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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), a leading provider of flow control solutions and other highly engineered products for markets including oil & gas, power generation, industrial and aerospace & defense, today announced financial results for the third quarter ended October 2, 2016.
Third-Quarter 2016 Highlights
“Despite the cyclical headwinds facing our Energy business, we continue to focus on what we control. In the third quarter, we negotiated an important strategic acquisition, further reduced costs, and improved our working capital and cash flow performance,” said Scott Buckhout, President and Chief Executive Officer. “The supplier quality issues we noted in the second quarter in our Aerospace and Defense business have been resolved. We expect stronger performance from this business going forward.”
On October 13, 2016, CIRCOR closed on the acquisition of Critical Flow Solutions. This acquisition is consistent with the Company’s disciplined capital deployment strategy and diversifies CIRCOR’s revenue base as it further penetrates the stable downstream refining market. CFS brings an impressive portfolio of high technology valves and automation equipment for severe-service applications. CFS is generating strong margins due to its proprietary technology, large installed base, and high proportion of aftermarket sales.
“In addition, we are taking further actions to optimize our organizational structure to drive top-line growth and better align our businesses with end markets,” added Buckhout. “Going forward, our new ‘Energy’ segment, including our recent acquisition of CFS, will primarily serve the oil & gas market. The second segment, ‘Advanced Flow Solutions,’ will include the current Aerospace & Defense businesses plus the Control Valves product line out of our legacy Energy Group. We expect to complete this reorganization in the fourth quarter and report the year-end results consistent with the new organizational structure.”
Advanced Flow Solutions (AFS) brings together CIRCOR’s Aerospace & Defense and Control Valves product lines under one management structure. AFS will be a diversified flow control technology platform that will help CIRCOR accelerate growth in the aerospace, defense, power, process, and general industrial end markets. In addition, this new Group will serve as the platform to acquire innovative technologies in broader flow control adjacencies. Sumit Mehrotra will lead this new Group, which will be headquartered in Corona, California. Mr. Mehrotra currently serves as CIRCOR’s Senior Vice President for Global Supply Chain & Product Management.
“As we enter the final quarter of the year, we remain focused on executing our simplification and margin improvement actions. We are committed to creating long-term value for our shareholders by investing in both organic growth and acquisitions, expanding margins, generating strong free cash flow, and being disciplined with capital deployment,” concluded Buckhout.
Fourth-Quarter 2016 Guidance
For the fourth quarter of 2016, the Company will provide its guidance during the conference call later today.
Selected Consolidated Results (unaudited)
($ millions except EPS) Q3 2016 Q3 2015 Change Revenue $ 134.8 $ 159.3 (15)% GAAP Operating Income $ 3.5 $ (3.5) 200% Adjusted Operating Income1 $ 8.2 $ 16.2 (49)% GAAP Operating Margin 2.6% (2.2)% 480 bps Adjusted Operating Margin1 6.1% 10.1% (400) bps GAAP Earnings Per Share (Diluted) $ 0.27 $ (0.49) 155% Adjusted Earnings Per Share (Diluted)1 $ 0.46 $ 0.64 (28)% Operating Cash Flow $ 21.2 $ 5.0 324% Free Cash Flow2 $ 17.5 $ 2.2 NM Orders $ 111.3 $ 128.5 (13)%Segment Results
($ millions) Q3 2016 Q3 2015 Change EnergyRevenue
$ 99.8 $ 122.9 (19)% GAAP Operating Margin 7.7% (0.6)% 830 bps Adjusted Operating Margin1 11.4% 15.4% (400) bps Orders $ 78.5 $ 94.2 (17)% Aerospace & Defense Revenue $ 35.0 $ 36.4 (4)% GAAP Operating Margin 6.7% 8.9% (220) bps Adjusted Operating Margin1 9.7% 9.1% 60 bps Orders $32.8
$ 34.3 (4)%1. Consolidated and Segment Results for Q3 2016 exclude special, restructuring and impairment charges totaling $4.7 million. This includes (i) $1.9 million for non-cash acquisition-related intangible amortization expense; (ii) $0.8 million related to the exit of the Company’s California machine shop; (iii) $0.4 million related to the Company’s Brazil exit; and (iv) $1.6 million related to the Company’s suspension of manufacturing operations in China and other restructuring programs. Q3 2015 results exclude special, restructuring and impairment charges totaling $19.7 million including (i) $16.9 million related to the closure of the Brazil manufacturing operations including restructuring-related inventory charge of $6.4 million; (ii) $2.5 million for Schroedahl intangible amortization expense; and (iii) restructuring costs of $0.4 million.
2. Free Cash Flow is a non-GAAP financial measure and is calculated by subtracting GAAP capital expenditures, net of proceeds from asset sales, from GAAP Operating Cash Flow.
Conference Call InformationCIRCOR International will hold a conference call to review its financial results today, October 28, 2016, at 9:00 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 share (diluted), adjusted operating income, 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 the realization of cost reductions from restructuring activities. 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 flow control solutions and other highly engineered products and sub-systems for markets including oil & gas, power generation, industrial 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 website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)
UNAUDITED
Three Months Ended Nine Months Ended October 2, 2016 October 4, 2015 October 2, 2016 October 4, 2015 Net revenues $ 134,833 $ 159,258 $ 432,023 $ 492,023 Cost of revenues 92,479 113,865 298,005 343,187 GROSS PROFIT 42,354 45,393 134,018 148,836 Selling, general and administrative expenses 36,002 38,143 110,290 119,344 Impairment charges 208 2,502 208 2,502 Special charges, net 2,631 8,277 9,165 13,098 OPERATING INCOME (LOSS) 3,513 (3,529 ) 14,355 13,892 Other expense (income): Interest expense, net 605 828 1,841 2,274 Other expense (income), net 163 (587 ) (914 ) (1,197 ) TOTAL OTHER EXPENSE, NET 768 241 927 1,077 INCOME (LOSS) BEFORE INCOME TAXES 2,745 (3,770 ) 13,428 12,816 (Benefit from) Provision for income taxes (1,673 ) 4,308 1,325 10,109 NET INCOME (LOSS) $ 4,418 $ (8,078 ) $ 12,103 $ 2,707 Earnings (Loss) per common share: Basic $ 0.27 $ (0.49 ) $ 0.74 $ 0.16 Diluted $ 0.27 $ (0.49 ) $ 0.73 $ 0.16 Weighted average number of common shares outstanding: Basic 16,427 16,485 16,411 16,989 Diluted 16,629 16,485 16,568 17,029 Dividends declared per common share $ 0.0375 $ 0.0375 $ 0.1125 $ 0.1125 CIRCOR INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
Nine Months Ended October 2, 2016 October 4, 2015 OPERATING ACTIVITIES Net income $ 12,103 $ 2,707 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 9,614 10,676 Amortization 7,586 6,742 Bad debt (recovery) expense (928 ) 2,832 Loss on write down of inventory 5,784 11,808 Compensation expense of share-based plans 4,200 5,811 Tax effect of share-based plan compensation 123 (259 ) Loss on sale or write down of property, plant and equipment 3,238 478 Impairment charges 208 2,502 Gain on sale of business — (1,044 ) Changes in operating assets and liabilities, net of effects of acquisition and disposition: Trade accounts receivable 15,422 8,118 Inventories 20,216 (29,260 ) Prepaid expenses and other assets 545 (2,801 ) Accounts payable, accrued expenses and other liabilities (39,161 ) (21,669 ) Net cash provided by (used in) operating activities 38,950 (3,359 ) INVESTING ACTIVITIES Purchases of property, plant and equipment (10,776 ) (9,604 ) Proceeds from the sale of property, plant and equipment 1,186 1,200 Proceeds from the sale of affiliate — 2,759 Business acquisition, net of cash acquired — (79,983 ) Net cash used in investing activities (9,590 ) (85,628 ) FINANCING ACTIVITIES Proceeds from long-term debt 90,589 241,619 Payments of long-term debt (88,740 ) (141,830 ) Dividends paid (1,873 ) (1,937 ) Proceeds from the exercise of stock options 192 259 Tax effect of share-based plan compensation (123 ) 259 Purchases of common stock — (69,517 ) Net cash provided by financing activities 45 28,853 Effect of exchange rate changes on cash and cash equivalents 983 (7,416 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 30,388 (67,550 ) Cash and cash equivalents at beginning of period 54,541 121,372 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 84,929 $ 53,822 CIRCOR INTERNATIONAL, INC.CONSOLIDATED BALANCE SHEETS
(in thousands)
UNAUDITED
October 2, 2016 December 31, 2015 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 84,929 $ 54,541 Trade accounts receivable, less allowance for doubtful accounts of $7,570 and $8,290, respectively 112,122 125,628 Inventories 153,470 177,840 Prepaid expenses and other current assets 18,001 16,441 Total Current Assets 368,522 374,450 PROPERTY, PLANT AND EQUIPMENT, NET 81,327 87,029 OTHER ASSETS: Goodwill 117,167 115,452 Intangibles, net 40,953 48,981 Deferred income taxes 42,713 36,799 Other assets 5,983 7,204 TOTAL ASSETS $ 656,665 $ 669,915 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 50,500 $ 64,284 Accrued expenses and other current liabilities 39,950 52,878 Accrued compensation and benefits 17,386 18,424 Income taxes payable 5,956 6,585 Total Current Liabilities 113,792 142,171 LONG-TERM DEBT 92,400 90,500 DEFERRED INCOME TAXES 9,837 10,424 OTHER NON-CURRENT LIABILITIES 24,038 26,043 SHAREHOLDERS’ EQUITY: Common stock 178 177 Additional paid-in capital 287,919 283,621 Retained earnings 268,169 257,939 Common treasury stock, at cost (74,972 ) (74,972 ) Accumulated other comprehensive loss, net of tax (64,696 ) (65,988 ) Total Shareholders’ Equity 416,598 400,777 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 656,665 $ 669,915 CIRCOR INTERNATIONAL, INC.SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Nine Months Ended October 2, 2016 October 4, 2015 October 2, 2016 October 4, 2015 ORDERS (1) Energy $ 78.5 $ 94.2 $ 266.5 $ 348.7 Aerospace & Defense32.8
34.3 117.0 103.9 Total orders $111.3
$ 128.5 $ 383.5 $ 452.6 BACKLOG (2) October 2, 2016 October 4, 2015 Energy $ 120.9 $ 210.6 Aerospace & Defense 99.3 94.1 Total backlog $ 220.2 $ 304.7
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.
CIRCOR INTERNATIONAL, INC.SUMMARY REPORT BY SEGMENT
(in thousands, except percentages)
UNAUDITED
2015 2016 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD NET REVENUES Energy $ 127,586 $ 127,230 $ 122,905 $ 124,412 $ 502,133 $ 112,620 $ 110,678 $ 99,798 $ 323,096 Aerospace & Defense 38,274 39,676 36,353 39,832 154,134 38,178 35,714 35,035 108,927 Total $ 165,860 $ 166,906 $ 159,258 $ 164,243 $ 656,267 $ 150,798 $ 146,392 $ 134,833 $ 432,023 OPERATING MARGIN Energy 13.8 % 13.4 % 15.4 % 13.4 % 14.0 % 12.6 % 13.0 % 11.4 % 12.3 % Aerospace & Defense 8.0 % 8.8 % 9.1 % 10.4 % 9.1 % 9.3 % 8.4 % 9.7 % 9.2 % Segment operating margin 12.4 % 12.3 % 14.0 % 12.7 % 12.8 % 11.8 % 11.9 % 10.9 % 11.5 % Corporate expenses (3.6 )% (3.3 )% (3.8 )% (2.5 )% (3.3 )% (4.3 )% (3.7 )% (4.8 )% (4.3 )% Adjusted operating margin 8.8 % 9.0 % 10.1 % 10.2 % 9.5 % 7.5 % 8.1 % 6.1 % 7.3 % Restructuring related inventory charges — % 1.2 % 4.0 % 0.6 % 1.4 % 1.3 % 0.1 % — % 0.5 % Impairment charges — % — % 1.6 % — % 0.4 % — % — % 0.2 % 0.1 % Special restructuring charges, net 0.9 % 1.9 % 0.2 % (0.2 )% 0.7 % 0.8 % 2.2 % 1.7 % 1.5 % Special acquisition amortization — % 1.3 % 1.6 % 1.4 % 1.0 % 1.2 % 1.3 % 1.4 % 1.3 % Special other charges, net of recoveries — % 0.1 % 5.0 % 1.0 % 1.5 % 0.5 % 0.9 % 0.3 % 0.6 % Brazil restatement impact 0.4 % 1.5 % — % — % 0.5 % — % — % — % — % Total GAAP operating margin 7.4 % 3.0 % (2.2 )% 7.5 % 4.0 % 3.6 % 3.7 % 2.6 % 3.3 % CIRCOR INTERNATIONAL, INC.SUMMARY REPORT BY SEGMENT
(in thousands, except percentages and per share data)
UNAUDITED
2015 2016 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD INCOME STATEMENT Energy $ 17,550 $ 17,008 $ 18,932 $ 16,724 $ 70,214 $ 14,186 $ 14,346 $ 11,357 $ 39,888 Aerospace & Defense 3,045 3,494 3,298 4,146 13,982 3,562 3,011 3,406 9,979 Segment operating income 20,595 20,502 22,230 20,870 84,197 17,748 17,357 14,763 49,867 Corporate expenses (6,034 ) (5,477 ) (6,078 ) (4,122 ) (21,710 ) (6,488 ) (5,431 ) (6,522 ) (18,441 ) Adjusted operating income 14,561 15,025 16,152 16,748 62,487 11,260 11,926 8,240 31,426 Restructuring related inventory charges — 2,005 6,412 974 9,391 1,958 75 — 2,033 Impairment charges — — 2,502 — 2,502 — — 208 208 Special restructuring charges, net 1,512 3,127 342 (347 ) 4,634 1,163 3,259 2,252 6,674 Special acquisition amortization — 2,110 2,490 2,238 6,838 1,868 1,911 1,888 5,667 Special other charges, net of recoveries (1 ) 183 7,935 1,603 9,720 776 1,334 379 2,489 Brazil restatement impact 719 2,509 — — 3,228 — — — — Total GAAP operating income (loss) 12,331 5,090 (3,529 ) 12,281 26,174 5,495 5,347 3,513 14,355 INTEREST EXPENSE, NET (640 ) (805 ) (828 ) (570 ) (2,844 ) (631 ) (605 ) (605 ) (1,841 ) OTHER INCOME (EXPENSE), NET 506 104 587 (2,099 ) (902 ) 528 549 (163 ) 914 PRETAX INCOME (LOSS) 12,197 4,389 (3,770 ) 9,612 22,428 5,392 5,291 2,745 13,428 (PROVISION FOR) BENEFIT FROM INCOME TAXES (3,284 ) (2,517 ) (4,308 ) (2,456 ) (12,565 ) (1,520 ) (1,478 ) 1,673 (1,325 ) EFFECTIVE TAX RATE 26.9 % 57.3 % (114.3 )% 25.6 % 56.0 % 28.2 % 27.9 % (61.0 )% 9.9 % NET INCOME (LOSS) $ 8,913 $ 1,872 $ (8,078 ) $ 7,156 $ 9,863 $ 3,872 $ 3,813 $ 4,418 $ 12,103 Weighted Average Common Shares Outstanding (Diluted) 17,712 16,900 16,485 16,555 16,913 16,481 16,595 16,629 16,568 EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.50 $ 0.11 $ (0.49 ) $ 0.43 $ 0.58 $ 0.23 $ 0.23 $ 0.27 $ 0.73CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except percentages)
UNAUDITED
2015 2016 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD FREE CASH FLOW AS % OF NET INCOME (LOSS) (207 )% 239 % (27 )% 397 % 169 % 96 % 214 % 395 % 243 % FREE CASH FLOW $ (18,415 ) $ 4,483 $ 2,169 $ 28,403 $ 16,640 $ 3,720 $ 8,174 $ 17,466 $ 29,360 ADD: Capital expenditures, net of sale proceeds 1,983 3,584 2,837 2,098 10,502 3,934 1,926 3,730 9,590 NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (16,432 ) $ 8,067 $ 5,006 $ 30,501 $ 27,142 $ 7,654 $ 10,100 $ 21,196 $ 38,950 NET (CASH) DEBT $ (66,337 ) $ 59,051 $ 57,277 $ 35,959 $ 35,959 $ 31,220 $ 24,630 $ 7,471 $ 7,471 ADD: Cash & cash equivalents 103,883 55,027 53,822 54,541 54,541 66,580 72,970 84,929 84,929 TOTAL DEBT $ 37,546 $ 114,078 $ 111,099 $ 90,500 $ 90,500 $ 97,800 $ 97,600 $ 92,400 $ 92,400 TOTAL SHAREHOLDERS' EQUITY $ 462,384 $ 421,070 $ 407,979 $ 400,777 $ 400,777 $ 414,107 $ 411,367 $ 416,598 $ 416,598 DEBT AS % OF EQUITY 8 % 27 % 27 % 23 % 23 % 24 % 24 % 22 % 22 % NET DEBT AS % OF EQUITY (14 )% 14 % 14 % 9 % 9 % 8 % 6 % 2 % 2 % CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except percentages and per share data)
UNAUDITED
20152016
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD ADJUSTED NET INCOME $ 10,564 $ 9,357 $ 10,635 $ 10,512 $ 41,068 $ 8,683 $ 8,781 $ 7,626 $ 25,090 LESS: Restructuring related inventory charges — 2,005 6,412 974 9,391 1,958 75 — 2,033 Impairment charges — — 2,502 — 2,502 — — 208 208 Special restructuring charges, net 1,512 3,127 342 (347 ) 4,634 1,163 3,259 2,252 6,674 Special acquisition amortization — 2,110 2,490 2,238 6,838 1,868 1,911 1,888 5,667 Special other charges, net of recoveries (1 ) 183 7,935 1,603 9,720 776 1,334 379 2,489 Brazil restatement impact 719 2,509 — — 3,228 — — — — Income tax impact (579 ) (2,449 ) (968 ) (1,112 ) (5,108 ) (954 ) (1,611 ) (1,519 ) (4,084 ) NET INCOME (LOSS) $ 8,913 $ 1,872 $ (8,078 ) $ 7,156 $ 9,863 $ 3,872 $ 3,813 $ 4,418 $ 12,103 ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.60 $ 0.55 $ 0.64 $ 0.63 $ 2.43 $ 0.52 $ 0.53 $ 0.46 $ 1.51 LESS: Restructuring related inventory charges — 0.12 0.39 0.06 0.57 0.12 — — 0.12 Impairment charges — — 0.15 — 0.15 — — 0.01 0.01 Special restructuring charges, net 0.09 0.19 0.02 (0.02 ) 0.28 0.07 0.20 0.14 0.40 Special acquisition amortization — 0.12 0.15 0.14 0.41 0.11 0.12 0.11 0.34 Special other charges, net of recoveries — 0.01 0.48 0.10 0.59 0.05 0.08 0.02 0.15 Brazil restatement impact 0.04 0.15 — — 0.19 — — — — Income tax impact (0.03 ) (0.15 ) (0.06 ) (0.07 ) (0.31 ) (0.06 ) (0.10 ) (0.09 ) (0.25 )EARNINGS (LOSS) PER COMMON SHARE (Diluted)
$ 0.50 $ 0.11 $ (0.49 ) $ 0.43 $ 0.58 $ 0.23 $ 0.23 $ 0.27 $ 0.73 CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except percentages)
UNAUDITED
2015 2016 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD ADJUSTED EBITDA $ 19,299 $ 19,474 $ 20,980 $ 18,927 $ 78,681 $ 15,712 $ 16,346 $ 11,815 $ 43,873 LESS: Restructuring related inventory charges — (2,005 ) (6,412 ) (974 ) (9,391 ) (1,958 ) (75 ) — (2,033 ) Impairment charges — — (2,502 ) — (2,502 ) — — (208 ) (208 ) Special restructuring charges, net (1,512 ) (3,127 ) (342 ) 347 (4,634 ) (1,163 ) (3,259 ) (2,252 ) (6,674 ) Special other charges, net of recoveries 1 (183 ) (7,935 ) (1,603 ) (9,720 ) (776 ) (1,334 ) (379 ) (2,489 ) Brazil restatement impact (719 ) (2,509 ) — — (3,228 ) — — — — EBITDA $ 17,068 $ 11,650 $ 3,789 $ 16,698 $ 49,206 $ 11,815 $ 11,678 $ 8,976 $ 32,469 LESS: Interest expense, net (641 ) (805 ) (828 ) (570 ) (2,844 ) (631 ) (605 ) (605 ) (1,841 ) Depreciation (3,521 ) (3,629 ) (3,526 ) (3,578 ) (14,254 ) (3,263 ) (3,213 ) (3,138 ) (9,614 ) Amortization (710 ) (2,827 ) (3,205 ) (2,939 ) (9,681 ) (2,529 ) (2,569 ) (2,488 ) (7,586 ) (Provision for) benefit from income taxes (3,284 ) (2,517 ) (4,308 ) (2,456 ) (12,565 ) (1,520 ) (1,478 ) 1,673 (1,325 ) NET INCOME (LOSS) $ 8,913 $ 1,872 $ (8,078 ) $ 7,156 $ 9,863 $ 3,872 $ 3,813 $ 4,418 $ 12,103 CIRCOR INTERNATIONAL, INC.SUPPLEMENTAL SEGMENT DATA
(in thousands, except percentages)
UNAUDITED
2015 2016 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D ADJUSTED OPERATING MARGIN 13.8 % 8.0 % 13.4 % 8.8 % 15.4 % 9.1 % 13.4 % 10.4 % 14.0 % 9.1 % 12.6 % 9.3 % 13.0 % 8.4 % 11.4 % 9.7 % 12.3 % 9.2 % Restructuring related inventory charges — % — % 0.1 % 4.7 % 5.2 % — % 0.4 % 1.2 % 1.4 % 1.5 % 1.7 % 0.1 % 0.1 % — % — % — % 0.6 % — % Impairment charges — % — % — % — % 2.0 % — % — % — % 0.5 % — % — % — % — % — % 0.2 % — % 0.1 % — % Special restructuring charges, net 0.3 % 3.1 % 2.2 % 0.8 % 0.2 % 0.2 % (0.3 )% 0.1 % 0.6 % 1.0 % (0.2 )% 3.8 % 0.8 % 6.6 % 1.2 % 3.0 % 0.6 % 4.5 % Special acquisition amortization — % — % 1.7 % — % 2.0 % — % 1.8 % — % 1.4 % — % 1.7 % — % 1.7 % — % 1.9 % — % 1.8 % — % Special other charges, net of recoveries 0.4 % (2.6 )% 0.2 % (0.2 )% 6.5 % — % 0.7 % — % 1.9 % (0.7 )% 0.7 % — % 1.2 % — % 0.4 % — % 0.8 % — % Brazil restatement impact 0.6 % — % 2.0 % — % — % — % — % — % 0.6 % — % — % — % — % — % — % — % — % — % GAAP OPERATING MARGIN 12.5 % 7.5 % 7.2 % 3.5 % (0.6 )% 8.9 % 10.9 % 9.1 % 7.6 % 7.2 % 8.8 % 5.5 % 9.1 % 1.8 % 7.7 % 6.7 % 8.6 % 4.7 % 2015 2016 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR 3RD QTR YTD Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D Energy A&D ADJUSTED OPERATING INCOME $ 17,550 $ 3,045 $ 17,008 $ 3,494 $ 18,932 $ 3,298 $ 16,724 $ 4,146 $ 70,214 $ 13,982 $ 14,186 $ 3,562 $ 14,346 $ 3,011 $ 11,357 $ 3,406 $ 39,888 $ 9,979Restructuring relatedinventory charges
— — 153 1,852 6,412 — 508 466 7,073 2,318 1,919 39 74 — — — 1,993 39Impairment charges
— — — — 2,502 — — — 2,502 — — — — — 208 — 208 —Special restructuringcharges, net
343 1,169 2,818 309 279 63 (394 ) 47 3,046 1,588 (278 ) 1,441 900 2,359 1,191 1,061 1,814 4,861Special acquisitionamortization
— — 2,110 — 2,490 — 2,238 — 6,838 — 1,868 — 1,911 — 1,888 — 5,667 —Special other charges, netof recoveries
556 (977 ) 248 (65 ) 7,935 — 828 — 9,567 (1,042 ) 774 — 1,335 — 379 — 2,488 —Brazil restatement impact
719 — 2,509 — — — — — 3,228 — — — — — — — — —GAAP OPERATING INCOME (LOSS)
$ 15,932 $ 2,853 $ 9,170 $ 1,398 $ (686 ) $ 3,235 $ 13,544 $ 3,633 $ 37,960 $ 11,118 $ 9,903 $ 2,082 $ 10,126 $ 652 $ 7,690 $ 2,345 $ 27,719 $ 5,079
View source version on businesswire.com: http://www.businesswire.com/news/home/20161028005401/en/
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice President & Chief Financial Officer
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