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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 |
DELAWARE | 001-14962 | 04-3477276 |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission file number) | (I.R.S. Employer Identification No.) |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | Press Release regarding Earnings, Dated April 28, 2015 |
99.2 | First Quarter 2015 Investor Review Presentation |
Title: | Executive Vice President and Chief Financial Officer |
• | Orders of $182 million with solid bookings for large international projects |
• | Q1 revenue of $165.9 million and adjusted EPS of $0.60 |
• | Repurchased 302,000 shares of common stock for $16.7 million |
• | Restructuring actions remain on track; announcing additional restructuring program |
• | Announced acquisition of Schroedahl |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) UNAUDITED | |||||||
Three Months Ended | |||||||
April 5, 2015 | March 30, 2014 | ||||||
Net revenues | $ | 165,860 | $ | 211,186 | |||
Cost of revenues | 113,211 | 146,548 | |||||
GROSS PROFIT | 52,649 | 64,638 | |||||
Selling, general and administrative expenses | 38,088 | 44,888 | |||||
Special charges (recoveries), net | 1,511 | (1,157 | ) | ||||
OPERATING INCOME | 13,050 | 20,907 | |||||
Other expense (income): | |||||||
Interest expense, net | 640 | 918 | |||||
Other (income), net | (506 | ) | (468 | ) | |||
TOTAL OTHER EXPENSE, NET | 134 | 450 | |||||
INCOME BEFORE INCOME TAXES | 12,916 | 20,457 | |||||
Provision for income taxes | 3,284 | 5,825 | |||||
NET INCOME | $ | 9,632 | $ | 14,632 | |||
Earnings per common share: | |||||||
Basic | $ | 0.55 | $ | 0.83 | |||
Diluted | $ | 0.54 | $ | 0.82 | |||
Weighted average number of common shares outstanding: | |||||||
Basic | 17,662 | 17,620 | |||||
Diluted | 17,712 | 17,741 | |||||
Dividends paid per common share | $ | 0.0375 | $ | 0.0375 |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (UNAUDITED) | |||||||
Three Months Ended | |||||||
April 5, 2015 | March 30, 2014 | ||||||
OPERATING ACTIVITIES | |||||||
Net income | $ | 9,632 | $ | 14,632 | |||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||
Depreciation | 3,521 | 4,069 | |||||
Amortization | 710 | 786 | |||||
Compensation expense of share-based plans | 2,222 | 1,830 | |||||
Tax effect of share-based plan compensation | (289 | ) | (571 | ) | |||
Loss on sale of property, plant and equipment | 46 | 34 | |||||
(Gain) on sale of business | (972 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Trade accounts receivable, net | 7,480 | (9,952 | ) | ||||
Inventories | (18,697 | ) | 234 | ||||
Prepaid expenses and other assets | (4,787 | ) | (859 | ) | |||
Accounts payable, accrued expenses and other liabilities | (15,298 | ) | 6,854 | ||||
Net cash (used in) provided by operating activities | (16,432 | ) | 17,057 | ||||
INVESTING ACTIVITIES | |||||||
Additions to property, plant and equipment | (1,983 | ) | (2,670 | ) | |||
Proceeds from the sale of property, plant and equipment | — | 13 | |||||
Proceeds from the sale of affiliate | 2,759 | — | |||||
Net cash provided by (used in) investing activities | 776 | (2,657 | ) | ||||
FINANCING ACTIVITIES | |||||||
Proceeds from long-term debt | 46,903 | 48,029 | |||||
Payments of long-term debt | (21,540 | ) | (41,781 | ) | |||
Dividends paid | (672 | ) | (670 | ) | |||
Proceeds from the exercise of stock options | 38 | 192 | |||||
Tax effect of share-based plan compensation | 289 | 571 | |||||
Purchases of common stock | (16,682 | ) | — | ||||
Net cash provided by financing activities | 8,336 | 6,341 | |||||
Effect of exchange rate changes on cash and cash equivalents | (10,083 | ) | (824 | ) | |||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (17,403 | ) | 19,917 | ||||
Cash and cash equivalents at beginning of year | 121,286 | 102,180 | |||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 103,883 | $ | 122,097 | |||
Cash paid during the year for: | |||||||
Income taxes | $ | 2,216 | $ | 2,913 | |||
Interest | $ | 394 | $ | 472 |
CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
April 5, 2015 | December 31, 2014 | ||||||
ASSETS | (unaudited) | ||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 103,883 | $ | 121,286 | |||
Short-term investments | 80 | 86 | |||||
Trade accounts receivable, less allowance for doubtful accounts of $9,122 and $9,536, respectively | 140,752 | 156,738 | |||||
Inventories | 194,624 | 183,434 | |||||
Prepaid expenses and other current assets | 21,731 | 21,626 | |||||
Deferred income tax asset | 22,184 | 22,861 | |||||
Total Current Assets | 483,254 | 506,031 | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | 90,045 | 96,212 | |||||
OTHER ASSETS: | |||||||
Goodwill | 69,832 | 72,430 | |||||
Intangibles, net | 24,797 | 26,887 | |||||
Deferred income tax asset | 17,206 | 19,048 | |||||
Other assets | 3,557 | 4,114 | |||||
TOTAL ASSETS | $ | 688,691 | $ | 724,722 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 77,893 | $ | 87,112 | |||
Accrued expenses and other current liabilities | 53,443 | 65,223 | |||||
Accrued compensation and benefits | 18,166 | 24,728 | |||||
Notes payable and current portion of long-term debt | 8,481 | 8,423 | |||||
Total Current Liabilities | 157,983 | 185,486 | |||||
LONG-TERM DEBT, NET OF CURRENT PORTION | 29,065 | 5,261 | |||||
DEFERRED INCOME TAXES | 7,107 | 7,771 | |||||
OTHER NON-CURRENT LIABILITIES | 31,433 | 32,111 | |||||
SHAREHOLDERS’ EQUITY: | |||||||
Common stock | 177 | 177 | |||||
Additional paid-in capital | 279,405 | 277,227 | |||||
Retained earnings | 259,599 | 250,635 | |||||
Treasury stock | (16,682 | ) | — | ||||
Accumulated other comprehensive loss, net of taxes | (59,396 | ) | (33,946 | ) | |||
Total Shareholders’ Equity | 463,103 | 494,093 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 688,691 | $ | 724,722 |
CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) UNAUDITED | |||||||
Three Months Ended | |||||||
April 5, 2015 | March 30, 2014 | ||||||
ORDERS (1)(5) | |||||||
Energy | $ | 143.1 | $ | 147.3 | |||
Aerospace & Defense | 39.2 | 37.2 | |||||
Total orders | $ | 182.3 | $ | 184.5 | |||
BACKLOG (2)(5) | April 5, 2015 | March 30, 2014 | |||||
Energy (3) | $ | 247.6 | $ | 265.5 | |||
Aerospace & Defense (4) | 104.1 | 163.1 | |||||
Total backlog | $ | 351.8 | $ | 428.6 | |||
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 $5.5 million related to 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. | |||||||
Note 5: Three months ended March 30, 2014 orders and backlog amounts exclude business divestitures in both the Energy and Aerospace & Defense segments. |
CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except percentages) UNAUDITED | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||
NET REVENUES | ||||||||||||||||||
Energy | $ | 162,587 | $ | 160,580 | $ | 157,658 | $ | 172,432 | $ | 653,257 | $ | 127,586 | ||||||
Aerospace & Defense | 48,599 | 47,304 | 46,160 | 46,126 | 188,189 | 38,274 | ||||||||||||
Total | $ | 211,186 | $ | 207,884 | $ | 203,818 | $ | 218,558 | $ | 841,446 | $ | 165,860 | ||||||
ADJUSTED OPERATING MARGIN | ||||||||||||||||||
Energy | 13.8 | % | 14.6 | % | 16.9 | % | 14.3 | % | 14.9 | % | 13.8 | % | ||||||
Aerospace & Defense | 9.1 | % | 7.1 | % | 5.0 | % | 5.3 | % | 6.6 | % | 8.0 | % | ||||||
Segment operating margin | 12.7 | % | 12.9 | % | 14.2 | % | 12.4 | % | 13.0 | % | 12.4 | % | ||||||
Corporate expenses | (3.4 | )% | (2.2 | )% | (2.8 | )% | (2.7 | )% | (2.8 | )% | (3.6 | )% | ||||||
Adjusted operating margin | 9.4 | % | 10.7 | % | 11.4 | % | 9.6 | % | 10.2 | % | 8.8 | % | ||||||
Restructuring inventory charges | — | % | 2.5 | % | 1.4 | % | — | % | 0.9 | % | — | % | ||||||
Impairment charges | — | % | — | % | — | % | 0.3 | % | 0.1 | % | — | % | ||||||
Special restructuring charges | 0.4 | % | 0.6 | % | 0.2 | % | 1.2 | % | 0.6 | % | 0.9 | % | ||||||
Special other charges, net of recoveries | (0.9 | )% | — | % | — | % | 4.3 | % | 0.9 | % | — | % | ||||||
Total GAAP operating margin | 9.9 | % | 7.6 | % | 9.7 | % | 3.7 | % | 7.7 | % | 7.9 | % | ||||||
CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share and percentages) UNAUDITED | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||
ADJUSTED OPERATING INCOME | ||||||||||||||||||
Energy | $ | 22,462 | $ | 23,502 | $ | 26,577 | $ | 24,575 | $ | 97,117 | $ | 17,550 | ||||||
Aerospace & Defense | 4,426 | 3,362 | 2,295 | 2,425 | 12,508 | 3,045 | ||||||||||||
Segment operating income | 26,888 | 26,864 | 28,872 | 27,000 | 109,625 | 20,595 | ||||||||||||
Corporate expenses | (7,137 | ) | (4,634 | ) | (5,678 | ) | (5,965 | ) | (23,415 | ) | (6,034 | ) | ||||||
Adjusted operating income | 19,750 | 22,231 | 23,194 | 21,035 | 86,210 | 14,561 | ||||||||||||
Restructuring inventory charges | — | 5,139 | 2,850 | — | 7,989 | — | ||||||||||||
Impairment charges | — | — | — | 726 | 726 | — | ||||||||||||
Special restructuring charges | 786 | 1,257 | 478 | 2,725 | 5,246 | 1,512 | ||||||||||||
Special other charges, net of recoveries | (1,943 | ) | — | — | 9,434 | 7,491 | (1 | ) | ||||||||||
Total GAAP operating income | 20,907 | 15,835 | 19,866 | 8,150 | 64,757 | 13,050 | ||||||||||||
INTEREST EXPENSE, NET | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | (640 | ) | ||||||
OTHER INCOME (EXPENSE), NET | 468 | 384 | (419 | ) | 722 | 1,156 | 506 | |||||||||||
PRETAX INCOME | 20,457 | 15,328 | 19,012 | 8,465 | 63,261 | 12,916 | ||||||||||||
(PROVISION) FOR BENEFIT FROM INCOME TAXES | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 | (12,875 | ) | (3,284 | ) | |||||||
EFFECTIVE TAX RATE | 28.5 | % | 22.2 | % | 22.8 | % | (8.2 | )% | 20.4 | % | 25.4 | % | ||||||
NET INCOME | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | $ | 9,632 | ||||||
Weighted Average Common Shares Outstanding (Diluted) | 17,741 | 17,767 | 17,779 | 17,782 | 17,768 | 17,712 | ||||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.82 | $ | 0.67 | $ | 0.83 | $ | 0.51 | $ | 2.84 | $ | 0.54 | ||||||
ADJUSTED EBITDA | $ | 25,073 | $ | 27,536 | $ | 27,530 | $ | 26,789 | $ | 106,927 | $ | 19,298 | ||||||
ADJUSTED EBITDA AS A % OF SALES | 11.9 | % | 13.2 | % | 13.5 | % | 12.3 | % | 12.7 | % | 11.6 | % | ||||||
CAPITAL EXPENDITURES | $ | 2,670 | $ | 2,933 | $ | 3,297 | $ | 3,910 | $ | 12,810 | $ | 1,983 | ||||||
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except percentages) UNAUDITED | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||
FREE CASH FLOW AS % OF NET INCOME | 98 | % | 62 | % | 96 | % | 243 | % | 115 | % | (191 | )% | ||||||
FREE CASH FLOW | $ | 14,387 | $ | 7,365 | $ | 14,015 | $ | 22,249 | $ | 58,016 | $ | (18,415 | ) | |||||
ADD: | ||||||||||||||||||
Capital Expenditures | 2,670 | 2,933 | 3,297 | 3,910 | 12,810 | 1,983 | ||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 17,057 | $ | 10,298 | $ | 17,312 | $ | 26,159 | $ | 70,826 | $ | (16,432 | ) | |||||
NET DEBT (CASH) | $ | (66,056 | ) | $ | (72,982 | ) | $ | (80,829 | ) | $ | (107,688 | ) | $ | (107,688 | ) | $ | (66,417 | ) |
ADD: | ||||||||||||||||||
Cash & Cash Equivalents | 122,097 | 116,326 | 114,580 | 121,286 | 121,286 | 103,883 | ||||||||||||
Investments | 92 | 95 | 91 | 86 | 86 | 80 | ||||||||||||
TOTAL DEBT | $ | 56,133 | $ | 43,439 | $ | 33,842 | $ | 13,684 | $ | 13,684 | $ | 37,546 | ||||||
DEBT AS % OF EQUITY | 11 | % | 9 | % | 7 | % | 3 | % | 3 | % | 8 | % | ||||||
TOTAL DEBT | 56,133 | 43,439 | 33,842 | 13,684 | 13,684 | 37,546 | ||||||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 492,601 | $ | 507,363 | $ | 508,035 | $ | 494,093 | $ | 494,093 | $ | 463,103 |
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||
ADJUSTED OPERATING INCOME | $ | 19,750 | $ | 22,230 | $ | 23,194 | $ | 21,035 | $ | 86,210 | $ | 14,561 | ||||||
LESS: | ||||||||||||||||||
Inventory restructuring charges | — | 5,139 | 2,850 | — | 7,989 | — | ||||||||||||
Impairment charges | — | — | — | 726 | 726 | — | ||||||||||||
Special restructuring charges | 786 | 1,257 | 478 | 2,725 | 5,246 | 1,512 | ||||||||||||
Special other charges, net of recoveries | (1,943 | ) | — | — | 9,434 | 7,491 | (1 | ) | ||||||||||
OPERATING INCOME | $ | 20,907 | $ | 15,834 | $ | 19,866 | $ | 8,150 | $ | 64,757 | $ | 13,050 | ||||||
ADJUSTED NET INCOME | $ | 13,916 | $ | 16,090 | $ | 16,827 | $ | 19,188 | $ | 66,019 | $ | 10,564 | ||||||
LESS: | ||||||||||||||||||
Inventory restructuring charges, net of tax | — | 3,316 | 1,839 | — | 5,155 | — | ||||||||||||
Impairment charges, net of tax | — | — | — | 726 | 726 | — | ||||||||||||
Special restructuring charges, net of tax | 508 | 848 | 313 | 1,763 | 3,432 | 1,079 | ||||||||||||
Special other charges, net of recoveries, net of tax | (1,224 | ) | — | — | 7,544 | 6,320 | (147 | ) | ||||||||||
NET INCOME | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | $ | 9,632 | ||||||
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.78 | $ | 0.91 | $ | 0.95 | $ | 1.08 | $ | 3.72 | $ | 0.60 | ||||||
LESS: | ||||||||||||||||||
Inventory restructuring charges, net of tax | — | 0.19 | 0.10 | — | 0.29 | — | ||||||||||||
Impairment charges, net of tax | — | — | — | 0.04 | 0.04 | — | ||||||||||||
Special restructuring charges, net of tax | 0.03 | 0.05 | 0.02 | 0.10 | 0.20 | 0.06 | ||||||||||||
Special other charges, net of recoveries, net of tax | (0.07 | ) | — | — | 0.42 | 0.35 | — | |||||||||||
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.82 | $ | 0.67 | $ | 0.83 | $ | 0.51 | $ | 2.84 | $ | 0.54 | ||||||
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | |||||||||||||
EBITDA | $ | 26,230 | $ | 21,140 | $ | 24,202 | $ | 13,904 | $ | 85,475 | $ | 17,787 | ||||||
LESS: | ||||||||||||||||||
Interest expense, net | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | (640 | ) | ||||||
Depreciation | (4,069 | ) | (4,116 | ) | (3,978 | ) | (4,283 | ) | (16,446 | ) | (3,521 | ) | ||||||
Amortization | (786 | ) | (805 | ) | (776 | ) | (749 | ) | (3,116 | ) | (710 | ) | ||||||
(Provision) for benefit from income taxes | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 | (12,875 | ) | (3,284 | ) | |||||||
NET INCOME | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | $ | 9,632 | ||||||
ADJUSTED EBITDA | $ | 25,073 | $ | 27,536 | $ | 27,530 | $ | 26,789 | $ | 106,927 | $ | 19,298 | ||||||
LESS: | ||||||||||||||||||
Inventory restructuring charges | — | (5,139 | ) | (2,850 | ) | — | (7,989 | ) | — | |||||||||
Impairment charges | — | — | — | (726 | ) | (726 | ) | — | ||||||||||
Special restructuring charges | (786 | ) | (1,257 | ) | (478 | ) | (2,725 | ) | (5,246 | ) | (1,512 | ) | ||||||
Special other charges, net of recoveries | 1,943 | — | — | (9,434 | ) | (7,491 | ) | 1 | ||||||||||
Interest expense, net | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | (640 | ) | ||||||
Depreciation | (4,069 | ) | (4,116 | ) | (3,978 | ) | (4,283 | ) | (16,446 | ) | (3,521 | ) | ||||||
Amortization | (786 | ) | (805 | ) | (776 | ) | (749 | ) | (3,116 | ) | (710 | ) | ||||||
(Provision) for benefit from income taxes | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 | (12,875 | ) | (3,284 | ) | |||||||
NET INCOME | $ | 14,632 | $ | 11,926 | $ | 14,675 | $ | 9,155 | $ | 50,386 | $ | 9,632 |
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except per share data) UNAUDITED | |||||||||||||||
2014 | |||||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | |||||||||||
NET REVENUES EXCLUDING DIVESTITURES | $ | 198,204 | $ | 194,349 | $ | 189,705 | $ | 207,970 | $ | 790,228 | |||||
ADD: | |||||||||||||||
Energy divestiture | 10,554 | 10,037 | 10,667 | 8,465 | 39,723 | ||||||||||
Aerospace & Defense divestiture | 2,428 | 3,498 | 3,446 | 2,123 | 11,495 | ||||||||||
NET REVENUES | $ | 211,186 | $ | 207,884 | $ | 203,818 | $ | 218,558 | $ | 841,446 | |||||
ADJUSTED EARNINGS PER SHARE EXCLUDING DIVESTITURES (Diluted) | 0.79 | 0.88 | 0.89 | 1.05 | 3.61 | ||||||||||
ADD: | |||||||||||||||
Divestitures | (0.01 | ) | 0.03 | 0.06 | 0.03 | 0.11 | |||||||||
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.78 | $ | 0.91 | $ | 0.95 | $ | 1.08 | $ | 3.72 |
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