CIR CIRCOR International Inc

* Net earnings of $0.29 posted for quarter, or $0.33 excluding charges BURLINGTON, Mass., Feb. 22 /PRNewswire-FirstCall/ -- CIRCOR International, Inc. (NYSE:CIR) a leading provider of valves and other fluid control devices for the instrumentation, aerospace, thermal fluid and energy markets, today announced results for the fourth quarter and the year ended December 31, 2005. Revenues for the 2005 fourth quarter were $120.4 million, an increase of 13% from $106.8 million for the fourth quarter 2004. Net income for the fourth quarter 2005 was $4.7 million or $0.29 per diluted share, compared to $0.1 million, or $0.01 per diluted share for the 2004 fourth quarter. Fourth quarter 2005 earnings included special charges of $0.03 per diluted share related to the consolidation of manufacturing facilities. In the fourth quarter of 2004, the Company had recorded unusual charges of $0.29 per diluted share primarily related to the Company's plan to dispose of slow-moving inventory and consolidate facilities. Excluding these charges, earnings per diluted share increased 10%, from $0.33 in 2005 compared to $0.30 in 2004. For the twelve months ended December 31, 2005, revenues were $450.5 million, an increase of 18% from $381.8 million for 2004. Net income for 2005 was $20.4 million or $1.27 per diluted share and for 2004 was $11.8 million or $0.74 per diluted share. During the fourth quarter of 2005, the Company generated $10.5 million of free cash flow [defined as net cash from operating activities, less capital expenditures and dividends paid] and, for the full year, the Company generated $27.9 million of free cash flow, an increase of 29% from $21.7 million of free cash flow generated in 2004. The Company received orders totaling $119.9 million during the fourth quarter 2005 and orders of $446.4 million for the year with year-end 2005 backlog reaching $142.2 million, the second-highest level ever for the Company. The 2005 order and backlog figures exclude over $50 million of letters of intent received for major international natural gas projects as of year-end. CIRCOR's Instrumentation and Thermal Fluid Controls Products segment revenues increased 15% to $68.3 million from $59.2 million in the fourth quarter 2004 primarily due to acquisitions and improved market conditions in this segment's aerospace, instrumentation and steam markets. Incoming orders for this segment increased 30% to $76.2 million compared to the fourth quarter last year and backlogs at year-end increased 111% compared to December 31, 2004 as a result of these same factors. This segment's adjusted operating margin for the fourth quarter, excluding special charges, was 9.5%, down from the 12.0% adjusted operating margin achieved in the fourth quarter 2004, excluding unusual charges. CIRCOR's Energy Products segment revenues increased 9% to $52.1 million from $47.6 million in the fourth quarter last year. Incoming orders for the quarter were $43.7 million and ending backlog totaled $58.1 million compared to incoming orders of $63.8 million and ending backlog of $75.9 million in 2004. This segment's orders and backlog figures exclude over $50.0 million of letters of intent received for major international natural gas projects as of year-end 2005. Market conditions for this segment remain robust as quotation activity and the level of planned international oil and gas projects continue to be strong. This segment's adjusted operating margin, excluding special and unusual charges recorded in 2005 and 2004, was 9.5% during the fourth quarter of 2005, compared to 10.6% for the fourth quarter of 2004. David A. Bloss, Sr., Chairman and Chief Executive Officer, said, "Our primary markets continue to exhibit positive momentum as demonstrated by our fourth quarter orders and backlogs as well as the large amount of letters of intent on hand at year-end for major international natural gas projects. While we were pleased with our cash flow results, the profitability of both of our segments, however, remained constrained and we did not realize the full benefit of the increased shipments experienced during the quarter. Production difficulties continued as operational changes, consolidation projects and constraints on the supply of certain raw materials added costs and lowered our expected profitability. In response to these issues, we are strengthening our supplier management processes and expanding our international sourcing programs. We are also accelerating our Lean manufacturing improvement initiatives with a focus on manufacturing constraints, and initiating further facility consolidations. As a result, we expect to show an improving profitability trend during 2006." CIRCOR provided guidance for its first quarter 2006 results, indicating it expects earnings to be in the range of $0.30 to $0.32 per diluted share excluding special charges but including a non-cash charge of approximately $0.01 per diluted share for the adoption of FAS 123R relating to expensing of stock options. CIRCOR International has scheduled a conference call to review its results for the fourth quarter 2005 on Thursday, February 23, 2006 at 10:30 a.m. ET. Interested parties may access the call by dialing (800) 289-0496 from the US & Canada or (913) 981-5519 from international locations. A replay of the call will be available from 1:30 p.m. ET on February 23, 2006 through midnight on Wednesday, March 1, 2006. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code #3444162 when prompted. The presentation slides that will be discussed on the conference call are expected to be available on February 22, 2006, by 6:00 p.m. ET. The presentation slides may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website: http://www.circor.com/. An audio recording of the conference call also is expected to be posted on the Company's website by February 27, 2006. CIRCOR International, Inc. is a leading provider of valves and fluid control products that allow customers around the world to use fluids safely and efficiently in the instrumentation, aerospace, thermal fluid and energy markets. CIRCOR's executive headquarters are located at 25 Corporate Drive, Burlington, MA 01803. This press release contains certain statements that are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (the "Act") and releases issued by the Securities and Exchange Commission (SEC). The words "may," "hope," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. We believe that it is important to communicate our future expectations to our stockholders, and we, therefore, make forward- looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control, and our actual results, performance or achievements may differ materially from the expectations we describe in our forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the cyclicality and highly competitive nature of some of our end markets, changes in the price of and demand for oil and gas in both domestic and international markets, variability of raw material and component pricing, fluctuations in foreign currency exchange rates, and our ability to continue operating our manufacturing facilities at efficient levels and to successfully implement our acquisition strategy. We advise you to read further about these and other risk factors set forth under the caption "Certain Risk Factors That May Affect Future Results" in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) UNAUDITED Three Months Ended Year Ended December December December December 31, 2005 31, 2004 31, 2005 31, 2004 Net revenues $120,414 $106,825 $450,531 $381,834 Cost of revenues 86,544 81,892 317,856 274,265 GROSS PROFIT 33,870 24,933 132,675 107,569 Selling, general and administrative expenses 26,238 23,659 98,040 85,332 Special charges 696 - 1,630 303 OPERATING INCOME 6,936 1,274 33,005 21,934 Other (income) expense: Interest income (93) (220) (579) (756) Interest expense 721 917 3,389 4,446 Other (income) expense, net (53) 57 144 (234) Total other expense 575 754 2,954 3,456 INCOME BEFORE INCOME TAXES 6,361 520 30,051 18,478 Provision for income taxes 1,613 390 9,668 6,675 NET INCOME $4,748 $130 $20,383 $11,803 Earnings per common share: Basic $0.30 $0.01 $1.30 $0.77 Diluted $0.29 $0.01 $1.27 $0.74 Weighted average common shares outstanding: Basic 15,823 15,422 15,690 15,361 Diluted 16,172 15,932 16,019 15,877 CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) UNAUDITED Year Ended December 31, December 31, 2005 2004 OPERATING ACTIVITIES Net income $20,383 $11,803 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 9,825 9,664 Amortization 588 192 Deferred income taxes (36) (14) Compensation expense of stock- based plans 1,020 650 Loss on disposal of property, plant and equipment 128 704 Gain on disposal of assets held for sale (110) (149) Changes in operating assets and liabilities, net of effects from business acquisitions: Trade accounts receivable (10,090) 4,960 Inventories 1,638 (1,764) Prepaid expenses and other assets 160 3,079 Accounts payable, accrued expenses and other liabilities 21,820 124 Net cash provided by operating activities 45,326 29,249 INVESTING ACTIVITIES Additions to property, plant and equipment (15,021) (5,287) Proceeds from disposal of property, plant and equipment 99 1,009 Proceeds from sale of assets held for sale 1,467 4,038 Business acquisitions, net of cash acquired (50,779) (12,591) Purchase price escrow release payments (829) (1,538) Purchase of investments (2,535) (7,077) Proceeds from sale of investments 6,699 11,339 Net cash used in investing activities (60,899) (10,107) FINANCING ACTIVITIES Proceeds from debt borrowings 10,669 322 Payments of debt (22,386) (18,787) Dividends paid (2,358) (2,303) Proceeds from the exercise of stock options 3,771 1,232 Net cash used in financing activities (10,304) (19,536) Effect of exchange rate changes on cash and cash equivalents (1,664) 845 (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (27,541) 451 Cash and cash equivalents at beginning of year 58,653 58,202 CASH AND CASH EQUIVALENTS AT END OF PERIOD $31,112 $58,653 CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share data) UNAUDITED December 31, December 31, 2005 2004 ASSETS Current Assets: Cash and cash equivalents $31,112 $58,653 Investments 86 4,155 Trade accounts receivable, less allowance for doubtful accounts of $1,943 and $2,549, respectively 77,731 64,521 Inventories 107,687 105,150 Prepaid expenses and other current assets 3,705 2,414 Deferred income taxes 4,328 6,953 Assets held for sale 1,115 - Total Current Assets 225,764 241,846 Property, Plant and Equipment, net 63,350 59,302 Other Assets: Goodwill 140,179 120,307 Intangibles, net 20,941 1,424 Other assets 10,146 5,539 Total Assets $460,380 $428,418 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $49,736 $38,023 Accrued expenses and other current liabilities 40,540 30,490 Income taxes payable 3,418 1,362 Notes payable and current portion of long-term debt 27,213 15,051 Total Current Liabilities 120,907 84,926 Long-Term Debt, net of current portion 6,278 27,829 Deferred Income Taxes 11,237 6,932 Other Non-Current Liabilities 11,235 10,646 Minority Interest - 4,650 Shareholders' Equity: Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued and outstanding - - Common stock, $.01 par value; 29,000,000 shares authorized; and 15,823,529 and 15,430,305 issued and outstanding, respectively 158 154 Additional paid-in capital 215,274 208,392 Retained earnings 82,318 64,293 Accumulated other comprehensive income 12,973 20,596 Total Shareholders' Equity 310,723 293,435 Total Liabilities and Shareholders' Equity $460,380 $428,418 CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in thousands) UNAUDITED Three Months Ended Year Ended December December December December 31, 2005 31, 2004 31, 2005 31, 2004 ORDERS Instrumentation & Thermal Fluid Controls $76,200 $58,502 $264,934 $221,443 Energy Products 43,739 63,829 181,481 187,057 Total orders $119,939 $122,331 $446,415 $408,500 December 31, December 31, 2005 2004 BACKLOG Instrumentation & Thermal Fluid Controls $84,019 $39,819 Energy Products 58,137 75,923 Total backlog $142,156 $115,742 Note: Backlog includes all unshipped customer orders. CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share) UNAUDITED 2004 1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD NET REVENUES Instrumentation & Thermal Fluid Controls (TFC) $51,639 $54,864 $52,966 $59,187 $218,656 Energy Products 39,058 39,688 36,794 47,638 163,178 Total 90,697 94,552 89,760 106,825 381,834 OPERATING MARGIN Instrumentation & TFC 11.2% 11.4% 10.9% 12.0% 11.4% Energy Products 10.9% 7.7% 7.8% 10.6% 9.3% Segment operating margin 11.1% 9.8% 9.7% 11.4% 10.5% Corporate expenses -2.5% -2.3% -2.9% -3.6% -2.8% Special charges 0.0% 0.0% -0.3% 0.0% -0.1% Unusual charges 0.0% 0.0% 0.0% -6.6% -1.9% Total operating margin 8.5% 7.5% 6.5% 1.2% 5.7% OPERATING INCOME Instrumentation & TFC (excl. special & unusual charges) 5,776 6,239 5,786 7,081 24,882 Energy Products (excl. special & unusual charges) 4,251 3,066 2,877 5,061 15,255 Segment operating income (excl. special & unusual charges) 10,027 9,305 8,663 12,142 40,137 Corporate expenses (2,259) (2,188) (2,585) (3,798) (10,830) Special charges (38) - (265) - (303) Unusual charges (primarily slow-moving inventory) - - - (7,070) (7,070) Total operating income 7,730 7,117 5,813 1,274 21,934 INTEREST EXPENSE, NET (1,020) (972) (1,001) (697) (3,690) OTHER (EXPENSE) INCOME, NET (143) 193 241 (57) 234 PRETAX INCOME 6,567 6,338 5,053 520 18,478 PROVISION FOR INCOME TAXES (2,299) (2,216) (1,770) (390) (6,675) EFFECTIVE TAX RATE 35.0% 35.0% 35.0% 75.0% 36.1% NET INCOME $4,268 $4,122 $3,283 $130 $11,803 Weighted Average Common Shares Outstanding (Diluted) 16,001 15,908 15,825 15,932 15,877 EARNINGS PER COMMON SHARE (Diluted) $0.27 $0.26 $0.21 $0.01 $0.74 EARNINGS PER COMMON SHARE (Diluted) excluding special charges $0.27 $0.26 $0.22 $0.01 $0.76 EBIT $7,587 $7,310 $6,054 $1,217 $22,168 Depreciation 2,680 2,353 2,528 2,103 9,664 Amortization of intangibles 77 38 38 39 192 EBITDA $10,344 $9,701 $8,620 $3,359 $32,024 EBITDA AS A PERCENT OF SALES 11.4% 10.3% 9.6% 3.1% 8.4% CAPITAL EXPENDITURES $1,294 $1,575 $757 $1,661 $5,287 CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share) UNAUDITED 2005 1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD NET REVENUES Instrumentation & Thermal Fluid Controls (TFC) $61,025 $62,908 $59,031 $68,312 $251,276 Energy Products 41,213 55,749 50,191 52,102 199,255 Total 102,238 118,657 109,222 120,414 450,531 OPERATING MARGIN Instrumentation & TFC 14.8% 12.1% 9.4% 9.5% 11.4% Energy Products 8.0% 10.7% 11.3% 9.5% 10.0% Segment operating margin 12.0% 11.5% 10.3% 9.5% 10.8% Corporate expenses -3.4% -2.6% -3.3% -3.2% -3.1% Special charges -0.3% -0.1% -0.5% -0.6% -0.4% Unusual charges 0.0% 0.0% 0.0% 0.0% 0.0% Total operating margin 8.4% 8.7% 6.6% 5.8% 7.3% OPERATING INCOME Instrumentation & TFC (excl. special & unusual charges) 9,004 7,641 5,532 6,517 28,694 Energy Products (excl. special & unusual charges) 3,290 5,957 5,680 4,932 19,859 Segment operating income (excl. special & unusual charges) 12,294 13,598 11,212 11,449 48,553 Corporate expenses (3,443) (3,105) (3,553) (3,817) (13,918) Special charges (305) (133) (496) (696) (1,630) Unusual charges (primarily slow-moving inventory) - - - - - Total operating income 8,546 10,360 7,163 6,936 33,005 INTEREST EXPENSE, NET (787) (667) (728) (628) (2,810) OTHER (EXPENSE) INCOME, NET 181 (204) (174) 53 (144) PRETAX INCOME 7,940 9,489 6,261 6,361 30,051 PROVISION FOR INCOME TAXES (2,779) (3,321) (1,955) (1,613) (9,668) EFFECTIVE TAX RATE 35.0% 35.0% 31.2% 25.4% 32.2% NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383 Weighted Average Common Shares Outstanding (Diluted) 16,054 16,171 16,228 16,172 16,019 EARNINGS PER COMMON SHARE (Diluted) $0.32 $0.38 $0.27 $0.29 $1.27 EARNINGS PER COMMON SHARE (Diluted) excluding special charges $0.33 $0.39 $0.29 $0.33 $1.34 EBIT $8,727 $10,156 $6,989 $6,989 $32,861 Depreciation 2,597 2,586 2,450 2,192 9,825 Amortization of intangibles 38 227 65 258 588 EBITDA $11,362 $12,969 $9,504 $9,439 $43,274 EBITDA AS A PERCENT OF SALES 11.1% 10.9% 8.7% 7.8% 9.6% CAPITAL EXPENDITURES $3,668 $3,136 $4,649 $3,568 $15,021 CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED 2004 1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] $2,254 $7,275 $4,438 $7,692 $21,659 ADD: Capital expenditures 1,294 1,575 757 1,661 5,287 Dividends paid 573 576 576 578 2,303 NET CASH PROVIDED BY OPERATING ACTIVITIES $4,121 $9,426 $5,771 $9,931 $29,249 NET (CASH) DEBT [TOTAL DEBT LESS CASH AND CASH EQUIVALENTS LESS INVESTMENTS] $(8,706) $(4,054) $(9,918) $(19,928) $(19,928) ADD: Cash and cash equivalents 59,963 54,527 60,055 58,653 58,653 Investments 7,679 7,517 7,953 4,155 4,155 TOTAL DEBT $58,936 $57,990 $58,090 $42,880 $42,880 NET DEBT AS % OF NET CAPITALIZATION -3.3% -1.5% -3.6% -7.3% -7.3% NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS' EQUITY LESS CASH AND CASH EQUIVALENTS, LESS INVESTMENTS] $267,728 $276,260 $275,870 $273,507 $273,507 LESS: Total debt (58,936) (57,990) (58,090) (42,880) (42,880) ADD: Cash and cash equivalents 59,963 54,527 60,055 58,653 58,653 Investments 7,679 7,517 7,953 4,155 4,155 TOTAL SHAREHOLDERS' EQUITY 276,434 280,314 285,788 293,435 293,435 ADD: Total debt 58,936 57,990 58,090 42,880 42,880 TOTAL CAPITAL $335,370 $338,304 $343,878 $336,315 $336,315 TOTAL DEBT / TOTAL CAPITAL 17.6% 17.1% 16.9% 12.7% 12.7% EBIT [NET INCOME LESS INTEREST EXPENSE, NET] $7,587 $7,310 $6,054 $1,217 $22,168 LESS: Interest expense, net (1,020) (972) (1,001) (697) (3,690) Provision for income taxes (2,299) (2,216) (1,770) (390) (6,675) NET INCOME $4,268 $4,122 $3,283 $130 $11,803 EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES] $10,344 $9,701 $8,620 $3,359 $32,024 LESS: Interest expense, net (1,020) (972) (1,001) (697) (3,690) Depreciation (2,680) (2,353) (2,528) (2,103) (9,664) Amortization of intangibles (77) (38) (38) (39) (192) Provision for income taxes (2,299) (2,216) (1,770) (390) (6,675) NET INCOME $4,268 $4,122 $3,283 $130 $11,803 INCOME EXCLUDING SPECIAL CHARGES [NET INCOME LESS SPECIAL CHARGES, NET OF TAX] $4,293 $4,122 $3,455 $130 $11,997 LESS: Special charges, net of tax (25) - (172) - (194) NET INCOME $4,268 $4,122 $3,283 $130 $11,803 Weighted average common shares outstanding (diluted) 16,001 15,908 15,825 15,932 15,877 EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES $0.27 $0.26 $0.22 $0.01 $0.76 CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED 2005 1ST QTR 2ND QTR 3RD QTR 4TH QTR YTD FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] $(412) $12,565 $5,307 $10,487 $27,947 ADD: Capital expenditures 3,668 3,136 4,649 3,568 15,021 Dividends paid 586 589 590 593 2,358 NET CASH PROVIDED BY OPERATING ACTIVITIES $3,842 $16,290 $10,546 $14,648 $45,326 NET (CASH) DEBT [TOTAL DEBT LESS CASH AND CASH EQUIVALENTS LESS INVESTMENTS] $15,367 $10,371 $2,054 $2,293 $2,293 ADD: Cash and cash equivalents 24,942 29,269 39,154 31,112 31,112 Investments 4,117 4,026 4,308 86 86 TOTAL DEBT $44,426 $43,666 $45,516 $33,491 $33,491 NET DEBT AS % OF NET CAPITALIZATION 4.9% 3.3% 0.7% 0.7% 0.7% NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS' EQUITY LESS CASH AND CASH EQUIVALENTS, LESS INVESTMENTS] $313,378 $310,514 $309,763 $313,016 $313,016 LESS: Total debt (44,426) (43,666) (45,516) (33,491) (33,491) ADD: Cash and cash equivalents 24,942 29,269 39,154 31,112 31,112 Investments 4,117 4,026 4,308 86 86 TOTAL SHAREHOLDERS' EQUITY 298,011 300,143 307,709 310,723 310,723 ADD: Total debt 44,426 43,666 45,516 33,491 33,491 TOTAL CAPITAL $342,437 $343,809 $353,225 $344,214 $344,214 TOTAL DEBT / TOTAL CAPITAL 13.0% 12.7% 12.9% 9.7% 9.7% EBIT [NET INCOME LESS INTEREST EXPENSE, NET] $8,727 $10,156 $6,989 $6,989 $32,861 LESS: Interest expense, net (787) (667) (728) (628) (2,810) Provision for income taxes (2,779) (3,321) (1,955) (1,613) (9,668) NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383 EBITDA [NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES] $11,362 $12,969 $9,504 $9,439 $43,274 LESS: Interest expense, net (787) (667) (728) (628) (2,810) Depreciation (2,597) (2,586) (2,450) (2,192) (9,825) Amortization of intangibles (38) (227) (65) (258) (588) Provision for income taxes (2,779) (3,321) (1,955) (1,613) (9,668) NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383 INCOME EXCLUDING SPECIAL CHARGES [NET INCOME LESS SPECIAL CHARGES, NET OF TAX] $5,359 $6,254 $4,647 $5,268 $21,489 LESS: Special charges, net of tax (198) (86) (341) (520) (1,106) NET INCOME $5,161 $6,168 $4,306 $4,748 $20,383 Weighted average common shares outstanding (diluted) 16,054 16,171 16,228 16,172 16,019 EARNINGS PER SHARE EXCLUDING SPECIAL CHARGES $0.33 $0.39 $0.29 $0.33 $1.34 DATASOURCE: CIRCOR International, Inc. CONTACT: Kenneth Smith, Chief Financial Officer of CIRCOR International, Inc., +1-781-270-1200 Web site: http://www.circor.com/

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