CIRCOR Announces Fourth Quarter and Full Year 2004 Earnings

CIRCOR Announces Fourth Quarter and Full Year 2004 Earnings
- Net earnings of $0.01 per share posted for quarter includes $0.29 of charges



BURLINGTON, Mass., Feb. 15  /PRNewswire-FirstCall/ -- CIRCOR International,
Inc. (NYSE:CIR) a leading provider of valves and other fluid control devices
for the instrumentation, aerospace, thermal fluid and energy markets, today
announced results for the fourth quarter ending December 31, 2004.  In
describing its results, the Company referred to the financial guidance it
provided in a press release on October 21, 2004, and updated through a press
release on January 21, 2005.

Revenues for the 2004 fourth quarter were $106.8 million, an increase of 11%
from $96.4 million for the fourth quarter 2003.  Net income for the fourth
quarter of 2004 was $0.1 million or $0.01 per diluted share, compared to $5.3
million, or $0.33 per diluted share for the 2003 fourth quarter.

Fourth quarter 2004 earnings included unusual charges of $0.29 per diluted
share primarily related to the Company's previously announced plan to dispose
of slow moving inventory and consolidate facilities.  In the fourth quarter
2003, the Company had recorded a net benefit of $0.03 per share primarily
related to tax credits net of facility consolidation costs.

For the twelve months ended December 31, 2004, revenues were $381.8 million an
increase of 6% from $359.5 million for 2003.  Net income for 2004 was $11.8
million or $0.74 per diluted share and for 2003 was $17.9 million or $1.14 per
diluted share.

During the fourth quarter 2004, the Company generated $7.7 million of free cash
flow (defined as net cash from operating activities, less capital expenditures
and dividends paid) and, for the full year, the Company generated $21.7 million
of free cash flow.  At December 31, 2004, the Company remained in a positive
net cash position (defined as cash, plus cash equivalents and investments less
total debt).

The Company received orders totaling $122.4 million during the fourth quarter
2004, representing an increase of 19% over the $103.2 million in orders
recorded during the same period of 2003.  For the year, orders were $408.6
million, an increase of 9% over 2003.  Total order backlog at the end of 2004
was $115.7 million, an increase of 30% over the backlog at the end of 2003.  
Both orders and backlog were at record highs at the end of the quarter.

CIRCOR's Chairman and Chief Executive Officer, David A. Bloss, Sr. commented on
the Company's performance stating "Oil and gas project activity continues to be
very healthy, particularly in areas where we have strong market positions such
as the Middle and Far East regions.  Our Pibiviesse business unit in Italy
continues to build on its reputation for high-quality, severe-service valves
for natural gas pipelines and offshore platforms as well as gathering and
compression systems and applications.  We also experienced solid growth within
our Thermal Fluid Controls' European businesses which specializes in high
temperature steam applications where activity has been particularly strong. 
The strength of these markets, together with the benefit from our recent
acquisitions has resulted in our record backlog at year end."

Mr. Bloss further stated, "From an operations standpoint, we are taking action
to further reduce our inventories and consolidate our facilities as
demonstrated by the non-cash charge taken during the fourth quarter of 2004.
Excluding unusual gains and charges, our earnings performance for the quarter
was consistent with our guidance and equivalent to last year's fourth quarter
on the same basis despite the impact of higher raw material costs and expenses
related to the new Sarbanes-Oxley Section 404 requirements."

CIRCOR's Energy Products Segment (formerly the Petrochemical Products Segment)
revenues increased 11% to $47.6 million from $42.8 million in the fourth
quarter last year due to the timing of project shipments this quarter and the
benefits from the acquisition of Mallard Control Company in April 2004. 
Incoming orders for the quarter were up 27% compared to the fourth quarter 2003
while backlog increased 46% compared to December 31, 2003.  This segment's
adjusted operating margin, excluding unusual charges primarily related to the
planned disposal of slow-moving inventory and special charges, was 10.6% for
the fourth quarter 2004, down slightly from the 12.1% achieved in the fourth
quarter 2003 but an increase from 7.8% reported in the third quarter 2004.

CIRCOR's Instrumentation and Thermal Fluid Controls Products Segment revenues
were up 11% to $59.2 million for the fourth quarter compared to $53.6 million
for the same period last year and up 9% for the year.  Incoming orders for this
segment were up 11% compared to the fourth quarter last year and backlog at
year end increased 8% versus last year.  This segment's adjusted operating
margin, excluding unusual charges primarily related to the planned disposal of
slow moving inventory and special charges, was 12.0% during the fourth quarter
of 2004, compared to its adjusted operating margin of 9.5% for the fourth
quarter of 2003.

CIRCOR provided guidance for its first quarter 2005 results, indicating that it
expects earnings to be in the range of $0.27 to $0.31 per diluted share
excluding special charges.

CIRCOR International has scheduled a conference call to review its results for
the fourth quarter 2004 on Wednesday, February 16, 2005 at 9:00 a.m. ET.
Interested parties may access the call by dialing [phone] or (913) 981-
5519.  A replay of the call will be available from noon ET on February 16, 2005
through midnight February 22, 2005.  To access the replay, interested parties
should dial [phone] or [phone] and enter confirmation code
#4068064 when prompted. The presentation slides that will be discussed in the
conference call are expected to be available on February 15, 2005, by 6:00pm
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 February 18, 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, aerospace, thermal fluid, and energy
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 acquisition strategy. 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           Year Ended
                         December 31, December 31, December 31, December 31,
                             2004         2003         2004         2003

  Net revenues             $106,825      $96,405     $381,834     $359,453
  Cost of revenues           81,892       67,496      274,265      253,941
     GROSS PROFIT            24,933       28,909      107,569      105,512
  Selling, general and
   administrative expenses   23,659       20,617       85,332       74,162
  Special charges                 -        1,092          303        1,363
     OPERATING INCOME         1,274        7,200       21,934       29,987
  Other (income) expense:
     Interest income           (220)        (280)        (756)        (775)
     Interest expense           917        1,301        4,446        5,926
     Other income, net           57          217         (234)        (837)
        Total other expense     754        1,238        3,456        4,314
     INCOME BEFORE
      INCOME TAXES              520        5,962       18,478       25,673
  Provision for income taxes    390          704        6,675        7,800
     NET INCOME                $130       $5,258      $11,803      $17,873

  Earnings per common share:
     Basic                    $0.01        $0.34        $0.77        $1.18
     Diluted                  $0.01        $0.33        $0.74        $1.14

  Weighted average common
   shares outstanding:
     Basic                   15,422       15,290       15,361       15,207
     Diluted                 15,932       15,919       15,877       15,675



                        CIRCOR INTERNATIONAL, INC.
                       CONSOLIDATED BALANCE SHEETS
                    (in thousands, except share data)
                                UNAUDITED

                                               December 31,   December 31,
                                                   2004           2003
  ASSETS
  Current Assets:
     Cash and cash equivalents                   $58,653        $58,202
     Investments                                   4,155          7,840
     Trade accounts receivable, less
      allowance for doubtful accounts
      of $2,549 and $2,119, respectively          64,521         64,830
     Inventories                                 105,150         97,278
     Prepaid expenses and other current assets     2,414          4,587
     Deferred income taxes                         6,953          6,303
     Assets held for sale                              -          3,884
        Total Current Assets                     241,846        242,924

  Property, Plant and Equipment, net              59,302         61,737

  Other Assets:
     Goodwill                                    120,307        111,448
     Intangibles, net                              1,424          1,587
     Other assets                                  5,539          6,167
  Total Assets                                  $428,418       $423,863

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current Liabilities:
     Accounts payable                            $38,023        $37,635
     Accrued expenses and other
      current liabilities                         30,490         27,742
     Income taxes payable                          1,362          1,491
     Notes payable and current
      portion of long-term debt                   15,051         17,268
        Total Current Liabilities                 84,926         84,136

  Long-term Debt, net of current portion          27,829         43,791
  Deferred Income Taxes                            6,932          6,303
  Other Noncurrent Liabilities                    10,646          9,820
  Minority Interest                                4,650          4,653
  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 15,430,305 and 15,302,127
      issued and outstanding, respectively           154            153
     Additional paid-in capital                  208,392        206,160
     Retained earnings                            64,293         54,793
     Accumulated other comprehensive income       20,596         14,054
        Total Shareholders' Equity               293,435        275,160
  Total Liabilities and
   Shareholders' Equity                         $428,418       $423,863



                        CIRCOR INTERNATIONAL, INC.
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (in thousands)
                                UNAUDITED

                                                     Year Ended
                                             December 31,    December 31,
                                                 2004            2003
  OPERATING ACTIVITIES
  Net income                                   $11,803         $17,873
  Adjustments to reconcile net income
   to net cash provided by (used in)
   operating activities:
     Depreciation                                9,664           9,564
     Amortization                                  192             298
     Compensation expense of stock-based plans     650             229
     Deferred income taxes                         349           1,372
     Loss on write-down of property,
      plant and equipment                            -             381
     Loss (gain) on sale of property,
      plant and equipment                          704             (21)
     Gain on sale of assets held for sale         (149)              -
     Gain on sale of marketable securities           -             (64)
     Inventory obsolescense provision            6,558               -
     Equity in undistributed
      earnings of affiliates                      (113)              -
     Changes in operating assets and
      liabilities, net of effects
      from business acquisitions:
        Trade accounts receivable                4,960          (2,586)
        Inventories                             (8,322)         19,754
        Prepaid expenses and other assets        3,079           1,788
        Accounts payable, accrued expenses
         and other liabilities                    (126)         10,058
  Net cash provided by operating activities     29,249          58,646

  INVESTING ACTIVITIES
  Additions to property, plant and equipment    (5,287)         (6,823)
  Proceeds from sale of property,
   plant and equipment                           1,009             192
  Proceeds from sale of assets held for sale     4,038               -
  Business acquisitions, net of cash acquired  (12,591)         (9,619)
  Purchase price adjustment
   on previous acquisitions                     (1,538)         (1,029)
  Purchase of investments                       (7,077)         (7,857)
  Proceeds from sale of investments             11,339           4,155

  Net cash used in investing activities        (10,107)        (20,981)

  FINANCING ACTIVITIES
  Proceeds from long-term borrowings               322           1,593
  Payments of long-term debt                   (18,787)        (20,097)
  Dividends paid                                (2,303)         (2,280)
  Proceeds from the exercise of stock options    1,232           1,267

  Net cash used in financing activities        (19,536)        (19,517)
  Effect of exchange rate changes
   on cash and cash equivalents                    845           1,672

  INCREASE IN CASH AND CASH EQUIVALENTS            451          19,820
  Cash and cash equivalents
   at beginning of year                         58,202          38,382
  CASH AND CASH EQUIVALENTS AT END OF PERIOD   $58,653         $58,202




                        CIRCOR INTERNATIONAL, INC.
                      SUMMARY OF ORDERS AND BACKLOG
                              (in thousands)
                                UNAUDITED

                               Three Months Ended           Year Ended
                         December 31, December 31, December 31, December 31,
                                2004         2003         2004         2003
  ORDERS
    Instrumentation &
     Thermal Fluid Controls  $58,594      $53,020     $221,535     $201,759

    Energy Products           63,829       50,168      187,057      172,004

    Total orders            $122,423     $103,188     $408,592     $373,763


                         December 31, December 31,
                                2004         2003
  BACKLOG
    Instrumentation &
     Thermal Fluid Controls  $39,819      $36,942

    Energy Products           75,923       52,042

    Total backlog           $115,742      $88,984

  Note: Backlog includes all unshipped customer orders.



                        CIRCOR INTERNATIONAL, INC.
                        SUMMARY REPORT BY SEGMENT
                (in thousands, except earnings per share)
                                UNAUDITED

                                                   2003

                                  1ST      2ND      3RD      4TH
                                  QTR      QTR      QTR      QTR      YEAR
  NET REVENUES
    Instrumentation & Thermal
     Fluid Controls (TFC)      $49,119  $50,963  $47,132  $53,561  $200,775
    Energy Products             38,044   38,261   39,529   42,844   158,678
      Total                     87,163   89,224   86,661   96,405   359,453

  OPERATING MARGIN
    Instrumentation & TFC        12.2%    12.5%    11.9%     9.5%     11.5%
    Energy Products               7.6%     8.6%    10.9%    12.1%      9.9%
      Segment operating margin   10.2%    10.8%    11.5%    10.7%     10.8%
    Corporate expenses           -1.9%    -2.1%    -2.1%    -2.1%     -2.1%
    Special charges               0.0%     0.0%    -0.3%    -1.1%     -0.4%
      Total operating margin      8.2%     8.7%     9.0%     7.5%      8.3%

  OPERATING INCOME
    Instrumentation & TFC
     (excl. special charges)     5,982    6,359    5,622    5,110    23,073
    Energy Products
     (excl. special charges)     2,876    3,303    4,309    5,171    15,659
      Segment operating income
       (excl. special charges)   8,858    9,662    9,931   10,281    38,732
    Corporate expenses          (1,674)  (1,860)  (1,859)  (1,989)   (7,382)
    Special charges                  -        -     (271)  (1,092)   (1,363)
      Total operating income     7,184    7,802    7,801    7,200    29,987

  INTEREST EXPENSE, NET         (1,461)  (1,349)  (1,320)  (1,021)   (5,151)
  OTHER (EXPENSE) INCOME, NET      275      417      362     (217)      837

    PRETAX INCOME                5,998    6,870    6,843    5,962    25,673
  PROVISION FOR INCOME TAXES    (2,159)  (2,473)  (2,464)    (704)   (7,800)
  EFFECTIVE TAX RATE             36.0%    36.0%    36.0%    11.8%     30.4%
    NET INCOME                  $3,839   $4,397   $4,379   $5,258   $17,873

  Weighted Average Common
   Shares Outstanding
   (Diluted)                    15,533   15,634   15,812   15,919    15,675

  EARNINGS PER COMMON SHARE
   (Diluted)                     $0.25    $0.28    $0.28    $0.33     $1.14

  EARNINGS PER COMMON SHARE
   (Diluted)
    excluding special charges    $0.25    $0.28    $0.29    $0.37     $1.20

  EBIT                          $7,459   $8,219   $8,163   $6,983   $30,824
  Depreciation                   2,470    2,563    2,478    2,053     9,564
  Amortization of intangibles       74       75       74       75       298
    EBITDA                     $10,003  $10,857  $10,715   $9,111   $40,686

  EBITDA AS A PERCENT OF SALES   11.5%    12.2%    12.4%     9.5%     11.3%

  CAPITAL EXPENDITURES            $795   $1,058   $3,940   $1,030    $6,823



                        CIRCOR INTERNATIONAL, INC.
                        SUMMARY REPORT BY SEGMENT
                (in thousands, except earnings per share)
                                UNAUDITED

                                                    2004

                                  1ST       2ND      3RD      4TH
                                  QTR       QTR      QTR      QTR      YEAR
  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.
       RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
              GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
                              (in thousands)
                                UNAUDITED

                                                  2003

                               1ST       2ND       3RD       4TH
                               QTR       QTR       QTR       QTR      YEAR
  FREE CASH FLOW
   [NET CASH FLOW FROM
   OPERATING ACTIVITIES
   LESS CAPITAL EXPENDITURES
   LESS DIVIDENDS PAID]     $14,533   $10,603    $7,439   $16,968   $49,543
     ADD:  Capital
            expenditures        795     1,058     3,940     1,030     6,823
           Dividends paid       567       569       570       574     2,280

    NET CASH PROVIDED BY
     OPERATING ACTIVITIES   $15,895   $12,230   $11,949   $18,572   $58,646

  NET (CASH) DEBT
   [TOTAL DEBT LESS CASH
   AND CASH EQUIVALENTS
   LESS INVESTMENTS]        $20,209    $8,005      $254   $(4,983)  $(4,983)
       ADD: Cash and cash
             equivalents     51,419    65,017    74,847    58,202    58,202
            Investments       4,072     1,464        -      7,840     7,840

    TOTAL DEBT              $75,700   $74,486   $75,101   $61,059   $61,059

  NET DEBT AS % OF NET
   CAPITALIZATION              7.5%      3.0%      0.1%     -1.8%     -1.8%

    NET CAPITALIZATION
     [TOTAL DEBT PLUS
     SHAREHOLDERS' EQUITY
     LESS CASH AND CASH
     EQUIVALENTS,
     LESS INVESTMENTS]     $270,090  $266,529  $263,505  $270,177  $270,177
       LESS: Total debt     (75,700)  (74,486)  (75,101)  (61,059)  (61,059)
       ADD:  Cash and cash
              equivalents    51,419    65,017    74,847    58,202    58,202
             Investments      4,072     1,464        -      7,840     7,840

    TOTAL SHAREHOLDERS'
     EQUITY                 249,881   258,524   263,251   275,160   275,160
       ADD:  Total debt      75,700    74,486    75,101    61,059    61,059

    TOTAL CAPITAL          $325,581  $333,010  $338,352  $336,219  $336,219

  TOTAL DEBT /
   TOTAL CAPITAL              23.3%     22.4%     22.2%     18.2%     18.2%

  EBIT [NET INCOME LESS
   INTEREST EXPENSE, NET]    $7,459    $8,219    $8,163    $6,983   $30,824
       LESS: Interest
              expense, net   (1,461)   (1,349)   (1,320)   (1,021)   (5,151)
             Provision for
              income taxes   (2,159)   (2,473)   (2,464)     (704)   (7,800)

    NET INCOME               $3,839    $4,397    $4,379    $5,258    17,873

  EBITDA [NET INCOME LESS
   INTEREST EXPENSE, NET
   LESS DEPRECIATION LESS
   AMORTIZATION LESS TAXES] $10,003   $10,857   $10,715    $9,111   $40,686
       LESS:
             Interest
              expense, net   (1,461)   (1,349)   (1,320)   (1,021)   (5,151)
             Depreciation    (2,470)   (2,563)   (2,478)   (2,053)   (9,564)
             Amortization of
              intangibles       (74)      (75)      (74)      (75)     (298)
             Provision for
              income taxes   (2,159)   (2,473)   (2,464)     (704)   (7,800)

    NET INCOME               $3,839    $4,397    $4,379    $5,258   $17,873

  INCOME EXCLUDING SPECIAL
    CHARGES [NET INCOME
    LESS SPECIAL CHARGES,
    NET OF TAX]              $3,839    $4,397    $4,552    $5,957   $18,822

       LESS: Special charges,
              net of tax         -         -       (173)     (699)     (949)

       NET INCOME            $3,839    $4,397    $4,379    $5,258   $17,873



                        CIRCOR INTERNATIONAL, INC.
       RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
              GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
                              (in thousands)
                                UNAUDITED

                                                 2004

                              1ST       2ND       3RD       4TH
                              QTR       QTR       QTR       QTR      YEAR
  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


DATASOURCE: CIRCOR International, Inc.



CONTACT:  Kenneth Smith, Chief Financial Officer of CIRCOR International,

Inc., [phone]



Web site:  http://www.circor.com/ 

Copyright