CIRCOR International Reports Third Quarter 2011 Financial Results

Share Name	Share Symbol	Market	Type
CIRCOR International Inc	NYSE:CIR	NYSE	Common Stock

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CIRCOR (NYSE:CIR)
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CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the industrial, aerospace and energy markets, today announced financial results for the third quarter ended October 2, 2011, highlighted by revenue growth across all business segments. Key performance metrics were in line with Company expectations.

“CIRCOR reported strong revenues and earnings for the third quarter,” said Chairman and Chief Executive Officer Bill Higgins. “Revenues increased 18% year over year with solid demand across all of our segments. Bookings were also up as we won another significant aerospace order, this time a multi-year military landing gear program on a new platform for us.”

“On balance, the demand environment remains positive,” Higgins continued. “We are encouraged by expanding energy markets, rising commercial aerospace build rates and our continuing ability to win key large programs. We remain cautiously optimistic about the flow control segment, however, we recently experienced weakness in LED equipment demand from China. Overall, we are positive about 2012, and we continue to execute our five-year strategy of doubling CIRCOR’s revenues and significantly improving segment margins.”

Consolidated Results

Revenues for the third quarter of 2011 were $210.0 million, an 18% increase from $177.6 million in the third quarter of 2010. CIRCOR reported net income for the third quarter of 2011 of $10.9 million, or $0.63 per diluted share, compared with net income of $10.4 million, or $0.60 per diluted share, for the third quarter of 2010. Third quarter earnings benefitted from a $1.6 million, or $0.06 per diluted share, recovery from a long-standing legal case. Excluding Leslie asbestos and bankruptcy charges, net of tax, adjusted earnings per diluted share for the third quarter of 2011 were $0.62 and for 2010 were $0.69.

Consolidated adjusted operating earnings (which exclude Leslie asbestos and bankruptcy charges) were $15.7 million for the third quarter of 2011 compared with $15.8 million for the third quarter of 2010, a decrease of 1%.

The Company received orders totaling $227.3 million during the third quarter of 2011, an increase of 10% compared with the third quarter of 2010. Backlog as of October 2, 2011 was $440.2 million, up 12% from backlog of $391.6 million at October 3, 2010.

During the third quarter of 2011, the Company used $5.2 million of free cash flow (defined as net cash from operating activities less capital expenditures), which compares to a use of $0.5 million in the third quarter of 2010.

Energy

Energy segment revenues of $103.3 million for the quarter ended October 2, 2011 represent a 28% increase from $80.6 million for the quarter ended October 2, 2010. The increase was primarily due to organic growth of 21% as a result of double digit improvement in all sectors. The remainder of the increase includes 4% growth from the February 2011 Brazilian energy acquisition and a positive foreign currency impact of 3%.

Incoming orders for the third quarter of 2011 were $93.6 million, a decrease of 5% year over year as a result of fewer large international projects, which fluctuate quarter to quarter, and an unusually large $12.5 million pipeline solutions project order we received in the third quarter of 2010. These declines were partially offset by increased demand for North American short-cycle orders and other pipeline solutions. Ending backlog totaled $202.0 million, an increase of 32% year over year.

For the third quarter of 2011, the Energy segment adjusted operating margin of 7.2% was down from 11.1% from the third quarter of 2010 primarily due to the impact of the Brazil energy acquisition, including integration activities, as well as unfavorable pricing for large international projects. Sequentially, the Energy segment margins improved 190 basis points partially due to improvement in our large international projects.

Aerospace

Aerospace segment revenues increased by 15% to $32.7 million for the third quarter of 2011 from $28.3 million in the third quarter of 2010. The increase in revenues was driven by 14% organic growth and a 1% positive foreign currency impact.

Incoming orders for the third quarter of 2011 were $62.8 million, an increase of 101% year over year, primarily due to a $26 million multi-year military landing gear order on a new platform for CIRCOR. Ending backlog totaled $160.4 million, an increase of 5% year over year.

The Aerospace segment’s adjusted operating margin was 5.6% for the third quarter of 2011, compared with 9.6% for the third quarter of 2010. Third-quarter adjusted operating margins decreased primarily due to investments in our recently acquired Sylmar, California landing gear facility to support our recent landing gear program wins, as well as unfavorable product mix and development costs associated with new program wins, partially offset by favorable volume.

Flow Technologies

Flow Technologies segment revenues increased 8% to $74.0 million for the third quarter of 2011 from $68.6 million in the third quarter of 2010. Third-quarter 2011 revenues reflected organic growth of 6% with strength across most end markets and a favorable foreign currency impact of 2%.

Incoming orders for this segment were $70.8 million for the third quarter of 2011, a decrease of 9% year over year due primarily to softness in LED equipment demand from China, which had been very strong during the past year. Ending backlog totaled $77.8 million, a decrease of 9% year over year as a result of lower LED equipment orders and the delivery of large maritime projects.

This segment’s adjusted operating margin, which excludes the impact of Leslie asbestos and bankruptcy charges, for the third quarter of 2011 grew to 13.6%, compared with 13.1% in the third quarter of 2010.

Business and Financial Outlook

CIRCOR currently expects revenues for the fourth quarter of 2011 in the range of $213 million to $222 million. Earnings are expected to be in the range of $0.53 to $0.63 per diluted share. CIRCOR’s guidance for earnings per share assumes a 30% tax rate and that exchange rates remain at present levels.

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, November 3, 2011, at 10:00 a.m. ET. Those who wish to listen to the conference call and view the accompanying presentation slides should visit “Webcasts & Presentations” in the “Investors” 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 for one year 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 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 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 AND SUBSEQUENT REPORTS ON FORMS 10-Q, 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. designs, manufactures and markets valves and other highly engineered products for the industrial, aerospace and energy markets. With more than 7,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands. CIRCOR’s culture, built on the CIRCOR Business System, is defined by the Company’s commitment to attracting, developing and retaining the best talent and pursuing continuous improvement in all aspects of its business and operations. The Company’s strategy includes growing organically by investing in new, differentiated products; adding value to component products; and increasing the development of mission-critical subsystems and solutions. CIRCOR also plans to leverage its strong balance sheet to acquire strategically complementary businesses. For more information, visit the Company’s investor relations web site at http://investors.circor.com.

CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) UNAUDITED Three Months Ended Nine Months Ended October 2, 2011 October 3, 2010 October 2, 2011 October 3, 2010 Net revenues $ 209,961 $ 177,577 $ 605,239 $ 491,851 Cost of revenues 154,774 126,096 439,218 348,109 GROSS PROFIT 55,187 51,481 166,021 143,742 Selling, general and administrative expenses 39,448 35,648 124,083 109,024 Leslie asbestos and bankruptcy (recoveries) charges (201 ) 2,343 676 30,603 OPERATING INCOME 15,940 13,490 41,262 4,115 Other expense (income): Interest income (69 ) (69 ) (166 ) (162 ) Interest expense 956 803 3,058 2,036 Other expense (income), net 354 (853 ) 1,830 (646 ) Total other expense 1,241 (119 ) 4,722 1,228 INCOME BEFORE INCOME TAXES 14,699 13,609 36,540 2,887 Provision (Benefit) for income taxes 3,752 3,210 10,191 (2,005 ) NET INCOME $ 10,947 $ 10,399 $ 26,349 $ 4,892 Earnings per common share: Basic $ 0.63 $ 0.61 $ 1.53 $ 0.29 Diluted $ 0.63 $ 0.60 $ 1.51 $ 0.28 Weighted average common shares outstanding: Basic 17,266 17,123 17,226 17,095 Diluted 17,423 17,258 17,412 17,238 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) UNAUDITED Nine Months Ended October 2, 2011 October 3, 2010 OPERATING ACTIVITIES Net income $ 26,349 $ 4,892 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 11,265 9,509 Amortization 3,293 3,065 Compensation expense of share-based plans 3,007 2,445 Tax effect of share based compensation (649 ) (114 ) (Gain) loss on disposal of property, plant and equipment (68 ) 248 (Payment) provision for Leslie bankruptcy settlement (76,625 ) 24,974 Changes in operating assets and liabilities, net of effects from business acquisitions: Trade accounts receivable (1,249 ) (20,256 ) Inventories (43,901 ) (26,090 ) Prepaid expenses and other assets (9,453 ) 5,031 Accounts payable, accrued expenses and other liabilities 17,353 13,406 Net cash (used in) provided by operating activities (70,678 ) 17,110 INVESTING ACTIVITIES Additions to property, plant and equipment (11,254 ) (11,400 ) Proceeds from the disposal of property, plant and equipment 84 75 Proceeds from the sale of investments 0 21,427 Business acquisitions, net of cash acquired (20,221 ) (34,401 ) Net cash used in investing activities (31,391 ) (24,299 ) FINANCING ACTIVITIES Proceeds from borrowings 224,455 91,750 Payments of borrowings (126,269 ) (60,202 ) Debt issuance costs (2,001 ) 0 Dividends paid (1,987 ) (1,982 ) Proceeds from the exercise of stock options 496 329 Tax effect of share based compensation 649 114 Net cash provided by financing activities 95,343 30,009 Effect of exchange rate changes on cash and cash equivalents 228 (644 ) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (6,498 ) 22,176 Cash and cash equivalents at beginning of year 45,752 46,350 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 39,254 $ 68,526 CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) UNAUDITED October 2, 2011 December 31, 2010 ASSETS Current Assets: Cash & cash equivalents $ 39,254 $ 45,752 Short-term investments 98 101 Trade accounts receivable, less allowance for doubtful accounts of $898 and $822, respectively 142,369 138,860 Inventories 213,824 167,797 Income taxes refundable 113 1,625 Prepaid expenses and other current assets 14,137 5,749 Deferred income tax asset 17,146 20,111 Insurance receivables 0 38 Assets held for sale 542 542 Total Current Assets 427,483 380,575 Property, Plant and Equipment, net 103,252 95,768 Other Assets: Goodwill 77,152 63,175 Intangibles, net 59,997 62,322 Deferred income tax asset 13,035 11,829 Other assets 4,540 2,526 Total Assets $ 685,459 $ 616,195 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 83,439 $ 80,577 Accrued expenses and other current liabilities 65,284 51,248 Accrued compensation and benefits 24,581 22,305 Leslie asbestos and bankruptcy related liabilities 1,200 79,831 Income taxes payable 0 38 Notes payable and current portion of long-term debt 16,679 851 Total Current Liabilities 191,183 234,850 Long-Term Debt, net of current portion 86,818 684 Deferred income taxes 2,292 0 Other Non-Current Liabilities 20,870 23,841 Shareholders' Equity: Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued and outstanding 0 0 Common stock, $.01 par value; 29,000,000 shares authorized; and 17,252,650 and 17,112,688 issued and outstanding, respectively 173 171 Additional paid-in capital 257,309 254,154 Retained earnings 120,773 96,389 Accumulated other comprehensive income 6,041 6,106 Total Shareholders' Equity 384,296 356,820 Total Liabilities and Shareholders' Equity $ 685,459 $ 616,195 CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) UNAUDITED Three Months Ended Nine Months Ended October 2, 2011 October 3, 2010 October 2, 2011 October 3, 2010 ORDERS 1 Energy $ 93.6 $ 98.5 $ 310.6 $ 244.1 Aerospace 62.8 31.3 129.1 93.1 Flow Technologies 70.8 77.3 222.6 210.8 Total orders $ 227.2 $ 207.1 $ 662.3 $ 548.0 October 2, 2011 October 3, 2010 BACKLOG 2 Energy $ 202.0 $ 153.0 Aerospace 160.4 $ 152.8 Flow Technologies 77.8 $ 85.8 Total backlog $ 440.2 $ 391.6

Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer order backlog amounts denominated inforeign currencies.

Note 2: Backlog includes all unshipped customer orders. CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share) UNAUDITED 2010 2011 1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD 1ST QTR 2ND QTR 3RD QTR YTD NET REVENUES Energy $ 57,722 $ 77,305 $ 80,613 $ 90,229 $ 305,869 $ 99,170 $ 81,994 $ 103,300 $ 284,464 Aerospace 27,274 27,811 28,316 35,465 118,866 32,110 36,029 32,681 100,820 Flow Technologies 61,273 62,889 68,648 68,365 261,175 72,090 73,885 73,980 219,955 Total 146,269 168,005 177,577 194,059 685,910 203,370 191,908 209,961 605,239

* ADJUSTED OPERATING MARGIN Energy 3.5 % 8.3 % 11.1 % 6.7 % 7.7 % 6.4 % 5.3 % 7.2 % 6.4 % Aerospace 13.2 % 14.6 % 9.6 % 14.1 % 13.0 % 11.6 % 11.2 % 5.6 % 9.5 % Flow Technologies 10.2 % 10.1 % 13.1 % 12.5 % 11.5 % 13.7 % 12.4 % 13.6 % 13.2 % Segment operating margin 8.1 % 10.0 % 11.7 % 10.1 % 10.1 % 9.8 % 9.1 % 9.2 % 9.4 % Corporate expenses -3.1 % -3.1 % -2.7 % -3.3 % -3.1 % -3.0 % -2.7 % -1.7 % -2.5 % * Adjusted operating margin 5.0 % 6.9 % 8.9 % 6.7 % 7.0 % 6.8 % 6.5 % 7.5 % 6.9 % Leslie asbestos and bankruptcy charges (recoveries) -0.4 % 17.2 % 1.3 % 1.1 % 4.8 % 0.5 % -0.1 % -0.1 % 0.1 % Total operating margin 5.4 % -10.3 % 7.6 % 5.6 % 2.2 % 6.3 % 6.5 % 7.6 % 6.8 % * ADJUSTED OPERATING INCOME Energy 2,025 6,424 8,968 6,024 23,441 6,393 4,373 7,441 18,207 Aerospace 3,607 4,067 2,726 5,002 15,402 3,727 4,021 1,846 9,594 Flow Technologies 6,276 6,367 8,997 8,512 30,152 9,854 9,133 10,037 29,024 Segment operating income 11,908 16,858 20,691 19,538 68,995 19,974 17,527 19,324 56,825 Corporate expenses (4,607 ) (5,274 ) (4,859 ) (6,494 ) (21,234 ) (6,201 ) (5,100 ) (3,585 ) (14,886 ) * Adjusted operating income 7,301 11,584 15,832 13,044 47,761 13,773 12,427 15,739 41,939 Leslie asbestos and bankruptcy charges (recoveries) (648 ) 28,908 2,343 2,173 32,776 1,001 (124 ) (201 ) 676 Total operating income 7,949 (17,325 ) 13,490 10,871 14,986 12,772 12,550 15,940 41,262 INTEREST EXPENSE, NET (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 ) (1,232 ) (887 ) (2,892 ) OTHER (EXPENSE) INCOME, NET 51 (258 ) 853 (608 ) 38 (915 ) (560 ) (354 ) (1,830 ) PRETAX INCOME (LOSS) 7,446 (18,169 ) 13,609 9,622 12,508 11,084 10,758 14,699 36,540 (PROVISION) BENEFIT FOR INCOME TAXES (1,713 ) 6,928 (3,210 ) (1,890 ) 115 (3,178 ) (3,261 ) (3,752 ) (10,191 ) EFFECTIVE TAX RATE 23.0 % 38.1 % 23.6 % 19.6 % -0.9 % 28.7 % 30.3 % 25.5 % 27.9 % NET INCOME (LOSS) $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 10,947 $ 26,349 Weighted Average Common Shares Outstanding (Diluted) 17,193 17,108 17,258 17,378 17,297 17,378 17,434 17,423 17,412 EARNINGS PER COMMON SHARE (Diluted) $ 0.33 $ (0.66 ) $ 0.60 $ 0.44 $ 0.73 $ 0.45 $ 0.43 $ 0.63 $ 1.51 EBIT $ 8,000 $ (17,583 ) $ 14,343 $ 10,263 $ 15,024 $ 11,857 $ 11,990 $ 15,586 $ 39,434 Depreciation 3,228 3,115 3,166 3,566 13,075 3,575 3,921 3,770 11,265 Amortization of intangibles 979 964 1,122 1,236 4,301 1,418 778 1,097 3,293 EBITDA $ 12,207 $ (13,504 ) $ 18,631 $ 15,065 $ 32,400 $ 16,850 $ 16,689 $ 20,453 $ 53,992 EBITDA AS A PERCENT OF SALES 8.3 % -8.0 % 10.5 % 7.8 % 4.7 % 8.3 % 8.7 % 9.7 % 8.9 % CAPITAL EXPENDITURES $ 3,606 $ 4,580 $ 3,213 $ 3,513 $ 14,913 $ 2,693 $ 4,770 $ 3,792 $ 11,256 * Adjusted Operating Income & Margin excludes Leslie asbestos and bankruptcy charges. CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED

2010

2011

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] $ (6,380 ) $ 12,587 $ (496 ) $ 18,729 $ 24,439 $ 525 $ (77,244 ) $ (5,214 ) $ (81,933 ) ADD: Capital Expenditures 3,606 4,580 3,213 3,513 14,913 2,693 4,770 3,792 11,255 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (2,774 ) $ 17,167 $ 2,717 $ 22,242 $ 39,352 $ 3,218 $ (72,474 ) $ (1,422 ) $ (70,678 )

NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS] $ (52,713 ) $ (55,976 ) $ (26,225 ) $ (44,318 ) $ (44,318 ) $ (22,553 ) $ 56,828 $ 64,145 $ 64,145 ADD: Cash & cash equivalents 37,812 60,857 68,526 45,752 45,752 53,491 48,302 39,254 39,254 Investments 22,412 94 97 101 101 98 107 98 98 TOTAL DEBT $ 7,511 $ 4,975 $ 42,398 $ 1,535 $ 1,535 $ 31,036 $ 105,237 $ 103,497 $ 103,497 DEBT AS % OF EQUITY 2 % 2 % 12 % 0 % 0 % 8 % 27 % 27 % 27 % TOTAL DEBT 7,511 4,975 42,398 1,535 1,535 31,036 105,237 103,497 103,497 TOTAL SHAREHOLDERS' EQUITY 349,244 324,128 351,719 356,820 356,820 374,706 385,833 384,296 384,296 EBIT [NET INCOME LESS INCOME TAXES LESS INTEREST EXPENSE, NET] $ 8,000 $ (17,583 ) $ 14,343 $ 10,263 $ 15,023 $ 11,857 $ 11,990 $ 15,586 $ 39,433 LESS: Interest expense, net (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 ) (1,232 ) (887 ) (2,892 ) (Provision) benefit for income taxes (1,713 ) 6,928 (3,210 ) (1,890 ) 115 (3,178 ) (3,261 ) (3,752 ) (10,191 ) NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 10,947 $ 26,349 EBITDA [NET INCOME LESS INTEREST EXPENSE, NET, LESS DEPRECIATION LESS AMORTIZATION LESS INCOME

TAXES]

$ 12,207 $ (13,504 ) $ 18,631 $ 15,065 $ 32,399 $ 16,850 $ 16,689 $ 20,453 $ 53,992 LESS: Interest expense, net (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 ) (1,232 ) (887 ) (2,892 ) Depreciation (3,228 ) (3,115 ) (3,166 ) (3,566 ) (13,075 ) (3,575 ) (3,921 ) (3,770 ) (11,266 ) Amortization (979 ) (964 ) (1,122 ) (1,236 ) (4,301 ) (1,418 ) (778 ) (1,097 ) (3,293 ) (Provision) benefit for income taxes (1,713 ) 6,928 (3,210 ) (1,890 ) 115 (3,178 ) (3,261 ) (3,752 ) (10,191 ) NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 10,947 $ 26,349 ADJUSTED INCOME [NET INCOME EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX] $ 5,312 $ 7,549 $ 11,922 $ 9,144 $ 33,928 $ 8,557 $ 7,416 $ 10,816 $ 26,788 LESS: Leslie asbestos and bankruptcy charges (recoveries), net of tax (421 ) 18,790 1,523 1,412 21,304 651 (81 ) (131 ) 439 NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 10,947 $ 26,349 ADJUSTED WEIGHTED AVERAGE SHARES N/A 17,109 N/A N/A N/A N/A N/A N/A N/A Adjustment for anti-dilutive conversion of shares 0 153 0 0 0 0 0 0 0 Weighted average common shares outstanding (diluted) 17,193 17,262 17,258 17,378 17,297 17,378 17,434 17,423 17,412 ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX] $ 0.31 $ 0.44 $ 0.69 $ 0.53 $ 1.97 $ 0.49 $ 0.43 $ 0.62 $ 1.54 LESS: Leslie asbestos and bankruptcy charges (recoveries), net of tax impact on EPS (0.02 ) 1.10 0.09 0.08 1.24 0.04 (0.00 ) (0.01 ) 0.03 EARNINGS PER COMMON SHARE (Diluted) $ 0.33 $ (0.66 ) $ 0.60 $ 0.44 $ 0.73 $ 0.45 $ 0.43 $ 0.63 $ 1.51 CIRCOR INTERNATIONAL, INC. RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS UNAUDITED 4th QTR 2011 Low High EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX] $ 0.53 $ 0.63 LESS: Expected special charges (recoveries), net of tax impact on EPS $ - $ - Expected impairment charges, net of tax impact on EPS $ - $ - Expected Leslie asbestos and bankruptcy charges, net of tax impact on EPS $ - $ - EXPECTED EARNINGS PER COMMON SHARE (Diluted) $ 0.53 $ 0.63

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