CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for markets including
oil & gas, power generation and aerospace & defense, today
announced financial results for the third quarter ended September
28, 2014.
Third-Quarter 2014 Highlights
- Orders increased 9%
- Adjusted operating margin expanded 30
basis points to 11.4%
- Adjusted EPS at $0.95
- Year-to-date free cash flow was $35.7
million
“CIRCOR’s third-quarter results demonstrate the continued
execution of our strategy,” said Scott Buckhout, CIRCOR President
and Chief Executive Officer. “Revenues were $204 million and
margins expanded to 11.4%, 30 bps over a strong quarter last year.
Our ongoing restructuring actions and productivity initiatives are
on track and are having a measurable impact on our bottom-line
performance.”
“Orders in our Energy business were up 18% during the third
quarter and we expect the momentum to continue into the fourth
quarter,” said Buckhout. “Quoting activity remains solid in the
upstream Oil & Gas and power markets. Within Aerospace &
Defense, orders were impacted by the exit of certain landing gear
product lines. Overall backlog increased 5% sequentially to $432
million.”
“Going forward, we remain focused on growth, margin expansion
and strong free cash flow,” concluded Buckhout.
Fourth-Quarter 2014 Guidance
For the fourth quarter of 2014, the Company expects:
- Revenues in the range of $210 million
to $225 million;
- Adjusted earnings per share, excluding
restructuring and special charges, in the range of $1.02 to $1.12;
and,
- Restructuring and special related
charges of approximately $3.0 million to $3.3 million.
Selected Consolidated Results
(In millions, except percents and bps)
Q3 2014 Q3 2013 Change Revenue
$ 203.8 $ 214.7 -5% Adjusted Operating Income1
$ 23.2 $ 23.7 -2% Adjusted Operating Margin1
11.4% 11.1% 30 bps GAAP Earnings Per Share (Diluted)
$ 0.83 $ 1.00 -17% Adjusted Earnings Per Share
(Diluted)1
$ 0.95 $ 0.93 2% Orders
$
242.3 $ 223.3 9% Backlog2
$ 431.8 $ 446.9 -3%
Free Cash Flow
$ 13.9 $ 29.6 -53%
Segment Results
(In millions, except percents and bps)
Q3 2014 Q3 2013 Change
Energy Revenue
$ 157.7 $ 167.7 -6%
Adjusted Operating Margin1
16.9% 15.2% 170 bps Orders
$ 197.7 $ 167.0 18% Backlog
$ 304.5 $
265.0 15%
Aerospace & Defense Revenue
$
46.2 $ 47.1 -2% Adjusted Operating Margin1
5.0% 12.1%
-710 bps Orders
$ 44.6 $ 56.3 -21% Backlog2
$
127.2 $ 181.9 -30%
1. Consolidated and Segment Results exclude special and
restructuring charges/(recoveries), $0.5 million and ( $0.2)
million related to restructuring actions during Q3 2014 and Q3
2013, respectively, as well as $2.9 million in inventory charges
related to the exit of certain landing gear product lines recorded
during Q3 2014. Refer to reconciliation to commonly used US GAAP
terms.
2. Consolidated and Aerospace & Defense Segment Backlog
reflects a Q2 2014 reduction of $28.6 million associated with the
exit of certain landing gear product lines.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, October 31, 2014, at 10:00 a.m. ET. To
listen to the conference call and view the accompanying
presentation slides, visit “Webcasts & Presentations” in the
“Investors” section of the CIRCOR website. The live call also can
be accessed by dialing (877) 407-5790 or (201) 689-8328. 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 income, 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 restructuring
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
highly engineered products and sub-systems for markets including
oil & gas, power generation and aerospace & defense. With
more than 7,000 customers in over 100 countries, CIRCOR has a
diversified product portfolio with recognized, market-leading
brands that fulfill its customers’ unique application needs. The
Company’s strategy is to grow organically and through complementary
acquisitions; simplify CIRCOR’s operations; achieve world class
operational excellence; and attract and retain top industry talent.
For more information, visit the Company’s investor relations
website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENT OF
INCOME
(in thousands, except share
data)
UNAUDITED
Three Months Ended Nine Months
Ended
September 28,2014
September 29,2013
September 28,2014
September 29,2013
Net revenues $ 203,818 $ 214,731 $ 622,888 $ 643,773 Cost of
revenues 141,601 144,593 436,333 443,679 GROSS
PROFIT 62,217 70,138 186,555 200,094 Selling, general and
administrative expenses 41,873 46,392 129,370 139,561
Special charges (recoveries), net
478 (190 ) 578 3,441 OPERATING INCOME 19,866
23,936 56,607 57,092 Other (income) expense: Interest
expense, net 436 745 2,245 2,370 Other expense (income), net 419
568 (434 ) 1,807 TOTAL OTHER EXPENSE, NET 855
1,313 1,811 4,177 INCOME BEFORE INCOME TAXES 19,012
22,623 54,796 52,915 Provision for income taxes 4,337 4,903
13,565 14,619 NET INCOME $ 14,675 $ 17,720
$ 41,231 $ 38,296 Earnings per common share: Basic $
0.83 $ 1.01 $ 2.34 $ 2.18 Diluted $ 0.83 $ 1.00 $ 2.32 $ 2.18
Weighted average number of common shares outstanding: Basic 17,675
17,582 17,654 17,553 Diluted 17,779 17,667 17,763 17,602 Dividends
paid per common share $ 0.0375 $ 0.0375 $ 0.1125 $ 0.1125
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Nine Months Ended
September 28,2014
September 29,2013
OPERATING ACTIVITIES Net income $ 41,231 $ 38,296
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 12,163 11,943 Amortization 2,367
2,273 Compensation expense of share-based plans 5,956 3,343 Tax
effect of share-based plan compensation (744 ) (536 ) Gain on
property, plant and equipment (133 ) (70 ) Return of acquisition
proceeds — (3,400 ) Changes in operating assets and liabilities:
Trade accounts receivable, net (30,942 ) 493 Inventories, net (159
) (33 ) Prepaid expenses and other assets (121 ) 193 Accounts
payable, accrued expenses and other liabilities 14,953 1,259
Net cash provided by operating activities 44,571
53,761
INVESTING ACTIVITIES Additions to property,
plant and equipment (8,900 ) (13,579 ) Proceeds from the sale of
property, plant and equipment 761 348 Proceeds from sale of
affiliates 177 —
Business acquisitions, return of purchase
price
— 3,400 Net cash used in investing activities (7,962
) (9,831 )
FINANCING ACTIVITIES Proceeds from long-term debt
109,104 104,626 Payments of long-term debt (125,140 ) (124,351 )
Debt issuance costs (920 ) — Dividends paid (2,011 ) (2,011 )
Proceeds from the exercise of stock options 420 1,843 Tax effect of
share-based compensation 744 536 Net cash used in
financing activities (17,803 ) (19,357 ) Effect of exchange rate
changes on cash and cash equivalents (6,404 ) (27 )
INCREASE IN CASH AND CASH EQUIVALENTS
12,400 24,547 Cash and cash equivalents at beginning of year
102,180 61,738 CASH AND CASH EQUIVALENTS AT END OF
PERIOD $ 114,580 $ 86,285 Cash paid during the year
for: Income taxes $ 12,760 $ 5,463 Interest $ 1,923 $ 1,910
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 28,2014
December 31,2013
ASSETS
(unaudited) CURRENT ASSETS: Cash and cash equivalents
$ 114,580 $ 102,180 Short-term investments 91 95 Trade accounts
receivable, less allowance for doubtful accounts of $2,852 and
$2,449, respectively 170,777 144,742 Inventories, net 195,522
199,404 Prepaid expenses and other current assets 19,510 19,815
Deferred income tax asset 19,992 17,686 Total Current Assets
520,472 483,922 PROPERTY, PLANT AND EQUIPMENT, NET 101,786
107,724 OTHER ASSETS: Goodwill 75,245 75,876 Intangibles, net
32,622 35,656 Deferred income tax asset 15,271 18,579 Other assets
5,098 4,893 TOTAL ASSETS $ 750,494 $ 726,650
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts
payable $ 86,780 $ 70,589 Accrued expenses and other current
liabilities 59,677 57,507 Accrued compensation and benefits 26,860
31,289 Income taxes payable 4,629 3,965 Notes payable and current
portion of long-term debt 7,439 7,203 Total Current
Liabilities 185,385 170,553 LONG-TERM DEBT, NET OF CURRENT
PORTION 26,403 42,435 DEFERRED INCOME TAXES 8,721 9,666 OTHER
NON-CURRENT LIABILITIES 21,950 27,109 SHAREHOLDERS’ EQUITY: Common
stock 170 176 Additional paid-in capital 276,374 269,884 Retained
earnings 241,871 202,930
Accumulated other comprehensive (loss)
gain, net of taxes
(10,380 ) 3,897 Total Shareholders’ Equity 508,035 476,887
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 750,494 $
726,650
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Nine Months
Ended
September 28, 2014
September 29, 2013
September 28, 2014
September 29, 2013
ORDERS (1) Energy $ 197.7 $ 167.0 $ 517.6 $ 504.3 Aerospace
& Defense 44.6 56.3 128.3 145.9 Total
orders $ 242.3 $ 223.3 $ 645.9 $ 650.2
BACKLOG (2)
September 28, 2014
September 29, 2013
Energy $ 304.5 $ 265.0 Aerospace & Defense
(3) 127.2
181.9 Total backlog $ 431.8 $ 446.9
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 unshipped customer orders.
Note 3: Aerospace & Defense backlog reflects a reduction of
$28.6 million associated with the exit of certain landing gear
product lines recorded in the second quarter of 2014.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per
share)
UNAUDITED
2013 2014 1ST
QTR 2ND QTR 3RD QTR 4TH
QTR TOTAL 1ST QTR 2ND
QTR 3RD QTR TOTAL NET
REVENUES
Energy $ 157,104 $ 173,557 $ 167,660 $ 162,649 $ 660,970 $ 162,587
$ 160,580 $ 157,658 $ 480,825 Aerospace & Defense 48,294
50,087 47,071 51,386
196,838 48,599 47,304
46,160 142,063 Total $ 205,398 $
223,644 $ 214,731 $ 214,035 $ 857,808 $ 211,186 $ 207,884 $ 203,818
$ 622,888
ADJUSTED OPERATING MARGIN Energy 10.8 % 13.3 %
15.2 % 17.1 % 14.1 % 13.8 % 14.6 % 16.9 % 15.1 % Aerospace &
Defense 5.9 % 11.4 % 12.1 % 8.4 % 9.5 %
9.1 % 7.1 % 5.0 % 7.1 % Segment
operating margin 9.6 % 12.9 % 14.5 % 15.0 % 13.0 % 12.7 % 12.9 %
14.2 % 13.3 % Corporate expenses (2.6 )% (2.9 )% (3.4
)% (3.5 )% (3.1 )% (3.4 )% (2.2 )%
(2.8 )% (2.8 )% Adjusted operating margin 7.1 % 10.0
% 11.1 % 11.6 % 9.9 % 9.4 % 10.7 % 11.4 % 10.5 % Restructuring
inventory charges 0.1 % (0.1 )% — % 0.3 % 0.1 % — % 2.5 % 1.4 % 1.3
% Impairment charges — % — % — % 3.2 % 0.8 % — % — % — % — %
Special (recoveries) — % — % (1.5 )% — % (0.4 )% (1.1 )% — % — %
(0.4 )% Special charges 0.7 % 1.0 % 1.4 % 2.4
% 1.4 % 0.5 % 0.6 % 0.2 % 0.5 %
Total GAAP operating margin 6.3 % 9.1 % 11.1 %
5.6 % 8.1 % 9.9 % 7.6 % 9.7 %
9.1 %
2013 2014 1ST QTR 2ND
QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR
3RD QTR TOTAL ADJUSTED OPERATING INCOME
Energy $ 16,940 $ 23,114 $ 25,441 $ 27,809 $ 93,304 $ 22,462 $
23,502 $ 26,577 $ 72,541 Aerospace & Defense 2,864
5,724 5,705 4,342
18,635 4,426 3,362 2,295
10,083 Segment operating income 19,804 28,838
31,146 32,151 111,939 26,888 26,864 28,872 82,624 Corporate
expenses (5,277 ) (6,570 ) (7,400 ) (7,400 )
(26,646 ) (7,137 ) (4,634 ) (5,678 )
(17,449 ) Adjusted operating income 14,528 22,268 23,746
24,751 85,293 19,750 22,231 23,194 65,175 Restructuring inventory
charges 250 (242 ) — 638 646 — 5,139 2,850 7,989 Impairment charges
— — — 6,872 6,872 — — — — Special (recoveries) — — (3,151 ) —
(3,151 ) (2,243 ) — — (2,243 ) Special charges 1,378
2,254 2,961 5,160 11,752
1,086 1,257 478
2,821 Total GAAP operating income 12,900
20,256 23,936 12,081
69,174 20,907 15,834
19,866 56,607 INTEREST EXPENSE, NET
(787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (2,245 )
OTHER (EXPENSE) INCOME, NET (612 ) (626 ) (568 )
(167 ) (1,974 ) 468 384
(419 ) 434 PRETAX INCOME 11,501 18,792 22,623
11,122 64,038 20,457 15,328 19,012 54,796 PROVISION FOR INCOME
TAXES (3,592 ) (6,124 ) (4,903 ) (2,297 )
(16,916 ) (5,825 ) (3,402 ) (4,337 )
(13,565 ) EFFECTIVE TAX RATE 31.2 % 32.6 % 21.7 % 20.7 %
26.4 % 28.5 % 22.2 % 22.8 % 24.8 %
NET INCOME $ 7,908
$ 12,668 $ 17,720 $ 8,825
$ 47,121 $ 14,632 $ 11,926
$ 14,675 $ 41,231 Weighted
Average Common Shares Outstanding (Diluted) 17,529 17,607 17,667
17,710 17,629 17,741 17,767 17,779 17,763
EARNINGS PER COMMON
SHARE (Diluted) $ 0.45 $ 0.72 $
1.00 $ 0.50 $ 2.67 $ 0.82
$ 0.67 $ 0.83 $ 2.32
ADJUSTED EBITDA $ 18,682 $ 26,419
$ 27,850 $ 29,441 $
102,392 $ 25,073 $ 27,536
$ 27,530 $ 80,137
ADJUSTED EBITDA AS A % OF
SALES 9.1 % 11.8 % 13.0 % 13.8 %
11.9 % 11.9 % 13.2 % 13.5 % 12.9 %
CAPITAL EXPENDITURES $ 4,707 $ 4,100 $ 4,772 $ 3,749 $
17,328 $ 2,670 $ 2,933 $ 3,297 $ 8,900
CIRCOR
INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except earnings per
share)
UNAUDITED
2013 2014 1ST
QTR 2ND QTR 3RD QTR 4TH
QTR TOTAL 1ST QTR 2ND
QTR 3RD QTR TOTAL FREE CASH FLOW
AS % OF NET INCOME 14 % 75 %
167 % 167 %
116 % 98 % 62 %
95 % 87 % FREE CASH
FLOW $ 1,100 $ 9,525 $
29,557 $ 14,696 $ 54,878
$ 14,387 $ 7,365 $ 13,919
$ 35,671 ADD: Capital Expenditures 4,707
4,100 4,772 3,749
17,328 2,670 2,933 3,297
8,900 NET CASH PROVIDED BY OPERATING
ACTIVITIES $ 5,807 $ 13,625 $ 34,329
$ 18,445 $ 72,206 $
17,057 $ 10,298 $ 17,216
$ 44,571
NET DEBT (CASH) $ 8,814
$ (1,376 ) $ (36,466 )
$ (52,637 ) $ (52,637 )
$ (66,056 ) $ (72,982 )
$ (80,829 ) $ (80,829 )
ADD: Cash & Cash Equivalents 57,633 60,831 86,285 102,180
102,180 122,097 116,326 114,580 114,580 Investments 99
96 98 95 95
92 95 91 91
TOTAL DEBT $ 66,546 $ 59,551 $ 49,917
$ 49,638 $ 49,638 $
56,133 $ 43,439 $ 33,842
$ 33,842
DEBT AS % OF EQUITY 16 %
14 % 11 % 10 % 10
% 11 % 9 % 7 %
7 % TOTAL DEBT 66,546 59,551
49,917 49,638 49,638
56,133 43,439 33,842
33,842 TOTAL SHAREHOLDERS' EQUITY 418,819
432,151 459,058 476,887
476,887 492,601 507,363
508,035 508,035
2013 2014
1ST QTR 2ND QTR 3RD QTR
4TH QTR TOTAL 1ST QTR
2ND QTR 3RD QTR TOTAL
ADJUSTED OPERATING INCOME $ 14,528 $
22,268 $ 23,746 $ 24,751
$ 85,293 $ 19,750 $
22,230 $ 23,194 $ 65,175 LESS:
Inventory restructuring charges 250 (242 ) — 638 646 — 5,139 2,850
7,989 Impairment charges — — — 6,872 6,872 — — — — Special
(recoveries) — — (3,151 ) — (3,151 ) (2,243 ) — — (2,243 ) Special
charges 1,378 2,254 2,961
5,160 11,753 1,086 1,257
478 2,821 OPERATING INCOME $
12,900 $ 20,256 $ 23,936 $ 12,081 $ 69,173 $ 20,907 $ 15,834 $
19,866 $ 56,607
ADJUSTED NET INCOME $ 9,043
$ 14,044 $ 16,439 $
16,773 $ 56,299 $ 13,916
$ 16,090 $ 16,827 $
46,831 LESS: Inventory restructuring charges, net of tax 174
(165 ) — 396 405 — 3,316 1,857 5,173 Impairment charges, net of tax
— — — 4,261 4,261 — — — — Special (recoveries), net of tax — —
(3,151 ) — (3,151 ) (1,391 ) — — (1,391 ) Special charges, net of
tax 961 1,541 1,870 3,291
7,663 675 848
295 1,818 NET INCOME $ 7,908
$ 12,668 $ 17,720 $ 8,825
$ 47,121 $ 14,632 $ 11,926
$ 14,675 $ 41,231
ADJUSTED
EARNINGS PER SHARE (Diluted) $ 0.52 $
0.81 $ 0.93 $ 0.95 $
3.21 $ 0.78 $ 0.91 $
0.95 $ 2.64 LESS: Inventory restructuring
charges, net of tax 0.01 (0.01 ) — 0.02 0.02 — 0.19 0.10 0.29
Impairment charges, net of tax — — — 0.24 0.24 — — — — Special
(recoveries), net of tax — — (0.18 ) — (0.18 ) (0.08 ) — — (0.08 )
Special charges, net of tax 0.06 0.10
0.11 0.19 0.46 0.04
0.05 0.02 0.11
EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.72
$ 1.00 $ 0.50 $ 2.67
$ 0.82 $ 0.67 $ 0.83
$ 2.32
2013 2014 1ST QTR
2ND QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR
3RD QTR TOTAL EBITDA $
17,054 $ 24,407 $ 23,368
$ 11,914 $ 86,272 $
26,230 $ 21,140 $ 24,202
$ 71,570 LESS: Interest expense, net (787 ) (838 )
(745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (2,245 ) Depreciation
(4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 ) (4,116 )
(3,978 ) (12,163 ) Amortization (758 ) (751 ) (764 ) (766 ) (3,039
) (786 ) (805 ) (776 ) (2,367 ) Provision for income taxes (3,592 )
(6,124 ) (4,903 ) (2,297 ) (16,916 )
(5,825 ) (3,402 ) (4,337 ) (13,564 )
NET INCOME $ 7,908 $ 12,668 $ 17,720
$ 8,825 $ 47,121 $ 14,632
$ 11,926 $ 14,675 $
41,231
ADJUSTED EBITDA $ 18,682
$ 26,419 $ 27,850 $
29,441 $ 102,392 $ 25,073
$ 27,536 $ 27,530 $
80,137 Inventory restructuring charges (250 ) 242 — (638 )
(646 ) — (5,139 ) (2,850 ) (7,989 ) Impairment charges — — — (6,872
) (6,872 ) — — — — Special (recoveries) — — 3,151 — 3,151 2,243 — —
2,243 Special charges (1,378 ) (2,254 ) (2,961 ) (5,160 ) (11,753 )
(1,086 ) (1,257 ) (478 ) (2,821 ) Interest expense, net (787 ) (838
) (745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (2,245 ) Depreciation
(4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 ) (4,116 )
(3,978 ) (12,163 ) Amortization (758 ) (751 ) (764 ) (766 ) (3,039
) (786 ) (805 ) (776 ) (2,367 ) Provision for income taxes (3,592 )
(6,124 ) (4,903 ) (2,297 ) (16,916 )
(5,825 ) (3,402 ) (4,337 ) (13,564 )
NET INCOME $ 7,908 $ 12,668 $ 17,720
$ 8,825 $ 47,121 $ 14,632
$ 11,926 $ 14,675 $
41,231
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE
MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
UNAUDITED
4th Quarter 2014
Low
High
REVENUE (in millions)
$
210
$
225
EXPECTED ADJUSTED EARNINGS PER SHARE
(DILUTED)
$
1.02
$
1.12
LESS: Impairment charges, net of tax, Restructuring related
charges, net of tax, Special charges, net of tax $ 0.12 $ 0.11
EXPECTED EARNINGS PER COMMON SHARE (Diluted) $ 0.90 $ 1.01
Note: Assumes 26% to 27% tax rate and exchange rates at present
values.
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
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