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 fourth quarter and fiscal year
ended December 31, 2014.
Fourth-Quarter 2014 Highlights
- Revenue increases 6% organically to
$218.6 million
- Adjusted EPS grows 14% to $1.08
- Completed 2 divestitures
- Company announces new restructuring
actions
- Company announces new Energy Group
President
Full-Year 2014 Highlights
- Adjusted Operating Margins expand 30
bps
- Adjusted EPS increases 16% to
$3.72
- Free cash flow of $58 million, or 115%
of net income
“CIRCOR concluded 2014 with strong top-line growth and free cash
flow generation in the fourth quarter,” said Scott Buckhout,
President and Chief Executive Officer. “Revenues for the quarter
were up 6% organically from the prior year driven in large part by
our North American short-cycle businesses. In addition, we are
reporting adjusted EPS of $1.08 for the quarter and $3.72 for the
full year. Full year free cash flow was 115% of net income.”
During the quarter, a number of Brazilian engineering and
construction customers filed for bankruptcy resulting in a $0.34
per share charge against outstanding receivables and an operating
margin reduction of approximately 300 basis points. In addition,
EPS reflects a net tax benefit of $0.21 per share primarily due to
the utilization of foreign tax credits.
“Looking ahead to 2015, we expect the recent decline in oil
prices to put pressure on our top line. As a result, we are
implementing a broad-based cost reduction program, including
restructuring actions, to mitigate the impact on our earnings and
to align our businesses with a lower near-term demand outlook. We
expect to take actions generating approximately $8 million of
annualized savings. We commenced these actions earlier this quarter
and expect to complete them before the end of the second quarter,”
added Buckhout.
“Going forward, we will continue to invest in growth, simplify
the Company and remain focused on building shareholder value
through growth, margin expansion, strong cash flows and disciplined
capital deployment,” concluded Buckhout.
First-Quarter 2015 Guidance
For the first quarter of 2015, the Company
will provide its guidance during the conference call later
today.
Selected Consolidated Results (In millions,
except percentages and bps) Q4 2014
Q4 2013 Change FY 2014
FY 2013 Change Revenue
$
218.6 $ 214.0 2%
$ 841.4 $ 857.8
-2% Adjusted Operating Income1
$ 21.0 $ 24.8
-15%
$ 86.2 $ 85.3 1% Adjusted Operating Margin1
9.6% 11.6% -200 bps
10.2% 9.9% 30 bps GAAP Earnings
Per Share (Diluted)
$ 0.51 $ 0.50 2%
$
2.84 $ 2.67 6% Adjusted Earnings Per Share (Diluted)1
$ 1.08 $ 0.95 14%
$ 3.72 $ 3.21 16%
Orders
$ 203.4 $ 231.1 -12%
$ 849.3 $
881.3 -4% Free Cash Flow
$ 22.3 $ 14.7 51%
$
58.0 $ 54.9 6%
Segment Results
(In millions, except percentages and bps)
Q4 2014 Q4 2013 Change FY 2014
FY 2013 Change Energy
Revenue
$ 172.4 $ 162.6 6%
$ 653.3 $
661.0 -1% Adjusted Operating Margin1
14.3% 17.1% -280 bps
14.9% 14.1% 80 bps Orders
$ 158.3 $ 187.4 -16%
$ 675.9 $ 691.7 -2%
Aerospace &
Defense Revenue
$ 46.1 $ 51.4 -10%
$
188.2 $ 196.8 -4% Adjusted Operating Margin1
5.3%
8.4% -310 bps
6.6% 9.5% -290 bps Orders
$ 45.1
$ 43.7 3%
$ 173.4 $ 189.6 -9%
1. Consolidated and Segment Results includes approximately $6.5
million of Q4 2014 charges associated with certain Brazilian
customers for outstanding receivables and excludes special,
restructuring charges/(recoveries) and impairments of $12.9
million, $12.0 million, $13.5 million and $15.5 million during Q4
2014, Q4 2013, FY2014 and FY2013 respectively, as well as
restructuring inventory charges of $5.1 million and $2.9 million
recorded in Q2 and Q3 2014, respectively, and $0.6 million during
Q4 2013.
Conference Call InformationCIRCOR International will hold
a conference call to review its financial results today, February
18, 2015, at 10:00 a.m. ET. To listen to the conference call and
view the accompanying presentation slides, visit “Webcasts &
Presentations” in the “Investors” portion of the CIRCOR website.
The 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 MeasuresAdjusted 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 StatementThis 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 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. 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 web
site at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF
INCOME
(in thousands, except share
data)
UNAUDITED
Three Months Ended
Twelve Months Ended
December 31, 2014
December 31, 2013
December 31, 2014
December 31, 2013
Net revenues $ 218,558 $ 214,035 $ 841,446 $ 857,808 Cost of
revenues 148,093 146,528 584,426 590,207 GROSS
PROFIT 70,465 67,507 257,520 267,601 Selling, general and
administrative expenses 49,430 43,394 178,800 182,954 Impairment
charges 726 6,872 726 6,872 Special charges, net 12,159
5,160 12,737 8,602 OPERATING INCOME 8,150
12,081 64,757 69,173 Other (income) expense: Interest
expense, net 407 792 2,652 3,161 Other (income) expense, net (722 )
167 (1,156 ) 1,975
TOTAL OTHER (INCOME) EXPENSE
(315 ) 959 1,496 5,136 INCOME BEFORE INCOME TAXES
8,465 11,122 63,261 64,037
(Benefit) provision for income taxes
(690 ) 2,297 12,875 16,916 NET INCOME $ 9,155
$ 8,825 $ 50,386 $ 47,121 Earnings per common share:
Basic $ 0.52 $ 0.50 $ 2.85 $ 2.68 Diluted $ 0.51 $ 0.50 $ 2.84 $
2.67 Weighted average number of common shares outstanding: Basic
17,678 17,594 17,660 17,564 Diluted 17,782 17,710 17,768 17,629
Dividends paid per common share $ 0.0375 $ 0.0375 $ 0.1500 $ 0.1500
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Twelve Months Ended
December 31,2014
December 31,2013
OPERATING ACTIVITIES Net income $ 50,386 $ 47,121
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 16,446 16,034 Amortization 3,116
3,039 Provision for bad debt expense 7,817 1,194 Intangible
impairment charges 726 6,872 Compensation expense of share-based
plans 7,188 5,056 Tax effect of share-based plan compensation (756
) (732 ) Deferred (benefit) income taxes (2,740 ) 5,778 Gain on
property, plant and equipment (79 ) (322 ) Loss on sale of
businesses 3,413 — Gain on return of acquisition purchase price —
(3,400 ) Changes in operating assets and liabilities: Trade
accounts receivable, net (38,439 ) 7,009 Inventories, net (3,952 )
(311 ) Prepaid expenses and other assets 884 160 Accounts payable,
accrued expenses and other liabilities 26,816 (15,292 ) Net
cash provided by operating activities 70,826 72,206
INVESTING ACTIVITIES Additions to property, plant and
equipment (12,810 ) (17,328 ) Proceeds from the sale of property,
plant and equipment 791 664 Proceeds from divestitures 10,177 —
Business acquisitions, return of purchase price — 3,400
Net cash used in investing activities (1,842 ) (13,264 )
FINANCING ACTIVITIES Proceeds from long-term debt 150,062
146,578 Payments of long-term debt (185,361 ) (166,239 ) Debt
issuance costs (920 ) — Dividends paid (2,681 ) (2,700 ) Proceeds
from the exercise of stock options 420 2,394 Tax effect of
share-based compensation 756 732 Net cash used in
financing activities (37,724 ) (19,235 ) Effect of exchange rate
changes on cash and cash equivalents (12,156 ) 735 INCREASE
IN CASH AND CASH EQUIVALENTS 19,106 40,442 Cash and cash
equivalents at beginning of year 102,180 61,738 CASH
AND CASH EQUIVALENTS AT END OF PERIOD $ 121,286 $ 102,180
Cash paid during the year for: Income taxes $ 16,672 $ 8,143
Interest $ 2,476 $ 960
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2014
December 31, 2013
ASSETS
(unaudited) CURRENT ASSETS: Cash and cash equivalents
$ 121,286 $ 102,180 Short-term investments 86 95 Trade accounts
receivable, less allowance for doubtful accounts of $9,536 and
$2,449, respectively 156,738 144,742 Inventories, net 183,434
199,404 Prepaid expenses and other current assets 21,626 19,815
Deferred income tax asset 22,861 17,686 Total Current Assets
506,031 483,922 PROPERTY, PLANT AND EQUIPMENT, NET 96,212
107,724 OTHER ASSETS: Goodwill 72,430 75,876 Intangibles, net
26,887 35,656 Deferred income tax asset 19,048 18,579 Other assets
4,114 4,893 TOTAL ASSETS $ 724,722 $ 726,650
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts
payable $ 87,112 $ 70,589 Accrued expenses and other current
liabilities 63,911 57,507 Accrued compensation and benefits 24,728
31,289 Income taxes payable 1,312 3,965 Notes payable and current
portion of long-term debt 8,423 7,203 Total Current
Liabilities 185,486 170,553 LONG-TERM DEBT, NET OF CURRENT
PORTION 5,261 42,435 DEFERRED INCOME TAXES 7,771 9,666 OTHER
NON-CURRENT LIABILITIES 32,111 27,109 SHAREHOLDERS’ EQUITY: Common
stock 177 176 Additional paid-in capital 277,227 269,884 Retained
earnings 250,635 202,930 Accumulated other comprehensive (loss)
gain, net of taxes (33,946 ) 3,897 Total Shareholders’ Equity
494,093 476,887 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $
724,722 $ 726,650
CIRCOR INTERNATIONAL,
INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Twelve
Months Ended December 31, 2014 December
31, 2013 December 31, 2014
December 31, 2013 ORDERS (1) Energy $ 158.3 $
187.4 $ 675.9 $ 691.7 Aerospace & Defense 45.1 43.7
173.4 189.6 Total orders $ 203.4 $ 231.1
$ 849.3 $ 881.3
BACKLOG (2) December
31, 2014 December 31, 2013 Energy
(3) $ 252.1 $ 288.7 Aerospace & Defense
(4) 108.8
173.9 Total backlog $ 361.0 $ 462.6
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: Energy backlog was reduced
during the fourth quarter of 2014 by $25.4 million related to a
business divestiture and customer order cancellations initially
recorded in prior years. Note 4: Aerospace & Defense reduced
backlog in the second quarter of 2014 by $28.6 million associated
with the exit of certain landing gear product lines and in the
fourth quarter of 2014 by $13.5 million associated with a business
divestiture and change in policy.
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 4TH QTR TOTAL NET
REVENUES Energy $ 157,104 $ 173,557 $ 167,660 $ 162,649 $
660,970 $ 162,587 $ 160,580 $ 157,658 $ 172,432 $ 653,257 Aerospace
& Defense 48,294 50,087 47,071 51,386
196,838 48,599 47,304 46,160
46,126 188,189 Total $ 205,398 $ 223,644 $ 214,731 $
214,035 $ 857,808 $ 211,186 $ 207,884 $ 203,818 $ 218,558 $ 841,446
ADJUSTED OPERATING MARGIN Energy 10.8 % 13.3 % 15.2 % 17.1 %
14.1 % 13.8 % 14.6 % 16.9 % 14.3 % 14.9 % Aerospace & Defense
5.9 % 11.4 % 12.1 % 8.4 % 9.5 % 9.1 % 7.1 % 5.0 % 5.3 % 6.6 %
Segment operating margin
9.6 % 12.9 % 14.5 % 15.0 % 13.0 % 12.7 % 12.9 % 14.2 % 12.4 % 13.0
% Corporate expenses (2.6 )% (2.9 )% (3.4 )% (3.5 )% (3.1 )% (3.4
)% (2.2 )% (2.8 )% (2.7 )% (2.8 )% Adjusted operating margin 7.1 %
10.0 % 11.1 % 11.6 % 9.9 % 9.4 % 10.7 % 11.4 % 9.6 % 10.2 %
Restructuring inventory charges 0.1 % (0.1 )% — % 0.3 % 0.1 % — %
2.5 % 1.4 % — % 0.9 % Impairment charges — % — % — % 3.2 % 0.8 % —
% — % — % 0.3 % 0.1 % Special (recoveries) — % — % (1.5 )% — % (0.4
)% (1.1 )% — % — % — % (0.3 )% Special charges 0.7 % 1.0 % 1.4 %
2.4 % 1.4 % 0.5 % 0.6 % 0.2 % 5.6 % 1.8 % Total GAAP operating
margin 6.3 % 9.1 % 11.1 % 5.6 % 8.1 % 9.9 % 7.6 % 9.7 % 3.7 % 7.7 %
2013 2014 1ST QTR 2ND
QTR 3RD QTR 4TH QTR TOTAL 1ST QTR
2ND QTR 3RD QTR 4TH QTR TOTAL
ADJUSTED OPERATING INCOME Energy $ 16,940 $ 23,114 $ 25,441
$ 27,809 $ 93,304 $ 22,462 $ 23,502 $ 26,577 $ 24,575 $ 97,117
Aerospace & Defense 2,864 5,724 5,705
4,342 18,635 4,426 3,362 2,295
2,425 12,508 Segment operating income 19,804 28,838
31,146 32,151 111,939 26,888 26,864 28,872 27,000 109,625 Corporate
expenses (5,277 ) (6,570 ) (7,400 ) (7,400 ) (26,646 ) (7,137 )
(4,634 ) (5,678 ) (5,965 ) (23,415 ) Adjusted operating income
14,528 22,268 23,746 24,751 85,293 19,750 22,231 23,194 21,035
86,210 Restructuring inventory charges 250 (242 ) — 638 646 — 5,139
2,850 — 7,989 Impairment charges — — — 6,872 6,872 — — — 726 726
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 12,159
14,980 Total GAAP operating income 12,900
20,256 23,936 12,081 69,174 20,907
15,834 19,866 8,150 64,757
INTEREST EXPENSE, NET (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 )
(891 ) (436 ) (407 ) (2,652 ) OTHER (EXPENSE) INCOME, NET (612 )
(626 ) (568 ) (167 ) (1,974 ) 468 384 (419 ) 722
1,156 PRETAX INCOME 11,501 18,792 22,623 11,122
64,038 20,457 15,328 19,012 8,465 63,261 (PROVISION) BENEFIT FOR
INCOME TAXES (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 )
(3,402 ) (4,337 ) 690 (12,875 ) EFFECTIVE TAX RATE 31.2 %
32.6 % 21.7 % 20.7 % 26.4 % 28.5 % 22.2 % 22.8 % (8.2 )% 20.4 %
NET INCOME $ 7,908 $ 12,668 $ 17,720 $
8,825 $ 47,121 $ 14,632 $ 11,926 $
14,675 $ 9,155 $ 50,386 Weighted Average
Common Shares Outstanding (Diluted) 17,529 17,607 17,667 17,710
17,629 17,741 17,767 17,779 17,782 17,768
EARNINGS PER COMMON
SHARE (Diluted) $ 0.45 $ 0.72 $ 1.00 $
0.50 $ 2.67 $ 0.82 $ 0.67 $ 0.83
$ 0.51 $ 2.84
ADJUSTED EBITDA $ 18,682
$ 26,419 $ 27,850 $ 29,441 $ 102,392 $
25,073 $ 27,536 $ 27,530 $ 26,789 $
106,927
ADJUSTED EBITDA AS A % OF SALES 9.1 % 11.8 %
13.0 % 13.8 % 11.9 % 11.9 % 13.2 % 13.5 % 12.3 % 12.7 %
CAPITAL
EXPENDITURES $ 4,707 $ 4,100 $ 4,772 $ 3,749 $ 17,328 $ 2,670 $
2,933 $ 3,297 $ 3,910 $ 12,810
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 4TH QTR TOTAL FREE CASH FLOW AS %
OF NET INCOME 14 % 75 % 167
% 167 % 116 % 98 %
62 % 96 % 243 %
115 % FREE CASH FLOW $ 1,100
$ 9,525 $ 29,557 $ 14,696
$ 54,878 $ 14,387 $ 7,365
$ 14,015 $ 22,249 $
58,016 ADD: Capital Expenditures 4,707 4,100
4,772 3,749 17,328 2,670 2,933
3,297 3,910 12,810 NET CASH PROVIDED BY
OPERATING ACTIVITIES $ 5,807 $ 13,625 $ 34,329
$ 18,445 $ 72,206 $ 17,057 $ 10,298 $
17,312 $ 26,159 $ 70,826
NET DEBT
(CASH) $ 8,814 $ (1,376 )
$ (36,466 ) $ (52,637 )
$ (52,637 ) $ (66,056 )
$ (72,982 ) $ (80,829 )
$ (107,688 ) $ (107,688 )
ADD: Cash & Cash Equivalents 57,633 60,831 86,285 102,180
102,180 122,097 116,326 114,580 121,286 121,286 Investments 99
96 98 95 95 92 95
91 86 86 TOTAL DEBT $ 66,546 $ 59,551
$ 49,917 $ 49,638 $ 49,638 $ 56,133
$ 43,439 $ 33,842 $ 13,684 $ 13,684
DEBT AS % OF EQUITY 16 % 14
% 11 % 10 % 10 %
11 % 9 % 7 % 3
% 3 % TOTAL DEBT 66,546 59,551
49,917 49,638 49,638 56,133 43,439
33,842 13,684 13,684 TOTAL
SHAREHOLDERS' EQUITY 418,819 432,151 459,058
476,887 476,887 492,601 507,363 508,035
494,093 494,093
2013
2014 1ST QTR 2ND QTR 3RD QTR 4TH
QTR TOTAL 1ST QTR 2ND QTR 3RD QTR
4TH QTR TOTAL ADJUSTED OPERATING INCOME
$ 14,528 $ 22,268 $
23,746 $ 24,751 $ 85,293
$ 19,750 $ 22,230 $
23,194 $ 21,035 $ 86,210 LESS:
Inventory restructuring charges 250 (242 ) — 638 646 — 5,139 2,850
— 7,989 Impairment charges — — — 6,872 6,872 — — — 726 726 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 12,159
14,980 OPERATING INCOME $ 12,900 $ 20,256 $ 23,936 $ 12,081
$ 69,173 $ 20,907 $ 15,834 $ 19,866 $ 8,150 $ 64,757
ADJUSTED
NET INCOME $ 9,043 $ 14,044
$ 16,439 $ 16,773 $
56,299 $ 13,916 $ 16,090
$ 16,827 $ 19,188 $
66,019 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 — — — 726 726 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 9,307
11,125 NET INCOME $ 7,908 $ 12,668 $ 17,720
$ 8,825 $ 47,121 $ 14,632 $ 11,926
$ 14,675 $ 9,155 $ 50,386
ADJUSTED
EARNINGS PER SHARE (Diluted) $ 0.52 $
0.81 $ 0.93 $ 0.95 $
3.21 $ 0.78 $ 0.91 $
0.95 $ 1.08 $ 3.72 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 — — — 0.04 0.04 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 0.52 0.63 EARNINGS PER COMMON
SHARE (Diluted) $ 0.45 $ 0.72 $ 1.00 $ 0.50
$ 2.67 $ 0.82 $ 0.67 $ 0.83 $
0.51 $ 2.84
2013 2014 1ST
QTR 2ND QTR 3RD QTR 4TH QTR TOTAL
1ST QTR 2ND QTR 3RD QTR 4TH QTR
TOTAL EBITDA $ 17,054 $
24,407 $ 23,368 $ 11,914
$ 86,272 $ 26,230 $
21,140 $ 24,202 $ 13,904
$ 85,475 LESS: Interest expense, net (787 ) (838 )
(745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (407 ) (2,652 )
Depreciation (4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 )
(4,116 ) (3,978 ) (4,283 ) (16,446 ) Amortization (758 ) (751 )
(764 ) (766 ) (3,039 ) (786 ) (805 ) (776 ) (749 ) (3,116 )
(Provision) Benefit for income taxes (3,592 ) (6,124 ) (4,903 )
(2,297 ) (16,916 ) (5,825 ) (3,402 ) (4,337 ) 690 (12,875 )
NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825
$ 47,121 $ 14,632 $ 11,926 $ 14,675
$ 9,155 $ 50,386
ADJUSTED EBITDA
$ 18,682 $ 26,419 $
27,850 $ 29,441 $ 102,392
$ 25,073 $ 27,536 $
27,530 $ 26,789 $ 106,927
Inventory restructuring charges (250 ) 242 — (638 ) (646 ) — (5,139
) (2,850 ) — (7,989 ) Impairment charges — — — (6,872 ) (6,872 ) —
— — (726 ) (726 ) 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 ) (12,159 ) (14,980 ) Interest expense,
net (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) (891 ) (436 ) (407
) (2,652 ) Depreciation (4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034
) (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) Amortization (758 )
(751 ) (764 ) (766 ) (3,039 ) (786 ) (805 ) (776 ) (749 ) (3,116 )
(Provision) Benefit for income taxes (3,592 ) (6,124 ) (4,903 )
(2,297 ) (16,916 ) (5,825 ) (3,402 ) (4,337 ) 690 (12,875 )
NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825
$ 47,121 $ 14,632 $ 11,926 $ 14,675
$ 9,155 $ 50,386
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
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