- Company posts record quarterly operating margins at 13.9%
BURLINGTON, Mass., Oct. 29 /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
third quarter ended September 28, 2008. Revenues for the 2008 third
quarter were $208.7 million, an increase of 27% from $164.0 million
for the third quarter 2007. Net income for the third quarter of
2008 increased 91% to $19.8 million, or $1.16 per diluted share.
Net income for the third quarter of 2007 was $10.4 million, or
$0.62 per diluted share, which included special charges of $0.13
per diluted share primarily related to executive retirement
expenses. For the nine months ended September 28, 2008, revenues
were $591.9 million, an increase of 21% from $491.2 million for the
comparable period in 2007. Net income for the first nine months of
2008 was $51.1 million, or $3.01 per diluted share, an increase of
84% from $27.8 million, or $1.67 per diluted share, from the first
nine months of 2007. The Company received orders totaling $164.3
million during the third quarter of 2008, a decrease of 12% from
the third quarter of 2007, and a 17% decrease from the second
quarter of 2008. Instrumentation and Thermal Fluid Controls segment
orders remained strong, increasing 13% during the third quarter of
2008 compared to the same period in 2007, and increasing 1%
compared to the second quarter of 2008. Energy segment orders
declined 35% in the third quarter of 2008 compared to the same
quarter in 2007 and declined 35% compared to the second quarter of
2008. Currency revaluation of the Euro-denominated backlog
contributed to 15%, or $14.6 million of the Energy segment's order
decline. The remaining order drop in the Energy segment of $18.7
million is primarily the result of lower bookings for large
projects for the Middle East. These lower bookings are the direct
result of a short-term selective quoting approach targeted at large
projects in the Middle East and implemented to enable the supply
chain to alleviate past due deliveries caused by capacity
constraints. The level of Middle East inquiries remains high and
Energy segment orders in North America remained strong during the
third quarter of 2008. For the first nine months of 2008, orders
totaled $599.2 million with a third quarter 2008 ending backlog of
$401.6 million. This compares to 2007 orders for the first nine
months of $601.2 million and a third quarter 2007 ending backlog of
$395.7 million. During the third quarter of 2008, the Company
consumed $2.1 million of free cash flow (defined as net cash from
operating activities, less capital expenditures and dividends paid)
and, for the first nine months of 2008, the Company had free cash
flow of $24.1 million. This compares favorably to the first nine
months of 2007 during which the Company generated $11.5 million of
free cash flow. The improvement from 2007 largely resulted from the
sharp increase in profitability partially off-set by an increase in
working capital needs. Revenue for Circor's Instrumentation and
Thermal Fluid Controls Products segment increased 13%, to $96.3
million from $85.1 million in the third quarter of 2007, with
approximately 1% of the increase due to favorable currency
adjustments. Incoming orders for this segment were $101.6 million
for the third quarter 2008, an increase of 13% from $90.0 million
in the third quarter 2007. This segment's operating margin for the
third quarter 2008 was 7.9% compared to 7.1% in the third quarter
of 2007, and 10.9% in the second quarter of 2008. Removing the
impact of asbestos-related charges from all periods, this segment's
operating margin for the third quarter 2008 was 12.3% compared to
9.3% in the third quarter of 2007 and 12.6% in the second quarter
of 2008. Compared to the third quarter of 2007, improvement
primarily came from higher unit volume, favorable product mix,
customer price increases and improved productivity as well as the
Motor Technologies, Inc. acquisition. However these increases were
partially offset by continuing increases in raw material costs.
Circor's Energy Products segment revenues increased by $33.5
million, or 42%, to $112.4 million for the quarter ended September
28, 2008 compared to $78.9 million in the quarter ended September
30, 2007. Higher foreign exchange rates, primarily the higher Euro
compared to the US dollar, accounted for approximately 7% of the
incremental revenue increase. This segment's operating margin was
23.2% during the third quarter of 2008 compared to 17.4% for the
third quarter of 2007 and 20.4% for the second quarter of 2008.
Consistent with the second quarter of 2008, margins benefited from
favorable mix on large international oil and gas projects and
increased unit volume, partially offset by material cost inflation
and unfavorable currency impacts from China sourcing as the RMB
continued to appreciate versus the US dollar. Bill Higgins,
Circor's President and Chief Executive Officer, said, "Our third
quarter results once again exceeded our expectations, producing
another record quarter with operating margins of 13.9% compared to
7.8% for the similar period in 2007 and 13.3% in the second quarter
of 2008. Also, free cash flow has greatly exceeded the first nine
months of last year. Both segments continued to contribute with
Instrumentation and Thermal Fluid Controls' operating margins,
excluding asbestos related expenses, 300 basis points over the
third quarter of 2007 and Energy Products 580 basis points higher.
We believe we are gaining market share in the Instrumentation and
Thermal Fluid Controls segment as evidenced by strong bookings,
and, although our large project business supplying the Middle East
has been working through supply chain constraints, we are
delivering great results. In addition, we continue to have a very
strong balance sheet with 5% total debt to capital and $65 million
of cash, cash equivalents and short-term investments." Circor
provided guidance for its fourth quarter 2008 results, indicating
it expects earnings, excluding special charges, to be in the range
of $0.82 to $0.94 per diluted share. This fourth quarter guidance
reflects a $0.09 reduction as a result of recent foreign currency
devaluations against the US dollar since the end of the third
quarter. CIRCOR International will hold a conference call to review
its results on Thursday, October 30, 2008, at 1:00 pm ET.
Interested parties may access the call by dialing 888-221-3915 from
the US and Canada and (913) 312-1498 from international locations.
A replay of the call will be available from 4:00 pm ET on Thursday,
October 30, 2008, through 4:00 pm ET on Thursday, November 6, 2008.
To access the replay, interested parties should dial (888) 203-1112
or (719) 457-0820 and enter confirmation code 5254517 when
prompted. The presentation slides that will be discussed in the
conference call are expected to be available today, Wednesday,
October 29, 2008, by 6:00 pm ET and may be downloaded from the
quarterly earnings page of the investor section on the CIRCOR
website at http://www.circor.com/quarterlyearnings 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 Nine
Months Ended ------------------ ----------------- Sept. 28, Sept.
30, Sept. 28, Sept. 30, 2008 2007 2008 2007 ------- ------- -------
------- Net revenues $208,680 $164,017 $591,860 $491,217 Cost of
revenues 141,369 116,465 402,752 349,052 ------- ------- -------
------- GROSS PROFIT 67,311 47,552 189,108 142,165 Selling, general
and administrative expenses 38,297 32,672 112,934 98,136 Special
charges - 2,131 160 3,436 ------- ------- ------- ------- OPERATING
INCOME 29,014 12,749 76,014 40,593 ------- ------- ------- -------
Other (income) expense: Interest income (447) (129) (954) (259)
Interest expense 265 873 894 3,105 Other (income) expense, net 11
(1,508) 660 (1,390) ------- ------- ------- ------- Total other
expense (171) (764) 600 1,456 ------- ------- ------- -------
INCOME BEFORE INCOME TAXES 29,185 1 3,513 75,414 39,137 Provision
for income taxes 9,412 3,148 24,321 11,347 ------- ------- -------
------- NET INCOME $19,773 $10,365 $51,093 $27,790 ======= =======
======= ======= Earnings per common share: Basic $1.17 $0.63 $3.04
$1.70 Diluted $1.16 $0.62 $3.01 $1.67 Weighted average common
shares outstanding: Basic 16,853 16,509 16,789 16,369 Diluted
17,068 16,768 17,000 16,660 CIRCOR INTERNATIONAL, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS (in thousands) UNAUDITED Nine Months Ended
----------------- September September 28, 2008 30, 2007 ---------
--------- OPERATING ACTIVITIES Net income $51,093 $27,790
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 8,852 8,282 Amortization 2,012
1,917 Compensation expense of stock-based plans 3,428 4,769 Tax
effect of share based compensation (2,510) (3,570) Loss on sale of
assets held for sale 1 210 Gain on disposal of property, plant and
equipment (93) (50) Gain on sale of affiliate - (1,605) Equity in
undistributed income of affiliates - 452 Changes in operating
assets and liabilities, net of effects from business acquisitions:
Trade accounts receivable (36,689) (680) Inventories (3,233)
(14,037) Prepaid expenses and other assets (1,794) (8,031) Accounts
payable, accrued expenses and other liabilities 15,091 4,759 ------
----- Net cash provided by operating activities 36,158 20,206
------ ------ INVESTING ACTIVITIES Additions to property, plant and
equipment (10,162) (6,886) Proceeds from disposal of property,
plant and equipment 202 435 Proceeds from sale of assets held for
sale 311 2,259 Proceeds from sale of affiliate - 1,605 Purchase of
ST investments (155,786) - Proceeds from sale of ST investments
134,044 - Business acquisitions, net of cash acquired (7,263)
(2,704) ------ ------ Net cash used in investing activities
(38,654) (5,291) ------- ------ FINANCING ACTIVITIES Proceeds from
debt borrowings 86,495 70,359 Payments of debt (86,358) (93,415)
Dividends paid (1,888) (1,840) Proceeds from the exercise of stock
options 2,342 6,296 Tax effect of share based compensation 2,510
3,570 ----- ----- Net cash provided by (used in) financing
activities 3,101 (15,030) ----- ------- Effect of exchange rate
changes on cash and cash equivalents (90) 1,637 --- ----- INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS 515 1,522 Cash and cash
equivalents at beginning of year 34,662 28,652 ------ ------ CASH
AND CASH EQUIVALENTS AT END OF PERIOD $35,177 $30,174 =======
======= CIRCOR INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (in
thousands, except share data) UNAUDITED --------- ---------
September December 28, 2008 31, 2007 --------- --------- ASSETS
Current Assets: Cash & cash equivalents $35,177 $34,662
Investments 29,376 8,861 Trade accounts receivable, less allowance
for doubtful accounts of $ 1,813 and $2,151, respectively 162,267
125,663 Inventories 176,125 171,661 Prepaid expenses and other
current assets 6,388 3,990 Deferred income taxes 9,175 8,220
Insurance receivable 6,353 6,885 Assets held for sale - 312 - ---
Total Current Assets 424,861 360,254 ------- ------- Property,
Plant and Equipment, net 84,228 82,465 Other Assets: Goodwill
178,932 169,110 Intangibles, net 47,789 47,373 Non-current
insurance receivable 5,014 5,014 Other assets 1,907 12,253 -----
------ Total Assets $742,731 $676,469 ======== ======== LIABILITIES
AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable
$87,910 $82,038 Accrued expenses and other current liabilities
78,844 72,481 Accrued compensation and benefits 21,900 21,498
Asbestos liability 12,723 9,697 Income taxes payable 10,972 7,900
Notes payable and current portion of long-term debt 338 201 --- ---
Total Current Liabilities 212,687 193,815 ------- ------- Long-Term
Debt, net of current portion 22,186 21,901 Deferred Income Taxes
18,571 19,106 Long-Term Asbestos Liability 7,062 7,062 Other
Non-Current Liabilities 11,337 14,201 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 16,895,250 and 16,650,407 issued
and outstanding, respectively 169 167 Additional paid-in capital
246,711 240,000 Retained earnings 193,977 144,644 Accumulated other
comprehensive income 30,031 35,573 ------ ------ Total
Shareholders' Equity 470,888 420,384 ------- ------- Total
Liabilities and Shareholders' Equity $742,731 $676,469 ========
======== CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG
(in thousands) UNAUDITED Three Months Ended Nine Months Ended
-------------------- ------------------- Sept. 28, Sept. 30, Sept.
28, Sept. 30, 2008 2007 2008 2007 -------- -------- --------
-------- ORDERS Instrumentation & Thermal Fluid Controls
$101,593 $90,014 $313,760 $273,842 Energy Products 62,689 95,998
285,426 327,404 -------- -------- -------- -------- Total orders
$164,282 $186,012 $599,186 $601,246 ======== ======== ========
======== -------- -------- Sept. 28, Sept. 30, 2008 2007 --------
-------- BACKLOG Instrumentation & Thermal Fluid Controls
$169,554 $135,146 Energy Products 232,022 260,555 -------- --------
Total backlog $401,576 $395,701 ======== ======== Note: Backlog
includes all unshipped customer orders. CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT (in thousands, except earnings per share)
UNAUDITED 2007 -------------------------------------------- 1ST QTR
2ND QTR 3RD QTR 4TH QTR YTD ------- ------- ------- ------- -------
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 -------
------- ------- ------- ------- ADJUSTED OPERATING MARGIN
Instrumentation & TFC (excl. special & asbestos charges)
8.9% 9.6% 9.3% 12.8% 10.2% Energy Products (excl. special charges)
12.7% 16.3% 17.4% 15.3% 15.4% Segment operating income (excl.
special & asbestos charges) 10.8% 12.8% 13.2% 14.0% 12.7%
Corporate expenses (excl. special & asbestos charges) -2.3%
-2.3% -3.0% -3.1% -2.7% Asbestos charges (attributable to
Instrumentation & TFC) -0.6% -0.6% -1.1% -2.1% -1.1% 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% ADJUSTED OPERATING INCOME Instrumentation &
TFC (excl. special & asbestos charges) 7,271 8,204 7,913 11,681
35,069 Energy Products (excl. special charges) 10,125 13,063 13,745
12,675 49,608 ------ ------ ------ ------ ------ Segment operating
income (excl. special & asbestos charges) 17,396 21,267 21,658
24,356 84,677 Corporate expenses (excl. special & asbestos
charges) (3,653) (3,804) (4,942) (5,463) (17,862) Asbestos charges
(attributable to Instrumentation & TFC) (1,038) (1,018) (1,837)
(3,641) (7,534) Special charges (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 ======
====== ====== ====== ======= 2008
----------------------------------- 1ST QTR 2ND QTR 3RD QTR YTD
------- ------- ------- ------- NET REVENUES Instrumentation &
Thermal Fluid Controls (TFC) $88,450 $98,867 $96,298 $283,615
Energy Products 88,125 107,738 112,382 308,245 ------- -------
------- ------- Total 176,575 206,605 208,680 591,860 -------
------- ------- ------- ADJUSTED OPERATING MARGIN Instrumentation
& TFC (excl. special & asbestos charges) 12.5% 12.6% 12.3%
12.5% Energy Products (excl. special charges) 16.2% 20.4% 23.2%
20.2% Segment operating income (excl. special & asbestos
charges) 14.4% 16.6% 18.1% 16.5% Corporate expenses (excl. special
& asbestos charges) -2.6% -2.4% -2.4% -2.5% Asbestos charges
(attributable to Instrumentation & TFC) -0.6% -1.0% -1.8% -1.2%
Special charges -0.1% 0.0% 0.0% 0.0% Total operating margin 11.0%
13.3% 13.9% 12.8% ADJUSTED OPERATING INCOME Instrumentation &
TFC (excl. special & asbestos charges) 11,069 12,451 11,803
35,323 Energy Products (excl. special charges) 14,303 21,938 26,023
62,264 ------ ------ ------ ------ Segment operating income (excl.
special & asbestos charges) 25,372 34,389 37,826 97,587
Corporate expenses (excl. special & asbestos charges) (4,628)
(4,890) (5,001) (14,519) Asbestos charges (attributable to
Instrumentation & TFC) (1,075) (2,009) (3,810) (6,894) Special
charges (160) - - (160) ------ ------ ------ ------ Total operating
income 19,509 27,490 29,015 76,014 INTEREST EXPENSE, NET (145) 23
182 60 OTHER (EXPENSE) INCOME, NET (401) (248) (11) (660) ---- ----
--- ---- PRETAX INCOME 18,963 27,265 29,186 75,414 PROVISION FOR
INCOME TAXES (6,068) (8,840) (9,413) (24,321) ------ ------ ------
------- EFFECTIVE TAX RATE 32.0% 32.4% 32.3% 32.2% NET INCOME
$12,895 $18,425 $19,773 $51,093 ======= ======= ======= =======
Weighted Average Common Shares Outstanding (Diluted) 16,872 17,053
17,068 17,000 EARNINGS PER COMMON SHARE (Diluted) $0.76 $1.08 $1.16
$3.01 ===== ===== ===== ===== EBIT $19,108 $27,242 $29,004 $75,354
Depreciation 2,874 2,977 3,001 8,852 Amortization of intangibles
656 676 680 2,012 --- --- --- ----- EBITDA $22,638 $30,895 $32,685
$86,218 ======= ======= ======= ======= EBITDA AS A PERCENT OF
SALES 12.8% 15.0% 15.7% 14.6% ==== ==== ==== ==== CAPITAL
EXPENDITURES $2,851 $3,433 $3,878 $10,162 ====== ====== ======
======= CIRCOR INTERNATIONAL, INC. RECONCILIATION OF KEY
PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS (in thousands) UNAUDITED 2007
-------------------------------------------- 1ST QTR 2ND QTR 3RD
QTR 4TH QTR YTD ------- ------- ------- ------- ------- 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] $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 ======= ======= ======= ======= =======
2008 ---------------------------------------- 1ST QTR 2ND QTR 3RD
QTR YTD ------- ------- ------- ------- FREE CASH FLOW [NET CASH
FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES LESS
DIVIDENDS PAID] $(5,366) $31,536 $(2,062) $24,108 ADD: Capital
Expenditures 2,851 3,433 3,878 10,162 Dividends paid 626 631 631
1,888 ------- ------- ------- ------- NET CASH PROVIDED BY (USED
IN) OPERATING ACTIVITIES $(1,889) $35,600 $2,447 $36,158 =======
======= ======= ======= NET (CASH) DEBT [TOTAL DEBT LESS CASH &
CASH EQUIVALENTS LESS INVESTMENTS] $(21,709) $(46,796) $(42,029)
$(42,029) ADD: Cash & cash Equivalents 42,690 38,835 35,177
35,177 Investments 4,036 31,590 29,376 29,376 ------- -------
------- ------- TOTAL DEBT 25,017 23,629 22,524 22,524 =======
======= ======= ======= NET DEBT AS % OF NET CAPITALIZATION -5%
-11% -10% -10% NET CAPITALIZATION [TOTAL DEBT PLUS SHAREHOLDERS'
EQUITY LESS CASH & CASH EQUIVALENTS, LESS INVESTMENTS] $424,670
$419,162 $428,859 $428,859 LESS: Total debt (25,017) (23,629)
(22,524) (22,524) ADD: Cash & cash Equivalents 42,690 38,835
35,177 35,177 Investments 4,036 31,590 29,376 29,376 -------
------- ------- ------- TOTAL SHAREHOLDERS' EQUITY 446,379 465,958
470,888 470,888 ADD: Total debt $25,017 $23,629 $22,524 $22,524
------- ------- ------- ------- TOTAL CAPITAL $471,396 $489,587
$493,412 $493,412 ======= ======= ======= ======= TOTAL DEBT /
TOTAL CAPITAL 5% 5% 5% 5% EBIT [NET INCOME LESS INTEREST EXPENSE,
NET] $19,108 $27,242 $29,004 $75,354 LESS: Interest expense, Net
(145) 23 182 60 Provision for income taxes (6,068) (8,840) (9,413)
(24,321) ------- ------- ------- ------- NET INCOME $12,895 $18,425
$19,773 $51,093 ======= ======= ======= ======= EBITDA [NET INCOME
LESS INTEREST EXPENSE, NET LESS DEPRECIATION LESS AMORTIZATION LESS
TAXES] $22,638 $30,895 $32,685 $86,218 LESS: Interest expense, net
(145) 23 182 60 Depreciation (2,874) (2,977) (3,001) (8,852)
Amortization of Intangibles (656) (676) (680) (2,012) Provision for
income taxes (6,068) (8,840) (9,413) (24,321) ------- -------
------- ------- NET INCOME $12,895 $18,425 $19,773 $51,093 =======
======= ======= ======= DATASOURCE: CIRCOR International, Inc.
CONTACT: Frederic M. Burditt, Chief Financial Officer, CIRCOR
International, Inc., +1-781-270-1200 Web Site:
http://www.circor.com/quarterlyearnings
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