CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for the industrial,
aerospace and energy markets, today announced financial results for
the third quarter ended October 2, 2011, highlighted by revenue
growth across all business segments. Key performance metrics were
in line with Company expectations.
“CIRCOR reported strong revenues and earnings for the third
quarter,” said Chairman and Chief Executive Officer Bill Higgins.
“Revenues increased 18% year over year with solid demand across all
of our segments. Bookings were also up as we won another
significant aerospace order, this time a multi-year military
landing gear program on a new platform for us.”
“On balance, the demand environment remains positive,” Higgins
continued. “We are encouraged by expanding energy markets, rising
commercial aerospace build rates and our continuing ability to win
key large programs. We remain cautiously optimistic about the flow
control segment, however, we recently experienced weakness in LED
equipment demand from China. Overall, we are positive about 2012,
and we continue to execute our five-year strategy of doubling
CIRCOR’s revenues and significantly improving segment margins.”
Consolidated Results
Revenues for the third quarter of 2011 were $210.0 million, an
18% increase from $177.6 million in the third quarter of 2010.
CIRCOR reported net income for the third quarter of 2011 of $10.9
million, or $0.63 per diluted share, compared with net income of
$10.4 million, or $0.60 per diluted share, for the third quarter of
2010. Third quarter earnings benefitted from a $1.6 million, or
$0.06 per diluted share, recovery from a long-standing legal case.
Excluding Leslie asbestos and bankruptcy charges, net of tax,
adjusted earnings per diluted share for the third quarter of 2011
were $0.62 and for 2010 were $0.69.
Consolidated adjusted operating earnings (which exclude Leslie
asbestos and bankruptcy charges) were $15.7 million for the third
quarter of 2011 compared with $15.8 million for the third quarter
of 2010, a decrease of 1%.
The Company received orders totaling $227.3 million during the
third quarter of 2011, an increase of 10% compared with the third
quarter of 2010. Backlog as of October 2, 2011 was $440.2 million,
up 12% from backlog of $391.6 million at October 3, 2010.
During the third quarter of 2011, the Company used $5.2 million
of free cash flow (defined as net cash from operating activities
less capital expenditures), which compares to a use of $0.5 million
in the third quarter of 2010.
Energy
Energy segment revenues of $103.3 million for the quarter ended
October 2, 2011 represent a 28% increase from $80.6 million for the
quarter ended October 2, 2010. The increase was primarily due to
organic growth of 21% as a result of double digit improvement in
all sectors. The remainder of the increase includes 4% growth from
the February 2011 Brazilian energy acquisition and a positive
foreign currency impact of 3%.
Incoming orders for the third quarter of 2011 were $93.6
million, a decrease of 5% year over year as a result of fewer large
international projects, which fluctuate quarter to quarter, and an
unusually large $12.5 million pipeline solutions project order we
received in the third quarter of 2010. These declines were
partially offset by increased demand for North American short-cycle
orders and other pipeline solutions. Ending backlog totaled $202.0
million, an increase of 32% year over year.
For the third quarter of 2011, the Energy segment adjusted
operating margin of 7.2% was down from 11.1% from the third quarter
of 2010 primarily due to the impact of the Brazil energy
acquisition, including integration activities, as well as
unfavorable pricing for large international projects. Sequentially,
the Energy segment margins improved 190 basis points partially due
to improvement in our large international projects.
Aerospace
Aerospace segment revenues increased by 15% to $32.7 million for
the third quarter of 2011 from $28.3 million in the third quarter
of 2010. The increase in revenues was driven by 14% organic growth
and a 1% positive foreign currency impact.
Incoming orders for the third quarter of 2011 were $62.8
million, an increase of 101% year over year, primarily due to a $26
million multi-year military landing gear order on a new platform
for CIRCOR. Ending backlog totaled $160.4 million, an increase of
5% year over year.
The Aerospace segment’s adjusted operating margin was 5.6% for
the third quarter of 2011, compared with 9.6% for the third quarter
of 2010. Third-quarter adjusted operating margins decreased
primarily due to investments in our recently acquired Sylmar,
California landing gear facility to support our recent landing gear
program wins, as well as unfavorable product mix and development
costs associated with new program wins, partially offset by
favorable volume.
Flow Technologies
Flow Technologies segment revenues increased 8% to $74.0 million
for the third quarter of 2011 from $68.6 million in the third
quarter of 2010. Third-quarter 2011 revenues reflected organic
growth of 6% with strength across most end markets and a favorable
foreign currency impact of 2%.
Incoming orders for this segment were $70.8 million for the
third quarter of 2011, a decrease of 9% year over year due
primarily to softness in LED equipment demand from China, which had
been very strong during the past year. Ending backlog totaled $77.8
million, a decrease of 9% year over year as a result of lower LED
equipment orders and the delivery of large maritime projects.
This segment’s adjusted operating margin, which excludes the
impact of Leslie asbestos and bankruptcy charges, for the third
quarter of 2011 grew to 13.6%, compared with 13.1% in the third
quarter of 2010.
Business and Financial Outlook
CIRCOR currently expects revenues for the fourth quarter of 2011
in the range of $213 million to $222 million. Earnings are expected
to be in the range of $0.53 to $0.63 per diluted share. CIRCOR’s
guidance for earnings per share assumes a 30% tax rate and that
exchange rates remain at present levels.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, November 3, 2011, at 10:00 a.m. ET. Those
who wish to listen to the conference call and view the accompanying
presentation slides should visit “Webcasts & Presentations” in the “Investors” portion
of the CIRCOR website. The live call also can be accessed by
dialing (877) 407-5790 or (201) 689-8328. If you are unable to
listen to the live call, 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 fourth-quarter revenue and earnings
guidance. 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
valves and other highly engineered products for the industrial,
aerospace and energy markets. With more than 7,000 customers in
over 100 countries, CIRCOR has a diversified product portfolio with
recognized, market-leading brands. CIRCOR’s culture, built on the
CIRCOR Business System, is defined by the Company’s commitment to
attracting, developing and retaining the best talent and pursuing
continuous improvement in all aspects of its business and
operations. The Company’s strategy includes growing organically by
investing in new, differentiated products; adding value to
component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to
leverage its strong balance sheet to acquire strategically
complementary businesses. For more information, visit the Company’s
investor relations web site at http://investors.circor.com.
CIRCOR
INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share data)
UNAUDITED Three Months Ended Nine
Months Ended October 2, 2011 October 3,
2010 October 2, 2011 October 3, 2010
Net revenues $ 209,961 $ 177,577 $ 605,239 $ 491,851 Cost of
revenues 154,774 126,096 439,218
348,109 GROSS PROFIT 55,187 51,481 166,021
143,742 Selling, general and administrative expenses 39,448 35,648
124,083 109,024 Leslie asbestos and bankruptcy (recoveries) charges
(201 ) 2,343 676 30,603
OPERATING INCOME 15,940 13,490
41,262 4,115 Other expense (income):
Interest income (69 ) (69 ) (166 ) (162 ) Interest expense 956 803
3,058 2,036 Other expense (income), net 354
(853 ) 1,830 (646 ) Total other expense
1,241 (119 ) 4,722 1,228
INCOME BEFORE INCOME TAXES 14,699 13,609 36,540 2,887 Provision
(Benefit) for income taxes 3,752 3,210
10,191 (2,005 ) NET INCOME $ 10,947 $
10,399 $ 26,349 $ 4,892 Earnings per
common share: Basic $ 0.63 $ 0.61 $ 1.53 $ 0.29 Diluted $ 0.63 $
0.60 $ 1.51 $ 0.28 Weighted average common shares
outstanding: Basic 17,266 17,123 17,226 17,095 Diluted 17,423
17,258 17,412 17,238
CIRCOR
INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) UNAUDITED
Nine Months Ended October 2, 2011 October 3,
2010 OPERATING ACTIVITIES Net income $ 26,349 $
4,892 Adjustments to reconcile net income to net cash provided by
(used in) operating activities: Depreciation 11,265 9,509
Amortization 3,293 3,065 Compensation expense of share-based plans
3,007 2,445 Tax effect of share based compensation (649 ) (114 )
(Gain) loss on disposal of property, plant and equipment (68 ) 248
(Payment) provision for Leslie bankruptcy settlement (76,625 )
24,974 Changes in operating assets and liabilities, net of
effects from business acquisitions: Trade accounts receivable
(1,249 ) (20,256 ) Inventories (43,901 ) (26,090 ) Prepaid expenses
and other assets (9,453 ) 5,031 Accounts payable, accrued expenses
and other liabilities 17,353 13,406 Net
cash (used in) provided by operating activities (70,678 )
17,110
INVESTING ACTIVITIES Additions
to property, plant and equipment (11,254 ) (11,400 ) Proceeds from
the disposal of property, plant and equipment 84 75 Proceeds from
the sale of investments 0 21,427 Business acquisitions, net of cash
acquired (20,221 ) (34,401 ) Net cash used in
investing activities (31,391 ) (24,299 )
FINANCING ACTIVITIES Proceeds from borrowings 224,455 91,750
Payments of borrowings (126,269 ) (60,202 ) Debt issuance costs
(2,001 ) 0 Dividends paid (1,987 ) (1,982 ) Proceeds from the
exercise of stock options 496 329 Tax effect of share based
compensation 649 114 Net cash provided
by financing activities 95,343 30,009
Effect of exchange rate changes on cash and cash equivalents
228 (644 ) (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS (6,498 ) 22,176 Cash and cash equivalents at
beginning of year 45,752 46,350 CASH
AND CASH EQUIVALENTS AT END OF PERIOD $ 39,254 $ 68,526
CIRCOR INTERNATIONAL,
INC. CONSOLIDATED BALANCE SHEETS (in thousands,
except share data) UNAUDITED
October 2, 2011
December 31, 2010 ASSETS Current Assets: Cash
& cash equivalents $ 39,254 $ 45,752 Short-term investments 98
101 Trade accounts receivable, less allowance for doubtful accounts
of $898 and $822, respectively 142,369 138,860 Inventories 213,824
167,797 Income taxes refundable 113 1,625 Prepaid expenses and
other current assets 14,137 5,749 Deferred income tax asset 17,146
20,111 Insurance receivables 0 38 Assets held for sale 542
542 Total Current Assets 427,483 380,575
Property, Plant and Equipment, net 103,252 95,768
Other Assets: Goodwill 77,152 63,175 Intangibles, net 59,997 62,322
Deferred income tax asset 13,035 11,829 Other assets 4,540
2,526 Total Assets $ 685,459 $ 616,195
LIABILITIES
AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable
$ 83,439 $ 80,577 Accrued expenses and other current liabilities
65,284 51,248 Accrued compensation and benefits 24,581 22,305
Leslie asbestos and bankruptcy related liabilities 1,200 79,831
Income taxes payable 0 38 Notes payable and current portion of
long-term debt 16,679 851 Total Current Liabilities
191,183 234,850 Long-Term Debt, net of current
portion 86,818 684 Deferred income taxes 2,292 0 Other Non-Current
Liabilities 20,870 23,841 Shareholders' Equity: Preferred stock,
$.01 par value; 1,000,000 shares authorized; no shares issued and
outstanding 0 0 Common stock, $.01 par value; 29,000,000 shares
authorized; and 17,252,650 and 17,112,688 issued and outstanding,
respectively 173 171 Additional paid-in capital 257,309 254,154
Retained earnings 120,773 96,389 Accumulated other comprehensive
income 6,041 6,106 Total Shareholders' Equity
384,296 356,820 Total Liabilities and Shareholders' Equity $
685,459 $ 616,195
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG (in millions)
UNAUDITED
Three Months Ended Nine Months Ended
October 2, 2011 October 3, 2010 October 2,
2011 October 3, 2010 ORDERS 1
Energy $ 93.6 $ 98.5 $ 310.6 $ 244.1 Aerospace 62.8 31.3
129.1 93.1 Flow Technologies 70.8 77.3
222.6 210.8 Total orders $ 227.2 $ 207.1 $ 662.3 $
548.0
October 2, 2011 October 3, 2010
BACKLOG 2 Energy $ 202.0 $ 153.0 Aerospace
160.4 $ 152.8 Flow Technologies 77.8 $ 85.8
Total backlog $ 440.2 $ 391.6
Note 1: Orders do not include the foreign
exchange impact due to the re-measurement of customer order backlog
amounts denominated inforeign currencies.
Note 2: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT (in thousands, except earnings
per share) UNAUDITED 2010
2011 1ST QTR 2ND QTR 3RD
QTR 4TH QTR YTD 1ST
QTR 2ND QTR 3RD QTR
YTD NET REVENUES Energy $ 57,722 $
77,305 $ 80,613 $ 90,229 $ 305,869 $ 99,170 $ 81,994 $ 103,300 $
284,464 Aerospace 27,274 27,811 28,316 35,465 118,866 32,110 36,029
32,681 100,820 Flow Technologies 61,273 62,889
68,648 68,365 261,175
72,090 73,885 73,980
219,955 Total 146,269
168,005 177,577 194,059
685,910 203,370 191,908
209,961 605,239
* ADJUSTED OPERATING MARGIN Energy 3.5 % 8.3 % 11.1 %
6.7 % 7.7 % 6.4 % 5.3 % 7.2 % 6.4 % Aerospace 13.2 % 14.6 % 9.6 %
14.1 % 13.0 % 11.6 % 11.2 % 5.6 % 9.5 % Flow Technologies 10.2 %
10.1 % 13.1 % 12.5 % 11.5 % 13.7 % 12.4 % 13.6 % 13.2 % Segment
operating margin 8.1 % 10.0 % 11.7 % 10.1 % 10.1 % 9.8 % 9.1 % 9.2
% 9.4 % Corporate expenses -3.1 % -3.1 % -2.7 % -3.3 % -3.1 % -3.0
% -2.7 % -1.7 % -2.5 % * Adjusted operating margin 5.0 % 6.9 % 8.9
% 6.7 % 7.0 % 6.8 % 6.5 % 7.5 % 6.9 % Leslie asbestos and
bankruptcy charges (recoveries) -0.4 % 17.2 % 1.3 % 1.1 % 4.8 % 0.5
% -0.1 % -0.1 % 0.1 % Total operating margin 5.4 % -10.3 % 7.6 %
5.6 % 2.2 % 6.3 % 6.5 % 7.6 % 6.8 %
* ADJUSTED OPERATING
INCOME Energy 2,025 6,424 8,968 6,024 23,441 6,393 4,373
7,441 18,207 Aerospace 3,607 4,067 2,726 5,002 15,402 3,727 4,021
1,846 9,594 Flow Technologies 6,276
6,367 8,997 8,512
30,152 9,854 9,133
10,037 29,024 Segment operating income
11,908 16,858 20,691 19,538 68,995 19,974 17,527 19,324 56,825
Corporate expenses (4,607 ) (5,274 ) (4,859 )
(6,494 ) (21,234 ) (6,201 ) (5,100 )
(3,585 ) (14,886 ) * Adjusted operating income
7,301 11,584 15,832
13,044 47,761 13,773
12,427 15,739 41,939 Leslie
asbestos and bankruptcy charges (recoveries) (648 ) 28,908 2,343
2,173 32,776 1,001 (124 ) (201 ) 676
Total operating income 7,949
(17,325 ) 13,490 10,871 14,986 12,772 12,550 15,940 41,262
INTEREST EXPENSE, NET (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 )
(1,232 ) (887 ) (2,892 ) OTHER (EXPENSE) INCOME, NET 51
(258 ) 853 (608 ) 38
(915 ) (560 ) (354 ) (1,830 )
PRETAX INCOME (LOSS) 7,446 (18,169 ) 13,609 9,622 12,508
11,084 10,758 14,699 36,540 (PROVISION) BENEFIT FOR INCOME TAXES
(1,713 ) 6,928 (3,210 ) (1,890 )
115 (3,178 ) (3,261 ) (3,752 )
(10,191 ) EFFECTIVE TAX RATE 23.0 % 38.1 % 23.6 % 19.6 %
-0.9 % 28.7 % 30.3 % 25.5 % 27.9 %
NET INCOME (LOSS) $ 5,733
$ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $
7,906 $ 7,497 $ 10,947 $ 26,349
Weighted Average Common Shares Outstanding (Diluted) 17,193 17,108
17,258 17,378 17,297 17,378 17,434 17,423 17,412
EARNINGS
PER COMMON SHARE (Diluted) $ 0.33 $ (0.66 ) $ 0.60
$ 0.44 $ 0.73 $ 0.45 $ 0.43 $
0.63 $ 1.51 EBIT $ 8,000 $ (17,583 ) $ 14,343
$ 10,263 $ 15,024 $ 11,857 $ 11,990 $ 15,586 $ 39,434 Depreciation
3,228 3,115 3,166 3,566 13,075 3,575 3,921 3,770 11,265
Amortization of intangibles 979 964
1,122 1,236 4,301
1,418 778 1,097 3,293
EBITDA $ 12,207 $ (13,504 ) $ 18,631 $
15,065 $ 32,400 $ 16,850 $ 16,689 $
20,453 $ 53,992
EBITDA AS A PERCENT OF
SALES 8.3 % -8.0 % 10.5 % 7.8 %
4.7 % 8.3 % 8.7 % 9.7 % 8.9 %
CAPITAL EXPENDITURES $ 3,606 $ 4,580 $
3,213 $ 3,513 $ 14,913 $ 2,693 $ 4,770
$ 3,792 $ 11,256
* Adjusted
Operating Income & Margin excludes Leslie asbestos and
bankruptcy charges.
CIRCOR
INTERNATIONAL, INC. RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS (in thousands) UNAUDITED
2010
2011
1ST QTR 2ND QTR 3RD QTR
4TH QTR YTD 1ST QTR 2ND
QTR 3RD QTR YTD
FREE CASH FLOW [NET CASH FLOW FROM OPERATING
ACTIVITIES LESS CAPITAL EXPENDITURES]
$ (6,380 ) $ 12,587
$ (496 ) $
18,729 $ 24,439
$ 525 $ (77,244 )
$ (5,214 ) $
(81,933 ) ADD: Capital Expenditures 3,606
4,580 3,213 3,513
14,913 2,693 4,770
3,792 11,255 NET CASH PROVIDED BY (USED
IN) OPERATING ACTIVITIES $ (2,774 ) $ 17,167 $ 2,717
$ 22,242 $ 39,352 $ 3,218 $ (72,474 ) $ (1,422
) $ (70,678 )
NET DEBT (CASH) [TOTAL DEBT LESS CASH &
CASH EQUIVALENTS LESS INVESTMENTS]
$ (52,713 ) $ (55,976
) $ (26,225 ) $
(44,318 ) $ (44,318 )
$ (22,553 ) $
56,828 $ 64,145
$ 64,145 ADD: Cash & cash equivalents
37,812 60,857 68,526 45,752 45,752 53,491 48,302 39,254 39,254
Investments 22,412 94 97
101 101 98 107
98 98 TOTAL DEBT $ 7,511
$ 4,975 $ 42,398 $ 1,535 $ 1,535
$ 31,036 $ 105,237 $ 103,497 $ 103,497
DEBT AS % OF EQUITY
2 % 2 %
12 % 0 %
0 % 8 %
27 % 27 %
27 % TOTAL DEBT 7,511 4,975
42,398 1,535 1,535 31,036 105,237 103,497 103,497 TOTAL
SHAREHOLDERS' EQUITY 349,244 324,128 351,719 356,820 356,820
374,706 385,833 384,296 384,296
EBIT [NET
INCOME LESS INCOME TAXES LESS INTEREST EXPENSE, NET]
$ 8,000 $
(17,583 ) $ 14,343
$ 10,263 $ 15,023
$ 11,857 $ 11,990
$ 15,586 $
39,433 LESS: Interest expense, net (554 ) (586 ) (734
) (641 ) (2,515 ) (773 ) (1,232 ) (887 ) (2,892 ) (Provision)
benefit for income taxes (1,713 ) 6,928
(3,210 ) (1,890 ) 115 (3,178 )
(3,261 ) (3,752 ) (10,191 ) NET INCOME $ 5,733
$ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $
7,906 $ 7,497 $ 10,947 $ 26,349
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET,
LESS DEPRECIATION LESS AMORTIZATION LESS INCOME
TAXES]
$ 12,207 $
(13,504 ) $ 18,631
$ 15,065 $ 32,399
$ 16,850 $ 16,689
$ 20,453 $
53,992 LESS: Interest expense, net (554 ) (586 ) (734
) (641 ) (2,515 ) (773 ) (1,232 ) (887 ) (2,892 ) Depreciation
(3,228 ) (3,115 ) (3,166 ) (3,566 ) (13,075 ) (3,575 ) (3,921 )
(3,770 ) (11,266 ) Amortization (979 ) (964 ) (1,122 ) (1,236 )
(4,301 ) (1,418 ) (778 ) (1,097 ) (3,293 ) (Provision) benefit for
income taxes (1,713 ) 6,928 (3,210 )
(1,890 ) 115 (3,178 ) (3,261 )
(3,752 ) (10,191 ) NET INCOME $ 5,733 $
(11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906
$ 7,497 $ 10,947 $ 26,349
ADJUSTED INCOME [NET INCOME EXCLUDING LESLIE
ASBESTOS AND BANKRUPTCY CHARGES, NET OF TAX]
$ 5,312 $
7,549 $ 11,922
$ 9,144 $ 33,928
$ 8,557 $ 7,416
$ 10,816 $
26,788 LESS: Leslie asbestos and bankruptcy charges
(recoveries), net of tax (421 ) 18,790 1,523 1,412 21,304 651 (81 )
(131 ) 439 NET INCOME $ 5,733 $ (11,241 ) $ 10,399
$ 7,732 $ 12,624 $ 7,906 $ 7,497
$ 10,947 $ 26,349
ADJUSTED
WEIGHTED AVERAGE SHARES
N/A 17,109
N/A N/A
N/A N/A
N/A N/A
N/A Adjustment for anti-dilutive conversion of
shares 0 153 0 0 0 0 0 0 0
Weighted average common shares
outstanding (diluted) 17,193 17,262
17,258 17,378 17,297
17,378 17,434 17,423
17,412
ADJUSTED EARNINGS PER
SHARE [EPS EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY
CHARGES, NET OF TAX] $
0.31 $ 0.44
$ 0.69 $ 0.53
$ 1.97 $ 0.49
$ 0.43 $
0.62 $ 1.54 LESS: Leslie
asbestos and bankruptcy charges (recoveries), net of tax impact on
EPS (0.02 ) 1.10 0.09 0.08 1.24 0.04 (0.00 ) (0.01 ) 0.03
EARNINGS
PER COMMON SHARE (Diluted) $ 0.33 $ (0.66 ) $ 0.60 $
0.44 $ 0.73 $ 0.45 $ 0.43 $ 0.63
$ 1.51
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
UNAUDITED 4th QTR 2011 Low
High EXPECTED
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING SPECIAL,
IMPAIRMENT, AND LESLIE ASBESTOS AND BANKRUPTCY CHARGES, NET
OF TAX] $ 0.53 $ 0.63 LESS:
Expected special charges (recoveries), net of tax impact on EPS $ -
$ - Expected impairment charges, net of tax impact on EPS $ - $ -
Expected Leslie asbestos and bankruptcy charges, net of tax impact
on EPS $ - $ - EXPECTED EARNINGS PER
COMMON SHARE (Diluted) $ 0.53 $ 0.63
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