CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for the industrial,
aerospace and energy markets, today announced financial results for
the first quarter ended April 3, 2011.
Management Comments on First-Quarter Results
“CIRCOR is off to a strong start in 2011,” said Chairman and
Chief Executive Officer Bill Higgins. “Revenues grew by 39% year
over year, and adjusted earnings per share, excluding Leslie
asbestos and bankruptcy charges, increased by 58%. Our short-cycle
Energy and Flow Technologies end markets are the strongest,
benefiting from early-cycle economic activity. Total orders for the
quarter were up 30% year over year; with Energy bookings growing
72%.”
“We are very pleased to have accomplished the final step to
permanently resolve Leslie’s asbestos liability. Last week we
funded the asbestos trust and Leslie Controls has emerged from
bankruptcy,” said Higgins. “In addition, to support our strategic
growth, we have entered into a new $300 million, five-year
unsecured credit agreement, which provides better terms than our
previous arrangement and additional borrowing capacity.”
CIRCOR also announced that Paul M. Coppinger will be leaving the
Company May 13, 2011. As President of CIRCOR Energy, Mr.
Coppinger led the segment through a period of plant consolidations
and lean implementations. Commenting on the Company’s search
for a new CIRCOR Energy leader, Mr. Higgins said, “This individual
will drive the transition to accelerating global growth both
organically and through acquisitions.”
Consolidated Results
Revenues for the first quarter of 2011 were $203.4 million, a
39% increase from $146.3 million generated in the first quarter of
2010. CIRCOR reported net income for the first quarter of 2011 of
$7.9 million, or $0.45 per diluted share, compared with net income
of $5.7 million, or $0.33 per diluted share, for the first quarter
of 2010.
Consolidated adjusted operating earnings, which excludes Leslie
asbestos and bankruptcy charges, was $13.8 million for the first
quarter of 2011 compared to $7.3 million for first quarter 2010, an
increase of 89%.
First-quarter 2011 net income included pretax Leslie asbestos
and bankruptcy charges of $1.0 million, compared with $0.6 million
of pretax asbestos recoveries in the first quarter of 2010.
Excluding Leslie asbestos and bankruptcy charges and recoveries net
of tax, adjusted earnings per diluted share increased 58% to $0.49
for the first quarter of 2011, compared with $0.31 in the first
quarter of 2010.
Consolidated Orders and Free Cash Flow
The Company received orders totaling $221.6 million during the
first quarter of 2011, an increase of 30% compared with the first
quarter of 2010 and a 4% increase compared with the fourth quarter
of 2010. Backlog as of April 3, 2011 was $419.1 million, up 27%
from backlog of $330.4 million at April 4, 2010 and up 4% from
$404.3 million at December 31, 2010.
During the first quarter of 2011, the Company generated $0.9
million of free cash flow (defined as net cash from operating
activities, less capital expenditures and dividends paid) compared
with using $7.0 million in the first quarter of 2010, primarily due
to higher net income and working capital improvements.
Energy
CIRCOR’s Energy segment revenues of $99.2 million for the
quarter ended April 3, 2011 represent a 72% increase from $57.7
million for the quarter ended April 4, 2010. The increase included
65% organic growth, 4% growth from acquisitions, and a positive
foreign currency adjustment of 3%. The growth was primarily the
result of strong shipment volume for large international projects
and short-cycle North American business, the acquisition of SF
Valves in February, and favorable foreign currency
fluctuations.
Incoming orders for the first quarter of 2011 were $113.7
million, an increase of 72% year over year, but down 6%
sequentially. The year-over-year growth was primarily due to
strength in large international projects, which has rebounded from
the low order intake in the previous year. Ending backlog totaled
$203.1 million, a 50% increase year over year and a 13% increase
sequentially.
For the first quarter of 2011, the Energy segment adjusted
operating margin of 6.4% compares with 3.5% for the first quarter
of 2010 and 6.7% for the fourth quarter of 2010. The year-over-year
increase was driven primarily by the improved margins and revenue
in the North American short-cycle businesses, partially offset by
pricing pressure on large international projects.
Aerospace
CIRCOR’s Aerospace segment revenues increased by 18% to $32.1
million for the first quarter of 2011 from $27.3 million in the
first quarter of 2010. The increase in revenues was driven by 14%
growth from acquisitions, 4% organic growth, and a 1% positive
foreign currency adjustment.
Incoming orders for the first quarter of 2011 were $32.8
million, a decrease of 6% year over year, but up 7% sequentially.
The year-over-year order decrease was primarily due to the timing
of military landing gear orders which were high in the first
quarter of 2010, partially offset by the positive impact of
acquisitions. Ending backlog totaled $135.3 million, an increase of
12% year over year, but down 8% sequentially.
The Aerospace segment’s adjusted operating margin was 11.6% for
the first quarter of 2011, compared with 13.2% for the first
quarter of 2010, and 14.1% for the fourth quarter of 2010.
First-quarter 2011 adjusted operating margins decreased year over
year primarily as a result of higher costs associated with the
integration of the Castle acquisition.
Flow Technologies
CIRCOR’s Flow Technologies segment revenues increased 18% to
$72.1 million for the first quarter of 2011 from $61.3 million in
the first quarter of 2010. First-quarter 2011 revenues reflected
organic growth of 15%, due to continued semiconductor strength and
steady progress in process and industrial markets, growth from
acquisitions of 2%, and a favorable foreign currency adjustment of
1%.
Incoming orders for this segment were $75.0 million for the
first quarter of 2011, an increase of 9% year over year and 24%
sequentially. The year-over-year and sequential increase reflects
an improvement in most markets except refining and maritime. Ending
backlog totaled $80.7 million, an increase of 9% year over year and
an increase of 5% sequentially.
This segment’s adjusted operating margin, which excludes the
impact of Leslie asbestos and bankruptcy charges, for the first
quarter of 2011, was 13.7%, compared with 10.2% in the first
quarter of 2010 and 12.5% in the fourth quarter of 2010. The
first-quarter year-over-year adjusted operating margin increase was
due primarily to higher volumes and associated leverage.
Business and Financial Outlook
“2011 is shaping up to be a year of improving performance for
CIRCOR,” said Higgins. “Short-cycle bookings for our Energy
business remain solid and large international projects are
continuing to recover. We expect Energy margins will slowly
improve, as we work through the lower margin project backlog.
Commercial aerospace has come off the bottom; however, military
sales will remain soft for the near-term. The end markets within
our Flow Technologies business are healthy.”
CIRCOR currently expects revenues for the second quarter of 2011
in the range of $200 million to $207 million and adjusted earnings
are expected to be in the range of $0.42 to $0.52 per diluted
share. CIRCOR’s guidance for adjusted earnings per share assumes a
31% tax rate and that exchange rates remain at present levels.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, May 5, 2011, at 10:00 a.m. ET. Those who
wish to listen to the conference call and view the accompanying
presentation slides should visit “Webcasts & Presentations” in
the “Investors” portion of the CIRCOR website. The live call also
can be accessed by dialing (877) 407-5790 or (201) 689-8328. If you
are unable to listen to the live call, the webcast will be archived
for one year on the Company’s website.
Use of Non-GAAP Financial Measures
Adjusted net income, adjusted earnings per diluted share,
adjusted operating margin, and free cash flow are non-GAAP
financial measures and are intended to serve as a complement to
results provided in accordance with accounting principles generally
accepted in the United States. CIRCOR believes that such
information provides an additional measurement and consistent
historical comparison of the Company’s performance. A
reconciliation of the non-GAAP financial measures to the most
directly comparable GAAP measures is available in this news
release.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Reliance should not be placed on forward-looking
statements because they involve unknown risks, uncertainties and
other factors, which are, in some cases, beyond the control of
CIRCOR. Any statements in this press release that are not
statements of historical fact are forward-looking statements,
including, but not limited to, those relating to CIRCOR’s future
performance, including second-quarter revenue and earnings
guidance. Actual events, performance or results could differ
materially from the anticipated events, performance or results
expressed or implied by such forward-looking statements. BEFORE
MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY
ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST
RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS
10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR
WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets
valves and other highly engineered products for the industrial,
aerospace and energy markets. With more than 7,000 customers in
over 100 countries, CIRCOR has a diversified product portfolio with
recognized, market-leading brands. CIRCOR’s culture, built on the
CIRCOR Business System, is defined by the Company’s commitment to
attracting, developing and retaining the best talent and pursuing
continuous improvement in all aspects of its business and
operations. The Company’s strategy includes growing organically by
investing in new, differentiated products; adding value to
component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to
leverage its strong balance sheet to acquire strategically
complementary businesses. For more information, visit the Company’s
investor relations web site at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share
data) UNAUDITED
Three Months Ended April 3,
2011 April 4, 2010
Net revenues $ 203,370 $ 146,269 Cost of revenues 147,160
103,550 GROSS PROFIT 56,210 42,719 Selling,
general and administrative expenses 42,437 35,418 Leslie asbestos
and bankruptcy charges (recoveries) 1,001 (648
) OPERATING INCOME 12,772 7,949 Other
expense (income): Interest income (43 ) (43 ) Interest expense 816
597 Other expense (income), net 915 (51 )
Total other expense 1,688 503 INCOME
BEFORE INCOME TAXES 11,084 7,446 Provision for income taxes
3,178 1,713 NET INCOME $ 7,906 $ 5,733
Earnings per common share: Basic $ 0.46 $ 0.34
Diluted $ 0.45 $ 0.33 Weighted average common shares
outstanding: Basic 17,163 17,051 Diluted 17,378 17,193
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS
OF CASH FLOWS (in thousands) UNAUDITED
Three Months Ended
April 3, 2011
April 4, 2010 OPERATING ACTIVITIES Net
income $ 7,906 $ 5,733
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation 3,575 3,228 Amortization 1,418 979 Compensation
expense of stock-based plans 1,136 843 Tax effect of share based
compensation (256 ) 112 Loss on disposal of property, plant and
equipment 2 0
Changes in operating assets and
liabilities, net of effects from business acquisitions:
Trade accounts receivable 1,421 (10,734 ) Inventories (4,622 )
(4,332 ) Prepaid expenses and other assets (6,781 ) (8,212 )
Accounts payable, accrued expenses and other liabilities 416
9,609 Net cash provided by (used in) operating
activities 4,215 (2,774 )
INVESTING
ACTIVITIES Additions to property, plant and equipment (2,693 )
(3,606 ) Proceeds from the sale of property, plant and equipment 12
13 Purchase of investments (1 ) 0 Business acquisitions, net of
cash acquired (20,221 ) (340 ) Net cash used in
investing activities (22,903 ) (3,933 )
FINANCING ACTIVITIES Proceeds from long-term debt 60,748
16,110 Payments of long-term debt (34,778 ) (15,972 ) Dividends
paid (663 ) (639 ) Proceeds from the exercise of stock options 213
256 Tax effect of share based compensation 256
(112 ) Net cash provided by (used in) financing activities
25,776 (357 ) Effect of exchange rate changes on cash
and cash equivalents 651 (1,474 )
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,739 (8,538 )
Cash and cash equivalents at beginning of year 45,752
46,350 CASH AND CASH EQUIVALENTS AT END OF PERIOD $
53,491 $ 37,812
CIRCOR
INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in
thousands, except share data) UNAUDITED
April 3, 2011 December 31,
2010 ASSETS Current Assets: Cash &
cash equivalents $ 53,491 $ 45,752 Short-term investments 107 101
Trade accounts receivable, less allowance
for doubtful accounts of $1,249 and $822, respectively
141,280 138,860 Inventories 177,340 167,797 Income taxes refundable
1,806 1,625 Prepaid expenses and other current assets 13,200 5,749
Deferred income tax asset 20,422 20,111 Insurance receivables 38 38
Assets held for sale 542 542 Total Current Assets
408,226 380,575 Property, Plant and Equipment,
net 100,251 95,768 Other Assets: Goodwill 72,843 63,175
Intangibles, net 61,977 62,322 Deferred income tax asset 11,829
11,829 Other assets 11,582 2,526 Total Assets $
666,708 $ 616,195
LIABILITIES AND SHAREHOLDERS'
EQUITY Current Liabilities: Accounts payable $ 86,099 $ 80,577
Accrued expenses and other current liabilities 51,572 51,248
Accrued compensation and benefits 20,354 22,305 Leslie asbestos and
bankruptcy related liabilities 79,801 79,831 Income taxes payable 0
38 Notes payable and current portion of long-term debt 8,178
851 Total Current Liabilities 246,004 234,850
Long-Term Debt, net of current portion 22,858 684 Deferred
income taxes 400 0 Other Non-Current Liabilities 22,740 23,841
Shareholders' Equity:
Preferred stock, $.01 par value; 1,000,000
shares authorized; no shares issued and outstanding
0 0
Common stock, $.01 par value; 29,000,000
shares authorized; and 17,202,100 and 17,112,688 issued and
outstanding, respectively
172 171 Additional paid-in capital 255,348 254,154 Retained
earnings 103,631 96,389 Accumulated other comprehensive income
15,555 6,106 Total Shareholders' Equity
374,706 356,820 Total Liabilities and Shareholders' Equity $
666,708 $ 616,195
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG (in millions)
UNAUDITED
Three Months Ended April 3, 2011
April 4, 2010 ORDERS 1
Energy $ 113.7 $ 66.2 Aerospace 32.8 34.8 Flow
Technologies 75.0 69.1 Total orders $ 221.5 $
170.1
April 3, 2011 April 4, 2010
BACKLOG 2 Energy $ 203.1 $ 135.4
Aerospace 135.3 $ 121.0 Flow Technologies 80.7 $ 74.0
Total backlog $ 419.1 $ 330.4 Note 1: Beginning in Q2
2010, orders have been adjusted to exclude the foreign exchange
impact from backlog remeasurement. The three months ended April 4,
2010 reflects an increase of $9.0 million. Note 2: Backlog
includes all unshipped customer orders.
CIRCOR
INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in
thousands, except earnings per share) UNAUDITED
2010 2011
1ST QTR 2ND QTR 3RD QTR
4TH QTR YTD 1ST
QTR NET REVENUES Energy $ 57,722 $ 77,305
$ 80,613 $ 90,229 $ 305,869 $ 99,170 Aerospace 27,274 27,811 28,316
35,465 118,866 32,110 Flow Technologies 61,273
62,889 68,648 68,365
261,175 72,090 Total 146,269
168,005 177,577 194,059
685,910 203,370
* ADJUSTED OPERATING MARGIN Energy 3.5 % 8.3 % 11.1 %
6.7 % 7.7 % 6.4 % Aerospace 13.2 % 14.6 % 9.6 % 14.1 % 13.0 % 11.6
% Flow Technologies 10.2 % 10.1 % 13.1 % 12.5 % 11.5 % 13.7 %
Segment operating margin 8.1 % 10.0 % 11.7 % 10.1 % 10.1 % 9.8 %
Corporate expenses -3.1 % -3.1 % -2.7 % -3.3 % -3.1 % -3.0 % *
Adjusted operating margin 5.0 % 6.9 % 8.9 % 6.7 % 7.0 % 6.8 %
Leslie asbestos and bankruptcy charges (recoveries) -0.4 % 17.2 %
1.3 % 1.1 % 4.8 % 0.5 % Total operating margin 5.4 % -10.3 % 7.6 %
5.6 % 2.2 % 6.3 %
* ADJUSTED OPERATING INCOME
Energy 2,025 6,424 8,968 6,024 23,441 6,393 Aerospace 3,607 4,067
2,726 5,002 15,402 3,727 Flow Technologies 6,276
6,367 8,997 8,512
30,152 9,854 Segment operating
income 11,908 16,858 20,691 19,538 68,995 19,974 Corporate expenses
(4,607 ) (5,274 ) (4,859 ) (6,494 )
(21,234 ) (6,201 ) * Adjusted operating income
7,301 11,584 15,832
13,044 47,761 13,773 Leslie
asbestos and bankruptcy charges (recoveries) (648 )
28,908 2,343 2,173 32,776
1,001 Total operating income 7,949 (17,325 )
13,490 10,871 14,986 12,772 INTEREST EXPENSE, NET (554 )
(586 ) (734 ) (641 ) (2,515 ) (773 ) OTHER (EXPENSE) INCOME, NET
51 (258 ) 853 (608 )
38 (915 ) PRETAX INCOME (LOSS) 7,446
(18,169 ) 13,609 9,622 12,508 11,084 (PROVISION) BENEFIT FOR INCOME
TAXES (1,713 ) 6,928 (3,210 )
(1,890 ) 115 (3,178 ) EFFECTIVE TAX RATE 23.0
% 38.1 % 23.6 % 19.6 % -0.9 % 28.7 %
NET INCOME (LOSS) $
5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624
$ 7,906 Weighted Average Common Shares
Outstanding (Diluted) 17,193 17,109 17,258 17,378 17,297 17,378
EARNINGS PER COMMON SHARE (Diluted) $ 0.33 $
(0.66 ) $ 0.60 $ 0.44 $ 0.73 $ 0.45
EBIT $ 8,000 $ (17,583 ) $ 14,343 $ 10,263 $ 15,024 $ 11,857
Depreciation 3,228 3,115 3,166 3,566 13,075 3,575 Amortization of
intangibles 979 964 1,122
1,236 4,301 1,418
EBITDA $ 12,207 $ (13,504 ) $ 18,631 $ 15,065
$ 32,400 $ 16,850
EBITDA AS A
PERCENT OF SALES 8.3 % -8.0 % 10.5 %
7.8 % 4.7 % 8.3 %
CAPITAL
EXPENDITURES $ 3,606 $ 4,580 $ 3,213 $
3,513 $ 14,913 $ 2,693
* Adjusted
Operating Income & Margin excludes Special, Impairment, and
Leslie asbestos and bankruptcy charges. CIRCOR
INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS (in thousands) UNAUDITED
2010
2011
1ST QTR 2ND QTR 3RD
QTR 4TH QTR YTD 1ST
QTR
FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES
LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID]
$ (7,019 ) $
11,947 $ (3,566 )
$ 15,560 $ 16,921
$ 859 ADD: Capital expenditures 3,606
4,580 3,213 3,513 14,913 2,693 Dividends paid 639
640 703 661 2,643
663 NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES $ (2,774 ) $ 17,167 $ 350 $
19,734 $ 34,477 $ 4,215
NET DEBT (CASH) [TOTAL DEBT LESS
CASH & CASH EQUIVALENTS LESS INVESTMENTS]
$ (52,713 ) $
(55,976 ) $ (26,225 )
$ (44,318 ) $
(44,318 ) $ (22,562 )
ADD: Cash & cash equivalents 37,812 60,857 68,526 45,752 45,752
53,491 Investments 22,412 94 97
101 101 107
TOTAL DEBT $ 7,511 $ 4,975 $ 42,398 $ 1,535
$ 1,535 $ 31,036
DEBT AS % OF EQUITY
2 % 2 %
12 % 0 %
0 % 8 %
TOTAL DEBT 7,511 4,975 42,398 1,535 1,535 31,036
TOTAL SHAREHOLDERS' EQUITY 349,244 324,128 351,719 356,820 356,820
374,706
EBIT [NET INCOME LESS INCOME TAXES LESS INTEREST
EXPENSE, NET] $ 8,000
$ (17,583 ) $ 14,343
$ 10,263 $
15,023 $ 11,857 LESS:
Interest expense, net (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 )
Provision for income taxes (1,713 ) 6,928
(3,210 ) (1,890 ) 115 (3,178 )
NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $
7,732 $ 12,624 $ 7,906
EBITDA [NET INCOME LESS
INTEREST EXPENSE, NET, LESS DEPRECIATION LESS AMORTIZATION
LESS INCOME
TAXES] $ 12,207
$ (13,504 ) $ 18,631
$ 15,065 $
32,399 $ 16,850 LESS:
Interest expense, net (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 )
Depreciation (3,228 ) (3,115 ) (3,166 ) (3,566 ) (13,075 ) (3,575 )
Amortization (979 ) (964 ) (1,122 ) (1,236 ) (4,301 ) (1,418 )
Provision for income taxes (1,713 ) 6,928
(3,210 ) (1,890 ) 115 (3,178 )
NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $
7,732 $ 12,624 $ 7,906
ADJUSTED INCOME [NET INCOME
EXCLUDING SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND
BANKRUPTCY CHARGES, NET OF TAX]
$ 5,312 $ 7,549
$ 11,922 $ 9,144
$ 33,928 $
8,557 LESS: Leslie asbestos and bankruptcy charges
(recoveries), net of tax (421 ) 18,790 1,523 1,412 21,304 651
NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $
7,732 $ 12,624 $ 7,906
ADJUSTED WEIGHTED
AVERAGE SHARES
N/A 17,109
N/A N/A
N/A N/A Adjustment
for anti-dilutive conversion of shares 0 153 0 0 0 0
Weighted average common shares
outstanding (diluted) 17,193 17,262
17,258 17,378 17,297
17,378
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND BANKRUPTCY
CHARGES, NET OF TAX] $
0.31 $ 0.44
$ 0.69 $ 0.53
$ 1.97 $ 0.49
LESS: Leslie asbestos and bankruptcy charges (recoveries),
net of tax impact on EPS (0.02 ) 1.10 0.09 0.08 1.24 0.04
EARNINGS PER COMMON SHARE
(Diluted) $ 0.33 $ (0.66 ) $ 0.60 $ 0.44 $
0.73 $ 0.45
CIRCOR INTERNATIONAL, INC.
Leslie Controls Asbestos Items (in thousands, except case
information)
2010 2011
1ST QTR 2ND QTR 3RD
QTR 4TH QTR YTD
1ST QTR
Quarterly Case
Rollforward
Beginning open cases 1,104 1,150 1,214 1,340 1,104 1,340
Cases filed 150 169 132 - 451 - Cases resolved and dismissed (104 )
(105 ) (6 ) - (215 ) -
Ending open cases 1,150 1,214
1,340 1,340 1,340 1,340
Ending open
mesothelioma cases
623 672 713 713
713 713
Income Statement
Amounts
Indemnity costs accrued (cases filed) $ 699 $ 1,797 $ - $ -
$ 2,496 $ - Adverse verdict costs (recoveries) 65 (2,455 ) - -
(2,390 ) - Defense costs incurred 3,731 3,435 16 319 7,501 -
Insurance recoveries adjustment (3,652 ) - - - (3,652 ) - Insurance
recoveries accrued (1,491 ) (1,135 ) - - (2,626 ) - Leslie
Bankruptcy related charges, net - 27,266 2,327 1,854 31,447 1,001
Net pre-tax Leslie asbestos and bankruptcy
expense (recovery)
$ (648 ) $ 28,908 $ 2,343 $
2,173 $ 32,776 $ 1,001
Balance Sheet
Amounts
Bankruptcy and indemnity liability $ 57,732 $ 78,976 $
78,067 $ 77,689 $ 77,659 Incurred defense cost liability 2,099
3,455 1,997 2,142 2,142 Insurance recoveries receivable
(7,997 ) (1,180 ) (194 ) (38 ) (38 )
Net Leslie asbestos liability $ 51,834 $ 81,251 $
79,870 $ 79,793 $ 79,763
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF FUTURE
PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED
ACCOUNTING PRINCIPLE TERMS UNAUDITED
2nd QTR 2011 Low
High
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND
BANKRUPTCY CHARGES, NET OF TAX] $
0.42 $ 0.52 LESS: Expected special
charges (recoveries), net of tax impact on EPS $ - $ - Expected
impairment charges, net of tax impact on EPS $ - $ - Expected
Leslie asbestos and bankruptcy charges, net of tax impact on EPS $
- $ - EXPECTED EARNINGS PER COMMON SHARE
(Diluted) $ 0.42 $ 0.52
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