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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 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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|
|
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Delaware
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04-3477276
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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|
|
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c/o CIRCOR, Inc.
30 Corporate Drive, Suite 200, Burlington, MA
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01803-4238
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
|
x
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|
Accelerated filer
|
o
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Non-accelerated filer
|
o
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(Do not check if a smaller reporting company)
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Smaller reporting company
|
o
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Page
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Certifications
|
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ITEM 1.
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FINANCIAL STATEMENTS
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
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(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
60,831
|
|
|
$
|
61,738
|
|
Short-term investments
|
96
|
|
|
101
|
|
||
Trade accounts receivable, less allowance for doubtful accounts of $1,914 and $1,706, respectively
|
158,286
|
|
|
150,825
|
|
||
Inventories
|
199,764
|
|
|
198,005
|
|
||
Prepaid expenses and other current assets
|
17,661
|
|
|
16,510
|
|
||
Deferred income tax asset
|
15,431
|
|
|
15,505
|
|
||
Current income tax receivable
|
2,171
|
|
|
—
|
|
||
Assets held for sale
|
542
|
|
|
542
|
|
||
Total Current Assets
|
454,782
|
|
|
443,226
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
104,477
|
|
|
105,903
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Goodwill
|
75,491
|
|
|
77,428
|
|
||
Intangibles, net
|
42,436
|
|
|
45,157
|
|
||
Deferred income tax asset
|
25,283
|
|
|
30,064
|
|
||
Other assets
|
6,957
|
|
|
8,203
|
|
||
TOTAL ASSETS
|
$
|
709,426
|
|
|
$
|
709,981
|
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LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
84,245
|
|
|
$
|
80,361
|
|
Accrued expenses and other current liabilities
|
59,240
|
|
|
67,235
|
|
||
Accrued compensation and benefits
|
25,596
|
|
|
26,540
|
|
||
Income taxes payable
|
3,996
|
|
|
393
|
|
||
Notes payable and current portion of long-term debt
|
7,206
|
|
|
7,755
|
|
||
Total Current Liabilities
|
180,283
|
|
|
182,284
|
|
||
LONG-TERM DEBT, NET OF CURRENT PORTION
|
52,345
|
|
|
62,729
|
|
||
DEFERRED INCOME TAXES
|
9,797
|
|
|
10,744
|
|
||
OTHER NON-CURRENT LIABILITIES
|
34,850
|
|
|
35,977
|
|
||
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; 17,575,362 and 17,445,687 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively
|
176
|
|
|
174
|
|
||
Additional paid-in capital
|
265,940
|
|
|
262,744
|
|
||
Retained earnings
|
177,748
|
|
|
158,509
|
|
||
Accumulated other comprehensive loss, net of taxes
|
(11,713
|
)
|
|
(3,180
|
)
|
||
Total Shareholders’ Equity
|
432,151
|
|
|
418,247
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
709,426
|
|
|
$
|
709,981
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
2013 |
|
July 1,
2012 |
|
June 30,
2013 |
|
July 1,
2012 |
||||||||
Net revenues
|
$
|
223,644
|
|
|
$
|
219,862
|
|
|
$
|
429,042
|
|
|
$
|
434,142
|
|
Cost of revenues
|
153,538
|
|
|
156,046
|
|
|
299,086
|
|
|
311,714
|
|
||||
GROSS PROFIT
|
70,106
|
|
|
63,816
|
|
|
129,956
|
|
|
122,428
|
|
||||
Selling, general and administrative expenses
|
47,596
|
|
|
45,337
|
|
|
93,168
|
|
|
90,249
|
|
||||
Special charges
|
2,254
|
|
|
—
|
|
|
3,632
|
|
|
—
|
|
||||
OPERATING INCOME
|
20,256
|
|
|
18,479
|
|
|
33,156
|
|
|
32,179
|
|
||||
Other (income) expense:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
(79
|
)
|
|
(78
|
)
|
|
(122
|
)
|
|
(161
|
)
|
||||
Interest expense
|
917
|
|
|
1,095
|
|
|
1,747
|
|
|
2,259
|
|
||||
Other expense (income), net
|
626
|
|
|
184
|
|
|
1,239
|
|
|
322
|
|
||||
TOTAL OTHER EXPENSE
|
1,464
|
|
|
1,201
|
|
|
2,864
|
|
|
2,420
|
|
||||
INCOME BEFORE INCOME TAXES
|
18,792
|
|
|
17,278
|
|
|
30,292
|
|
|
29,759
|
|
||||
Provision for income taxes
|
6,124
|
|
|
6,142
|
|
|
9,715
|
|
|
10,038
|
|
||||
NET INCOME
|
$
|
12,668
|
|
|
$
|
11,136
|
|
|
$
|
20,577
|
|
|
$
|
19,721
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
$
|
1.17
|
|
|
$
|
1.14
|
|
Diluted
|
$
|
0.72
|
|
|
$
|
0.64
|
|
|
$
|
1.17
|
|
|
$
|
1.13
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
17,565
|
|
|
17,422
|
|
|
17,539
|
|
|
17,369
|
|
||||
Diluted
|
17,607
|
|
|
17,451
|
|
|
17,569
|
|
|
17,421
|
|
||||
Dividends paid per common share
|
$
|
0.0375
|
|
|
$
|
0.0375
|
|
|
$
|
0.0750
|
|
|
$
|
0.0750
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2013
|
|
July 1, 2012
|
|
June 30, 2013
|
|
July 1, 2012
|
||||||||
Net income
|
$
|
12,668
|
|
|
$
|
11,136
|
|
|
$
|
20,577
|
|
|
$
|
19,721
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
112
|
|
|
(12,548
|
)
|
|
(8,531
|
)
|
|
(6,867
|
)
|
||||
Other comprehensive income (loss)
|
112
|
|
|
(12,548
|
)
|
|
(8,531
|
)
|
|
(6,867
|
)
|
||||
COMPREHENSIVE INCOME (LOSS)
|
$
|
12,780
|
|
|
$
|
(1,412
|
)
|
|
$
|
12,046
|
|
|
$
|
12,854
|
|
|
Six Months Ended
|
||||||
|
June 30,
2013 |
|
July 1,
2012 |
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
20,577
|
|
|
$
|
19,721
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Depreciation
|
8,035
|
|
|
7,833
|
|
||
Amortization
|
1,509
|
|
|
1,887
|
|
||
Payment for Leslie bankruptcy settlement
|
—
|
|
|
(1,000
|
)
|
||
Compensation expense of share-based plans
|
2,156
|
|
|
2,317
|
|
||
Tax effect of share-based compensation
|
(422
|
)
|
|
499
|
|
||
(Gain) loss on property, plant and equipment
|
(129
|
)
|
|
133
|
|
||
Changes in operating assets and liabilities, net of effects from business acquisitions:
|
|
|
|
||||
Trade accounts receivable
|
(9,406
|
)
|
|
(6,312
|
)
|
||
Inventories
|
(4,059
|
)
|
|
(5,340
|
)
|
||
Prepaid expenses and other assets
|
(2,412
|
)
|
|
(1,408
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
3,583
|
|
|
(9,559
|
)
|
||
Net cash provided by operating activities
|
19,432
|
|
|
8,771
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Additions to property, plant and equipment
|
(8,808
|
)
|
|
(10,783
|
)
|
||
Proceeds from the sale of property, plant and equipment
|
314
|
|
|
31
|
|
||
Net cash used in investing activities
|
(8,494
|
)
|
|
(10,752
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Proceeds from long-term debt
|
74,255
|
|
|
108,943
|
|
||
Payments of long-term debt
|
(84,679
|
)
|
|
(117,944
|
)
|
||
Dividends paid
|
(1,340
|
)
|
|
(1,331
|
)
|
||
Proceeds from the exercise of stock options
|
1,498
|
|
|
94
|
|
||
Tax effect of share-based compensation
|
422
|
|
|
(499
|
)
|
||
Net cash used in financing activities
|
(9,844
|
)
|
|
(10,737
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2,002
|
)
|
|
(723
|
)
|
||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(907
|
)
|
|
(13,441
|
)
|
||
Cash and cash equivalents at beginning of period
|
61,738
|
|
|
54,855
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
60,831
|
|
|
$
|
41,414
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid during the period presented for:
|
|
|
|
||||
Income taxes
|
$
|
3,464
|
|
|
$
|
9,673
|
|
Interest
|
$
|
1,054
|
|
|
$
|
1,842
|
|
|
June 30, 2013
|
|
December 31, 2012
|
||||
Raw materials
|
$
|
57,073
|
|
|
$
|
63,104
|
|
Work in process
|
96,404
|
|
|
86,564
|
|
||
Finished goods
|
46,287
|
|
|
48,337
|
|
||
|
$
|
199,764
|
|
|
$
|
198,005
|
|
|
Energy
|
|
Aerospace
|
|
Flow
Technologies
|
|
Consolidated
Total
|
||||||||
Goodwill as of December 31, 2012
|
$
|
51,526
|
|
|
$
|
22,121
|
|
|
$
|
3,781
|
|
|
$
|
77,428
|
|
Currency translation adjustments
|
(1,691
|
)
|
|
(23
|
)
|
|
(223
|
)
|
|
(1,937
|
)
|
||||
Goodwill as of June 30, 2013
|
$
|
49,835
|
|
|
$
|
22,098
|
|
|
$
|
3,558
|
|
|
$
|
75,491
|
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||
Patents
|
$
|
6,075
|
|
|
$
|
(5,656
|
)
|
Non-amortized intangibles (primarily trademarks and trade names)
|
23,093
|
|
|
|
|
||
Customer relationships
|
33,186
|
|
|
(17,098
|
)
|
||
Backlog
|
1,074
|
|
|
(1,074
|
)
|
||
Other
|
7,253
|
|
|
(4,417
|
)
|
||
Total
|
$
|
70,681
|
|
|
$
|
(28,245
|
)
|
Net carrying value of intangible assets
|
42,436
|
|
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
After 2017
|
||||||||||||
Estimated amortization expense
|
$
|
1,506
|
|
|
$
|
2,980
|
|
|
$
|
2,958
|
|
|
$
|
2,676
|
|
|
$
|
2,541
|
|
|
$
|
6,683
|
|
|
Energy
|
|
Aerospace
|
|
Flow
Technologies
|
|
Corporate /
Eliminations
|
|
Consolidated
Total
|
||||||||||
Three Months Ended June 30, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
110,832
|
|
|
$
|
38,177
|
|
|
$
|
74,635
|
|
|
$
|
—
|
|
|
$
|
223,644
|
|
Inter-segment revenues
|
363
|
|
|
19
|
|
|
170
|
|
|
(552
|
)
|
|
—
|
|
|||||
Operating income (loss)
|
14,477
|
|
|
2,073
|
|
|
11,044
|
|
|
(7,338
|
)
|
|
20,256
|
|
|||||
Interest income
|
|
|
|
|
|
|
|
|
(79
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
917
|
|
|||||||||
Other expense, net
|
|
|
|
|
|
|
|
|
626
|
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
$
|
18,792
|
|
||||||||
Identifiable assets
|
406,956
|
|
|
178,681
|
|
|
220,604
|
|
|
(96,815
|
)
|
|
709,426
|
|
|||||
Capital expenditures
|
2,227
|
|
|
753
|
|
|
1,029
|
|
|
93
|
|
|
4,102
|
|
|||||
Depreciation and amortization
|
1,657
|
|
|
1,204
|
|
|
1,557
|
|
|
360
|
|
|
4,778
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended July 1, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
113,527
|
|
|
$
|
35,896
|
|
|
$
|
70,439
|
|
|
$
|
—
|
|
|
$
|
219,862
|
|
Inter-segment revenues
|
504
|
|
|
4
|
|
|
202
|
|
|
(710
|
)
|
|
—
|
|
|||||
Operating income (loss)
|
12,580
|
|
|
3,153
|
|
|
9,043
|
|
|
(6,297
|
)
|
|
18,479
|
|
|||||
Interest income
|
|
|
|
|
|
|
|
|
(78
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
1,095
|
|
|||||||||
Other expense, net
|
|
|
|
|
|
|
|
|
184
|
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
$
|
17,278
|
|
||||||||
Identifiable assets
|
380,496
|
|
|
189,879
|
|
|
192,419
|
|
|
(50,417
|
)
|
|
712,377
|
|
|||||
Capital expenditures
|
1,020
|
|
|
695
|
|
|
3,414
|
|
|
1,532
|
|
|
6,661
|
|
|||||
Depreciation and amortization
|
1,845
|
|
|
1,190
|
|
|
1,373
|
|
|
340
|
|
|
4,748
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended June 30, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
207,553
|
|
|
$
|
75,504
|
|
|
$
|
145,985
|
|
|
$
|
—
|
|
|
$
|
429,042
|
|
Inter-segment revenues
|
727
|
|
|
24
|
|
|
400
|
|
|
(1,151
|
)
|
|
—
|
|
|||||
Operating income (loss)
|
24,613
|
|
|
2,467
|
|
|
20,001
|
|
|
(13,925
|
)
|
|
33,156
|
|
|||||
Interest income
|
|
|
|
|
|
|
|
|
(122
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
1,747
|
|
|||||||||
Other expense, net
|
|
|
|
|
|
|
|
|
1,239
|
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
$
|
30,292
|
|
||||||||
Identifiable assets
|
406,956
|
|
|
178,681
|
|
|
220,604
|
|
|
(96,815
|
)
|
|
709,426
|
|
|||||
Capital expenditures
|
4,077
|
|
|
2,242
|
|
|
2,301
|
|
|
188
|
|
|
8,808
|
|
|||||
Depreciation and amortization
|
3,293
|
|
|
2,421
|
|
|
3,091
|
|
|
739
|
|
|
9,544
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended July 1, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenues
|
$
|
222,791
|
|
|
$
|
73,981
|
|
|
$
|
137,370
|
|
|
$
|
—
|
|
|
$
|
434,142
|
|
Inter-segment revenues
|
901
|
|
|
30
|
|
|
394
|
|
|
(1,325
|
)
|
|
—
|
|
|||||
Operating income (loss)
|
21,508
|
|
|
7,277
|
|
|
16,630
|
|
|
(13,236
|
)
|
|
32,179
|
|
|||||
Interest income
|
|
|
|
|
|
|
|
|
(161
|
)
|
|||||||||
Interest expense
|
|
|
|
|
|
|
|
|
2,259
|
|
|||||||||
Other expense, net
|
|
|
|
|
|
|
|
|
322
|
|
|||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
$
|
29,759
|
|
||||||||
Identifiable assets
|
380,496
|
|
|
189,879
|
|
|
192,419
|
|
|
(50,417
|
)
|
|
712,377
|
|
|||||
Capital expenditures
|
1,750
|
|
|
1,577
|
|
|
5,744
|
|
|
1,712
|
|
|
10,783
|
|
|||||
Depreciation and amortization
|
3,833
|
|
|
2,439
|
|
|
2,804
|
|
|
644
|
|
|
9,720
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
June 30, 2013
|
|
July 1, 2012
|
||||||||||||||||||
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share ("EPS")
|
$
|
12,668
|
|
|
17,565
|
|
|
$
|
0.72
|
|
|
$
|
11,136
|
|
|
17,422
|
|
|
$
|
0.64
|
|
Dilutive securities, common stock options
|
—
|
|
|
42
|
|
|
0.00
|
|
|
—
|
|
|
29
|
|
|
0.00
|
|
||||
Diluted EPS
|
$
|
12,668
|
|
|
17,607
|
|
|
$
|
0.72
|
|
|
$
|
11,136
|
|
|
17,451
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended
|
||||||||||||||||||||
|
June 30, 2013
|
|
July 1, 2012
|
||||||||||||||||||
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
||||||||||
Basic EPS
|
$
|
20,577
|
|
|
17,539
|
|
|
$
|
1.17
|
|
|
$
|
19,721
|
|
|
17,369
|
|
|
$
|
1.14
|
|
Dilutive securities, common stock options
|
—
|
|
|
30
|
|
|
0.00
|
|
|
—
|
|
|
52
|
|
|
(0.01
|
)
|
||||
Diluted EPS
|
$
|
20,577
|
|
|
17,569
|
|
|
$
|
1.17
|
|
|
$
|
19,721
|
|
|
17,421
|
|
|
$
|
1.13
|
|
Currency
|
Number
|
|
Contract Amount
|
|
Currency
|
Canadian Dollar/Euro
|
2
|
|
2,755
|
|
Canadian Dollars
|
U.S. Dollar/Euro
|
8
|
|
17,942
|
|
U.S. Dollars
|
Brazilian Real/Euro
|
9
|
|
0
|
|
Brazilian Reals
|
Balance beginning December 31, 2012
|
$
|
3,322
|
|
Provisions
|
1,979
|
|
|
Claims settled
|
(1,262
|
)
|
|
Currency translation adjustment
|
(30
|
)
|
|
Balance ending June 30, 2013
|
$
|
4,009
|
|
Term Remaining
|
Maximum Potential
Future Payments
|
||
0–12 months
|
$
|
43,682
|
|
Greater than 12 months
|
8,714
|
|
|
Total
|
$
|
52,396
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
2013 |
|
July 1,
2012 |
|
June 30,
2013 |
|
July 1,
2012 |
||||||||
Service cost-benefits earned
|
$
|
—
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
105
|
|
Interest cost on benefits obligation
|
491
|
|
|
513
|
|
|
982
|
|
|
1,027
|
|
||||
Estimated return on assets
|
(591
|
)
|
|
(531
|
)
|
|
(1,182
|
)
|
|
(1,063
|
)
|
||||
Prior service cost amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Loss amortization
|
189
|
|
|
158
|
|
|
378
|
|
|
316
|
|
||||
Net periodic cost of defined pension benefit plans
|
$
|
89
|
|
|
$
|
192
|
|
|
$
|
178
|
|
|
$
|
385
|
|
|
As of and for the three months ended June 30, 2013
|
||||||||||||||
|
Energy
|
|
Aerospace
|
|
Flow
Technologies
|
|
Total
|
||||||||
Accrued special charges as of March 31, 2013
|
|
|
|
|
|
|
$
|
71
|
|
||||||
Facility and professional fee related expenses
|
$
|
455
|
|
|
$
|
1,299
|
|
|
$
|
3
|
|
|
1,757
|
|
|
Employee-related expenses
|
292
|
|
|
186
|
|
|
19
|
|
|
497
|
|
||||
Total special charges
|
$
|
747
|
|
|
$
|
1,485
|
|
|
$
|
22
|
|
|
2,254
|
|
|
Special charges paid
|
|
|
|
|
|
|
1,733
|
|
|||||||
Accrued special charges as of June 30, 2013
|
|
|
|
|
|
|
$
|
592
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
|
As of and for the six months ended June 30, 2013
|
||||||||||||||
|
Energy
|
|
Aerospace
|
|
Flow
Technologies
|
|
Total
|
||||||||
Accrued special charges as of December 31, 2012
|
|
|
|
|
|
|
$
|
800
|
|
||||||
Facility and professional fee related expenses
|
$
|
811
|
|
|
$
|
1,838
|
|
|
$
|
27
|
|
|
$
|
2,676
|
|
Employee-related expenses
|
$
|
301
|
|
|
$
|
573
|
|
|
$
|
82
|
|
|
$
|
956
|
|
Total special charges
|
$
|
1,112
|
|
|
$
|
2,411
|
|
|
$
|
109
|
|
|
3,632
|
|
|
Special charges paid
|
|
|
|
|
|
|
3,840
|
|
|||||||
Accrued special charges as of June 30, 2013
|
|
|
|
|
|
|
$
|
592
|
|
|
2012 Announced Restructurings Incurred as of June 30, 2013
|
||||||||||||||
|
Energy
|
|
Aerospace
|
|
Flow
Technologies
|
|
Total
|
||||||||
Facility and professional fee related expenses - incurred to date
|
$
|
2,113
|
|
|
$
|
2,149
|
|
|
$
|
162
|
|
|
$
|
4,424
|
|
Employee-related expenses - incurred to date
|
$
|
806
|
|
|
$
|
759
|
|
|
$
|
191
|
|
|
$
|
1,756
|
|
Total special charges - incurred to date
|
$
|
2,919
|
|
|
$
|
2,908
|
|
|
$
|
353
|
|
|
$
|
6,180
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
•
|
Lean Enterprise, Six Sigma and Continuous Improvement;
|
•
|
Talent Acquisition, Development and Retention;
|
•
|
Acquisition and Factory Restructuring;
|
•
|
Global Business and Supply Chain Development;
|
•
|
Customer Relationship Development; and
|
•
|
Product Innovation.
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|||||||||||
|
June 30, 2013
|
|
July 1, 2012
|
|
% Change
|
|||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Net revenues
|
$
|
223,644
|
|
|
100.0
|
%
|
|
$
|
219,862
|
|
|
100.0
|
%
|
|
1.7
|
%
|
Cost of revenues
|
153,538
|
|
|
68.7
|
%
|
|
156,046
|
|
|
71.0
|
%
|
|
(1.6
|
)%
|
||
Gross profit
|
70,106
|
|
|
31.3
|
%
|
|
63,816
|
|
|
29.0
|
%
|
|
9.9
|
%
|
||
Selling, general and administrative expenses
|
47,596
|
|
|
21.3
|
%
|
|
45,337
|
|
|
20.6
|
%
|
|
5.0
|
%
|
||
Special charges
|
2,254
|
|
|
1.0
|
%
|
|
—
|
|
|
0.0
|
%
|
|
N/A
|
|
||
Operating income
|
20,256
|
|
|
9.1
|
%
|
|
18,479
|
|
|
8.4
|
%
|
|
9.6
|
%
|
||
Other expense:
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
838
|
|
|
0.4
|
%
|
|
1,017
|
|
|
0.5
|
%
|
|
(17.6
|
)%
|
||
Other expense, net
|
626
|
|
|
0.3
|
%
|
|
184
|
|
|
0.1
|
%
|
|
240.2
|
%
|
||
Total other expense
|
1,464
|
|
|
0.7
|
%
|
|
1,201
|
|
|
0.5
|
%
|
|
21.9
|
%
|
||
Income before income taxes
|
18,792
|
|
|
8.4
|
%
|
|
17,278
|
|
|
7.9
|
%
|
|
8.8
|
%
|
||
Provision for income taxes
|
6,124
|
|
|
2.7
|
%
|
|
6,142
|
|
|
2.8
|
%
|
|
(0.3
|
)%
|
||
Net income
|
$
|
12,668
|
|
|
5.7
|
%
|
|
$
|
11,136
|
|
|
5.1
|
%
|
|
13.8
|
%
|
|
Three Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign
Exchange
|
||||||||||||
Segment
|
June 30,
2013 |
|
July 1,
2012 |
|
|||||||||||||||
|
(In thousands)
|
||||||||||||||||||
Energy
|
$
|
110,832
|
|
|
$
|
113,527
|
|
|
$
|
(2,695
|
)
|
|
$
|
(3,083
|
)
|
|
$
|
388
|
|
Aerospace
|
38,177
|
|
|
35,896
|
|
|
2,281
|
|
|
2,078
|
|
|
203
|
|
|||||
Flow Technologies
|
74,635
|
|
|
70,439
|
|
|
4,196
|
|
|
4,467
|
|
|
(271
|
)
|
|||||
Total
|
$
|
223,644
|
|
|
$
|
219,862
|
|
|
$
|
3,782
|
|
|
$
|
3,462
|
|
|
$
|
320
|
|
|
Three Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign
Exchange
|
|
Inventory restructuring
|
||||||||||||||
Segment
|
June 30,
2013 |
|
July 1,
2012 |
|
|||||||||||||||||||
|
(In thousands)
|
|
|
||||||||||||||||||||
Energy
|
$
|
32,109
|
|
|
$
|
29,475
|
|
|
$
|
2,634
|
|
|
$
|
2,453
|
|
|
$
|
226
|
|
|
$
|
(47
|
)
|
Aerospace
|
11,824
|
|
|
10,906
|
|
|
918
|
|
|
561
|
|
|
69
|
|
|
288
|
|
||||||
Flow Technologies
|
26,173
|
|
|
23,435
|
|
|
2,738
|
|
|
2,851
|
|
|
(112
|
)
|
|
—
|
|
||||||
Total
|
$
|
70,106
|
|
|
$
|
63,816
|
|
|
$
|
6,290
|
|
|
$
|
5,865
|
|
|
$
|
183
|
|
|
$
|
241
|
|
|
Three Months Ended
|
|
Total
Change
|
|
Operations
|
|
Foreign
Exchange
|
|
Special and restructuring (1)
|
||||||||||||||
Segment
|
June 30, 2013
|
|
July 1, 2012
|
|
|||||||||||||||||||
|
(In thousands)
|
|
|
||||||||||||||||||||
Energy
|
$
|
14,477
|
|
|
$
|
12,580
|
|
|
$
|
1,897
|
|
|
$
|
2,459
|
|
|
$
|
231
|
|
|
$
|
(794
|
)
|
Aerospace
|
2,073
|
|
|
3,153
|
|
|
(1,080
|
)
|
|
86
|
|
|
31
|
|
|
(1,197
|
)
|
||||||
Flow Technologies
|
11,044
|
|
|
9,043
|
|
|
2,001
|
|
|
2,085
|
|
|
(62
|
)
|
|
(21
|
)
|
||||||
Corporate
|
(7,338
|
)
|
|
(6,297
|
)
|
|
(1,041
|
)
|
|
(1,040
|
)
|
|
(1
|
)
|
|
—
|
|
||||||
Total
|
$
|
20,256
|
|
|
$
|
18,479
|
|
|
$
|
1,777
|
|
|
$
|
3,590
|
|
|
$
|
199
|
|
|
$
|
(2,012
|
)
|
(1) Includes inventory and special charges associated with restructuring activities - see table below
|
|
Three Months Ended
|
|
Inventory restructuring
|
|
Special and restructuring
|
||||||
Segment
|
June 30, 2013
|
|
|||||||||
|
(In thousands)
|
|
|
|
|||||||
Energy
|
$
|
794
|
|
$
|
47
|
|
|
$
|
747
|
|
|
Aerospace
|
1,197
|
|
|
(288
|
)
|
|
1,485
|
|
|||
Flow Technologies
|
21
|
|
|
—
|
|
|
21
|
|
|||
Total
|
$
|
2,012
|
|
|
$
|
(241
|
)
|
|
$
|
2,253
|
|
|
Six Months Ended
|
|
Six Months Ended
|
|
|
|||||||||||
|
June 30, 2013
|
|
July 1, 2012
|
|
% Change
|
|||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Net revenues
|
$
|
429,042
|
|
|
100.0
|
%
|
|
$
|
434,142
|
|
|
100.0
|
%
|
|
(1.2
|
)%
|
Cost of revenues
|
299,086
|
|
|
69.7
|
%
|
|
311,714
|
|
|
71.8
|
%
|
|
(4.1
|
)%
|
||
Gross profit
|
129,956
|
|
|
30.3
|
%
|
|
122,428
|
|
|
28.2
|
%
|
|
6.1
|
%
|
||
Selling, general and administrative expenses
|
93,168
|
|
|
21.7
|
%
|
|
90,249
|
|
|
20.8
|
%
|
|
3.2
|
%
|
||
Special charges
|
3,632
|
|
|
0.8
|
%
|
|
—
|
|
|
0.0
|
%
|
|
N/A
|
|
||
Operating income
|
33,156
|
|
|
7.7
|
%
|
|
32,179
|
|
|
7.4
|
%
|
|
3.0
|
%
|
||
Other expense:
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
1,625
|
|
|
0.4
|
%
|
|
2,098
|
|
|
0.5
|
%
|
|
(22.5
|
)%
|
||
Other expense, net
|
1,239
|
|
|
0.3
|
%
|
|
322
|
|
|
0.1
|
%
|
|
284.8
|
%
|
||
Total other expense
|
2,864
|
|
|
0.7
|
%
|
|
2,420
|
|
|
0.6
|
%
|
|
18.3
|
%
|
||
Income before income taxes
|
30,292
|
|
|
7.1
|
%
|
|
29,759
|
|
|
6.9
|
%
|
|
1.8
|
%
|
||
Provision for income taxes
|
9,715
|
|
|
2.3
|
%
|
|
10,038
|
|
|
2.3
|
%
|
|
(3.2
|
)%
|
||
Net income
|
$
|
20,577
|
|
|
4.8
|
%
|
|
$
|
19,721
|
|
|
4.5
|
%
|
|
4.3
|
%
|
|
Six Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign
Exchange
|
||||||||||||
Segment
|
June 30,
2013 |
|
July 1,
2012 |
|
|||||||||||||||
|
(In thousands)
|
||||||||||||||||||
Energy
|
$
|
207,553
|
|
|
$
|
222,791
|
|
|
$
|
(15,238
|
)
|
|
$
|
(14,583
|
)
|
|
$
|
(655
|
)
|
Aerospace
|
75,503
|
|
|
73,981
|
|
|
1,522
|
|
|
1,453
|
|
|
69
|
|
|||||
Flow Technologies
|
145,986
|
|
|
137,370
|
|
|
8,616
|
|
|
9,404
|
|
|
(789
|
)
|
|||||
Total
|
$
|
429,042
|
|
|
$
|
434,142
|
|
|
$
|
(5,100
|
)
|
|
$
|
(3,726
|
)
|
|
$
|
(1,375
|
)
|
|
Six Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign
Exchange
|
|
Inventory restructuring
|
||||||||||||||
Segment
|
June 30,
2013 |
|
July 1,
2012 |
|
|||||||||||||||||||
|
(In thousands)
|
|
|
||||||||||||||||||||
Energy
|
$
|
58,685
|
|
|
$
|
53,805
|
|
|
$
|
4,880
|
|
|
$
|
5,119
|
|
|
$
|
56
|
|
|
$
|
(296
|
)
|
Aerospace
|
20,906
|
|
|
22,938
|
|
|
(2,032
|
)
|
|
(2,334
|
)
|
|
15
|
|
|
287
|
|
||||||
Flow Technologies
|
50,365
|
|
|
45,686
|
|
|
4,679
|
|
|
5,019
|
|
|
(339
|
)
|
|
—
|
|
||||||
Total
|
$
|
129,956
|
|
|
$
|
122,429
|
|
|
$
|
7,527
|
|
|
$
|
7,804
|
|
|
$
|
(268
|
)
|
|
$
|
(9
|
)
|
|
Six Months Ended
|
|
Inventory restructuring
|
|
Special and restructuring
|
||||||
Segment
|
June 30, 2013
|
|
|||||||||
|
(In thousands)
|
||||||||||
Energy
|
$
|
1,408
|
|
|
$
|
296
|
|
|
$
|
1,112
|
|
Aerospace
|
2,124
|
|
|
(288
|
)
|
|
2,412
|
|
|||
Flow Technologies
|
108
|
|
|
—
|
|
|
108
|
|
|||
Total
|
$
|
3,640
|
|
|
$
|
8
|
|
|
$
|
3,632
|
|
Cash flow provided by (used in):
|
|
||
Operating activities
|
$
|
19,432
|
|
Investing activities
|
(8,494
|
)
|
|
Financing activities
|
(9,844
|
)
|
|
Effect of exchange rates on cash and cash equivalents
|
(2,002
|
)
|
|
Decrease in cash and cash equivalents
|
$
|
(907
|
)
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
Currency
|
Number
|
|
Contract Amount
|
|
Currency
|
Canadian Dollar/Euro
|
2
|
|
2,755
|
|
Canadian Dollars
|
U.S. Dollar/Euro
|
8
|
|
17,942
|
|
U.S. Dollars
|
Brazilian Real/Euro
|
9
|
|
0
|
|
Brazilian Reals
|
ITEM 4.
|
CONTROLS AND PROCEDURES.
|
ITEM 1.
|
LEGAL PROCEEDINGS.
|
ITEM 1A.
|
RISK FACTORS.
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES.
|
ITEM 4.
|
MINE SAFETY DISCLOSURES.
|
ITEM 5.
|
OTHER INFORMATION.
|
ITEM 6.
|
EXHIBITS.
|
|
|
|
CIRCOR INTERNATIONAL, INC.
|
|
|
August 1, 2013
|
/s/ Scott A. Buckhout
|
|
Scott A. Buckhout
|
|
President and Chief Executive Officer
|
|
Principal Executive Officer
|
|
|
August 1, 2013
|
/s/ Frederic M. Burditt
|
|
Frederic M. Burditt
|
|
Vice President, Chief Financial Officer
|
|
Principal Financial Officer
|
|
|
August 1, 2013
|
/s/ John F. Kober
|
|
John F. Kober
|
|
Vice President, Corporate Controller and Treasurer
|
|
Principal Accounting Officer
|
1 Year CIRCOR Chart |
1 Month CIRCOR Chart |
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