CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for the energy,
aerospace and industrial markets, today announced financial results
for the third quarter ended September 30, 2012.
“We are pleased with our excellent performance in the third
quarter driven by margin improvement and the continued execution of
our growth strategy,” said Chairman and Chief Executive Officer
Bill Higgins. “Our Energy segment continues to improve execution
operationally and in international projects where we continue to
grow and where we achieved favorable closure on several completed
projects. In addition, Flow Technologies continued to deliver
strong operating margins.”
“During the quarter we continued to focus on our growth strategy
in the oil & gas, power generation and aerospace markets,”
continued Higgins. “We have been attracting top talent across the
organization, improving operations with Lean and operational
excellence, and enhancing our competitive position by building our
global supply chain and manufacturing footprint around the world to
service global customers.”
CIRCOR also announced that it is taking several repositioning
actions over the next three quarters to enhance profitability,
including consolidating facilities, shifting supply to lower cost
regions and exiting certain non-strategic product lines. CIRCOR’s
third-quarter results include charges associated with these
repositioning actions, and the Company expects further charges in
the fourth quarter of 2012 and the first half of 2013. The Company
anticipates annualized pre-tax savings from these actions to be
approximately $7 million with a favorable margin impact in the
range of 100 basis points, to be fully realized in the second half
of 2013.
“As a result of our Lean and operational excellence initiatives,
the efficiencies we have gained in our operations has and will
enable us to consolidate facilities and drive margin expansion,”
said Higgins. “We believe CIRCOR is well positioned to continue to
grow revenue, expand margins and deliver enhanced shareholder
value.”
Consolidated Results
Revenues of $209.8 million for the third quarter of 2012 were
flat compared with the previous year. Net income for the third
quarter of 2012 was $1.9 million, or $0.11 per diluted share, which
includes special and impairment charges of $1.4 million and $10.3
million, respectively, as well as repositioning related inventory
charges of $4.1 million, compared with net income of $10.9 million,
or $0.63 per diluted share, for the third quarter of 2011, which
included a benefit of $0.2 million in Leslie asbestos and
bankruptcy charges. Excluding the charges from both periods,
adjusted earnings per diluted share for the third quarter of 2012
increased 22% to $0.76 from $0.62 in the year-earlier quarter.
Excluding the charges in both periods, adjusted operating income
was $18.5 million for the third quarter of 2012 compared with $15.7
million in the third quarter of 2011, an increase of 18%.
The Company received orders totaling $225.5 million during the
third quarter of 2012, a decrease of 1% compared with the third
quarter of 2011. Backlog as of September 30, 2012 was $444.3
million, up 1% from backlog of $440.2 million at October 2,
2011.
During the third quarter of 2012, the Company generated $18.7
million of free cash flow (defined as net cash from operating
activities less capital expenditures). This compares with $5.2
million of free cash flow used in the third quarter of 2011.
Energy
Energy segment revenues increased 6% to $110.0 million for the
third quarter of 2012 from $103.3 million for the third quarter of
2011 across most markets. The segment reported increases in the
short-cycle North American and large international project
businesses, partially offset by lower pipeline shipments as well as
unfavorable foreign currency fluctuations of $5.1 million.
Incoming orders for the third quarter of 2012 were $118.1
million, an increase of 26% year-over-year primarily due to higher
international project and North American short-cycle orders. Ending
backlog totaled $210.4 million, an increase of 4% year-over-year.
The increase in backlog was primarily due to higher order levels
within our large international project business, partially offset
by ongoing shipments of a large pipeline project booked in
2010.
For the third quarter of 2012, the Energy segment adjusted
operating margin increased to 14.0% from 7.2% in the third quarter
of 2011, primarily driven by favorable penalty reserve adjustments
as CIRCOR closed several large international projects, improved
pricing and increased volume with the associated leverage. Segment
adjusted operating margin for the quarter excludes special and
impairment charges of $1.1 million and $2.2 million, respectively,
and repositioning related inventory charges of $0.9 million. The
repositioning charges are related to the exiting of certain
underperforming manufacturing operations and non-strategic product
lines at the Company’s Brazil operations.
Aerospace
Aerospace segment revenues decreased by 3% to $31.8 million for
the third quarter of 2012 from $32.7 million in the third quarter
of 2011. The decrease was primarily due to unfavorable foreign
currency fluctuations of $1.0 million.
Incoming orders for the third quarter of 2012 were $42.9
million, a decrease of 32% year-over-year primarily due to lower
landing gear orders in both commercial and military. Ending backlog
totaled $162.7 million, an increase of 1% year-over-year.
The Aerospace segment’s adjusted operating margin for the third
quarter of 2012 decreased to 4.2% from 5.6% in the third quarter of
2011 primarily due to the timing of operating expenses as well as
investments in future programs. Segment adjusted operating margin
excludes special and impairment charges of $0.2 million and $8.2
million, respectively, and repositioning related inventory charges
of $3.2 million. The charges in the third quarter of 2012 are
related to exiting certain low margin product lines, as well as the
repositioning of certain landing gear operations and manufacturing
activities within California.
Flow Technologies
Flow Technologies segment revenues decreased 8% to $68.0 million
for the third quarter of 2012 from $74.0 million in the third
quarter of 2011. Third-quarter 2012 Flow Technologies segment
revenues reflected an organic decline of $4.4 million and
unfavorable foreign currency fluctuations of $1.5 million. The
organic revenue decline was primarily due to lower LED equipment
shipments, partially offset by organic growth across most other
businesses.
Incoming orders for the Flow Technologies segment were $64.5
million for the third quarter of 2012, a decrease of 9%
year-over-year, primarily due to weakness in the LED equipment
market. Ending backlog totaled $71.2 million, a decrease of 8%
year-over-year driven by the shipment of Navy backlog and lower LED
equipment orders.
The segment’s adjusted operating margin for the third quarter of
2012 decreased to 13.1% from 13.6% in the third quarter of 2011,
primarily due to lower volume and associated leverage and growth
investments partially offset by favorable mix and reduced
spending.
Financial Outlook
As part of its repositioning actions, CIRCOR expects to incur
pretax charges in the range of $3.0 million to $3.5 million, or
$0.16 to $0.19 per diluted share, during the fourth quarter of
2012.
CIRCOR currently expects revenues for the fourth quarter of 2012
in the range of $203 million to $212 million. Excluding
repositioning charges, adjusted earnings for the fourth quarter are
expected to be in the range of $0.50 to $0.62 per diluted share.
CIRCOR’s guidance for adjusted earnings per share assumes a 30% tax
rate on adjusted earnings. It also assumes that exchange rates
remain at present levels.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, November 1, 2012, 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 fourth-quarter revenue and earnings guidance
and estimated total annualized pre-tax savings from repositioning
actions. 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 energy,
aerospace and industrial markets. With more than 7,500 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 STATEMENT OF
OPERATIONS
(in thousands, except per share
data)
UNAUDITED
Three Months Ended Nine Months
Ended
September 30, 2012
October 2, 2011
September 30, 2012
October 2, 2011 Net revenues $ 209,804 $ 209,961 $
643,946 $ 605,239 Cost of revenues 151,109 154,774
462,823 439,218 GROSS PROFIT 58,695 55,187 181,123
166,021 Selling, general and administrative expenses 44,314 39,448
134,562 124,083 Leslie asbestos and bankruptcy (recoveries)
charges, net — (201 ) — 676 Impairment charges 10,348 — 10,348 —
Special charges 1,377 — 1,377 —
OPERATING INCOME 2,656 15,940 34,836 41,262
Other (income) expense: Interest income (101 ) (69 ) (262 )
(166 ) Interest expense 1,223 956 3,482 3,058 Other, net 564
354 887 1,830 TOTAL OTHER EXPENSE 1,686
1,241 4,107 4,722 INCOME BEFORE INCOME TAXES
970 14,699 30,729 36,540 (Benefit) provision for income taxes (899
) 3,752 9,138 10,191 NET INCOME $ 1,869
$ 10,947 $ 21,591 $ 26,349 Earnings per common
share: Basic $ 0.11 $ 0.63 $ 1.24 $ 1.53 Diluted $ 0.11 $ 0.63 $
1.24 $ 1.51 Weighted average number of common shares outstanding:
Basic 17,433 17,266 17,391 17,226 Diluted 17,467 17,423 17,436
17,412
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Nine Months Ended
September 30, 2012
October 2, 2011
OPERATING ACTIVITIES Net income $ 21,591 $ 26,349
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation 11,765 11,265 Amortization
2,823 3,293 Impairment charges 10,348 — Payment for Leslie
bankruptcy settlement (1,000 ) (76,625 ) Compensation expense of
share-based plans 3,409 3,007 Tax effect of share-based
compensation 573 (649 ) Loss (gain) on property, plant and
equipment 1,148 (68 ) Changes in operating assets and liabilities,
net of effects from business acquisitions: Trade accounts
receivable (123 ) (1,249 ) Inventories 8,586 (43,901 ) Prepaid
expenses and other assets (2,110 ) (9,453 ) Accounts payable,
accrued expenses and other liabilities (26,178 ) 17,353 Net
cash provided by (used in) operating activities 30,832
(70,678 )
INVESTING ACTIVITIES Additions to property, plant
and equipment (14,097 ) (11,254 ) Proceeds from the sale of
property, plant and equipment 200 84 Business acquisitions, net of
cash acquired — (20,221 ) Net cash used in investing
activities (13,897 ) (31,391 )
FINANCING ACTIVITIES Proceeds
from long-term debt 170,795 224,455 Payments of long-term debt
(192,040 ) (126,269 ) Debt issuance costs — (2,001 ) Dividends paid
(1,997 ) (1,987 ) Proceeds from the exercise of stock options 348
496 Tax effect of share-based compensation (573 ) 649 Net
cash (used in) provided by financing activities (23,467 ) 95,343
Effect of exchange rate changes on cash and cash equivalents
653 228 DECREASE IN CASH AND CASH EQUIVALENTS (5,879
) (6,498 ) Cash and cash equivalents at beginning of period 54,855
45,752 CASH AND CASH EQUIVALENTS AT END OF PERIOD $
48,976 $ 39,254
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
data)
UNAUDITED
September 30, 2012
December 31, 2011
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 48,976 $ 54,855
Short-term investments 102 99 Trade accounts receivable, less
allowance for doubtful accounts of $1,722 and $1,127, respectively
156,744 156,075 Inventories, net 194,644 203,777 Prepaid expenses
and other current assets 14,768 12,376 Deferred income tax asset
15,795 16,320 Assets held for sale 542 542 Total
Current Assets 431,571 444,044 PROPERTY, PLANT AND
EQUIPMENT, NET 105,348 104,434 OTHER ASSETS: Goodwill 77,411 77,829
Intangibles, net 45,677 58,442 Deferred income tax asset 28,073
27,949 Other assets 9,556 9,825 TOTAL ASSETS $
697,636 $ 722,523 LIABILITIES AND SHAREHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 72,379 $ 92,493
Accrued expenses and other current liabilities 60,109 63,386
Accrued compensation and benefits 26,045 24,328 Asbestos liability
— 1,000 Income taxes payable 2,686 5,553 Notes payable and current
portion of long-term debt 6,723 8,796 Total Current
Liabilities 167,942 195,556 LONG-TERM DEBT, NET OF
CURRENT PORTION 77,061 96,327 DEFERRED INCOME TAXES 10,196 11,284
OTHER NON-CURRENT LIABILITIES 34,117 35,271 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; 17,425,075 and 17,268,212 shares
issued and outstanding at September 30, 2012 and December 31, 2011,
respectively 174 173 Additional paid-in capital 262,045 258,209
Retained earnings 149,969 130,373 Accumulated other comprehensive
loss (3,868 ) (4,670 ) Total Shareholders’ Equity 408,320
384,085 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 697,636
$ 722,523
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Nine Months
Ended
September 30, 2012
October 2, 2011
September 30, 2012
October 2, 2011
ORDERS (1) Energy $ 118.1 $ 93.6 $ 382.0 $ 310.6 Aerospace
42.9 62.8 111.6 129.1 Flow Technologies 64.5 70.9
207.8 222.6 Total orders $ 225.5 $ 227.3 $
701.4 $ 662.3
BACKLOG (2)
September 30, 2012
October 2, 2011
Energy $ 210.4 $ 202.0 Aerospace 162.7 160.4 Flow Technologies 71.2
77.8 Total backlog $ 444.3 $ 440.2
Note 1: Orders do not include the foreign exchange impact
due to the re-measurement of customer order backlog amounts
denominated in foreign currencies. Note 2: Backlog includes
all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per
share)
UNAUDITED
2011 2012 1ST QTR
2ND QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR 3RD
QTR TOTAL NET REVENUES Energy $ 99,170 $
81,994 $ 103,300 $ 110,228 $ 394,692 $ 109,264 $ 113,527 $ 109,968
$ 332,759 Aerospace 32,110 36,029 32,681 36,017 136,837 38,085
35,896 31,795 105,776 Flow Technologies 72,090 73,885
73,980 70,865 290,820 66,931 70,439
68,041 205,411 Total 203,370 191,908
209,961 217,110 822,349 214,280
219,862 209,804 643,946
* ADJUSTED
OPERATING MARGIN Energy 6.4 % 5.3 % 7.2 % 8.4 % 7.0 % 8.2 %
11.1 % 14.0 % 11.1 % Aerospace 11.6 % 11.2 % 5.6 % 8.6 % 9.3 % 10.8
% 8.8 % 4.2 % 8.1 % Flow Technologies 13.7 % 12.4 % 13.6 % 12.9 %
13.1 % 11.3 % 12.8 % 13.1 % 12.4 % Segment operating margin 9.8 %
9.1 % 9.2 % 9.9 % 9.5 % 9.6 % 11.3 % 12.2 % 11.0 % Corporate
expenses (3.0 )% (2.7 )% (1.7 )% (3.0 )% (2.6 )% (3.2 )% (2.9 )%
(3.4 )% (3.2 )% * Adjusted operating margin 6.8 % 6.5 % 7.5 % 6.9 %
6.9 % 6.4 % 8.4 % 8.8 % 7.9 % Leslie asbestos and bankruptcy
charges (recoveries) 0.5 % (0.1 )% (0.1 )% 0.0 % 0.1 % 0.0 % 0.0 %
0.0 % 0.0 % Repositioning inventory charges 0.0 % 0.0 % 0.0 % 0.0 %
0.0 % 0.0 % 0.0 % 2.0 % 0.6 % Impairment charges 0.0 % 0.0 % 0.0 %
0.0 % 0.0 % 0.0 % 0.0 % 4.9 % 1.6 % Special charges 0.0 % 0.0 % 0.0
% 0.0 % 0.0 % 0.0 % 0.0 % 0.7 % 0.2 % Total operating margin 6.3 %
6.5 % 7.6 % 6.9 % 6.8 % 6.4 % 8.4 % 1.3 % 5.4 %
*
ADJUSTED OPERATING INCOME Energy 6,393 4,373 7,441 9,225 27,432
8,928 12,580 15,432 36,940 Aerospace 3,727 4,021 1,846 3,081 12,675
4,124 3,153 1,324 8,601 Flow Technologies 9,854 9,133
10,037 9,171 38,195 7,587 9,043
8,919 25,549 Segment operating income 19,974 17,527
19,324 21,477 78,302 20,639 24,776 25,675 71,090 Corporate expenses
(6,201 ) (5,100 ) (3,585 ) (6,441 ) (21,327 ) (6,939 ) (6,297 )
(7,170 ) (20,406 ) * Adjusted operating income 13,773 12,427 15,739
15,036 56,975 13,700 18,479 18,505 50,684 Leslie asbestos and
bankruptcy charges (recoveries) 1,001 (124 ) (201 ) — 676 — — — —
Repositioning inventory charges — — — — — — — 4,124 4,124
Impairment charges — — — — — — — 10,348 10,348 Special charges —
— — — — — — 1,377
1,377 Total operating income 12,772 12,551
15,940 15,036 56,299 13,700
18,479 2,656 34,835 INTEREST EXPENSE, NET (773
) (1,232 ) (887 ) (1,039 ) (3,930 ) (1,081 ) (1,017 ) (1,122 )
(3,220 ) OTHER EXPENSE, NET (915 ) (560 ) (354 ) (342 ) (2,171 )
(138 ) (184 ) (564 ) (887 ) PRETAX INCOME 11,084 10,759 14,699
13,655 50,197 12,481 17,278 970 30,729 (PROVISION) BENEFIT FOR
INCOME TAXES (3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,562 ) (3,896 )
(6,142 ) 899 (9,138 ) EFFECTIVE TAX RATE 28.7 % 30.3 % 25.5
% 24.7 % 27.0 % 31.2 % 35.5 % (92.8 )% 29.7 %
NET INCOME $
7,906 $ 7,497 $ 10,947 $ 10,285 $
36,635 $ 8,585 $ 11,136 $ 1,869 $
21,591 Weighted Average Common Shares Outstanding (Diluted)
17,378 17,434 17,423 17,435 17,417 17,390 17,451 17,467 17,436
EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.43
$ 0.63 $ 0.59 $ 2.10 $ 0.49 $
0.64 $ 0.11 $ 1.24
ADJUSTED EBITDA $
17,851 $ 16,564 $ 20,252 $ 19,572 $
74,239 $ 18,534 $ 23,043 $ 22,809 $
64,386
ADJUSTED EBITDA AS A % OF SALES 8.8 % 8.6 %
9.6 % 9.0 % 9.0 % 8.6 % 10.5 % 10.9 % 10.0 %
CAPITAL
EXPENDITURES $ 2,693 $ 4,770 $ 3,792 $
6,647 $ 17,902 $ 4,122 $ 6,661 $ 3,314
$ 14,097
* Adjusted Operating Income &
Margin exclude Leslie asbestos and bankruptcy, inventory
repositioning, impairment and special charges.
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except earnings per
share)
UNAUDITED
2011 2012 1ST QTR
2ND QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR 3RD QTR
TOTAL FREE CASH FLOW [NET CASH FLOW FROM OPERATING
ACTIVITIES LESS CAPITAL EXPENDITURES] $ 525
$ (77,244 ) $ (5,214 )
$ 15,199 $ (66,734 ) $
(7,089 ) $ 5,077 $ 18,746
$ 16,734 ADD: Capital Expenditures 2,693 4,770
3,792 6,647 17,902 4,122 6,661
3,314 14,097 NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES $ 3,218 $ (72,474 ) $ (1,422 ) $ 21,846
$ (48,832 ) $ (2,967 ) $ 11,738 $ 22,060 $
30,831
NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASH
EQUIVALENTS LESS INVESTMENTS] $ (22,554 )
$ 56,828 $ 64,145 $
50,169 $ 50,169 $ 57,263
$ 54,376 $ 34,706 $
34,706 ADD: Cash & Cash Equivalents 53,491 48,302 39,254
54,855 54,855 41,291 41,414 48,976 48,976 Investments 99 107
98 99 99 101 98 102
102 TOTAL DEBT $ 31,036 $ 105,237 $
103,497 $ 105,123 $ 105,123 $ 98,655 $
95,888 $ 83,784 $ 83,784
DEBT AS % OF
EQUITY 8 % 27 % 27 %
27 % 27 % 25 % 24
% 20 % 20 % TOTAL DEBT 31,036
105,237 103,497 105,123 105,123
98,655 95,888 83,784 83,784 TOTAL
SHAREHOLDERS' EQUITY 374,706 385,833 384,296
384,085 384,085 399,018 397,957 409,016
409,016
EBIT [NET INCOME LESS INCOME TAXES LESS
INTEREST EXPENSE, NET] $ 11,857 $
11,989 $ 15,586 $ 14,694
$ 54,126 $ 13,562 $
18,295 $ 2,092 $ 33,949 LESS:
Interest expense, net (773 ) (1,232 ) (887 ) (1,039 ) (3,930 )
(1,081 ) (1,017 ) (1,122 ) (3,220 )
(Provision) benefit for income taxes
(3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,562 ) (3,896 ) (6,142 ) 899
(9,138 ) NET INCOME $ 7,906 $ 7,496 $ 10,947
$ 10,285 $ 36,634 $ 8,585 $ 11,136
$
1,869
$
21,591
ADJUSTED OPERATING INCOME [OPERATING
INCOME EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY, INVENTORY
REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES]
$ 13,773 $ 12,426 $
15,739 $ 15,036 $ 56,974
$ 13,700 $ 18,479 $
18,505 $ 50,684 LESS: Leslie asbestos and
bankruptcy charges (recoveries), net of tax 1,001 (124 ) (201 ) —
676 — — — — Inventory repositioning charges, net of tax — — — — — —
— 4,124 4,124 Impairment charges, net of tax — — — — — — — 10,348
10,348 Special charges, net of tax — — — —
— — — 1,377 1,377
OPERATING INCOME $ 12,772 $ 12,550 $ 15,940 $
15,036 $ 56,298 $ 13,700 $ 18,479 $
2,656 $ 34,835
ADJUSTED EARNINGS PER SHARE [EPS
EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY, INVENTORY REPOSITIONING,
IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX]
$ 0.49 $ 0.43 $ 0.62
$ 0.59 $ 2.13 $ 0.49
$ 0.64 $ 0.76 $ 1.89
LESS: Leslie asbestos and bankruptcy charges (recoveries), net of
tax $ 0.04 $ — $ (0.01 ) $ — $ 0.03 $ — $ — $ — $ — Inventory
repositioning charges, net of tax $ — $ — $ — $ — $ — $ — $ — $
0.17 $ 0.17 Impairment charges, net of tax $ — $ — $ — $ — $ — $ —
$ — $ 0.42 $
0.42
Special charges, net of tax $ — $ — $ — $ —
$ — $ — $ — $ 0.06 $ 0.06
EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.43 $
0.63 $ 0.59 $ 2.10 $ 0.49 $ 0.64
$ 0.11 $ 1.24
EBITDA [NET INCOME LESS NET
INTEREST EXPENSE, DEPRECIATION, AMORTIZATION AND INCOME TAXES]
$ 16,850 $ 16,688 $
20,453 $ 19,572 $ 73,562
$ 18,534 $ 23,043 $ 2,092
$ 48,537 LESS: Interest expense, net (773 ) (1,232 )
(887 ) (1,039 ) (3,930 ) (1,081 ) (1,017 ) (1,122 ) (3,220 )
Depreciation (3,575 ) (3,921 ) (3,770 ) (3,820 ) (15,085 ) (4,008 )
(3,825 ) (3,932 ) (11,765 ) Amortization (1,418 ) (778 ) (1,097 )
(1,058 ) (4,351 ) (964 ) (923 ) (936 ) (2,823 ) (Provision) benefit
for income taxes (3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,562 )
(3,896 ) (6,142 ) 899 (9,138 ) NET INCOME $ 7,906 $
7,496 $ 10,947 $ 10,285 $
36,634 $ 8,585 $ 11,136 $
1,869 $ 21,591
ADJUSTED EBITDA [NET INCOME EXCLUDING
LESLIE ASBESTOS AND BANKRUPTCY, INVENTORY REPOSITIONING, IMPAIRMENT
AND SPECIAL CHARGES, NET INTEREST EXPENSE, DEPRECIATION,
AMORTIZATION AND INCOME TAXES]
$ 17,851 $ 16,564 $
20,252 $ 19,572 $ 74,238
$ 18,534 $ 23,043 $
22,809 $ 64,386 Leslie asbestos and bankruptcy
charges (recoveries) $ (1,001 ) $ 124 $ 201 $ — $ (676 ) $ — $ — $
— $ — Inventory repositioning charges $ — $ — $ — $ — $ — $ — $ — $
(4,124 ) $ (4,124 ) Impairment charges $ — $ — $ — $ — $ — $ — $ —
$ (10,348 ) $ (10,348 ) Special charges $ — $ — $ — $ — $ — $ — $ —
$ (1,377 ) $ (1,377 ) Interest expense, net $ (773 ) $ (1,232 ) $
(887 ) $ (1,039 ) $ (3,930 ) $ (1,081 ) $ (1,017 ) $ (1,122 ) $
(3,220 ) Depreciation $ (3,575 ) $ (3,921 ) $ (3,770 ) $ (3,820 ) $
(15,085 ) $ (4,008 ) $ (3,825 ) $ (3,932 ) $ (11,765 ) Amortization
$ (1,418 ) $ (778 ) $ (1,097 ) $ (1,058 ) $ (4,351 ) $ (964 ) $
(923 ) $ (936 ) $ (2,823 ) (Provision) benefit for income taxes $
(3,178 ) $ (3,261 ) $ (3,752 ) $ (3,370 ) $ (13,562 ) $ (3,896 ) $
(6,142 ) $ 899 $ (9,138 ) NET INCOME $ 7,906 $ 7,496
$ 10,947 $ 10,285 $ 36,634 $ 8,585
$ 11,136 $ 1,869 $ 21,591
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE
MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
UNAUDITED
4th Quarter 2012
Low
High
EXPECTED ADJUSTED EARNINGS PER SHARE
[EPS EXCLUDING INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL
CHARGES, NET OF TAX]
$
0.50
$
0.62
LESS: REPOSITIONING RELATED CHARGES
[INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF
TAX]
$ 0.19 $ 0.16 EXPECTED EARNINGS PER COMMON SHARE (Diluted) $ 0.31 $
0.46
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