CIRCOR Announces Non-Cash Fourth Quarter Charge

CIRCOR Announces Non-Cash Fourth Quarter Charge
* Company makes changes to warehousing operations and inventory management



BURLINGTON, Mass., Jan. 21  /PRNewswire-FirstCall/ -- CIRCOR International,
Inc. (NYSE:CIR), a leading provider of valves and fluid control products for
the instrumentation, aerospace, fluid regulation and energy markets, announced
today that it will record a pre-tax charge of approximately $6.5 million in the
fourth quarter 2004 for the disposal of inventory.  This non-cash charge will
reduce net income and diluted earnings per share for the fourth quarter and
full year 2004 by $4.2 million and $0.27, respectively.  The charge results
from the Company's recent decision to reduce its costs to manufacture and
warehouse its inventory.

The Company's Chairman and Chief Executive Officer, David A. Bloss, Sr.,
commented, "In our October 21, 2004, press release announcing third quarter
2004 earnings, we described our intention to determine whether a more
aggressive market value adjustment would be necessary to expedite the sale and
disposal of our slow-moving inventory, consistent with our continuing efforts
to decrease working capital.

During our evaluation, we also considered the impact of our programs to procure
inventory from less-expensive suppliers, primarily in Asia and Eastern Europe,
which began two years ago.  One result of our successful foreign- sourcing
programs is that we need less internal manufacturing and warehousing
capability, particularly in North America.

In addition, the Company's past practice has been to retain much of its
inventory for extended periods, even utilizing extra warehousing facilities and
resources, an approach we now plan to modify.

After considering all these factors, we concluded that it is more cost
effective to dispose of selected inventory and reduce warehouse capacity than
to incur ongoing carrying costs.  We have decided to lower our costs by
disposing of certain inventories and consolidating facilities."

The Company plans to record a pre-tax, non-cash charge approximating $6.5
million in the fourth quarter 2004 for excess inventories and expects to
dispose of a majority of this inventory in the first half of 2005.  Regarding
facilities, one warehouse in Texas was sold in the fourth quarter of 2004 and
another warehouse in Oklahoma is expected to be vacated at the end of its lease
term in the first half of 2005.

Mr. Bloss provided an update on market activity during CIRCOR's fourth quarter,
saying, "Many of the end markets we serve have strengthened during the quarter.
 Orders were especially strong for international projects within the oil and
gas markets and we are starting 2005 with a record high backlog."

CIRCOR International expects to announce its earnings for the fourth quarter
and 2004 on February 15, 2005, and schedule a conference call to review its
results on Wednesday, February 16, 2005, beginning at 9:00 am ET. Dial-in
information will be announced in early February.

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 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. 

DATASOURCE: CIRCOR International, Inc.



CONTACT:  Kenneth W. Smith, Chief Financial Officer of CIRCOR

International, Inc., [phone]

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