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

 
FORM 8-K

 
CURRENT REPORT
 
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
 
March 25, 2004

 
FMC TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	1-16489	 	36-4412642	
(State or other jurisdiction
of incorporation)	 	(Commission File Number)	 	(I.R.S. Employer
Identification No.)	
 
1803 Gears Road, Houston, Texas 77067
(Address of principal executive offices) (Zip Code)
 
281-591-4000
Registrant’s telephone number, including area code

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
 
(C) Exhibits:
 
 	99.1	Press Release issued by FMC Technologies, Inc. dated March 25, 2004	
 
ITEM 9. REGULATION FD DISCLOSURE.
 
On March 25, 2004, FMC Technologies, Inc. issued a press release announcing that it will account for employee stock option compensation expense using the fair value method in accordance with SFAS No. 123. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FMC TECHNOLOGIES, INC.	
 	 	
By:	 	/s/ William H. Schumann, III

	
 	 	William H. Schumann, III	
 	 	Senior Vice President, Chief Financial Officer and Treasurer	
 
Date: March 25, 2004

Exhibit 99.1

News Release	  	FMC Technologies Inc
1803 Gears Road
Houston, TX 77067	
 	  	 	
 	  	200 East Randolph Drive
Chicago, IL 60601	

 
For Release: Immediate

Media	  	Marvin Brown
Bruce Bullock	  	(281) 591-4212
(281) 591-4429	
Investors	  	Maryann Seaman	  	(312) 861-6414	
 
FMC Technologies to Record Expense for Stock Options
 
HOUSTON and CHICAGO, March 25, 2004 – FMC Technologies, Inc. (NYSE: FTI) announced today that the Company will account for employee stock option compensation expense using the fair value method in accordance with SFAS No. 123.
 
In order to present information comparably, FMC Technologies has chosen the retroactive restatement method available under SFAS No. 148. Compensation expense, net of tax, is reflected in the Company’s restated financial results in accordance with SFAS No. 123.
 
“We believe this is the appropriate accounting for employee stock options. Restating prior year’s financials provides the most relevant comparison to evaluate year-to-year operating performance” said William H. Schumann, III, FMC Technologies’ Senior Vice President, Chief Financial Officer and Treasurer.
 
The accounting change reduces earnings per diluted share by $0.09 in 2002 and $0.10 in 2003. The restated quarterly and annual results for both years are presented as an attachment to this press release.
 
# # #
 
FMC Technologies, Inc. (www.fmctechnologies.com) is a global leader providing mission-critical technology solutions for the energy, food processing and air transportation industries. The Company designs, manufactures and services technologically sophisticated systems and products for its customers through its Energy Systems (comprising Energy Production and Energy Processing), FoodTech and Airport Systems businesses. FMC Technologies employs approximately 8,600 people and operates 32 manufacturing facilities in 16 countries.
 
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company’s ability to control. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Company’s filings with the Securities and Exchange Commission, including the risks and uncertainties described in the Cautionary Note Regarding Forward-Looking Statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s 2003 Form 10-K. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements.

FMC TECHNOLOGIES, INC. AND CONSOLIDATED SUBSIDIARIES
 
Impact of Change in Accounting to Recognize Compensation Expense for Employee Stock Options
(in millions, except for per share data)

 	  	2003

	 	 	2002

	 	
 	  	Q1

	 	 	Q2

	 	 	Q3

	 	 	Q4

	 	 	Total

	 	 	Q1

	 	 	Q2

	 	  	Q3

	 	  	Q4

	 	  	Total

	 	
Corporate expense: (a) (b)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
As reported	  	$	(6.1	)	 	$	(6.3	)	 	$	(5.9	)	 	$	(7.0	)	 	$	(25.3	)	 	$	(5.7	)	 	$	(6.3	)	  	$	(5.6	)	  	$	(6.5	)	  	$	(24.1	)	
Restated	  	$	(5.9	)	 	$	(6.0	)	 	$	(5.7	)	 	$	(6.7	)	 	$	(24.3	)	 	$	(5.5	)	 	$	(5.9	)	  	$	(5.6	)	  	$	(6.2	)	  	$	(23.2	)	
 	 	 	 	 	 	 	 	 	 	 	
Other income (expense), net: (a) (b)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
As reported	  	$	(3.2	)	 	$	(4.2	)	 	$	(0.6	)	 	$	(3.9	)	 	$	(11.9	)	 	$	(3.0	)	 	$	(3.8	)	  	$	0.9	 	  	$	(3.8	)	  	$	(9.7	)	
Restated	  	$	(5.6	)	 	$	(7.5	)	 	$	(3.6	)	 	$	(7.2	)	 	$	(23.9	)	 	$	(5.4	)	 	$	(6.5	)	  	$	(1.3	)	  	$	(7.7	)	  	$	(20.9	)	
 	 	 	 	 	 	 	 	 	 	 	
Income before the cumulative effect of changes in accounting principles:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
As reported	  	$	9.2	 	 	$	22.9	 	 	$	20.3	 	 	$	23.2	 	 	$	75.6	 	 	$	5.0	 	 	$	17.8	 	  	$	16.8	 	  	$	24.5	 	  	$	64.1	 	
Restated	  	$	7.9	 	 	$	21.1	 	 	$	18.6	 	 	$	21.3	 	 	$	68.9	 	 	$	3.7	 	 	$	16.4	 	  	$	15.5	 	  	$	22.2	 	  	$	57.8	 	
 	 	 	 	 	 	 	 	 	 	 	
Diluted earnings per share: (c)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
As reported	  	$	0.14	 	 	$	0.34	 	 	$	0.30	 	 	$	0.35	 	 	$	1.13	 	 	$	0.08	 	 	$	0.27	 	  	$	0.25	 	  	$	0.37	 	  	$	0.96	 	
Restated	  	$	0.12	 	 	$	0.32	 	 	$	0.28	 	 	$	0.32	 	 	$	1.03	 	 	$	0.06	 	 	$	0.25	 	  	$	0.23	 	  	$	0.33	 	  	$	0.87	 	

(a)	Certain restricted stock compensation expense previously recognized in Corporate has been reclassified to Other income (expense), net. Other income (expense), net, as restated, reflects all compensation expense for employee stock options and restricted stock.	
(b)	Corporate expense and Other income (expense), net, are shown before the impact of income taxes.	
(c)	Diluted EPS is based on income before the cumulative effect of changes in accounting principles. Diluted EPS is computed independently for each of the periods presented. Accordingly, the sum of the quarterly EPS amounts may not agree to the total year.