CIRCOR Announces Fourth Quarter and Full Year 2004 Earnings - Net
earnings of $0.01 per share posted for quarter includes $0.29 of
charges BURLINGTON, Mass., Feb. 15 /PRNewswire-FirstCall/ -- CIRCOR
International, Inc. (NYSE:CIR) a leading provider of valves and
other fluid control devices for the instrumentation, aerospace,
thermal fluid and energy markets, today announced results for the
fourth quarter ending December 31, 2004. In describing its results,
the Company referred to the financial guidance it provided in a
press release on October 21, 2004, and updated through a press
release on January 21, 2005. Revenues for the 2004 fourth quarter
were $106.8 million, an increase of 11% from $96.4 million for the
fourth quarter 2003. Net income for the fourth quarter of 2004 was
$0.1 million or $0.01 per diluted share, compared to $5.3 million,
or $0.33 per diluted share for the 2003 fourth quarter. Fourth
quarter 2004 earnings included unusual charges of $0.29 per diluted
share primarily related to the Company's previously announced plan
to dispose of slow moving inventory and consolidate facilities. In
the fourth quarter 2003, the Company had recorded a net benefit of
$0.03 per share primarily related to tax credits net of facility
consolidation costs. For the twelve months ended December 31, 2004,
revenues were $381.8 million an increase of 6% from $359.5 million
for 2003. Net income for 2004 was $11.8 million or $0.74 per
diluted share and for 2003 was $17.9 million or $1.14 per diluted
share. During the fourth quarter 2004, the Company generated $7.7
million of free cash flow (defined as net cash from operating
activities, less capital expenditures and dividends paid) and, for
the full year, the Company generated $21.7 million of free cash
flow. At December 31, 2004, the Company remained in a positive net
cash position (defined as cash, plus cash equivalents and
investments less total debt). The Company received orders totaling
$122.4 million during the fourth quarter 2004, representing an
increase of 19% over the $103.2 million in orders recorded during
the same period of 2003. For the year, orders were $408.6 million,
an increase of 9% over 2003. Total order backlog at the end of 2004
was $115.7 million, an increase of 30% over the backlog at the end
of 2003. Both orders and backlog were at record highs at the end of
the quarter. CIRCOR's Chairman and Chief Executive Officer, David
A. Bloss, Sr. commented on the Company's performance stating "Oil
and gas project activity continues to be very healthy, particularly
in areas where we have strong market positions such as the Middle
and Far East regions. Our Pibiviesse business unit in Italy
continues to build on its reputation for high-quality,
severe-service valves for natural gas pipelines and offshore
platforms as well as gathering and compression systems and
applications. We also experienced solid growth within our Thermal
Fluid Controls' European businesses which specializes in high
temperature steam applications where activity has been particularly
strong. The strength of these markets, together with the benefit
from our recent acquisitions has resulted in our record backlog at
year end." Mr. Bloss further stated, "From an operations
standpoint, we are taking action to further reduce our inventories
and consolidate our facilities as demonstrated by the non-cash
charge taken during the fourth quarter of 2004. Excluding unusual
gains and charges, our earnings performance for the quarter was
consistent with our guidance and equivalent to last year's fourth
quarter on the same basis despite the impact of higher raw material
costs and expenses related to the new Sarbanes-Oxley Section 404
requirements." CIRCOR's Energy Products Segment (formerly the
Petrochemical Products Segment) revenues increased 11% to $47.6
million from $42.8 million in the fourth quarter last year due to
the timing of project shipments this quarter and the benefits from
the acquisition of Mallard Control Company in April 2004. Incoming
orders for the quarter were up 27% compared to the fourth quarter
2003 while backlog increased 46% compared to December 31, 2003.
This segment's adjusted operating margin, excluding unusual charges
primarily related to the planned disposal of slow-moving inventory
and special charges, was 10.6% for the fourth quarter 2004, down
slightly from the 12.1% achieved in the fourth quarter 2003 but an
increase from 7.8% reported in the third quarter 2004. CIRCOR's
Instrumentation and Thermal Fluid Controls Products Segment
revenues were up 11% to $59.2 million for the fourth quarter
compared to $53.6 million for the same period last year and up 9%
for the year. Incoming orders for this segment were up 11% compared
to the fourth quarter last year and backlog at year end increased
8% versus last year. This segment's adjusted operating margin,
excluding unusual charges primarily related to the planned disposal
of slow moving inventory and special charges, was 12.0% during the
fourth quarter of 2004, compared to its adjusted operating margin
of 9.5% for the fourth quarter of 2003. CIRCOR provided guidance
for its first quarter 2005 results, indicating that it expects
earnings to be in the range of $0.27 to $0.31 per diluted share
excluding special charges. CIRCOR International has scheduled a
conference call to review its results for the fourth quarter 2004
on Wednesday, February 16, 2005 at 9:00 a.m. ET. Interested parties
may access the call by dialing (800) 289-0496 or (913) 981- 5519. A
replay of the call will be available from noon ET on February 16,
2005 through midnight February 22, 2005. To access the replay,
interested parties should dial (888) 203-1112 or (719) 457-0820 and
enter confirmation code #4068064 when prompted. The presentation
slides that will be discussed in the conference call are expected
to be available on February 15, 2005, by 6:00pm ET. The
presentation slides may be downloaded from the quarterly earnings
page of the investor section on the CIRCOR website:
http://www.circor.com/. An audio recording of the conference call
also is expected to be posted on the Company's website by February
18, 2005. CIRCOR International, Inc. is a leading provider of
valves and fluid control products that allow customers around the
world to use fluids safely and efficiently in the instrumentation,
aerospace, thermal fluid, and energy markets. CIRCOR's executive
headquarters are located at 25 Corporate Drive, Burlington, MA
01803. This press release contains certain statements that are
"forward-looking statements" as that term is defined under the
Private Securities Litigation Reform Act of 1995 (the "Act") and
releases issued by the Securities and Exchange Commission (SEC).
The words "may," "hope," "should," "expect," "plan," "anticipate,"
"intend," "believe," "estimate," "predict," "potential,"
"continue," and other expressions which are predictions of or
indicate future events and trends and which do not relate to
historical matters identify forward-looking statements. We believe
that it is important to communicate our future expectations to our
stockholders, and we, therefore, make forward- looking statements
in reliance upon the safe harbor provisions of the Act. However,
there may be events in the future that we are not able to
accurately predict or control, and our actual results, performance
or achievements may differ materially from the expectations we
describe in our forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, the cyclicality and highly competitive nature of some
of our end markets, changes in the price of and demand for oil and
gas in both domestic and international markets, variability of raw
material and component pricing, fluctuations in foreign currency
exchange rates, and our ability to continue operating our
manufacturing facilities at efficient levels and to successfully
implement our acquisition strategy. We advise you to read further
about these and other risk factors set forth under the caption
"Certain Risk Factors That May Affect Future Results" in our SEC
filings. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise. CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share data) UNAUDITED Three Months Ended Year Ended December 31,
December 31, December 31, December 31, 2004 2003 2004 2003 Net
revenues $106,825 $96,405 $381,834 $359,453 Cost of revenues 81,892
67,496 274,265 253,941 GROSS PROFIT 24,933 28,909 107,569 105,512
Selling, general and administrative expenses 23,659 20,617 85,332
74,162 Special charges - 1,092 303 1,363 OPERATING INCOME 1,274
7,200 21,934 29,987 Other (income) expense: Interest income (220)
(280) (756) (775) Interest expense 917 1,301 4,446 5,926 Other
income, net 57 217 (234) (837) Total other expense 754 1,238 3,456
4,314 INCOME BEFORE INCOME TAXES 520 5,962 18,478 25,673 Provision
for income taxes 390 704 6,675 7,800 NET INCOME $130 $5,258 $11,803
$17,873 Earnings per common share: Basic $0.01 $0.34 $0.77 $1.18
Diluted $0.01 $0.33 $0.74 $1.14 Weighted average common shares
outstanding: Basic 15,422 15,290 15,361 15,207 Diluted 15,932
15,919 15,877 15,675 CIRCOR INTERNATIONAL, INC. CONSOLIDATED
BALANCE SHEETS (in thousands, except share data) UNAUDITED December
31, December 31, 2004 2003 ASSETS Current Assets: Cash and cash
equivalents $58,653 $58,202 Investments 4,155 7,840 Trade accounts
receivable, less allowance for doubtful accounts of $2,549 and
$2,119, respectively 64,521 64,830 Inventories 105,150 97,278
Prepaid expenses and other current assets 2,414 4,587 Deferred
income taxes 6,953 6,303 Assets held for sale - 3,884 Total Current
Assets 241,846 242,924 Property, Plant and Equipment, net 59,302
61,737 Other Assets: Goodwill 120,307 111,448 Intangibles, net
1,424 1,587 Other assets 5,539 6,167 Total Assets $428,418 $423,863
LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts
payable $38,023 $37,635 Accrued expenses and other current
liabilities 30,490 27,742 Income taxes payable 1,362 1,491 Notes
payable and current portion of long-term debt 15,051 17,268 Total
Current Liabilities 84,926 84,136 Long-term Debt, net of current
portion 27,829 43,791 Deferred Income Taxes 6,932 6,303 Other
Noncurrent Liabilities 10,646 9,820 Minority Interest 4,650 4,653
Shareholders' Equity: Preferred stock, $.01 par value; 1,000,000
shares authorized; no shares issued and outstanding - - Common
stock, $.01 par value; 29,000,000 shares authorized; and 15,430,305
and 15,302,127 issued and outstanding, respectively 154 153
Additional paid-in capital 208,392 206,160 Retained earnings 64,293
54,793 Accumulated other comprehensive income 20,596 14,054 Total
Shareholders' Equity 293,435 275,160 Total Liabilities and
Shareholders' Equity $428,418 $423,863 CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) UNAUDITED Year
Ended December 31, December 31, 2004 2003 OPERATING ACTIVITIES Net
income $11,803 $17,873 Adjustments to reconcile net income to net
cash provided by (used in) operating activities: Depreciation 9,664
9,564 Amortization 192 298 Compensation expense of stock-based
plans 650 229 Deferred income taxes 349 1,372 Loss on write-down of
property, plant and equipment - 381 Loss (gain) on sale of
property, plant and equipment 704 (21) Gain on sale of assets held
for sale (149) - Gain on sale of marketable securities - (64)
Inventory obsolescense provision 6,558 - Equity in undistributed
earnings of affiliates (113) - Changes in operating assets and
liabilities, net of effects from business acquisitions: Trade
accounts receivable 4,960 (2,586) Inventories (8,322) 19,754
Prepaid expenses and other assets 3,079 1,788 Accounts payable,
accrued expenses and other liabilities (126) 10,058 Net cash
provided by operating activities 29,249 58,646 INVESTING ACTIVITIES
Additions to property, plant and equipment (5,287) (6,823) Proceeds
from sale of property, plant and equipment 1,009 192 Proceeds from
sale of assets held for sale 4,038 - Business acquisitions, net of
cash acquired (12,591) (9,619) Purchase price adjustment on
previous acquisitions (1,538) (1,029) Purchase of investments
(7,077) (7,857) Proceeds from sale of investments 11,339 4,155 Net
cash used in investing activities (10,107) (20,981) FINANCING
ACTIVITIES Proceeds from long-term borrowings 322 1,593 Payments of
long-term debt (18,787) (20,097) Dividends paid (2,303) (2,280)
Proceeds from the exercise of stock options 1,232 1,267 Net cash
used in financing activities (19,536) (19,517) Effect of exchange
rate changes on cash and cash equivalents 845 1,672 INCREASE IN
CASH AND CASH EQUIVALENTS 451 19,820 Cash and cash equivalents at
beginning of year 58,202 38,382 CASH AND CASH EQUIVALENTS AT END OF
PERIOD $58,653 $58,202 CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS
AND BACKLOG (in thousands) UNAUDITED Three Months Ended Year Ended
December 31, December 31, December 31, December 31, 2004 2003 2004
2003 ORDERS Instrumentation & Thermal Fluid Controls $58,594
$53,020 $221,535 $201,759 Energy Products 63,829 50,168 187,057
172,004 Total orders $122,423 $103,188 $408,592 $373,763 December
31, December 31, 2004 2003 BACKLOG Instrumentation & Thermal
Fluid Controls $39,819 $36,942 Energy Products 75,923 52,042 Total
backlog $115,742 $88,984 Note: Backlog includes all unshipped
customer orders. CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY
SEGMENT (in thousands, except earnings per share) UNAUDITED 2003
1ST 2ND 3RD 4TH QTR QTR QTR QTR YEAR NET REVENUES Instrumentation
& Thermal Fluid Controls (TFC) $49,119 $50,963 $47,132 $53,561
$200,775 Energy Products 38,044 38,261 39,529 42,844 158,678 Total
87,163 89,224 86,661 96,405 359,453 OPERATING MARGIN
Instrumentation & TFC 12.2% 12.5% 11.9% 9.5% 11.5% Energy
Products 7.6% 8.6% 10.9% 12.1% 9.9% Segment operating margin 10.2%
10.8% 11.5% 10.7% 10.8% Corporate expenses -1.9% -2.1% -2.1% -2.1%
-2.1% Special charges 0.0% 0.0% -0.3% -1.1% -0.4% Total operating
margin 8.2% 8.7% 9.0% 7.5% 8.3% OPERATING INCOME Instrumentation
& TFC (excl. special charges) 5,982 6,359 5,622 5,110 23,073
Energy Products (excl. special charges) 2,876 3,303 4,309 5,171
15,659 Segment operating income (excl. special charges) 8,858 9,662
9,931 10,281 38,732 Corporate expenses (1,674) (1,860) (1,859)
(1,989) (7,382) Special charges - - (271) (1,092) (1,363) Total
operating income 7,184 7,802 7,801 7,200 29,987 INTEREST EXPENSE,
NET (1,461) (1,349) (1,320) (1,021) (5,151) OTHER (EXPENSE) INCOME,
NET 275 417 362 (217) 837 PRETAX INCOME 5,998 6,870 6,843 5,962
25,673 PROVISION FOR INCOME TAXES (2,159) (2,473) (2,464) (704)
(7,800) EFFECTIVE TAX RATE 36.0% 36.0% 36.0% 11.8% 30.4% NET INCOME
$3,839 $4,397 $4,379 $5,258 $17,873 Weighted Average Common Shares
Outstanding (Diluted) 15,533 15,634 15,812 15,919 15,675 EARNINGS
PER COMMON SHARE (Diluted) $0.25 $0.28 $0.28 $0.33 $1.14 EARNINGS
PER COMMON SHARE (Diluted) excluding special charges $0.25 $0.28
$0.29 $0.37 $1.20 EBIT $7,459 $8,219 $8,163 $6,983 $30,824
Depreciation 2,470 2,563 2,478 2,053 9,564 Amortization of
intangibles 74 75 74 75 298 EBITDA $10,003 $10,857 $10,715 $9,111
$40,686 EBITDA AS A PERCENT OF SALES 11.5% 12.2% 12.4% 9.5% 11.3%
CAPITAL EXPENDITURES $795 $1,058 $3,940 $1,030 $6,823 CIRCOR
INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in thousands, except
earnings per share) UNAUDITED 2004 1ST 2ND 3RD 4TH QTR QTR QTR QTR
YEAR NET REVENUES Instrumentation & Thermal Fluid Controls
(TFC) $51,639 $54,864 $52,966 $59,187 $218,656 Energy Products
39,058 39,688 36,794 47,638 163,178 Total 90,697 94,552 89,760
106,825 381,834 OPERATING MARGIN Instrumentation & TFC 11.2%
11.4% 10.9% 10.5% 11.0% Energy Products 10.9% 7.7% 7.8% -2.3% 5.6%
Segment operating margin 11.1% 9.8% 9.7% 4.7% 8.7% Corporate
expenses -2.5% -2.3% -2.9% -3.6% -2.8% Special charges 0.0% 0.0%
-0.3% 0.0% -0.1% Total operating margin 8.5% 7.5% 6.5% 1.2% 5.7%
OPERATING INCOME Instrumentation & TFC (excl. special charges)
5,776 6,239 5,786 6,188 23,989 Energy Products (excl. special
charges) 4,251 3,066 2,877 (1,116) 9,078 Segment operating income
(excl. special charges) 10,027 9,305 8,663 5,072 33,067 Corporate
expenses (2,259) (2,188) (2,585) (3,798) (10,830) Special charges
(38) - (265) - (303) Total operating income 7,730 7,117 5,813 1,274
21,934 INTEREST EXPENSE, NET (1,020) (972) (1,001) (697) (3,690)
OTHER (EXPENSE) INCOME, NET (143) 193 241 (57) 234 PRETAX INCOME
6,567 6,338 5,053 520 18,478 PROVISION FOR INCOME TAXES (2,299)
(2,216) (1,770) (390) (6,675) EFFECTIVE TAX RATE 35.0% 35.0% 35.0%
75.0% 36.1% NET INCOME $4,268 $4,122 $3,283 $130 $11,803 Weighted
Average Common Shares Outstanding (Diluted) 16,001 15,908 15,825
15,932 15,877 EARNINGS PER COMMON SHARE (Diluted) $0.27 $0.26 $0.21
$0.01 $0.74 EARNINGS PER COMMON SHARE (Diluted) excluding special
charges $0.27 $0.26 $0.22 $0.01 $0.76 EBIT $7,587 $7,310 $6,054
$1,217 $22,168 Depreciation 2,680 2,353 2,528 2,103 9,664
Amortization of intangibles 77 38 38 39 192 EBITDA $10,344 $9,701
$8,620 $3,359 $32,024 EBITDA AS A PERCENT OF SALES 11.4% 10.3% 9.6%
3.1% 8.4% CAPITAL EXPENDITURES $1,294 $1,575 $757 $1,661 $5,287
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS (in thousands) UNAUDITED 2003 1ST 2ND 3RD 4TH QTR QTR QTR QTR
YEAR FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES LESS
CAPITAL EXPENDITURES LESS DIVIDENDS PAID] $14,533 $10,603 $7,439
$16,968 $49,543 ADD: Capital expenditures 795 1,058 3,940 1,030
6,823 Dividends paid 567 569 570 574 2,280 NET CASH PROVIDED BY
OPERATING ACTIVITIES $15,895 $12,230 $11,949 $18,572 $58,646 NET
(CASH) DEBT [TOTAL DEBT LESS CASH AND CASH EQUIVALENTS LESS
INVESTMENTS] $20,209 $8,005 $254 $(4,983) $(4,983) ADD: Cash and
cash equivalents 51,419 65,017 74,847 58,202 58,202 Investments
4,072 1,464 - 7,840 7,840 TOTAL DEBT $75,700 $74,486 $75,101
$61,059 $61,059 NET DEBT AS % OF NET CAPITALIZATION 7.5% 3.0% 0.1%
-1.8% -1.8% NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS'
EQUITY LESS CASH AND CASH EQUIVALENTS, LESS INVESTMENTS] $270,090
$266,529 $263,505 $270,177 $270,177 LESS: Total debt (75,700)
(74,486) (75,101) (61,059) (61,059) ADD: Cash and cash equivalents
51,419 65,017 74,847 58,202 58,202 Investments 4,072 1,464 - 7,840
7,840 TOTAL SHAREHOLDERS' EQUITY 249,881 258,524 263,251 275,160
275,160 ADD: Total debt 75,700 74,486 75,101 61,059 61,059 TOTAL
CAPITAL $325,581 $333,010 $338,352 $336,219 $336,219 TOTAL DEBT /
TOTAL CAPITAL 23.3% 22.4% 22.2% 18.2% 18.2% EBIT [NET INCOME LESS
INTEREST EXPENSE, NET] $7,459 $8,219 $8,163 $6,983 $30,824 LESS:
Interest expense, net (1,461) (1,349) (1,320) (1,021) (5,151)
Provision for income taxes (2,159) (2,473) (2,464) (704) (7,800)
NET INCOME $3,839 $4,397 $4,379 $5,258 17,873 EBITDA [NET INCOME
LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS
TAXES] $10,003 $10,857 $10,715 $9,111 $40,686 LESS: Interest
expense, net (1,461) (1,349) (1,320) (1,021) (5,151) Depreciation
(2,470) (2,563) (2,478) (2,053) (9,564) Amortization of intangibles
(74) (75) (74) (75) (298) Provision for income taxes (2,159)
(2,473) (2,464) (704) (7,800) NET INCOME $3,839 $4,397 $4,379
$5,258 $17,873 INCOME EXCLUDING SPECIAL CHARGES [NET INCOME LESS
SPECIAL CHARGES, NET OF TAX] $3,839 $4,397 $4,552 $5,957 $18,822
LESS: Special charges, net of tax - - (173) (699) (949) NET INCOME
$3,839 $4,397 $4,379 $5,258 $17,873 CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS (in thousands)
UNAUDITED 2004 1ST 2ND 3RD 4TH QTR QTR QTR QTR YEAR FREE CASH FLOW
[NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES
LESS DIVIDENDS PAID] $2,254 $7,275 $4,438 $7,692 $21,659 ADD:
Capital expenditures 1,294 1,575 757 1,661 5,287 Dividends paid 573
576 576 578 2,303 NET CASH PROVIDED BY OPERATING ACTIVITIES $4,121
$9,426 $5,771 $9,931 $29,249 NET (CASH) DEBT [TOTAL DEBT LESS CASH
AND CASH EQUIVALENTS LESS INVESTMENTS] $(8,706) $(4,054) $(9,918)
$(19,928) $(19,928) ADD: Cash and cash equivalents 59,963 54,527
60,055 58,653 58,653 Investments 7,679 7,517 7,953 4,155 4,155
TOTAL DEBT $58,936 $57,990 $58,090 $42,880 $42,880 NET DEBT AS % OF
NET CAPITALIZATION -3.3% -1.5% -3.6% -7.3% -7.3% NET CAPITALIZATION
[TOTAL DEBT PLUS SHAREHOLDERS' EQUITY LESS CASH AND CASH
EQUIVALENTS, LESS INVESTMENTS] $267,728 $276,260 $275,870 $273,507
$273,507 LESS: Total debt (58,936) (57,990) (58,090) (42,880)
(42,880) ADD: Cash and cash equivalents 59,963 54,527 60,055 58,653
58,653 Investments 7,679 7,517 7,953 4,155 4,155 TOTAL
SHAREHOLDERS' EQUITY 276,434 280,314 285,788 293,435 293,435 ADD:
Total debt 58,936 57,990 58,090 42,880 42,880 TOTAL CAPITAL
$335,370 $338,304 $343,878 $336,315 $336,315 TOTAL DEBT/ TOTAL
CAPITAL 17.6% 17.1% 16.9% 12.7% 12.7% EBIT [NET INCOME LESS
INTEREST EXPENSE, NET] $7,587 $7,310 $6,054 $1,217 $22,168 LESS:
Interest expense, net (1,020) (972) (1,001) (697) (3,690) Provision
for income taxes (2,299) (2,216) (1,770) (390) (6,675) NET INCOME
$4,268 $4,122 $3,283 $130 $11,803 EBITDA [NET INCOME LESS INTEREST
EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS TAXES]
$10,344 $9,701 $8,620 $3,359 $32,024 LESS: Interest expense, net
(1,020) (972) (1,001) (697) (3,690) Depreciation (2,680) (2,353)
(2,528) (2,103) (9,664) Amortization of intangibles (77) (38) (38)
(39) (192) Provision for income taxes (2,299) (2,216) (1,770) (390)
(6,675) NET INCOME $4,268 $4,122 $3,283 $130 $11,803 INCOME
EXCLUDING SPECIAL CHARGES [NET INCOME LESS SPECIAL CHARGES, NET OF
TAX] $4,293 $4,122 $3,455 $130 $11,997 LESS: Special charges, net
of tax (25) - (172) - (194) NET INCOME $4,268 $4,122 $3,283 $130
$11,803 DATASOURCE: CIRCOR International, Inc. CONTACT: Kenneth
Smith, Chief Financial Officer of CIRCOR International, Inc.,
+1-781-270-1200 Web site: http://www.circor.com/
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