CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for markets including
oil & gas, power generation and aerospace, today announced
financial results for the quarter ended September 29, 2013.
Third Quarter 2013 Highlights
- Adjusted operating margin increased 230
basis points to 11.1%
- Adjusted EPS grew 22% to $0.93
- Revenue growth was 2%
- Free Cash Flow was $30 million; YTD
free cash flow at 105% of net income
- Flow Technologies segment reported
record bookings, up 22% year-over-year
- Restructuring initiatives to simplify
CIRCOR on schedule
- Announcing next step of the CIRCOR
simplification process
Management Comments
“Q3 was a strong quarter resulting from our ongoing focus on
growth, margin expansion, and cash generation,” said Scott
Buckhout, CIRCOR’s President and Chief Executive Officer. “We
delivered another quarter of double-digit adjusted operating
margin, up 230 basis points from last year. On the growth side,
Flow Technologies had a record quarter on orders as we benefited
from robust downstream oil & gas activity and penetration into
new markets and applications.
“Free cash flow was strong in the quarter as a result of
improved margins and working capital performance. Year-to-date free
cash flow exceeded net income.
“The restructuring actions we announced last quarter are on
schedule and expected to deliver the projected annual savings of
approximately $4 million beginning in 2014.
“In addition, we recently updated our 5-year strategic plan.
Based on that work we are changing our organizational structure to
simplify the way we manage CIRCOR and, over time, better align our
businesses with end markets. As part of the organizational change,
we will consolidate our group structure from three groups to two.
Initially, these changes are focused on reducing management layers
and combining back-office operations. Our commercial organization
will remain unchanged. We expect to complete this reorganization in
the fourth quarter of 2013 and anticipate a reduction in our annual
expenses of approximately $5.0 million.
“Finally, we intend to move to two reporting segments during the
fourth quarter consistent with the new management structure at
CIRCOR. The first segment will be ‘Energy,’ which will include all
of the businesses from the existing Energy segment and a majority
of the current ‘Flow Technologies’ businesses. The primary markets
served in the new Energy segment are oil & gas: upstream,
midstream and downstream; as well as the global power market. The
second segment will be ‘Aerospace and Defense,’ which will include
all of the current Aerospace segment businesses plus a few
primarily defense-oriented businesses currently in the Flow
Technologies segment.
“In conjunction with these changes, Wayne Robbins will
transition from his role as Executive Vice President & COO to
Executive Vice President and Group President of the new CIRCOR
Energy group. Michael Dill, the current Group Vice President of
CIRCOR Aerospace, shall continue as Group Vice President of CIRCOR
Aerospace and Defense,” concluded Buckhout.
Consolidated Results
Revenues for the third quarter of 2013 increased 2% to $214.7
million, from $209.8 million in the third quarter of 2012. Adjusted
earnings per diluted share in the third quarter of 2013, excluding
the impact of the special charges, was $0.93, a 22% increase
compared with $0.76 in the prior year’s third-quarter. Net income
for the third quarter of 2013, including the impact of special
charges/(recoveries) of ($0.2) million, was $17.7 million, or $1.00
per diluted share, compared with net income of $1.9 million, or
$0.11 per diluted share, for the third quarter of 2012, which
included special and impairment charges of $11.7 million.
The Company received orders totaling $223.3 million during the
third quarter of 2013, a decrease of 1% compared with the third
quarter of 2012, due primarily to lower Energy orders in the
international project business, which were mostly offset by strong
Flow Technologies and Aerospace orders. Backlog as of September 29,
2013 increased 1% to $446.9 million from September 30, 2012.
During the third quarter of 2013, the Company generated $29.6
million of free cash flow, up $10.8 million from the same period in
2012. Free cash flow for the first nine months of 2013 was $40.2
million, up $23.4 million from the same period in 2012.
Fourth-Quarter Guidance
For the fourth quarter of 2013, the Company expects revenues to
be in the range of $222 to $228 million. In addition, CIRCOR
expects restructuring related-charges of approximately $5.3 to $6.0
million. Excluding these charges, adjusted earnings are expected to
be in the range of $0.88 to $0.95 per diluted share in the fourth
quarter of 2013.
Segment Results
Energy
Energy segment revenues decreased 1% to $108.5 million for the
third quarter versus the same period in 2012.
The Energy segment’s adjusted operating margin increased 310
basis points to 17.1% year over year.
Incoming orders for the third quarter of 2013 were $101.0
million, a decrease of 14% year over year, mostly as a result of
lower large international project bookings. CIRCOR continues to see
high levels of quoting activity on new projects; however some
projects are delayed. Ending backlog totaled $208.5 million, a
decrease of 1% year over year.
Flow Technologies
Flow Technologies segment revenues increased 3% to $69.8 million
for the third quarter of 2013.
Flow Technologies adjusted operating margin for the third
quarter of 2013 increased 50 basis points to 13.6%.
Incoming orders for the Flow Technologies segment were $78.5
million for the third quarter of 2013, an increase of 22% year over
year. Ending backlog totaled $77.4 million, an increase of 9%
compared with the same period last year.
Aerospace
Aerospace segment revenues increased 15% to $36.5 million for
the third quarter of 2013.
Aerospace segment adjusted operating margin for the third
quarter of 2013 increased 710 basis points to 11.3% from 4.2% in
the third quarter of 2012.
Incoming orders for the third quarter of 2013 were $43.8
million, an increase of 2% year over year. Ending backlog totaled
$161.0 million, a decrease of 1% year over year.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, October 31, 2013, at 10:00 a.m. ET. To
listen to the conference call and view the accompanying
presentation slides, visit “Webcasts & Presentations” in the
“Investors” portion of the CIRCOR website. The call also can be
accessed by dialing (877) 407-5790 or (201) 689-8328. 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. Free cash flow is defined as net
cash from operating activities less capital expenditures. 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
and estimated total annualized pre-tax savings from restructuring
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 markets including
energy, oil & gas, power generation and aerospace. 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 Nine Months
Ended
September 29,2013
September 30,2012
September 29,2013
September 30,2012
Net revenues $ 214,731 $ 209,804 $ 643,773 $ 643,946 Cost of
revenues 144,593 151,109 443,679 462,823
GROSS PROFIT 70,138 58,695 200,094 181,123 Selling, general
and administrative expenses 46,392 44,314 139,561 134,562
Impairment charges — 10,348 — 10,348 Special charges / (recoveries)
(190 ) 1,377 3,441 1,377 OPERATING INCOME
23,936 2,656 57,092 34,836 Other
(income) expense: Interest income (67 ) (101 ) (189 ) (262 )
Interest expense 812 1,223 2,559 3,482 Other expense, net 568
564 1,807 887 TOTAL OTHER EXPENSE 1,313
1,686 4,177 4,107 INCOME BEFORE INCOME
TAXES 22,623 970 52,915 30,729 Provision (benefit) for income taxes
4,903 (899 ) 14,619 9,138 NET INCOME $ 17,720
$ 1,869 $ 38,296 $ 21,591 Earnings per
common share: Basic $ 1.01 $ 0.11 $ 2.18 $ 1.24 Diluted $ 1.00 $
0.11 $ 2.18 $ 1.24 Weighted average number of common shares
outstanding: Basic 17,582 17,433 17,553 17,391 Diluted 17,667
17,467 17,602 17,436
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Nine Months Ended
September 29,2013
September 30,2012
OPERATING ACTIVITIES Net income $ 38,296 $ 21,591
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 11,943 11,765 Amortization 2,273
2,823 Payment for Leslie bankruptcy settlement — (1,000 )
Impairment charges — 10,348 Compensation expense of share-based
plans 3,343 3,409 Tax effect of share-based compensation (536 ) 573
(Gain) loss on property, plant and equipment (70 ) 1,148 Gain on
return of acquisition purchase price (3,400 ) — Changes in
operating assets and liabilities, net of effects from business
acquisitions: Trade accounts receivable 493 (123 ) Inventories (33
) 8,586 Prepaid expenses and other assets 193 (2,110 ) Accounts
payable, accrued expenses and other liabilities 1,259
(26,178 ) Net cash provided by operating activities 53,761
30,832
INVESTING ACTIVITIES Additions to property,
plant and equipment (13,579 ) (14,097 ) Proceeds from the sale of
property, plant and equipment 348 200 Business acquisitions, return
of purchase price 3,400 — Net cash used in investing
activities (9,831 ) (13,897 )
FINANCING ACTIVITIES Proceeds
from long-term debt 104,626 170,795 Payments of long-term debt
(124,351 ) (192,040 ) Dividends paid (2,011 ) (1,997 ) Proceeds
from the exercise of stock options 1,843 348 Tax effect of
share-based compensation 536 (573 ) Net cash used in
financing activities (19,357 ) (23,467 ) Effect of exchange rate
changes on cash and cash equivalents (27 ) 653 INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS 24,547 (5,879 ) Cash and
cash equivalents at beginning of period 61,738 54,855
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 86,285 $ 48,976
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
data)
(UNAUDITED)
September 29,2013
December 31,2012
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 86,285 $ 61,738
Short-term investments 98 101 Trade accounts receivable, less
allowance for doubtful accounts 151,528 150,825 Inventories 198,454
198,005 Prepaid expenses and other current assets 18,185 16,510
Deferred income tax asset 15,601 15,505 Assets held for sale 480
542 Total Current Assets 470,631 443,226
PROPERTY, PLANT AND EQUIPMENT, NET 107,415 105,903 OTHER
ASSETS: Goodwill 76,066 77,428 Intangibles, net 42,728 45,157
Deferred income tax asset 22,600 30,064 Other assets 5,923
8,203 TOTAL ASSETS $ 725,363 $ 709,981
LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts
payable $ 78,112 $ 80,361 Accrued expenses and other current
liabilities 59,674 67,235 Accrued compensation and benefits 30,575
26,540 Income taxes payable 2,610 393 Notes payable and current
portion of long-term debt 6,667 7,755 Total Current
Liabilities 177,638 182,284 LONG-TERM DEBT, NET OF
CURRENT PORTION 43,250 62,729 DEFERRED INCOME TAXES 10,037 10,744
OTHER NON-CURRENT LIABILITIES 35,380 35,977 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;
17,590,312 and 17,445,687 shares issued and outstanding at
September 29, 2013 and December 31, 2012, respectively 176 174
Additional paid-in capital 267,562 262,744 Retained earnings
194,797 158,509 Accumulated other comprehensive loss, net of taxes
(3,477 ) (3,180 ) Total Shareholders’ Equity 459,058 418,247
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 725,363
$ 709,981
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Nine Months
Ended
September 29,2013
September 30,2012
September 29,2013
September 30,2012
ORDERS (1) Energy $ 101.0 $ 118.1 $ 318.4 $ 382.0 Aerospace
43.8 42.9 112.9 111.6 Flow Technologies 78.5 64.5
218.9 207.8 Total orders $ 223.3 $ 225.5 $
650.2 $ 701.4
BACKLOG (2)
September 29,2013
September 30,2012
Energy $ 208.5 $ 210.4 Aerospace 161.0 162.7 Flow Technologies 77.4
71.2 Total backlog $ 446.9 $ 444.3
Note 1: Orders do not include the foreign exchange impact
due to the re-measurement of customer order backlog 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
2012 2013 1ST QTR
2ND QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR 3RD
QTR TOTAL NET REVENUES Energy $ 109,264 $
113,527 $ 109,968 $ 96,582 $ 429,341 $ 96,722 $ 110,832 $ 108,473 $
316,027 Aerospace 38,085 35,896 31,795 35,316 141,092 37,326 38,177
36,483 111,986 Flow Technologies 66,931 70,439 68,041
69,707 275,119 71,350 74,635
69,775 215,760 Total 214,280 219,862
209,804 201,605 845,552 205,398 223,644
214,731 643,773
* ADJUSTED OPERATING
MARGIN Energy 8.2 % 11.1 % 14.0 % 12.5 % 11.4 % 11.1 % 13.8 %
17.1 % 14.1 % Aerospace 10.8 % 8.8 % 4.2 % 3.5 % 7.0 % 3.5 % 8.6 %
11.3 % 7.8 % Flow Technologies 11.3 % 12.8 % 13.1 % 13.1 % 12.6 %
12.7 % 14.8 % 13.6 % 13.7 % Segment operating margin 9.6 % 11.3 %
12.2 % 11.1 % 11.1 % 10.3 % 13.2 % 15.0 % 12.9 % Corporate expenses
(3.2 )% (2.9 )% (3.4 )% (3.4 )% (3.2 )% (3.2 )% (3.3 )% (3.9 )%
(3.5 )% * Adjusted operating margin 6.4 % 8.4 % 8.8 % 7.8 % 7.8 %
7.1 % 10.0 % 11.1 % 9.4 % Restructuring inventory charges 0.0 % 0.0
% 2.0 % 0.0 % 0.5 % 0.1 % (0.1 )% 0.0 % 0.0 % Impairment charges
0.0 % 0.0 % 4.9 % 0.0 % 1.2 % 0.0 % 0.0 % 0.0 % 0.0 % Special
(Recoveries) 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % (1.5 )% (0.5
)% Special charges 0.0 % 0.0 % 0.7 % 1.9 % 0.6 % 0.7 % 1.0 % 1.4 %
1.0 % Total operating margin 6.4 % 8.4 % 1.3 % 5.8 % 5.5 % 6.3 %
9.1 % 11.1 % 8.9 %
2012 2013 1ST QTR 2ND
QTR 3RD QTR 4TH QTR TOTAL 1ST QTR
2ND QTR 3RD QTR TOTAL * ADJUSTED OPERATING
INCOME Energy 8,928 12,580 15,432 12,100 49,040 10,751 15,271
18,558 44,580 Aerospace 4,124 3,153 1,324 1,234 9,835 1,320 3,271
4,138 8,729 Flow Technologies 7,587 9,043 8,919
9,105 34,654 9,044 11,065 9,470
29,579 Segment operating income 20,639 24,776 25,675
22,439 93,529 21,115 29,607 32,166 82,888 Corporate expenses (6,939
) (6,297 ) (7,170 ) (6,802 ) (27,207 ) (6,588 ) (7,339 ) (8,420 )
(22,346 ) * Adjusted operating income 13,700 18,479 18,505 15,637
66,322 14,528 22,268 23,746 60,542 Restructuring inventory charges
— — 4,124 37 4,161 250 (242 ) — 8 Impairment charges — — 10,348 —
10,348 — — — — Special (Recoveries) — — — — — — — (3,151 ) (3,151 )
Special charges / (recoveries) — — 1,377 3,905
5,282 1,378 2,254 2,961 6,592
Total operating income 13,700 18,479 2,656
11,695 46,531 12,900 20,256
23,936 57,093 INTEREST EXPENSE, NET (1,081 ) (1,017 )
(1,122 ) (1,038 ) (4,258 ) (787 ) (838 ) (745 ) (2,370 ) OTHER
EXPENSE, NET (138 ) (184 ) (564 ) 373 (514 ) (612 ) (626 )
(568 ) (1,807 ) PRETAX INCOME 12,481 17,278 970 11,030 41,759
11,501 18,792 22,623 52,915 (PROVISION) BENEFIT FOR INCOME TAXES
(3,896 ) (6,142 ) 899 (1,822 ) (10,960 ) (3,592 ) (6,124 )
(4,903 ) (14,618 ) EFFECTIVE TAX RATE 31.2 % 35.5 % (92.8 )% 16.5 %
26.2 % 31.2 % 32.6 % 21.7 % 27.6 %
NET INCOME $ 8,585
$ 11,136 $ 1,869 $ 9,208 $ 30,799 $
7,908 $ 12,668 $ 17,720 $ 38,296
Weighted Average Common Shares Outstanding (Diluted) 17,390 17,451
17,467 17,499 17,452 17,529 17,607 17,667 17,602
EARNINGS PER
COMMON SHARE (Diluted) $ 0.49 $ 0.64 $ 0.11
$ 0.53 $ 1.76 $ 0.45 $ 0.72 $
1.00 $ 2.17
ADJUSTED EBITDA $ 18,534 $
23,043 $ 22,809 $ 16,808 $ 81,194 $
18,682 $ 26,419 $ 27,850 $ 72,949
ADJUSTED EBITDA AS A % OF SALES 8.6 % 10.5 % 10.9 % 8.3 %
9.6 % 9.1 % 11.8 % 13.0 % 11.3 %
CAPITAL EXPENDITURES $
4,122 $ 6,661 $ 3,314 $ 4,073 $ 18,170
$ 4,707 $ 4,100 $ 4,772 $ 13,579
* Adjusted Operating Income & Margin exclude
inventory restructuring, 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
2012 2013 1ST
QTR 2ND QTR 3RD QTR 4TH
QTR TOTAL 1ST QTR 2ND QTR
3RD QTR TOTAL FREE CASH FLOW [NET
CASH FLOW FROM OPERATING ACTIVITIES LESS CAPITAL EXPENDITURES]
$ (7,089 ) $ 5,077 $
18,746 $ 25,619 $ 42,353
$ 1,100 $ 9,525 $ 29,557
$ 40,182 ADD: Capital Expenditures 4,122
6,661 3,314 4,073
18,170 4,707 4,100
4,772 13,579 NET CASH (USED IN) PROVIDED BY
OPERATING ACTIVITIES $ (2,967 ) $ 11,738 $ 22,060 $
29,692 $ 60,523 $ 5,807 $ 13,625 $
34,329 $ 53,761
NET DEBT / (CASH) [TOTAL DEBT LESS
CASH & CASH EQUIVALENTS LESS INVESTMENTS] $
57,263 $ 54,376 $ 34,706
$ 8,645 $ 8,645 $ 8,814
$ (1,376 ) $ (36,466 )
$ (36,466 ) ADD: Cash & Cash Equivalents
41,291 41,414 48,976 61,738 61,738 57,633 60,831 86,285 86,285
Investments 101 98 102
101 101 99 96
98 98 TOTAL DEBT $ 98,655
$ 95,888 $ 83,784 $ 70,484 $ 70,484 $
66,546 $ 59,551 $ 49,917 $ 49,917
DEBT AS % OF EQUITY 25 % 24 %
20 % 17 % 17 % 16
% 14 % 11 % 11 %
TOTAL DEBT 98,655 95,888 83,784
70,484 70,484 66,546
59,551 49,917 49,917
TOTAL SHAREHOLDERS' EQUITY 399,018
397,957 409,016 418,247
418,247 418,819 432,151
459,058 459,058
EBIT [NET INCOME LESS
INCOME TAXES LESS INTEREST EXPENSE, NET] $ 13,562
$ 18,295 $ 2,092 $ 12,068
$ 46,017 $ 12,287 $
19,630 $ 23,368 $ 55,284 LESS:
Interest expense, net (1,081 ) (1,017 ) (1,122 ) (1,038 ) (4,258 )
(787 ) (838 ) (745 ) (2,370 ) (Provision) benefit for income taxes
(3,896 ) (6,142 ) 899 (1,822 )
(10,960 ) (3,592 ) (6,124 ) (4,903 )
(14,618 ) NET INCOME $ 8,585 $ 11,136 $ 1,869
$ 9,208 $ 30,799 $ 7,908 $ 12,668
$ 17,720 $ 38,296
2012
2013 1ST QTR 2ND QTR 3RD QTR
4TH QTR TOTAL 1ST QTR 2ND QTR 3RD
QTR TOTAL ADJUSTED OPERATING INCOME [OPERATING INCOME
EXCLUDING INVENTORY RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES /
(RECOVERIES)] $ 13,700 $ 18,479
$ 18,505 $ 15,600 $
66,322 $ 14,528 $ 22,268
$ 23,746 $ 60,542 LESS: Inventory
restructuring charges — — 4,124 37 4,161 250 (242 ) — 8 Impairment
charges — — 10,348 — 10,348 — — — — Special (Recoveries) — — — — —
— — (3,151 ) (3,151 ) Special charges — —
1,377 3,905 5,282
1,378 2,254 2,961
6,592 OPERATING INCOME $ 13,700 $ 18,479 $
2,656 $ 11,695 $ 46,531 $ 12,900 $
20,256 $ 23,936 $ 57,093
ADJUSTED NET
INCOME [NET INCOME EXCLUDING INVENTORY RESTRUCTURING, IMPAIRMENT
AND SPECIAL CHARGES / (RECOVERIES), NET OF TAX] $
8,585 $ 11,136 $ 12,171 $
11,770 $ 43,663 $ 9,043 $
14,044 $ 16,439 $ 39,526 LESS:
Inventory restructuring charges, net of tax — — 2,681 24 2,705 174
(165 ) — 9 Impairment charges, net of tax — — 6,726 — 6,726 — — — —
Special (Recoveries), net of tax — — — — — — — (3,151 ) (3,151 )
Special charges, net of tax — —
895 2,538 3,433 961
1,541 1,870 4,372
NET INCOME $ 8,585 $ 11,136 $ 1,869 $ 9,208
$ 30,799 $ 7,908 $ 12,668 $ 17,720
$ 38,296
ADJUSTED EARNINGS PER SHARE [EPS
EXCLUDING INVENTORY RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES /
(RECOVERIES), NET OF TAX] $ 0.49 $
0.64 $ 0.76 $ 0.69 $
2.59 $ 0.52 $ 0.81 $
0.93 $ 2.26 LESS: Inventory restructuring
charges, net of tax $ — $ — $ 0.17 $ — $ 0.17 $ 0.01 $ (0.01 ) $ —
$ — Impairment charges, net of tax $ — $ — $ 0.43 $ — $ 0.43 $ — $
— $ — $ — Special (Recoveries), net of tax $ — $ — $ — $ — $ — $ —
$
—
$
(0.18
)
$
(0.18
)
Special charges, net of tax $ — $ — $ 0.06 $
0.16 $ 0.22 $ 0.06 $ 0.10 $ 0.11
$ 0.27 EARNINGS PER COMMON SHARE (Diluted) $ 0.49 $
0.64 $ 0.11 $ 0.53 $ 1.76 $ 0.45
$ 0.72 $ 1.00 $ 2.17
2012
2013 1ST QTR 2ND QTR 3RD QTR
4TH QTR TOTAL 1ST QTR 2ND QTR 3RD
QTR TOTAL EBITDA [NET INCOME LESS NET INTEREST
EXPENSE, DEPRECIATION, AMORTIZATION AND INCOME TAXES] $
18,534 $ 23,043 $ 2,092 $
12,068 $ 65,345 $ 17,054
$ 24,407 $ 23,368 $
69,500 LESS: Interest expense, net (1,081 ) (1,017 ) (1,122
) (1,038 ) (4,258 ) (787 ) (838 ) (745 ) (2,370 ) Depreciation
(4,008 ) (3,825 ) (3,932 ) (3,967 ) (15,732 ) (4,009 ) (4,026 )
(3,908 ) (11,943 ) Amortization (964 ) (923 ) (936 ) (773 ) (3,596
) (758 ) (751 ) (764 ) (2,273 ) (Provision) benefit for income
taxes (3,896 ) (6,142 ) 899
(1,822 ) (10,960 ) (3,592 ) (6,124 )
(4,903 ) (14,618 ) NET INCOME $ 8,585 $ 11,136
$ 1,869 $ 9,208 $ 30,799 $ 7,908 $
12,668 $ 17,720 $ 38,296
ADJUSTED EBITDA
[NET INCOME EXCLUDING INVENTORY RESTRUCTURING, IMPAIRMENT AND
SPECIAL CHARGES / (RECOVERIES), NET INTEREST EXPENSE, DEPRECIATION,
AMORTIZATION AND INCOME TAXES] $ 18,534 $
23,043 $ 22,809 $ 20,750
$ 85,136 $ 18,682 $
26,419 $ 27,850 $ 72,949
Inventory restructuring charges $ — $ — $ (4,124 ) $ (37 ) $ (4,161
) $ (250 ) $ 242 $ — $ (8 ) Impairment charges $ — $ — $ (10,348 )
$ — $ (10,348 ) $ — $ — $ — $ — Special Recoveries $ — $ — $ — $ —
$ — $ — $ — $ 3,151 $ 3,151 Special charges $ — $ — $ (1,377 ) $
(3,905 ) $ (5,282 ) $ (1,378 ) $ (2,254 ) $ (2,961 ) $ (6,592 )
Interest expense, net $ (1,081 ) $ (1,017 ) $ (1,122 ) $ (1,038 ) $
(4,258 ) $ (787 ) $ (838 ) $ (745 ) $ (2,370 ) Depreciation $
(4,008 ) $ (3,825 ) $ (3,932 ) $ (3,967 ) $ (15,732 ) $ (4,009 ) $
(4,026 ) $ (3,908 ) $ (11,943 ) Amortization $ (964 ) $ (923 ) $
(936 ) $ (773 ) $ (3,596 ) $ (758 ) $ (751 ) $ (764 ) $ (2,273 )
(Provision) / benefit for income taxes $ (3,896 ) $ (6,142 ) $ 899
$ (1,822 ) $ (10,960 ) $ (3,592 ) $ (6,124 ) $ (4,903 ) $
(14,618 ) NET INCOME $ 8,585 $ 11,136 $ 1,869
$ 9,208 $ 30,799 $ 7,908 $ 12,668 $
17,720 $ 38,296
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE
MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
UNAUDITED
4th Quarter 2013 Low High
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING INVENTORY
RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX]
$ 0.88 $ 0.95
LESS: RESTRUCTURING RELATED CHARGES
[INVENTORY RESTRUCTURING CHARGES, IMPAIRMENT CHARGES, SPECIAL
CHARGES, NET OF TAX]
$ (0.22 ) $ (0.19 ) EXPECTED EARNINGS PER COMMON SHARE (Diluted) $
0.66 $ 0.76
CIRCOR InternationalFrederic M. Burditt, 781-270-1200Chief
Financial Officer
CIRCOR (NYSE:CIR)
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