1. FINAL TRANSCRIPTDOV - Q1 2008 Dover Corporation Earnings Conference Call Event Date/Time: Apr. 23. 2008 / 8:00AM ETwww.streetevents.comContact Us 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

2. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallCORPORATE PARTICIPANTS Paul Goldberg Dover Corporation - Treasurer & Director, IR Ron Hoffman Dover Corporation - President & CEO Rob Kuhbach Dover Corporation - VP, Finance & CFO CONFERENCE CALL PARTICIPANTS Shannon O'Callaghan Lehman Brothers - Analyst Nigel Coe Deutsche Bank - Analyst Scott Davis Morgan Stanley - Analyst John Inch Merrill Lynch - Analyst Stephen Tusa JPMorgan - Analyst Wendy Caplan Wachovia - Analyst Alex Blanton Ingalls & Snyder - Analyst Terry Darling Goldman Sachs - Analyst PRESENTATION Operator Good morning and welcome to the first-quarter 2008 Dover Corporation earnings conference call. With us today are Ron Hoffman, President and Chief Executive Officer of Dover Corporation, and Rob Kuhbach, Vice President of Finance and Chief Financial Officer of Dover Corporation, and Paul Goldberg, Treasurer and Director of Investor Relations of Dover Corporation. (OPERATOR INSTRUCTIONS).As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time.Thank you. I would now like to turn the call over to Mr. Paul Goldberg. Mr. Goldberg, please go ahead, sir. Paul Goldberg - Dover Corporation - Treasurer & Director, IR Thank you, Jackie. Good morning and welcome to Dover's first-quarter earnings call. Today's call will begin with some comments from Ron on Dover's operating and financial performance. We will then open the call up to questions. In the interest of time, we kindly ask that you limit your questions to one with a follow-up. www.streetevents.comContact Us 1 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 3. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallPlease note that our current earnings release, investor supplement and associated presentation can be found on our website, www.DoverCorporation.com. This call will be available for playback through 5:00 PM May 7, and the audio portion of this call will be archived on our website for three months. The replay telephone number is 800-642-1687. When accessing the playback, you will need to supply the following reservation code -- 42024982.Before we get started, I would like to remind everyone that our comments today, which are intended to supplement your understanding of Dover, may contain certain forward-looking statements that are inherently subject to uncertainties. We caution everyone to be guided in their analysis of Dover Corporation by referring to our Form 10-K for a list of factors that could cause our results to differ from those anticipated in any such forward-looking statement.Also, we undertake no obligation to publicly update or revise any forward-looking statements except as required by law. We would also direct your attention to our website where considerably more information can be found.And with that, I would like to turn this call over to Ron. Ron Hoffman - Dover Corporation - President & CEO Thanks, Paul. Good morning, everyone. Thank you for joining today's conference call. We're pleased to report that Dover's broad global engagement and improved focus in four operating segments produced very solid first-quarter results. Revenue for the quarter increased to $1.86 billion, up 8% over the prior year. Net earnings from continuing operations were up 9% to $146 million, and diluted earnings per share from continuing operations was $0.76, up 16% over the prior year.Operating margins for the quarter were 14.1%, up 60 basis points over the prior year but down 20 basis points sequentially. Double-digit earnings improvement was posted in the Product Identification, Energy, Fluid Solutions and Mobile Equipment platforms. Operating leverage for the quarter was a strong 21% over the prior year period.Bookings, which improved each month during the quarter, were a record $1.96 billion, up 6% over the prior year led by gains in Energy, Fluid Solutions, Product Identification, and Electronic Technologies. Backlog is $1.51 billion, up 8% over last year and up 9% from year-end. Double-digit backlog growth was posted at Product Identification, Energy, Fluid Solutions and Mobile Equipment.During our last earnings call, we identified several strategic initiatives to enhance our Company's long-term success. We continue to see the merits of the simplified and sharper alignment of our four segment six platform organization structure. We stated that this new structure would enhance our ability to capture synergies within our segments and would result in a 4% to 6% improvement in operating earnings over the next two years, and we are pleased to see this process being embedded within the Dover culture.In order to provide the required resources to manage this process, platform presidents have been named at the Material Handling and Fluid Solutions platforms. Within the Energy Products Group, Norris and Alberta Oil Tool, our sucker rod companies, now have a unified management team to identify operating and sales synergies.In Fluid Solutions we have just announced a Pump Solutions Group and are combining the global Wilden, Blackmer and the newly acquired Neptune pump companies under one leadership team.At Product Identification, integration activities are well underway at MARKEM-Imaje. In the first quarter, they completed the integration of the global sales organization, defined our best-in-class product portfolio and continued to identify synergy opportunities while beginning to realize some early integration benefits.www.streetevents.comContact Us 2 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 4. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallAt Electronic Technologies we have named an Executive Vice President responsible for Everett Charles, DEK and OK International to identify and implement a game plan for potential synergies. We're pleased with our early progress, and these synergy initiatives equated to roughly $0.01 of EPS improvement in the first quarter.Dover's strong free cash flow is being allocated to fund the previously announced share repurchase program, as well as the internal growth initiatives of our operating companies. We spent $150 million buying back shares during the quarter, and our count was reduced by 3.6 million shares.Since August of 2007, Dover has spent $662 million repurchasing 14.5 million shares, which has reduced our share count by roughly 7%.Dover continues to be highly selective in evaluating potential acquisitions and is focused on synergistic add-ons within its identified platforms and segments. For the year we have invested close to $100 million on three highly strategic add-on acquisitions. Tulsa Winch in the Material Handling platform, broadened its served markets and specialty products by acquiring LANTEC Winch in Canada. US Synthetic in our Energy platform acquired Brady Bit, which expands its synthetic diamond technology to the mining industry. And the newly formed Pump Solutions Group within the Fluid Solutions platform acquired Neptune Pump, which adds a metering pump for water treatment applications to its broad array of pumping solutions. These three acquisitions were seller-led and not an auction-driven process. These acquisitions will be slightly accretive in the current year.During the first quarter, Dover generated free cash flow of $104 million, 5.6% of revenue, driven by increased earnings and continued improvements in working capital. Free cash flow for the year continues to be forecast at plus 10% of revenue, and we're highly confident that free cash flow will increase in the upcoming quarters.Dover's 8% revenue growth included organic growth of 3%, acquisitions providing 2% and foreign exchange accounting for 3%. The organic growth rate was led by an 8% gain at Fluid Management predominantly in the Energy platform and a 7% gain in our global Product Identification platform. We continue to anticipate organic growth for 2008 to be in the mid single digit range.Our business leaders produced solid first-quarter results, and with a positive book-to-bill posted at all four segments, we are positioned for a strong second quarter. Those businesses that are reliant on the domestic economy are keeping a keen eye on their customer market trends and are prepared to quickly implement contingency plans if required. The more global Dover companies have seen improvements in activity in Europe, South America and Asia.Material prices in general are trending up, especially steel, and our companies are implementing price increases and securing fixed-price supply contracts on some key materials.The following comments will provide some additional insight into our segments and operating platforms. At the Industrial Products segment, which accounts for 31% of Dover's revenue, sales were $583 million, up 6% over last year with bookings of $624 million for a 1.07 book-to-bill. Earnings of $76 million were up 8%, generating a 13% margin, up 30 basis points over the prior year period. Positive double-digit leverage was posted at both the Material Handling and Mobile Equipment platforms.The Material Handling platform recorded increased sales and earnings of 4% and 5% respectively. Quarterly bookings were $264 million with a 1.04 book-to-bill. Warn posted increased military sales related to the MRAP program, and their branded equipment sales were strong internationally. Texas Hydraulics posted increased sales to mobile cranes, especially Material Handling OEMs, that are serving international markets. Paladin posted its best margins for the year in March as downsizing and cost improvement initiatives began to show benefits.www.streetevents.comContact Us 3 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 5. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallDemolition, recycling and utility markets continue to be very strong, but light and heavy construction markets continue to struggle. DE-STA-CO results reflects a strong European automotive market, offset by a much slower domestic automotive activity.The Mobile Equipment platform increased sales by 7% and earnings by 16% respectively, primarily driven by Heil Trailer and Sargent. Quarterly bookings were $360 million, and backlog is a strong $575 million. Heil Trailer posted strong results driven by specialty oilfield trailers and military fuel trailers. Sargeant's improved performance reflected strength across the majority of its aircraft businesses, and earnings improved due to the cost savings from 2007 restructuring initiatives.Heil Environmental was down slightly from the prior year, but continues to have a strong backlog entering the second quarter.Rotary Lift posted nice sales gains, but earnings were impacted by significant steel price increases in China. PDQ's improved performance was driven by their new Tandem friction carwash system.Turning to the Engineered Systems segment, which accounts for 28% of Dover's revenue, sales were $522 million, up 6% over last year with bookings of $550 million for a 1.05 book-to-bill. Earnings of $64 million were up 25% with a 12.2% margin, up 180 basis points over the prior year.The Product Identification platform posted sales and earnings gains of 12 and 29% respectively. Product Identification posted very strong 7% organic growth for the quarter. MARKEM-Imaje, which we refer to as direct coating, continues to produce very positive operating results and experience strong business conditions in Europe and Asia and is optimistic with opportunities identified in the North American market.Labeling requirements for fast moving consumer goods should continue to fuel sales of consumable inks. The barcoding group, which includes Datamax and O'Neil, posted improved results led by increased sales of tabletop printers.In the Engineered Platform Product, sales were up 2% year-over-year with earnings down 2% over the period. HILL PHOENIX continues to achieve share gains with new customers utilizing its market-leading sustainability products. Sales to Wal-Mart are anticipated to decline in the second quarter, but we remain optimistic about improvements in the second half of the year.Growth in specialty case sales to retail food chains reflect the consumers' increased spending on prepared fresh foods. The brazed heat exchanger business posted strong Q1 results, and long-term contract wins at three major OEM customers will maintain future growth. Price management is offsetting significant material price increases.At our food equipment companies, we saw declines in both sales and earnings due to a reduction in can necking projects compared to a very strong prior year, partially offset with earnings gains at Tipper Tie and Unified Brands. Triton posted positive earnings as we benefited from the fourth-quarter restructuring and headcount reductions.At the Fluid Management segment, which accounts for 22% of Dover's revenue, sales were $401 million, up 12% over last year with bookings of $431 million for a 1.07 book-to-bill. Earnings of $85 million were up 15% with a 21.2% margin, up 60 basis points over the prior year period. Positive double-digit leverage was posted at both the Energy and Fluid Solutions platforms.The broad-based Energy platform is off to a strong start with first-quarter sales and earnings gains of 12% and 19% respectively. High-energy prices, increased drilling activity, strong oil and gas consumption and new global power generation projects continue to provide a very positive climate for these companies. Double-digit sales and earnings gains over the prior year were posted at all Energy companies. Increased steel prices are being offset with volume-related manufacturing efficiencies and price increases.During the second quarter, Dover will be hosting an investor visit at US Synthetic in Utah, to give added insight into Dover's Energy platform, as well as the long-term outlook for the world energy market.www.streetevents.comContact Us 4 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 6. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallThe Fluid Solutions platform reflected gains from their global footprint, predominantly Europe and Asia, to post gains in sales and earnings of 11% and 27% respectively. These companies are also establishing operations in India to fuel future growth.At OPW Fueling Vaporsaver sales in China have significantly increased in advance of the 2008 Olympics. Wilden, which also includes the Almatec and Griswold brands, and Blackmer, which has the Mouvex and Abaque brands, coupled with the new acquisition of Neptune Pump, were consolidated into the new Pump Solutions Group, which will provide the focus for seeking operating synergies within our pump companies and to offer our global distribution a broad array of pumping solutions. The Pump Solutions Group will also be highlighted as part of the previously mentioned May investor meeting with a visit to Wilden in California.At the Electronics segment, which accounts for 19% of Dover's revenue, sales were $352 million, up 10% over last year with bookings of $360 million for a 1.02 book-to-bill. Earnings of $36 million were down 2%, but included roughly $3 million of restructuring expense at European operations.Knowles saw nice first-quarter gains in its hearing aid market and is very encouraged with the broadened applications for its acoustics technology and new earbud applications. Knowles continues to gain design wins with its MEMS microphone technology at cellphone OEMs. Industry leaders continue to project a 10% growth in total worldwide cellphone production for the year.The Ceramic Products Group had a strong quarter and set a new quarterly bookings record. DEK posted double-digit gains year-over-year, and they continued to roll out new products that are well accepted by their customers.Everett Charles is encouraged by recent semicon-related orders that will impact the second half of the year but continues to rightsize its European operations.In summary, we strongly believe in the positive direction Dover is headed and are confident our new organization structure, strong cash generation, capital allocation priorities and focus on synergy initiatives will continue to post positive results. Dover's strong global presence in Energy, Product Identification and Fluid Solutions, which account for close to half of Dover's earnings, are the primary drivers of our future growth.We're very pleased with our first-quarter results and continue to be quite positive about our upcoming quarter. Based on our strong first-quarter results and our confidence in the upcoming quarters, we're raising our annual guidance to a 12% plus increase in earnings per share for 2008.Lastly, we're very excited to be hosting the upcoming investor visit at US Synthetic and Wilden Pump in early May. This will give the attendees a firsthand glimpse at the world-class manufacturing techniques being deployed within our operating companies that are driving Dover's improved results. The presentation will also provide insight into the market drivers of the Energy and Fluid Solutions markets.With that, I will turn it back to Paul Goldberg. Paul Goldberg - Dover Corporation - Treasurer & Director, IR Thanks, Ron. At this point we would like to ask Jackie to compile the questions.www.streetevents.comContact Us 5 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 7. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallQUESTIONS AND ANSWERS Operator (OPERATOR INSTRUCTIONS). Shannon O'Callaghan, Lehman Brothers. Shannon O'Callaghan - Lehman Brothers - Analyst Good quarter. On the comments around the bookings improving through the month of the quarter for I guess that was for the overall Company, and then with Everett Charles in particular, you mentioned they were encouraged by some of the orders they have been seeing. Can you just fill that thought out a little bit? Ron Hoffman - Dover Corporation - President & CEO Well, you are correct in your observation as we talk about Dover's bookings improving month-to-month through the quarter. In the Electronics Group, certainly specific to Everett Charles and just that industry in general, it always starts out a little bit slow at the first of the year, gets to the Chinese New Year and starts to find some pull. I would say that (technical difficulty)-- we had improving orders quarter to -- I think month-to-month in Everett Charles, and we were encouraged by some semicon equipment orders that happened in March that will ship in the second part of the year. I don't think that we want to sit here and say that we see a significant boom happening in electronic technology, but I would say it has a positive bias looking at it today from where it has been for the last few months. Shannon O'Callaghan - Lehman Brothers - Analyst Okay. And then how about for the Company overall, it sounded like bookings generally were sort of improving through the quarter? Ron Hoffman - Dover Corporation - President & CEO Speaking to Everett Charles again? Shannon O'Callaghan - Lehman Brothers - Analyst No, no, I am sorry for the broader Company. I mean is that sort of the way you saw the quarter flow? I thought you said that at the beginning of the call. Ron Hoffman - Dover Corporation - President & CEO That is the way we saw the quarter flow. You are correct that we saw improvement month-to-month pretty much across the board in Dover, certainly in light of what is considered to be a failing economy going on. I think certainly the US market is slowing its growth pattern, but I think we have been able to offset that in Europe and Asia and overall showed growth throughout the period. Shannon O'Callaghan - Lehman Brothers - Analyst And just a couple of questions on Engineered Systems. It looks like a little bit of a split story there. Can you give a little more feel in terms of why you think you're doing so well in Product ID there? I mean 7% organic I think is pretty good for the quarter. www.streetevents.comContact Us 6 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 8. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallAnd then I guess HILL PHOENIX must be having a tougher time. You mentioned 2Q; I assume it was tougher in Q1. Can you explain the sort of first-half, second-half dynamic in HILL PHOENIX and why you expect it to be better? Ron Hoffman - Dover Corporation - President & CEO I think we're very pleased with the 7% organic growth that was posted by our Product Identification Group. I think it continues to show that they are probably gaining share in that market overall. I would say that the integration activities that they have done over the last few months are starting to pay off. We now have the salesforce consolidated. And that has been very key to our customer interface. It basically puts one voice on all the product offerings of our direct coating group.We are expanding that into supply chain logistics and focusing on the logistics now. But the integration is going very well. I think the product offerings we have, certainly the Imaje 9000 series, I think has been a wonderful product introduction, and I think they are just gaining share and gaining acceptance from that. But overall just a very well focused integration activity between those two companies.Speaking to HILL PHOENIX, certainly we continue to be encouraged at new accounts that they are able to get trial product in, as well as new product orders relative to sustainability initiatives. And just to give you a little frame of reference on this, some of these second nature systems they put in, if you consider a traditional display case may require 65 pounds of coolant, you basically get away with 1 pound of coolant in this second nature recycling system that they have for their refrigeration, and you certainly hold down the pipings when you put this in a much more local frame.I would say that right now certainly with Wal-Mart going down a little bit in the second quarter because of the timing of Wal-Mart shipments and just where the market is at, we feel very good about the second half. Orders were strong in March. We continue to be told by their major customer, be prepared for a strong second half. We will see if that materializes, but we feel pretty good about the second half there. Shannon O'Callaghan - Lehman Brothers - Analyst Can you just give a little scope -- I assume it was probably down. Given what the overall segment was, it was probably down organically in the first quarter. Are you looking at it to be down organically in Q2 and then up in the second half by a decent amount, or how does it work? Ron Hoffman - Dover Corporation - President & CEO I think in general you're directionally right there. I don't have the specific number in front of me, but directionally yes, you are right. I think we would probably see a little bit of organic diminishing in the second quarter, but then pick back up in the third and fourth. But keep in mind we had a strong second half last year also. Operator Nigel Coe, Deutsche Bank. Nigel Coe - Deutsche Bank - Analyst So the creation of the Pump Solutions Group, the integration of MARKEM into Imaje, how far through this in terms of construction process are you? Given the payback from the (inaudible), it looks like you are getting some pretty good payback from these actions. I mean do you see upside to the initial guidance from the savings? www.streetevents.comContact Us 7 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 9. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President & CEO Well, I think certainly we believe that there is upside potential in putting these companies together because in many cases we have distribution opportunities. In some cases we have significant opportunities to look at the manufacturing footprints of these companies to look for scales of economy.So I would say that we certainly believe there's going to be return or we would not be investing the time and energy to do this. Because this is different than what Dover's culture has been historically. But we believe to compete globally and to put out the investments we have to make to put a footprint down in all these countries, we have to be smarter about our capital allocation.So I feel that these things will pay off well and probably as encouraged with the Fluid Solutions Group as I would be for the Product Identification. They both have great opportunities, great global footprints. Both of those companies have over 50% of their sales internationally, and I think just a great growth potential story coming forward.The work that took place in Product Identification, even though their sales and earnings held up well through last year, we encouraged cost putting those two companies together, and the benefits of that I think display themselves in the first quarter and will probably build through the course of the year. Rob Kuhbach - Dover Corporation - VP, Finance & CFO Yes, this is Rob. We do expect more of a pickup in the latter half of the year from the integration efforts. Basically we have been cost benefit neutral in the first quarter. We expect that trend to continue in the second quarter, but towards the latter half of the year, we see a pickup, more benefits and lower cost structure.So by the end of the year, we probably will be up a $0.01 or $0.02 out of the integration effort at MARKEM-Imaje. Nigel Coe - Deutsche Bank - Analyst Okay. And the $0.05 plus uplift to full-year guidance, is that coming primarily from a better topline outlook, or is that going to remain at the margin? Ron Hoffman - Dover Corporation - President & CEO Well, a little bit of both. I think we continue to -- if you think about Dover's traditional history, we have always been stronger in the second and third quarter. And I think there's certainly some topline dialed into that thinking. I think also we believe that some of these synergy actions will be added additive in the second half of the year. As we have been saying, it will be back-end loaded, so it tends to probably be more second-half event than first-half. So that is what buoys our confidence. Nigel Coe - Deutsche Bank - Analyst Okay, great. Two more questions if I may. It looks like you bought LANTEC for about one times book, which is a great price. Is that indicative of the kind of multiples you are seeing for the smaller deals? Are you seeing similar trends with the larger targets? Ron Hoffman - Dover Corporation - President & CEO Well, I would not want to say that we have seen the acquisition prices across the board change in general. But I would say that each of these three acquisitions that we have announced year-to-date were all seller-led processes that we were in there early.www.streetevents.comContact Us 8 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 10. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallWe were working with those companies. They got to know Dover well. We won I think the hearts of those people who saw Dover as the right home for their companies very early. These were not processes that went through traditional auctions, and we bought those at nice prices. That's why we see them being accretive in the first year, and we were probably collectively at a multiple of earnings of perhaps below 7. Nigel Coe - Deutsche Bank - Analyst Alright. And then finally, you made some pretty bullish remarks about Everett Charles orders. But what it would it be fair to say that the book-to-bill ratio for Everett Charles is better than what we see coming through on the semi data? Ron Hoffman - Dover Corporation - President & CEO No, I would not say it is significantly better. You get spikes based on when they get particular order in their semicon equipment just because of the size of that. But I would say we're kind of keeping pace. Again, we had a favorable book-to-bill. Semicon data kind of goes up over this period of time. So we are encouraged, but I think I would like to sea a little bit more of April and May before we get too bullish there. Operator Scott Davis, Morgan Stanley. Scott Davis - Morgan Stanley - Analyst Nice start to the year. Share buyback certainly makes a big difference also which is nice. I'm not sure I may have missed it because obviously there's a lot of moving parts, but I'm not sure I heard you mention anything about Paladin and the impact there. I know it hurt you pretty good in '07. Is that off to a better start in '08? Ron Hoffman - Dover Corporation - President & CEO Well, Paladin is really a tail of two businesses. As we have said all along, heavy construction certainly has been challenged. Light construction so far this year has not been overly strong. But the utility, demolition and recycling businesses have held up very, very well. In fact, I would say our demolition recycling business is booking orders at a very nice rate.I think the integration actions, as we said last year, that we took to improve the performance of the Company is starting to show benefits now as we roll into 2008. We did a lot of spending to shut down plants, lay off people. I think the headcount of that Company is probably down well over 200 people. There will probably be additional actions to rightsize the Company. But I would say in general we're just finally seeing the product mix relate a little bit more to the demo recycling area, and the integration activities are starting to bear a little bit of fruit.So we are buoyed by the fact that I think we have got our hands around it now. Scott Davis - Morgan Stanley - Analyst Okay. On the acquisition activity, again I know Nigel asked about the deals that you did this quarter, but what -- is there more activity? Are there more things you are looking at? I know it has been a couple -- you know, since Paladin and MARKEM, there has not been a lot of interesting transactions at reasonable prices. Is this starting to get -- is anything in your sights that may be a little bit bigger or more interesting than maybe some of the things you have done this quarter?www.streetevents.comContact Us 9 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 11. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference Call Ron Hoffman - Dover Corporation - President & CEO Well, I think we're still in a little bit of an unsettled climate, Scott, on acquisitions. I think there is still a situation where we've got a bit of an unsettled economy out there. We do not want to pay a high premium for any of those acquisitions that might be coming on stream currently. I would say we continue to be engaged in review processes, but we don't have what I would call a strong pipeline of potential acquisitions running into the second quarter. So I would not anticipate any significant announcements into the second quarter.For the rest of the year, it is a little bit early to call what will happen. But I think that if you think about last year, we ended the first quarter at about $100 million in acquisition investment. We ended the year at around 275. I think this year we have announced $100 million year-to-date that included two that happened after the quarter. Probably you ought to think in terms of maybe 300, 400 at tops on our acquisition spend this year, but it is way to early for me to lay that out. But there's nothing big in the pipeline at the moment. Scott Davis - Morgan Stanley - Analyst Okay. And last question, I am just trying to figure out exactly what is in the 16% EPS growth. I assume there was a positive impact from currency in there. If you can quantify that, that is helpful. And then also pension? Ron Hoffman - Dover Corporation - President & CEO Pension is probably modestly positive but not a big factor in the EPS. The biggest single -- probably $0.01 of that is that, and then we did obviously have a favorable impact on the -- in the overall EPS improvement from the share repurchase. Scott Davis - Morgan Stanley - Analyst But no impact from currency? Ron Hoffman - Dover Corporation - President & CEO Currency was probably positive to the extent of about 3% -- 3 percentage points. Operator John Inch, Merrill Lynch. John Inch - Merrill Lynch - Analyst So, to get to the mid single digit organic growth this year, again just on an overall basis, do you see this cycling up sort of over the course of the year in terms of the organic growth results? How do you want us to think about the overall trend? You have got some easy comps I see in the second quarter. Ron Hoffman - Dover Corporation - President & CEO Well, I think with our acquisition spending down and acquisition spending tailing off in the second half of last year, that will tend to flow more of our sales into organic. I think the offset to that might be HILL PHOENIX in the second quarter a little bit.www.streetevents.comContact Us10 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 12. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallBut I do believe at least our primary business, if you think about our Energy businesses, you think about Product Identification, and you think about Fluid Solutions; those things continue to have I think growth potential ahead of them. They will be the items that will lead our organic growth over the remaining quarters. But I think we will see improvement in that throughout the course of the year. John Inch - Merrill Lynch - Analyst And just to kind of be clear about your commentary vis-a-vis the booking trends and so forth, were these businesses -- I mean did you see Dover businesses actually strengthen as the quarter progressed, or is this a comps issue? I'm just curious if any businesses within Dover strengthened and if any weakened as the quarter progressed? Ron Hoffman - Dover Corporation - President & CEO I would say that yes, we feel that we did see strength as the quarter progressed, again from order activity and also from just a performance view. I would have to say that period to period we saw improvement. That is typical. As we go through the course of the year, we typically build late in the first quarter, head into the second quarter with nice performance. I think that's going to be traditional again this year. John Inch - Merrill Lynch - Analyst Okay. And then the bookings and backlog, the up 6 and up 8, do you guys know what that was on an organic basis and how that would have compared -- so ex currency -- and how that would have compared to sort of the fourth-quarter trends? Ron Hoffman - Dover Corporation - President & CEO We probably do not have succinct breakdown on that, but I would say that it would probably parallel kind of what we're saying. The majority of it would probably be in the organic companies. Again, the acquisitions would not be adding a lot into the bookings side of that because none of these companies were large in size. John Inch - Merrill Lynch - Analyst Would it be fair, though, that currency is like what, 3 points or something of the 6 and the 8? Ron Hoffman - Dover Corporation - President & CEO Yes. And I would say that what we know right now in our mix of sales, I would not anticipate significant change in that. John Inch - Merrill Lynch - Analyst Okay. So that is consistent with the mid single organic? Ron Hoffman - Dover Corporation - President & CEO Yes.www.streetevents.comContact Us11 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 13. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallJohn Inch - Merrill Lynch - Analyst Then last question, so United Technologies is buying DBolt. I know you did not talk about Triton, but I mean how are you thinking about that business? I know it is small, Ron, but is that a keeper, or does this UTX acquisition all of a sudden somehow make it a little bit more attractive in the context of where they are thinking the industry trends? Ron Hoffman - Dover Corporation - President & CEO Well, I think at least, Scott, we feel comfortable we have got our hands around Triton. It was positive during the quarter in terms of contribution. I think that the new management team down there has been able to finally get their hands around the business, get their rightsizing and downsizing costs and what absorbs. So from that standpoint, I think there's certainly no bleeding going on there. Whether it is a long-term keeper to Dover, I think we will continue to evaluate that and see what the market opportunities are for that business. John Inch - Merrill Lynch - Analyst Understood. Thank you. Operator Stephen Tusa, JPMorgan. Stephen Tusa - JPMorgan - Analyst So the incremental margin was pretty good at around 20%, and I'm just kind of looking at that in the context of your guidance. I just want to try and reset that. I mean after this quarter, when you look at share count, that is getting you $0.22, $0.23 this year. And so to get to the low-end, the kind of the 12% plus, you need probably about $0.15, $0.16, which on that 20% incremental, which probably should get better in the back half I would think if some of these savings continue to ramp, that implies really an organic growth rate of around 3%. Is that the right way to look at it, that you guys could miss that mid single digit which most people think about as around 5 and still hit the low-end of our guidance? Could you still have Forex and maybe a little bit of acquisition benefit going for you as well, which I am not really throwing in there? Ron Hoffman - Dover Corporation - President & CEO Well, I think certainly a bit of an unsettled economy out there, but directionally I think you're somewhat in-line. I don't know that I would see organic growth stabilizing at three for the rest of the year, but right now we still want to remain confident that we will see that in mid single digits. But directionally I think your thinking is correct. Stephen Tusa - JPMorgan - Analyst Right, and you're saying that it should be better than 3%? Ron Hoffman - Dover Corporation - President & CEO Absolutely.www.streetevents.comContact Us12 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 14. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallStephen Tusa - JPMorgan - Analyst With Energy and Product ID and somewhat of a tax stabilization. So if it looks like you guys will be able to hit this number, your stock is at -- I don't know 12.5 times earnings, which is a dramatic discount to my group and even some of your more direct peers. You did not talk a lot about acquisitions. Is this still a priority number one is still buying back stock here? Ron Hoffman - Dover Corporation - President & CEO Certainly I think during the second quarter you're going to see that continue to be our focus. And I would say looking at the rest of the year, we continue to feel our cash generation is going to be strong. The acquisition pipeline is not overly buoyant at the moment, so it is likely that that would continue. So I think we have a very high-quality story to save for the remainder of 2008. Stephen Tusa - JPMorgan - Analyst Right. And then one more question just more specifically on the energy markets. Book-to-bill was pretty strong in your Energy business, and it is becoming an increasingly sizable part of your portfolio. Is there anything out there that your customers are telling you that makes them worry about the prospects for the Energy market, or do you really think this is kind of the start of a reacceleration in that business for the next year, year and a half? Ron Hoffman - Dover Corporation - President & CEO I think we're going to see the Energy market continue to hold itself very steady. If you look at the gains that we posted in Energy, sometimes I would have to say I don't like to use the word surprise me because that would be the wrong term. But I would guess I would have to say I'm very pleased with the amount of gains we continue to show quarter-over-quarter in Energy when you consider we have been running at a good solid rate now for quite some time. So I think it is pretty impressive to continue to build on what is a solid baseline business.We do see that continue to grow through the course of the year. We're adding significant capacity in those businesses to ramp up to meet the demands of the marketplace, and we continue to be very bullish about the long-term growth potential. There could always be unique discrete events that could cause the business to maybe alter its growth rate period to period, but long-term I think the energy play is going to continue to be there with no significant signals that concern us. And again, I think we're going to bring in an expert to speak at this visit we are going to have in Utah with US Synthetic that will give a good overview of the world market, but I think will help people kind of see why we are so bullish on this market long-term. Stephen Tusa - JPMorgan - Analyst Right. And that is across the board artificial lift, the bid inserts and your process industry pumped and valve stuff? Ron Hoffman - Dover Corporation - President & CEO Absolutely, Steve. It is across the board. All those companies have improved their performance period over period, and I think it is one that we would anticipate continuing through the course of the year. We just don't not see anything yet that is going to stop that. Operator Wendy Caplan, Wachovia.www.streetevents.comContact Us13 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 15. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference Call Wendy Caplan - Wachovia - Analyst We saw that you did some share repurchase this quarter and $300 million roughly remaining. Can you talk about the board's appetite for additional reauthorization? Ron Hoffman - Dover Corporation - President & CEO Well, I think certainly our board looks at the economics of share repurchase versus acquisitions as we do. We present them with those opportunities through the course of the year. They certainly have been supportive of share repurchase because they have been a nice investment for Dover to invest in itself. We believe in our future performance opportunities. We believe that the Dover stock will have greater value going forward, so we have invested in ourselves, and I think we will continue to look at that as an opportunity. Paul Goldberg - Dover Corporation - Treasurer & Director, IR And I will tell you year-to-date we're about halfway done with that program. Wendy Caplan - Wachovia - Analyst Okay. Thank you, Paul. Finally, the new pump group, can you address strategically where you think you're going with that group? Maybe where you are focused in terms of the types of pumps that you're looking at, end market served, applications, just to give us a feel for the growth in that space? Ron Hoffman - Dover Corporation - President & CEO What we have is we have a broad array of pump companies that are from air operated double diaphragm pumps to vane pumps to diaphragm metering pumps to specialty pumps for the semiconductor industry to lobes. There's just quite a wide variety of things that we have in our quiver in the pumps group.So I think we now as we put those together in a group, it gives us clout to go get the best-in-class distribution products throughout the world to handle these great brand names. And if you look at companies like Wilden that have had a very strong footprint in Europe and Asia, a company that does know how to perform very well in any international climate, it allows it to take these brands and immediately put them into distribution and gain sales just by exposing to international markets that maybe they were not able to do on their own.We then can take and leverage the internal manufacturing capabilities and the sourcing capabilities that we have and change the cost base of these companies, which I think is going to be empowering over time also. Again, the investors that come to the meeting in California at Wilden are going to get a much deeper dive into our Fluid Solutions platform. I think it will show you and be much more self obvious as to why we put these companies together and the opportunities we have going forward. Wendy Caplan - Wachovia - Analyst Thanks, Ron, but it would be fair to assume it might be an area that you would like to grow through acquisitions as well?www.streetevents.comContact Us14 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 16. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallRon Hoffman - Dover Corporation - President & CEO I think the pump market is a huge market globally, and it is also a very -- a market that has lots of players in it and lots of niches to play in. And I think as we look at it, we have some very high-quality nice margin pump companies, good growth potential, and we see that as an area that we can lever up the skillset we have and build an even bigger platform than we have today. Operator Alex Blanton, Ingalls & Snyder. Alex Blanton - Ingalls & Snyder - Analyst I just wanted to ask you what the -- you have increased your guidance a couple of percentage points, and I wanted to ask you what your economic assumptions are both for the US for the rest of this year and also for your important foreign markets? Ron Hoffman - Dover Corporation - President & CEO Well, I think we continue to be probably more cautious on our US markets I would say if we have seen pullback or if we have seen a change in growth rate, it has been more domestic.However, I would say some of our companies that are very internationally based -- again, let's just pick our Product Identification group as an example. Now that we own MARKEM and have been able to merge those companies together, I think it gives us a much stronger interface in our domestic economy. So I think as opportunities come available, I think we will probably reap benefits and have share gains in that area.I think outside of the US, we see Europe as continuing to be a stable market with opportunities. We obviously have some strong players in those markets. Asia, we see as a growing market, continuing to be a positive market. And where we play outside of those three major areas, we see positive opportunities, particularly in South America and some of the other parts of the world.So I would say our overall view -- if things maintain themselves relatively as they are, there's not some dramatic shift in the global economy. Our comfort level as to where we see the rest of the year is pretty decent.Also, I think we have a pie chart in our offerings that we spend -- in our materials that show the global distribution of Dover sales, and it shows that the growth rate has increased in Europe and in Asia and in somewhat of a decline in the United States. And I would say there is two things there.One is the economy itself in each of those geographies. But the other I think is the international focus we're putting on our companies. So I think you will see us continue to somewhat grow in line with the pie chart you are looking at. Alex Blanton - Ingalls & Snyder - Analyst Right. But if we have a recession later on this year or if we are already in one that gets worse as we go through the year, have you taken that into account in your guidance I mean specifically or explicitly, or are you simply rolling up the individual forecast of the companies?www.streetevents.comContact Us15 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 17. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallRon Hoffman - Dover Corporation - President & CEO No, Alex, we certainly are reviewing those forecasts from our companies. We are already looking at the economic signals from each of the geographies, and we are quite comfortable with the guidance we're giving. Operator Terry Darling, Goldman Sachs. Terry Darling - Goldman Sachs - Analyst I just wanted to talk a little bit about raw materials pressures. I wonder if you could remind us what raw materials as a percentage of your cost of goods sold is? Ron Hoffman - Dover Corporation - President & CEO Well, certainly, as you look at raw materials, that is the lion's share of our cost of goods. I do not have the rollup number. I will see if [Ray] maybe has that to hand to me.But, quite candidly, we're seeing right now probably a scale of inflation in steel that kind of reminds me of 2005. We're seeing steel companies raise prices on more than one occasion through the course of at least what we have experienced in some of our commodities this year. Plate steel, specialty bar and castings is certainly where we spend the majority of our dollars. In those particular cases, the plated steel is going to relate first and foremost probably to companies like Paladin, companies like Heil Trailer, Heil Environmental. I would say the specialty bar relates to our sucker rod companies, and our castings is just all over the map at our pump companies and winch companies and so forth. Those are the people that I think right now are having to find scales of the economy within their manufacturing base, as well as move on pricing to stay ahead of the curve on steel. So that it is really the thing that is ramping us up, and I don't know, you have something to add there, Paul? Paul Goldberg - Dover Corporation - Treasurer & Director, IR Yes, for the quarter we calculate that raw material price increases probably impacted us a negative $5 million, so everything you are seeing as a totality absorbed that. We would probably project that kind of a pattern over the balance of the year. On a quarterly basis, it will fluctuate some.Asia has probably been more of a challenge than we anticipated. In a lot of these cases, however, we are getting price increases and are trying to lock in prices as far as we can to mitigate the impact of raw material costs.But I would say for the quarter it has been roughly a negative impact all-in of $5 million, which clearly we have absorbed in our margins. So the total impact has been not that significant, and we continue to expect to be able to manage it on that basis for the balance of the year. Terry Darling - Goldman Sachs - Analyst Ron, help me understand what you just told us. Are you saying that the year-over-year increase in your raw materials was 5, or are you saying that on a net basis there was a negative 5 -- net of price on a year-over-year basis?www.streetevents.comContact Us16 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 18. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallPaul Goldberg - Dover Corporation - Treasurer & Director, IR Net basis. Terry Darling - Goldman Sachs - Analyst Okay. Given how one would assume that you were covered to a greater extent in 1Q than you would be in 4Q, why would you not build into your forecast a greater raw material headwind as we move through the year, particularly given the slowdown in the US and Europe end markets that we're seeing? Ron Hoffman - Dover Corporation - President & CEO I believe our companies are doing that, and their particular -- each of their forecasts are considering the headwinds of material price increases and overlaying that with whatever kind of productivity increases they can bring forward for the impact of their pricing actions.So I think it is very foremost in the minds of our Company leaders. I'm probably hearing more about that in the phone calls I'm having with them certainly in the latter part of the quarter than early in the quarter, and I am very comfortable that each of our people are putting a lot more focus on pricing and getting -- trying to push out ahead of this curve as much as they can. I think that certainly Dover is not going to be unique in material price increase and impact everybody in the industrial marketplace.So I guess the short answer to your question, though, is our companies are considering the impact of price increases as they forecast their numbers to us. Terry Darling - Goldman Sachs - Analyst So maybe the way to ask this is, I guess you are depicting a negative $20 million headwind for the year in the current guidance. What was that number in the prior guidance? Ron Hoffman - Dover Corporation - President & CEO Probably about the same. It has not changed a whole lot. I would say it is one of those things that is managed locally. So for us to give you a precise calculation is not that easy, but I will tell you based on the forecast we have reviewed and the updates we get from the operating companies on a monthly basis, they are very cognizant of the need to maintain pricing discipline. And to the extent they have raw material increases, I think they have been very aggressive in working that process through their pricing models and, frankly, resourcing where they can to keep pricing down on raw materials. (multiple speakers). Directly there probably could be some impact or -- excuse me, some pickup of that in the second quarter, but I think there's also been pricing actions that have occurred in the late part of the first quarter that will kick in and cover some of that. So the net net might be up slightly, but I don't think we're going to see significant change there. Terry Darling - Goldman Sachs - Analyst So what has really changed then is you are accelerating price and productivity efforts? Ron Hoffman - Dover Corporation - President & CEO It is always a timing issue, and I think it's a function of you get the price increases on your materials faster, you can push it on the marketplace in many cases. You may estimate your material price increases are going to be 3% to 5% over the course ofwww.streetevents.comContact Us17 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 19. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference Callthe year, and you put out your pricing on that. If those prices start to become more in the 7 to 9 range, then you have to readdress your pricing or think can you find productivity improvements that will absorb that?So I think that is kind of where we're at right now. I think people are looking at it and saying, did I do enough on pricing? Do I have more opportunity? And I would say right now the majority of the price increases that came about probably will impact into the second quarter, maybe more into the first quarter just from a timing standpoint. Paul Goldberg - Dover Corporation - Treasurer & Director, IR I think just to add one final thought, many of our companies unlike I would go back three or four years when steel kind of caught a lot of industrials a little by surprise, I think our companies are very actively engaged in pricing studies of their business and their overall modeling to where I think they have been very effective in managing the whole raw material price increase balance with their product pricing.So to answer your earlier question, it is between productivity and pricing model -- pricing factors that I think we're going to stay on top of this. Terry Darling - Goldman Sachs - Analyst Okay. Coming back to the organic growth discussion, I'm wondering if you can take us through -- and I'm kind of looking at the short on slide nine where -- so the question is, with this acceleration of organic growth to mid single digits, if you step us through the four main platforms and tell us where you see the acceleration occurring as we move through the year? Ron Hoffman - Dover Corporation - President & CEO I think if you walk through each one of those, I think we see a little bit of pickup and organic growth and industrial products. Again, they were fighting some headwinds at Tulsa Winch and also at Paladin. I think we will see some of that moderate as we move forward. If we look at Engineered Systems, certainly most all their growth is related to organic. That will continue, and that probably will pick up somewhat in the second quarter.In Fluid Management we have some acquisitions that will come in that will tend to bring the acquisition number up just slightly. But the organic growth side I believe still yet in our Fluids Group, as well as in the Energy, will continue to be probably our leading area for organic growth.And I think Electronic Technologies will probably see more organic growth in the second quarter than they did in the first quarter. They will not have as much as acquisition involvements. So I would say those -- that is kind of the general feel of why we see organic growth going up overall.There's always some unique events in companies. Again, I think we mentioned in our comments or in our letter that we have some companies that have what I would call lumpiness, so to speak, meaning they have big projects and the timing of when they ship. Certainly our can necking company did not have as big a shipment period in the first quarter as they had a year ago. That created some negative headwind there. I do not think that will repeat at the same level.And the same situation with Electronic Technologies. Pole/Zero, the company we acquired a year ago, again we were very bullish on. We liked the prospects of that company over time. Just from a timing standpoint, their first quarter was not as strong as it was a year ago, so I think we will see improvements there.www.streetevents.comContact Us18 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 20. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallTerry Darling - Goldman Sachs - Analyst So it really sounds like Industrial Products and Electronic Technologies will be the key drivers there? Ron Hoffman - Dover Corporation - President & CEO Fluid Management -- the drivers, yes. I think Fluid Management will hold at a strong rate. Terry Darling - Goldman Sachs - Analyst Lastly, if I'm doing the math right, the corporate expense guidance implies a shift down from around 30 to under 25. Can you help us with what is driving that? Ron Hoffman - Dover Corporation - President & CEO Yes, we had some onetime first quarter contingency and reserve adjustments that we don't expect to repeat, and the special fees that we had in the first quarter were slightly higher than we're projecting for the balance of the year. So we're confident that the expected reduction in corporate expense on a quarterly basis is valid. Terry Darling - Goldman Sachs - Analyst Great. Thanks very much, guys. Ron Hoffman - Dover Corporation - President & CEO One other thing, raw materials as a percentage of COGS is 59%. Operator Thank you. I would like to turn the floor over to Ron Hoffman for any further or closing remarks. Ron Hoffman - Dover Corporation - President & CEO I guess I would just like to kind of summarize that we're very pleased with our first-quarter results certainly in light of what is a tough economic climate. I still think the economic climate that we are experiencing throughout the world is better than what we read in the media. But I'm pleased with our results.I again reiterate Energy should remain strong. Fluid Solutions is an area we are going to build well on. We're very pleased that our Product Identification Group and the progress they are making in their marketplace and those companies which represent about 50% of Dover's overall earnings, we feel very bullish on their ability to continue to repeat their strong performance.With that, thank you for being a part of our call today. Paul?www.streetevents.comContact Us19 2008 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. 21. FINAL TRANSCRIPTApr. 23. 2008 / 8:00AM, DOV - Q1 2008 Dover Corporation Earnings Conference CallPaul Goldberg - Dover Corporation - Treasurer & Director, IR Yes, thanks again for being part of our conference call. We look forward to talking to you next quarter, and for those of you listening who are going to be on our investor trip, we look forward to seeing you in a couple of weeks. It should be a very good trip.Thanks a lot. Operator Thank you. This does conclude the first-quarter 2008 Dover Corporation earnings conference call. 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