CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for the energy,
industrial and aerospace markets, today announced financial results
for the fourth quarter and fiscal year ended December 31, 2012.
“Our earnings this past quarter and year reflect our commitment
to drive improved operating results and margin expansion,” said
Wayne Robbins, CIRCOR’s Executive Vice President and Chief
Operating Officer, Acting President and Chief Executive Officer.
“Our fourth quarter adjusted EPS increased 17% and exceeded
expectations driven by solid execution, particularly in Energy and
Flow Technologies. We also generated strong free cash flow in the
quarter bringing the full year to $42 million.”
“We are on schedule with the repositioning actions in
California, Brazil and India that we announced last quarter, which
include consolidating facilities, shifting expenses to lower cost
regions and exiting certain non-strategic product lines,” said
Robbins. “These initiatives are positioning all three of our
segments to generate greater profitability and better focus on key
strategic markets. We continue to improve efficiency through our
focus on Lean principles and operational excellence and remain on
target to begin realizing annualized savings of approximately $7
million from our repositioning actions in the second half of
2013.”
“Looking forward, we anticipate improved top- and bottom-line
performance over 2012,” said Robbins. “We are aggressively
executing our strategy with a continued focus on margin expansion,
including evaluating further repositioning opportunities. We
believe that the markets we serve are attractive and provide
opportunities for profitable growth, both organically and through
acquisitions.”
“We are pleased with the Company's performance under Wayne's
leadership as interim CEO,” said CIRCOR Chairman David F. Dietz.
“The Board's previously announced search for a permanent CEO is on
track and progress has been made to identify the right leader for
the organization. We have a number of strong candidates under
consideration and expect to announce our decision in the second
quarter.”
Consolidated Results
Revenues for the fourth quarter of 2012 were $201.6 million, a
7% decrease from $217.1 million in the fourth quarter of 2011. Net
income for the fourth quarter of 2012 was $9.2 million, or $0.53
per diluted share, which includes special charges of $3.9 million
compared with net income of $10.3 million, or $0.59 per diluted
share, for the fourth quarter of 2011. Excluding the special
charges from both periods, adjusted earnings per diluted share was
$0.69 in the fourth quarter of 2012, a 17% increase compared to the
prior year’s fourth quarter results of $0.59.
Excluding the special charges in both periods, adjusted
operating income was $15.6 million for the fourth quarter of 2012
compared with $15.0 million in the fourth quarter of 2011, an
increase of 4%.
The Company received orders totaling $202.3 million during the
fourth quarter of 2012, an increase of 9% compared with the fourth
quarter of 2011. Backlog as of December 31, 2012 was $447.0
million, up 13% from backlog of $397.4 million at December 31,
2011.
Energy
Energy segment revenues decreased 12% to $96.6 million for the
fourth quarter of 2012 from $110.2 million for the fourth quarter
of 2011 as a result of lower volume in the short-cycle business and
timing of large international energy and pipeline project
shipments.
Incoming orders for the fourth quarter of 2012 were $95.6
million, an increase of 11% year-over-year as a result of higher
orders across the short-cycle, large international energy projects
and pipeline businesses. Ending backlog totaled $211.3 million, an
increase of 25% year-over-year, primarily as a result of higher
large international energy project orders.
For the fourth quarter of 2012, Energy segment adjusted
operating margin increased to 12.5% from 8.4% in the fourth quarter
of 2011, primarily driven by large international energy projects
and improved pricing and improved operating performance in Brazil.
Segment adjusted operating margin for the quarter excludes special
and repositioning inventory impairment charges of $0.7 million
related to the repositioning of the Company’s Brazil operations as
announced last quarter.
Flow Technologies
Flow Technologies segment revenues decreased 2% to $69.7 million
for the fourth quarter of 2012 from $70.9 million in the fourth
quarter of 2011.
Incoming orders for the Flow Technologies segment were $75.2
million for the fourth quarter of 2012, an increase of 17%
year-over-year, primarily due to strength across most end markets.
Ending backlog totaled $76.2 million, an increase of 9%
year-over-year.
Flow Technologies adjusted operating margin for the fourth
quarter of 2012 increased to 13.1% from 12.9% in the fourth quarter
of 2011, primarily due to volume, pricing and productivity, offset
by growth investments in the Company's power markets.
Aerospace
Aerospace segment revenues decreased 2% to $35.3 million for the
fourth quarter of 2012 from $36.0 million in the fourth quarter of
2011 with unfavorable foreign currency translation of 1%
contributing to the decrease.
Incoming orders for the fourth quarter of 2012 were $31.5
million, a decrease of 12% year-over-year primarily due to lower
orders for commercial and military landing gear as well as fluid
control products. Ending backlog totaled $159.5 million, an
increase of 1% year-over-year.
Aerospace segment adjusted operating margin for the fourth
quarter of 2012 decreased to 3.5% from 8.6% in the fourth quarter
of 2011, primarily due to production start-up and R&D
investments to support new large programs with new customers. These
important programs with global aerospace leaders all have very long
time horizons and the Company expects its success should lead to
further business opportunities with these customers. Segment
adjusted operating margin excludes special and repositioning
inventory charges of $0.3 million related to the repositioning of
certain operations and manufacturing activities within California
as announced last quarter.
Financial Outlook
For the first quarter of 2013 the Company expects revenues to be
in the range of $199 to $206 million. Compared with the prior year,
revenues are expected to be lower primarily due to softer
short-cycle energy volume in line with anticipated reduced rig
counts.
During the first quarter, the Company expects to incur pre-tax
repositioning related charges of between $3.0 and $3.7 million.
Excluding those charges, adjusted earnings are expected to be in
the range of $0.43 to $0.53 per diluted share. The Company expects
lower year-over-year profitability in the first quarter due
primarily to lower Energy volume and Aerospace margins.
Tax rate on adjusted earnings is expected to be approximately
36%, which is negatively impacted by repositioning charges in
Brazil. Excluding repositioning, the rate is anticipated to be
approximately 31%. This guidance assumes that exchange rates remain
at present levels.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, February 28, 2013, 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 first-quarter revenue and earnings guidance
and estimated total annualized pre-tax savings from repositioning
actions. 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 energy,
industrial and aerospace markets. With more than 7,500 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 STATEMENT OF
OPERATIONS
(in thousands, except per share
data)
UNAUDITED
Three Months Ended Twelve Months Ended
December 31,2012
December 31,2011
December 31,2012
December 31,2011
Net revenues $ 201,606 $ 217,110 $ 845,552 $ 822,349 Cost of
revenues 141,186 157,736 604,009 596,954
GROSS PROFIT 60,420 59,374 241,543 225,395 Selling, general
and administrative expenses 44,820 44,338 179,382 168,421 Leslie
asbestos and bankruptcy charges, net — — — 676 Impairment charges —
— 10,348 — Special charges 3,905 — 5,282 —
OPERATING INCOME 11,695 15,036 46,531
56,298 Other (income) expense: Interest income (8 ) (99 )
(269 ) (265 ) Interest expense 1,046 1,138 4,528 4,195 Other, net
(373 ) 342 513 2,172 TOTAL OTHER EXPENSE 665
1,381 4,772 6,102 INCOME BEFORE INCOME
TAXES 11,030 13,655 41,759 50,196 Provision for income taxes 1,821
3,370 10,960 13,562 NET INCOME $ 9,209
$ 10,285 $ 30,799 $ 36,634 Earnings per
common share: Basic $ 0.53 $ 0.60 $ 1.77 $ 2.12 Diluted $ 0.53 $
0.59 $ 1.76 $ 2.10 Weighted average number of common shares
outstanding: Basic 17,450 17,280 17,405 17,240 Diluted 17,499
17,435 17,452 17,417
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Twelve Months Ended
December 31,2012
December 31,2011
OPERATING ACTIVITIES Net income $ 30,799 $ 36,634
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: Depreciation 15,732 15,085 Amortization
3,596 4,351 Impairment charges 10,348 — Payment for Leslie
bankruptcy settlement (1,000 ) (76,625 ) Compensation expense of
share-based plans 4,374 3,807 Tax effect of share-based
compensation 642 (673 ) Deferred Income Taxes (832 ) 307 Loss
(gain) on property, plant and equipment 1,135 (69 ) Changes in
operating assets and liabilities, net of effects from business
acquisitions: Trade accounts receivable 7,063 (17,862 ) Inventories
6,592 (38,588 ) Prepaid expenses and other assets (2,422 ) (22,918
) Accounts payable, accrued expenses and other liabilities (15,504
) 47,718 Net cash provided by (used in) operating activities
60,523 (48,833 )
INVESTING ACTIVITIES Additions to
property, plant and equipment (18,170 ) (17,901 ) Proceeds from the
sale of property, plant and equipment 541 117 Business
acquisitions, net of cash acquired — (20,221 ) Net cash used
in investing activities (17,629 ) (38,005 )
FINANCING
ACTIVITIES Proceeds from long-term debt 186,409 279,346
Payments of long-term debt (220,918 ) (178,905 ) Debt issuance
costs — (2,001 ) Dividends paid (2,663 ) (2,650 ) Proceeds from the
exercise of stock options 406 589 Tax effect of share-based
compensation (642 ) 673 Net cash (used in) provided by
financing activities (37,408 ) 97,052 Effect of exchange
rate changes on cash and cash equivalents 1,397 (1,111 )
INCREASE IN CASH AND CASH EQUIVALENTS 6,883 9,103 Cash and cash
equivalents at beginning of period 54,855 45,752 CASH
AND CASH EQUIVALENTS AT END OF PERIOD $ 61,738 $ 54,855
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
data)
UNAUDITED
December 31,2012
December 31,2011
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 61,738 $ 54,855
Short-term investments 101 99 Trade accounts receivable, less
allowance for doubtful accounts of $1,706 and $1,127, respectively
150,825 156,075 Inventories, net 198,005 203,777 Prepaid expenses
and other current assets 16,510 12,376 Deferred income tax asset
15,505 16,320 Assets held for sale 542 542 Total
Current Assets 443,226 444,044 PROPERTY, PLANT AND
EQUIPMENT, NET 105,903 104,434 OTHER ASSETS: Goodwill 77,428 77,829
Intangibles, net 45,157 58,442 Deferred income tax asset 30,064
27,949 Other assets 8,203 9,825 TOTAL ASSETS $
709,981 $ 722,523 LIABILITIES AND SHAREHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 80,361 $ 92,493
Accrued expenses and other current liabilities 67,235 63,386
Accrued compensation and benefits 26,540 24,328 Asbestos liability
— 1,000 Income taxes payable 393 5,553 Notes payable and current
portion of long-term debt 7,755 8,796 Total Current
Liabilities 182,284 195,556 LONG-TERM DEBT, NET OF
CURRENT PORTION 62,729 96,327 DEFERRED INCOME TAXES 10,744 11,284
OTHER NON-CURRENT LIABILITIES 35,977 35,271 CONTINGENCIES AND
COMMITMENTS SHAREHOLDERS’ EQUITY: Preferred stock, $0.01 par value;
1,000,000 shares authorized; no shares issued and outstanding — —
Common stock, $0.01 par value; 29,000,000 shares authorized;
17,445,687 and 17,268,212 shares issued and outstanding at December
31, 2012 and December 31, 2011, respectively 174 173 Additional
paid-in capital 262,744 258,209 Retained earnings 158,509 130,373
Accumulated other comprehensive loss, net of taxes (3,180 ) (4,670
) Total Shareholders’ Equity 418,247 384,085 TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 709,981 $ 722,523
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Twelve Months Ended
December 31,2012
December 31,2011
December 31,2012
December 31,2011
ORDERS (1) Energy $ 95.6 $ 86.2 $ 477.6 $ 396.8 Aerospace
31.5 35.9 143.1 165.0 Flow Technologies 75.2 64.1
283.0 286.7 Total orders $ 202.3 $ 186.2 $
903.7 $ 848.5
BACKLOG (2)
December 31,2012
December 31,2011
Energy $ 211.3 $ 169.3 Aerospace 159.5 158.3 Flow Technologies 76.2
69.8 Total backlog $ 447.0 $ 397.4
Note 1: Orders do not include the foreign
exchange impact due to the re-measurement of customer orderbacklog
amounts denominated in foreign currencies.
Note 2: Backlog includes all unshipped customer orders.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per
share)
UNAUDITED
2011 2012 1ST QTR 2ND
QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR 3RD
QTR 4TH QTR TOTAL NET
REVENUES Energy $ 99,170 $ 81,994 $ 103,300 $ 110,228 $ 394,692
$ 109,264 $ 113,527 $ 109,968 $ 96,582 $ 429,341 Aerospace 32,110
36,029 32,681 36,017 136,837 38,085 35,896 31,795 35,316 141,092
Flow Technologies 72,090 73,885 73,980 70,865
290,820 66,931 70,439 68,041
69,707 275,118 Total 203,370 191,908
209,961 217,110 822,349 214,280 219,862
209,804 201,606 845,552
* ADJUSTED
OPERATING MARGIN Energy 6.4 % 5.3 % 7.2 % 8.4 % 7.0 % 8.2 %
11.1 % 14.0 % 12.5 % 11.4 % Aerospace 11.6 % 11.2 % 5.6 % 8.6 % 9.3
% 10.8 % 8.8 % 4.2 % 3.5 % 7.0 % Flow Technologies 13.7 % 12.4 %
13.6 % 12.9 % 13.1 % 11.3 % 12.8 % 13.1 % 13.1 % 12.6 % Segment
operating margin 9.8 % 9.1 % 9.2 % 9.9 % 9.5 % 9.6 % 11.3 % 12.2 %
11.1 % 11.1 % Corporate expenses (3.0 )% (2.7 )% (1.7 )% (3.0 )%
(2.6 )% (3.2 )% (2.9 )% (3.4 )% (3.4 )% (3.2 )% * Adjusted
operating margin 6.8 % 6.5 % 7.5 % 6.9 % 6.9 % 6.4 % 8.4 % 8.8 %
7.8 % 7.8 % Leslie asbestos and bankruptcy charges (recoveries) 0.5
% (0.1 )% (0.1 )% 0.0 % 0.1 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Repositioning inventory charges 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
0.0 % 2.0 % 0.0 % 0.5 % Impairment charges 0.0 % 0.0 % 0.0 % 0.0 %
0.0 % 0.0 % 0.0 % 4.9 % 0.0 % 1.2 % Special charges 0.0 % 0.0 % 0.0
% 0.0 % 0.0 % 0.0 % 0.0 % 0.7 % 1.9 % 0.6 % Total operating margin
6.3 % 6.5 % 7.6 % 6.9 % 6.8 % 6.4 % 8.4 % 1.3 % 5.8 % 5.5 %
* ADJUSTED OPERATING INCOME Energy 6,393 4,373 7,441 9,225
27,432 8,928 12,580 15,432 12,100 49,040 Aerospace 3,727 4,021
1,846 3,081 12,675 4,124 3,153 1,324 1,234 9,835 Flow Technologies
9,854 9,133 10,037 9,171 38,195
7,587 9,043 8,919 9,105 34,654
Segment operating income 19,974 17,527 19,324 21,477 78,302
20,639 24,776 25,675 22,439 93,529 Corporate expenses (6,201 )
(5,100 ) (3,585 ) (6,441 ) (21,327 ) (6,939 ) (6,297 ) (7,170 )
(6,802 ) (27,207 ) * Adjusted operating income 13,773 12,427
15,739 15,036 56,975 13,700 18,479 18,505 15,637 66,322 Leslie
asbestos and bankruptcy charges (recoveries) 1,001 (124 ) (201 ) —
676 — — — — — Repositioning inventory charges — — — — — — — 4,124
37 4,161 Impairment charges — — — — — — — 10,348 — 10,348 Special
charges — — — — — — —
1,377 3,905 5,282 Total
operating income 12,772 12,551 15,940 15,036
56,299 13,700 18,479 2,656
11,695 46,531 INTEREST EXPENSE, NET (773 ) (1,232 )
(887 ) (1,039 ) (3,930 ) (1,081 ) (1,017 ) (1,122 ) (1,038 ) (4,258
) OTHER EXPENSE, NET (915 ) (560 ) (354 ) (342 ) (2,171 ) (138 )
(184 ) (564 ) 373 (514 ) PRETAX INCOME 11,084 10,759
14,699 13,655 50,197 12,481 17,278 970 11,030 41,759 (PROVISION)
BENEFIT FOR INCOME TAXES (3,178 ) (3,261 ) (3,752 ) (3,370 )
(13,562 ) (3,896 ) (6,142 ) 899 (1,822 ) (10,960 ) EFFECTIVE
TAX RATE 28.7 % 30.3 % 25.5 % 24.7 % 27.0 % 31.2 % 35.5 % (92.8 )%
16.5 % 26.2 %
NET INCOME $ 7,906 $ 7,497 $
10,947 $ 10,285 $ 36,635 $ 8,585 $
11,136 $ 1,869 $ 9,208 $ 30,799
Weighted Average Common Shares Outstanding (Diluted) 17,378 17,434
17,423 17,435 17,417 17,390 17,451 17,467 17,499 17,452
EARNINGS
PER COMMON SHARE (Diluted) $ 0.45 $ 0.43 $ 0.63
$ 0.59 $ 2.10 $ 0.49 $ 0.64 $
0.11 $ 0.53 $ 1.76
ADJUSTED EBITDA $
17,851 $ 16,564 $ 20,252 $ 19,572 $
74,239 $ 18,534 $ 23,043 $ 22,809 $
16,808 $ 81,194
ADJUSTED EBITDA AS A % OF
SALES 8.8 % 8.6 % 9.6 % 9.0 % 9.0 % 8.6 % 10.5 % 10.9 % 8.3 %
9.6 %
CAPITAL EXPENDITURES $ 2,693 $ 4,770 $
3,792 $ 6,647 $ 17,902 $ 4,122 $ 6,661
$ 3,314 $ 4,073 $ 18,170
*
Adjusted Operating Income & Margin exclude Leslie asbestos and
bankruptcy, inventory repositioning, impairment and special
charges. CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except earnings per
share)
UNAUDITED
2011 2012 1ST QTR 2ND
QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR 3RD
QTR 4TH QTR TOTAL FREE CASH FLOW
[NET CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL
EXPENDITURES] $ 525 $ (77,244
) $ (5,214 ) $ 15,199
$ (66,734 ) $ (7,089 )
$ 5,077 $ 18,746 $ 25,619
$ 42,353 ADD: Capital Expenditures 2,693 4,770
3,792 6,647 17,902 4,122 6,661
3,314 4,073 18,170 NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES $ 3,218 $ (72,474 ) $ (1,422
) $ 21,846 $ (48,832 ) $ (2,967 ) $ 11,738 $ 22,060
$ 29,692 $ 60,523
NET DEBT (CASH) [TOTAL
DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS]
$ (22,554 ) $ 56,828 $
64,145 $ 50,169 $ 50,169
$ 57,263 $ 54,376 $
34,706 $ 8,645 $ 8,645 ADD: Cash
& Cash Equivalents 53,491 48,302 39,254 54,855 54,855 41,291
41,414 48,976 61,738 61,738 Investments 99 107 98
99 99 101 98 102 101
101 TOTAL DEBT $ 31,036 $ 105,237 $
103,497 $ 105,123 $ 105,123 $ 98,655 $
95,888 $ 83,784 $ 70,484 $ 70,484
DEBT AS % OF EQUITY 8 % 27 %
27 % 27 % 27 % 25
% 24 % 20 % 17 %
17 % TOTAL DEBT 31,036 105,237 103,497
105,123 105,123 98,655 95,888
83,784 70,484 70,484 TOTAL SHAREHOLDERS'
EQUITY 374,706 385,833 384,296 384,085
384,085 399,018 397,957 409,016 418,247
418,247
EBIT [NET INCOME LESS INCOME TAXES LESS
INTEREST EXPENSE, NET] $ 11,857 $
11,989 $ 15,586 $ 14,694
$ 54,126 $ 13,562 $
18,295 $ 2,092 $ 12,068 $
46,017 LESS: Interest expense, net (773 ) (1,232 ) (887 )
(1,039 ) (3,930 ) (1,081 ) (1,017 ) (1,122 ) (1,038 ) (4,258 )
(Provision) benefit for income taxes (3,178 ) (3,261 ) (3,752 )
(3,370 ) (13,562 ) (3,896 ) (6,142 ) 899 (1,822 ) (10,960 )
NET INCOME $ 7,906 $ 7,496 $ 10,947 $ 10,285
$ 36,634 $ 8,585 $ 11,136 $ 1,869
$ 9,208 $ 30,799
ADJUSTED OPERATING
INCOME [OPERATING INCOME EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY,
INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES]
$ 13,773 $ 12,426 $
15,739 $ 15,036 $ 56,974
$ 13,700 $ 18,479 $
18,505 $ 15,600 $ 66,322 LESS:
Leslie asbestos and bankruptcy charges (recoveries) 1,001 (124 )
(201 ) — 676 — — — — — Inventory repositioning charges — — — — — —
— 4,124 37 4,161 Impairment charges — — — — — — — 10,348 — 10,348
Special charges — — — — — —
— 1,377 3,905 5,282 OPERATING
INCOME $ 12,772 $ 12,550 $ 15,940 $ 15,036
$ 56,298 $ 13,700 $ 18,479 $ 2,656
$ 11,695 $ 46,531
ADJUSTED EARNINGS PER
SHARE [EPS EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY, INVENTORY
REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX]
$ 0.49 $ 0.43 $ 0.62
$ 0.59 $ 2.13 $ 0.49
$ 0.64 $ 0.77 $ 0.69
$ 2.59 LESS: Leslie asbestos and bankruptcy charges
(recoveries), net of tax $ 0.04 $ — $ (0.01 ) $ — $ 0.03 $ — $ — $
— $ — $ — Inventory repositioning charges, net of tax $ — $ — $ — $
— $ — $ — $ — $ 0.17 $ 0.00 $ 0.17 Impairment charges, net of tax $
— $ — $ — $ — $ — $ — $ — $ 0.43 $ — $ 0.43 Special charges, net of
tax $ — $ — $ — $ — $ — $ —
$ — $ 0.06 $ 0.16 $ 0.22
EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.43 $
0.63 $ 0.59 $ 2.10 $ 0.49 $ 0.64
$ 0.11 $ 0.53 $ 1.76
EBITDA [NET
INCOME LESS NET INTEREST EXPENSE, DEPRECIATION, AMORTIZATION AND
INCOME TAXES] $ 16,850 $ 16,688
$ 20,453 $ 19,572 $
73,562 $ 18,534 $ 23,043
$ 2,092 $ 12,068 $ 65,345
LESS: Interest expense, net (773 ) (1,232 ) (887 ) (1,039 ) (3,930
) (1,081 ) (1,017 ) (1,122 ) (1,038 ) (4,258 ) Depreciation (3,575
) (3,921 ) (3,770 ) (3,820 ) (15,085 ) (4,008 ) (3,825 ) (3,932 )
(3,967 ) (15,732 ) Amortization (1,418 ) (778 ) (1,097 ) (1,058 )
(4,351 ) (964 ) (923 ) (936 ) (773 ) (3,596 ) (Provision) benefit
for income taxes (3,178 ) (3,261 ) (3,752 ) (3,370 ) (13,562 )
(3,896 ) (6,142 ) 899 (1,822 ) (10,960 ) NET INCOME $ 7,906
$ 7,496 $ 10,947 $ 10,285
$ 36,634 $ 8,585 $ 11,136
$ 1,869 $ 9,208 $ 30,799
ADJUSTED
EBIDTA [NET INCOME EXCLUDING LESLIE ASBESTOS AND BANKRUPTCY,
INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET
INTEREST EXPENSE, DEPRECIATION, AMORTIZATION AND INCOME TAXES]
$ 17,851 $ 16,564 $
20,252 $ 19,572 $ 74,238
$ 18,534 $ 23,043 $
22,809 $ 20,750 $ 85,136 Leslie
asbestos and bankruptcy charges (recoveries) $ (1,001 ) $ 124 $ 201
$ — $ (676 ) $ — $ — $ — $ — $ — Inventory repositioning charges $
— $ — $ — $ — $ — $ — $ — $ (4,124 ) $ (37 ) $ (4,161 ) Impairment
charges $ — $ — $ — $ — $ — $ — $ — $ (10,348 ) $ — $ (10,348 )
Special charges $ — $ — $ — $ — $ — $ — $ — $ (1,377 ) $ (3,905 ) $
(5,282 ) Interest expense, net $ (773 ) $ (1,232 ) $ (887 ) $
(1,039 ) $ (3,930 ) $ (1,081 ) $ (1,017 ) $ (1,122 ) $ (1,038 ) $
(4,258 ) Depreciation $ (3,575 ) $ (3,921 ) $ (3,770 ) $ (3,820 ) $
(15,085 ) $ (4,008 ) $ (3,825 ) $ (3,932 ) $ (3,967 ) $ (15,732 )
Amortization $ (1,418 ) $ (778 ) $ (1,097 ) $ (1,058 ) $ (4,351 ) $
(964 ) $ (923 ) $ (936 ) $ (773 ) $ (3,596 ) (Provision) benefit
for income taxes $ (3,178 ) $ (3,261 ) $ (3,752 ) $ (3,370 ) $
(13,562 ) $ (3,896 ) $ (6,142 ) $ 899 $ (1,822 ) $ (10,960 )
NET INCOME $ 7,906 $ 7,496 $ 10,947 $ 10,285
$ 36,634 $ 8,585 $ 11,136 $ 1,869
$ 9,208 $ 30,799
CIRCOR
INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE
MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
UNAUDITED
1st Quarter 2013
Low
High
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF
TAX]
$
0.43
$
0.53
LESS: REPOSITIONING RELATED CHARGES
[INVENTORY REPOSITIONING, IMPAIRMENT AND SPECIAL CHARGES, NET OF
TAX]
$
(0.15
)
$
(0.12
)
EXPECTED EARNINGS PER COMMON SHARE
(Diluted)
$
0.28
$
0.41
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