3 million and $0.8 million for stock options.

-11-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

Compensation cost recognized in cost of goods sold for nine months ending
September 30, 2006 was $0.1 for restricted stock. Recognition of compensation
cost was consistent with recognition of cash compensation for the same
employees, and $0.2 million of compensation cost was capitalized as part of
inventory. The total income tax benefit recognized in the income statement for
the three and nine months ending September 30, 2006 for stock-based compensation
arrangements was $0.8 million and $2.1 million, respectively.

As of September 30, 2006, there was $16.3 million of total unrecognized
compensation cost related to stock options that is expected to be recognized
over a weighted-average period of 1.5 years.

A summary of the Company's stock option activity as of September 30, 2006,
and changes during the nine months ended September 30, 2006 is presented in the
following table:

WEIGHTED WEIGHTED-AVERAGE
AVERAGE REMAINING AGGREGATE
FIXED OPTIONS SHARES PRICE CONTRACTUAL TERM INTRINSIC VALUE
------------- --------- -------- ---------------- ---------------

Outstanding at January 1, 2006 4,197,150 $26.57
Granted 669,895 49.37
Exercised (603,733) 22.96
Forfeited/Expired (421,752) 28.03
--------- ------ ---- -----------
Outstanding at September 30, 2006 3,841,560 $30.91 7.25 $50,895,742
========= ====== ==== ===========
Exercisable at September 30, 2006 1,661,941 $24.07 6.04 $31,563,956
========= ====== ==== ===========

The intrinsic value for stock options outstanding and exercisable is
defined as the difference between the market value of the Company's common stock
as of the end of the period and the grant price. The total intrinsic value of
options exercised during the nine months ending September 30, 2006 was $15.7
million. During the nine months ending September 30, 2006, cash received from
options exercised was $14.3 million and the actual tax benefit realized for the
tax deductions from stock options exercised totaled $5.7 million.

A summary of the Company's restricted stock activity as of September 30,
2006, and changes during the nine months ending September 30, 2006 is presented
in the following table:

WEIGHTED-AVERAGE
GRANT DATE FAIR
RESTRICTED STOCK SHARES VALUE
---------------- ------- ----------------

Nonvested at January 1, 2006 296,530 $35.93
Granted 72,310 50.60
Vested (48,000) 35.80
Forfeited (5,450) 40.33
------- ------
Nonvested at September 30, 2006 315,390 $39.56
======= ======

Generally, restricted stock grants accrue dividends and their fair value is
equal to the market price of the Company's stock at the date of the grant. As of
September 30, 2006, there was $7.9 million of total unrecognized compensation
cost related to restricted stock that is expected to be recognized over a
weighted-average period of 1.5 years.

-12-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

11. RETIREMENT BENEFITS

The Company sponsors several qualified and nonqualified defined benefit and
defined contribution pension plans and other postretirement plans for its
employees. The following tables provide the components of net periodic benefit
cost for its major defined benefit plans and its other postretirement plans.

PENSION BENEFITS
THIRD QUARTER ENDED SEPTEMBER 30,
---------------------------------------
2006 2005
------------------ ------------------
U.S. NON-U.S. U.S. NON-U.S.
------- -------- ------- --------

Service cost .................... $ 102 $ 177 $ 1,213 $ 208
Interest cost ................... 1,329 306 1,334 323
Expected return on plan assets .. (1,527) (201) (1,838) (338)
Net amortization ................ 1,352 136 783 52
------- ----- ------- -----
Net periodic benefit cost .... $ 1,256 $ 418 $ 1,492 $ 245
======= ===== ======= =====

PENSION BENEFITS
NINE MONTHS ENDED SEPTEMBER 30,
---------------------------------------
2006 2005
------------------ ------------------
U.S. NON-U.S. U.S. NON-U.S.
------- -------- ------- --------

Service cost .................... $ 1,635 $ 504 $ 3,346 $ 526
Interest cost ................... 3,306 876 3,426 1,003
Expected return on plan assets .. (3,944) (566) (4,506) (685)
Net amortization ................ 2,719 393 2,085 197
------- ------- ------- -------
Net periodic benefit cost .... $ 3,716 $ 1,207 $ 4,351 $ 1,041
======= ======= ======= =======

OTHER BENEFITS
---------------------------------------
THIRD QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------- -----------------
2006 2005 2006 2005
---- ---- ------ ------

Service cost .................... $115 $121 $ 352 $ 362
Interest cost ................... 290 318 982 952
Expected return on plan assets .. 89 19 212 58
---- ---- ------ ------
Net periodic benefit cost .... $494 $458 $1,546 $1,372
==== ==== ====== ======

The Company previously disclosed in its financial statements for the year
ended December 31, 2005, that it expected to contribute approximately $6.0
million to these pension plans and $1.0 million to its other postretirement
benefit plans in 2006. As of September 30, 2006, $5.9 million of contributions
have been made to the pension plans and $.8 million has been made to its other
postretirement benefit plans. The Company presently anticipates contributing up
to an additional $1.4 million in 2006 to fund the pension plans and other
postretirement benefit plans.

-13-

IDEX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

12. LEGAL PROCEEDINGS

IDEX is a party to various legal proceedings arising in the ordinary course
of business, none of which is expected to have a material adverse effect on its
business, financial condition, results of operations or cash flows.

13. NEW ACCOUNTING PRONOUNCEMENTS

Uncertainty in Income Taxes

In July 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation ("FIN") 48, "Accounting for Uncertainty in Income Taxes--an
interpretation of FASB Statement No. 109." This interpretation clarifies the
accounting for uncertainty in income taxes recognized in an entity's financial
statements in accordance with SFAS No. 109, "Accounting for Income Taxes." It
prescribes a recognition threshold and measurement attribute for financial
statement disclosure of tax positions taken or expected to be taken on a tax
return. This interpretation is effective for fiscal years beginning after
December 15, 2006. IDEX will be required to adopt this interpretation in the
first quarter of 2007. Management is currently evaluating the requirements of
FIN 48 and has not yet determined the impact on the consolidated financial
statements.

Fair Value Measurements

In September 2006, the FASB issued SFAS No. 157 "Fair Value Measurements"
("SFAS No. 157") which defines fair value, establishes a framework for measuring
fair value in accordance with generally accepted accounting principles and
expands disclosures about fair value measurements. This statement is effective
for fiscal periods beginning after November 15, 2007 and does not require any
new fair value measurements. Management is currently evaluating the requirements
of SFAS 157 and has not yet determined the impact on the consolidated financial
statements.

Employers' Accounting for Defined Benefit Pension and Other Postretirement
Plans

In September 2006, FASB the issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans, an Amendment of FASB
Statements No. 87, 88, 106, and 132(R)" ("SFAS No. 158"). SFAS No. 158 requires
companies to report the funded status of their defined benefit pension and other
postretirement benefit plans on their balance sheets as a net liability or asset
as of December 31, 2006. The new standard does not address the accounting
treatment for pension and postretirement benefits in the income statement.
Management is still assessing the effects adoption of SFAS 158 will have on its
financial position.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

CAUTIONARY STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT

The "Historical Overview and Outlook" and the "Liquidity and Capital
Resources" sections of this management's discussion and analysis of our
financial condition and operations contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Exchange Act of 1934, as amended. These statements may relate to,
among other things, capital expenditures, cost reductions, cash flow, and
operating improvements and are indicated by words or phrases such as
"anticipate," "estimate," "plans," "expects," "projects," "should," "will,"
"management believes," "the company believes," "we believe," "the company
intends" and similar words or phrases. These statements are subject to inherent
uncertainties and risks that could cause actual results to differ materially
from those anticipated at the date of this filing. The risks and

-14-

uncertainties include, but are not limited to, the following: economic and
political consequences resulting from terrorist attacks and wars; levels of
industrial activity and economic conditions in the U.S. and other countries
around the world; pricing pressures and other competitive factors, and levels of
capital spending in certain industries - all of which could have a material
impact on our order rates and results, particularly in light of the low levels
of order backlogs we typically maintain; our ability to make acquisitions and to
integrate and operate acquired businesses on a profitable basis; the
relationship of the U.S. dollar to other currencies and its impact on pricing
and cost competitiveness; political and economic conditions in foreign countries
in which we operate; interest rates; capacity utilization and the effect this
has on costs; labor markets; market conditions and material costs; and
developments with respect to contingencies, such as litigation and environmental
matters. The forward-looking statements included here are only made as of the
date of this report, and we undertake no obligation to publicly update them to
reflect subsequent events or circumstances. Investors are cautioned not to rely
unduly on forward-looking statements when evaluating the information presented
here.

HISTORICAL OVERVIEW AND OUTLOOK

IDEX Corporation ("IDEX") or the ("Company") is an applied solutions
company specializing in fluid and metering technologies, health and science
technologies, dispensing equipment, and fire, safety and other diversified
products built to its customers' specifications. Our products are sold in niche
markets to a wide range of industries throughout the world. Accordingly, our
businesses are affected by levels of industrial activity and economic conditions
in the U.S. and in other countries where we do business and by the relationship
of the U.S. dollar to other currencies. Levels of capacity utilization and
capital spending in certain industries and overall industrial activity are among
the factors that influence the demand for our products.

The Fluid & Metering Technologies Group produces pumps, compressors, flow
meters, and related controls for the movement of liquids and gases in a diverse
range of end markets from industrial infrastructure to food and beverage. The
Health & Science Technologies Group produces a wide variety of small scale,
highly accurate pumps, valves, fittings and medical devices, as well as
compressors used in medical, dental and industrial applications. The Dispensing
Equipment Group produces highly engineered equipment for dispensing, metering
and mixing colorants, paints, inks and dyes, hair colorants and other personal
care products, as well as refinishing equipment. The Fire & Safety/Diversified
Products Group produces firefighting pumps, rescue tools, lifting bags and other
components and systems for the fire and rescue industry; and engineered
stainless steel banding and clamping devices used in a variety of industrial and
commercial applications.

IDEX has a history of achieving above-average operating margins. Our
operating margins have exceeded the average operating margin for the companies
that comprise the Value Line Composite Index (VLCI) every year since 1988. We
view the VLCI operating performance statistics as a proxy for an average
industrial company. Our operating margins are influenced by, among other things,
utilization of facilities as sales volumes change and inclusion of newly
acquired businesses.

Some of our key 2006 financial highlights for the nine months ended
September 30, 2006 were as follows:

- Orders were $869.6 million, 12% higher than a year ago; base business
orders - excluding acquisitions and foreign currency translation - were up
9%.

- Sales of $852.8 million rose 12%; base business sales - excluding
acquisitions and foreign currency translation - were up 9%.

- Gross margins improved 40 basis points to 41.3% of sales, while operating
margins at 18.5% were 80 basis points higher than a year ago.

- Income from continuing operations increased 22% to $97.5 million.

- Diluted EPS from continuing operations of $1.81 was 28 cents ahead of the
same period 2005.

- Net income increased 37% to $111.0 million.

- Diluted EPS of $2.06 was 52 cents ahead of the same period of 2005.

-15-

Our business units continue to deliver profitable sales growth as a result
of new product initiatives and market initiatives and our on-going commitment to
operational excellence. During the first nine months of the year, organic sales
growth was 9 percent, reflecting particular strength in Health & Science
Technologies at 14 percent, Fluid & Metering Technologies at 9 percent and Fire
& Safety/Diversified Products at 9 percent. As we move forward, we believe our
businesses are well positioned in attractive product segments driven by strong
underlying industry segment fundamentals and, even more importantly, our ability
to effectively serve expanding niche applications. We are focused on the voice
of our customer, while using the powerful combination of continuous process
improvement and new product innovation to drive our future performance.

The following forward-looking statements are qualified by the cautionary
statement under the Private Securities Litigation Reform Act set forth above.

As a short-cycle business, our performance is reliant upon the current pace
of incoming orders, and we have limited visibility on future business
conditions. We believe IDEX is well positioned for earnings expansion. This is
based on our lower cost structure resulting from our operational excellence
discipline, our investment in new products, applications and global markets, and
our pursuit of strategic acquisitions to help drive IDEX's longer term
profitable growth.

RESULTS OF OPERATIONS

For purposes of this discussion and analysis section, reference is made to
the table on the following page and the Company's Consolidated Statements of
Operations included in Item 1. During the third quarter, the Company determined
that Halox, its chemical and electrochemical systems business, met the criteria
to be classified as a discontinued operation. During the second quarter, the
Company determined that Lubriquip, its lubricant dispensing business, met the
criteria to be classified as a discontinued operation and was subsequently sold
July 11, 2006. The financial statements and the group financial information have
been revised to reflect Lubriquip and Halox as discontinued operations.

Performance in the Three Months Ended September 30, 2006 Compared with the Same
Period of 2005

For the three months ended September 30, 2006, orders, sales and profits
were higher than the comparable three months of last year. New orders totaled
$285.6 million, 16% higher than the same period last year. Excluding the impact
of foreign currency translation and the three acquisitions made since the
beginning of 2006 (Airshore- January 2006; JUN-AIR - February 2006 and EPI - May
2006), base business orders were 9% higher than the same period one year ago.

Sales in the three months ended September 30, 2006 were $289.8 million, a
16% improvement from the comparable period last year. The increase was driven by
base business shipments of 9%, acquisitions accounted for 6% and foreign
currency translation contributed 1%. Sales to international customers from base
businesses represented approximately 45% of total sales in the current period of
both 2006 and 2005.

During the quarter, Fluid & Metering Technologies contributed 37% of sales
and operating income; Health & Science Technologies accounted for 28% of sales
and 23% of operating income; Dispensing Equipment accounted for 13% of sales and
14% of operating income; and Fire & Safety/Diversified Products represented 22%
of sales and 26% of operating income.

Fluid & Metering Technologies Group sales of $106.2 million for the three
months ended September 30, 2006 rose $8.5 million, or 9% compared with 2005,
reflecting 8% base business growth and a 1% favorable impact from foreign
currency translation. In the third quarter of 2006, base business sales grew
approximately 6% domestically and 11% internationally. Base business sales to
customers outside the U.S. were approximately 43% of total group sales during
the third quarter of 2006 compared with 42% in the comparable quarter of 2005.

Health & Science Technologies Group sales of $81.3 million increased $20.7
million, or 34%, in the third quarter of 2006 compared with last year's third
quarter. This increase was attributed to the JUN-AIR and EPI acquisitions which
contributed 23%, favorable foreign currency translation of 1% and an increase in
base business volume of 10%. In the third quarter of 2006, base business sales
increased 6% domestically and 21% internationally. Base business sales to
customers outside the U.S. were approximately 38% of total group sales in the
third quarter of 2006, compared with 35% in the comparable quarter of 2005.

-16-

Dispensing Equipment Group sales of $38.0 million increased $4.9 million,
or 15%, in the third quarter of 2006 compared with 2005. This increase reflects
a 12% increase in base business volume and 3% from favorable foreign currency
translation. In the third quarter of 2006, base business sales increased 20%
domestically and 1% internationally. Base business sales to customers outside
the U.S. were approximately 59% of total group sales in the third quarter of
2006, compared with 63% in the comparable quarter of 2005.

Fire & Safety/Diversified Products Group sales of $65.2 million increased
$5.8 million, or 10%, in the third quarter of 2006 compared with 2005. This
increase reflects an 8% increase in base business volume, with an additional 2%
of favorable foreign currency translation. In the third quarter of 2006, base
business sales increased 7% domestically and 9% internationally. Base business
sales to customers outside the U.S. were approximately 45% of total group sales
in the third quarter of both 2006 and 2005.

THIRD QUARTER NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
------------------- -------------------
2006 2005 2006(1) 2005
-------- -------- -------- --------

Fluid & Metering Technologies
Net sales .......................... $106,249 $ 97,700 $316,010 $288,688
Operating income (2) ............... 22,955 19,680 64,361 53,912
Operating margin ................... 21.6% 20.1% 20.4% 18.7%
Depreciation and amortization ...... $ 2,142 $ 2,432 $ 6,882 $ 7,550
Capital expenditures ............... 1,280 1,444 3,515 6,462

Health & Science Technologies
Net sales .......................... $ 81,252 $ 60,517 $225,572 $172,979
Operating income (2) ............... 14,488 11,576 41,281 30,693
Operating margin ................... 17.8% 19.1% 18.3% 17.7%
Depreciation and amortization ...... $ 2,460 $ 1,452 $ 6,303 $ 4,485
Capital expenditures ............... 1,025 1,638 3,408 4,295

Dispensing Equipment
Net sales .......................... $ 37,956 $ 33,087 $123,779 $123,802
Operating income (2) ............... 8,426 6,727 30,444 30,670
Operating margin ................... 22.2% 20.3% 24.6% 24.8%
Depreciation and amortization ...... $ 544 $ 1,047 $ 2,609 $ 3,225
Capital expenditures ............... 794 858 1,984 2,530

Fire & Safety/Diversified Products
Net sales .......................... $ 65,234 $ 59,388 $191,001 $176,159
Operating income (2) ............... 15,845 14,949 45,766 40,450
Operating margin ................... 24.3% 25.2% 24.0% 23.0%
Depreciation and amortization ...... $ 1,425 $ 1,303 $ 4,503 $ 4,360
Capital expenditures ............... 2,332 856 5,098 2,646

Company
Net sales .......................... $289,848 $249,576 $852,809 $758,387
Operating income (2) ............... 54,413 45,870 158,175 134,264
Operating margin ................... 18.8% 18.4% 18.5% 17.7%
Depreciation and amortization (3) .. $ 6,592 $ 6,339 $ 20,687 $ 20,028
Capital expenditures ............... 6,282 5,116 15,985 16,790

(1) Nine month data includes acquisition of JUN-AIR and EPI in the Health &
Sciences Technologies Group and Airshore in the Fire & Safety/Diversified
Products Group from the dates of acquisition.

(2) Group operating income excludes unallocated corporate operating expenses.

(3) Excludes amortization of debt issuance expenses and unearned stock
compensation.

Gross profit of $118.8 million, in the third quarter of 2006, increased
$17.5 million, or 17%, from 2005. Gross profit as a percent of sales was 41.0%
in the third quarter of 2006 and 40.6% 2005. The improved gross margins
primarily reflect the Company's strategic sourcing and other operational
excellence initiatives.

-17-

Selling, general and administrative (SG&A) expenses increased to $64.4
million in the third quarter of 2006 from $55.4 million in 2005 primarily due to
higher volume, the acquisitions of Airshore, JUN-AIR and EPI, and the
implementation of Statement of Financial Accounting Standard ("SFAS") No.
123(R), "Share-Based Payment". As a percent of sales, SG&A expenses were 22.2%
for both 2006 and 2005.

Operating income increased $8.5 million, or 19%, to $54.4 in the third
quarter of 2006 from $45.9 million in 2005, primarily reflecting higher volumes,
partially offset by increased SG&A expenses. Third quarter operating margins
were 18.8% of sales, 40 basis points higher than the third quarter of 2005. The
improvement from last year resulted from higher gross margins. In the Fluid &
Metering Technologies Group, operating income of $23.0 million and operating
margins of 21.6% in the third quarter of 2006 were up from the $19.7 million and
20.1% recorded in 2005 principally due to volume leverage and the impact of our
operational excellence initiatives. Operating income for the Health & Science
Technologies Group of $14.5 million was up from the $11.6 million recorded in
2005 principally due to volume leverage. Operating margins within Health &
Science Technologies Group of 17.8% in the current quarter were down from 19.1%
in 2005 primarily due to acquisitions and related expenses. Operating income for
the Dispensing Equipment Group of $8.4 million was up from the $6.7 million
recorded in 2005 mainly due to volume leverage and the impact of our operational
excellence initiatives. Operating margins within Dispensing Equipment Group of
22.2% in the current quarter were up from 20.3% in 2005 primarily due to volume
and product mix. Operating income in the Fire & Safety/Diversified Products
Group of $15.8 million was higher than $14.9 recorded in 2005, due primarily to
increased volume. Operating margins within Fire & Safety/Diversified Products
Group of 24.3% in the current quarter was down from 25.2% in 2005, primarily due
to product mix.

Other income in the third quarter of 2006 of $.5 million was favorable
compared with $.1 million in 2005 primarily due to an increase in interest
income.

IDEX's provision for income taxes is based upon estimated annual tax rates
for the year applied to federal, state and foreign income. The provision for
income taxes increased to $18.2 million in the third quarter of 2006 from $14.5
million in 2005. The effective tax rate increased to 35.3% in the current
quarter from 34.1% in the third quarter of 2005 due to the expiration of the
research and development tax credits in 2006, partially offset by changes in the
mix of global pre-tax income among taxing jurisdictions.

Income from continuing operations for the current quarter was $33.3
million, 19% higher than the $28.0 million earned in the third quarter of 2005.
Diluted earnings per share from continuing operations in the third quarter of
2006 of $.62 increased $.09, or 17%, compared with the third quarter of 2005.

Net income for the current quarter was $46.0 million, which included $12.7
million from discontinued operations, increased from the $28.5 million earned in
the third quarter of 2005. Diluted earnings per share in the third quarter of
2006 of $.85, which included $.23 from discontinued operations, increased $.31,
or 57%, compared with the third quarter of 2005.

Performance in the Nine Months Ended September 30, 2006 Compared with the Same
Period of 2005

Orders, sales and profits were higher for the first nine months of 2006
compared with the same period last year. New orders for the first nine months of
2006 totaled $869.6 million, 12% higher than last year. Excluding the impact of
foreign currency translation and the three acquisitions made since the beginning
of 2006 (Airshore, JUN-AIR and EPI), orders were 9% higher than the comparable
period of 2005.

Sales in the first nine months of the year increased 12% to $852.8 million
from $758.4 million a year ago. Base business sales rose 9% and acquisitions
accounted for a 3% improvement. For the first nine months of the year, base
business sales to international customers were approximately 45% of total sales
for both 2006 and 2005.

For the first nine months, Fluid & Metering Technologies contributed 37
percent of sales and 35 percent of operating income; Health & Science
Technologies accounted for 26 percent of sales and 23 percent of operating
income; Dispensing Equipment accounted for 15 percent of sales and 17 percent of
operating income; and Fire & Safety/Diversified Products represented 22 percent
of sales and 25 percent of operating income.

Fluid & Metering Technologies Group sales of $316.0 million increased $27.3
million, or 9%, for the nine months ended September 30, 2006 compared with 2005.
The 9% increase reflects all base business sales as foreign currency translation
had a minimal impact. In the first nine months of 2006, base business sales grew
9%

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domestically and 10% internationally. Base business sales to customers outside
the U.S. were approximately 42% of total group sales in both the 2006 and 2005
periods.

Health & Science Technologies Group sales of $225.6 million increased $52.6
million, or 30%, for the nine months ended September 30, 2006 compared with
2005. This reflected a 14% increase in base business volume and a 16% increase
from the JUN-AIR and EPI acquisitions. In the first nine months of 2006, base
business sales increased 8% domestically and 28% internationally. Base business
sales to customers outside the U.S. were approximately 36% of total group sales
in the first nine months of 2006, compared with 32% in the comparable period of
2005.

Dispensing Equipment Group sales of $123.8 million was flat in the first
nine months of 2006 compared with the same period in 2005. An increase in base
business sales of 1% was offset by unfavorable foreign currency translation of
1%. In the first nine months of 2006, base business sales increased 12%
domestically, but decreased 5% internationally. Base business sales to customers
outside the U.S. were approximately 64% of total group sales in the first nine
months of 2006, compared with 68% in the comparable period of 2005.

Fire & Safety/Diversified Group sales of $191.0 million increased $14.8
million, or 8%, in the first nine months of 2006 compared with 2005. The 8%
increase reflects all base business volume. In the first nine months of 2006,
base business sales increased 10% domestically and 8% internationally. Base
business sales to customers outside the U.S. were approximately 46% of total
group sales in both the 2006 and 2005 periods.

Gross profit of $351.8 million in the first nine months of 2006 increased
$41.4 million, or 13% from 2005. Gross profit as a percent of sales was 41.3% in
2006, an increase from 40.9% in 2005. The improved gross margins primarily
reflected the Company's strategic sourcing and other operational excellence
initiatives.

SG&A increased to $193.6 million in 2006 from $176.2 million in 2005, and
as a percent of sales was 22.8%, an improvement from 23.2% in 2005. The increase
in SG&A expenses reflected the acquisitions of Airshore, JUN-AIR and EPI,
volume-related expenses and the implementation of SFAS No. 123(R).

Operating income increased by $23.9 million, or 18%, to $158.2 million in
the first nine months of 2006 from $134.3 million in 2005, primarily reflecting
the higher gross margins discussed above and volume leverage, partially offset
by increased SG&A expenses. Operating margins for the first nine months of 2006
were 18.5% compared with 17.7% in the prior year period. The margin increase
from last year was primarily due to volume leverage and the improvement in gross
margins discussed above. In the Fluid & Metering Technologies Group, operating
income of $64.4 million and operating margins of 20.4% in 2006 were up from the
$53.9 million and 18.7% recorded in 2005, principally due to volume leverage and
the impact of our operational excellence initiatives. Operating income for the
Health & Science Technologies Group of $41.3 million and operating margins of
18.3% were up from the $30.7 million and 17.7% in 2005 principally due to volume
leverage and savings realized from the Company's operational excellence
initiatives. Operating income for the Dispensing Equipment Group of $30.4
million and operating margins of 24.6% in 2006 were down slightly from the $30.7
million and 24.8% in 2005, mainly due to unfavorable market conditions in
Europe. Operating income in the Fire & Safety/Diversified Products Group of
$45.8 million and operating margins of 24.0% in 2006 increased from $40.5
million and 23.0% achieved in 2005 and primarily reflected increased sales
volume and the impact of operational excellence initiatives.

Other income in the first nine months of 2006 of $.8 million was favorable
compared with $.5 million in 2005 mainly due an increase in interest income,
partially offset by unfavorable foreign currency translation.

IDEX's provision for income taxes is based upon estimated annual tax rates
for the year applied to federal, state and foreign income. The provision for
income taxes increased to $51.0 million in 2006 from $43.3 million in 2005. The
effective tax rate decreased to 34.4% in 2006 from 35.0% in 2005 due to changes
in the mix of global pre-tax income among taxing jurisdictions, partially offset
by the expiration of the research and development tax credits in 2006.

Income from continuing operations for the first nine months of 2006 was
$97.5 million, 22% higher than the $80.2 million earned in the same period of
2005. Diluted earnings per share from continuing operations in the first nine
months of 2006 of $1.81 increased $0.28, or 18%, compared with the same period
of 2005.

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Net income for the first nine months of 2006 was $111.0 million, 37% higher
than the $81.1 million earned in the same period of 2005. Diluted earnings per
share in the first nine months of 2006 of $2.06, which included $.25 from
discontinued operations, increased $0.52, or 34%, compared with the same period
last year.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2006, working capital was $220.2 million and our current
ratio was 2.3 to 1. Cash flows from operating activities increased $9.3 million,
or 9%, to $109.6 million in the first nine months of 2006 mainly due to the
improved operating results discussed above.

Cash flows provided from operations were more than adequate to fund capital
expenditures of $16.0 million and $16.8 million in the first nine months of 2006
and 2005, respectively. Capital expenditures were generally for machinery and
equipment that improved productivity and tooling to support IDEX's global
sourcing initiatives, although a portion was for business system technology and
replacement of equipment and facilities. Management believes that IDEX has ample
capacity in its plants and equipment to meet expected needs for future growth in
the intermediate term.

The Company acquired Airshore in January 2006 for cash consideration of
$12.6 million, JUN-AIR in February 2006 for cash consideration of $15.2 million
and the assumption of approximately $7.2 million in debt and EPI in May 2006 for
cash consideration of $92.4 million. The Company also acquired Banjo, which
closed on October 3, 2006 for a purchase price of $182.5 million, primarily with
financing provided by borrowings under the Company's credit facilities.

In addition to the $150.0 million of 6.875% Senior Notes due February 15,
2008, the Company also has a $600.0 million domestic multi-currency bank
revolving credit facility ("Credit Facility"), which expires December 14, 2009.
With no borrowings outstanding under the facility at September 30, 2006, and
outstanding letters of credit totaling $5.3 million, the maximum amount
available under the Credit Facility was $594.7 million. Interest is payable
quarterly on the outstanding balance at the bank agent's reference rate or, at
the Company's election, at LIBOR plus an applicable margin. The applicable
margin is based on the credit rating of our Senior Notes, and can range from 27
basis points to 75 basis points. Based on the Company's BBB rating at September
30, 2006, the applicable margin was 55 basis points. We also pay an annual fee
of 15 basis points on the total Credit Facility.

There are two financial covenants that the Company is required to maintain.
As defined in the agreement, the minimum interest coverage ratio (operating cash
flow to interest) is 3.0 to 1 and the maximum leverage ratio (outstanding debt
to operating cash flow) is 3.25 to 1. At September 30, 2006, the Company was in
compliance with both of these financial covenants.

We also have a one-year, renewable $30.0 million demand line of credit
("Short-Term Facility"), which expires on December 12, 2006. Borrowings under
the Short-Term Facility are at LIBOR plus the applicable margin in effect under
the Credit Facility. At September 30, 2006, there were no borrowings outstanding
under this facility.

We believe the Company will generate sufficient cash flow from operations
for the next 12 months and in the long term to meet its operating requirements,
interest on all borrowings, required debt repayments, any authorized share
repurchases, planned capital expenditures, and annual dividend payments to
holders of common stock. In the event that suitable businesses are available for
acquisition upon terms acceptable to the Board of Directors, we may obtain all
or a portion of the financing for the acquisitions through the incurrence of
additional long-term borrowings.

Our contractual obligations and commercial commitments include rental
payments under operating leases, payments under capital leases, and other
long-term obligations arising in the ordinary course of business. There are no
identifiable events or uncertainties, including the lowering of our credit
rating that would accelerate payment or maturity of any of these commitments or
obligations.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company is subject to market risk associated with changes in interest
rates and foreign currency exchange rates. Interest rate exposure is limited to
the $167.4 million of total debt outstanding at September 30, 2006.
Approximately 10% of the debt is priced at interest rates that float with the
market. A 50-basis point movement in the interest rate on the floating rate debt
would result in an approximate $0.1 million annualized increase or decrease in
interest expense and cash flows. The remaining debt is fixed rate debt. We will,
from time to time, enter into interest rate swaps on our debt when we believe
there is a financial advantage for doing so. A treasury risk management policy,
adopted by the Board of Directors, describes the procedures and controls over
derivative financial and commodity instruments, including interest rate swaps.
Under the policy, we do not use derivative financial or commodity instruments
for trading purposes, and the use of these instruments is subject to strict
approvals by senior officers. Typically, the use of derivative instruments is
limited to interest rate swaps on the Company's outstanding long-term debt. As
of September 30, 2006, the Company did not have any derivative instruments
outstanding.

Our foreign currency exchange rate risk is limited principally to the euro
and British pound. We manage our foreign exchange risk principally through
invoicing our customers in the same currency as the source of our products. As a
result, the Company's exposure to any movement in foreign currency exchange
rates is immaterial to the Consolidated Statements of Operations.

ITEM 4. CONTROLS AND PROCEDURES.

The Company maintains disclosure controls and procedures that are designed
to ensure that information required to be disclosed in the Company's Exchange
Act reports is recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such information is
accumulated and communicated to the Company's management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely
decisions regarding required disclosure. In designing and evaluating the
disclosure controls and procedures, management recognized that any controls and
procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and management
is required to apply its judgment in evaluating the cost-benefit relationship of
possible controls and procedures.

As required by SEC Rule 13a-15(b), the Company carried out an evaluation,
under the supervision and with the participation of the Company's management,
including the Company's Chief Executive Officer and the Company's Chief
Financial Officer, of the effectiveness of the design and operation of the
Company's disclosure controls and procedures as of the end of the period covered
by this report. Based on the foregoing, the Company's Chief Executive Officer
and Chief Financial Officer concluded that the Company's disclosure controls and
procedures were effective.

There has been no change in the Company's internal controls over financial
reporting during the Company's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Company's internal
controls over financial reporting.

During the third quarter of 2006, the Company implemented a new financial
consolidation system throughout the organization. The Company believes that
effective internal control over financial reporting was maintained during and
after this conversion.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

IDEX and five of its subsidiaries have been named as defendants in a number
of lawsuits claiming various asbestos-related personal injuries, allegedly as a
result of exposure to products manufactured with components that contained
asbestos. Such components were acquired from third party suppliers, and were not
manufactured by any of the subsidiaries. To date, all of the Company's
settlements and legal costs, except for costs of coordination, administration,
insurance investigation and a portion of defense costs, have been covered in
full by insurance subject to applicable deductibles. However, the Company cannot
predict whether and to what extent insurance will be

-21-

available to continue to cover such settlements and legal costs, or how insurers
may respond to claims that are tendered to them.

Claims have been filed in Alabama, California, Connecticut, Delaware,
Georgia, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon,
Pennsylvania, Rhode Island, Texas, Utah, Virginia, Washington and Wyoming. Most
of the claims resolved to date have been dismissed without payment. The balance
has been settled for reasonable amounts. Only one case has been tried, resulting
in a verdict for the Company's business unit.

No provision has been made in the financial statements of the Company,
other than for insurance deductibles in the ordinary course, and IDEX does not
currently believe the asbestos-related claims will have a material adverse
effect on the Company's business or financial position.

IDEX is also party to various other legal proceedings arising in the
ordinary course of business, none of which is expected to have a material
adverse effect on its business, financial condition or results of operations.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Total Number of Maximum Number of
Shares Purchased as Shares that May Yet
Part of Publicly be Purchased Under
Total Number of Average Price Announced Plans the Plans
Period Shares Purchased Paid per Share or Programs (1) or Programs (1)
------ ---------------- -------------- ------------------- -------------------

July 1, 2006 to
July 31, 2006 -- -- -- 2,240,250
August 1, 2006 to
August 31, 2006 -- -- -- 2,240,250
September 1, 2006 to
September 30, 2006 -- -- -- 2,240,250

(1) On October 20, 1998, IDEX's Board of Directors authorized the repurchase of
up to 2.25 million shares of its common stock, either at market prices or
on a negotiated basis as market conditions warrant.

ITEM 5. OTHER INFORMATION.

There has been no material change to the procedures by which security
holders may recommend nominees to the Company's board.

ITEM 6. EXHIBITS.

The exhibits listed in the accompanying "Exhibit Index" are filed as part
of this report.

SIGNATURES

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 thereunto duly authorized.

IDEX CORPORATION

November 8, 2006 /s/ Dominic A. Romeo
----------------------------------------
Dominic A. Romeo
Vice President and Chief Financial
Officer
(duly authorized principal financial
officer)

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EXHIBIT INDEX

EXHIBIT
NUMBER DESCRIPTION
------- -----------

3.1 Restated Certificate of Incorporation of IDEX Corporation (formerly
HI, Inc.) (incorporated by reference to Exhibit No. 3.1 to the
Registration Statement on Form S-1 of IDEX, et al., Registration No.
33-21205, as filed on April 21, 1988)

3.1(a) Amendment to Restated Certificate of Incorporation of IDEX Corporation
(formerly HI, Inc.), (incorporated by reference to Exhibit No. 3.1(a)
to the Quarterly Report of IDEX on Form 10-Q for the quarter ended
March 31, 1996, Commission File No. 1-10235)

3.1(b) Amendment to Restated Certificate of Incorporation of IDEX Corporation
(incorporated by reference to Exhibit No. 3.1 (b) to the Current
Report of IDEX on Form 8-K dated March 24, 2005, Commission File No.
1-10235)

3.2 Amended and Restated By-Laws of IDEX Corporation (incorporated by
reference to Exhibit No. 3.2 to Post-Effective Amendment No. 2 to the
Registration Statement on Form S-1 of IDEX, et al., Registration No.
33-21205, as filed on July 17, 1989)

3.2(a) Amended and Restated Article III, Section 13 of the Amended and
Restated By-Laws of IDEX Corporation (incorporated by reference to
Exhibit No. 3.2(a) to Post-Effective Amendment No. 3 to the
Registration Statement on Form S-1 of IDEX, et al., Registration No.
33-21205, as filed on February 12, 1990)

4.1 Restated Certificate of Incorporation and By-Laws of IDEX Corporation
(filed as Exhibits No. 3.1 through 3.2 (a))

4.2 Indenture, dated as of February 23, 1998, between IDEX Corporation,
and Norwest Bank Minnesota, National Association, as Trustee, relating
to the 6-7/8% Senior Notes of IDEX Corporation due February 15, 2008
(incorporated by reference to Exhibit No. 4.1 to the Current Report of
IDEX on Form 8-K dated February 23, 1998, Commission File No. 1-10235)

4.3 Specimen Senior Note of IDEX Corporation (incorporated by reference to
Exhibit No. 4.1 to the Current Report of IDEX on Form 8-K dated
February 23, 1998, Commission File No. 1-10235)

4.4 Specimen Certificate of Common Stock of IDEX Corporation (incorporated
by reference to Exhibit No. 4.3 to the Registration Statement on Form
S-2 of IDEX, et al., Registration No. 33-42208, as filed on September
16, 1991)

4.5 Credit Agreement, dated as of December 14, 2004, among IDEX
Corporation, Bank of America N.A. as Agent and Issuing Bank, and the
Other Financial Institutions Party Hereto (incorporated by reference
to Exhibit No. 4.5 to the Annual Report of IDEX on Form 10-K for the
year ended December 31, 2004, Commission File No. 1-10235)

4.6 Credit Lyonnais Uncommitted Line of Credit, dated as of December 3,
2001 (incorporated by reference to Exhibit 4.6 to the Annual Report of
IDEX on Form 10-K for the year ended December 31, 2001, Commission
File No. 1-10235)

4.6(a) Amendment No. 6 dated as of December 14, 2005 to the Credit Lyonnais
Uncommitted Line of Credit Agreement dated December 3, 2001

10.1 Definitive agreement to acquire Banjo Corporation, dated September 8,
2006, (incorporated by reference to exhibit 10.1 to the Current Report
of IDEX on Form 8-K dated September 14, 2006, Commission File No.
1-10235)

*31.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or
Rule 15d-14(a)

*31.2 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) or
Rule 15d-14(a)

*32.1 Certification pursuant to Section 1350 of Chapter 63 of Title 18 of
the United States Code

*32.2 Certification pursuant to Section 1350 of Chapter 63 of Title 18 of
the United States Code

----------
* Filed herewith

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