Federal Signal Mergent Report

Federal Signal Corp.
General Company Information
Address
1415 West 22nd Street
Oak Brook, IL 60523 United States
Phone: 630 954-2000
Fax: 630 954-2030
Country
United States
Ticker
FSS
Date of Incorporation
March 1901 , IL, United States
Number of Employees
3,100 (Approximate Full-Time as of 12/31/2017)
Number of Shareholders
1,597 (record) (as of 01/31/2018)
Company Website
www.federalsignal.com
Annual Meeting Date

In May
Mergent Dividend Achiever

No
Closing Price
As of 06/21/2018 : 23.74
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Business Description
Industry
Industrial Machinery & Equipment
NAICS
Primary NAICS:
333319 - Other Commercial and Service Industry Machinery
Manufacturing
Secondary NAICS:
336211 - Motor Vehicle Body Manufacturing
336321 - Vehicular Lighting Equipment Manufacturing
561621 - Security Systems Services (except Locksmiths)
SIC
Primary SIC:
3711 - Motor vehicles and car bodies
Secondary SIC:
3559 - Special industry machinery, nec
3647 - Vehicular lighting equipment
7382 - Security systems services
Business Description
Federal Signal designs, manufactures and supplies a suite of products and integrated solutions for municipal, governmental,
industrial and commercial customers. Co.'s portfolio of products that it manufactures includes sewer cleaners, vacuum trucks,
street sweepers, waterblasters, and safety and security systems, including technology-based products and solutions for the
public safety market. Co. also distributes and re-sells products manufactured by other companies, which include refuse and
recycling collection vehicles, camera systems, ice resurfacing equipment and snow-removal equipment. In addition, Co. sells
parts and provide service, repair, equipment rentals and training.
Products manufactured and supplied, and services rendered, by Co. divided into two primary operating segments: the
Environmental Solutions Group and the Safety and Security Systems Group.
Environmental Solutions Group
Co.'s Environmental Solutions Group is a manufacturer and supplier of a range of street sweeper vehicles, sewer cleaner and
vacuum loader trucks, hydro-excavation trucks and high-performance waterblasting equipment. Products are sold to both
municipal and industrial customers under the Elgin®, Vactor®, Guzzler®, Westech™ and Jetstream® brand names. Co.
manufactures vehicles and equipment in the U.S. and Canada.
Under the Elgin brand name, Co. sells a U.S. brand of street sweepers primarily designed for large-scale cleaning of curbed
streets, parking lots and other paved surfaces utilizing mechanical sweeping, vacuum and recirculating air technology. Vactor is
a manufacturer of vacuum trucks used to maintain sewer lines, catch basins and storm sewers, as well as hydro-excavation
trucks. Guzzler provides industrial vacuum loaders used to manage industrial waste or recover and recycle valuable raw
materials. Westech is a manufacturer of rugged vacuum trucks. Jetstream manufactures high pressure waterblast equipment and
accessories for commercial and industrial cleaning and maintenance operations.
In addition to equipment sales, Co. engages in the sale of parts, service and repair, equipment rentals and training as part of a
complete offering to its customers under the FS Solutionssm brand.
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Safety and Security Systems Group
Co.'s Safety and Security Systems Group is a manufacturer and supplier of systems and products that law enforcement, fire
rescue, emergency medical services, campuses, military facilities and industrial sites use to protect people and property.
Offerings include systems for campus and community alerting, emergency vehicles, first responder interoperable
communications and industrial communications, as well as municipal networked security. Specific products include vehicle
lightbars and sirens, public warning sirens, general alarm systems, public address systems and public safety software. Products
are sold under the Federal Signal™, Federal Signal VAMA® and Victor® brand names. Co. operates manufacturing facilities
in the U.S., Europe and South Africa.
Geographic Analysis
Revenues
Report Date 12/31/2016
Currency USD
Scale Thousands
United States 510,200
Canada 111,500
Europe/Other 86,200
Total 707,900

Currency USD
Scale Thousands
United States 576,800
Canada 75,900
Europe/Other 115,300
Total 768,000
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Identifiable assets
Currency USD
Scale Thousands
Europe 3,100
North America 52,300

Currency USD
Scale Thousands
Europe 2,500

Currency USD
Scale Thousands
Europe 2,600
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Currency USD
Scale Thousands
ther identifiable assets 300

Currency USD
Scale Thousands

Currency USD
Scale Thousands
Business Summary
Federal Signal designs, manufactures and supplies products and integrated solutions for municipal, governmental, industrial
and commercial customers. Co. has two segments: Environmental Solutions Group, which provides street sweeper vehicles,
sewer cleaner and vacuum loader trucks, hydro-excavation trucks and waterblasting equipment under the Elgin®, Vactor®,
Guzzler®, Westech™ and Jetstream® brand names; and Safety and Security Systems Group, which provides systems and
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products such as vehicle lightbars and sirens, public warning sirens, general alarm systems, public address systems and public
safety software sold under the Federal Signal™, Federal Signal VAMA® and Victor® brand names.
Executives
Top 5 Executives
Officers
Dennis J. Martin
Title : Chairman
Compensation History
Year 2017 2016 2015

in Actual USD in Actual USD in Actual USD
Salary N/A 600,000 800,833
Bonus N/A N/A N/A
Other Annual Compensation/Fees 130,500 N/A N/A
Stock Awards 90,000 749,991 749,987
Option Awards N/A 750,008 750,012
Restricted Stock Units N/A N/A N/A
Non-Equity Incentive Plan N/A 198,000 1,046,500
Compensation
All Other Compensation N/A 141,186 176,927
Total Compensation 220,500 2,439,185 3,524,259
Summary Biography
Dennis J. Martin, was named Chairman of the Board of Federal Signal Corporation on January 1, 2017. Mr. Martin has served
as Non-Executive Chairman of Federal Signal Corporation since December 31, 2016. Mr. Martin was most recently Executive
Chairman of Federal Signal Corporation from January 1, 2016 to December 31, 2016. Mr. Martin previously served as Federal
Signal Corporation's Executive Chairman beginning in January 2016, and as Federal Signal Corporation's President and Chief
Executive Officer from October 2010 through December 2015. Mr. Martin has been a member of Federal Signal Corporation's
Board since March 2008.
Mr. Martin served as a Director of HNI Corporation from 2000 to May 10, 2016. Prior to becoming Federal Signal
Corporation's President and Chief Executive Officer, Mr. Martin served as an independent business consultant to
manufacturing companies. Mr. Martin had served as a Director of Essendant Inc. (NASDAQ: ESND), a supplier of workplace
essentials, from July 2016. From May 2001 to August 2005, Mr. Martin was the Chairman, President and Chief Executive
Officer of General Binding Corporation, a manufacturer and marketer of binding and laminating office equipment (formerly
NASDAQ: GBND), until its acquisition by Acco World Brands. Mr. Martin served on the Board of Directors of Coleman
Cable, Inc. ("Coleman"), a manufacturer and innovator of electrical and electronic wire and cable products (formerly
NASDAQ: CCIX), from February 2008 until February 2014 when Coleman was purchased by Southwire Company. Mr.
Martin also served on the Board of Directors of A. O. Smith Corporation, a manufacturer of water heating systems and electric
motors (NYSE: AOS), from January 2004 until December 2005.
Mr. Martin received a Bachelor's degree in Industrial Engineering and Management from the University of New Haven. Mr.
Martin also holds an Honorary doctorate degree from the University of New Haven.
Jennifer L. Sherman
Title : President
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Year 2017 2016 2015

Salary 666,250 650,000 428,050
Bonus N/A N/A N/A
Stock Awards 1,186,124 749,991 274,994
Option Awards 395,374 750,008 275,002
Non-Equity Incentive Plan 1,043,751 214,500 395,850
Compensation
Change in Pension Value & 58,551 43,643 N/A
Non-Qualified Deferred Comp. Earni
All Other Compensation 84,922 94,600 85,968
Total Compensation 3,434,972 2,502,742 1,459,864
Summary Biography
Jennifer L. Sherman, was appointed as President and Chief Executive Officer of Federal Signal Corporation effective January
1, 2016. Ms. Sherman was also appointed to Federal Signal Corporation's Board of Directors effective January 1, 2016. Since
joining Federal Signal Corporation in 1994, Ms. Sherman has served in various roles of increasing responsibility, most recently
as Senior Vice President and Chief Operating Officer from April 2014 to December 31, 2015. Ms. Sherman also previously
served as Senior Vice President, Chief Administrative Officer, General Counsel and Secretary from 2010 to April 2014, Senior
Vice President, Human Resources, General Counsel and Secretary from 2008 to 2010, and Vice President, General Counsel
and Secretary from 2004 to 2008.
Ms. Sherman earned both her Business degree in Finance and Law degree from the University of Michigan, and she is a Fellow
of the Northwestern University's Kellogg School of Management Chief Executive Officer Perspectives Program.
Ian A. Hudson
Title : Senior Vice President
Year 2017 2016

in Actual USD in Actual USD
Salary 296,716 259,713
Stock Awards 224,994 157,490
Option Awards 49,998 67,507
Non-Equity Incentive Plan 261,200 63,376
Compensation
All Other Compensation 31,128 35,188
Total Compensation 864,036 583,274
Summary Biography
Ian A. Hudson, CPA, had served as Vice President, Corporate Controller and Principal Accounting Officer of Federal Signal
Corporation from August 2013, and as its Interim Chief Financial Officer from March 21, 2017. In this capacity, he served as
the Principal Financial Officer of Federal Signal. On October 25, 2017, Federal Signal announced the promotion of Mr.
Hudson as the company's Senior Vice President and Chief Financial Officer, effective October 24, 2017. Mr. Hudson is a
Certified Public Accountant.
Prior to joining Federal Signal Corporation, Mr. Hudson served as Director of Accounting – Latin America and Asia Pacific at
Groupon, Inc. from June 2012 to August 2013. Prior to that role, Mr. Hudson worked at Ernst & Young, LLP from 1998 to
2012, most recently as Senior Audit Manager.
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Mr. Hudson earned a Bachelor degree in Law and French from the University of Wales, Cardiff in the United Kingdom.
Mark D. Weber
Title : Senior Vice President
Year 2012 2011 2010

Salary 341,106 330,578 311,484
Stock Awards 165,750 166,497 186,690
Option Awards 165,750 166,500 63,542
Non-Equity Incentive Plan 321,984 159,577 222,703
Compensation
All Other Compensation 29,829 30,136 29,969
Total Compensation 1,024,419 853,288 814,388
Summary Biography
Mark D. Weber, was appointed as Federal Signal Corp.'s Senior Vice President and Chief Operating Officer, effective January
15, 2018. Mr. Weber served as the President of the Environmental Solutions Group of Federal Signal Corp. from April 2003 to
May 2013.
He was elected to serve as a Director and as a member of Supreme Industries, Inc.'s Executive Committee, on May 8, 2013. He
was selected by Supreme Industries' Board to be its President and Chief Executive Officer effective May 6, 2013; serving in
that capacity up to the sale of Supreme to Wabash National Corporation, which was completed on September 27, 2017. Mr.
Weber was Vice President Sweeper Products for the Environmental Solutions Group from 2002 to 2003 and General Manager
of Elgin Sweeper Company from 2001 to 2002.
He holds a Bachelor of Science degree in Mechanical Engineering from Rose Hulman Institute of Technology and a Masters of
Business Administration degree from Indiana University.
Daniel A. DuPre
Title : Vice President
Year 2017
in Actual USD
Salary 263,937
Stock Awards 123,735
Option Awards 41,239
Non-Equity Incentive Plan 149,481
Compensation
All Other Compensation 34,409
Total Compensation 612,801
Summary Biography
Daniel A. DuPré, was appointed as Vice President, General Counsel and Secretary of Federal Signal Corporation in November
2015. Mr. DuPré joined Federal Signal Corporation in 2006, most recently serving as its Deputy General Counsel.
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Mr. DuPré previously held senior legal positions at Sears Holdings Corporation, Bank One Corporation, and Brunswick
Corporation and served as an Assistant United States Attorney for the Northern District of Illinois.
Directors
Dennis J. Martin
Title : Chairman
Year 2017 2016 2015

Salary N/A 600,000 800,833
Bonus N/A N/A N/A
Other Annual Compensation/Fees 130,500 N/A N/A
Stock Awards 90,000 749,991 749,987
Option Awards N/A 750,008 750,012
Restricted Stock Units N/A N/A N/A
Non-Equity Incentive Plan N/A 198,000 1,046,500
Compensation
All Other Compensation N/A 141,186 176,927
Total Compensation 220,500 2,439,185 3,524,259
Summary Biography
Dennis J. Martin, was named Chairman of the Board of Federal Signal Corporation on January 1, 2017. Mr. Martin has served
as Non-Executive Chairman of Federal Signal Corporation since December 31, 2016. Mr. Martin was most recently Executive
Chairman of Federal Signal Corporation from January 1, 2016 to December 31, 2016. Mr. Martin previously served as Federal
Signal Corporation's Executive Chairman beginning in January 2016, and as Federal Signal Corporation's President and Chief
Executive Officer from October 2010 through December 2015. Mr. Martin has been a member of Federal Signal Corporation's
Board since March 2008.
Mr. Martin served as a Director of HNI Corporation from 2000 to May 10, 2016. Prior to becoming Federal Signal
Corporation's President and Chief Executive Officer, Mr. Martin served as an independent business consultant to
manufacturing companies. Mr. Martin had served as a Director of Essendant Inc. (NASDAQ: ESND), a supplier of workplace
essentials, from July 2016. From May 2001 to August 2005, Mr. Martin was the Chairman, President and Chief Executive
Officer of General Binding Corporation, a manufacturer and marketer of binding and laminating office equipment (formerly
NASDAQ: GBND), until its acquisition by Acco World Brands. Mr. Martin served on the Board of Directors of Coleman
Cable, Inc. ("Coleman"), a manufacturer and innovator of electrical and electronic wire and cable products (formerly
NASDAQ: CCIX), from February 2008 until February 2014 when Coleman was purchased by Southwire Company. Mr.
Martin also served on the Board of Directors of A. O. Smith Corporation, a manufacturer of water heating systems and electric
motors (NYSE: AOS), from January 2004 until December 2005.
Mr. Martin received a Bachelor's degree in Industrial Engineering and Management from the University of New Haven. Mr.
Martin also holds an Honorary doctorate degree from the University of New Haven.
James E. Goodwin
Title : Lead Director
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Year 2017 2016 2015

Salary N/A N/A N/A
Other Annual Compensation/Fees 107,500 108,500 114,500
Stock Awards 90,000 90,000 90,000
Option Awards N/A N/A N/A
Non-Equity Incentive Plan N/A N/A N/A
Compensation
All Other Compensation N/A N/A N/A
Total Compensation 197,500 198,500 204,500
Summary Biography
James E. Goodwin, has been a Director of John Bean Technologies Corporation since July 31, 2008. Mr. Goodwin has served
on the Boards of Directors of AAR Corp. since April 2002 and Federal Signal Corporation since October 2005 (where he
currently serves as lead independent director). Mr. Goodwin serves on the Advisory Board of Wynnchurch Capital, a private
equity firm, and serves on the Boards of Directors of two of their portfolio companies, Burtek Enterprises, Inc. and Northstar
Aerospace, Inc., since March 2013.
Mr. Goodwin served as Chairman and Chief Executive Officer of UAL Corporation and United Airlines from March 1999 until
his retirement on October 31, 2001. Mr. Goodwin served as President and Chief Operating Officer of UAL Corporation and
United Airlines from 1998 to 1999. During his career with UAL Corporation and United Airlines, Mr. Goodwin became Senior
Vice President-Marketing in 1985, Senior Vice President-Services in 1988, Senior Vice President-Maintenance Operations in
1991, Senior Vice President-International in 1992 and Senior Vice President-North America in 1995.
Bonnie C. Lind
Title : Director
Year 2017 2016 2015

Stock Awards 75,000 75,000 75,000
Summary Biography
Bonnie C. Lind, is Neenah Inc.'s Senior Vice President, Chief Financial Officer and Treasurer and has been in that role since
June 2004. She is also a current Director of Empire District Electric Co. and Federal Signal Corp.
Ms. Lind was an employee of Kimberly-Clark from 1982 until 2004, holding a variety of increasingly senior financial and
operations positions. From 1999 until June 2004, Ms. Lind served as the Assistant Treasurer of Kimberly-Clark and was
responsible for managing Kimberly-Clark's global treasury operations. Prior to that, Ms. Lind was Director of Kimfibers with
overall responsibility for the sourcing and distribution of pulp to Kimberly-Clark's global operations.
Ms. Lind received a Bachelor's Degree in Finance from the University of Georgia.
Richard R. Mudge
Title : Director
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Year 2017 2016 2015

Stock Awards 75,000 75,000 75,000
Summary Biography
Dr. Richard R. Mudge, has served as a Director of Federal Signal Corporation since April 2010. Dr. Mudge is President of
Compass Transportation and Technology Inc., a private economic and financial consulting firm, a position he has held since
December 2013.
Dr. Mudge previously served as the Vice President of the U.S. Infrastructure Division of Delcan Corporation from 2002 until
December 2013 and he had served on the Board of Directors of Delcan's U.S. subsidiary from 2005 until December 2013. Dr.
Mudge previously served as President of the transportation subsidiary of U.S. Wireless Corporation, from April 2000 to
December 2001, and as Managing Director of Transportation for Hagler Bailly, Inc., a worldwide provider of management
consulting services to the energy and network industries (formerly NASDAQ: HBIX), from 1998 to 2000. In 1986, Dr. Mudge
co-founded Apogee Research Inc., an infrastructure consulting firm, and served as its President until 1995 and then as its
Chairman of the Board from 1995 until 1997, when Apogee merged with Hagler Bailly. Dr. Mudge also worked for the
Congressional Budget Office from 1975 to 1986 where he became Chief of the Public Investment Unit and for the Rand
Corporation where he served as Director of Economic Development Studies from 1972 to 1975.
William F. Owens
Title : Director
Year 2017 2016 2015

Stock Awards 75,000 75,000 75,000
Summary Biography
William F. Owens, has served as a Director of Cloud Peak Energy Inc. ("Cloud Peak Energy") since January 5, 2010. Since
January 2016, Mr. Owens has served as a Senior Director with the law firm Greenberg Traurig. Mr. Owens has served on the
Board of Directors of Bill Barrett Corporation since May 2010; and on the Board of Directors of Federal Signal Corporation, an
industrial products company, since 2011. In addition, Mr. Owens has served as a member of the supervisory board of Credit
Bank of Moscow, a medium-sized privately owned bank operating in Moscow, Russia and the Moscow region, since 2012, as
Chairman of its Supervisory Board since 2013.
Mr. Owens served as Governor of Colorado from 1999 to 2007 and as Colorado State Treasurer from 1995 to 1999. Mr. Owens
also served on the Board of Directors and Audit Committee of Key Energy Services, an oilfield services company, from 2007
to 2016; and on the Board of Directors and Audit Committee of Vision Logistics, a private transportation company, from 2008
to 2013.
Mr. Owens holds a Master's degree in Public Affairs from the University of Texas at Austin and earned his Bachelor of Science
at Stephen F. Austin State University.
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History
Incorporated in Illinois on Mar. 25, 1901 as Federal Electric Co. Reincorporated in Delaware on Mar. 31, 1969 as Federal Sign
and Signal Corporation, successor to company of the same name incorporated in New York. Present name adopted on Aug. 29,
1975.
In July 1962, Co. merged with Electrical Products Corp., of Los Angeles, CA.
On Sept. 1, 1968, Co. acquired The Autocall Co.
On Apr. 26, 1977, Co. acquired Dayton Progress Corp. for $6,386,000.
In Dec. 1978, Co. acquired Revenue Control Sciences, Inc.'s product line of automatic fee calculators for parking garages.
On Jan. 5, 1979, Co. acquired Bassett Rotary Tool Co., of Monticello, IN.
On Mar. 1, 1979, Co. acquired Emergency One, Inc., of Ocala, FL.
In Feb. 1980, Co. acquired Ace Drill Corp., of Adrian, MI, for cash, stock and promissory notes.
In Oct. 1981, Co. acquired State Sign Services, Inc.
On Jan. 1, 1982, Co. acquired Automatic Parking Devices, Inc., for $448,000 cash and notes and 30,113 common shares.
In Sept. 1982, Co. acquired CMI, Inc., of Minturn, CO, for $250,000.
On Oct. 1, 1982, Co. acquired Elgin Sweeper Co., through issuance of $11,327,000 10% convertible debentures.
In Jan. 1986, Co. acquired principal assets of Over-Lowe Company, of Denver, CO.
On Mar. 21, 1986, Co. acquired Jamestown Perforators Inc., of Jamestown, NY.
In July 1986, Co. sold Ace Drill Corp.
On July 31, 1987, Co. acquired principal assets of QRS Neon Corporation Ltd.
On Dec. 31, 1987, Co. acquired principal assets of Melweb Signs, Inc.
On Dec. 31, 1987, Co. acquired Manchester Tool Company for $19,400,000 in cash.
In Oct. 1988, Co. disposed of CMI, Inc.'s operations for cash.
In Dec. 1988, Co. acquired for cash substantially all of the assets of Sign Systems, Inc., a sign manufacturer.
In July 1989, Co. acquired for cash all of the outstanding stock of Electro Diecraft, a Canadian tool manufacturer.
In Oct. 1989, Co. acquired for cash all of the outstanding stock of American Eagle Fire Apparatus Company, a manufacturer of
firetrucks.
In Apr. 1990, Co. sold its Autocall, Inc. subsidiary for cash.
In Apr. 1990, Co. sold The Autocall Co.
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In Dec. 1990, Co. acquired Von Raaij Holdings BV for cash and an earnout to be based upon future profitability of Co. for a
five year period. The earnout will become payable at the end of the period, a portion of which was guaranteed.
In Oct. 1991, Co. acquired Container Tooling Corporation.
In Dec. 1991, Co. acquired Superior Emergency Vehicles, Ltd, a Canadian firetruck manufacturer, and Frontline Emergency
Vehicles, Inc., an ambulance manufacturer.
In Mar. 1992, Co. acquired the assets of Schneider Stanznormalien GmbH, a German manufacturer of precision punch and die
components, for cash.
In May 1992, Co. acquired the outstanding shares of Aplicaciones Tecnologicas VAMA S.L., a European manufacturer of
emergency vehicular signaling products located in Barcelona, Spain.
In June 1992, American Eagle Fire Apparatus Company, merged into Co.'s subsidiary, Emergency One, Inc.
In Nov. 1992, Co. acquired the outstanding shares of Dico Corporation, a Michigan-based manufacturer of polycrystalline
diamond and cubic boron nitride cutting tools.
In Mar. 1993, Elgin Sweeper Co., a subsidiary of Co., acquired, principally for cash all of the outstanding shares of Guzzler
Manufacturing, Inc., an Alabama-based manufacturer of catch basin and sewer cleaning vehicles.
In May 1994, Co. acquired the principal operating assets and assumed the principal operating liabilities of Justrite
Manufacturing Company.
On June 30, 1994, Co. acquired Peabody Myers Corp.
On Aug. 4, 1995, Co. acquired the net operating assets of Bronto Skylift Oy Ab.
On Dec. 20, 1995, Co. purchased the assets of the Target Tech brand of warning lights from Dominion Automotive Industries
based in Uxbridge, Canada.
In June 1996, Co. acquired the equity of Victor Industries Limited.
In Dec. 1996, Co. sold Basset Rotary Tool, its rotary carbide cutting tool subsidiary for cash.
In July 1997, Co. acquired Pauluhn Electric Mfg. Co., Inc. for cash.
In Oct. 1997, Co. acquired the equity of Akusta IFE, Ltd.
In Jan. 1998, Co. acquired Five Star Manufacturing and Saulsbury Fire Equipment Corporation for cash totaling approx.
$23,500,000.
In Aug. 1998, Co. acquired Jetstream of Houston, a manufacturer of high-pressure water blasting equipment.
In July 1999, Co. acquired Clapp & Haney Tool Company for cash and stock.
In Mar. 2000, Co. acquired P.C.S. Company.
In Mar. 2001, Co. acquired all of the assets of Athey Products Corporation.
On Mar. 6, 2001, Five Star Manufacturing LLC (Five Star), a wholly owned subsidiary of Co., acquired substantially all the
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assets of Athey Products Corporation (Athey) for $12,147,886 in cash and the assumption by Five Star of certain obligations,
including but not limited to the existing backlog of sale agreements to Athey's customers, Athey's warranties, and the
agreements between Athey and its dealer-distributors.
In Sept. 2001, Co. acquired a majority interest in Plastisol Holdings B.V.
On Sept. 30, 2002, Co. acquired Leach Company. Under the terms of the agreement, Co. issued 800,000 shares of its common
stock and paid an undisclosed amount of cash, in exchange for the shares of the privately-held company.
On Oct. 3, 2002, Co. acquired Wittke, Inc., for 1,589,000 shares of Co.'s common stock and $30,400,000.
On Oct. 3, 2002, Co. acquired Leach Company, for 800,000 shares of Co.'s common stock and an undisclosed amount of cash.
On May 1, 2003, Co. sold its Sign Group business to Heath Sign Company, LLC, for cash of $7,500,000 and a $4,000,000 note
receivable.
In June 2004, Co. sold its 30% minority share in Safety Storage, Inc., to the majority shareholder for a nominal amount.
In July 2004, Co. sold its 54% majority ownership interest in Plastisol to the minority partner, for $2,500,000 in cash and a
$400,000 note receivable.
On Dec. 3, 2004, Co. sold Technical Tooling, Inc., to Sandvik Hard Materials for $6,500,000 in cash.
On Dec. 15, 2004, Co. sold Justrite Manufacturing Company, L.L.C., to The Riverside Company for $40,100,00 in cash.
In May 2005, Co. sold the land and buildings of the refuse truck body plant in Oshkosh, WI, for proceeds of $5,800,000.
In July 2005, Co. sold two product lines in Newcastle, England, for proceeds of $11,900,000.
On Dec. 5, 2006, Co. completed the sale of its E-ONE production facility in Red Deer, Alberta, to Copper Core Ltd.
On Jan. 15, 2007, Co. acquired the business and assets of Codespear, LLC.
On Jan. 31, 2007, Co. completed the sale of Manchester Tool Company, On Time Machining Company and Clapp Dico, which
were part of the Tool Group, for $65,400,000.
On July 24, 2007, Co. acquired the business and assets of Birmingham, AL, based Riverchase Technologies, LLC.
On Aug. 6, 2007, Co. acquired PIPS Technology for the purchase price of $115,000,000.
In 2008, Co. ceased from entering into new financial services activities.
On Apr. 21, 2008, Co. completed the sale of Dayton Progress Corporation (excluding Dayton Hong Kong) and its subsidiary,
PCS Company, for $65,500,000.
On July 1, 2008, Co. sold its municipal leasing portfolio to Bank of America's subsidiary, Banc of America Public Capital
Corp.
On Aug. 5, 2008, Co. sold E-ONE, Inc., a manufacturer of fire apparatus located in Ocala, FL, to American Industrial Partners
for approx. $20,000,000.
In Oct. 2008, Co. discontinued entirely its practice of providing lease financing to its customers and all other financial service
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activities, principally its dealer floor planning.
On July 16, 2009, Co. sold 100% of the shares of its European sweeper business, Ravo Holding B.V., to Fayat Group, for
Euro8,500,000, or approx. $12,100,000.
On Nov. 30, 2009, Co. sold 100% of the shares of Pauluhn, located in Pearland, TX, for $35,000,000, of which $4,200,000 was
expected to be received in 2010, subject to an initial working capital adjustment.
On Dec. 9, 2009, Co. acquired all voting equity interests of Diamond Consulting Services Ltd., for total consideration of
approx. $13,500,000 in cash and deferred payments in future years of up to $3,200,000.
On Mar. 2, 2010, Co. acquired all of the equity interests in VESystems, LLC and its subsidiaries for an aggregate purchase
price of $34,800,000. The consideration transferred consisted of cash in the amount of approx. $24,600,000 and 1,220,311
shares of Co.'s common stock with an acquisition date fair value of $10,200,000.
On Mar. 5, 2010, Co., through its subsidiary, 1815315 Ontario Limited, acquired all of the issued and outstanding common
shares of Sirit Inc., for C$77,100,000 ($74,900,000).
On Sept. 1, 2010, Co. sold its Riverchase business for $200,000.
On Sept. 4, 2012, Co. sold its Federal Signal Technologies Group business to 3M Company for $110,000,000 in cash, subject
to working capital adjustments in favor of the buyer of $5,900,000.
On Jan. 5, 2016, Co. completed the acquisition of 100% of the stock of Westech Vac Systems, Ltd. from Advance Engineered
Products Ltd. for an initial purchase price of C$8,000,000 (approximately $5,800,000), subject to certain working capital
adjustments.
On Jan. 29, 2016, Co. completed the sale of the Bronto SkyliftÂ® business to Morita Holdings Corporation for
Euro76,000,000 in cash (approximately $83,000,000), with the remaining purchase price due to be paid, along with the
payment of the working capital and net debt adjustments, by the end of the second quarter of 2016.
On June 3, 2016, Co. acquired substantially all the assets and operations of Joe Johnson Equipment, Inc., a Canadian-based
distributor of maintenance equipment for municipal and industrial markets, for consideration of C$108,000,000, subject to
closing and post-closing adjustments for working capital. In addition, there is a deferred payment of C$8,000,000 and a
contingent earn-out payment of up to C$10,000,000.
On June 2, 2017, Co. acquired all of the outstanding shares of capital stock of GenNx/TBEI Intermediate Co. for $270,000,000,
subject to certain closing and post-closing adjustments.
Institutional Holdings
Total Institutions: 256 (UP) 189

Total Shares Held: 66,573,799
% of Shares Held: 80.82%
Changes In:
New/Increased vs Old/Decreased Positions: (DOWN) -20
Amount of Shares Held: 17,307,740
% of shares held change: 50.32%
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80.82% Held By Institutions
50.32% Shares Held Change
New Positions Increased Positions Closed Positions Decreased Positions Unchanged Positions
Institutions: 0 Institutions: 110 Institutions: 22 Institutions: 108 Institutions: 38
Shares: 0 Shares: 42,402,075 Shares: 3,601,400 Shares: 21,492,935 Shares: 2,678,789
% Change: 0.00% % Change: 70.17% % Change: 50.03% % Change: 89.52% % Change: 76.63%
Institutional Ownership Summary for each of the top 5-10 Institutional Holders
BLACKROCK INC.
Total Shares Owned by Institution
7,630,644
Percentage of Shares Outstanding
62.49%
Number of Institutions
3332
Shares Purchased by Institution in the Last 3 Months
397
Shares Sold by Institution in the Last 3 Months
123
3 Months Net Transactions (Purchases-Sales)
Insider Holdings
Issuer's Name Trans. Date Form Action Price Mkt Value D/I Shares Holdings
BlackRock Inc 05/21/2018 4 S 546.13 90,657D 166 10,119
BlackRock Inc 05/09/2018 4 B 530.95 530,949D 1,000 3,360
06/22/2018 16 Mergent, Inc.

BlackRock Inc 05/02/2018 4 GD 0.00 0D 600 14,235
BlackRock Inc 04/24/2018 4 S 515.84 257,922D 500 10,285
BlackRock Inc 04/18/2018 4 S 524.84 209,935D 400 2,714
BlackRock Inc 04/04/2018 4 D 541.72 66,632D 123 4,245
BlackRock Inc 04/04/2018 4 D 541.72 66,632D 123 6,437
BlackRock Inc 04/04/2018 4 D 541.72 66,632D 123 2,132
BlackRock Inc 04/04/2018 4 A 0.00 0D 335 40,367
BlackRock Inc 04/04/2018 4 A 0.00 0D 370 4,368
BlackRock Inc 04/04/2018 4 A 0.00 0D 364 6,560
BlackRock Inc 04/04/2018 4 A 0.00 0D 391 3,529
BlackRock Inc 04/04/2018 4 A 0.00 0D 399 13,286
BlackRock Inc 04/04/2018 4 A 0.00 0D 334 334
BlackRock Inc 04/04/2018 4 A 0.00 0D 366 1,624
BlackRock Inc 04/04/2018 4 A 0.00 0D 335 2,948
BlackRock Inc 04/04/2018 4 A 0.00 0D 330 330
BlackRock Inc 04/04/2018 4 A 0.00 0D 339 2,255
BlackRock Inc 04/04/2018 4 A 0.00 0D 334 478,560
BlackRock Inc 04/04/2018 4 A 0.00 0D 360 2,360
BlackRock Inc 04/04/2018 4 A 0.00 0D 379 507,646
BlackRock Inc 04/04/2018 4 A 0.00 0D 372 516
BlackRock Inc 04/04/2018 4 A 0.00 0D 372 4,272
BlackRock Inc 04/04/2018 4 A 0.00 0D 334 3,133
BlackRock Inc 04/04/2018 4 A 0.00 0D 397 15,723
Transaction Ownership
Code Key : Code Key :
A - Acquired NO - UNKNOWN (added 06/04/2012) D - Direct
AB - Automatic Buy NP - Unknown (added 02/19/2013) I - Indirect
AS - Automatic Sell OE - Options Exercised
B - Buy PB - Private Buy
D - Disposed PS - Private Sell
IO - Initital Ownership S - Sell
Source: J3 Information Services Group

Quarterly Stock Price Range
Time Period Low High
Q2 of 2018 511.67 551.86
Q1 of 2018 508.97 593.26
Q4 of 2017 449.95 518.86
Q3 of 2017 412.19 447.09
Q2 of 2017 377.10 428.38
Buyers/Sellers Summary
3 Months 6 Months
Number of Inside Buyers 0 0
Number of Inside Sellers 0 0
DIMENSIONAL FUND ADVISORS INC
06/22/2018 17 Mergent, Inc.


4,765,292
N/A
2624
0
0
N/A
N/A
3 Months 6 Months
VANGUARD GROUP INC

3,395,986
N/A
2870
0
0
N/A
N/A
3 Months 6 Months
BARROW HANLEY MEWHINNEY & STRAUSS INC

3,158,351
N/A
376
0
06/22/2018 18 Mergent, Inc.


0
N/A
N/A
3 Months 6 Months
GOLDMAN SACHS GROUP INC/

2,570,525
95.22%
2988
0
6,658
Insider Holdings
Issuer's Name Trans. Date Form Action Price Mkt Value D/I Shares
Goldman Sachs Group Inc 05/15/2018 4 S 242.30 98,132I 405
Goldman Sachs Group Inc 05/15/2018 4 S 242.30 98,132I 405
Goldman Sachs Group Inc 05/14/2018 4 S 244.67 756,533D 3,092
Goldman Sachs Group Inc 05/14/2018 4 S 244.67 756,533D 3,092
Goldman Sachs Group Inc 05/14/2018 4 OE 78.78 768,105D 9,750
Goldman Sachs Group Inc 05/14/2018 4 OE 78.78 768,105D 9,750
Goldman Sachs Group Inc 05/14/2018 4 D 244.69 1,629,146D 6,658
Goldman Sachs Group Inc 05/14/2018 4 D 244.69 1,629,146D 6,658
Holdings
15,355
15,355
207,270
207,270
217,020
217,020
210,362
210,362
06/22/2018 19 Mergent, Inc.


Q2 of 2018 225.88 259.59
Q1 of 2018 245.26 273.38
Q4 of 2017 235.11 261.01
Q3 of 2017 215.84 237.19
Q2 of 2017 211.26 229.26
3 Months 6 Months
FMR LLC
1,794,099
N/A
1904
0
0
N/A
N/A
3 Months 6 Months
STATE STREET CORP

1,605,259
98.02%
2690
126
06/22/2018 20 Mergent, Inc.


5,602
Insider Holdings
State Street Corp. 05/31/2018 4 D 96.11 106,874D 1,112 12,527
State Street Corp. 05/31/2018 4 A 0.00 0D 13,639 13,639
State Street Corp. 05/16/2018 4 AS 100.78 162,357D 1,611 60,038
State Street Corp. 05/16/2018 4 AS 100.78 23,280D 231 27,301
State Street Corp. 05/15/2018 4 D 101.21 27,934D 276 58,403
State Street Corp. 05/15/2018 4 AS 101.82 2,545,500D 25,000 763,920
State Street Corp. 05/15/2018 4 AS 101.88 570,732D 5,602 31,673
State Street Corp. 03/29/2018 4 A 0.00 0D 126 126
State Street Corp. 03/29/2018 4 A 0.00 0D 126 126

Q2 of 2018 95.08 104.18
Q1 of 2018 96.72 112.71
06/22/2018 21 Mergent, Inc.


Q4 of 2017 90.28 99.29
Q3 of 2017 90.20 95.95
Q2 of 2017 77.30 89.73
3 Months 6 Months
MACQUARIE GROUP LTD

1,573,161
N/A
1681
0
0
N/A
N/A
3 Months 6 Months
FRANKLIN RESOURCES INC

1,482,640
61.27%
1124
0
0
N/A
Q2 of 2018 32.35 34.50
Q1 of 2018 34.11 45.86
Q4 of 2017 40.45 45.07
Q3 of 2017 41.04 47.28
06/22/2018 22 Mergent, Inc.


Q2 of 2017 40.59 44.87
3 Months 6 Months
LORD ABBETT & CO LLC

1,331,202
N/A
566
0
0
N/A
N/A
3 Months 6 Months
Insider Holdings/Trades
Ownership Summary for each of the top 5-10 Insiders

There is no Insider Holdings / Trades information for this company at present.
Dividends
Abbreviation Description Structure Type Exchange Ticker Market Cap

Com. Com. Common NYS FSS 1,424,494,960
Com. (NYS: FSS)

Ticker Listed Outstanding Date Outstanding Par Amount
FSS New York 04/30/2018 60,003,701 1.00 USD
Stock Splits Split Date

10% 02/08/1989
50% 03/02/1990
3-for-2 03/04/1991
3-for-2 04/10/1992
06/22/2018 23 Mergent, Inc.

Stock Splits Split Date

4-for-3 03/02/1994
Issue Shares Outstanding

Shares Outstanding Date Shares OutstandingFile Date Report Date
04/30/2018 60,003,70105/08/2018 03/31/2018
01/31/2018 59,999,95502/28/2018 12/31/2017
10/31/2017 59,983,83311/02/2017 09/30/2017
07/31/2017 59,947,60308/08/2017 06/30/2017
03/31/2017 59,786,78004/27/2017 03/31/2017
01/31/2017 59,721,37602/28/2017 12/31/2016
09/30/2016 59,905,22211/01/2016 09/30/2016
06/30/2016 59,933,31007/28/2016 06/30/2016
04/30/2016 60,460,92105/03/2016 03/31/2016
01/31/2016 62,427,67502/29/2016 12/31/2015
10/31/2015 62,148,54511/03/2015 09/30/2015
06/30/2015 62,502,98107/28/2015 06/30/2015
03/31/2015 62,525,17704/30/2015 03/31/2015
02/28/2015 62,735,53703/02/2015 12/31/2014
10/31/2014 62,590,93111/05/2014 09/30/2014
06/30/2014 62,751,18107/29/2014 06/30/2014
04/30/2014 62,879,01505/01/2014 03/31/2014
02/28/2014 62,783,38203/05/2014 12/31/2013
10/31/2013 62,674,39211/06/2013 09/30/2013
07/31/2013 62,597,06208/09/2013 06/30/2013
04/30/2013 62,435,43905/06/2013 03/31/2013
02/28/2013 62,398,53003/15/2013 12/31/2012
10/13/2012 62,293,68411/09/2012 09/30/2012
07/13/2012 62,348,90108/03/2012 06/30/2012
04/13/2012 62,187,75705/04/2012 03/31/2012
02/29/2012 62,184,38903/14/2012 12/31/2011
10/13/2011 62,196,69611/01/2011 09/30/2011
07/13/2011 62,183,82708/05/2011 06/30/2011
04/13/2011 62,117,64304/29/2011 03/31/2011
02/28/2011 62,133,11503/16/2011 12/31/2010
10/13/2010 62,215,29711/03/2010 09/30/2010
07/13/2010 62,233,70507/30/2010 06/30/2010
04/13/2010 49,898,41604/30/2010 03/31/2010
01/31/2010 48,713,96202/26/2010 12/31/2009
10/13/2009 48,752,35111/03/2009 09/30/2009
07/13/2009 48,752,07507/30/2009 06/30/2009
04/13/2009 48,695,83405/01/2009 03/31/2009
01/31/2009 47,371,12202/27/2009 12/31/2008
10/13/2008 47,399,02610/31/2008 09/30/2008
07/13/2008 47,503,02507/28/2008 06/30/2008
04/13/2008 47,997,47805/02/2008 03/31/2008
01/31/2008 47,787,96902/27/2008 12/31/2007
10/12/2007 47,915,66710/26/2007 09/30/2007
07/13/2007 47,954,66507/26/2007 06/30/2007
04/13/2007 47,936,58504/26/2007 03/31/2007
01/31/2007 47,649,07602/22/2007 12/31/2006
06/22/2018 24 Mergent, Inc.

Shares Outstanding Date Shares OutstandingFile Date Report Date

10/13/2006 47,662,72810/27/2006 09/30/2006
07/14/2006 48,071,60407/28/2006 06/30/2006
04/14/2006 48,255,24804/28/2006 03/31/2006
01/31/2006 48,123,11402/23/2006 12/31/2005
10/27/2005 48,100,68110/31/2005 10/01/2005
07/31/2005 48,280,26508/09/2005 07/02/2005
04/30/2005 48,389,20405/09/2005 03/31/2005
01/31/2005 48,139,25603/16/2005 12/31/2004
10/31/2004 48,127,52411/10/2004 10/02/2004
07/31/2004 48,130,63508/12/2004 07/03/2004
04/30/2004 48,115,70805/05/2004 03/31/2004
01/30/2004 47,964,47003/12/2004 12/31/2003
10/31/2003 47,982,00011/14/2003 09/30/2003
07/31/2003 47,969,00008/14/2003 06/30/2003
04/30/2003 47,979,00005/15/2003 03/31/2003
03/01/2003 47,967,62603/27/2003 12/31/2002
10/31/2002 47,694,00011/14/2002 09/30/2002
07/31/2002 45,305,00008/09/2002 06/30/2002
04/30/2002 45,260,00005/08/2002 03/31/2002
03/01/2002 45,179,179
10/31/2001 45,018,000
07/31/2001 45,600,000
03/01/2001 45,422,797
10/31/2000 45,324,054
07/31/2000 45,299,664
10/31/1999 46,100,074
12/31/1998 45,329,000
Recent Dividends
Amount Record Date ExDiv Date Pay Date
0.08 05/01/2018 05/14/2018 05/29/2018
0.07 02/19/2018 03/02/2018 03/19/2018
0.07 10/24/2017 11/13/2017 12/05/2017
0.07 07/25/2017 08/11/2017 09/06/2017
0.07 04/21/2017 05/10/2017 06/02/2017
0.07 02/17/2017 03/08/2017 03/31/2017
0.07 10/25/2016 11/10/2016 12/06/2016
0.07 07/26/2016 08/12/2016 08/26/2016
0.07 04/26/2016 05/13/2016 06/07/2016
0.07 02/09/2016 02/26/2016 03/17/2016
0.07 10/27/2015 11/13/2015 12/08/2015
0.06 07/16/2015 08/04/2015 08/27/2015
0.06 04/28/2015 05/15/2015 06/09/2015
0.06 02/20/2015 03/05/2015 03/27/2015
0.03 10/21/2014 11/07/2014 12/02/2014
0.03 07/22/2014 08/08/2014 09/03/2014
0.03 04/23/2014 05/09/2014 06/03/2014
06/22/2018 25 Mergent, Inc.

Long Term Debt
Dec. 31, 2017, $277,700,000 (including current portion of $500,000) comprised of:
-- 01 -- $277,000,000 secured revolving credit facility, bearing interest at Co.'s option, at a base rate or a LIBOR rate, plus, in
each case, an applicable margin that ranges from 0.00% to 1.25% for base rate borrowings and 1.00% to 2.25% for LIBOR
borrowings, maturing on Jan. 27, 2021.
-- 02 -- $700,000 capital lease obligations.

Subsidiaries
SUBSIDIARY NAME PERCENT OWNED COUNTRY

Subsidiaries
Subsidiaries
Elgin Sweeper Company 100% United States
Federal Signal of Europe B.V. 100% Netherlands
Federal Signal of Europe B.V. Y 100% Spain
CIA, S.C.
Federal Signal UK Holdings Limited 100% United Kingdom
Federal Signal VAMA, S.A. 100% Spain
FS Depot, Inc. 100% United States
FST Canada Inc. 100% Canada
Guzzler Manufacturing, Inc. 100% United States
IEES B.V. 100% Netherlands
Jetstream of Houston, Inc. 100% United States
Jetstream of Houston LLP 100% United States
Joe Johnson Equipment LLC 100% United States
Vactor Manufacturing Inc. 100% United States
Victor Industrial Equipment (PTY) 100% South Africa
06/22/2018 26 Mergent, Inc.

SUBSIDIARY NAME PERCENT OWNED COUNTRY

Limited
Victor Products Holdings Ltd. 100% United Kingdom
Victor Products Ltd. 100% United Kingdom
Victor Products USA, Incorporated 100% United States
Westech Vac Systems Ltd. 100% Canada
Property
Co. maintains its principal executive offices in Oak Brook, IL.
As of Dec. 31, 2016, Co. utilized six principal manufacturing plants located throughout the U.S., as well as two in Europe, one
in Canada and one in South Africa. Co. also leases facilities within the U.S., Europe and Canada from which Co. provides
sales, service and/or equipment rentals.
As of Dec. 31, 2016, Co. devoted approx. 900,000 sq. ft. to manufacturing and 700,000 sq. ft. to sales, service, warehousing
and office space. Of the total square footage, approx. 60% is devoted to the Environmental Solutions Group and 40% to the
Safety and Security Systems Group. Approx. 17% of the total square footage is owned by Co. with the remaining 83% being
leased.
Principal Executive Offices

1415 West 22nd Street
Oak Brook, IL 60523
United States
Competitors (USA)
Company Name Revenues Gross Margin Net Income

Spectrum Brands Holdings Inc 5,007,400,000 37.44 295,800,000
Varian Medical Systems Inc 2,668,200,000 43.31 249,600,000
Applied Industrial 2,593,746,000 28.44 133,910,000
Technologies, Inc.
Moog Inc 2,497,524,000 29.29 141,280,000
Middleby Corp 2,335,542,000 39.08 298,128,000
John Bean Technologies Corp 1,635,100,000 28.79 80,500,000
Evoqua Water Technologies Corp 1,247,424,000 32.05 2,163,000
Tennant Co. 1,003,066,000 40.32 (6,195,000)
Federal Signal Corp. 898,500,000 24.62 61,600,000
ICON Health & Fitness, Inc. 852,231,000 26.68 (49,698,000)
Otter Tail Corp. 849,350,000 25.16 72,439,000
Standex International Corp. 755,258,000 33.47 46,545,000
IHF Holdings, Inc. 749,313,000 28.47 (19,154,000)
Kadant Inc 515,033,000 44.86 31,092,000
Electro Scientific Industries 367,884,000 43.72 116,223,000
Inc
DT Industries, Inc. 241,066,000 17.25 (77,597,000)
USA Technologies Inc 104,093,000 25.60 (1,852,000)
Envirostar Inc 93,978,000 21.64 3,167,000
Wellstead Industries, Inc. 47,845,807 18.50 (8,546,567)
06/22/2018 27 Mergent, Inc.

Company Name Revenues Gross Margin Net Income

CVD Equipment Corp. 41,128,639 42.79 5,261,411
Crown Andersen, Inc. 17,453,097 10.27 (4,684,673)
Burned Media Ltd 14,028,000 28.46 (293,000)
Bethlehem Corp. 11,661,000 17.54 (4,646,000)
Global Payment Technologies, 11,602,000 11.98 (5,591,000)
Inc.
Greenshift Corp 9,466,988 66.44 15,808,296
Company Name EBITDA Total Assets Total Liabilities PE Ratio

Spectrum Brands Holdings Inc 659,200,000 7,419,700,000 5,581,800,000 14.2583
Varian Medical Systems Inc 418,800,000 3,179,400,000 1,684,400,000 81.4167
Applied Industrial 199,878,000 1,387,595,000 642,339,000 18.9796
Technologies, Inc.
Moog Inc 287,625,000 3,090,592,000 1,876,288,000 29.4789
Middleby Corp 497,212,000 3,339,713,000 1,978,565,000 20.2042
John Bean Technologies Corp 175,500,000 1,391,400,000 949,500,000 46
Evoqua Water Technologies Corp 122,531,000 1,473,309,000 1,261,871,000 -
Tennant Co. 64,950,000 993,977,000 697,474,000 1,543
Federal Signal Corp. 93,500,000 992,300,000 534,900,000 21.3874
ICON Health & Fitness, Inc. 32,381,000 380,752,000 462,747,000 -
Otter Tail Corp. 201,311,000 2,004,278,000 1,307,386,000 24.1206
Standex International Corp. 80,675,000 867,676,000 459,012,000 33.9769
IHF Holdings, Inc. 41,091,000 378,094,000 475,364,000 -
Kadant Inc 80,128,000 761,094,000 430,103,000 32.9725
Electro Scientific Industries 83,133,000 372,988,000 106,630,000 5.315
Inc
DT Industries, Inc. (61,629,000) 209,245,000 128,502,000 -
USA Technologies Inc 3,245,000 97,691,000 31,913,000 -
Envirostar Inc 5,581,000 57,135,000 24,911,000 129.0323
Wellstead Industries, Inc. (5,665,598) 18,602,999 19,437,671 -
CVD Equipment Corp. 8,088,394 58,978,250 18,324,614 9.8
Crown Andersen, Inc. (4,410,763) 15,845,988 9,953,364 -
Burned Media Ltd 600,000 11,160,000 8,435,000 -
Bethlehem Corp. (2,508,000) 13,045,000 15,239,000 -
Global Payment Technologies, (4,990,000) 6,802,000 3,332,000 -
Inc.
Greenshift Corp 21,840,145 6,951,039 15,347,879 -
Company Name Market Cap Employees Share Price

Spectrum Brands Holdings Inc 4,522 M 16,800 81.70
Varian Medical Systems Inc 10,728 M 6,600 117.24
Applied Industrial 2,879 M 5,554 74.40
Technologies, Inc.
Moog Inc 2,496 M 10,675 76.94
Middleby Corp 5,842 M 8,493 104.86
John Bean Technologies Corp 2,920 M 5,800 92.00
Evoqua Water Technologies Corp 2,337 M 3,958 20.54
Tennant Co. 1,387 M 4,300 77.15
Federal Signal Corp. 1,424 M 3,100 23.74
ICON Health & Fitness, Inc. - 3,263
06/22/2018 28 Mergent, Inc.

Company Name Market Cap Employees Share Price

Otter Tail Corp. 1,903 M 2,097 48.00
Standex International Corp. 1,321 M 5,500 102.95
IHF Holdings, Inc. - 4,200
Kadant Inc 1,064 M 2,400 95.95
Electro Scientific Industries 593 M 615 17.38
Inc
DT Industries, Inc. 47 T 1,200 0.00
USA Technologies Inc 740 M 91 13.80
Envirostar Inc 447 M 138 40.00
Wellstead Industries, Inc. 111 121 0.00
CVD Equipment Corp. 48 M 212 7.35
Crown Andersen, Inc. 2 91 0.00
Burned Media Ltd 1 90 0.00
Bethlehem Corp. 24 T 55 0.01
Global Payment Technologies, 73 T 71 0.01
Inc.
Greenshift Corp 862 T 10 0.06
Earnings Estimates
Broker Summary
Number of Analysts 3
Number of Buy Recommendations 1
Number of Hold Recommendations 1
Number of Sell Recommendations 0
Ratios and Statistics

EPS Long-Term Growth 16.00
Forward P/E 18.69
PEG 1.17
Average Target Price $25.88

Price Target Raised in the Past 4 Wks - 1 (DOWN) 0 (UP) 1
Price Target Lowered in the Past 4 Wks - 0
Consensus Estimates Summary
06/22/2018 29 Mergent, Inc.

2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

Earnings Per Share 1.02 0.69 0.85 - 0.33 0.33 0.30
Revenue 768.00 707.90 898.50 - 269.50 263.80 266.50
EBITDA 115.50 83.80 113.10 - 39.45 39.40 37.75
2018E 2019E 2020E

Earnings Per Share 1.20 1.31 -
Revenue 1,049.10 1,108.70 1,256.10
EBITDA 145.05 157.70 -
Earnings Estimates
Consensus Estimates Detailed

Earnings Per Share 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - 0.35 0.33 0.33 1.22
Median 1.02 0.69 0.85 - 0.33 0.33 0.30 1.20
Low - - - - 0.30 0.32 0.30 1.16
Standard Deviation 0.04 0.01 0.01 - 0.02 0.01 0.01 0.02
# of Estimates 2 4 5 - 5 5 5 5
Earnings Per Share 2019E 2020E

High 1.34 -
Median 1.31 -
Low 1.27 -
Standard Deviation 0.05 -
# of Estimates 2 -
Dividend Per Share 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - - - - -
Median - - - - - - -
Low - - - - - - - -
Standard Deviation - - - - - - -
# of Estimates - - - - - - - -
Dividend Per Share 2019E 2020E

High - -
Median - -
Low - -
Standard Deviation - -
# of Estimates - -
Cash Flow Per Share 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E
High - - - - - - -
Median - - - - - -
Low - - - - - - -
Standard Deviation - - - - - -
# of Estimates - - - - - - -
Cash Flow Per Share 2018E 2019E 2020E

High - - -
06/22/2018 30 Mergent, Inc.

Cash Flow Per Share 2018E 2019E 2020E

Median - - -
Low - - -
Standard Deviation - - -
# of Estimates - - -
Sales 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

High - - - - 278.00 271.00 269.00
Median 768.00 707.90 898.50 - 269.50 263.80 266.50
Low - - - - 267.70 259.10 258.40
Standard Deviation 42.14 4.67 5.31 - 4.73 5.61 4.66
# of Estimates 2 4 5 - 5 5 5
Sales 2018E 2019E 2020E

High 1,068.00 1,141.90 1,256.10
Median 1,049.10 1,108.70 1,256.10
Low 1,037.30 1,092.30 1,256.10
Standard Deviation 11.63 19.75
# of Estimates 5 5 1
Operating Profit 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - 29.00 26.00 31.00 108.00
Median - 29.00 26.00 31.00 108.00
Low - - - - 29.00 26.00 31.00 108.00
Standard Deviation -
# of Estimates - 1 1 - 1 1 1 1
Operating Profit 2019E 2020E

High 130.00 -
Median 130.00 -
Low 130.00 -
# of Estimates 1 -
EBITDA 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

High - - - - 40.10 40.30 39.60
Median 115.50 83.80 113.10 - 39.45 39.40 37.75
Low - - - - 36.80 38.80 36.60
Standard Deviation 0.14 2.79 4.13 - 1.53 0.70 1.35
# of Estimates 2 4 4 - 4 4 4
EBITDA 2018E 2019E 2020E

High 148.00 157.70 -
Median 145.05 157.70 -
Low 142.30 157.70 -
Standard Deviation 2.61 -
# of Estimates 4 1 -
Net Debt 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

High - - - - - - -
Median -31.90 13.30 240.20 - - - -
06/22/2018 31 Mergent, Inc.

Net Debt 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E

Low - - - - - - -
Standard Deviation 3.54 - - - -
# of Estimates 1 2 1 - - - -
Net Debt 2018E 2019E 2020E

High 191.00 - -
Median 191.00 - -
Low 191.00 - -
Standard Deviation - -
# of Estimates 1 - -
Pre Tax Profit 2015A 2016A 2017A Q12018E Q22018E Q32018E Q42018E 2018E
High - - - - 28.00 28.00 27.30 100.00
Median 99.90 64.10 77.40 - 27.80 26.70 25.65 96.05
Low - - - - 24.70 26.20 24.00 95.00
Standard Deviation 4.53 - 1.59 0.79 1.45 2.34
# of Estimates 1 1 2 - 4 4 4 4
Pre Tax Profit 2019E 2020E

High 109.70 -
Median 109.70 -
Low 109.70 -
# of Estimates 1 -
Financial Highlights
Financial Highlights as of 12/31/2017 in USD

Income Statement (In Thousands)
Total Revenue 898,500
EBITDA 93,500
Operating Income 67,100
Net Income 61,600
Revenue per Share 15.05
EPS from Continuing Operations 1.00
EPS - Net Income - Diluted 1.02
Share Outstanding 60,000
Weighted Average Shares Outstanding - Basic 59,700
Weighted Average Shares Outstanding - Diluted 60,400
Earnings per Share - Basic 1.03
Balance Sheet (In Thousands)
Total Assets 992,300
Current Assets 303,800
Total Liabilities 534,900
Long Term Debt 277,400
Stockholders' Equity 457,400
Total Assets per Share 16.54
Current Liabilities 117,100
Net Assets per Share 7.62
06/22/2018 32 Mergent, Inc.

Cash Flow Statement (In Thousands)

Cash from Operations 72,800
Cash from Investing (278,200)
Cash from Financing 190,700
Capital Expenditures 8,000
Cash Flow per Share 1.21
Cash & Cash Equivalents, Beginning of Year 50,700
Cash & Cash Equivalents, End of Year 37,500
Stock Price and Valuation (Data as of 06/21/2018)
Market Cap(mil) 1,424
Share Outstanding(000's) 60,004
PE Ratio 21.3874
Dividend Per Share(TTM) 0.29
Earning Per Share(TTM) 1.13
Last Closing Price 23.74
Previous Trading Day Range 23.59 - 24.21
52 Week Range 16.40 - 24.76
7 Day Average Closing Price 23.95
Beta 1.17
High Price Last 3 Mos. 24.76
Low Price Last 3 Mos. 21.47
Avg Daily Volume Last 3 Mos. 285,616.86
Management Effectiveness
Revenue per Employee 289,839
Net Income per Employee 19,871.00
ROA % (Net) 7.53
ROE % (Net) 14.47
ROI % (Operating) 11.25
Profitability Ratios
Gross Margin 24.62
Operating Margin 7.47
EBITDA Margin % 10.41
Calculated Tax Rate % 0.82
Profit Margin (TTM) 6.86
Valuation Ratios
Price/Earnings (TTM) 19.50
Price/Book (TTM) 2.64
Price/Cash Flow(TTM) 16.47
Asset Management
Total Asset Turnover 1.10
Receivables Turnover 9.01
Inventory Turnover 5.26
Property Plant & Equip Turnover 17.45
Cash & Equivalents Turnover 20.37
Debt Management
Interest Coverage 9.19
Long Term Debt/Equity 0.61
Long Term Debt as % of Invested Capital 37.74
06/22/2018 33 Mergent, Inc.

Total Debt/Equity 0.61

Accounts Payable Turnover 20.70
Accrued Expenses Turnover 49.92
Liquidity Indicators
Quick Ratio 1.26
Current Ratio 2.59
Net Current Assets as % of Total Assets 18.81
Free Cash Flow per Share 1.09
Revenue to Assets 0.91
Consensus Estimates 2018Ae 2018Q2e 2018Q3e
Earnings Per Share 1.20 0.33 0.33
Revenue 1,049.10 269.50 263.80
EBITDA 145.05 39.45 39.40
3 yr As Reported Annuals Income Statement
Exchange rate used is that of the Year End reported date

As Reported Annual Income Statement
Report Date 12/31/2017 12/31/2016 12/31/2015
Currency USD USD USD
Audit Status Not Qualified Not Qualified Not Qualified
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Net sales 898,500 707,900 768,000
Cost of sales 677,300 524,800 542,400
Gross profit 221,200 183,100 225,600
Selling, engineering, general & 144,700 122,300 122,000
administrative expenses
Acquisition & integration-related 2,700 1,400 -
expenses
Pension settlment charges 6,100 - -
Restructuring 600 1,700 400
Operating income (loss) 67,100 57,700 103,200
Interest expense 7,300 1,900 2,300
Debt settlement charges - 300 -
Other income (expense), net 1,200 1,300 (1,000)
Income (loss) before income taxes - 55,700 57,700 96,400
United States
Income (loss) before income taxes - 5,300 (900) 3,500
Non-U.S
Income (loss) before income taxes 61,000 56,800 99,900
Current federal income tax provision 12,000 7,000 6,600
(benefit)
Current foreign income tax provision 800 600 -
(benefit)
Current state & local income tax 2,900 2,000 1,800
prov (benefit)
Total current income tax provision 15,700 9,600 8,400
(benefit)
Deferred federal income tax provision (15,700) 8,400 25,400
(benefit)
06/22/2018 34 Mergent, Inc.

Report Date 12/31/2017 12/31/2016 12/31/2015

Deferred foreign income tax provision 800 (700) (2,000)
(benefit)
Deferred state & local income tax (300) 100 2,300
prov (benefit)
Total deferred income tax provision (15,200) 7,800 25,700
(benefit)
Income tax charge (benefit) 500 17,400 34,100
Income (loss) from continuing operations 60,500 39,400 65,800
Gain (loss) from discontinued 1,100 4,400 (2,300)
operations & disposal, net
Net income (loss) 61,600 43,800 63,500
Weighted average shares outstanding - 59,700 60,400 62,200
basic
diluted
Year end shares outstanding 60,000 59,600 62,200
Income (loss) per share-continued 1.01 0.65 1.06
operations - basic
Income (loss) per share-discontinued 0.02 0.07 (0.04)
operations & disposal - basic
Net income (loss) per share - basic 1.03 0.72 1.02
Income (loss) per share-continued 1 0.64 1.04
operations - diluted
Income (loss) per share-discontinued 0.02 0.07 (0.04)
operations & disposal - diluted
Net income (loss) per share - diluted 1.02 0.71 1
Dividends per common share 0.28 0.28 0.25
Total number of employees 3,100 2,200 2,200
Number of common stockholders 1,597 1,655 1,753
Foreign currency translation adjustments 10,500 300 (13,500)
3 yr As Reported Annuals Balance Sheet

As Reported Annual Balance Sheet
Report Date 12/31/2017 12/31/2016 12/31/2015
Cash & cash equivalents 37,500 50,700 76,000
Accounts receivable, gross 119,300 82,100 73,800
Less: allowance for doubtful accounts 1,100 800 800
Accounts receivable, net 118,200 81,300 73,000
Finished goods 74,300 77,600 45,200
Raw materials 52,600 35,300 35,300
06/22/2018 35 Mergent, Inc.

Report Date 12/31/2017 12/31/2016 12/31/2015

Work in process 10,300 7,200 6,700
Inventories 137,200 120,100 87,200
Prepaid expenses & other current 10,900 7,500 15,100
assets
Current assets of discontinued - - 63,800
operations
Total current assets 303,800 259,600 315,100
Land 3,700 200 200
Buildings & improvements 34,700 26,000 24,700
Machinery & equipment 130,600 118,000 130,800
Properties & equipment, gross 169,000 144,200 155,700
Accumulated depreciation 108,900 101,300 102,800
Properties & equipment, net 60,100 42,900 52,900
Rental equipment, net 87,200 80,800 -
Goodwill 377,300 236,500 231,600
Intangible assets, net 151,800 10,200 -
Deferred tax assets 6,200 8,200 20,100
Deferred charges & other assets 5,400 3,900 3,500
Long-term assets of discontinued 500 1,100 43,300
operations
Total assets 992,300 643,200 666,500
Current portion of long-term borrowings 300 500 400
& capital lease obligations
Accounts payable 51,500 35,300 38,000
Customer deposits 6,500 4,500 -
Accrued compensation & withholding 22,200 13,800 18,600
taxes
Other current liabilities 36,100 28,700 31,600
Current liabilities of discontinued 500 2,100 28,600
operations
Total current liabilities 117,100 84,900 117,200
Revolving credit facility 277,000 63,200 -
Term loan - - 43,400
Capital lease obligations 700 800 700
Total long-term borrowings - - 44,100
Total long-term borrowings & 277,700 64,000 44,100
capital lease obligations, including
current portion
Less current capital lease obligations (300) (500) (400)
Long-term borrowings & capital 277,400 63,500 43,700
lease obligations
Long-term pension & other 56,600 61,100 55,200
postretirement benefit liabilities
Deferred gain 8,700 10,700 12,600
Deferred tax liabilities 45,400 - -
Other long-term liabilities 28,200 26,900 16,900
06/22/2018 36 Mergent, Inc.

Report Date 12/31/2017 12/31/2016 12/31/2015

Long-term liabilities of discontinued 1,500 2,000 15,300
operations
Total liabilities 534,900 249,100 260,900
Common stock 66,100 65,400 64,800
Capital in excess of par value 207,700 200,300 195,600
Retained earnings (accumulated deficit) 346,600 301,800 274,900
Treasury stock, at cost 86,100 81,400 40,900
Actuarial gains (losses) (75,400) (79,000) (75,600)
Foreign currency translation (2,500) (13,000) (13,300)
Unrealized gain (loss) on derivatives 1,000 - 100
Accumulated other comprehensive income (76,900) (92,000) (88,800)
(loss)
Total shareholders' equity 457,400 394,100 405,600
3 yr As Reported Annuals Cash Flows

As Reported Annual Cash Flow
Report Date 12/31/2017 12/31/2016 12/31/2015
Net income (loss) 61,600 43,800 63,500
Loss (gain) on discontinued operations (1,100) (4,400) 2,300
& disposal
Depreciation & amortization 30,000 19,100 12,300
Deferred financing costs 300 600 400
Deferred loss (gain) (2,000) (1,900) (1,900)
Stock-based compensation expense 4,600 4,800 6,800
Excess tax benefit from stock-based - - (1,600)
compensation
Pension settlement charges 6,100 - -
Pension expense, net of funding (5,200) (3,700) (3,800)
Changes in fair value of contingent 1,000 - -
consideration & deferred payment
Deferred income taxes, including change (14,900) 7,900 25,900
in valuation allowance
Accounts receivable (11,100) (8,000) (300)
Inventories 9,400 (2,300) (3,300)
Rental equipment (15,700) (6,900) -
assets
Accounts payable (5,200) (13,900) (3,100)
Accrued liabilities 8,000 (7,400) (7,200)
Income taxes 1,600 (4,400) (1,500)
06/22/2018 37 Mergent, Inc.

Report Date 12/31/2017 12/31/2016 12/31/2015

Other changes in operating assets & 2,200 1,800 1,600
liablities, net
Net cash flows from operating 73,500 26,700 91,100
activities - continuing operations
Net cash flows from operating (700) (2,000) 6,100
activities - discontinued operations
Net cash flows from operating activities 72,800 24,700 97,200
Purchases of properties & equipment (8,000) (6,100) (9,600)
Payments for acquisitions, net of cash (269,200) (102,600) -
acquired
Proceeds from sales of properties & - 300 100
equipment
Proceeds from escrow receivable - - 4,000
Cash collected from (provided to) - 6,000 (6,000)
customer
Other investing activities, net 100 (600) -
Net cash flows from investing (277,100) (103,000) (11,500)
Net cash flows from investing (1,100) 86,200 (1,300)
Net cash flows from investing activities (278,200) (16,800) (12,800)
Increase (decrease) in revolving lines 209,100 64,800 -
of credit
Payments on long-term borrowings - (43,400) (5,800)
Payments of debt financing fees (200) (1,100) -
Purchases of treasury stock - (37,800) (10,600)
Redemptions of common stock to satisfy (2,900) (2,700) (3,200)
withholding taxes related to
stock-based compensation
Cash dividends paid to stockholders (16,800) (16,900) (15,600)
Proceeds from stock-based compensation 1,600 500 1,000
activity
Excess tax benefit from stock-based - - 1,600
compensation
Other financing activities, net (100) (500) (400)
Net cash flows from financing 190,700 (37,100) (33,000)
Net cash flows from financing - 700 -
Net cash flows from financing activities 190,700 (36,400) (33,000)
Effects of foreign exchange rate 1,500 (1,800) (800)
changes on cash
Increase (decrease) in cash & cash (13,200) (30,300) 50,600
equivs
Cash & cash equivalents at 50,700 81,000 30,400
beginning of year
06/22/2018 38 Mergent, Inc.

Report Date 12/31/2017 12/31/2016 12/31/2015

Cash & cash equivalents at end of 37,500 50,700 81,000
year
Cash & cash equivalents of 37,500 50,700 -
continuing operations at end of year
Interest expense paid 6,600 1,100 1,900
Income taxes paid 13,900 13,300 9,600
3 yr As Reported Quarters Income Statement

As Reported Quarterly Income Statement
Report Date 03/31/2018 09/30/2017 06/30/2017
1st Quarter 3rd Quarter 2nd Quarter
Audit Status Unaudited Unaudited Unaudited
Net sales 249,700 248,700 224,400
Cost of sales 187,800 187,400 169,700
Gross profit (loss) 61,900 61,300 54,700
Acquisition & integration related 500 700 1,000
expenses
Restructuring charges (benefit) - 100 100
Interest expense 2,500 2,700 1,300
Debt settlement charges - - -
Other income (expense), net (100) 500 200
Income tax expense (benefit) 4,100 7,500 6,100
Gain (loss) from discontinued - - (100)
Net income (loss) 12,900 12,500 11,400
basic
diluted
Year end shares outstanding 60,000 60,000 59,900
Income (loss) per share - continuing 0.22 0.21 0.19
operations - basic
Income (loss) per share - gain (loss) - - -
from discontinued operations &
disposal - basic
06/22/2018 39 Mergent, Inc.

Report Date 03/31/2018 09/30/2017 06/30/2017

Income (loss) per share - gain (loss) - - -
disposal - diluted
Net income (loss) per share - diluted 0.21 0.21 0.19
Cash dividends per share of common stock 0.07 0.07 0.07
Report Date 03/31/2017 09/30/2016 06/30/2016

Net sales 177,800 186,700 172,300
Cost of sales 134,200 141,400 127,300
Gross profit (loss) 43,600 45,300 45,000
Acquisition & integration related 500 300 400
expenses
Restructuring charges (benefit) 300 400 -
Interest expense 600 600 400
Debt settlement charges - - -
Other income (expense), net 300 300 300
Income tax expense (benefit) 3,800 5,700 4,800
Gain (loss) from discontinued 100 1,000 (300)
Net income (loss) 7,300 8,500 9,100
basic
diluted
Year end shares outstanding 59,800 59,900 59,933.31
operations - basic
Income (loss) per share - gain (loss) - 0.02 (0.01)
disposal - basic
06/22/2018 40 Mergent, Inc.

Report Date 03/31/2017 09/30/2016 06/30/2016

Income (loss) per share - gain (loss) - 0.02 -
disposal - diluted
Net income (loss) per share - diluted 0.12 0.14 0.15
Cash dividends per share of common stock 0.07 0.07 0.07

1st Quarter
Currency USD
Audit Status Unaudited
Consolidated Yes
Scale Thousands
Net sales 172,800
Cost of sales 125,400
Gross profit (loss) 47,400
Selling, engineering, general & 29,600
Acquisition & integration related 500
expenses
Restructuring charges (benefit) 1,200
Operating income (loss) 16,100
Interest expense 400
Debt settlement charges 300
Other income (expense), net 700
Income (loss) before income taxes 16,100
Income tax expense (benefit) 5,700
Income (loss) from continuing operations 10,400
Gain (loss) from discontinued 3,200
Net income (loss) 13,600
Weighted average shares outstanding - 62,100
basic
Weighted average shares outstanding - 63,000
diluted
Year end shares outstanding 61,200
Income (loss) per share - continuing 0.17
operations - basic
Income (loss) per share - gain (loss) 0.05
disposal - basic
Net income (loss) per share - basic 0.22
Income (loss) per share - continuing 0.17
Income (loss) per share - gain (loss) 0.05
06/22/2018 41 Mergent, Inc.


1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
disposal - diluted
Net income (loss) per share - diluted 0.22
Cash dividends per share of common stock 0.07
3 yr As Reported Quarters Balance Sheet

As Reported Quarterly Balance Sheet
Report Date 03/31/2018 09/30/2017 06/30/2017
Less allowances for doubtful accounts 1,300 1,500 1,000
Finished goods 85,000 80,000 82,400
Raw materials 55,400 54,300 51,800
Work in progress 12,500 9,600 5,500
Inventories 152,900 143,900 139,700
assets
Current assets of discontinued - - -
operations
Accumulated depreciation - properties 112,000 108,200 106,700
& equipment
Rental equipment, gross 104,800 106,400 99,000
Less: accumulated depreciation - rental 18,900 17,600 15,200
equipment
Rental equipment, net 85,900 88,800 83,800
Goodwill 378,200 371,400 372,200
Intangible assets, gross 157,100 164,700 164,100
Less: accumulated amortization - 7,500 3,600 1,300
intanigble assets
Intangible assets, net 149,600 161,100 162,800
Long-term assets of discontinued 500 1,000 1,100
operations
Total assets 1,008,100 997,200 997,600
06/22/2018 42 Mergent, Inc.

Report Date 03/31/2018 09/30/2017 06/30/2017

Customer deposits 8,400 7,300 6,500
taxes
Accrued other current liabilities 40,100 35,200 40,800
Current liabilities of discontinued 500 800 800
operations
Revolving credit facility - 282,600 288,600
Amended 2016 credit agreement 266,500 - -
Capital lease obligations 800 500 600
current portion
Less current capital lease obligations 300 200 300
lease obligations, less current portion
Deferred gain 8,300 9,200 9,700
Deferred tax liabilities 46,100 67,700 67,400
operations
Common stock 66,100 66,000 65,900
(loss) - actuarial losses
Accumulated other comprehensive income (500) (3,500) (6,800)
(loss) - foreign currency translation
Accumulated other comprehensive income 1,800 400 200
(loss) - unrealized gains (loss) on
derivatives
(loss)
(deficit)
Report Date 03/31/2017 09/30/2016 06/30/2016

06/22/2018 43 Mergent, Inc.

Report Date 03/31/2017 09/30/2016 06/30/2016

Less allowances for doubtful accounts 700 1,300 1,100
Finished goods 82,800 75,700 8,200
Raw materials 38,500 33,600 75,200
Work in progress 6,200 6,500 36,100
Inventories 127,500 115,800 119,500
assets
Current assets of discontinued - - -
operations
Accumulated depreciation - properties 103,900 104,100 102,600
& equipment
Rental equipment, gross 93,400 91,300 94,300
Less: accumulated depreciation - rental 12,400 6,800 4,200
equipment
Rental equipment, net 81,000 84,500 90,100
Goodwill 237,000 238,300 236,200
Intangible assets, gross 10,900 11,000 12,600
Less: accumulated amortization - 600 500 400
intanigble assets
Intangible assets, net 10,300 10,500 12,200
Long-term assets of discontinued 1,100 2,200 2,400
operations
Total assets 652,000 648,600 651,300
Customer deposits 5,600 5,400 5,900
taxes
Accrued other current liabilities 30,100 31,600 30,900
Current liabilities of discontinued 900 2,600 3,900
operations
Revolving credit facility 63,800 64,700 65,800
Amended 2016 credit agreement - - -
Capital lease obligations 700 900 1,100
06/22/2018 44 Mergent, Inc.

Report Date 03/31/2017 09/30/2016 06/30/2016

current portion
Less current capital lease obligations 400 500 600
Deferred gain 10,200 11,200 11,700
Deferred tax liabilities - - -
operations
Common stock 65,700 65,400 65,300
Accumulated other comprehensive income - - -
derivatives
(loss)
(deficit)

1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Cash & cash equivalents 77,300
Accounts receivable, gross 87,900
Less allowances for doubtful accounts 800
Accounts receivable, net 87,100
Finished goods 49,800
Raw materials 34,800
Work in progress 9,000
Inventories 93,600
Prepaid expenses & other current 12,700
assets
06/22/2018 45 Mergent, Inc.


1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Current assets of discontinued 6,000
operations
Total current assets 276,700
Properties & equipment, gross 160,000
Accumulated depreciation - properties 105,000
& equipment
Properties & equipment, net 55,000
Rental equipment, gross -
Less: accumulated depreciation - rental -
equipment
Rental equipment, net -
Goodwill 236,200
Intangible assets, gross -
Less: accumulated amortization - -
intanigble assets
Intangible assets, net -
Deferred tax assets 8,300
Deferred charges & other assets 4,800
Long-term assets of discontinued 2,200
operations
Total assets 583,200
Current portion of long-term borrowings 400
Accounts payable 37,000
Customer deposits 4,600
Accrued compensation & withholding 12,500
taxes
Accrued other current liabilities 31,700
Current liabilities of discontinued 3,700
operations
Total current liabilities 89,900
Revolving credit facility -
Amended 2016 credit agreement -
Capital lease obligations 600
Total long-term borrowings & 600
current portion
Less current capital lease obligations 400
Long-term borrowings & capital 200
Long-term pension & other 53,200
Deferred gain 12,100
Deferred tax liabilities -
Other long-term liabilities 17,100
06/22/2018 46 Mergent, Inc.


1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Long-term liabilities of discontinued 3,300
operations
Total liabilities 175,800
Common stock 65,300
Capital in excess of par value 195,500
Retained earnings (accumulated deficit) 284,200
Treasury stock, at cost 59,600
Accumulated other comprehensive income (73,800)
Accumulated other comprehensive income -
derivatives
(loss)
Total shareholders' equity 407,400
(deficit)
3 yr As Reported Quarters Cash Flows

As Reported Quarterly Cash Flow
Report Date 03/31/2018 09/30/2017 06/30/2017
Net income (loss) 12,900 31,200 18,700
Loss (gain) on discontinued operations - - -
& disposal
Deferred loss (gain) (400) (1,500) (1,000)
Stock-based compensation expense 800 3,500 2,700
Changes in fair value of contingent 300 - -
Provision for doubtful accounts - 500 -
Deferred income taxes 700 3,300 2,800
Changes in operating assets & (11,600) (2,200) 12,900
liabilities
Net cash flows from continuing 10,300 52,100 45,800
operating activities
06/22/2018 47 Mergent, Inc.

Report Date 03/31/2018 09/30/2017 06/30/2017

Net cash flows from discontinued - (500) (300)
Proceeds from sales of properties & 100 - -
equipment
Proceeds from acquisition-related 3,000 - -
activity
Payment for acquisitions, net of cash - (269,200) (269,200)
acquired
Other investing activities, net - 200 100
Collection of cash provided to customer - - -
Net cash flows from continuing 100 (274,300) (271,800)
investing activities
Net cash flows from discontinued - (1,100) (1,100)
Net cash flows from investing activities 100 (275,400) (272,900)
Increase (decrease) in revolving line (8,600) 214,100 223,000
of credit, net
Proceeds from (payments on) of - - -
long-term borrowings
Payments of debt financing fees - (200) (200)
Purchases of treasury stock - - -
Redemptions of common stock to satisfy (100) (2,500) (2,400)
Cash dividends paid to stockholders (4,200) - (8,400)
Cash dividends paid - (12,600) -
Proceeds from stock-based compensation 100 1,500 1,200
activity
Other financing activities, net 100 (300) (200)
Net cash flows from continuing (12,700) 200,000 213,000
financing activities
Net cash used for discontinued - - -
Net cash flows from financing activities (12,700) 200,000 213,000
Effects of foreign exchange rate 200 1,300 700
changes on cash & cash equivalents
Increase (decrease) in cash & cash (2,100) (22,500) (13,700)
equivalents
beginning of year
year
Cash & cash equivalents of - - -
06/22/2018 48 Mergent, Inc.

Report Date 03/31/2018 09/30/2017 06/30/2017

continuing operations at end of period
Report Date 03/31/2017 09/30/2016 06/30/2016

Net income (loss) 7,300 31,200 22,700
Loss (gain) on discontinued operations (100) (3,900) (2,900)
& disposal
Deferred loss (gain) (500) (1,400) (900)
Stock-based compensation expense 400 3,400 2,200
Changes in fair value of contingent - - -
Provision for doubtful accounts - 300 -
Deferred income taxes 4,000 9,600 7,000
Changes in operating assets & (2,200) (31,400) (29,700)
liabilities
Net cash flows from continuing 13,700 17,100 3,900
Net cash flows from discontinued - 800 1,300
Proceeds from sales of properties & - - -
equipment
Proceeds from acquisition-related - - -
activity
Payment for acquisitions, net of cash - (102,600) (102,600)
acquired
Other investing activities, net - (500) (500)
Collection of cash provided to customer - 6,000 -
Net cash flows from continuing (1,100) (101,900) (106,700)
Net cash flows from discontinued (1,100) 88,000 88,000
Net cash flows from investing activities (2,200) (13,900) (18,700)
Increase (decrease) in revolving line - 64,800 64,800
of credit, net
Proceeds from (payments on) of - (43,400) (43,400)
06/22/2018 49 Mergent, Inc.

Report Date 03/31/2017 09/30/2016 06/30/2016

Payments of debt financing fees - (1,100) (1,100)
Purchases of treasury stock - (33,800) (33,100)
Redemptions of common stock to satisfy (1,900) (2,600) (2,600)
Cash dividends paid to stockholders (4,200) - (8,600)
Cash dividends paid - (12,800) -
Proceeds from stock-based compensation 600 400 200
activity
Other financing activities, net (100) (400) (400)
Net cash flows from continuing (5,600) (28,900) (24,200)
Net cash used for discontinued - 700 700
Net cash flows from financing activities (5,600) (28,200) (23,500)
Effects of foreign exchange rate 200 (1,000) (300)
Increase (decrease) in cash & cash 6,100 (25,200) (37,300)
equivalents
beginning of year
year
Cash & cash equivalents of - 50,800 38,700

1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Net income (loss) 13,600
Loss (gain) on discontinued operations (3,200)
& disposal
Depreciation & amortization 3,000
Deferred financing costs 400
Deferred loss (gain) (500)
Stock-based compensation expense 400
Pension expense, net of funding (1,000)
Changes in fair value of contingent -
Provision for doubtful accounts -
Deferred income taxes 5,900
Changes in operating assets & (25,300)
06/22/2018 50 Mergent, Inc.


1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
liabilities
Net cash flows from continuing (6,700)
Net cash flows from discontinued 1,300
Net cash flows from operating activities (5,400)
Purchases of properties & equipment (2,000)
Proceeds from sales of properties & -
equipment
Proceeds from acquisition-related -
activity
Payment for acquisitions, net of cash (6,200)
acquired
Other investing activities, net (500)
Collection of cash provided to customer -
Net cash flows from discontinued 82,300
Net cash flows from investing activities 73,600
Increase (decrease) in revolving line -
of credit, net
Proceeds from (payments on) of (43,400)
Payments of debt financing fees (1,100)
Purchases of treasury stock (16,300)
Redemptions of common stock to satisfy (2,400)
Cash dividends paid to stockholders (4,300)
Cash dividends paid -
Proceeds from stock-based compensation -
activity
Other financing activities, net (200)
Net cash used for discontinued 700
Net cash flows from financing activities (67,000)
Effects of foreign exchange rate 100
Increase (decrease) in cash & cash 1,300
equivalents
Cash & cash equivalents at 76,000
beginning of year
06/22/2018 51 Mergent, Inc.


1st Quarter
Currency USD
Consolidated Yes
Scale Thousands
Cash & cash equivalents at end of 77,300
year
Cash & cash equivalents of -
2,3,5 yr Analysis - Income Statement
12/31/2017 12/31/2016 Variance 03/31/2018

Item USD USD USD % USD
Revenues 898,500,000 707,900,000 190,600,000 26.92 249,700,000
Direct Costs 677,300,000 524,800,000 152,500,000 29.06 187,800,000
Gross Profit 221,200,000 183,100,000 38,100,000 20.81 61,900,000
Taxation 500,000 17,400,000 (16,900,000) (97.13) 4,100,000
Net Income 61,600,000 43,800,000 17,800,000 40.64 12,900,000
EPS Continuing Basic 1.01 0.65 0.36 55.38 0.22
EPS Net Basic 1.03 0.72 0.31 43.06 0.22
EPS Continuing Diluted 1 0.64 0.36 56.25 0.21
EPS Net Diluted 1.02 0.71 0.31 43.66 0.21
09/30/2017 Variance
Item USD USD %
Revenues 248,700,000 1,000,000 0.40
Direct Costs 187,400,000 400,000 0.21
Gross Profit 61,300,000 600,000 0.98
Taxation 7,500,000 (3,400,000) (45.33)
Net Income 12,500,000 400,000 3.20
EPS Continuing Basic 0.21 0.01 4.76
EPS Net Basic 0.21 0.01 4.76
EPS Continuing Diluted 0.21 0.00 0.00
EPS Net Diluted 0.21 0.00 0.00
Compound Annual Growth Rate

Item 3 Year 5 Year
Revenues 0.05 0.01
Direct Costs 0.08 0.01
Gross Profit (0.01) 0.02
Taxation (0.76) -
Net Income (0.01) (0.17)
EPS Continuing Basic (0.02) (0.17)
EPS Net Basic 0.00 (0.17)
EPS Continuing Diluted (0.01) (0.17)
EPS Net Diluted 0.01 (0.17)
2,3,5 yr Analysis - Balance Sheet
06/22/2018 52 Mergent, Inc.

12/31/2017 12/31/2016 Variance

Item USD USD USD %
Cash & Equivalents 37,500,000 50,700,000 (13,200,000) (26.04)
Receivables (ST) 118,200,000 81,300,000 36,900,000 45.39
Inventories 137,200,000 120,100,000 17,100,000 14.24
Current Assets 303,800,000 259,600,000 44,200,000 17.03
Net Property Plant & Equip 60,100,000 42,900,000 17,200,000 40.09
Total Assets 992,300,000 643,200,000 349,100,000 54.28
Accounts Payable 51,500,000 35,300,000 16,200,000 45.89
Current Liabilities 117,100,000 84,900,000 32,200,000 37.93
LT Debt & Leases 277,400,000 63,500,000 213,900,000 336.85
Total Liabilities 534,900,000 249,100,000 285,800,000 114.73
Common Share Capital 66,100,000 65,400,000 700,000 1.07
Total Equity 457,400,000 394,100,000 63,300,000 16.06
03/31/2018 09/30/2017 Variance

Item USD USD USD %
Cash & Equivalents 35,400,000 28,200,000 7,200,000 25.53
Receivables (ST) 124,500,000 118,900,000 5,600,000 4.71
Inventories 152,900,000 143,900,000 9,000,000 6.25
Current Assets 321,200,000 300,600,000 20,600,000 6.85
Net Property Plant & Equip 146,100,000 152,000,000 (5,900,000) (3.88)
Total Assets 1,008,100,000 997,200,000 10,900,000 1.09
Accounts Payable 64,000,000 63,000,000 1,000,000 1.59
Current Liabilities 131,200,000 127,000,000 4,200,000 3.31
LT Debt & Leases 267,000,000 282,900,000 (15,900,000) (5.62)
Total Liabilities 538,200,000 572,000,000 (33,800,000) (5.91)
Common Share Capital 66,100,000 66,000,000 100,000 0.15
Total Equity 469,900,000 425,200,000 44,700,000 10.51
Compound Annual Growth Rate

Item 3 Year 5 Year
Cash & Equivalents (0.21) 0.10
Receivables (ST) 0.17 0.04
Inventories 0.16 0.05
Current Assets (0.01) 0.03
Net Property Plant & Equip 0.04 (0.01)
Total Assets 0.14 0.09
Accounts Payable 0.11 0.00
Current Liabilities 0.00 (0.02)
LT Debt & Leases 0.85 0.27
Total Liabilities 0.27 0.13
Common Share Capital 0.01 0.01
Total Equity 0.04 0.05
2,3,5 yr Analysis - Ratio Analysis
12/31/2017 12/31/2016 Variance 03/31/2018

ROA % (Net) 7.53 6.67 0.86 12.89 5.23
ROE % (Net) 14.47 10.92 3.55 32.51 11.28
06/22/2018 53 Mergent, Inc.

12/31/2017 12/31/2016 Variance 03/31/2018

ROI % (Operating) 11.25 12.68 (1.43) (11.28) 10.8
EBITDA Margin % 10.41 10.96 (0.55) (5.02) 11.25
Gross Margin % 24.62 25.87 (1.25) (4.83) 24.79
Quick Ratio 1.26 1.46 (0.20) (13.70) 1.16
Current Ratio 2.59 3.06 (0.47) (15.36) 2.45
Net Current Assets % TA 18.81 27.16 (8.35) (30.74) 18.85
LT Debt to Equity 0.61 0.16 0.45 281.25 0.57
Total Debt to Equity 0.61 0.16 0.45 281.25 0.57
Total Asset Turnover 1.1 1.08 0.02 1.85 1.01
09/30/2017 Variance Compound Annual Growth Rate

Item USD USD % 3 Year
ROA % (Net) 4.97 0.26 5.23 (0.08)
ROE % (Net) 11.84 (0.56) (4.73) (0.04)
ROI % (Operating) 12.49 (1.69) (13.53) (0.22)
EBITDA Margin % 12.75 (1.50) (11.76) (0.11)
Gross Margin % 24.65 0.14 0.57 (0.06)
Quick Ratio 1.1 0.06 5.45 0.01
Current Ratio 2.37 0.08 3.38 (0.01)
Net Current Assets % TA 17.41 1.44 8.27 (0.14)
LT Debt to Equity 0.67 (0.10) (14.93) 0.77
Total Debt to Equity 0.67 (0.10) (14.93) 0.77
Total Asset Turnover 0.99 0.02 2.02 (0.02)
Item 5 Year
ROA % (Net) (0.22)
ROE % (Net) (0.26)
ROI % (Operating) (0.10)
EBITDA Margin % 0.03
Gross Margin % 0.00
Quick Ratio 0.08
Current Ratio 0.05
Net Current Assets % TA (0.02)
LT Debt to Equity 0.21
Total Debt to Equity 0.19
Total Asset Turnover (0.04)
3 yr Business Analysis
Revenues Operating Income

Report Date 12/31/2016 12/31/2015 12/31/2016 12/31/2015
Currency USD USD USD USD
Scale Thousands Thousands Thousands Thousands
Environmental Solutions 490,700 534,100 54,100 96,900
Safety & Security Systems 217,200 233,900 27,000 32,300
Total 707,900 768,000 81,100 129,200
06/22/2018 54 Mergent, Inc.

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Federal Signal Corp.

General Company Information

Annual Meeting Date

Mergent Dividend Achiever

06/22/2018 1 Mergent, Inc.

Environmental Solutions Group

06/22/2018 2 Mergent, Inc.

Safety and Security Systems Group

Report Date 12/31/2015

06/22/2018 3 Mergent, Inc.

Report Date 12/31/2016

Report Date 12/31/2015

06/22/2018 4 Mergent, Inc.

Report Date 12/31/2017

Report Date 12/31/2016

Report Date 12/31/2015

06/22/2018 5 Mergent, Inc.

Year 2017 2016 2015

06/22/2018 6 Mergent, Inc.

Year 2017 2016 2015

Year 2017 2016

06/22/2018 7 Mergent, Inc.

Year 2012 2011 2010

06/22/2018 8 Mergent, Inc.

Year 2017 2016 2015

06/22/2018 9 Mergent, Inc.

Year 2017 2016 2015

Year 2017 2016 2015

06/22/2018 10 Mergent, Inc.

Year 2017 2016 2015

Year 2017 2016 2015

06/22/2018 11 Mergent, Inc.

On Sept. 1, 1968, Co. acquired The Autocall Co.

On Mar. 1, 1979, Co. acquired Emergency One, Inc., of Ocala, FL.

In Oct. 1981, Co. acquired State Sign Services, Inc.

In July 1986, Co. sold Ace Drill Corp.

In Oct. 1988, Co. disposed of CMI, Inc.'s operations for cash.

In Apr. 1990, Co. sold The Autocall Co.

06/22/2018 12 Mergent, Inc.

In Oct. 1991, Co. acquired Container Tooling Corporation.

On June 30, 1994, Co. acquired Peabody Myers Corp.

In June 1996, Co. acquired the equity of Victor Industries Limited.

In Oct. 1997, Co. acquired the equity of Akusta IFE, Ltd.

In Mar. 2000, Co. acquired P.C.S. Company.

06/22/2018 13 Mergent, Inc.

In Sept. 2001, Co. acquired a majority interest in Plastisol Holdings B.V.

06/22/2018 14 Mergent, Inc.

activities, principally its dealer floor planning.

On Sept. 1, 2010, Co. sold its Riverchase business for $200,000.

Total Institutions: 256 (UP) 189

06/22/2018 15 Mergent, Inc.

80.82% Held By Institutions

50.32% Shares Held Change

06/22/2018 16 Mergent, Inc.

Source: J3 Information Services Group

DIMENSIONAL FUND ADVISORS INC

06/22/2018 17 Mergent, Inc.

Total Shares Owned by Institution

VANGUARD GROUP INC

BARROW HANLEY MEWHINNEY & STRAUSS INC

06/22/2018 18 Mergent, Inc.

Shares Sold by Institution in the Last 3 Months

GOLDMAN SACHS GROUP INC/

06/22/2018 19 Mergent, Inc.