CIRCOR (NYSE:CIR)
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- Earnings for Quarter Increase 119% While Orders and Backlog Climb 43% and 101%, Respectively
BURLINGTON, Mass., Feb. 21 /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, 2006.
Revenues for the 2006 fourth quarter were $169.6 million, an increase of 41% from $120.4 million for the fourth quarter 2005. Net income for the fourth quarter 2006 increased 119% to $10.4 million, or $0.63 per diluted share, compared to $4.7 million, or $0.29 per diluted share, for the 2005 fourth quarter. Earnings per share for the fourth quarter of 2006 included a $0.01 charge for the adoption of FAS 123R, the expensing of stock options. The Company also recorded income tax benefits in the fourth quarter 2006 of $0.03 per diluted share primarily related to tax credits for product development and research activities.
For the 12 months ended December 31, 2006, revenues were $591.7 million, an increase of 31% from $450.5 million for 2005. Net income for 2006 was $29.3 million or $1.80 per diluted share, an increase of 44% from $20.4 million or $1.27 per diluted share in 2005. The earnings per share for 2006 includes a $0.05 charge for the adoption of FAS 123R, the expensing of stock options.
The Company received orders totaling $171.3 million during the fourth quarter 2006, increasing 43% over the fourth quarter of 2005. For the full year 2006, orders totaled $713.3 million with year-end backlog reaching $285.7 million, representing increases of 60% and 101%, respectively, over 2005 results.
During the fourth quarter of 2006, the Company generated $13.5 million of free cash flow (defined as net cash from operating activities, less capital expenditures and dividends paid) and, for the full year 2006, the Company generated $17.5 million of free cash flow, a decrease of 37% from $27.9 million of free cash flow generated in 2005. The decrease from 2005 largely resulted from an investment in working capital in 2006 to support its 60% increase in customer orders and 31% increase in revenues as compared to 2005.
Circor's Instrumentation and Thermal Fluid Controls Products segment revenues increased 19% to $81.6 million from $68.3 million in the fourth quarter 2005 primarily due to acquisitions. Incoming orders for this segment were $76.0 million. Excluding acquisitions, orders were $62.9 million for the fourth quarter 2006, a decrease of 12% from the fourth quarter 2005. Last year's fourth quarter orders included $8 million related to military helicopter programs received by the Company's Loud Engineering subsidiary. However, during 2006, orders were received earlier throughout the year. This segment's backlog at year-end increased 35% to $113.4 million compared to $84.0 million at December 31, 2005. Excluding acquisitions, backlog increased 19% as market conditions in this segment's aerospace, instrumentation and steam markets remain relatively healthy. This segment's operating margin for the fourth quarter was 8.2%, down from the 8.7% operating margin achieved in the fourth quarter 2005. Operating results for the fourth quarter were adversely affected by higher-than-expected production expediting costs related to specific large project shipments within the Aerospace and Thermal Fluid Controls product lines and higher production and inventory costs affecting our Instrumentation operations.
Circor's Energy Products segment revenues increased 69% to $88.0 million from $52.1 million in the fourth quarter last year. Incoming orders for the quarter were $95.4 million and ending backlog totaled $172.2 million compared to incoming orders of $43.7 million and ending backlog of $58.1 million as of December 31, 2005. Excluding acquisitions, orders for the fourth quarter 2006 were $86.8 million and ending backlog totaled $145.4 million. Capital spending in the energy sector continued at high levels as quotation activity and the level of planned international oil and gas projects remained strong. This segment's operating margin was 15.4% during the fourth quarter of 2006 compared to 9.2% for the fourth quarter of 2005. The fourth quarter of 2006 benefited from significantly higher units shipped including certain high margin projects.
David A Bloss, Sr., Circor's Chairman and Chief Executive Officer, said "We are pleased with our overall performance in the fourth quarter and with our healthy backlog of orders as we begin 2007. While clearly above our estimates, fourth quarter earnings were bolstered by the performance of our Energy Products segment, where strong market conditions and productivity improvements contributed to greater efficiencies. These strong results more than offset the lower earnings from our Instrumentation and Thermal Fluid Controls segment where we continue to focus significant effort to improve the long-term profitability of its product lines. We continue to foresee improved operating performance for the Instrumentation and Thermal Fluid Controls segment in 2007 as our cost reduction initiatives take hold."
Circor provided guidance for its first quarter 2007 results, indicating it expects earnings to be in the range of $0.41 to $0.43 per diluted share, excluding anticipated special charges related to a facility closure during the quarter. The guidance compares favorably to earnings in the first quarter 2006 of $0.32 per diluted share, but is lower than fourth quarter 2006 results due to the timing of major project shipments.
CIRCOR International has scheduled a conference call to review its results for the fourth quarter of 2006 tomorrow, February 22, 2007, at 10:30 am ET. Interested parties may access the call by dialing (800) 238-9007 from the US and Canada and (719) 457-2622 from international locations. A replay of the call will be available from 1:30 p.m. ET on February 22, 2007 through midnight on February 28, 2007. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 3374674 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Wednesday, February 21, 2007, by 6:00 pm ET. The presentation slides may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website: http://www.circor.com/quarterlyearnings/. An audio recording of the conference call also is expected to be posted on the Company's website by February 26, 2007.
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. 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 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.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED
Three Months Ended Year Ended
December December December December
31, 2006 31, 2005 31, 2006 31, 2005
Net revenues $169,615 $120,414 $591,711 $450,531
Cost of revenues 120,643 86,544 418,803 317,856
GROSS PROFIT 48,972 33,870 172,908 132,675
Selling, general and
administrative expenses 32,641 26,238 124,720 98,040
Special charges 200 696 678 1,630
OPERATING INCOME 16,131 6,936 47,510 33,005
Other (income) expense:
Interest income (97) (93) (429) (579)
Interest expense 1,342 721 5,546 3,389
Other (income) expense, net 487 (53) 134 144
Total other expense 1,732 575 5,251 2,954
INCOME BEFORE INCOME TAXES 14,399 6,361 42,259 30,051
Provision for income taxes 4,016 1,613 12,931 9,668
NET INCOME $10,383 $4,748 $29,328 $20,383
Earnings per common share:
Basic $0.65 $0.30 $1.84 $1.30
Diluted $0.63 $0.29 $1.80 $1.27
Weighted average common shares
outstanding:
Basic 16,076 15,823 15,976 15,690
Diluted 16,438 16,172 16,291 16,019
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Year Ended
December December
31, 2006 31, 2005
OPERATING ACTIVITIES
Net income $29,328 $20,383
Adjustments to reconcile net income
to net cash provided
by operating activities:
Depreciation 11,206 9,825
Amortization 2,394 588
Compensation expense of stock-
based plans 3,252 1,020
(Gain) loss on sale of assets
held for sale 86 (110)
Loss on disposal of property,
plant and equipment 5 128
Equity in undistributed income of
affiliates 22 (120)
Gain on sale of business (11) -
Changes in operating assets and
liabilities, net of
effects from business
acquisitions:
Trade accounts receivable (20,857) (10,090)
Inventories (29,804) 1,638
Prepaid expenses and other
assets 4,966 160
Accounts payable, accrued
expenses and other liabilities 29,271 21,904
Net cash provided by operating
activities 29,858 45,326
INVESTING ACTIVITIES
Additions to property, plant and
equipment (9,933) (15,021)
Proceeds from sale of property, plant
and equipment 371 99
Proceeds from sale of assets held for
sale 100 1,467
Business acquisitions, net of cash
acquired (61,103) (51,608)
Sale of business, net of cash sold 2,309 -
Purchase of investments (12,194) (2,535)
Proceeds from sale of investments 12,211 6,699
Net cash used in investing activities (68,239) (60,899)
FINANCING ACTIVITIES
Proceeds from debt borrowings 100,561 10,669
Payments of debt (70,204) (22,386)
Dividends paid (2,395) (2,358)
Proceeds from the exercise of stock
options 3,627 3,771
Tax effect of share based
compensation 2,559 -
Net cash provided by (used in)
financing activities 34,148 (10,304)
Effect of exchange rate changes on
cash and cash equivalents 1,773 (1,664)
DECREASE IN CASH AND CASH EQUIVALENTS (2,460) (27,541)
Cash and cash equivalents at
beginning of year 31,112 58,653
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $28,652 $31,112
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED
December December
31, 2006 31, 2005
ASSETS
Current Assets:
Cash and cash equivalents $28,652 $31,112
Investments 86 86
Trade accounts receivable, less
allowance
for doubtful accounts of $2,523
and $1,943, respectively 108,689 77,731
Inventories 150,160 107,687
Prepaid expenses and other current
assets 2,926 3,705
Deferred income taxes 7,305 4,328
Assets held for sale 3,132 1,115
Total Current Assets 300,950 225,764
Property, Plant and Equipment, net 79,039 63,350
Other Assets:
Goodwill 163,720 140,179
Intangibles, net 49,226 20,941
Other assets 12,740 10,146
Total Assets $605,675 $460,380
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $71,788 $49,736
Accrued expenses and other current
liabilities 54,359 26,031
Accrued compensation and benefits 15,325 14,509
Income taxes payable 6,027 3,418
Notes payable and current portion
of long-term debt 415 27,213
Total Current Liabilities 147,914 120,907
Long-Term Debt, net of current
portion 64,411 6,278
Deferred Income Taxes 21,674 11,237
Other Non-Current Liabilities 14,375 11,235
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 16,181,070 and
15,823,529 issued and
outstanding, respectively 162 158
Additional paid-in capital 224,508 215,274
Retained earnings 109,251 82,318
Accumulated other comprehensive
income 23,380 12,973
Total Shareholders' Equity 357,301 310,723
Total Liabilities and Shareholders'
Equity $605,675 $460,380
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in thousands)
UNAUDITED
Three Months Ended Year Ended
December December December December
31, 31, 31, 31,
2006 2005 2006 2005
ORDERS
Instrumentation &
Thermal Fluid Controls $75,962 $76,200 $331,495 $264,934
Energy Products 95,368 43,739 381,762 181,481
Total orders $171,330 $119,939 $713,257 $446,415
December December
31, 31,
2006 2005
BACKLOG
Instrumentation &
Thermal Fluid Controls $113,434 $84,019
Energy Products 172,235 58,137
Total backlog $285,669 $142,156
Note: Backlog includes all unshipped customer orders.
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%
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)
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.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2006
1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD
NET REVENUES
Instrumentation &
Thermal Fluid Controls
(TFC) $72,434 $79,470 $79,205 $81,591 $312,700
Energy Products 54,861 64,919 71,207 88,024 279,011
Total 127,295 144,389 150,412 169,615 591,711
OPERATING MARGIN
Instrumentation & TFC 9.1% 8.6% 9.5% 8.2% 8.8%
Energy Products 10.4% 11.4% 13.2% 15.7% 13.0%
Segment operating
margin 9.7% 9.9% 11.3% 12.1% 10.8%
Corporate expenses -3.0% -2.5% -2.8% -2.4% -2.7%
Special charges 0.0% 0.0% -0.3% -0.1% -0.1%
Total operating margin 6.7% 7.4% 8.1% 9.5% 8.0%
OPERATING INCOME
Instrumentation & TFC
(excl. special &
unusual charges) 6,595 6,861 7,522 6,680 27,658
Energy Products (excl.
special & unusual
charges) 5,702 7,429 9,420 13,797 36,348
Segment operating
income (excl. special
& unusual charges) 12,297 14,290 16,942 20,477 64,006
Corporate expenses (3,809) (3,578) (4,284) (4,146) (15,817)
Special charges - (479) (200) (679)
Total operating income 8,488 10,712 12,179 16,131 47,510
INTEREST EXPENSE, NET (1,024) (1,464) (1,383) (1,246) (5,117)
OTHER (EXPENSE) INCOME,
NET 131 248 (27) (486) (134)
PRETAX INCOME 7,595 9,496 10,769 14,399 42,259
PROVISION FOR INCOME
TAXES (2,431) (3,038) (3,446) (4,016) (12,931)
EFFECTIVE TAX RATE 32.0% 32.0% 32.0% 27.9% 30.6%
NET INCOME $5,164 $6,458 $7,323 $10,383 $29,328
Weighted Average Common
Shares Outstanding
(Diluted) 16,197 16,332 16,368 16,438 16,291
EARNINGS PER COMMON SHARE
(Diluted) $0.32 $0.40 $0.45 $0.63 $1.80
EARNINGS PER COMMON SHARE
(Diluted)
excluding special
charges $0.32 $0.40 $0.47 $0.64 $1.83
EBIT $8,619 $10,960 $12,152 $15,645 $47,376
Depreciation 2,619 3,169 2,901 2,517 11,206
Amortization of
intangibles 515 567 709 603 2,394
EBITDA $11,753 $14,696 $15,762 $18,765 $60,976
EBITDA AS A PERCENT OF
SALES 9.2% 10.2% 10.5% 11.1% 10.3%
CAPITAL EXPENDITURES $1,578 $1,742 $3,823 $2,790 $9,933
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
(USED IN) 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
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED
2006
1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD
FREE CASH FLOW [NET
CASH FLOW FROM
OPERATING ACTIVITIES
LESS CAPITAL
EXPENDITURES LESS
DIVIDENDS PAID] $(5,213) $402 $8,865 $13,476 $17,530
ADD: Capital
expenditures 1,578 1,742 3,823 2,790 9,933
Dividends paid 595 600 600 600 2,395
NET CASH PROVIDED BY
(USED IN) OPERATING
ACTIVITIES $(3,040) $2,744 $13,288 $16,866 $29,858
NET (CASH) DEBT
[TOTAL DEBT LESS CASH
AND CASH EQUIVALENTS
LESS INVESTMENTS] $68,271 $64,336 $55,157 $36,088 $36,088
ADD: Cash and cash
equivalents 27,069 25,966 33,265 28,652 28,652
Investments - 2,639 90 86 86
TOTAL DEBT $95,340 $92,941 $88,512 $64,826 $64,826
NET DEBT AS % OF NET
CAPITALIZATION 17.7% 16.2% 13.9% 9.2% 9.2%
NET CAPITALIZATION
[TOTAL DEBT PLUS
SHAREHOLDERS' EQUITY
LESS CASH AND CASH
EQUIVALENTS, LESS
INVESTMENTS] $385,659 $397,814 $397,012 $393,389 $393,389
LESS: Total debt (95,340) (92,941) (88,512) (64,826) (64,826)
ADD: Cash and cash
equivalents 27,069 25,966 33,265 28,652 28,652
Investments - 2,639 90 86 86
TOTAL SHAREHOLDERS'
EQUITY 317,388 333,478 341,855 357,301 357,301
ADD: Total debt 95,340 92,941 88,512 64,826 64,826
TOTAL CAPITAL $412,728 $426,419 $430,367 $422,127 $422,127
TOTAL DEBT / TOTAL
CAPITAL 23.1% 21.8% 20.6% 15.4% 15.4%
EBIT [NET INCOME
LESS INTEREST EXPENSE,
NET] $8,619 $10,960 $12,152 $15,645 $47,376
LESS: Interest
expense, net (1,024) (1,464) (1,383) (1,246) (5,117)
Provision for
income taxes (2,431) (3,038) (3,446) (4,016) (12,931)
NET INCOME $5,164 $6,458 $7,323 $10,383 $29,328
EBITDA [NET INCOME LESS
INTEREST EXPENSE, NET
LESS DEPRECIATION
LESS AMORTIZATION
LESS TAXES] $11,753 $14,696 $15,762 $18,765 $60,976
LESS:
Interest
expense, net (1,024) (1,464) (1,383) (1,246) (5,117)
Depreciation (2,619) (3,169) (2,901) (2,517) (11,206)
Amortization of
intangibles (515) (567) (709) (603) (2,394)
Provision for
income taxes (2,431) (3,038) (3,446) (4,016) (12,931)
NET INCOME $5,164 $6,458 $7,323 $10,383 $29,328
INCOME EXCLUDING SPECIAL
CHARGES [NET INCOME LESS
SPECIAL CHARGES, NET
OF TAX] $5,164 $6,458 $7,649 $10,527 $29,799
LESS: Special charges,
net of tax - - (326) (144) (471)
NET INCOME $5,164 $6,458 $7,323 $10,383 $29,328
Weighted average common
shares outstanding
(diluted) 16,197 16,332 16,368 16,438 16,291
EARNINGS PER SHARE
EXCLUDING SPECIAL
CHARGES $0.32 $0.40 $0.47 $0.64 $1.83
DATASOURCE: CIRCOR International, Inc.
CONTACT: Kenneth W. Smith, Chief Financial Officer, CIRCOR
International, Inc., +1-781-270-1200
Web site: http://www.circor.com/
http://www.circor.com/quarterlyearnings