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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 |
From Jul 2019 to Jul 2024
CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the fourth quarter and fiscal year ended December 31, 2014.
Fourth-Quarter 2014 Highlights
Full-Year 2014 Highlights
“CIRCOR concluded 2014 with strong top-line growth and free cash flow generation in the fourth quarter,” said Scott Buckhout, President and Chief Executive Officer. “Revenues for the quarter were up 6% organically from the prior year driven in large part by our North American short-cycle businesses. In addition, we are reporting adjusted EPS of $1.08 for the quarter and $3.72 for the full year. Full year free cash flow was 115% of net income.”
During the quarter, a number of Brazilian engineering and construction customers filed for bankruptcy resulting in a $0.34 per share charge against outstanding receivables and an operating margin reduction of approximately 300 basis points. In addition, EPS reflects a net tax benefit of $0.21 per share primarily due to the utilization of foreign tax credits.
“Looking ahead to 2015, we expect the recent decline in oil prices to put pressure on our top line. As a result, we are implementing a broad-based cost reduction program, including restructuring actions, to mitigate the impact on our earnings and to align our businesses with a lower near-term demand outlook. We expect to take actions generating approximately $8 million of annualized savings. We commenced these actions earlier this quarter and expect to complete them before the end of the second quarter,” added Buckhout.
“Going forward, we will continue to invest in growth, simplify the Company and remain focused on building shareholder value through growth, margin expansion, strong cash flows and disciplined capital deployment,” concluded Buckhout.
First-Quarter 2015 GuidanceFor the first quarter of 2015, the Company will provide its guidance during the conference call later today.
Selected Consolidated Results (In millions, except percentages and bps) Q4 2014 Q4 2013 Change FY 2014 FY 2013 Change Revenue $ 218.6 $ 214.0 2% $ 841.4 $ 857.8 -2% Adjusted Operating Income1 $ 21.0 $ 24.8 -15% $ 86.2 $ 85.3 1% Adjusted Operating Margin1 9.6% 11.6% -200 bps 10.2% 9.9% 30 bps GAAP Earnings Per Share (Diluted) $ 0.51 $ 0.50 2% $ 2.84 $ 2.67 6% Adjusted Earnings Per Share (Diluted)1 $ 1.08 $ 0.95 14% $ 3.72 $ 3.21 16% Orders $ 203.4 $ 231.1 -12% $ 849.3 $ 881.3 -4% Free Cash Flow $ 22.3 $ 14.7 51% $ 58.0 $ 54.9 6%Segment Results
(In millions, except percentages and bps) Q4 2014 Q4 2013 Change FY 2014 FY 2013 Change Energy Revenue $ 172.4 $ 162.6 6% $ 653.3 $ 661.0 -1% Adjusted Operating Margin1 14.3% 17.1% -280 bps 14.9% 14.1% 80 bps Orders $ 158.3 $ 187.4 -16% $ 675.9 $ 691.7 -2% Aerospace & Defense Revenue $ 46.1 $ 51.4 -10% $ 188.2 $ 196.8 -4% Adjusted Operating Margin1 5.3% 8.4% -310 bps 6.6% 9.5% -290 bps Orders $ 45.1 $ 43.7 3% $ 173.4 $ 189.6 -9%1. Consolidated and Segment Results includes approximately $6.5 million of Q4 2014 charges associated with certain Brazilian customers for outstanding receivables and excludes special, restructuring charges/(recoveries) and impairments of $12.9 million, $12.0 million, $13.5 million and $15.5 million during Q4 2014, Q4 2013, FY2014 and FY2013 respectively, as well as restructuring inventory charges of $5.1 million and $2.9 million recorded in Q2 and Q3 2014, respectively, and $0.6 million during Q4 2013.
Conference Call InformationCIRCOR International will hold a conference call to review its financial results today, February 18, 2015, at 10:00 a.m. ET. To listen to the conference call and view the accompanying presentation slides, visit “Webcasts & Presentations” in the “Investors” portion of the CIRCOR website. The call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived for one year on the Company’s website.
Use of Non-GAAP Financial MeasuresAdjusted 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 StatementThis 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 estimated total annualized pre-tax savings from restructuring actions. 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 highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent. For more information, visit the Company’s investor relations web site at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data)
UNAUDITED
Three Months Ended Twelve Months EndedDecember 31, 2014
December 31, 2013
December 31, 2014
December 31, 2013
Net revenues $ 218,558 $ 214,035 $ 841,446 $ 857,808 Cost of revenues 148,093 146,528 584,426 590,207 GROSS PROFIT 70,465 67,507 257,520 267,601 Selling, general and administrative expenses 49,430 43,394 178,800 182,954 Impairment charges 726 6,872 726 6,872 Special charges, net 12,159 5,160 12,737 8,602 OPERATING INCOME 8,150 12,081 64,757 69,173 Other (income) expense: Interest expense, net 407 792 2,652 3,161 Other (income) expense, net (722 ) 167 (1,156 ) 1,975TOTAL OTHER (INCOME) EXPENSE
(315 ) 959 1,496 5,136 INCOME BEFORE INCOME TAXES 8,465 11,122 63,261 64,037(Benefit) provision for income taxes
(690 ) 2,297 12,875 16,916 NET INCOME $ 9,155 $ 8,825 $ 50,386 $ 47,121 Earnings per common share: Basic $ 0.52 $ 0.50 $ 2.85 $ 2.68 Diluted $ 0.51 $ 0.50 $ 2.84 $ 2.67 Weighted average number of common shares outstanding: Basic 17,678 17,594 17,660 17,564 Diluted 17,782 17,710 17,768 17,629 Dividends paid per common share $ 0.0375 $ 0.0375 $ 0.1500 $ 0.1500 CIRCOR INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(UNAUDITED)
Twelve Months EndedDecember 31,2014
December 31,2013
OPERATING ACTIVITIES Net income $ 50,386 $ 47,121 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,446 16,034 Amortization 3,116 3,039 Provision for bad debt expense 7,817 1,194 Intangible impairment charges 726 6,872 Compensation expense of share-based plans 7,188 5,056 Tax effect of share-based plan compensation (756 ) (732 ) Deferred (benefit) income taxes (2,740 ) 5,778 Gain on property, plant and equipment (79 ) (322 ) Loss on sale of businesses 3,413 — Gain on return of acquisition purchase price — (3,400 ) Changes in operating assets and liabilities: Trade accounts receivable, net (38,439 ) 7,009 Inventories, net (3,952 ) (311 ) Prepaid expenses and other assets 884 160 Accounts payable, accrued expenses and other liabilities 26,816 (15,292 ) Net cash provided by operating activities 70,826 72,206 INVESTING ACTIVITIES Additions to property, plant and equipment (12,810 ) (17,328 ) Proceeds from the sale of property, plant and equipment 791 664 Proceeds from divestitures 10,177 — Business acquisitions, return of purchase price — 3,400 Net cash used in investing activities (1,842 ) (13,264 ) FINANCING ACTIVITIES Proceeds from long-term debt 150,062 146,578 Payments of long-term debt (185,361 ) (166,239 ) Debt issuance costs (920 ) — Dividends paid (2,681 ) (2,700 ) Proceeds from the exercise of stock options 420 2,394 Tax effect of share-based compensation 756 732 Net cash used in financing activities (37,724 ) (19,235 ) Effect of exchange rate changes on cash and cash equivalents (12,156 ) 735 INCREASE IN CASH AND CASH EQUIVALENTS 19,106 40,442 Cash and cash equivalents at beginning of year 102,180 61,738 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 121,286 $ 102,180 Cash paid during the year for: Income taxes $ 16,672 $ 8,143 Interest $ 2,476 $ 960 CIRCOR INTERNATIONAL, INC.CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2014
December 31, 2013
ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 121,286 $ 102,180 Short-term investments 86 95 Trade accounts receivable, less allowance for doubtful accounts of $9,536 and $2,449, respectively 156,738 144,742 Inventories, net 183,434 199,404 Prepaid expenses and other current assets 21,626 19,815 Deferred income tax asset 22,861 17,686 Total Current Assets 506,031 483,922 PROPERTY, PLANT AND EQUIPMENT, NET 96,212 107,724 OTHER ASSETS: Goodwill 72,430 75,876 Intangibles, net 26,887 35,656 Deferred income tax asset 19,048 18,579 Other assets 4,114 4,893 TOTAL ASSETS $ 724,722 $ 726,650 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 87,112 $ 70,589 Accrued expenses and other current liabilities 63,911 57,507 Accrued compensation and benefits 24,728 31,289 Income taxes payable 1,312 3,965 Notes payable and current portion of long-term debt 8,423 7,203 Total Current Liabilities 185,486 170,553 LONG-TERM DEBT, NET OF CURRENT PORTION 5,261 42,435 DEFERRED INCOME TAXES 7,771 9,666 OTHER NON-CURRENT LIABILITIES 32,111 27,109 SHAREHOLDERS’ EQUITY: Common stock 177 176 Additional paid-in capital 277,227 269,884 Retained earnings 250,635 202,930 Accumulated other comprehensive (loss) gain, net of taxes (33,946 ) 3,897 Total Shareholders’ Equity 494,093 476,887 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 724,722 $ 726,650 CIRCOR INTERNATIONAL, INC.SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Twelve Months Ended December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013 ORDERS (1) Energy $ 158.3 $ 187.4 $ 675.9 $ 691.7 Aerospace & Defense 45.1 43.7 173.4 189.6 Total orders $ 203.4 $ 231.1 $ 849.3 $ 881.3 BACKLOG (2) December 31, 2014 December 31, 2013 Energy (3) $ 252.1 $ 288.7 Aerospace & Defense (4) 108.8 173.9 Total backlog $ 361.0 $ 462.6 Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer order backlog amounts denominated in foreign currencies. Note 2: Backlog includes unshipped customer orders. Note 3: Energy backlog was reduced during the fourth quarter of 2014 by $25.4 million related to a business divestiture and customer order cancellations initially recorded in prior years. Note 4: Aerospace & Defense reduced backlog in the second quarter of 2014 by $28.6 million associated with the exit of certain landing gear product lines and in the fourth quarter of 2014 by $13.5 million associated with a business divestiture and change in policy. CIRCOR INTERNATIONAL, INC.SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL NET REVENUES Energy $ 157,104 $ 173,557 $ 167,660 $ 162,649 $ 660,970 $ 162,587 $ 160,580 $ 157,658 $ 172,432 $ 653,257 Aerospace & Defense 48,294 50,087 47,071 51,386 196,838 48,599 47,304 46,160 46,126 188,189 Total $ 205,398 $ 223,644 $ 214,731 $ 214,035 $ 857,808 $ 211,186 $ 207,884 $ 203,818 $ 218,558 $ 841,446 ADJUSTED OPERATING MARGIN Energy 10.8 % 13.3 % 15.2 % 17.1 % 14.1 % 13.8 % 14.6 % 16.9 % 14.3 % 14.9 % Aerospace & Defense 5.9 % 11.4 % 12.1 % 8.4 % 9.5 % 9.1 % 7.1 % 5.0 % 5.3 % 6.6 %Segment operating margin
9.6 % 12.9 % 14.5 % 15.0 % 13.0 % 12.7 % 12.9 % 14.2 % 12.4 % 13.0 % Corporate expenses (2.6 )% (2.9 )% (3.4 )% (3.5 )% (3.1 )% (3.4 )% (2.2 )% (2.8 )% (2.7 )% (2.8 )% Adjusted operating margin 7.1 % 10.0 % 11.1 % 11.6 % 9.9 % 9.4 % 10.7 % 11.4 % 9.6 % 10.2 % Restructuring inventory charges 0.1 % (0.1 )% — % 0.3 % 0.1 % — % 2.5 % 1.4 % — % 0.9 % Impairment charges — % — % — % 3.2 % 0.8 % — % — % — % 0.3 % 0.1 % Special (recoveries) — % — % (1.5 )% — % (0.4 )% (1.1 )% — % — % — % (0.3 )% Special charges 0.7 % 1.0 % 1.4 % 2.4 % 1.4 % 0.5 % 0.6 % 0.2 % 5.6 % 1.8 % Total GAAP operating margin 6.3 % 9.1 % 11.1 % 5.6 % 8.1 % 9.9 % 7.6 % 9.7 % 3.7 % 7.7 % 2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL ADJUSTED OPERATING INCOME Energy $ 16,940 $ 23,114 $ 25,441 $ 27,809 $ 93,304 $ 22,462 $ 23,502 $ 26,577 $ 24,575 $ 97,117 Aerospace & Defense 2,864 5,724 5,705 4,342 18,635 4,426 3,362 2,295 2,425 12,508 Segment operating income 19,804 28,838 31,146 32,151 111,939 26,888 26,864 28,872 27,000 109,625 Corporate expenses (5,277 ) (6,570 ) (7,400 ) (7,400 ) (26,646 ) (7,137 ) (4,634 ) (5,678 ) (5,965 ) (23,415 ) Adjusted operating income 14,528 22,268 23,746 24,751 85,293 19,750 22,231 23,194 21,035 86,210 Restructuring inventory charges 250 (242 ) — 638 646 — 5,139 2,850 — 7,989 Impairment charges — — — 6,872 6,872 — — — 726 726 Special (recoveries) — — (3,151 ) — (3,151 ) (2,243 ) — — — (2,243 ) Special charges 1,378 2,254 2,961 5,160 11,752 1,086 1,257 478 12,159 14,980 Total GAAP operating income 12,900 20,256 23,936 12,081 69,174 20,907 15,834 19,866 8,150 64,757 INTEREST EXPENSE, NET (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (407 ) (2,652 ) OTHER (EXPENSE) INCOME, NET (612 ) (626 ) (568 ) (167 ) (1,974 ) 468 384 (419 ) 722 1,156 PRETAX INCOME 11,501 18,792 22,623 11,122 64,038 20,457 15,328 19,012 8,465 63,261 (PROVISION) BENEFIT FOR INCOME TAXES (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 ) (3,402 ) (4,337 ) 690 (12,875 ) EFFECTIVE TAX RATE 31.2 % 32.6 % 21.7 % 20.7 % 26.4 % 28.5 % 22.2 % 22.8 % (8.2 )% 20.4 % NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 $ 11,926 $ 14,675 $ 9,155 $ 50,386 Weighted Average Common Shares Outstanding (Diluted) 17,529 17,607 17,667 17,710 17,629 17,741 17,767 17,779 17,782 17,768 EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.72 $ 1.00 $ 0.50 $ 2.67 $ 0.82 $ 0.67 $ 0.83 $ 0.51 $ 2.84 ADJUSTED EBITDA $ 18,682 $ 26,419 $ 27,850 $ 29,441 $ 102,392 $ 25,073 $ 27,536 $ 27,530 $ 26,789 $ 106,927 ADJUSTED EBITDA AS A % OF SALES 9.1 % 11.8 % 13.0 % 13.8 % 11.9 % 11.9 % 13.2 % 13.5 % 12.3 % 12.7 % CAPITAL EXPENDITURES $ 4,707 $ 4,100 $ 4,772 $ 3,749 $ 17,328 $ 2,670 $ 2,933 $ 3,297 $ 3,910 $ 12,810 CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except earnings per share)
UNAUDITED
2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL FREE CASH FLOW AS % OF NET INCOME 14 % 75 % 167 % 167 % 116 % 98 % 62 % 96 % 243 % 115 % FREE CASH FLOW $ 1,100 $ 9,525 $ 29,557 $ 14,696 $ 54,878 $ 14,387 $ 7,365 $ 14,015 $ 22,249 $ 58,016 ADD: Capital Expenditures 4,707 4,100 4,772 3,749 17,328 2,670 2,933 3,297 3,910 12,810 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 5,807 $ 13,625 $ 34,329 $ 18,445 $ 72,206 $ 17,057 $ 10,298 $ 17,312 $ 26,159 $ 70,826 NET DEBT (CASH) $ 8,814 $ (1,376 ) $ (36,466 ) $ (52,637 ) $ (52,637 ) $ (66,056 ) $ (72,982 ) $ (80,829 ) $ (107,688 ) $ (107,688 ) ADD: Cash & Cash Equivalents 57,633 60,831 86,285 102,180 102,180 122,097 116,326 114,580 121,286 121,286 Investments 99 96 98 95 95 92 95 91 86 86 TOTAL DEBT $ 66,546 $ 59,551 $ 49,917 $ 49,638 $ 49,638 $ 56,133 $ 43,439 $ 33,842 $ 13,684 $ 13,684 DEBT AS % OF EQUITY 16 % 14 % 11 % 10 % 10 % 11 % 9 % 7 % 3 % 3 % TOTAL DEBT 66,546 59,551 49,917 49,638 49,638 56,133 43,439 33,842 13,684 13,684 TOTAL SHAREHOLDERS' EQUITY 418,819 432,151 459,058 476,887 476,887 492,601 507,363 508,035 494,093 494,093 2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL ADJUSTED OPERATING INCOME $ 14,528 $ 22,268 $ 23,746 $ 24,751 $ 85,293 $ 19,750 $ 22,230 $ 23,194 $ 21,035 $ 86,210 LESS: Inventory restructuring charges 250 (242 ) — 638 646 — 5,139 2,850 — 7,989 Impairment charges — — — 6,872 6,872 — — — 726 726 Special (recoveries) — — (3,151 ) — (3,151 ) (2,243 ) — — — (2,243 ) Special charges 1,378 2,254 2,961 5,160 11,753 1,086 1,257 478 12,159 14,980 OPERATING INCOME $ 12,900 $ 20,256 $ 23,936 $ 12,081 $ 69,173 $ 20,907 $ 15,834 $ 19,866 $ 8,150 $ 64,757 ADJUSTED NET INCOME $ 9,043 $ 14,044 $ 16,439 $ 16,773 $ 56,299 $ 13,916 $ 16,090 $ 16,827 $ 19,188 $ 66,019 LESS: Inventory restructuring charges, net of tax 174 (165 ) — 396 405 — 3,316 1,857 — 5,173 Impairment charges, net of tax — — — 4,261 4,261 — — — 726 726 Special (recoveries), net of tax — — (3,151 ) — (3,151 ) (1,391 ) — — — (1,391 ) Special charges, net of tax 961 1,541 1,870 3,291 7,663 675 848 295 9,307 11,125 NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 $ 11,926 $ 14,675 $ 9,155 $ 50,386 ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.52 $ 0.81 $ 0.93 $ 0.95 $ 3.21 $ 0.78 $ 0.91 $ 0.95 $ 1.08 $ 3.72 LESS: Inventory restructuring charges, net of tax 0.01 (0.01 ) — 0.02 0.02 — 0.19 0.10 — 0.29 Impairment charges, net of tax — — — 0.24 0.24 — — — 0.04 0.04 Special (recoveries), net of tax — — (0.18 ) — (0.18 ) (0.08 ) — — — (0.08 ) Special charges, net of tax 0.06 0.10 0.11 0.19 0.46 0.04 0.05 0.02 0.52 0.63 EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.72 $ 1.00 $ 0.50 $ 2.67 $ 0.82 $ 0.67 $ 0.83 $ 0.51 $ 2.84 2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL EBITDA $ 17,054 $ 24,407 $ 23,368 $ 11,914 $ 86,272 $ 26,230 $ 21,140 $ 24,202 $ 13,904 $ 85,475 LESS: Interest expense, net (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (407 ) (2,652 ) Depreciation (4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) Amortization (758 ) (751 ) (764 ) (766 ) (3,039 ) (786 ) (805 ) (776 ) (749 ) (3,116 ) (Provision) Benefit for income taxes (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 ) (3,402 ) (4,337 ) 690 (12,875 ) NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 $ 11,926 $ 14,675 $ 9,155 $ 50,386 ADJUSTED EBITDA $ 18,682 $ 26,419 $ 27,850 $ 29,441 $ 102,392 $ 25,073 $ 27,536 $ 27,530 $ 26,789 $ 106,927 Inventory restructuring charges (250 ) 242 — (638 ) (646 ) — (5,139 ) (2,850 ) — (7,989 ) Impairment charges — — — (6,872 ) (6,872 ) — — — (726 ) (726 ) Special (recoveries) — — 3,151 — 3,151 2,243 — — — 2,243 Special charges (1,378 ) (2,254 ) (2,961 ) (5,160 ) (11,753 ) (1,086 ) (1,257 ) (478 ) (12,159 ) (14,980 ) Interest expense, net (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (407 ) (2,652 ) Depreciation (4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) Amortization (758 ) (751 ) (764 ) (766 ) (3,039 ) (786 ) (805 ) (776 ) (749 ) (3,116 ) (Provision) Benefit for income taxes (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 ) (3,402 ) (4,337 ) 690 (12,875 ) NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 $ 11,926 $ 14,675 $ 9,155 $ 50,386
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice President & Chief Financial Officer
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