The forward-looking statements included in this news release
are based on our current expectations, projections, estimates
and assumptions. These statements are only predictions, not
guarantees. Such forward-looking statements are subject to
numerous risks and uncertainties that are difficult to
predict. These risks and uncertainties may cause actual
results to differ materially from what is forecast in such
forward-looking statements, and include, without limitation,
the following: a portion of our bookings may not lead to
completed sales, and our ability to convert bookings into
revenues at acceptable profit margins; changes in the global
financial markets and the availability of capital and the
potential for unexpected cancellations or delays of customer
orders in our reported backlog; our dependence on our
customers' ability to make required capital investment
and maintenance expenditures; risks associated with cost
overruns on fixed-fee projects and in taking customer orders
for large complex custom engineered products; the substantial
dependence of our sales on the success of the oil and gas,
chemical, power generation and water management industries;
the adverse impact of volatile raw materials prices on our
products and operating margins; our ability to execute and
realize the expected financial benefits from our strategic
realignment initiatives; economic, political and other risks
associated with our international operations, including
military actions or trade embargoes that could affect
customer markets, particularly Middle Eastern markets and
global oil and gas producers, and non-compliance with U.S.
export/re-export control, foreign corrupt practice laws,
economic sanctions and import laws and regulations; our
exposure to fluctuations in foreign currency exchange rates,
particularly in hyperinflationary countries such as
Venezuela; our furnishing of products and services to nuclear
power plant facilities and other critical processes;
potential adverse consequences resulting from litigation to
which we are a party, such as litigation involving
asbestos-containing material claims; expectations regarding
acquisitions and the integration of acquired businesses; our
foreign subsidiaries autonomously conducting limited business
operations and sales in certain countries identified by the
U.S. State Department as state sponsors of terrorism; our
relative geographical profitability and its impact on our
utilization of deferred tax assets, including foreign tax
credits; the potential adverse impact of an impairment in the
carrying value of goodwill or other intangible assets; our
dependence upon third-party suppliers whose failure to
perform timely could adversely affect our business
operations; the highly competitive nature of the markets in
which we operate; environmental compliance costs and
liabilities; potential work stoppages and other labor
matters; our inability to protect our intellectual property
in the U.S., as well as in foreign countries; obligations
under our defined benefit pension plans; and other factors
described from time to time in our filings with the
Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
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