CIRCOR (NYSE:CIR)
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* Net earnings of $0.29 posted for quarter, or $0.33 excluding charges
BURLINGTON, Mass., Feb. 22 /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 and the year ended December 31, 2005.
Revenues for the 2005 fourth quarter were $120.4 million, an increase of 13% from $106.8 million for the fourth quarter 2004. Net income for the fourth quarter 2005 was $4.7 million or $0.29 per diluted share, compared to $0.1 million, or $0.01 per diluted share for the 2004 fourth quarter.
Fourth quarter 2005 earnings included special charges of $0.03 per diluted share related to the consolidation of manufacturing facilities. In the fourth quarter of 2004, the Company had recorded unusual charges of $0.29 per diluted share primarily related to the Company's plan to dispose of slow-moving inventory and consolidate facilities. Excluding these charges, earnings per diluted share increased 10%, from $0.33 in 2005 compared to $0.30 in 2004.
For the twelve months ended December 31, 2005, revenues were $450.5 million, an increase of 18% from $381.8 million for 2004. Net income for 2005 was $20.4 million or $1.27 per diluted share and for 2004 was $11.8 million or $0.74 per diluted share.
During the fourth quarter of 2005, the Company generated $10.5 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 $27.9 million of free cash flow, an increase of 29% from $21.7 million of free cash flow generated in 2004.
The Company received orders totaling $119.9 million during the fourth quarter 2005 and orders of $446.4 million for the year with year-end 2005 backlog reaching $142.2 million, the second-highest level ever for the Company. The 2005 order and backlog figures exclude over $50 million of letters of intent received for major international natural gas projects as of year-end.
CIRCOR's Instrumentation and Thermal Fluid Controls Products segment revenues increased 15% to $68.3 million from $59.2 million in the fourth quarter 2004 primarily due to acquisitions and improved market conditions in this segment's aerospace, instrumentation and steam markets. Incoming orders for this segment increased 30% to $76.2 million compared to the fourth quarter last year and backlogs at year-end increased 111% compared to December 31, 2004 as a result of these same factors. This segment's adjusted operating margin for the fourth quarter, excluding special charges, was 9.5%, down from the 12.0% adjusted operating margin achieved in the fourth quarter 2004, excluding unusual charges.
CIRCOR's Energy Products segment revenues increased 9% to $52.1 million from $47.6 million in the fourth quarter last year. Incoming orders for the quarter were $43.7 million and ending backlog totaled $58.1 million compared to incoming orders of $63.8 million and ending backlog of $75.9 million in 2004. This segment's orders and backlog figures exclude over $50.0 million of letters of intent received for major international natural gas projects as of year-end 2005. Market conditions for this segment remain robust as quotation activity and the level of planned international oil and gas projects continue to be strong. This segment's adjusted operating margin, excluding special and unusual charges recorded in 2005 and 2004, was 9.5% during the fourth quarter of 2005, compared to 10.6% for the fourth quarter of 2004.
David A. Bloss, Sr., Chairman and Chief Executive Officer, said, "Our primary markets continue to exhibit positive momentum as demonstrated by our fourth quarter orders and backlogs as well as the large amount of letters of intent on hand at year-end for major international natural gas projects. While we were pleased with our cash flow results, the profitability of both of our segments, however, remained constrained and we did not realize the full benefit of the increased shipments experienced during the quarter. Production difficulties continued as operational changes, consolidation projects and constraints on the supply of certain raw materials added costs and lowered our expected profitability. In response to these issues, we are strengthening our supplier management processes and expanding our international sourcing programs. We are also accelerating our Lean manufacturing improvement initiatives with a focus on manufacturing constraints, and initiating further facility consolidations. As a result, we expect to show an improving profitability trend during 2006."
CIRCOR provided guidance for its first quarter 2006 results, indicating it expects earnings to be in the range of $0.30 to $0.32 per diluted share excluding special charges but including a non-cash charge of approximately $0.01 per diluted share for the adoption of FAS 123R relating to expensing of stock options.
CIRCOR International has scheduled a conference call to review its results for the fourth quarter 2005 on Thursday, February 23, 2006 at 10:30 a.m. ET. Interested parties may access the call by dialing (800) 289-0496 from the US & Canada or (913) 981-5519 from international locations. A replay of the call will be available from 1:30 p.m. ET on February 23, 2006 through midnight on Wednesday, March 1, 2006. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code #3444162 when prompted. The presentation slides that will be discussed on the conference call are expected to be available on February 22, 2006, by 6:00 p.m. 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 27, 2006.
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 December December December
31, 2005 31, 2004 31, 2005 31, 2004
Net revenues $120,414 $106,825 $450,531 $381,834
Cost of revenues 86,544 81,892 317,856 274,265
GROSS PROFIT 33,870 24,933 132,675 107,569
Selling, general and
administrative expenses 26,238 23,659 98,040 85,332
Special charges 696 - 1,630 303
OPERATING INCOME 6,936 1,274 33,005 21,934
Other (income) expense:
Interest income (93) (220) (579) (756)
Interest expense 721 917 3,389 4,446
Other (income) expense,
net (53) 57 144 (234)
Total other expense 575 754 2,954 3,456
INCOME BEFORE INCOME TAXES 6,361 520 30,051 18,478
Provision for income taxes 1,613 390 9,668 6,675
NET INCOME $4,748 $130 $20,383 $11,803
Earnings per common share:
Basic $0.30 $0.01 $1.30 $0.77
Diluted $0.29 $0.01 $1.27 $0.74
Weighted average common
shares outstanding:
Basic 15,823 15,422 15,690 15,361
Diluted 16,172 15,932 16,019 15,877
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Year Ended
December 31, December 31,
2005 2004
OPERATING ACTIVITIES
Net income $20,383 $11,803
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 9,825 9,664
Amortization 588 192
Deferred income taxes (36) (14)
Compensation expense of stock-
based plans 1,020 650
Loss on disposal of property,
plant and equipment 128 704
Gain on disposal of assets
held for sale (110) (149)
Changes in operating assets
and liabilities, net of
effects from business
acquisitions:
Trade accounts receivable (10,090) 4,960
Inventories 1,638 (1,764)
Prepaid expenses and other
assets 160 3,079
Accounts payable, accrued
expenses and other
liabilities 21,820 124
Net cash provided by operating
activities 45,326 29,249
INVESTING ACTIVITIES
Additions to property, plant and
equipment (15,021) (5,287)
Proceeds from disposal of
property, plant and equipment 99 1,009
Proceeds from sale of assets held
for sale 1,467 4,038
Business acquisitions, net of cash
acquired (50,779) (12,591)
Purchase price escrow release
payments (829) (1,538)
Purchase of investments (2,535) (7,077)
Proceeds from sale of investments 6,699 11,339
Net cash used in investing
activities (60,899) (10,107)
FINANCING ACTIVITIES
Proceeds from debt borrowings 10,669 322
Payments of debt (22,386) (18,787)
Dividends paid (2,358) (2,303)
Proceeds from the exercise of
stock options 3,771 1,232
Net cash used in financing
activities (10,304) (19,536)
Effect of exchange rate changes on
cash and cash equivalents (1,664) 845
(DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS (27,541) 451
Cash and cash equivalents at
beginning of year 58,653 58,202
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $31,112 $58,653
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
December 31, December 31,
2005 2004
ASSETS
Current Assets:
Cash and cash equivalents $31,112 $58,653
Investments 86 4,155
Trade accounts receivable, less allowance
for doubtful accounts of $1,943 and
$2,549, respectively 77,731 64,521
Inventories 107,687 105,150
Prepaid expenses and other
current assets 3,705 2,414
Deferred income taxes 4,328 6,953
Assets held for sale 1,115 -
Total Current Assets 225,764 241,846
Property, Plant and Equipment, net 63,350 59,302
Other Assets:
Goodwill 140,179 120,307
Intangibles, net 20,941 1,424
Other assets 10,146 5,539
Total Assets $460,380 $428,418
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts payable $49,736 $38,023
Accrued expenses and other
current liabilities 40,540 30,490
Income taxes payable 3,418 1,362
Notes payable and current
portion of long-term debt 27,213 15,051
Total Current Liabilities 120,907 84,926
Long-Term Debt, net of current
portion 6,278 27,829
Deferred Income Taxes 11,237 6,932
Other Non-Current Liabilities 11,235 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 15,823,529 and 15,430,305
issued and outstanding, respectively 158 154
Additional paid-in capital 215,274 208,392
Retained earnings 82,318 64,293
Accumulated other comprehensive
income 12,973 20,596
Total Shareholders' Equity 310,723 293,435
Total Liabilities and
Shareholders' Equity $460,380 $428,418
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months Ended Year Ended
December December December December
31, 2005 31, 2004 31, 2005 31, 2004
ORDERS
Instrumentation &
Thermal Fluid Controls $76,200 $58,502 $264,934 $221,443
Energy Products 43,739 63,829 181,481 187,057
Total orders $119,939 $122,331 $446,415 $408,500
December 31, December 31,
2005 2004
BACKLOG
Instrumentation &
Thermal Fluid Controls $84,019 $39,819
Energy Products 58,137 75,923
Total backlog $142,156 $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% 12.0% 11.4%
Energy Products 10.9% 7.7% 7.8% 10.6% 9.3%
Segment operating
margin 11.1% 9.8% 9.7% 11.4% 10.5%
Corporate expenses -2.5% -2.3% -2.9% -3.6% -2.8%
Special charges 0.0% 0.0% -0.3% 0.0% -0.1%
Unusual charges 0.0% 0.0% 0.0% -6.6% -1.9%
Total operating
margin 8.5% 7.5% 6.5% 1.2% 5.7%
OPERATING INCOME
Instrumentation & TFC
(excl. special & unusual
charges) 5,776 6,239 5,786 7,081 24,882
Energy Products
(excl. special & unusual
charges) 4,251 3,066 2,877 5,061 15,255
Segment operating
income (excl.
special & unusual
charges) 10,027 9,305 8,663 12,142 40,137
Corporate expenses (2,259) (2,188) (2,585) (3,798) (10,830)
Special charges (38) - (265) - (303)
Unusual charges
(primarily slow-moving
inventory) - - - (7,070) (7,070)
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 4TH QTR YTD
NET REVENUES
Instrumentation &
Thermal Fluid
Controls (TFC) $61,025 $62,908 $59,031 $68,312 $251,276
Energy Products 41,213 55,749 50,191 52,102 199,255
Total 102,238 118,657 109,222 120,414 450,531
OPERATING MARGIN
Instrumentation &
TFC 14.8% 12.1% 9.4% 9.5% 11.4%
Energy Products 8.0% 10.7% 11.3% 9.5% 10.0%
Segment operating
margin 12.0% 11.5% 10.3% 9.5% 10.8%
Corporate expenses -3.4% -2.6% -3.3% -3.2% -3.1%
Special charges -0.3% -0.1% -0.5% -0.6% -0.4%
Unusual charges 0.0% 0.0% 0.0% 0.0% 0.0%
Total operating
margin 8.4% 8.7% 6.6% 5.8% 7.3%
OPERATING INCOME
Instrumentation &
TFC (excl. special
& unusual
charges) 9,004 7,641 5,532 6,517 28,694
Energy Products
(excl. special
& unusual
charges) 3,290 5,957 5,680 4,932 19,859
Segment operating
income (excl.
special
& unusual charges) 12,294 13,598 11,212 11,449 48,553
Corporate expenses (3,443) (3,105) (3,553) (3,817) (13,918)
Special charges (305) (133) (496) (696) (1,630)
Unusual charges
(primarily slow-moving
inventory) - - - - -
Total operating
income 8,546 10,360 7,163 6,936 33,005
INTEREST EXPENSE, NET (787) (667) (728) (628) (2,810)
OTHER (EXPENSE)
INCOME, NET 181 (204) (174) 53 (144)
PRETAX INCOME 7,940 9,489 6,261 6,361 30,051
PROVISION FOR INCOME
TAXES (2,779) (3,321) (1,955) (1,613) (9,668)
EFFECTIVE TAX RATE 35.0% 35.0% 31.2% 25.4% 32.2%
NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383
Weighted Average
Common Shares
Outstanding (Diluted) 16,054 16,171 16,228 16,172 16,019
EARNINGS PER COMMON
SHARE (Diluted) $0.32 $0.38 $0.27 $0.29 $1.27
EARNINGS PER COMMON
SHARE (Diluted)
excluding special
charges $0.33 $0.39 $0.29 $0.33 $1.34
EBIT $8,727 $10,156 $6,989 $6,989 $32,861
Depreciation 2,597 2,586 2,450 2,192 9,825
Amortization of
intangibles 38 227 65 258 588
EBITDA $11,362 $12,969 $9,504 $9,439 $43,274
EBITDA AS A PERCENT OF
SALES 11.1% 10.9% 8.7% 7.8% 9.6%
CAPITAL EXPENDITURES $3,668 $3,136 $4,649 $3,568 $15,021
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
Weighted average common
shares outstanding
(diluted) 16,001 15,908 15,825 15,932 15,877
EARNINGS PER SHARE
EXCLUDING SPECIAL
CHARGES $0.27 $0.26 $0.22 $0.01 $0.76
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 4TH QTR YTD
FREE CASH FLOW [NET
CASH FLOW FROM OPERATING
ACTIVITIES LESS CAPITAL
EXPENDITURES LESS
DIVIDENDS PAID] $(412) $12,565 $5,307 $10,487 $27,947
ADD: Capital
expenditures 3,668 3,136 4,649 3,568 15,021
Dividends paid 586 589 590 593 2,358
NET CASH PROVIDED BY
OPERATING ACTIVITIES $3,842 $16,290 $10,546 $14,648 $45,326
NET (CASH) DEBT [TOTAL
DEBT LESS CASH AND CASH
EQUIVALENTS LESS
INVESTMENTS] $15,367 $10,371 $2,054 $2,293 $2,293
ADD: Cash and cash
equivalents 24,942 29,269 39,154 31,112 31,112
Investments 4,117 4,026 4,308 86 86
TOTAL DEBT $44,426 $43,666 $45,516 $33,491 $33,491
NET DEBT AS % OF NET
CAPITALIZATION 4.9% 3.3% 0.7% 0.7% 0.7%
NET CAPITALIZATION [TOTAL
DEBT PLUS SHAREHOLDERS'
EQUITY LESS CASH AND CASH
EQUIVALENTS, LESS
INVESTMENTS] $313,378 $310,514 $309,763 $313,016 $313,016
LESS: Total debt (44,426) (43,666) (45,516) (33,491) (33,491)
ADD: Cash and cash
equivalents 24,942 29,269 39,154 31,112 31,112
Investments 4,117 4,026 4,308 86 86
TOTAL SHAREHOLDERS'
EQUITY 298,011 300,143 307,709 310,723 310,723
ADD: Total debt 44,426 43,666 45,516 33,491 33,491
TOTAL CAPITAL $342,437 $343,809 $353,225 $344,214 $344,214
TOTAL DEBT /
TOTAL CAPITAL 13.0% 12.7% 12.9% 9.7% 9.7%
EBIT [NET INCOME
LESS INTEREST EXPENSE,
NET] $8,727 $10,156 $6,989 $6,989 $32,861
LESS: Interest expense,
net (787) (667) (728) (628) (2,810)
Provision for
income taxes (2,779) (3,321) (1,955) (1,613) (9,668)
NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383
EBITDA [NET INCOME LESS
INTEREST EXPENSE, NET
LESS DEPRECIATION
LESS AMORTIZATION
LESS TAXES] $11,362 $12,969 $9,504 $9,439 $43,274
LESS: Interest expense,
net (787) (667) (728) (628) (2,810)
Depreciation (2,597) (2,586) (2,450) (2,192) (9,825)
Amortization
of intangibles (38) (227) (65) (258) (588)
Provision for
income taxes (2,779) (3,321) (1,955) (1,613) (9,668)
NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383
INCOME EXCLUDING SPECIAL
CHARGES [NET INCOME
LESS SPECIAL CHARGES,
NET OF TAX] $5,359 $6,254 $4,647 $5,268 $21,489
LESS: Special charges,
net of tax (198) (86) (341) (520) (1,106)
NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383
Weighted average common
shares outstanding
(diluted) 16,054 16,171 16,228 16,172 16,019
EARNINGS PER SHARE
EXCLUDING SPECIAL
CHARGES $0.33 $0.39 $0.29 $0.33 $1.34
DATASOURCE: CIRCOR International, Inc.
CONTACT: Kenneth Smith, Chief Financial Officer of CIRCOR International,
Inc., +1-781-270-1200
Web site: http://www.circor.com/