UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 28, 2015
CIRCOR INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
|
| | |
DELAWARE | 001-14962 | 04-3477276 |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission file number) | (I.R.S. Employer Identification No.) |
30 CORPORATE DRIVE, SUITE 200
BURLINGTON, MASSACHUSETTS 01803-4238
(Address of principal executive offices) (Zip Code)
(781) 270-1200
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
By press release dated April 28, 2015, the Company announced its financial results for the three months ended April 5, 2015. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of Form 8-K and the Exhibits 99.1 & 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by special reference in such filing.
In the press release and accompanying supplemental information, the Company uses the following non-GAAP financial measures: free cash flow, EBIT, EBITDA, adjusted operating income, adjusted net income, adjusted earnings per share (EPS), and proforma revenue, and proforma adjusted EPS. Management of the Company believes that free cash flow (defined as net cash flow from operating activities, less capital expenditures) is an important measure of its liquidity as well as its ability to service long-term debt, fund future growth and to provide a return to shareholders. We also believe this free cash flow definition does not have any material limitations. EBIT (defined as net income plus interest expense, net, plus provision for income taxes), EBITDA (defined as net income plus interest expense, net, plus provision for income taxes, plus depreciation and amortization), adjusted operating income (defined as operating income, excluding the impact of restructuring related inventory, impairment and special charges/gains), adjusted net income (defined as net income, excluding the impact of restructuring related inventory, impairment and special charges/gains, net of tax), adjusted EPS (defined as earnings per common share, excluding restructuring related inventory, impairment and special charges/gains, net of tax), proforma revenue, proforma adjusted EPS (defined as revenue and adjusted EPS excluding 2 divested businesses and foreign subsidiary amounts converted at current exchange rates) are provided because management believes these measurements are useful for investors and financial institutions to analyze and compare companies on the basis of operating performance. Management believes proforma non-GAAP measures are important for investors to consider when evaluating the outlook of future Company performance. Free cash flow, EBIT, EBITDA, adjusted operating income, adjusted net income, adjusted EPS, proforma revenue, and proforma EPS are not measurements for financial performance under GAAP and should not be construed as a substitute for cash flows, operating income, net income or earnings per share. Free cash flow, EBIT, EBITDA, adjusted operating income, adjusted net income, adjusted EPS, and proforma revenue and proforma EPS as we have calculated here, may not necessarily be comparable to similarly titled measures used by other companies. A reconciliation of free cash flow, EBIT, EBITDA, adjusted operating income, adjusted net income, proforma revenue, proforma EPS, and adjusted EPS to the most directly comparable GAAP financial measure is provided in the supplemental information table titled “Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms” which is included as an attachment to the press release in Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
|
| |
Exhibit No. | Description |
99.1 | Press Release regarding Earnings, Dated April 28, 2015 |
99.2 | First Quarter 2015 Investor Review Presentation |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 28, 2015 CIRCOR INTERNATIONAL, INC.
/s/ Rajeev Bhalla
By: Rajeev Bhalla
| |
Title: | Executive Vice President and Chief Financial Officer |
EXHIBIT 99.1
CIRCOR Reports First-Quarter 2015 Financial Results
Burlington, MA - April 28, 2015 - 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 first quarter ended April 5, 2015.
First-Quarter 2015 Highlights
| |
• | Orders of $182 million with solid bookings for large international projects |
| |
• | Q1 revenue of $165.9 million and adjusted EPS of $0.60 |
| |
• | Repurchased 302,000 shares of common stock for $16.7 million |
| |
• | Restructuring actions remain on track; announcing additional restructuring program |
| |
• | Announced acquisition of Schroedahl |
“Our first-quarter revenues were in line with expectations overall at $166 million with adjusted EPS of $0.60 despite significant headwind from currencies,” said Scott Buckhout, President and Chief Executive Officer. “In our Energy segment, strong orders in our long-cycle large international projects business offset weaker orders in our short-cycle distributed valves business. Aerospace & Defense orders came in as expected. After adjusting for divestitures and currency, organic orders grew 9%.”
On April 16, the Company announced the acquisition of Germany-based Schroedahl, a manufacturer of automatic recirculation safety valves, primarily for the higher-growth power generation market in Asia. This acquisition is expected to be accretive to earnings per share in the first year. Additional details on the transaction will be provided during the conference call later today.
“We remain focused on enhancing shareholder value. During the quarter, we repurchased more than 302,000 shares under our previously announced share repurchase program. Our growth initiatives and restructuring actions remain on track. In addition, we are announcing another restructuring program expected to deliver $5.0 million of annualized savings. Going forward, we will continue to drive cost reduction, expand margins and focus on what we can control as we manage through this cycle,” concluded Buckhout.
Second-Quarter 2015 Guidance
For the second quarter of 2015, the Company will provide its guidance during the conference call later today.
Conference Call Information
CIRCOR International will hold a conference call to review its financial results today, April 28, 2015, at 9:00 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 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 the performance of the Schroedahl acquisition and the realization of cost reductions from restructuring activities. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. 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.
Contact:
Rajeev Bhalla
Executive Vice President & Chief Financial Officer
CIRCOR International
(781) 270-1200
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) UNAUDITED |
| | | | | | | |
| Three Months Ended |
| April 5, 2015 | | March 30, 2014 |
Net revenues | $ | 165,860 |
| | $ | 211,186 |
|
Cost of revenues | 113,211 |
| | 146,548 |
|
GROSS PROFIT | 52,649 |
| | 64,638 |
|
Selling, general and administrative expenses | 38,088 |
| | 44,888 |
|
Special charges (recoveries), net | 1,511 |
| | (1,157 | ) |
OPERATING INCOME | 13,050 |
| | 20,907 |
|
Other expense (income): | | | |
Interest expense, net | 640 |
| | 918 |
|
Other (income), net | (506 | ) | | (468 | ) |
TOTAL OTHER EXPENSE, NET | 134 |
| | 450 |
|
INCOME BEFORE INCOME TAXES | 12,916 |
| | 20,457 |
|
Provision for income taxes | 3,284 |
| | 5,825 |
|
NET INCOME | $ | 9,632 |
| | $ | 14,632 |
|
Earnings per common share: | | | |
Basic | $ | 0.55 |
| | $ | 0.83 |
|
Diluted | $ | 0.54 |
| | $ | 0.82 |
|
Weighted average number of common shares outstanding: | | | |
Basic | 17,662 |
| | 17,620 |
|
Diluted | 17,712 |
| | 17,741 |
|
Dividends paid per common share | $ | 0.0375 |
| | $ | 0.0375 |
|
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (UNAUDITED) |
| | | | | | | |
| Three Months Ended |
| April 5, 2015 | | March 30, 2014 |
OPERATING ACTIVITIES | | | |
Net income | $ | 9,632 |
|
| $ | 14,632 |
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | |
Depreciation | 3,521 |
| | 4,069 |
|
Amortization | 710 |
| | 786 |
|
Compensation expense of share-based plans | 2,222 |
| | 1,830 |
|
Tax effect of share-based plan compensation | (289 | ) | | (571 | ) |
Loss on sale of property, plant and equipment | 46 |
| | 34 |
|
(Gain) on sale of business | (972 | ) | | — |
|
Changes in operating assets and liabilities: | | | |
Trade accounts receivable, net | 7,480 |
| | (9,952 | ) |
Inventories | (18,697 | ) | | 234 |
|
Prepaid expenses and other assets | (4,787 | ) | | (859 | ) |
Accounts payable, accrued expenses and other liabilities | (15,298 | ) | | 6,854 |
|
Net cash (used in) provided by operating activities | (16,432 | ) | | 17,057 |
|
INVESTING ACTIVITIES | | | |
Additions to property, plant and equipment | (1,983 | ) | | (2,670 | ) |
Proceeds from the sale of property, plant and equipment | — |
| | 13 |
|
Proceeds from the sale of affiliate | 2,759 |
| | — |
|
Net cash provided by (used in) investing activities | 776 |
| | (2,657 | ) |
FINANCING ACTIVITIES | | | |
Proceeds from long-term debt | 46,903 |
| | 48,029 |
|
Payments of long-term debt | (21,540 | ) | | (41,781 | ) |
Dividends paid | (672 | ) | | (670 | ) |
Proceeds from the exercise of stock options | 38 |
| | 192 |
|
Tax effect of share-based plan compensation | 289 |
| | 571 |
|
Purchases of common stock | (16,682 | ) | | — |
|
Net cash provided by financing activities | 8,336 |
| | 6,341 |
|
Effect of exchange rate changes on cash and cash equivalents | (10,083 | ) | | (824 | ) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (17,403 | ) | | 19,917 |
|
Cash and cash equivalents at beginning of year | 121,286 |
| | 102,180 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 103,883 |
| | $ | 122,097 |
|
Cash paid during the year for: | | | |
Income taxes | $ | 2,216 |
| | $ | 2,913 |
|
Interest | $ | 394 |
| | $ | 472 |
|
CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands)
|
| | | | | | | |
| April 5, 2015 | | December 31, 2014 |
ASSETS | (unaudited) | | |
CURRENT ASSETS: | | | |
Cash and cash equivalents | $ | 103,883 |
| | $ | 121,286 |
|
Short-term investments | 80 |
| | 86 |
|
Trade accounts receivable, less allowance for doubtful accounts of $9,122 and $9,536, respectively | 140,752 |
| | 156,738 |
|
Inventories | 194,624 |
| | 183,434 |
|
Prepaid expenses and other current assets | 21,731 |
| | 21,626 |
|
Deferred income tax asset | 22,184 |
| | 22,861 |
|
Total Current Assets | 483,254 |
| | 506,031 |
|
PROPERTY, PLANT AND EQUIPMENT, NET | 90,045 |
| | 96,212 |
|
OTHER ASSETS: | | | |
Goodwill | 69,832 |
| | 72,430 |
|
Intangibles, net | 24,797 |
| | 26,887 |
|
Deferred income tax asset | 17,206 |
| | 19,048 |
|
Other assets | 3,557 |
| | 4,114 |
|
TOTAL ASSETS | $ | 688,691 |
| | $ | 724,722 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
CURRENT LIABILITIES: | | | |
Accounts payable | $ | 77,893 |
| | $ | 87,112 |
|
Accrued expenses and other current liabilities | 53,443 |
| | 65,223 |
|
Accrued compensation and benefits | 18,166 |
| | 24,728 |
|
Notes payable and current portion of long-term debt | 8,481 |
| | 8,423 |
|
Total Current Liabilities | 157,983 |
| | 185,486 |
|
LONG-TERM DEBT, NET OF CURRENT PORTION | 29,065 |
| | 5,261 |
|
DEFERRED INCOME TAXES | 7,107 |
| | 7,771 |
|
OTHER NON-CURRENT LIABILITIES | 31,433 |
| | 32,111 |
|
SHAREHOLDERS’ EQUITY: | | | |
Common stock | 177 |
| | 177 |
|
Additional paid-in capital | 279,405 |
| | 277,227 |
|
Retained earnings | 259,599 |
| | 250,635 |
|
Treasury stock | (16,682 | ) | | — |
|
Accumulated other comprehensive loss, net of taxes | (59,396 | ) | | (33,946 | ) |
Total Shareholders’ Equity | 463,103 |
| | 494,093 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 688,691 |
| | $ | 724,722 |
|
CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) UNAUDITED |
| | | | | | | |
| Three Months Ended |
| April 5, 2015 | | March 30, 2014 |
ORDERS (1)(5) | | | |
Energy | $ | 143.1 |
| | $ | 147.3 |
|
Aerospace & Defense | 39.2 |
| | 37.2 |
|
Total orders | $ | 182.3 |
| | $ | 184.5 |
|
| | | |
BACKLOG (2)(5) | April 5, 2015 | | March 30, 2014 |
Energy (3) | $ | 247.6 |
| | $ | 265.5 |
|
Aerospace & Defense (4) | 104.1 |
| | 163.1 |
|
Total backlog | $ | 351.8 |
| | $ | 428.6 |
|
| | | |
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 $5.5 million related to 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. |
Note 5: Three months ended March 30, 2014 orders and backlog amounts exclude business divestitures in both the Energy and Aerospace & Defense segments. |
CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except percentages) UNAUDITED |
| | | | | | | | | | | | | | | | | | |
| 2014 | 2015 |
| 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR |
NET REVENUES | | | | | | |
Energy | $ | 162,587 |
| $ | 160,580 |
| $ | 157,658 |
| $ | 172,432 |
| $ | 653,257 |
| $ | 127,586 |
|
Aerospace & Defense | 48,599 |
| 47,304 |
| 46,160 |
| 46,126 |
| 188,189 |
| 38,274 |
|
Total | $ | 211,186 |
| $ | 207,884 |
| $ | 203,818 |
| $ | 218,558 |
| $ | 841,446 |
| $ | 165,860 |
|
ADJUSTED OPERATING MARGIN | | | | | | |
Energy | 13.8 | % | 14.6 | % | 16.9 | % | 14.3 | % | 14.9 | % | 13.8 | % |
Aerospace & Defense | 9.1 | % | 7.1 | % | 5.0 | % | 5.3 | % | 6.6 | % | 8.0 | % |
Segment operating margin | 12.7 | % | 12.9 | % | 14.2 | % | 12.4 | % | 13.0 | % | 12.4 | % |
Corporate expenses | (3.4 | )% | (2.2 | )% | (2.8 | )% | (2.7 | )% | (2.8 | )% | (3.6 | )% |
Adjusted operating margin | 9.4 | % | 10.7 | % | 11.4 | % | 9.6 | % | 10.2 | % | 8.8 | % |
Restructuring inventory charges | — | % | 2.5 | % | 1.4 | % | — | % | 0.9 | % | — | % |
Impairment charges | — | % | — | % | — | % | 0.3 | % | 0.1 | % | — | % |
Special restructuring charges | 0.4 | % | 0.6 | % | 0.2 | % | 1.2 | % | 0.6 | % | 0.9 | % |
Special other charges, net of recoveries | (0.9 | )% | — | % | — | % | 4.3 | % | 0.9 | % | — | % |
Total GAAP operating margin | 9.9 | % | 7.6 | % | 9.7 | % | 3.7 | % | 7.7 | % | 7.9 | % |
| | | | | | |
| | | | | | |
CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share and percentages) UNAUDITED |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| 2014 | 2015 |
| 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR |
ADJUSTED OPERATING INCOME | | | | | | |
Energy | $ | 22,462 |
| $ | 23,502 |
| $ | 26,577 |
| $ | 24,575 |
| $ | 97,117 |
| $ | 17,550 |
|
Aerospace & Defense | 4,426 |
| 3,362 |
| 2,295 |
| 2,425 |
| 12,508 |
| 3,045 |
|
Segment operating income | 26,888 |
| 26,864 |
| 28,872 |
| 27,000 |
| 109,625 |
| 20,595 |
|
Corporate expenses | (7,137 | ) | (4,634 | ) | (5,678 | ) | (5,965 | ) | (23,415 | ) | (6,034 | ) |
Adjusted operating income | 19,750 |
| 22,231 |
| 23,194 |
| 21,035 |
| 86,210 |
| 14,561 |
|
Restructuring inventory charges | — |
| 5,139 |
| 2,850 |
| — |
| 7,989 |
| — |
|
Impairment charges | — |
| — |
| — |
| 726 |
| 726 |
| — |
|
Special restructuring charges | 786 |
| 1,257 |
| 478 |
| 2,725 |
| 5,246 |
| 1,512 |
|
Special other charges, net of recoveries | (1,943 | ) | — |
| — |
| 9,434 |
| 7,491 |
| (1 | ) |
Total GAAP operating income | 20,907 |
| 15,835 |
| 19,866 |
| 8,150 |
| 64,757 |
| 13,050 |
|
INTEREST EXPENSE, NET | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | (640 | ) |
OTHER INCOME (EXPENSE), NET | 468 |
| 384 |
| (419 | ) | 722 |
| 1,156 |
| 506 |
|
PRETAX INCOME | 20,457 |
| 15,328 |
| 19,012 |
| 8,465 |
| 63,261 |
| 12,916 |
|
(PROVISION) FOR BENEFIT FROM INCOME TAXES | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 |
| (12,875 | ) | (3,284 | ) |
EFFECTIVE TAX RATE | 28.5 | % | 22.2 | % | 22.8 | % | (8.2 | )% | 20.4 | % | 25.4 | % |
NET INCOME | $ | 14,632 |
| $ | 11,926 |
| $ | 14,675 |
| $ | 9,155 |
| $ | 50,386 |
| $ | 9,632 |
|
Weighted Average Common Shares Outstanding (Diluted) | 17,741 |
| 17,767 |
| 17,779 |
| 17,782 |
| 17,768 |
| 17,712 |
|
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.82 |
| $ | 0.67 |
| $ | 0.83 |
| $ | 0.51 |
| $ | 2.84 |
| $ | 0.54 |
|
ADJUSTED EBITDA | $ | 25,073 |
| $ | 27,536 |
| $ | 27,530 |
| $ | 26,789 |
| $ | 106,927 |
| $ | 19,298 |
|
ADJUSTED EBITDA AS A % OF SALES | 11.9 | % | 13.2 | % | 13.5 | % | 12.3 | % | 12.7 | % | 11.6 | % |
CAPITAL EXPENDITURES | $ | 2,670 |
| $ | 2,933 |
| $ | 3,297 |
| $ | 3,910 |
| $ | 12,810 |
| $ | 1,983 |
|
| | | | | | |
| | | | | | |
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except percentages) UNAUDITED |
| | | | | | | | | | | | | | | | | | |
| 2014 | 2015 |
| 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR |
FREE CASH FLOW AS % OF NET INCOME | 98 | % | 62 | % | 96 | % | 243 | % | 115 | % | (191 | )% |
FREE CASH FLOW | $ | 14,387 |
| $ | 7,365 |
| $ | 14,015 |
| $ | 22,249 |
| $ | 58,016 |
| $ | (18,415 | ) |
ADD: | | | | | | |
Capital Expenditures | 2,670 |
| 2,933 |
| 3,297 |
| 3,910 |
| 12,810 |
| 1,983 |
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 17,057 |
| $ | 10,298 |
| $ | 17,312 |
| $ | 26,159 |
| $ | 70,826 |
| $ | (16,432 | ) |
NET DEBT (CASH) | $ | (66,056 | ) | $ | (72,982 | ) | $ | (80,829 | ) | $ | (107,688 | ) | $ | (107,688 | ) | $ | (66,417 | ) |
ADD: | | | | | | |
Cash & Cash Equivalents | 122,097 |
| 116,326 |
| 114,580 |
| 121,286 |
| 121,286 |
| 103,883 |
|
Investments | 92 |
| 95 |
| 91 |
| 86 |
| 86 |
| 80 |
|
TOTAL DEBT | $ | 56,133 |
| $ | 43,439 |
| $ | 33,842 |
| $ | 13,684 |
| $ | 13,684 |
| $ | 37,546 |
|
DEBT AS % OF EQUITY | 11 | % | 9 | % | 7 | % | 3 | % | 3 | % | 8 | % |
TOTAL DEBT | 56,133 |
| 43,439 |
| 33,842 |
| 13,684 |
| 13,684 |
| 37,546 |
|
TOTAL SHAREHOLDERS' EQUITY | $ | 492,601 |
| $ | 507,363 |
| $ | 508,035 |
| $ | 494,093 |
| $ | 494,093 |
| $ | 463,103 |
|
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| 2014 | 2015 |
| 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR |
ADJUSTED OPERATING INCOME | $ | 19,750 |
| $ | 22,230 |
| $ | 23,194 |
| $ | 21,035 |
| $ | 86,210 |
| $ | 14,561 |
|
LESS: | | | | | | |
Inventory restructuring charges | — |
| 5,139 |
| 2,850 |
| — |
| 7,989 |
| — |
|
Impairment charges | — |
| — |
| — |
| 726 |
| 726 |
| — |
|
Special restructuring charges | 786 |
| 1,257 |
| 478 |
| 2,725 |
| 5,246 |
| 1,512 |
|
Special other charges, net of recoveries | (1,943 | ) | — |
| — |
| 9,434 |
| 7,491 |
| (1 | ) |
OPERATING INCOME | $ | 20,907 |
| $ | 15,834 |
| $ | 19,866 |
| $ | 8,150 |
| $ | 64,757 |
| $ | 13,050 |
|
ADJUSTED NET INCOME | $ | 13,916 |
| $ | 16,090 |
| $ | 16,827 |
| $ | 19,188 |
| $ | 66,019 |
| $ | 10,564 |
|
LESS: | | | | | | |
Inventory restructuring charges, net of tax | — |
| 3,316 |
| 1,839 |
| — |
| 5,155 |
| — |
|
Impairment charges, net of tax | — |
| — |
| — |
| 726 |
| 726 |
| — |
|
Special restructuring charges, net of tax | 508 |
| 848 |
| 313 |
| 1,763 |
| 3,432 |
| 1,079 |
|
Special other charges, net of recoveries, net of tax | (1,224 | ) | — |
| — |
| 7,544 |
| 6,320 |
| (147 | ) |
NET INCOME | $ | 14,632 |
| $ | 11,926 |
| $ | 14,675 |
| $ | 9,155 |
| $ | 50,386 |
| $ | 9,632 |
|
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.78 |
| $ | 0.91 |
| $ | 0.95 |
| $ | 1.08 |
| $ | 3.72 |
| $ | 0.60 |
|
LESS: | | | | | | |
Inventory restructuring charges, net of tax | — |
| 0.19 |
| 0.10 |
| — |
| 0.29 |
| — |
|
Impairment charges, net of tax | — |
| — |
| — |
| 0.04 |
| 0.04 |
| — |
|
Special restructuring charges, net of tax | 0.03 |
| 0.05 |
| 0.02 |
| 0.10 |
| 0.20 |
| 0.06 |
|
Special other charges, net of recoveries, net of tax | (0.07 | ) | — |
| — |
| 0.42 |
| 0.35 |
| — |
|
EARNINGS PER COMMON SHARE (Diluted) | $ | 0.82 |
| $ | 0.67 |
| $ | 0.83 |
| $ | 0.51 |
| $ | 2.84 |
| $ | 0.54 |
|
| | | | | | |
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands) UNAUDITED |
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| 2014 | 2015 |
| 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR |
EBITDA | $ | 26,230 |
| $ | 21,140 |
| $ | 24,202 |
| $ | 13,904 |
| $ | 85,475 |
| $ | 17,787 |
|
LESS: | | | | | | |
Interest expense, net | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | (640 | ) |
Depreciation | (4,069 | ) | (4,116 | ) | (3,978 | ) | (4,283 | ) | (16,446 | ) | (3,521 | ) |
Amortization | (786 | ) | (805 | ) | (776 | ) | (749 | ) | (3,116 | ) | (710 | ) |
(Provision) for benefit from income taxes | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 |
| (12,875 | ) | (3,284 | ) |
NET INCOME | $ | 14,632 |
| $ | 11,926 |
| $ | 14,675 |
| $ | 9,155 |
| $ | 50,386 |
| $ | 9,632 |
|
ADJUSTED EBITDA | $ | 25,073 |
| $ | 27,536 |
| $ | 27,530 |
| $ | 26,789 |
| $ | 106,927 |
| $ | 19,298 |
|
LESS: | | | | | | |
Inventory restructuring charges | — |
| (5,139 | ) | (2,850 | ) | — |
| (7,989 | ) | — |
|
Impairment charges | — |
| — |
| — |
| (726 | ) | (726 | ) | — |
|
Special restructuring charges | (786 | ) | (1,257 | ) | (478 | ) | (2,725 | ) | (5,246 | ) | (1,512 | ) |
Special other charges, net of recoveries | 1,943 |
| — |
| — |
| (9,434 | ) | (7,491 | ) | 1 |
|
Interest expense, net | (918 | ) | (891 | ) | (436 | ) | (407 | ) | (2,652 | ) | (640 | ) |
Depreciation | (4,069 | ) | (4,116 | ) | (3,978 | ) | (4,283 | ) | (16,446 | ) | (3,521 | ) |
Amortization | (786 | ) | (805 | ) | (776 | ) | (749 | ) | (3,116 | ) | (710 | ) |
(Provision) for benefit from income taxes | (5,825 | ) | (3,402 | ) | (4,337 | ) | 690 |
| (12,875 | ) | (3,284 | ) |
NET INCOME | $ | 14,632 |
| $ | 11,926 |
| $ | 14,675 |
| $ | 9,155 |
| $ | 50,386 |
| $ | 9,632 |
|
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands, except per share data) UNAUDITED
|
| | | | | | | | | | | | | | | |
| 2014 |
| 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL |
NET REVENUES EXCLUDING DIVESTITURES | $ | 198,204 |
| $ | 194,349 |
| $ | 189,705 |
| $ | 207,970 |
| $ | 790,228 |
|
ADD: | | | | | |
Energy divestiture | 10,554 |
| 10,037 |
| 10,667 |
| 8,465 |
| 39,723 |
|
Aerospace & Defense divestiture | 2,428 |
| 3,498 |
| 3,446 |
| 2,123 |
| 11,495 |
|
NET REVENUES | $ | 211,186 |
| $ | 207,884 |
| $ | 203,818 |
| $ | 218,558 |
| $ | 841,446 |
|
ADJUSTED EARNINGS PER SHARE EXCLUDING DIVESTITURES (Diluted) | 0.79 |
| 0.88 |
| 0.89 |
| 1.05 |
| 3.61 |
|
ADD: | | | | | |
Divestitures | (0.01 | ) | 0.03 |
| 0.06 |
| 0.03 |
| 0.11 |
|
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.78 |
| $ | 0.91 |
| $ | 0.95 |
| $ | 1.08 |
| $ | 3.72 |
|
EXHIBIT 99.2
CIRCOR (NYSE:CIR)
Historical Stock Chart
From Jun 2024 to Jul 2024
CIRCOR (NYSE:CIR)
Historical Stock Chart
From Jul 2023 to Jul 2024