- Fourth quarter earnings excluding net charges total $0.66 per
share, up 3% over prior year BURLINGTON, Mass., Feb. 20
/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 and 12 months ended
December 31, 2007. Revenues for the 2007 fourth quarter were $174.5
million, an increase of 3% from $169.6 million for the fourth
quarter 2006 period. Net income for the fourth quarter of 2007 was
$10.1 million, or $0.60 per diluted share, compared to $10.4
million, or $0.63 per diluted share, for the fourth quarter of
2006. Net income for the fourth quarter of 2007 includes net
pre-tax charges of $1.6 million, or $0.06 per diluted share: (i) a
$0.10 per share charge to accrue estimated indemnity costs
associated with open asbestos claims affecting the Company's Leslie
Controls subsidiary; (ii) $0.01 per diluted share for a charge
related to accelerated vesting of equity awards for retiring
executives; and (iii) $0.05 per share from a gain on sale of the
Company's former location in China. For the 12 months ended
December 31, 2007, revenues were $665.7 million, an increase of 13%
from $591.7 million for 2006. Net income for the 12 months of 2007
was $37.9 million, or $2.27 per diluted share, an increase of 26%
from $29.3 million, or $1.80 per diluted share, in the same period
last year. Results for the 12 months of 2007 include net pre-tax
charges of $3.3 million, or $0.15 per diluted share: (i) $0.11 per
diluted share for charge from accelerated vesting of equity awards
for the Company's retiring executives; (ii) $0.10 per diluted share
for charge to accrue estimated indemnity costs associated with open
asbestos claims affecting the Company's Leslie Controls subsidiary;
(iii) $0.05 per diluted share for charges related to facility
consolidation; (iv) $0.06 per diluted share from gain on sale of an
unrelated business; and (v) $0.05 per diluted share from gain on
sale of a former Chinese manufacturing site. The Company received
orders totaling $170.4 million during the fourth quarter of 2007,
increasing 1% over the fourth quarter of 2006, and an 8% decrease
from the third quarter of 2007. For the 12 months of 2007, orders
totaled $771.7 million with year-end backlog remaining at a near
record level of $391.6 million, representing increases of 9% and
37%, respectively, over 2006. During the fourth quarter of 2007,
the Company generated $28.0 million of free cash flow (defined as
net cash from operating activities, less capital expenditures and
dividends paid) and, for the 12 months of 2007, the Company had
positive free cash flow of $42.5 million despite higher working
capital needed to support the Company's record orders and its 37%
increase in backlog. This compares favorably to the 12 months of
2006 during which the Company generated $17.5 million of free cash
flow. The improvement in 2007 largely resulted from reduced working
capital and an increase in profitability as compared to 2006.
Circor's Instrumentation and Thermal Fluid Controls Products
segment revenues increased 12% to $91.5 million from $81.6 million
in the fourth quarter of 2006. Incoming orders for this segment
were $93.1 million, up 26%, while this segment's backlog at
December 31, 2007, reached a record $136.7 million, a 21% increase
from one year ago, and a 1% increase from the end of the third
quarter of 2007. This segment's operating margin for the fourth
quarter was 8.3% compared to the 8.2% operating margin achieved in
the fourth quarter of 2006. Excluding special charges and the
accrual for estimated indemnity costs associated with open asbestos
claims affecting the Company's Leslie Controls subsidiary, the
fourth quarter 2007 operating margin was 11.2% which represented a
300 basis point increase from the third quarter of 2007, reflecting
improved manufacturing efficiencies and lower inventory costs from
foreign-sourcing. During the fourth quarter of 2007, the Company's
Leslie Controls subsidiary, whose results are reported in Circor's
Instrumentation and Thermal Fluid Controls Segment, recorded an
additional liability of $9.0 million for the estimated indemnity
cost associated with resolution of its current open claims for
asbestos-related litigation. The recording of this liability
resulted in a pre-tax charge of $2.6 million, or $0.10 per share,
net of insurance recoveries. Circor's Energy Products segment
revenues decreased 6% to $83.1 million from its record level of
$88.0 million in the fourth quarter of 2006. Incoming orders for
the quarter were $77.3 million and ending backlog totaled another
record at $254.8 million compared to incoming orders of $95.4
million and ending backlog of $172.2 million in the same periods
last year. This segment's operating margin was 16.7% during the
fourth quarter of 2007 compared to 15.4% for the fourth quarter of
2006. Bill Higgins, Circor's Chief Executive Officer-elect, said,
"As expected, our Energy Products business experienced some
softening in market activities this quarter from record levels, as
distributor inventories in North America caught up with demand and,
globally, project awards returned to more normal levels. Prospects
in 2008 remain healthy as this segment's backlog remains at near
record levels." Mr. Higgins continued, "Results for our
Instrumentation and Thermal Fluid Control Products segment were
encouraging. Incoming order rates improved in all primary markets
including steam, instrumentation and general aerospace. We continue
to make progress with lean manufacturing and global outsourcing
initiatives to drive profit improvement within this segment, and
expect to more fully realize cost reduction benefits throughout
2008. Some selective pricing increases have been successfully
instituted as well. These improvements have been partially offset
by higher legal costs associated with Leslie Controls' asbestos
claims." Circor provided guidance for its first quarter 2008
results, indicating it expects earnings to be in the range of $0.54
to $0.58 per diluted share, including an expected $0.02 special
charge related to facility closures. The guidance compares to
earnings in the first quarter of 2007 of $0.45 per diluted share,
which included $0.03 per share for a facility consolidation. CIRCOR
International has scheduled a conference call to review its results
for the fourth quarter of 2007 tomorrow, February 21, 2008, at
10:30 am ET. Interested parties may access the call by dialing
(888) 256-9119 from the US and Canada and (913) 312-6693 from
international locations. A replay of the call will be available
from 1:30 pm ET on February 21, 2008, through 1:30 pm ET on
February 28, 2008. To access the replay, interested parties should
dial (888) 203-1112 or (719) 457-0820 and enter confirmation code #
2840279 when prompted. The presentation slides that will be
discussed in the conference call are expected to be available on
Wednesday, February 20, 2008, by 6:00 pm ET. The presentation
slides may be downloaded from the quarterly earnings page of the
investor section on the CIRCOR website:
http://www.circor.com/quarterlyearnings/. An audio recording of the
conference call also is expected to be posted on the company's
website by February 25, 2008. 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. 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, 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. CIRCOR INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data)
UNAUDITED Three Months Ended Year Ended Dec 31, Dec 31, Dec 31, Dec
31, 2007 2006 2007 2006 Net revenues $174,523 $169,615 $665,740
$591,711 Cost of revenues 121,320 120,643 470,373 418,803 GROSS
PROFIT 53,203 48,972 195,367 172,908 Selling, general and
administrative expenses 37,951 32,641 136,086 124,720 Special
charges (income), net (922) 200 2,514 678 OPERATING INCOME 16,174
16,131 56,767 47,510 Other (income) expense: Interest income (134)
(97) (393) (429) Interest expense 289 1,342 3,394 5,546 Other
(income) expense, net 133 487 (1,257) 134 Total other expense 288
1,732 1,744 5,251 INCOME BEFORE INCOME TAXES 15,886 14,399 55,023
42,259 Provision for income taxes 5,765 4,016 17,112 12,931 NET
INCOME $10,121 $10,383 $37,911 $29,328 Earnings per common share:
Basic $0.61 $0.65 $2.31 $1.84 Diluted $0.60 $0.63 $2.27 $1.80
Weighted average common shares outstanding: Basic 16,646 16,076
16,442 15,976 Diluted 16,925 16,438 16,730 16,291 CIRCOR
INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) UNAUDITED Year Ended Dec 31, 2007 Dec 31, 2006 OPERATING
ACTIVITIES Net income $37,911 $29,328 Adjustments to reconcile net
income to net cash provided by operating activities: Depreciation
10,870 11,206 Amortization 2,579 2,394 Compensation expense of
stock- based plans 5,704 3,252 Tax effect of share based
compensation (3,623) - Deferred income taxes (3,574) (4,708) (Gain)
Loss on sale of assets held for sale (1,229) - (Gain) Loss on sale
of property, plant and equipment 102 91 Gain on sale of affiliate
(1,605) (11) Equity earnings and paid dividends of affiliate, net
452 - Changes in operating assets and liabilities, net of effects
from business acquisitions: Trade accounts receivable (12,532)
(20,857) Inventories (15,672) (29,804) Prepaid expenses and other
assets (13,187) 4,966 Accounts payable, accrued expenses and other
liabilities 50,720 34,001 Net cash provided by operating activities
56,916 29,858 INVESTING ACTIVITIES Additions to property, plant and
equipment (11,983) (9,933) Proceeds from disposal or sale of
property, plant and equipment 939 371 Proceeds from sale of assets
held for sale 4,072 100 Business acquisitions, net of cash acquired
(2,704) (61,103) Proceeds from sale of affiliate 1,605 2,309
Purchase of investments (8,760) (12,194) Proceeds from sale of
investments - 12,211 Net cash used in investing activities (16,831)
(68,239) FINANCING ACTIVITIES Proceeds from debt borrowings 87,641
100,561 Payments of debt (130,709) (70,204) Dividends paid (2,464)
(2,395) Proceeds from the exercise of stock options 6,380 3,627 Tax
effect of share based compensation 3,623 2,559 Net cash (used in)
provided by financing activities (35,529) 34,148 Effect of exchange
rate changes on cash and cash equivalents 1,454 1,773 INCREASE IN
CASH AND CASH EQUIVALENTS 6,010 (2,460) Cash and cash equivalents
at beginning of year 28,652 31,112 CASH AND CASH EQUIVALENTS AT END
OF PERIOD $34,662 $28,652 CIRCOR INTERNATIONAL, INC. CONSOLIDATED
BALANCE SHEETS (in thousands, except share data) UNAUDITED Dec 31,
2007 Dec 31, 2006 ASSETS Current Assets: Cash & cash
equivalents $34,662 $28,652 Investments 8,861 86 Trade accounts
receivable, less allowance for doubtful accounts of $2,264 and
$2,523, respectively 125,663 108,689 Inventories 171,661 150,160
Prepaid expenses and other current assets 3,990 2,926 Insurance
receivable 6,885 - Deferred income taxes 8,220 7,305 Assets held
for sale 312 3,132 Total Current Assets 360,254 300,950 Property,
Plant and Equipment, net 82,465 79,039 Other Assets: Goodwill
169,110 163,720 Intangibles, net 47,373 49,226 Non current
insurance receivable 5,014 - Other assets 12,253 12,740 Total
Assets $676,469 $605,675 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities: Accounts payable $82,038 $71,788 Accrued
expenses and other current liabilities 72,481 53,333 Accrued
compensation and benefits 21,498 15,325 Asbestos liability 9,697
1,026 Income taxes payable 7,900 6,027 Notes payable and current
portion of long-term debt 201 415 Total Current Liabilities 193,815
147,914 Long-Term Debt, net of current portion 21,901 64,411
Deferred Income Taxes 19,106 21,674 Long term asbestos liability
7,062 - Other Non-Current Liabilities 14,201 14,375 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 16,650,407 and
16,181,070 issued and outstanding, respectively 167 162 Additional
paid-in capital 240,000 224,508 Retained earnings 144,644 109,251
Accumulated other comprehensive income 35,573 23,380 Total
Shareholders' Equity 420,384 357,301 Total Liabilities and
Shareholders' Equity $676,469 $605,675 CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG (in thousands) UNAUDITED Three Months
Ended Year Ended Dec 31, Dec 31, Dec 31, Dec 31, 2007 2006 2007
2006 ORDERS Instrumentation & Thermal Fluid Controls $93,071
$74,111 * $366,913 $323,214 * Energy Products 77,348 95,368 404,752
381,762 Total orders $170,419 $169,479 $771,665 $704,976 Dec 31,
Dec 31, 2007 2006 BACKLOG Instrumentation & Thermal Fluid
Controls $136,749 $113,434 Energy Products 254,841 172,235 Total
backlog $391,590 $285,669 Note: Backlog includes all unshipped
customer orders. * - Orders for the Instrumentation & Thermal
Fluid Controls Products segment have been reduced by $1,851 and
$8,281 for the three and twelve months ended December 31, 2006,
respectively, for the sale in December 2006 of the small, French
business, Societe Alsacienne Regulaves Thermiques von Rohr
("Sart"). CIRCOR INTERNATIONAL, INC. SUMMARY REPORT BY SEGMENT (in
thousands, except earnings per share) UNAUDITED 2006 1ST QTR 2ND
QTR 3RD QTR 4TH QTR Full Year NET REVENUES Instrumentation &
Thermal Fluid Controls (TFC) $72,434 $79,470 $79,205 $81,591
$312,700 Energy Products 54,861 64,919 71,207 88,024 279,011 Total
127,295 144,389 150,412 169,615 591,711 OPERATING MARGIN
Instrumentation & TFC 9.1% 8.6% 9.5% 8.2% 8.8% Energy Products
10.4% 11.4% 13.2% 15.7% 13.0% Segment operating margin 9.7% 9.9%
11.3% 12.1% 10.8% Corporate expenses -3.0% -2.5% -2.8% -2.4% -2.7%
Special charges 0.0% 0.0% -0.3% -0.1% -0.1% Total operating margin
6.7% 7.4% 8.1% 9.5% 8.0% OPERATING INCOME Instrumentation & TFC
(excl. special & unusual charges) 6,595 6,861 7,522 6,680
27,658 Energy Products (excl. special & unusual charges) 5,702
7,429 9,420 13,797 36,348 Segment operating income (excl. special
& unusual charges) 12,297 14,290 16,942 20,477 64,006 Corporate
expenses (excl. special & unusual charges) (3,809) (3,578)
(4,284) (4,146) (15,817) Special (charges) income, net - (479)
(200) (679) Total operating income 8,488 10,712 12,179 16,131
47,510 INTEREST EXPENSE, NET (1,024) (1,464) (1,383) (1,246)
(5,117) OTHER (EXPENSE) INCOME, NET 131 248 (27) (486) (134) PRETAX
INCOME 7,595 9,496 10,769 14,399 42,259 PROVISION FOR INCOME TAXES
(2,431) (3,038) (3,446) (4,016) (12,931) EFFECTIVE TAX RATE 32.0%
32.0% 32.0% 27.9% 30.6% NET INCOME $5,164 $6,458 $7,323 $10,383
$29,328 Weighted Average Common Shares Outstanding (Diluted) 16,197
16,332 16,368 16,438 16,291 EARNINGS PER COMMON SHARE (Diluted)
$0.32 $0.40 $0.45 $0.63 $1.80 EBIT $8,619 $10,960 $12,152 $15,645
$47,376 Depreciation 2,619 3,169 2,901 2,517 11,206 Amortization of
intangibles 515 567 709 603 2,394 EBITDA $11,753 $14,696 $15,762
$18,765 $60,976 EBITDA AS A PERCENT OF SALES 9.2% 10.2% 10.5% 11.1%
10.3% CAPITAL EXPENDITURES $1,578 $1,742 $3,823 $2,790 $9,933 2007
1ST QTR 2ND QTR 3RD QTR 4TH QTR Full Year NET REVENUES
Instrumentation & Thermal Fluid Controls (TFC) $81,296 $85,740
$85,094 $91,466 $343,596 Energy Products 79,967 80,197 78,923
83,057 322,144 Total 161,263 165,937 164,017 174,523 665,740
OPERATING MARGIN Instrumentation & TFC 7.9% 8.7% 7.1% 8.3% 8.0%
Energy Products 12.7% 16.3% 17.4% 15.3% 15.4% Segment operating
margin 10.3% 12.4% 12.1% 11.6% 11.6% Corporate expenses -2.4% -2.4%
-3.0% -2.9% -2.7% Special charges -0.4% -0.4% -1.3% 0.5% -0.4%
Total operating margin 7.4% 9.5% 7.8% 9.3% 8.5% OPERATING INCOME
Instrumentation & TFC (excl. special & unusual charges)
6,433 7,438 6,076 7,589 27,536 Energy Products (excl. special &
unusual charges) 10,125 13,063 13,745 12,675 49,608 Segment
operating income (excl. special & unusual charges) 16,558
20,501 19,821 20,264 77,144 Corporate expenses (excl. special &
unusual charges) (3,853) (4,056) (4,942) (5,012) (17,863) Special
(charges) income, net (691) (615) (2,130) 922 (2,514) Total
operating income 12,014 15,830 12,749 16,174 56,767 INTEREST
EXPENSE, NET (1,218) (884) (744) (155) (3,001) OTHER (EXPENSE)
INCOME, NET 97 (215) 1,508 (133) 1,257 PRETAX INCOME 10,893 14,731
13,513 15,886 55,023 PROVISION FOR INCOME TAXES (3,486) (4,713)
(3,148) (5,765) (17,112) EFFECTIVE TAX RATE 32.0% 32.0% 23.3% 36.3%
31.1% NET INCOME $7,407 $10,018 $10,365 $10,121 $37,911 Weighted
Average Common Shares Outstanding (Diluted) 16,533 16,679 16,768
16,925 16,730 EARNINGS PER COMMON SHARE (Diluted) $0.45 $0.60 $0.62
$0.60 $2.27 EBIT $12,111 $15,615 $14,257 $16,041 $58,024
Depreciation 2,808 2,812 2,662 2,588 10,870 Amortization of
intangibles 626 632 659 662 2,579 EBITDA $15,545 $19,059 $17,578
$19,291 $71,473 EBITDA AS A PERCENT OF SALES 9.6% 11.5% 10.7% 11.1%
10.7% CAPITAL EXPENDITURES $1,776 $2,266 $2,844 $5,097 $11,983
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS (in thousands) UNAUDITED 2006 1ST QTR 2ND QTR 3RD QTR 4TH QTR
Full Year FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES
LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] $(5,213) $402 $8,865
$13,476 $17,530 ADD: Capital expenditures 1,578 1,742 3,823 2,790
9,933 Dividends paid 595 600 600 600 2,395 NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES $(3,040) $2,744 $13,288 $16,866
$29,858 NET (CASH) DEBT [TOTAL DEBT LESS CASH & CASH
EQUIVALENTS LESS INVESTMENTS] $68,271 $64,336 $55,157 $36,088
$36,088 ADD: Cash & cash equivalents 27,069 25,966 33,265
28,652 28,652 Investments - 2,639 90 86 86 TOTAL DEBT $95,340
$92,941 $88,512 $64,826 $64,826 NET DEBT AS % OF NET CAPITALIZATION
18% 16% 14% 9% 9% NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS'
EQUITY LESS CASH & CASH EQUIVALENTS, LESS INVESTMENTS] $385,659
$397,814 $397,012 $393,389 $393,389 LESS: Total debt (95,340)
(92,941) (88,512) (64,826) (64,826) ADD: Cash & cash
equivalents 27,069 25,966 33,265 28,652 28,652 Investments - 2,639
90 86 86 TOTAL SHAREHOLDERS' EQUITY 317,388 333,478 341,855 357,301
357,301 ADD: Total debt 95,340 92,941 88,512 64,826 64,826 TOTAL
CAPITAL $412,728 $426,419 $430,367 $422,127 $422,127 TOTAL DEBT /
TOTAL CAPITAL 23% 22% 21% 15% 15% EBIT [NET INCOME LESS INTEREST
EXPENSE, NET LESS TAXES] $8,619 $10,960 $12,152 $15,645 $47,376
LESS: Interest expense, net (1,024) (1,464) (1,383) (1,246) (5,117)
Provision for income taxes (2,431) (3,038) (3,446) (4,016) (12,931)
NET INCOME $5,164 $6,458 $7,323 $10,383 $29,328 EBITDA [NET INCOME
LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS
TAXES] $11,753 $14,696 $15,762 $18,765 $60,976 LESS: Interest
expense, net (1,024) (1,464) (1,383) (1,246) (5,117) Depreciation
(2,619) (3,169) (2,901) (2,517) (11,206) Amortization of
intangibles (515) (567) (709) (603) (2,394) Provision for income
taxes (2,431) (3,038) (3,446) (4,016) (12,931) NET INCOME $5,164
$6,458 $7,323 $10,383 $29,328 2007 1ST QTR 2ND QTR 3RD QTR 4TH QTR
Full Year FREE CASH FLOW [NET CASH FLOW FROM OPERATING ACTIVITIES
LESS CAPITAL EXPENDITURES LESS DIVIDENDS PAID] $(5,429) $5,439
$11,470 $30,989 $42,469 ADD: Capital expenditures 1,776 2,266 2,844
5,097 11,983 Dividends paid 609 614 617 624 2,464 NET CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES $(3,044) $8,319 $14,931 $36,710
$56,916 NET (CASH) DEBT [TOTAL DEBT LESS CASH & CASH
EQUIVALENTS LESS INVESTMENTS] $39,366 $29,848 $11,815 $(21,421)
$(21,421) ADD: Cash & cash equivalents 27,050 25,281 30,174
34,662 34,662 Investments 87 94 100 8,861 8,861 TOTAL DEBT $66,503
$55,223 $42,089 $22,102 $22,102 NET DEBT AS % OF NET CAPITALIZATION
10% 7% 3% -5% -5% NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS'
EQUITY LESS CASH & CASH EQUIVALENTS, LESS INVESTMENTS] $408,944
$415,386 $420,951 $398,963 $398,963 LESS: Total debt (66,503)
(55,223) (42,089) (22,102) (22,102) ADD: Cash & cash
equivalents 27,050 25,281 30,174 34,662 34,662 Investments 87 94
100 8,861 8,861 TOTAL SHAREHOLDERS' EQUITY 369,578 385,538 409,136
420,384 420,384 ADD: Total debt 66,503 55,223 42,089 22,102 22,102
TOTAL CAPITAL $436,081 $440,761 $451,225 $442,486 $442,486 TOTAL
DEBT / TOTAL CAPITAL 15% 13% 9% 5% 5% EBIT [NET INCOME LESS
INTEREST EXPENSE, NET LESS TAXES] $12,111 $15,615 $14,257 $16,041
$58,024 LESS: Interest expense, net (1,218) (884) (744) (155)
(3,001) Provision for income taxes (3,486) (4,713) (3,148) (5,765)
(17,112) NET INCOME $7,407 $10,018 $10,365 $10,121 $37,911 EBITDA
[NET INCOME LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS
AMORTIZATION LESS TAXES] $15,545 $19,059 $17,578 $19,291 $71,473
LESS: Interest expense, net (1,218) (884) (744) (155) (3,001)
Depreciation (2,808) (2,812) (2,662) (2,588) (10,870) Amortization
of intangibles (626) (632) (659) (662) (2,579) Provision for income
taxes (3,486) (4,713) (3,148) (5,765) (17,112) NET INCOME $7,407
$10,018 $10,365 $10,121 $37,911 DATASOURCE: CIRCOR International,
Inc. CONTACT: Frederic Burditt, Chief Financial Officer of CIRCOR
International, Inc., +1-781-270-1200 Web site:
http://www.circor.com/ http://www.circor.com/quarterlyearnings
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