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-- 13% Year-Over-Year Bookings Decline Reflects Continued Weak Global Demand Environment
CIRCOR International, Inc. (NYSE: CIR), a provider of valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets, today announced financial results for the third quarter ended September 27, 2009.
Comments on the Third Quarter
According to Chairman and Chief Executive Officer Bill Higgins, "Our third-quarter revenues were slightly above our guidance range. Earnings significantly exceeded our guidance range primarily due to lower-than-expected asbestos charges and other non-operating gains."
"As expected, bookings reflected the weak global demand environment and came in 13% lower year-over-year," Higgins said. "Our Energy segment continued to experience a significant decrease in short-cycle bookings due to the substantial decline in rig counts and destocking at distributors. At the same time, our long-cycle international project business experienced an increase in year-over-year bookings due to very low orders booked in the third quarter of 2008. Within our Instrumentation and Thermal Fluid Controls segment we experienced continued weakness, particularly in commercial aerospace, although we did see signs of stabilization in some of our other diverse flow markets."
"To adjust to this difficult market environment, we continue to focus on our quality of earnings initiatives by reducing our cost structure, driving operational improvements with Lean, and expanding our low-cost operations in emerging markets," Higgins said. "Excluding acquisitions, we have reduced CIRCOR's total workforce by approximately 17% year-to-date, and we continue to consolidate facilities."
"We have a great balance sheet and continue to seek strategic acquisitions," added Higgins. "We recently acquired Pipeline Engineering, a privately held pipeline products and solutions company based in the United Kingdom. This acquisition will be accretive in the first year and was funded with existing cash."
Consolidated Results
Revenues for the third quarter of 2009 were $144.3 million, a 31% decrease from $208.7 million generated in the third quarter of 2008. Net income for the third quarter of 2009 declined to $8.4 million, or $0.49 per diluted share, compared with $19.8 million, or $1.16 per diluted share, for the third quarter of 2008. Third-quarter 2009 net income includes $2.0 million in pre-tax asbestos charges compared with $3.8 million in the third quarter of 2008. Third-quarter 2009 net income also includes a benefit of $0.5 million related to an acquisition completed earlier in the year, where the fair value of the acquired assets exceeded the purchase price.
For the nine months ended September 27, 2009, revenues were $484.5 million, a decrease of 18% from $591.9 million for the comparable period in 2008. Net income for the first nine months of 2009 was $26.6 million, or $1.56 per diluted share, a decrease of 48% from $51.1 million, or $3.01 per diluted share, from the first nine months of 2008. Net income for the first nine months of 2009 includes $13.7 million in pre-tax asbestos charges compared with $6.9 million in the year-ago period. Net income for the first nine months of 2009 also includes a pre-tax gain of $1.7 million related to proceeds from the sale of land use rights and the aforementioned benefit associated with the acquisition, recorded as a gain on the "special charges" line.
The Company received orders totaling $143.6 million during the third quarter of 2009, a decrease of 13% compared with the third quarter of 2008 and a 15% sequential decrease compared with the second quarter of 2009.
For the first nine months of 2009, orders totaled $434.8 million with a third-quarter 2009 ending backlog of $297.9 million. This compares to 2008 orders for the first nine months of $599.2 million and a third quarter 2008 ending backlog of $401.6 million, representing a year-over-year decrease of 26%.
During the third quarter of 2009, the Company generated $11.2 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid), and, for the first nine months of 2009, the Company had free cash flow of $21.2 million. This compares to $24.1 million of free cash flow generated in the first nine months of 2008.
Instrumentation and Thermal Fluid Controls Products
CIRCOR's Instrumentation and Thermal Fluid Controls Products segment revenues decreased 14% to $83.1 million from $96.3 million in the third quarter of 2008. Growth from acquisitions of 4% was more than offset by volume declines of 14% and lower foreign exchange rates compared to the U.S. dollar of 3%. Incoming orders for this segment were $88.4 million for the third quarter of 2009, a decrease of 13% from $101.6 million in the third quarter of 2008. Sequentially, this segment's orders decreased 8%. The sequential decrease in orders in this segment related primarily to a large multi-year military landing gear order booked in the second quarter of 2009 expected to be shipped beginning in 2011. Ending backlog was $183.7 million, an increase of 8% from the third quarter of fiscal 2008 and a 3% increase from the second quarter of fiscal 2009.
This segment's adjusted operating margin, which excludes the impact of special and asbestos charges, for the third quarter of 2009 was 11.6% compared with 12.3% in the third quarter of 2008, and 11.8% in the second quarter of 2009. The year-over-year and sequential declines were due to lower sales leverage and unfavorable foreign currency adjustments, partially offset by a decrease in material costs and labor expenses.
Energy Products
CIRCOR's Energy Products segment revenues declined by 46% to $61.2 million for the quarter ended September 27, 2009 compared with a record $112.4 million in the quarter ended September 28, 2008. The year-over-year decrease included volume declines of 44%, as well as unfavorable foreign currency adjustments of 2%.
Incoming orders for the third quarter of 2009 were $55.1 million, a decrease of 12% from $62.7 million in the third quarter of 2008, and a decrease of 24% from $72.9 million in the second quarter of 2009. The sequential decrease was the result of large international project orders booked in the second quarter of 2009 scheduled to ship in 2010. Ending backlog totaled $114.1 million, a 51% decrease compared with $232.0 million at the end of the third quarter of 2008, and a 6% decrease sequentially.
The Energy Products segment's adjusted operating margin was 10.9% during the third quarter of 2009 compared with 23.2% for the third quarter of 2008 and 12.3% for the second quarter of 2009. The year-over-year decrease was primarily the result of lower volume, unfavorable pricing and product mix, as well as acquisition-related costs, partially offset by lower material costs and labor expenses.
Business and Financial Outlook
"We believe that the ongoing global recession will continue to negatively affect our financial results for the fourth quarter and into 2010," said Higgins. "In Energy, while there appears to be some stabilization in rig counts, it is difficult to determine whether this will be sustainable and how long it will take for distributors to work through excess inventory. Quoting activity continues on large international project orders, although pricing pressure has increased. Visibility into the Instrumentation and Thermal Fluid Controls Products side of the business is also limited, although we have seen areas of improvement in certain markets."
"We continue to take aggressive actions to lower our cost structure and enhance our quality of earnings, including plant consolidations and increasing the use of India and China for materials sourcing. We anticipate incurring expenses in a range of $2.0 million to $2.5 million in the fourth quarter relating to certain cost-reduction activities. With a lower cost structure that is aligned with near term demand, we will be well positioned for bottom line improvement as our markets begin to recover. We also plan to leverage our strong balance sheet and cash generating ability to capitalize on acquisition opportunities as they present themselves," concluded Higgins.
The Company currently expects revenues for the fourth quarter of 2009 in the range of $153 million to $162 million and earnings, excluding special charges, to be in the range of $0.17 to $0.23 per diluted share.
Conference Call Information
CIRCOR's Chief Executive Officer, Bill Higgins, and Chief Financial Officer, Fred Burditt, will host a conference call live on Thursday, October 29, at 9:00 a.m. ET to discuss the financial results. Those who wish to listen to the conference call and view the accompanying presentation slides should visit "Webcasts & Presentations" in the "Investor Relations" portion of the CIRCOR website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. If you are unable to listen to the live call, the webcast will be archived on the Company's website.
Use of Non-GAAP Financial Measures
Adjusted net income, adjusted earnings per diluted share, adjusted operating margin, and free cash flow, are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. CIRCOR believes that such information provides an additional measurement and consistent historical comparison of the Company's performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve both known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to prospects for both the Energy and Instrumentation and Thermal Fluid Controls segments; taking aggressive actions to lower its cost structure and enhance quality of earnings, including plant consolidations and increasing the use of India and China for materials sourcing; incurring expenses in a range of $2.0 million to $2.5 million in the fourth quarter; anticipating bottom line improvement as its markets begin to recover; and leveraging its strong balance sheet and cash generating ability to capitalize on acquisition opportunities as they present themselves; expectations regarding the Pipeline Engineering acquisition, and CIRCOR's future performance, including fourth-quarter revenue and earnings guidance. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About CIRCOR International, Inc. CIRCOR International, Inc. provides valves and other highly engineered products and subsystems that control the flow of fluids safely and efficiently in the aerospace, energy and industrial markets. With more than 9,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR's strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems. The Company also plans to leverage its strong balance sheet to acquire complementary businesses.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months Ended Nine Months Ended
September 27, 2009 September 28, 2008 September 27, 2009 September 28, 2008
Net revenues $ 144,327 $ 208,680 $ 484,509 $ 591,860
Cost of revenues 102,462 141,369 338,123 402,752
GROSS PROFIT 41,865 67,311 146,386 189,108
Selling, general and administrative expenses 29,787 34,489 98,127 106,041
Asbestos charges 1,977 3,808 13,682 6,893
Special charges (recoveries) (543 ) - (1,678 ) 160
OPERATING INCOME 10,644 29,014 36,255 76,014
Other (income) expense:
Interest income (77 ) (447 ) (391 ) (954 )
Interest expense 471 265 857 894
Other (income) expense, net (959 ) 11 (1,409 ) 660
Total other (income) expense (565 ) (171 ) (943 ) 600
INCOME BEFORE INCOME TAXES 11,209 29,185 37,198 75,414
Provision for income taxes 2,804 9,412 10,601 24,321
NET INCOME $ 8,405 $ 19,773 $ 26,597 $ 51,093
Earnings per common share:
Basic $ 0.49 $ 1.17 $ 1.56 $ 3.04
Diluted $ 0.49 $ 1.16 $ 1.56 $ 3.01
Weighted average common shares outstanding:
Basic 17,023 16,853 17,003 16,789
Diluted 17,116 17,068 17,050 17,000
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Nine Months Ended
September 27, 2009 September 28, 2008
OPERATING ACTIVITIES
Net income $ 26,597 $ 51,093
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation 9,620 8,852
Amortization 1,956 2,012
Compensation expense of stock-based plans 2,351 3,428
Tax effect of share based compensation 412 (2,510)
Loss on sale of assets held for sale - 1
Gain on disposal of property, plant and equipment (60) (93)
Changes in operating assets and liabilities, net of
effects from business acquisitions:
Trade accounts receivable 30,690 (36,689)
Inventories 40,836 (3,233)
Prepaid expenses and other assets 8,546 (1,794)
Accounts payable, accrued expenses and other liabilities (91,717) 15,091
Net cash provided by operating activities 29,231 36,158
INVESTING ACTIVITIES
Additions to property, plant and equipment (6,106) (10,162)
Proceeds from disposal of property, plant and equipment 95 202
Proceeds from sale of assets held for sale - 311
Purchase of ST investments (278,916) (155,786)
Proceeds from sale of ST investments 312,918 134,044
Business acquisitions, net of cash acquired (10,428) (7,263)
Net cash (used in) provided by investing activities 17,563 (38,654)
FINANCING ACTIVITIES
Proceeds from debt borrowings 57,372 86,495
Payments of debt (64,703) (86,358)
Debt Issuance Costs (2,814) -
Dividends paid (1,930) (1,888)
Proceeds from the exercise of stock options 37 2,342
Tax effect of share based compensation (412) 2,510
Net cash (used in) provided by financing activities (12,450) 3,101
Effect of exchange rate changes on cash and cash equivalents 1,891 (90)
INCREASE IN CASH AND CASH EQUIVALENTS 36,235 515
Cash and cash equivalents at beginning of year 47,473 34,662
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 83,708 $ 35,177
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
September 27, 2009 December 31, 2008
ASSETS
Current Assets:
Cash & cash equivalents $ 83,708 $ 47,473
Short-term investments 3,023 34,872
Trade accounts receivable, less allowance
for doubtful accounts of $ 2,035 and $1,968, respectively 113,800 134,731
Inventories 150,276 183,291
Prepaid expenses and other current assets 6,696 3,825
Deferred income taxes 14,712 12,396
Insurance receivable 6,485 6,081
Assets held for sale 543 1,015
Total Current Assets 379,243 423,684
Property, Plant and Equipment, net 87,696 82,843
Other Assets:
Goodwill 32,976 32,092
Intangibles, net 46,885 42,123
Non-current insurance receivable - 4,684
Other assets 4,674 2,597
Total Assets $ 551,474 $ 588,023
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 50,636 $ 94,421
Accrued expenses and other current liabilities 42,997 69,948
Accrued compensation and benefits 18,603 22,604
Asbestos liability 11,605 9,310
Income taxes payable 5,337 9,873
Notes payable and current portion of long-term debt 131 622
Total Current Liabilities 129,309 206,778
Long-Term Debt, net of current portion 9,519 12,528
Deferred Income Taxes 6,551 3,496
Long-Term Asbestos Liability 12,070 9,935
Other Non-Current Liabilities 22,297 21,664
Shareholders' Equity:
Preferred stock, $.01 par value; 1,000,000 shares
authorized; no shares issued and outstanding - -
Common stock, $.01 par value; 29,000,000 shares
authorized; and 16,974,920 and 16,898,497 issued and
outstanding, respectively 170 169
Additional paid-in capital 244,573 247,196
Retained earnings 107,177 83,106
Accumulated other comprehensive income 19,808 3,151
Total Shareholders' Equity 371,728 333,622
Total Liabilities and Shareholders' Equity $ 551,474 $ 588,023
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months Ended Nine Months Ended
September 27, September 28, September 27, September 28,
2009 2008 2009 2008
ORDERS
Instrumentation &
Thermal Fluid Controls $ 88,449 $ 101,593 $ 260,974 $ 313,760
Energy Products 55,103 62,689 173,809 285,426
Total orders $ 143,552 $ 164,282 $ 434,783 $ 599,186
September 27, September 28,
2009 2008
BACKLOG
Instrumentation &
Thermal Fluid Controls $ 183,733 $ 169,554
Energy Products 114,139 232,022
Total backlog $ 297,872 $ 401,576
Note: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2008 2009
1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD 1ST QTR 2ND QTR 3RD QTR YTD
NET REVENUES
Instrumentation & Thermal Fluid Controls (TFC) $ 88,450 $ 98,867 $ 96,298 $ 94,499 $ 378,114 $ 86,340 $ 87,721 $ 83,142 $ 257,203
Energy Products 88,125 107,738 112,382 107,457 415,702 89,307 76,814 61,185 227,306
Total 176,575 206,605 208,680 201,956 793,816 175,647 164,535 144,327 484,509
Total
ADJUSTED OPERATING MARGIN
Instrumentation & TFC (excl. special & asbestos charges) 12.5 % 12.6 % 12.3 % 11.2 % 12.1 % 12.9 % 11.8 % 11.6 % 12.1 %
Energy Products (excl. special charges) 16.2 % 20.4 % 23.2 % 20.1 % 20.2 % 18.1 % 12.3 % 10.9 % 14.2 %
Segment operating income (excl. special & asbestos charges) 14.4 % 16.6 % 18.1 % 15.9 % 16.3 % 15.5 % 12.1 % 11.3 % 13.1 %
Corporate expenses (excl. special & asbestos charges) -2.6 % -2.4 % -2.4 % -3.0 % -2.6 % -3.1 % -3.4 % -3.0 % -3.1 %
Adjusted Operating Income 11.7 % 14.3 % 15.7 % 12.9 % 13.7 % 12.5 % 8.7 % 8.4 % 10.0 %
Asbestos charges (attributable to Instrumentation & TFC) -0.6 % -1.0 % -1.8 % -0.7 % -1.0 % -4.7 % -2.1 % -1.4 % -2.8 %
Special (charges) recoveries -0.1 % 0.0 % 0.0 % -70.0 % -17.8 % 0.6 % 0.0 % 0.4 % 0.3 %
Total operating margin 11.0 % 13.3 % 13.9 % -57.8 % -5.1 % 8.4 % 6.6 % 7.4 % 7.5 %
ADJUSTED OPERATING INCOME
Instrumentation & TFC (excl. special & asbestos charges) 11,069 12,451 11,803 10,558 45,881 11,116 10,389 9,658 31,163
Energy Products (excl. special charges) 14,303 21,938 26,023 21,556 83,820 16,169 9,461 6,696 32,326
Segment operating income (excl. special & asbestos charges) 25,372 34,389 37,826 32,114 129,701 27,285 19,850 16,354 63,489
Corporate expenses (excl. special & asbestos charges) (4,628 ) (4,890 ) (5,001 ) (6,042 ) (20,561 ) (5,365 ) (5,589 ) (4,276 ) (15,230 )
Adjusted Operating Income 20,744 29,499 32,825 26,072 109,140 21,920 14,261 12,078 48,259
Asbestos charges (attributable to Instrumentation & TFC) (1,075 ) (2,009 ) (3,810 ) (1,417 ) (8,311 ) (8,263 ) (3,442 ) (1,977 ) (13,682 )
Special (charges) recoveries (160 ) - - (141,297 ) (141,457 ) 1,135 - 543 1,678
Total operating income 19,509 27,490 29,015 (116,642 ) (40,628 ) 14,792 10,819 10,644 36,255
INTEREST (EXPENSE) INCOME, NET (145 ) 23 182 120 180 (32 ) (41 ) (394 ) (467 )
OTHER (EXPENSE) INCOME, NET (401 ) (248 ) (11 ) 390 (270 ) 183 267 959 1,409
PRETAX INCOME 18,963 27,265 29,186 (116,132 ) (40,718 ) 14,943 11,045 11,209 37,197
PROVISION FOR INCOME TAXES (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 ) (4,483 ) (3,313 ) (2,804 ) (10,600 )
EFFECTIVE TAX RATE 32.0 % 32.4 % 32.3 % 5.2 % -44.9 % 30.0 % 30.0 % 25.0 % 28.5 %
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 8,405 $ 26,597
Weighted Average Common Shares Outstanding (Diluted) 16,872 17,053 17,068 16,897 16,817 17,014 17,066 17,116 17,050
EARNINGS PER COMMON SHARE (Diluted) $ 0.76 $ 1.08 $ 1.16 $ (6.52 ) $ (3.51 ) $ 0.61 $ 0.45 $ 0.49 $ 1.56
EBIT $ 19,108 $ 27,242 $ 29,004 $ (116,252 ) $ (40,898 ) $ 14,975 $ 11,086 $ 11,603 $ 37,664
Depreciation 2,874 2,977 3,001 2,696 11,548 2,839 3,245 3,536 9,620
Amortization of intangibles 656 676 680 613 2,625 622 627 707 1,956
EBITDA $ 22,638 $ 30,895 $ 32,685 $ (112,943 ) $ (26,725 ) $ 18,436 $ 14,958 $ 15,846 $ 49,240
EBITDA AS A PERCENT OF SALES 12.8 % 15.0 % 15.7 % -55.9 % -3.4 % 10.5 % 9.1 % 11.0 % 10.2 %
CAPITAL EXPENDITURES $ 2,851 $ 3,433 $ 3,878 $ 4,810 $ 14,972 $ 2,576 $ 1,925 $ 1,605 $ 6,106
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED
2008 2009
1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD 1ST QTR 2ND QTR 3RD QTR YTD
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES
LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] $ (5,366 ) $ 31,536 $ (2,062 ) $ 23,216 $ 47,324 $ (7,928 ) $ 17,882 $ 11,241 $ 21,195
ADD: Capital expenditures 2,851 3,433 3,878 4,810 14,972 2,576 1,925 1,605 6,106
Dividends paid 626 631 631 634 2,522 657 637 636 1,930
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (1,889 ) $ 35,600 $ 2,447 $ 28,660 $ 64,818 $ (4,695 ) $ 20,444 $ 13,482 $ 29,231
NET (CASH) DEBT [TOTAL DEBT LESS CASH & CASH EQUIVALENTS
LESS INVESTMENTS] $ (21,709 ) $ (46,796 ) $ (42,029 ) $ (69,195 ) $ (69,195 ) $ (49,519 ) $ (69,331 ) $ (77,081 ) $ (77,081 )
ADD:
Cash & cash equivalents 42,690 38,835 35,177 47,473 47,473 36,113 33,038 83,708 83,708
Investments 4,036 31,590 29,376 34,872 34,872 36,991 48,344 3,023 3,023
TOTAL DEBT $ 25,017 $ 23,629 $ 22,524 $ 13,150 $ 13,150 $ 23,585 $ 12,051 $ 9,650 $ 9,650
DEBT AS % OF EQUITY 6 % 5 % 5 % 4 % 4 % 7 % 3 % 3 % 3 %
TOTAL DEBT 25,017 23,629 22,524 13,150 13,150 23,585 12,051 9,650 9,650
TOTAL SHAREHOLDERS' EQUITY 446,379 465,958 470,888 333,622 333,622 341,860 357,596 371,728 371,728
EBIT [NET INCOME LESS INTEREST EXPENSE, NET] $ 19,108 $ 27,242 $ 29,004 $ (116,252 ) $ (40,898 ) $ 14,975 $ 11,086 $ 11,603 $ 37,664
LESS:
Interest expense, net (145 ) 23 182 120 180 (32 ) (41 ) (394 ) (467 )
Provision for income taxes (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 ) (4,483 ) (3,313 ) (2,804 ) (10,600 )
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 8,405 $ 26,597
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET
LESS DEPRECIATION LESS AMORTIZATION LESS TAXES] $ 22,638 $ 30,895 $ 32,685 $ (112,943 ) $ (26,725 ) $ 18,436 $ 14,958 $ 15,846 $ 49,240
LESS:
Interest expense, net (145 ) 23 182 120 180 (32 ) (41 ) (394 ) (467 )
Depreciation (2,874 ) (2,977 ) (3,001 ) (2,696 ) (11,548 ) (2,839 ) (3,245 ) (3,536 ) (9,620 )
Amortization (656 ) (676 ) (680 ) (613 ) (2,625 ) (622 ) (627 ) (707 ) (1,956 )
Provision for income taxes (6,068 ) (8,840 ) (9,413 ) 6,024 (18,297 ) (4,483 ) (3,313 ) (2,804 ) (10,600 )
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 8,405 $ 26,597
ADJUSTED INCOME, EXCLUDING SPECIAL CHARGES, NET OF TAX
$ 13,004 $ 18,425 $ 19,773 $ 19,026 $ 70,228 $ 9,666 $ 7,732 $ 8,000 $ 25,398
LESS:
Special (charges) recoveries, net of tax (109 ) - - (129,134 ) (129,243 ) 794 - 405 1,199
NET INCOME $ 12,895 $ 18,425 $ 19,773 $ (110,108 ) $ (59,015 ) $ 10,460 $ 7,732 $ 8,405 $ 26,597
ADJUSTED WEIGHTED AVERAGE SHARES
16,872 17,053 17,068 17,010 17,005 17,014 17,066 17,116 17,050
Adjustment for anti-dilutive conversion of shares - - - 113 188 - - - -
Weighted average common shares outstanding (diluted) 16,872 17,053 17,068 16,897 16,817 17,014 17,066 17,116 17,050
ADJUSTED EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES, NET OF TAX
$ 0.77 $ 1.08 $ 1.16 $ 1.12 $ 4.13 $ 0.57 $ 0.45 $ 0.47 $ 1.49
LESS: Special (charges) recoveries, net of tax impact on EPS $ (0.01 ) $ - $ - $ (7.64 ) $ (7.64 ) $ 0.05 $ - $ 0.02 $ 0.07
EARNINGS PER COMMON SHARE (Diluted) $ 0.76 $ 1.08 $ 1.16 $ (6.52 ) $ (3.51 ) $ 0.61 $ 0.45 $ 0.49 $ 1.56
SOURCE: CIRCOR International
CIRCOR International Frederic M. Burditt, 781-270-1200 Chief Financial Officer
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HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
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