CIRCOR (NYSE:CIR)
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From Oct 2019 to Oct 2024
- Earnings before charges total $0.29 per share as revenues increase 22%
BURLINGTON, Mass., Nov. 3 /PRNewswire-FirstCall/ -- CIRCOR International, Inc. (NYSE:CIR), a leading provider of valves and other fluid control products for the instrumentation, aerospace, thermal fluid and energy markets, today announced results for the third quarter ended October 2, 2005. Net income for the third quarter of 2005 was $4.3 million, or $0.27 per diluted share, compared to $3.3 million, or $0.21 per diluted share, for the 2004 third quarter. Revenues for the 2005 third quarter were $109.2 million, an increase of 22% from $89.8 million for the third quarter of 2004.
For the nine months ended October 2, 2005, net income rose 34% to $15.6 million, or $0.97 per diluted share. Net income for the nine months ended September 26, 2004, totaled $11.7 million, or $0.73 per diluted share. Revenues for the first nine months of 2005 were $330.1 million, an increase of 20% from $275.0 million for the first nine months of 2004.
David A. Bloss, Sr., Chairman and Chief Executive Officer, said, "We continue to benefit from higher industrial, aerospace and oilfield activity while our commercial HVAC, U.S. Navy and process steam markets remain relatively flat. While we are pleased with our results, they were at the lower end of our expectations due in large part to constraints on the supply of certain key components as well as continuing raw material cost pressures."
Mr. Bloss also commented on the Company's progress in implementing internal operational improvements saying, "We currently have a number of facility consolidation projects in various stages of completion and, in addition, we are in our first year of transformation to lean operating practices. These actions are designed to substantially improve our profitability, asset utilization and cash flow as fewer facilities will be needed and our inventory cycles improve. In addition to special charges for facility consolidations, we incurred incremental costs during the quarter associated with the lean initiatives of approximately $0.4 million and $1.4 million year-to-date. Financial benefits from our efforts in these areas are expected to be realized in 2006 and beyond."
During the first nine months of 2005, the Company generated $17.5 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid), an increase of 25% from $14.0 million of free cash flow generated in the same period last year. Included in free cash flow for 2005 are incremental capital expenditures totaling $6.1 million related to two new facilities, one in the Netherlands and a new and expanded facility being constructed in China.
Revenues for the Company's CIRCOR Energy Products segment increased 36% to $50.2 million from $36.8 million in the third quarter of last year and were up 27% on a year-to-date basis primarily due to increased shipments to international oil and gas projects. Incoming orders for the quarter increased 20% compared to third quarter 2004 and, sequentially, increased 19%. Excluding special charges, this segment achieved operating margins of 11.3% for third quarter 2005 compared to 7.8% the same period last year, on the strength of higher shipments from the Company's Pibiviesse business unit in Italy that serves the international project markets as well as profitability improvements in North American operations.
CIRCOR's Instrumentation and Thermal Fluid Controls Products segment revenues were up 11% to $59.0 million for the third quarter compared to $53.0 million for the same period last year and up 15% on a year-to-date basis. Incoming orders for this segment were up 16% in the third quarter and the first nine months of 2005 compared to the same periods last year, while backlog at quarter-end increased 59% versus last year (up 9% excluding acquisitions), and increased 2% sequentially. Operating margin for this segment, excluding special charges, was 9.4% for the third quarter of 2005 compared to 10.9% during the same period last year. The results for this segment benefited from stronger industrial market conditions that were offset by continuing high metal costs and unabsorbed manufacturing expenses due to manufacturing process improvement activities. Our lean manufacturing implementation has been accelerating at our Instrumentation products group's highest volume plant and, as a result, this product group has realized a year- to-date inventory decrease of 13% or nearly $3.0 million. Results for the quarter were also negatively affected by supplier delivery delays of key components for certain aerospace products, thereby reducing shipments of these high-margin products.
CIRCOR provided guidance for its fourth quarter 2005 results, indicating that it expects earnings to be in the range of $0.34 to $0.37 per diluted share excluding special charges and other costs associated with ongoing facility consolidations compared to earnings of $0.01 per diluted share in the fourth quarter last year, which included an inventory obsolescence charge and fixed asset write-off totaling $0.29 per share. The Company indicated that its forecast for the fourth quarter assumes that their primary markets continue at this year's healthy pace. However, raw material costs and availability as well as on-going changes in production processes and inventory reduction will continue to negatively affect the performance of the Instrumentation and Thermal Fluid Controls segment. In addition, specific tax planning and other project costs at the corporate level will be incurred during the fourth quarter, adding an additional $0.6 million to $0.8 million of pre-tax expenses during the period.
CIRCOR International has scheduled a conference call to review its results for the third quarter of 2005 on Friday, November 4, 2005, at 10:30 am ET. Interested parties may access the call by dialing (800) 406-5356 for US & Canada and (913) 981-5572 for International locations. A replay of the call will be available from 1:30 pm ET on November 4, 2005 through midnight on November 10, 2005. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 5408053 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Thursday, November 3, 2005, by 6:00 pm ET. The presentation slides may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website: http://www.circor.com/. An audio recording of the conference call also is expected to be posted on the company's website by November 8, 2005.
CIRCOR International, Inc. is a leading provider of valves and fluid control products that allow customers around the world to use fluids safely and efficiently in the instrumentation, thermal fluid regulation and petrochemical markets. CIRCOR's executive headquarters are located at 25 Corporate Drive, Burlington, MA 01803.
This press release contains certain statements that are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (the "Act") and releases issued by the Securities and Exchange Commission (SEC). The words "may," "hope," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. We believe that it is important to communicate our future expectations to our stockholders, and we, therefore, make forward- looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control, and our actual results, performance or achievements may differ materially from the expectations we describe in our forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the cyclicality and highly competitive nature of some of our end markets, changes in the price of and demand for oil and gas in both domestic and international markets, variability of raw material and component pricing, fluctuations in foreign currency exchange rates, and our ability to continue operating our manufacturing facilities at efficient levels and to successfully implement our lean and acquisition strategies. We advise you to read further about these and other risk factors set forth under the caption "Certain Risk Factors That May Affect Future Results" in our SEC filings. We undertake no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months Ended Nine Months Ended
October 2, September 26, October 2, September 26,
2005 2004 2005 2004
Net revenues $109,222 $89,760 $330,117 $275,009
Cost of revenues 77,894 63,091 231,312 192,373
GROSS PROFIT 31,328 26,669 98,805 82,636
Selling, general and
administrative expenses 23,669 20,591 71,802 61,673
Special charges 496 265 934 303
OPERATING INCOME 7,163 5,813 26,069 20,660
Other (income) expense:
Interest income (172) (181) (486) (536)
Interest expense 900 1,182 2,668 3,529
Other (income) expense, net 174 (241) 197 (291)
Total other expense 902 760 2,379 2,702
INCOME BEFORE INCOME TAXES 6,261 5,053 23,690 17,958
Provision for income taxes 1,955 1,770 8,055 6,285
NET INCOME $4,306 $3,283 $15,635 $11,673
Earnings per common share:
Basic $0.27 $0.21 $1.00 $0.76
Diluted $0.27 $0.21 $0.97 $0.73
Weighted average common
shares outstanding:
Basic 15,744 15,371 15,646 15,338
Diluted 16,228 15,825 16,079 15,885
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Nine Months Ended
October 2, September 26,
2005 2004
OPERATING ACTIVITIES
Net income $15,635 $11,673
Adjustments to reconcile net income
to net cash provided
by operating activities:
Depreciation 7,633 7,561
Amortization 330 153
Compensation expense of
stock-based plans 764 461
Loss on disposal of property,
plant and equipment 20 191
Loss on write-down of assets
held for sale -- 238
Gain on disposal of assets held
for sale (113) (387)
Equity in undistributed
earnings of affiliates (141) (86)
Changes in operating assets and
liabilities, net of effects
from business acquisitions:
Trade accounts receivable 56 6,172
Inventories (6,402) (12,092)
Prepaid expenses and other assets 2,325 736
Accounts payable, accrued
expenses and other liabilities 10,571 4,698
Net cash provided by operating
activities 30,678 19,318
INVESTING ACTIVITIES
Additions to property, plant and
equipment (11,453) (3,626)
Proceeds from disposal of property,
plant and equipment 7 820
Proceeds from sale of assets held
for sale 1,472 3,030
Business acquisitions, net of cash
acquired (41,277) (12,198)
Purchase price escrow release payments (829) (1,260)
Purchase of investments (2,535) (5,408)
Proceeds from sale of investments 2,535 5,408
Other -
Net cash used in investing activities (52,080) (13,234)
FINANCING ACTIVITIES
Proceeds from debt borrowings 4,580 322
Payments of debt (3,221) (3,559)
Dividends paid (1,765) (1,725)
Proceeds from the exercise
of stock options 3,757 1,098
Net cash provided by (used in)
financing activities 3,351 (3,864)
Effect of exchange rate changes on
cash and cash equivalents (1,448) (367)
(DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS (19,499) 1,853
Cash and cash equivalents at
beginning of year 58,653 58,202
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $39,154 $60,055
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
October 2, December 31,
2005 2004
ASSETS
Current Assets:
Cash and cash equivalents $39,154 $58,653
Investments 4,308 4,155
Trade accounts receivable, less
allowance for doubtful accounts of
$2,171 and $2,549, respectively 63,967 64,521
Inventories 111,963 105,150
Prepaid expenses and other
current assets 3,604 2,414
Deferred income taxes 4,810 6,953
Assets held for sale 473 -
Total Current Assets 228,279 241,846
Property, Plant and Equipment, net 61,807 59,302
Other Assets:
Goodwill 144,475 120,307
Intangibles, net 4,808 1,424
Other assets 9,892 5,539
Total Assets $449,261 $428,418
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $40,557 $38,023
Accrued expenses and other
current liabilities 35,762 30,490
Income taxes payable 2,351 1,362
Notes payable and current
portion of long-term debt 17,459 15,051
Total Current Liabilities 96,129 84,926
Long-Term Debt, net of current portion 28,057 27,829
Deferred Income Taxes 7,553 6,932
Other Non-Current Liabilities 9,813 10,646
Minority Interest -- 4,650
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 15,822,383 and 15,430,305 issued
and outstanding, respectively 158 154
Additional paid-in capital 214,990 208,392
Retained earnings 78,164 64,293
Accumulated other comprehensive income 14,397 20,596
Total Shareholders' Equity 307,709 293,435
Total Liabilities and
Shareholders' Equity $449,261 $428,418
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months Ended Nine Months Ended
October 2, September 26, October 2, September 26,
2005 2004 2005 2004
ORDERS
Instrumentation &
Thermal Fluid Controls $60,213 $51,688 $188,734 $162,941
Energy Products 50,029 41,755 137,742 123,228
Total orders $110,242 $93,443 $326,476 $286,169
October 2, December 31,
2005 2004
BACKLOG
Instrumentation &
Thermal Fluid Controls $63,153 $39,819
Energy Products 66,513 75,923
Total backlog $129,666 $115,742
Note: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2004
1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD
NET REVENUES
Instrumentation &
Thermal Fluid
Controls (TFC) $51,639 $54,864 $52,966 $59,187 $218,656
Energy Products 39,058 39,688 36,794 47,638 163,178
Total 90,697 94,552 89,760 106,825 381,834
OPERATING MARGIN
Instrumentation & TFC 11.2% 11.4% 10.9% 10.5% 11.0%
Energy Products 10.9% 7.7% 7.8% -2.3% 5.6%
Segment operating
margin 11.1% 9.8% 9.7% 4.7% 8.7%
Corporate expenses -2.5% -2.3% -2.9% -3.6% -2.8%
Special charges 0.0% 0.0% -0.3% 0.0% -0.1%
Total operating
margin 8.5% 7.5% 6.5% 1.2% 5.7%
OPERATING INCOME
Instrumentation & TFC
(excl. special
charges) 5,776 6,239 5,786 6,188 23,989
Energy Products
(excl. special
charges) 4,251 3,066 2,877 (1,116) 9,078
Segment operating
income (excl.
special charges) 10,027 9,305 8,663 5,072 33,067
Corporate expenses (2,259) (2,188) (2,585) (3,798) (10,830)
Special charges (38) - (265) - (303)
Total operating
income 7,730 7,117 5,813 1,274 21,934
INTEREST EXPENSE, NET (1,020) (972) (1,001) (697) (3,690)
OTHER (EXPENSE) INCOME,
NET (143) 193 241 (57) 234
PRETAX INCOME 6,567 6,338 5,053 520 18,478
PROVISION FOR INCOME
TAXES (2,299) (2,216) (1,770) (390) (6,675)
EFFECTIVE TAX RATE 35.0% 35.0% 35.0% 75.0% 36.1%
NET INCOME $4,268 $4,122 $3,283 $130 $11,803
Weighted Average Common
Shares Outstanding
(Diluted) 16,001 15,908 15,825 15,932 15,877
EARNINGS PER COMMON
SHARE (Diluted) $0.27 $0.26 $0.21 $0.01 $0.74
EARNINGS PER COMMON
SHARE (Diluted)
excluding special
charges $0.27 $0.26 $0.22 $0.01 $0.76
EBIT $7,587 $7,310 $6,054 $1,217 $22,168
Depreciation 2,680 2,353 2,528 2,103 9,664
Amortization of
intangibles 77 38 38 39 192
EBITDA $10,344 $9,701 $8,620 $3,359 $32,024
EBITDA AS A PERCENT
OF SALES 11.4% 10.3% 9.6% 3.1% 8.4%
CAPITAL EXPENDITURES $1,294 $1,575 $757 $1,661 $5,287
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2005
1ST QTR 2ND QTR 3RD QTR YTD
NET REVENUES
Instrumentation & Thermal
Fluid Controls (TFC) $61,025 $62,908 $59,031 $182,964
Energy Products 41,213 55,749 50,191 147,153
Total 102,238 118,657 109,222 330,117
OPERATING MARGIN
Instrumentation & TFC 14.8% 12.1% 9.4% 12.1%
Energy Products 8.0% 10.7% 11.3% 10.1%
Segment operating margin 12.0% 11.5% 10.3% 11.2%
Corporate expenses -3.4% -2.6% -3.3% -3.1%
Special charges -0.3% -0.1% -0.5% -0.3%
Total operating margin 8.4% 8.7% 6.6% 7.9%
OPERATING INCOME
Instrumentation & TFC
(excl. special charges) 9,004 7,641 5,532 22,177
Energy Products
(excl. special charges) 3,290 5,957 5,680 14,927
Segment operating income
(excl. special charges) 12,294 13,598 11,212 37,104
Corporate expenses (3,443) (3,105) (3,553) (10,101)
Special charges (305) (133) (496) (934)
Total operating income 8,546 10,360 7,163 26,069
INTEREST EXPENSE, NET (787) (667) (728) (2,182)
OTHER (EXPENSE) INCOME, NET 181 (204) (174) (197)
PRETAX INCOME 7,940 9,489 6,261 23,690
PROVISION FOR INCOME TAXES (2,779) (3,321) (1,955) (8,055)
EFFECTIVE TAX RATE 35.0% 35.0% 31.2% 34.0%
NET INCOME $5,161 $6,168 $4,306 $15,635
Weighted Average Common
Shares Outstanding (Diluted) 16,054 16,171 16,228 16,079
EARNINGS PER COMMON SHARE
(Diluted) $0.32 $0.38 $0.27 $0.97
EARNINGS PER COMMON SHARE
(Diluted)
excluding special charges $0.33 $0.39 $0.29 $1.01
EBIT $8,727 $10,156 $6,989 $25,872
Depreciation 2,597 2,586 2,450 7,633
Amortization of intangibles 38 227 65 330
EBITDA $11,362 $12,969 $9,504 $33,835
EBITDA AS A PERCENT OF SALES 11.1% 10.9% 8.7% 10.2%
CAPITAL EXPENDITURES $3,668 $3,136 $4,649 $11,453
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED
2004
1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD
FREE CASH FLOW [NET
CASH FLOW FROM
OPERATING ACTIVITIES
LESS CAPITAL
EXPENDITURES LESS
DIVIDENDS PAID] $2,254 $7,275 $4,438 $7,692 $21,659
ADD: Capital
expenditures 1,294 1,575 757 1,661 5,287
Dividends paid 573 576 576 578 2,303
NET CASH PROVIDED BY
OPERATING ACTIVITIES $4,121 $9,426 $5,771 $9,931 $29,249
NET (CASH) DEBT
[TOTAL DEBT LESS CASH
AND CASH EQUIVALENTS
LESS INVESTMENTS] $(8,706) $(4,054) $(9,918) $(19,928) $(19,928)
ADD: Cash and cash
equivalents 59,963 54,527 60,055 58,653 58,653
Investments 7,679 7,517 7,953 4,155 4,155
TOTAL DEBT $58,936 $57,990 $58,090 $42,880 $42,880
NET DEBT AS % OF
NET CAPITALIZATION -3.3% -1.5% -3.6% -7.3% -7.3%
NET CAPITALIZATION
[TOTAL DEBT PLUS
SHAREHOLDERS' EQUITY
LESS CASH AND CASH
EQUIVALENTS, LESS
INVESTMENTS] $267,728 $276,260 $275,870 $273,507 $273,507
LESS: Total debt (58,936) (57,990) (58,090) (42,880) (42,880)
ADD: Cash and cash
equivalents 59,963 54,527 60,055 58,653 58,653
Investments 7,679 7,517 7,953 4,155 4,155
TOTAL SHAREHOLDERS'
EQUITY 276,434 280,314 285,788 293,435 293,435
ADD: Total debt 58,936 57,990 58,090 42,880 42,880
TOTAL CAPITAL $335,370 $338,304 $343,878 $336,315 $336,315
TOTAL DEBT/TOTAL
CAPITAL 17.6% 17.1% 16.9% 12.7% 12.7%
EBIT [NET INCOME LESS
INTEREST EXPENSE, NET] $7,587 $7,310 $6,054 $1,217 $22,168
LESS: Interest
expense, net (1,020) (972) (1,001) (697) (3,690)
Provision for
income taxes (2,299) (2,216) (1,770) (390) (6,675)
NET INCOME $4,268 $4,122 $3,283 $130 $11,803
EBITDA [NET INCOME LESS
INTEREST EXPENSE, NET
LESS DEPRECIATION LESS
AMORTIZATION
LESS TAXES] $10,344 $9,701 $8,620 $3,359 $32,024
LESS:
Interest expense,
net (1,020) (972) (1,001) (697) (3,690)
Depreciation (2,680) (2,353) (2,528) (2,103) (9,664)
Amortization of
intangibles (77) (38) (38) (39) (192)
Provision for
income taxes (2,299) (2,216) (1,770) (390) (6,675)
NET INCOME $4,268 $4,122 $3,283 $130 $11,803
INCOME EXCLUDING
SPECIAL CHARGES
[NET INCOME LESS
SPECIAL CHARGES, NET
OF TAX] $4,293 $4,122 $3,455 $130 $11,997
LESS: Special charges,
net of tax (25) -- (172) -- (194)
NET INCOME $4,268 $4,122 $3,283 $130 $11,803
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED
2005
1ST QTR 2ND QTR 3RD QTR YTD
FREE CASH FLOW [NET
CASH FLOW FROM
OPERATING ACTIVITIES
LESS CAPITAL
EXPENDITURES LESS
DIVIDENDS PAID] $(412) $12,565 $5,307 $17,460
ADD: Capital
expenditures 3,668 3,136 4,649 11,453
Dividends paid 586 589 590 1,765
NET CASH PROVIDED BY
OPERATING ACTIVITIES $3,842 $16,290 $10,546 $30,678
NET (CASH) DEBT
[TOTAL DEBT LESS CASH
AND CASH EQUIVALENTS
LESS INVESTMENTS] $15,367 $10,371 $2,054 $2,054
ADD: Cash and cash
equivalents 24,942 29,269 39,154 39,154
Investments 4,117 4,026 4,308 4,308
TOTAL DEBT $44,426 $43,666 $45,516 $45,516
NET DEBT AS % OF
NET CAPITALIZATION 4.9% 3.3% 0.7% 0.7%
NET CAPITALIZATION
[TOTAL DEBT PLUS
SHAREHOLDERS' EQUITY
LESS CASH AND CASH
EQUIVALENTS, LESS
INVESTMENTS] $313,378 $310,514 $309,763 $309,763
LESS: Total debt (44,426) (43,666) (45,516) (45,516)
ADD: Cash and cash
equivalents 24,942 29,269 39,154 39,154
Investments 4,117 4,026 4,308 4,308
TOTAL SHAREHOLDERS'
EQUITY 298,011 300,143 307,709 307,709
ADD: Total debt 44,426 43,666 45,516 45,516
TOTAL CAPITAL $342,437 $343,809 $353,225 $353,225
TOTAL DEBT/TOTAL
CAPITAL 13.0% 12.7% 12.9% 12.9%
EBIT [NET INCOME LESS
INTEREST EXPENSE, NET] $8,727 $10,156 $6,989 $25,872
LESS: Interest
expense, net (787) (667) (728) (2,182)
Provision for
income taxes (2,779) (3,321) (1,955) (8,055)
NET INCOME $5,161 $6,168 $4,306 $15,635
EBITDA [NET INCOME LESS
INTEREST EXPENSE, NET
LESS DEPRECIATION LESS
AMORTIZATION
LESS TAXES] $11,362 $12,969 $9,504 $33,835
LESS:
Interest expense,
net (787) (667) (728) (2,182)
Depreciation (2,597) (2,586) (2,450) (7,633)
Amortization of
intangibles (38) (227) (65) (330)
Provision for
income taxes (2,779) (3,321) (1,955) (8,055)
NET INCOME $5,161 $6,168 $4,306 $15,635
INCOME EXCLUDING
SPECIAL CHARGES
[NET INCOME LESS
SPECIAL CHARGES, NET
OF TAX] $5,359 $6,254 $4,647 $16,251
LESS: Special charges,
net of tax (198) (86) (341) (616)
NET INCOME $5,161 $6,168 $4,306 $15,635
DATASOURCE: CIRCOR International, Inc.
CONTACT: Kenneth W. Smith, Chief Financial Officer of CIRCOR
International, Inc., +1-781-270-1200
Web site: http://www.circor.com/