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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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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
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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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||
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Consolidated Balance Sheets as of June 29, 2014 (Unaudited) and December 31, 2013.
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|
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Consolidated Statements of Income for the Three and Six Months Ended June 29, 2014 and June 30, 2013 (Unaudited).
|
|
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Statements of Consolidated Comprehensive Income (Loss) for the Three and Six Months Ended June 29, 2014 and June 30, 2013 (Unaudited).
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Consolidated Statement of Cash Flows for the Six Months Ended June 29, 2014 and June 30, 2013 (Unaudited).
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||
ITEM 1.
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FINANCIAL STATEMENTS
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June 29, 2014
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December 31, 2013
|
||||
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(Unaudited)
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|
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
116,326
|
|
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$
|
102,180
|
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Short-term investments
|
95
|
|
|
95
|
|
||
Trade accounts receivable, less allowance for doubtful accounts of $2,832 and $2,449, respectively
|
168,541
|
|
|
144,742
|
|
||
Inventories, net
|
196,389
|
|
|
199,404
|
|
||
Prepaid expenses and other current assets
|
19,817
|
|
|
19,815
|
|
||
Deferred income tax asset
|
19,476
|
|
|
17,686
|
|
||
Total Current Assets
|
520,644
|
|
|
483,922
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
105,461
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|
107,724
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Goodwill
|
76,860
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|
|
75,876
|
|
||
Intangibles, net
|
34,476
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|
|
35,656
|
|
||
Deferred income tax asset
|
16,779
|
|
|
18,579
|
|
||
Other assets
|
4,866
|
|
|
4,893
|
|
||
TOTAL ASSETS
|
$
|
759,086
|
|
|
$
|
726,650
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LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
81,886
|
|
|
$
|
70,589
|
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Accrued expenses and other current liabilities
|
63,023
|
|
|
57,507
|
|
||
Accrued compensation and benefits
|
24,369
|
|
|
31,289
|
|
||
Income taxes payable
|
6,396
|
|
|
3,965
|
|
||
Notes payable and current portion of long-term debt
|
3,642
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|
|
7,203
|
|
||
Total Current Liabilities
|
179,316
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|
|
170,553
|
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LONG-TERM DEBT, NET OF CURRENT PORTION
|
39,797
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|
|
42,435
|
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||
DEFERRED INCOME TAXES
|
9,236
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|
|
9,666
|
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OTHER NON-CURRENT LIABILITIES
|
23,375
|
|
|
27,109
|
|
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SHAREHOLDERS’ EQUITY:
|
|
|
|
||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding
|
—
|
|
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—
|
|
||
Common stock, $0.01 par value; 29,000,000 shares authorized; 17,674,618 and 17,610,526 shares issued and outstanding at June 29, 2014 and December 31, 2013, respectively
|
170
|
|
|
176
|
|
||
Additional paid-in capital
|
274,580
|
|
|
269,884
|
|
||
Retained earnings
|
227,868
|
|
|
202,930
|
|
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Accumulated other comprehensive gain, net of taxes
|
4,744
|
|
|
3,897
|
|
||
Total Shareholders’ Equity
|
507,362
|
|
|
476,887
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
759,086
|
|
|
$
|
726,650
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2014 |
|
June 30,
2013 |
|
June 29,
2014 |
|
June 30,
2013 |
||||||||
Net revenues
|
$
|
207,884
|
|
|
$
|
223,644
|
|
|
$
|
419,070
|
|
|
$
|
429,042
|
|
Cost of revenues
|
148,184
|
|
|
153,538
|
|
|
294,731
|
|
|
299,086
|
|
||||
GROSS PROFIT
|
59,700
|
|
|
70,106
|
|
|
124,339
|
|
|
129,956
|
|
||||
Selling, general and administrative expenses
|
42,609
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|
47,596
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|
|
87,498
|
|
|
93,168
|
|
||||
Special charges, net
|
1,257
|
|
|
2,254
|
|
|
100
|
|
|
3,632
|
|
||||
OPERATING INCOME
|
15,834
|
|
|
20,256
|
|
|
36,741
|
|
|
33,156
|
|
||||
Other (income) expense:
|
|
|
|
|
|
|
|
||||||||
Interest expense, net
|
891
|
|
|
838
|
|
|
1,809
|
|
|
1,625
|
|
||||
Other (income) expense, net
|
(384
|
)
|
|
626
|
|
|
(853
|
)
|
|
1,239
|
|
||||
TOTAL OTHER EXPENSE, NET
|
507
|
|
|
1,464
|
|
|
956
|
|
|
2,864
|
|
||||
INCOME BEFORE INCOME TAXES
|
15,328
|
|
|
18,792
|
|
|
35,785
|
|
|
30,292
|
|
||||
Provision for income taxes
|
3,402
|
|
|
6,124
|
|
|
9,227
|
|
|
9,715
|
|
||||
NET INCOME
|
$
|
11,926
|
|
|
$
|
12,668
|
|
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$
|
26,558
|
|
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$
|
20,577
|
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Earnings per common share:
|
|
|
|
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|
|
|
||||||||
Basic
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$
|
0.68
|
|
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$
|
0.72
|
|
|
$
|
1.51
|
|
|
$
|
1.17
|
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Diluted
|
$
|
0.67
|
|
|
$
|
0.72
|
|
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$
|
1.50
|
|
|
$
|
1.17
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
17,665
|
|
|
17,565
|
|
|
17,643
|
|
|
17,539
|
|
||||
Diluted
|
17,767
|
|
|
17,607
|
|
|
17,754
|
|
|
17,569
|
|
||||
Dividends paid per common share
|
$
|
0.0375
|
|
|
$
|
0.0375
|
|
|
$
|
0.0750
|
|
|
$
|
0.0750
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29, 2014
|
|
June 30, 2013
|
|
June 29, 2014
|
|
June 30, 2013
|
||||||||
Net income
|
$
|
11,926
|
|
|
$
|
12,668
|
|
|
$
|
26,558
|
|
|
$
|
20,577
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
1,566
|
|
|
112
|
|
|
851
|
|
|
(8,531
|
)
|
||||
Other comprehensive income (loss)
|
1,566
|
|
|
112
|
|
|
851
|
|
|
(8,531
|
)
|
||||
COMPREHENSIVE INCOME
|
$
|
13,492
|
|
|
$
|
12,780
|
|
|
$
|
27,409
|
|
|
$
|
12,046
|
|
|
Six Months Ended
|
||||||
|
June 29,
2014 |
|
June 30,
2013 |
||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
26,558
|
|
|
$
|
20,577
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
8,185
|
|
|
8,035
|
|
||
Amortization
|
1,591
|
|
|
1,509
|
|
||
Compensation expense of share-based plans
|
4,020
|
|
|
2,156
|
|
||
Tax effect of share-based plan compensation
|
(971
|
)
|
|
(422
|
)
|
||
(Gain) on disposal of property, plant and equipment
|
(54
|
)
|
|
(129
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Trade accounts receivable, net
|
(23,705
|
)
|
|
(9,406
|
)
|
||
Inventories, net
|
3,600
|
|
|
(4,059
|
)
|
||
Prepaid expenses and other assets
|
143
|
|
|
(2,412
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
7,988
|
|
|
3,583
|
|
||
Net cash provided by operating activities
|
27,355
|
|
|
19,432
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Additions to property, plant and equipment
|
(5,603
|
)
|
|
(8,808
|
)
|
||
Proceeds from the sale of property, plant and equipment
|
32
|
|
|
314
|
|
||
Net cash used in investing activities
|
(5,571
|
)
|
|
(8,494
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Proceeds from long-term debt
|
81,910
|
|
|
74,255
|
|
||
Payments of long-term debt
|
(88,776
|
)
|
|
(84,679
|
)
|
||
Dividends paid
|
(1,341
|
)
|
|
(1,340
|
)
|
||
Proceeds from the exercise of stock options
|
237
|
|
|
1,498
|
|
||
Tax effect of share-based compensation
|
971
|
|
|
422
|
|
||
Net cash used in financing activities
|
(6,999
|
)
|
|
(9,844
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(639
|
)
|
|
(2,002
|
)
|
||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
14,146
|
|
|
(907
|
)
|
||
Cash and cash equivalents at beginning of period
|
102,180
|
|
|
61,738
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
116,326
|
|
|
$
|
60,831
|
|
Supplemental Cash Flow Information:
|
|
|
|
||||
Cash paid during the period presented for:
|
|
|
|
||||
Income taxes
|
$
|
6,375
|
|
|
$
|
3,464
|
|
Interest
|
$
|
1,358
|
|
|
$
|
1,054
|
|
2013 CEO Option Award
|
|
Stock Price Target
|
Cumulative Vested Portion of Stock Options (in Shares)
|
$50.00
|
50,000
|
$60.00
|
100,000
|
$70.00
|
150,000
|
$80.00
|
200,000
|
2013 CFO and 2014 CEO Option Award
|
|
Stock Price Target
|
Cumulative Vested Portion of Stock Options (in Shares)
|
$87.50
|
25,000
|
$100.00
|
50,000
|
$112.50
|
75,000
|
$125.00
|
100,000
|
Risk-free interest rate
|
1.8
|
%
|
Expected life (years)
|
3.7
|
|
Expected stock volatility
|
41.4
|
%
|
Expected dividend yield
|
0.2
|
%
|
|
June 29, 2014
|
|
December 31, 2013
|
||||
Raw materials
|
$
|
67,322
|
|
|
$
|
59,255
|
|
Work in process
|
94,001
|
|
|
95,236
|
|
||
Finished goods
|
35,066
|
|
|
44,913
|
|
||
|
$
|
196,389
|
|
|
$
|
199,404
|
|
|
Energy
|
|
Aerospace & Defense
|
|
Consolidated
Total
|
||||||
Goodwill as of December 31, 2013
|
$
|
52,930
|
|
|
$
|
22,946
|
|
|
$
|
75,876
|
|
Currency translation adjustments
|
999
|
|
|
(15
|
)
|
|
984
|
|
|||
Goodwill as of June 29, 2014
|
$
|
53,929
|
|
|
$
|
22,931
|
|
|
$
|
76,860
|
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||
Patents
|
$
|
6,066
|
|
|
$
|
(5,703
|
)
|
Non-amortized intangibles (primarily trademarks and trade names)
|
17,165
|
|
|
—
|
|
||
Customer relationships
|
34,992
|
|
|
(20,426
|
)
|
||
Backlog
|
1,174
|
|
|
(1,174
|
)
|
||
Other
|
7,666
|
|
|
(5,284
|
)
|
||
Total
|
$
|
67,063
|
|
|
$
|
(32,587
|
)
|
Net carrying value of intangible assets
|
$
|
34,476
|
|
|
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
After 2019
|
||||||||||||
Estimated amortization expense
|
$
|
1,572
|
|
|
$
|
3,139
|
|
|
$
|
2,852
|
|
|
$
|
2,717
|
|
|
$
|
2,455
|
|
|
$
|
4,579
|
|
|
Energy
|
|
Aerospace & Defense
|
|
Corporate /
Eliminations
|
|
Consolidated
Total
|
||||||||
Three Months Ended June 29, 2014
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
160,581
|
|
|
$
|
47,303
|
|
|
$
|
—
|
|
|
$
|
207,884
|
|
Inter-segment revenues
|
339
|
|
|
52
|
|
|
(391
|
)
|
|
—
|
|
||||
Operating income (loss)
|
22,992
|
|
|
(2,235
|
)
|
|
(4,923
|
)
|
|
15,834
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
891
|
|
|||||||
Other (income) expense, net
|
|
|
|
|
|
|
(384
|
)
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
$
|
15,328
|
|
||||||
Identifiable assets
|
628,626
|
|
|
213,114
|
|
|
(82,654
|
)
|
|
759,086
|
|
||||
Capital expenditures
|
1,707
|
|
|
1,039
|
|
|
187
|
|
|
2,933
|
|
||||
Depreciation and amortization
|
2,910
|
|
|
1,717
|
|
|
294
|
|
|
4,921
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Three Months Ended June 30, 2013
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
173,558
|
|
|
$
|
50,086
|
|
|
$
|
—
|
|
|
$
|
223,644
|
|
Inter-segment revenues
|
261
|
|
|
19
|
|
|
(280
|
)
|
|
—
|
|
||||
Operating income (loss)
|
22,299
|
|
|
4,527
|
|
|
(6,570
|
)
|
|
20,256
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
838
|
|
|||||||
Other (income) expense, net
|
|
|
|
|
|
|
626
|
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
$
|
18,792
|
|
||||||
Identifiable assets
|
572,579
|
|
|
228,382
|
|
|
(91,535
|
)
|
|
709,426
|
|
||||
Capital expenditures
|
3,278
|
|
|
745
|
|
|
79
|
|
|
4,102
|
|
||||
Depreciation and amortization
|
2,836
|
|
|
1,599
|
|
|
343
|
|
|
4,778
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 29, 2014
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
323,167
|
|
|
$
|
95,903
|
|
|
$
|
—
|
|
|
$
|
419,070
|
|
Inter-segment revenues
|
545
|
|
|
131
|
|
|
(676
|
)
|
|
—
|
|
||||
Operating income (loss)
|
44,767
|
|
|
4,335
|
|
|
(12,361
|
)
|
|
36,741
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
1,809
|
|
|||||||
Other (income) expense, net
|
|
|
|
|
|
|
(853
|
)
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
$
|
35,785
|
|
||||||
Identifiable assets
|
628,626
|
|
|
213,114
|
|
|
(82,654
|
)
|
|
759,086
|
|
||||
Capital expenditures
|
3,479
|
|
|
1,688
|
|
|
435
|
|
|
5,603
|
|
||||
Depreciation and amortization
|
5,727
|
|
|
3,443
|
|
|
606
|
|
|
9,776
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2013
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
330,661
|
|
|
$
|
98,381
|
|
|
$
|
—
|
|
|
$
|
429,042
|
|
Inter-segment revenues
|
483
|
|
|
24
|
|
|
(507
|
)
|
|
—
|
|
||||
Operating income (loss)
|
38,539
|
|
|
6,464
|
|
|
(11,847
|
)
|
|
33,156
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
1,625
|
|
|||||||
Other (income) expense, net
|
|
|
|
|
|
|
1,239
|
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
$
|
30,292
|
|
||||||
Identifiable assets
|
572,579
|
|
|
228,382
|
|
|
(91,535
|
)
|
|
709,426
|
|
||||
Capital expenditures
|
6,306
|
|
|
2,353
|
|
|
149
|
|
|
8,808
|
|
||||
Depreciation and amortization
|
5,633
|
|
|
3,206
|
|
|
705
|
|
|
9,544
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
June 29, 2014
|
|
June 30, 2013
|
||||||||||||||||||
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share ("EPS")
|
$
|
11,926
|
|
|
17,665
|
|
|
$
|
0.68
|
|
|
$
|
12,668
|
|
|
17,565
|
|
|
$
|
0.72
|
|
Dilutive securities, common stock options
|
—
|
|
|
102
|
|
|
(0.01
|
)
|
|
—
|
|
|
42
|
|
|
0.00
|
|
||||
Diluted EPS
|
$
|
11,926
|
|
|
17,767
|
|
|
$
|
0.67
|
|
|
$
|
12,668
|
|
|
17,607
|
|
|
$
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended
|
||||||||||||||||||||
|
June 29, 2014
|
|
June 30, 2013
|
||||||||||||||||||
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
||||||||||
Basic EPS
|
$
|
26,558
|
|
|
17,643
|
|
|
$
|
1.51
|
|
|
$
|
20,577
|
|
|
17,539
|
|
|
$
|
1.17
|
|
Dilutive securities, common stock options
|
—
|
|
|
111
|
|
|
(0.01
|
)
|
|
—
|
|
|
30
|
|
|
0.00
|
|
||||
Diluted EPS
|
$
|
26,558
|
|
|
17,754
|
|
|
$
|
1.50
|
|
|
$
|
20,577
|
|
|
17,569
|
|
|
$
|
1.17
|
|
Balance beginning December 31, 2013
|
$
|
4,194
|
|
Provisions
|
1,885
|
|
|
Claims settled
|
(1,214
|
)
|
|
Currency translation adjustment
|
(17
|
)
|
|
Balance ending June 29, 2014
|
$
|
4,848
|
|
Term Remaining
|
Maximum Potential
Future Payments
|
||
0–12 months
|
$
|
30,222
|
|
Greater than 12 months
|
15,759
|
|
|
Total
|
$
|
45,981
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 29,
2014 |
|
June 30,
2013 |
|
June 29,
2014 |
|
June 30,
2013 |
||||||||
Interest cost on benefits obligation
|
545
|
|
|
491
|
|
|
1,090
|
|
|
982
|
|
||||
Estimated return on assets
|
(697
|
)
|
|
(591
|
)
|
|
(1,394
|
)
|
|
(1,182
|
)
|
||||
Loss amortization
|
127
|
|
|
189
|
|
|
254
|
|
|
378
|
|
||||
Net periodic cost of defined pension benefit plans
|
$
|
(25
|
)
|
|
$
|
89
|
|
|
$
|
(50
|
)
|
|
$
|
178
|
|
|
Special Charges / (Recoveries)
|
||||||||||||||
|
As of and for the three months ended June 29, 2014
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Accrued special charges as of March 30, 2014
|
|
|
|
|
|
|
$
|
2,725
|
|
||||||
Facility and professional fee related expenses
|
88
|
|
|
9
|
|
|
—
|
|
|
97
|
|
||||
Employee related expenses
|
422
|
|
|
449
|
|
|
289
|
|
|
1,160
|
|
||||
Total special charges
|
$
|
510
|
|
|
$
|
458
|
|
|
$
|
289
|
|
|
$
|
1,257
|
|
Special charges paid
|
|
|
|
|
|
|
1,887
|
|
|||||||
Accrued special charges as of June 29, 2014
|
|
|
|
|
|
|
$
|
2,095
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
|
Special Charges / (Recoveries)
|
||||||||||||||
|
As of and for the six months ended June 29, 2014
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Accrued special charges as of December 31, 2013
|
|
|
|
|
|
|
$
|
4,180
|
|
||||||
Facility and professional fee related expenses
|
424
|
|
|
93
|
|
|
—
|
|
|
517
|
|
||||
Employee related expenses
|
773
|
|
|
464
|
|
|
289
|
|
|
1,526
|
|
||||
Total restructuring charges
|
$
|
1,197
|
|
|
$
|
557
|
|
|
$
|
289
|
|
|
$
|
2,043
|
|
Watts settlement
|
—
|
|
|
—
|
|
|
300
|
|
|
300
|
|
||||
TMW settlement special gain
|
—
|
|
|
(2,243
|
)
|
|
—
|
|
|
(2,243
|
)
|
||||
Total special charges (recoveries)
|
$
|
1,197
|
|
|
$
|
(1,686
|
)
|
|
$
|
589
|
|
|
$
|
100
|
|
Special charges paid
|
|
|
|
|
|
|
2,185
|
|
|||||||
Accrued special charges as of June 29, 2014
|
|
|
|
|
|
|
$
|
2,095
|
|
|
Special Charges / (Recoveries)
|
||||||||||||||
|
As of and for the three months ended June 30, 2013
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Accrued special charges as of March 31, 2013
|
|
|
|
|
|
|
$
|
71
|
|
||||||
Facility and professional fee related expenses
|
458
|
|
|
1,299
|
|
|
—
|
|
|
1,757
|
|
||||
Employee related expenses
|
311
|
|
|
186
|
|
|
—
|
|
|
497
|
|
||||
Total restructuring charges
|
$
|
769
|
|
|
$
|
1,485
|
|
|
$
|
—
|
|
|
$
|
2,254
|
|
Special charges paid
|
|
|
|
|
|
|
1,733
|
|
|||||||
Accrued special charges as of June 30, 2013
|
|
|
|
|
|
|
$
|
592
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
|
Special Charges / (Recoveries)
|
||||||||||||||
|
As of and for the six months ended June 30, 2013
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Accrued special charges as of December 31, 2012
|
|
|
|
|
|
|
$
|
800
|
|
||||||
Facility and professional fee related expenses
|
838
|
|
|
1,838
|
|
|
—
|
|
|
2,676
|
|
||||
Employee-related expenses
|
383
|
|
|
573
|
|
|
—
|
|
|
956
|
|
||||
Total restructuring related special charges
|
$
|
1,221
|
|
|
$
|
2,411
|
|
|
$
|
—
|
|
|
$
|
3,632
|
|
Special charges paid
|
|
|
|
|
|
|
3,840
|
|
|||||||
Accrued special charges as of June 30, 2013
|
|
|
|
|
|
|
$
|
592
|
|
|
2012 Announced Restructuring Charges / (Recoveries) as of
June 29, 2014
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Facility and professional fee related expenses - incurred to date
|
2,270
|
|
|
2,854
|
|
|
—
|
|
|
5,124
|
|
||||
Employee related expenses - incurred to date
|
1,085
|
|
|
968
|
|
|
—
|
|
|
2,053
|
|
||||
Total restructuring related special charges - incurred to date
|
$
|
3,355
|
|
|
$
|
3,822
|
|
|
$
|
—
|
|
|
$
|
7,177
|
|
|
2013 Announced Restructuring Charges / (Recoveries) as of
June 29, 2014
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Facility and professional fee related expenses - incurred to date
|
2,117
|
|
|
473
|
|
|
—
|
|
|
2,590
|
|
||||
Employee related expenses - incurred to date
|
2,945
|
|
|
1,519
|
|
|
—
|
|
|
4,464
|
|
||||
Total restructuring related special charges - incurred to date
|
$
|
5,062
|
|
|
$
|
1,992
|
|
|
$
|
—
|
|
|
$
|
7,054
|
|
|
2014 Announced Restructuring Charges / (Recoveries) as of
June 29, 2014
|
||||||||||||||
|
Energy
|
|
Aerospace & Defense
|
|
Corporate
|
|
Total
|
||||||||
Facility and professional fee related expenses - incurred to date
|
(93
|
)
|
|
9
|
|
|
—
|
|
|
(84
|
)
|
||||
Employee related expenses - incurred to date
|
316
|
|
|
449
|
|
|
289
|
|
|
1,054
|
|
||||
Total restructuring related special charges - incurred to date
|
$
|
223
|
|
|
$
|
458
|
|
|
$
|
289
|
|
|
$
|
970
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|||||||||||
|
June 29, 2014
|
|
June 30, 2013
|
|
% Change
|
|||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Net revenues
|
$
|
207,884
|
|
|
100.0
|
%
|
|
$
|
223,644
|
|
|
100.0
|
%
|
|
(7.0
|
)%
|
Cost of revenues
|
148,184
|
|
|
71.3
|
%
|
|
153,538
|
|
|
68.7
|
%
|
|
(3.5
|
)%
|
||
Gross profit
|
59,700
|
|
|
28.7
|
%
|
|
70,106
|
|
|
31.3
|
%
|
|
(14.8
|
)%
|
||
Selling, general and administrative expenses
|
42,609
|
|
|
20.5
|
%
|
|
47,596
|
|
|
21.3
|
%
|
|
(10.5
|
)%
|
||
Special (recoveries) charges, net
|
1,257
|
|
|
0.6
|
%
|
|
2,254
|
|
|
1.0
|
%
|
|
(44.2
|
)%
|
||
Operating income
|
15,834
|
|
|
7.6
|
%
|
|
20,256
|
|
|
9.1
|
%
|
|
(21.8
|
)%
|
||
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
891
|
|
|
0.4
|
%
|
|
838
|
|
|
0.4
|
%
|
|
6.3
|
%
|
||
Other (income) expense, net
|
(384
|
)
|
|
(0.2
|
)%
|
|
626
|
|
|
0.3
|
%
|
|
(161.3
|
)%
|
||
Total other expense, net
|
507
|
|
|
0.2
|
%
|
|
1,464
|
|
|
0.7
|
%
|
|
(65.4
|
)%
|
||
Income before income taxes
|
15,327
|
|
|
7.4
|
%
|
|
18,792
|
|
|
8.4
|
%
|
|
(18.4
|
)%
|
||
Provision for income taxes
|
3,402
|
|
|
1.6
|
%
|
|
6,124
|
|
|
2.7
|
%
|
|
(44.4
|
)%
|
||
Net income
|
$
|
11,925
|
|
|
5.7
|
%
|
|
$
|
12,668
|
|
|
5.7
|
%
|
|
(5.9
|
)%
|
|
Three Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign
Exchange
|
||||||||||||
Segment
|
June 29, 2014
|
|
June 30, 2013
|
|
|||||||||||||||
|
(In thousands)
|
||||||||||||||||||
Energy
|
$
|
160,580
|
|
|
173,557
|
|
|
$
|
(12,977
|
)
|
|
(14,822
|
)
|
|
1,845
|
|
|||
Aerospace & Defense
|
47,304
|
|
|
50,087
|
|
|
(2,783
|
)
|
|
(4,466
|
)
|
|
1,683
|
|
|||||
Total
|
$
|
207,884
|
|
|
$
|
223,644
|
|
|
$
|
(15,760
|
)
|
|
$
|
(19,288
|
)
|
|
$
|
3,528
|
|
|
Three Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign Exchange
|
|
Inventory Restructuring & Special (Recoveries) Charges, net
|
||||||||||||||
Segment
|
June 29,
2014 |
|
June 30,
2013 |
|
|
||||||||||||||||||
Energy
|
$
|
22,992
|
|
|
$
|
22,299
|
|
|
$
|
693
|
|
|
$
|
205
|
|
|
$
|
182
|
|
|
$
|
306
|
|
Aerospace & Defense
|
(2,235
|
)
|
|
4,527
|
|
|
(6,762
|
)
|
|
(2,601
|
)
|
|
239
|
|
|
(4,400
|
)
|
||||||
Corporate
|
(4,923
|
)
|
|
(6,570
|
)
|
|
1,647
|
|
|
1,936
|
|
|
—
|
|
|
(289
|
)
|
||||||
|
$
|
15,834
|
|
|
$
|
20,256
|
|
|
$
|
(4,422
|
)
|
|
$
|
(460
|
)
|
|
$
|
421
|
|
|
$
|
(4,383
|
)
|
|
Six Months Ended
|
|
Six Months Ended
|
|
|
|||||||||||
|
June 29, 2014
|
|
June 30, 2013
|
|
% Change
|
|||||||||||
|
(Dollars in thousands)
|
|||||||||||||||
Net revenues
|
$
|
419,070
|
|
|
100.0
|
%
|
|
$
|
429,042
|
|
|
100.0
|
%
|
|
(2.3
|
)%
|
Cost of revenues
|
294,731
|
|
|
70.3
|
%
|
|
299,086
|
|
|
69.7
|
%
|
|
(1.5
|
)%
|
||
Gross profit
|
124,339
|
|
|
29.7
|
%
|
|
129,956
|
|
|
30.3
|
%
|
|
(4.3
|
)%
|
||
Selling, general and administrative expenses
|
87,498
|
|
|
20.9
|
%
|
|
93,168
|
|
|
21.7
|
%
|
|
(6.1
|
)%
|
||
Special charges
|
100
|
|
|
—
|
%
|
|
3,632
|
|
|
0.8
|
%
|
|
(97.2
|
)%
|
||
Operating income
|
36,741
|
|
|
8.8
|
%
|
|
33,156
|
|
|
7.7
|
%
|
|
10.8
|
%
|
||
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
1,809
|
|
|
0.4
|
%
|
|
1,625
|
|
|
0.4
|
%
|
|
11.3
|
%
|
||
Other expense, net
|
(853
|
)
|
|
(0.2
|
)%
|
|
1,239
|
|
|
0.3
|
%
|
|
(168.8
|
)%
|
||
Total other (income) expense
|
956
|
|
|
0.2
|
%
|
|
2,864
|
|
|
0.7
|
%
|
|
(66.6
|
)%
|
||
Income before income taxes
|
35,785
|
|
|
8.5
|
%
|
|
30,292
|
|
|
7.1
|
%
|
|
18.1
|
%
|
||
Provision for income taxes
|
9,227
|
|
|
2.2
|
%
|
|
9,715
|
|
|
2.3
|
%
|
|
(5.0
|
)%
|
||
Net income
|
$
|
26,558
|
|
|
6.3
|
%
|
|
$
|
20,577
|
|
|
4.8
|
%
|
|
29.1
|
%
|
|
Six Months Ended
|
|
Total Change
|
|
Operations
|
|
Foreign
Exchange
|
||||||||||||
Segment
|
June 29, 2014
|
|
June 30, 2013
|
|
|||||||||||||||
|
(In thousands)
|
||||||||||||||||||
Energy
|
$
|
323,167
|
|
|
$
|
330,661
|
|
|
$
|
(7,494
|
)
|
|
$
|
(9,965
|
)
|
|
$
|
2,471
|
|
Aerospace & Defense
|
95,903
|
|
|
98,381
|
|
|
(2,478
|
)
|
|
(5,565
|
)
|
|
3,087
|
|
|||||
Total
|
$
|
419,070
|
|
|
$
|
429,042
|
|
|
$
|
(9,972
|
)
|
|
$
|
(15,530
|
)
|
|
$
|
5,558
|
|
|
Six Months Ended
|
|
Total
Change
|
|
Operations
|
|
Foreign
Exchange
|
|
Inventory Restructuring & Special (Recoveries) Charges, net
|
||||||||||||||
Segment
|
June 29, 2014
|
|
June 30, 2013
|
|
|||||||||||||||||||
|
(Dollars In thousands)
|
|
|
||||||||||||||||||||
Energy
|
$
|
44,766
|
|
|
$
|
38,539
|
|
|
$
|
6,227
|
|
|
$
|
5,627
|
|
|
$
|
282
|
|
|
$
|
318
|
|
Aerospace & Defense
|
4,335
|
|
|
6,464
|
|
|
(2,129
|
)
|
|
(1,306
|
)
|
|
505
|
|
|
(1,328
|
)
|
||||||
Corporate
|
(12,360
|
)
|
|
(11,847
|
)
|
|
(513
|
)
|
|
76
|
|
|
—
|
|
|
(589
|
)
|
||||||
Total
|
$
|
36,741
|
|
|
$
|
33,156
|
|
|
$
|
3,585
|
|
|
$
|
4,397
|
|
|
$
|
787
|
|
|
$
|
(1,599
|
)
|
Cash flow provided by (used in):
|
|
||
Operating activities
|
$
|
27,355
|
|
Investing activities
|
(5,571
|
)
|
|
Financing activities
|
(6,999
|
)
|
|
Effect of exchange rates on cash and cash equivalents
|
(639
|
)
|
|
Increase in cash and cash equivalents
|
$
|
14,146
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
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, 2014
|
/s/ Scott A. Buckhout
|
|
Scott A. Buckhout
|
|
President and Chief Executive Officer
|
|
Principal Executive Officer
|
|
|
August 1, 2014
|
/s/ Rajeev Bhalla
|
|
Rajeev Bhalla
|
|
Executive Vice President, Chief Financial Officer
|
|
Principal Financial Officer
|
|
|
August 1, 2014
|
/s/ John F. Kober III
|
|
John F. Kober III
|
|
Vice President, Corporate Controller and Treasurer
|
|
Principal Accounting Officer
|
1 Year CIRCOR Chart |
1 Month CIRCOR Chart |
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