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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CIRCOR International Inc | NYSE:CIR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.00 | 0 | 01:00:00 |
CIRCOR International, Inc. (NYSE: CIR), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced GAAP and adjusted financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020:
Full Year 2020:
CIRCOR President and CEO Scott Buckhout said, “Our teams were faced with an unprecedented challenge presented by the global COVID-19 pandemic in 2020 – a challenge we met head on by prioritizing the health and safety of our employees, delivering mission critical equipment and service to our customers, and executing difficult but necessary cost out actions to preserve our financial strength. I am proud of the resilience and remarkable effort of the entire CIRCOR team in navigating a challenging and dynamic year.”
Mr. Buckhout continued, “Despite the difficult macro environment, we made significant progress on executing our strategic plan. We successfully completed our exit from upstream oil & gas with the sale of Instrumentation & Sampling and Distributed Valves and significantly reduced our debt position with the proceeds from these sales. We also executed our value-based pricing strategy across both businesses while launching a record number of new products in collaboration with our customers and suppliers. I am confident that these efforts along with our continued focus on improving our operations and execution using the CIRCOR Operating System will position us to take full advantage of an eventual market recovery.”
Mr. Buckhout concluded, “Looking ahead to 2021, our team remains focused on delivering for our customers, shareholders, and employees by executing strategic initiatives that drive organic growth, expand margins, and drive improved free cash flow to further reduce debt.”
2021 Guidance
For the full year of 2021, CIRCOR expects organic revenue growth in the range of 0 to 4%, with low to mid-single digit growth in Aerospace and Defense and low-single digit growth in Industrial. Adjusted EPS is expected to be in the range of $2.00 to $2.20 driven by increased sales volume and improved operating margins. CIRCOR also expects its adjusted net income to free cash flow conversion to be 85% - 95%. Free cash flow generated in 2021 will be used to deleverage CIRCOR, and the company continues to target a net debt to adjusted EBITDA ratio of 2.0x to 2.5x. Presentation slides that provide supporting information to this guidance and fourth-quarter and year-end results are posted on the “Investors” section of the Company’s website and will be discussed during the conference call at 9:00 a.m. ET today.
Selected Preliminary Consolidated Results
($ in millions except EPS)
Q4 2020
Q4 2019
Change
Q4 YTD 2020
Q4 YTD 2019
Change
Revenue
$
208.4
$
242.6
-14
%
$
773.3
$
964.3
-20
%
Revenue - excluding divested businesses1
208.4
224.0
-7
%
768.4
869.1
-12
%
GAAP operating (loss) income
9.9
17.0
-42
%
(60.4)
37.7
-260
%
Adjusted operating income2
23.3
32.2
-28
%
67.6
109.8
-38
%
GAAP operating margin
4.8
%
7.0
%
-220 bps
(7.8)
%
3.9
%
-1170 bps
Adjusted operating margin2
11.2
%
13.3
%
-210 bps
8.7
%
11.4
%
-270 bps
Adjusted operating margin ex divestitures2
11.2
%
13.0
%
-180 bps
8.8
%
10.6
%
-180 bps
GAAP (loss) earnings per share (diluted)
$
(0.70)
$
0.08
-975
%
$
(9.28)
$
(6.73)
-38
%
Adjusted earnings per share (diluted)2
$
0.66
$
0.82
-20
%
$
1.43
$
2.62
-45
%
Operating cash flow
23.6
16.8
40
%
(22.7)
15.9
-243
%
Free cash flow3
20.4
18.4
11
%
(35.3)
11.7
-402
%
Orders
168.5
236.6
-29
%
736.2
977.5
-25
%
Orders - excluding divested businesses1
168.5
218.5
-23
%
731.7
882.3
-17
%
Segment Results
($ in millions)
Q4 2020
Q4 2019
Change
Q4 2020
Q4 2019
Change
Aerospace & Defense
Revenue
$
77.8
$
79.1
-2
%
$
267.8
$
272.6
-2
%
Segment operating income
18.7
19.1
-2
%
59.1
52.5
13
%
Segment operating margin
24.0
%
24.2
%
-20 bps
22.1
%
19.2
%
290 bps
Orders
46.8
68.5
-32
%
254.5
313.9
-19
%
Industrial
Revenue
$
130.5
$
163.6
-20
%
$
505.4
$
691.7
-27
%
Revenue - excluding divested businesses1
130.5
145.0
-10
%
500.5
596.5
-16
%
Segment operating income
12.4
20.8
-40
%
39.8
90.8
-56
%
Segment operating margin
9.5
%
12.7
%
-320 bps
7.9
%
13.1
%
-520 bps
Orders
121.7
168.1
-28
%
481.6
663.6
-27
%
Orders - excluding divested businesses1
121.7
150.0
-19
%
477.2
568.4
-16
%
Conference Call Information
CIRCOR International will hold a conference call to review its financial results at 9:00 a.m. ET today, March 4, 2021. To listen to the live conference call and view the accompanying presentation slides, please visit “Webcasts & Presentations” in the “Investors” section of CIRCOR’s website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived on the Company’s website for one year.
Use of Non-GAAP Financial Measures
Adjusted operating income, adjusted operating margin, adjusted net income, adjusted earnings per share (diluted), EBITDA, adjusted EBITDA, net debt, free cash flow and organic growth (and such measures further excluding discontinued operations) are non-GAAP financial measures. These non-GAAP financial measures are used by management in our financial and operating decision making because we believe they reflect our ongoing business and facilitate period-to-period comparisons. We believe these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. These non-GAAP financial measures also allow investors and others to compare the Company’s current financial results with the Company’s past financial results in a consistent manner. For example:
We exclude costs and tax effects associated with restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to these restructuring activities are not indicative of our normal operating costs.
We exclude certain acquisition-related costs, including significant transaction costs and amortization of inventory and fixed-asset step-ups and the related tax effects. We exclude these costs because we do not believe they are indicative of our normal operating costs.
We exclude the expense and tax effects associated with the non-cash amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives up to 25 years. Exclusion of the non-cash amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.
We also exclude certain gains/losses and related tax effects, which are either isolated or cannot be expected to occur again with any predictability, and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from items such as the sale of a business, significant litigation-related matters and lump-sum pension plan settlements.
We exclude the results of discontinued operations.
We exclude goodwill impairment charges.
Due to the significance of recently sold businesses and to provide a comparison of changes in our orders and revenue, we also discuss these changes on an “organic” basis. Organic is calculated assuming the divestitures completed prior to December 31, 2020 were completed on January 1, 2019 and excluding the impact of changes in foreign currency exchange rates.
CIRCOR’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s operating performance and comparing such performance to that of prior periods and to the performance of our competitors. We use such measures when publicly providing our business outlook, assessing future earnings potential, evaluating potential acquisitions and dispositions and in our financial and operating decision-making process, including for compensation purposes.
Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with accounting principles generally accepted in the United States. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this news release.
Safe Harbor Statement
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”). 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, although not all forward-looking statements are accompanied by such words. 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 may differ materially from the expectations we describe in our forward-looking statements. Forward-looking statements, including statements about outlook for the fourth quarter, the expected and potential direct or indirect impacts of the COVID-19 pandemic on our business, the realization of cost reductions from restructuring activities and expected synergies, the number of new product launches and future cash flows from operating activities, involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the duration and severity of the COVID-19 pandemic and its impact on the global economy; changes in the price of and demand for oil and gas in both domestic and international markets; any adverse changes in governmental policies; variability of raw material and component pricing; changes in our suppliers’ performance; fluctuations in foreign currency exchange rates; changes in tariffs or other taxes related to doing business internationally; our ability to hire and retain key personnel; our ability to operate our manufacturing facilities at efficient levels including our ability to prevent cost overruns and reduce costs; our ability to generate increased cash by reducing our working capital; our prevention of the accumulation of excess inventory; our ability to successfully implement our divestiture; restructuring or simplification strategies; fluctuations in interest rates; our ability to successfully defend product liability actions; as well as the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, natural disasters, terrorist attacks and other similar matters. We advise you to read further about these and other risk factors set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, which is filed with the Securities and Exchange Commission ("SEC") and is available on the SEC's website at www.sec.gov. 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 is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,100 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
Three Months Ended
Twelve Months Ended
Q4 2020
Q4 2019
Q4 2020
Q4 2019
Net revenues
$
208,351
$
242,638
$
773,271
$
964,313
Cost of revenues
140,939
164,634
530,844
655,504
Gross profit
67,412
78,004
242,427
308,809
Selling, general and administrative expenses
56,046
58,029
220,994
248,256
Goodwill impairment charge
—
—
116,182
—
Special and restructuring charges (recoveries), net
1,444
2,979
(34,303)
22,872
Operating income, (loss)
9,922
16,996
(60,446)
37,681
Other expense (income)
Interest expense, net
8,520
10,763
34,219
48,609
Other (income) expense, net
(758)
1,919
(529)
(836)
Total other expense, net
7,762
12,682
33,690
47,773
Income (loss) from continuing operations before income taxes
2,160
4,314
(94,136)
(10,092)
Provision for (benefit from) income taxes
15,299
1,163
56,222
14,676
(Loss) Income from continuing operations, net of tax
(13,139)
3,151
(150,358)
(24,768)
(Loss) Income from discontinued operations, net of tax
(795)
(1,595)
(35,140)
(109,167)
Net (Loss) income
$
(13,934)
$
1,556
$
(185,498)
$
(133,935)
Basic (loss) income per common share:
Basic from continuing operations
$
(0.66)
$
0.16
$
(7.52)
$
(1.24)
Basic from discontinued operations
$
(0.04)
$
(0.08)
$
(1.76)
$
(5.48)
Net (loss) income
$
(0.70)
$
0.08
$
(9.28)
$
(6.73)
Diluted income (loss) per common share:
Diluted from continuing operations
$
(0.66)
$
0.16
$
(7.52)
$
(1.24)
Diluted from discontinued operations
$
(0.04)
$
(0.08)
$
(1.76)
$
(5.48)
Net (loss) income
$
(0.70)
$
0.08
$
(9.28)
$
(6.73)
Weighted average number of common shares outstanding:
Basic
20,002
19,920
19,982
19,903
Diluted
20,002
20,148
19,982
19,903
CIRCOR INTERNATIONAL, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Twelve Months Ended
December 31, 2020
December 31, 2019
OPERATING ACTIVITIES
Net loss
$
(185,498)
$
(133,935)
Loss from discontinued operations, net of income taxes
(35,140)
(109,167)
Loss from continuing operations
(150,358)
(24,768)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation
20,385
22,045
Amortization
43,662
47,591
Provision for bad debt expense
6,099
617
Write down of inventory
3,618
366
Compensation expense for share-based plans
5,488
5,418
Amortization of debt issuance costs
7,460
4,622
Deferred tax provision
51,319
(3,440)
Loss on sale or write-down of property, plant and equipment
—
(1,793)
Goodwill impairment charge
116,182
(Gain) loss on sale of businesses
(54,429)
3,615
Changes in operating assets and liabilities, net of effects of acquisition and disposition:
Trade accounts receivable
23,506
24,339
Inventories
5,780
(9,557)
Prepaid expenses and other assets
(34,824)
7,360
Accounts payable, accrued expenses and other liabilities
(52,051)
(34,168)
Net cash (used in) provided by continuing operating activities
(8,163)
42,247
Net cash used in discontinued operating activities
(14,561)
(26,334)
Net cash used in operating activities
(22,724)
15,913
INVESTING ACTIVITIES
Additions to property, plant and equipment
(12,222)
(13,855)
Proceeds from sale of property, plant and equipment
(322)
6,172
Proceeds from the sale of business
165,540
162,591
Proceeds from beneficial interest of factored receivables
2,957
861
Net cash provided by continuing investment activities
155,953
155,769
Net cash used in discontinued investing activities
(11,658)
(2,733)
Net cash provided by investing activities
144,295
153,036
FINANCING ACTIVITIES
Proceeds from long-term debt
219,000
281,600
Payments of long-term debt
(352,916)
(434,797)
Proceeds from the exercise of stock options
118
253
Net cash used in continuing financing activities
(133,798)
(152,944)
Net cash used in financing activities
(133,798)
(152,944)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
4,195
197
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
(8,032)
16,202
Cash, cash equivalents, and restricted cash at beginning of period
85,727
69,525
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
77,695
$
85,727
CIRCOR INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
December 31, 2020
December 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
76,452
$
84,531
Trade accounts receivable, less allowance for doubtful accounts of $9,035 and $3,086 at December 31, 2020 and December 31, 2019, respectively
102,730
125,422
Inventories
129,084
137,309
Prepaid expenses and other current assets
93,770
66,664
Assets held for sale
5,073
161,193
Total Current Assets
407,109
575,119
PROPERTY, PLANT AND EQUIPMENT, NET
168,763
172,179
OTHER ASSETS:
Goodwill
158,944
271,893
Intangibles, net
353,595
385,542
Deferred income taxes
3,990
30,852
Other assets
41,881
35,360
TOTAL ASSETS
$
1,134,282
$
1,470,945
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
$
61,236
$
79,399
Accrued expenses and other current liabilities
76,168
94,169
Accrued compensation and benefits
28,332
19,518
Liabilities held for sale
—
43,289
Total Current Liabilities
165,736
236,375
LONG-TERM DEBT
507,888
636,297
DEFERRED INCOME TAXES
32,190
21,425
PENSION LIABILITY, NET
163,642
146,801
OTHER NON-CURRENT LIABILITIES
58,785
38,636
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,373,813 and 21,284,850 outstanding at December 31, 2020 and December 31, 2019 respectively
214
213
Additional paid-in capital
452,728
446,657
(Accumulated deficit) retained earnings
(86,461)
99,280
Common treasury stock, at cost (1,372,488 shares at December 31, 2020 and December 31, 2019)
(74,472)
(74,472)
Accumulated other comprehensive loss, net of tax
(85,968)
(80,267)
Total Shareholders' Equity
206,041
391,411
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
1,134,282
$
1,470,945
CIRCOR INTERNATIONAL, INC.
Summary of Orders and Backlog
(in millions) (unaudited)
Three Months Ended
Twelve Months Ended
Q4 2020
Q4 2019
Q4 2020
Q4 2019
ORDERS (1)
Aerospace & Defense
$
46.8
$
68.5
$
254.5
$
313.9
Industrial
121.7
168.1
481.6
663.6
Total Orders
$
168.5
$
236.6
$
736.2
$
977.5
Q4 2020
Q4 2019
BACKLOG (2)
Aerospace & Defense
$
182.1
$
194.5
Industrial
197.2
226.2
Total Backlog
$
379.3
$
420.7
Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer backlog amounts denominated in foreign currencies. Orders for the twelve months ended December 31, 2020 include orders from businesses divested prior to December 31, 2020 of $4.5 million. Orders for the three months ended December 31, 2019 include orders from businesses divested of $18.0 million ($95.2 million for the twelve months ended December 31, 2019). Divested businesses are Reliability Services, Spence/Nicholson and Instrumentation & Sampling, all in the Industrial segment.
Note 2: Backlog includes unshipped customer orders for which revenue has not been recognized. Backlog at Q4 2019 includes $8.6 million for Industrial related to divested businesses.
CIRCOR INTERNATIONAL, INC.
Segment Information
(in thousands, except percentages)
UNAUDITED
2019
2020
As reported
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
ORDERS
Aerospace & Defense
$
88,107
$
93,405
$
63,968
$
68,459
$
313,939
$
72,031
$
76,616
$
59,105
$
46,796
$
254,548
Industrial
171,834
164,642
158,986
168,091
663,553
136,443
116,023
107,453
121,690
481,609
Total
$
259,941
$
258,047
$
222,954
$
236,550
$
977,492
$
208,474
$
192,639
$
166,558
$
168,486
$
736,157
NET REVENUES
Aerospace & Defense
$
61,240
$
64,694
$
67,621
$
79,070
$
272,625
$
65,493
$
62,241
$
62,249
$
77,839
$
267,822
Industrial
177,615
181,074
169,431
163,568
691,688
126,720
123,825
124,391
130,513
505,449
Total
$
238,855
$
245,768
$
237,052
$
242,638
$
964,313
$
192,213
$
186,066
$
186,640
$
208,352
$
773,271
SEGMENT OPERATING INCOME
Aerospace & Defense
$
9,374
$
10,443
$
13,564
$
19,099
$
52,480
$
12,494
$
13,142
$
14,782
$
18,675
$
59,093
Industrial
22,581
26,174
21,278
20,757
90,790
5,169
12,406
9,807
12,441
39,823
Corporate expenses
(8,522)
(8,028)
(9,248)
(7,671)
(33,469)
(6,588)
(9,664)
(7,244)
(7,789)
(31,285)
Total
$
23,433
$
28,589
$
25,594
$
32,185
$
109,801
$
11,075
$
15,884
$
17,345
$
23,327
$
67,631
SEGMENT OPERATING MARGIN %
Aerospace & Defense
15.3%
16.1%
20.1%
24.2%
19.2%
19.1%
21.1%
23.7%
24.0%
22.1%
Industrial
12.7%
14.5%
12.6%
12.7%
13.1%
4.1%
10.0%
7.9%
9.5%
7.9%
Total
9.8%
11.6%
10.8%
13.3%
11.4%
5.8%
8.5%
9.3%
11.2%
8.7%
2019
2020
Results of divested businesses (1)
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
ORDERS - Industrial
$
30,611
$
24,448
$
22,090
$
18,047
$
95,196
$
4,449
$
—
$
—
$
—
$
4,449
NET REVENUES - Industrial
$
29,787
$
26,101
$
20,697
$
18,602
$
95,187
$
4,900
$
—
$
—
$
—
$
4,900
SEGMENT OP. INC. -Industrial
$
6,217
$
5,229
$
2,677
$
3,166
$
17,289
$
—
$
—
$
—
$
—
$
—
CIRCOR INTERNATIONAL, INC.
Supplemental Information Regarding Divested Businesses
(in thousands, except percentages) (unaudited)
2019
2020
Results excluding divested businesses
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
ORDERS
Aerospace & Defense
$88,107
$93,405
$63,968
$68,459
$313,939
$72,031
$76,616
$59,105
$46,796
$254,548
Industrial
141,223
140,194
136,896
150,044
568,357
131,994
116,023
107,453
121,690
477,160
Total
$229,330
$233,599
$200,864
$218,503
$882,296
$204,025
$192,639
$166,558
$168,486
$731,708
NET REVENUES
Aerospace & Defense
$61,240
$64,694
$67,621
$79,070
$272,625
$65,493
$62,241
$62,249
$77,839
$267,822
Industrial
147,828
154,973
148,734
144,966
596,501
121,820
123,825
124,391
130,513
500,549
Total
$209,068
$219,667
$216,355
$224,036
$869,126
$187,313
$186,066
$186,640
$208,352
$768,371
SEGMENT OPERATING INCOME
Aerospace & Defense
$9,374
$10,443
$13,564
$19,099
$52,480
$12,494
$13,142
$14,782
$18,675
$59,093
Industrial
16,364
20,945
18,601
17,591
73,501
5,169
12,406
9,807
12,441
39,823
Corporate expenses
(8,522)
(8,028)
(9,248)
(7,671)
(33,469)
(6,588)
(9,664)
(7,244)
(7,789)
(31,285)
Total
$17,216
$23,360
$22,917
$29,019
$92,512
$11,075
$15,884
$17,345
$23,327
$67,631
SEGMENT OPERATING MARGIN %
Aerospace & Defense
15.3%
16.1%
20.1%
24.2%
19.2%
19.1%
21.1%
23.7%
24.0%
22.1%
Industrial
11.1%
13.5%
12.5%
12.1%
12.3%
4.2%
10.0%
7.9%
9.5%
8.0%
Total
8.2%
10.6%
10.6%
13.0%
10.6%
5.9%
8.5%
9.3%
11.2%
8.8%
(1) Divested businesses are related to the Industrial Segment and include Reliability Services, Spence/Nicholson and Instrumentation & Sampling. Engineered Valves and Distributed Valves are discontinued operations and not reflected in the As Reported figures in accordance with US GAAP.
CIRCOR INTERNATIONAL, INC.
Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms
(in thousands, except percentages) (unaudited)
2019
2020
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
Net Cash (Used In) Provided By Operating Activities
$(22,378)
$12,339
$9,128
$16,822
$15,913
$(23,947)
$(24,883)
$2,465
$23,641
$(22,724)
LESS
Capital expenditures, net of sale proceeds (a)
3,689
2,995
(963)
(1,535)
4,186
3,412
3,527
2,330
3,275
12,544
FREE CASH FLOW
$(26,067)
$9,344
$10,091
$18,357
$11,727
$(27,359)
$(28,410)
$135
$20,366
$(35,268)
Gross Debt
$753,950
$748,250
$659,100
$653,850
$653,850
$602,288
$592,038
$540,463
$519,938
$519,938
Less: Cash & Cash equivalents
73,619
76,082
69,225
84,531
84,531
170,861
125,421
72,772
76,452
76,452
GROSS DEBT, NET OF CASH
$680,331
$672,168
$589,875
$569,319
$569,319
$431,427
$466,617
$467,691
$443,486
$443,486
TOTAL SHAREHOLDERS' EQUITY
$516,177
$494,899
$375,388
$391,411
$391,411
$290,845
$273,351
$220,814
$206,041
$206,041
GROSS DEBT AS % OF EQUITY
146%
151%
176%
167%
167%
207%
217%
245%
252%
252%
GROSS DEBT, NET OF CASH AS % OF EQUITY
132%
136%
157%
145%
145%
148%
171%
212%
215%
215%
(a) includes capital expenditures, net of sales proceeds of discontinued operations
CIRCOR INTERNATIONAL, INC.
Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms
(in thousands, except percentages) (unaudited)
2019
2020
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
NET (LOSS) INCOME
$
(4,633)
$
(18,520)
$
(112,338)
$
1,555
$
(133,935)
$
(78,948)
$
(34,092)
$
(58,524)
$
(13,934)
$
(185,498)
LESS:
Restructuring related inventory charges
325
—
(1,145)
—
(820)
(602)
—
351
—
(251)
Restructuring charges, net
358
299
5,038
(509)
5,186
2,883
588
502
972
4,945
Acquisition amortization
12,077
11,247
11,202
11,189
45,715
10,218
10,681
10,625
10,939
42,463
Acquisition depreciation
1,123
1,106
1,102
1,021
4,352
974
980
1,011
1,021
3,986
Special (recoveries) charges, net
(8,200)
3,917
18,481
3,488
17,686
(45,175)
5,019
436
473
(39,247)
Goodwill Impairment charge
—
—
—
—
—
116,182
—
—
—
116,182
Income tax impact
3,625
(2,266)
5,533
(1,752)
5,140
7,704
(22,549)
53,240
13,125
51,521
Net loss (income) from discontinued operations
5,728
17,156
84,688
1,595
109,167
(9,162)
43,848
(341)
795
35,140
ADJUSTED NET INCOME
$
10,403
$
12,939
$
12,561
$
16,587
$
52,491
$
4,074
$
4,475
$
7,300
$
13,390
$
29,240
(LOSS) EARNINGS PER COMMON SHARE (Diluted)
$
(0.23)
$
(0.93)
$
(5.64)
$
0.08
$
(6.73)
$
(3.96)
$
(1.68)
$
(2.93)
$
(0.70)
$
(9.28)
LESS:
Restructuring related inventory charges
0.02
—
(0.06)
—
(0.04)
(0.03)
—
0.02
—
(0.01)
Restructuring charges, net
0.02
0.02
0.25
(0.03)
0.26
0.14
0.03
0.02
0.05
0.25
Acquisition amortization
0.61
0.57
0.56
0.56
2.30
0.51
0.53
0.53
0.55
2.13
Acquisition depreciation
0.06
0.06
0.06
0.05
0.22
0.05
0.05
0.05
0.05
0.20
Special (recoveries) charges, net
(0.41)
0.20
0.93
0.18
0.89
(2.27)
0.25
0.02
0.02
(1.96)
Impairment charge
—
—
—
—
—
5.83
—
—
—
5.81
Income tax impact
0.18
(0.12)
0.28
(0.10)
0.24
0.39
(1.11)
2.66
0.66
2.58
Earnings (Loss) per share from discontinued operations
0.29
0.86
4.25
0.08
5.48
(0.46)
2.16
(0.02)
0.04
1.76
ADJUSTED EARNINGS PER SHARE (Diluted)
$
0.52
$
0.65
$
0.63
$
0.82
$
2.62
$
0.20
$
0.22
$
0.36
$
0.66
$
1.43
CIRCOR INTERNATIONAL, INC.
Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms
(in thousands, except percentages) (unaudited)
2019
2020
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
NET (LOSS) INCOME
$
(4,633)
$
(18,520)
$
(112,338)
$
1,555
$
(133,935)
$
(78,948)
$
(34,092)
$
(58,524)
$
(13,934)
$
(185,498)
LESS:
Interest expense, net
13,094
12,947
11,804
10,763
48,609
9,011
8,486
8,202
8,520
34,219
Depreciation
5,499
5,568
5,551
5,427
22,045
5,121
4,958
4,802
5,504
20,385
Amortization
12,536
11,685
11,629
11,741
47,591
10,516
10,976
10,925
11,245
43,662
Provision for income taxes
5,709
284
7,490
1,193
14,676
8,374
(21,769)
54,318
15,299
56,222
Loss (income) from discontinued operations
5,728
17,156
84,688
1,595
109,167
(9,162)
43,847
(341)
795
35,140
EBITDA
$
37,933
$
29,121
$
8,825
$
32,274
$
108,152
$
(55,088)
$
12,406
$
19,383
$
27,429
$
4,130
LESS:
Restructuring related inventory charges (recoveries)
325
—
(1,145)
—
(820)
(602)
—
351
—
(251)
Restructuring charges (recoveries), net
358
299
5,038
(509)
5,186
2,883
588
502
972
4,945
Special (recoveries) charges, net
(8,200)
3,917
18,481
3,488
17,686
(45,175)
5,019
436
473
(39,247)
Goodwill impairment charge
—
—
—
—
—
116,182
—
—
—
116,182
ADJUSTED EBITDA
$
30,416
$
33,337
$
31,199
$
35,253
$
130,204
$
18,200
$
18,013
$
20,671
$
28,873
$
85,758
CIRCOR INTERNATIONAL, INC.
Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms
(in thousands, except percentages) (unaudited)
2019
2020
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
GAAP OPERATING INCOME (LOSS)
$
17,750
$
12,020
$
(9,084)
$
16,996
$
37,682
$
(73,405)
$
(1,384)
$
4,420
$
9,923
$
(60,446)
LESS:
Restructuring related inventory charges (recoveries)
325
—
(1,145)
—
(820)
(602)
—
351
—
(251)
Amortization of inventory step-up
—
—
—
—
—
—
—
—
—
—
Restructuring charges (recoveries), net
358
299
5,038
(509)
5,186
2,883
588
502
972
4,945
Acquisition amortization
12,077
11,247
11,202
11,189
45,715
10,218
10,681
10,625
10,939
42,463
Acquisition depreciation
1,123
1,106
1,102
1,021
4,352
974
980
1,011
1,021
3,986
Special (recoveries) charges, net
(8,200)
3,917
18,481
3,488
17,686
(45,175)
5,019
436
473
(39,247)
Goodwill impairment charge
—
—
—
—
—
116,182
—
—
—
116,182
ADJUSTED OPERATING INCOME
$
23,433
$
28,589
$
25,594
$
32,185
$
109,801
$
11,075
$
15,884
$
17,345
$
23,327
$
67,631
GAAP OPERATING MARGIN
7.4
%
4.9
%
(3.8)
%
7.0
%
3.9
%
(38.2)
%
(0.7)
%
2.4
%
4.8
%
(7.8)
%
LESS:
Restructuring related inventory charges (recoveries)
0.1
%
0.0
%
(0.5)
%
0.0
%
(0.1)
%
(0.3)
%
0.0
%
0.2
%
0.0
%
0.0
%
Amortization of inventory step-up
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Restructuring charges (recoveries), net
0.1
%
0.1
%
2.1
%
(0.2)
%
0.5
%
1.5
%
0.3
%
0.3
%
0.5
%
0.6
%
Acquisition amortization
5.1
%
4.6
%
4.7
%
4.6
%
4.7
%
5.3
%
5.7
%
5.7
%
5.3
%
5.5
%
Acquisition depreciation
0.5
%
0.5
%
0.5
%
0.4
%
0.5
%
0.5
%
0.5
%
0.5
%
0.5
%
0.5
%
Special (recoveries) charges, net
(3.4)
%
1.6
%
7.8
%
1.4
%
1.8
%
(23.5)
%
2.7
%
0.2
%
0.2
%
(5.1)
%
Goodwill impairment charge
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
60.4
%
0.0
%
0.0
%
0.0
%
15.0
%
ADJUSTED OPERATING MARGIN
9.8
%
11.6
%
10.8
%
13.3
%
11.4
%
5.8
%
8.5
%
9.3
%
11.2
%
8.7
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005237/en/
Alex Maki Vice President FP&A and Investor Relations CIRCOR International (781) 270-1200
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