CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for markets including
oil & gas, power generation and aerospace & defense, today
announced financial results for the fourth quarter and fiscal year
ended December 31, 2013.
Fourth-Quarter 2013 Highlights
- Orders up 14%
- Organic revenue growth of 6%
- Adjusted operating margin increased 380
basis points to 11.6%
- Adjusted EPS grew 38% to $0.95
Full-Year 2013 Highlights
- Adjusted operating margin increased 210
basis points to 9.9%
- Adjusted EPS grew 24% to $3.21
- Free cash flow was $55 million or 116%
of net income
- 2013 restructuring actions completed or
on schedule
“CIRCOR ended 2013 with strong fourth-quarter bookings, margin
expansion and free cash flow,” said Scott Buckhout, CIRCOR
President and Chief Executive Officer. “We delivered another
quarter of double-digit adjusted operating margin at 11.6%, which
was up 380 basis points from the fourth quarter of 2012 due
primarily to our margin improvement actions. In addition, we
delivered strong free cash flow at 116% of net income for the full
year.”
“Revenue for the quarter came in higher by 6% organically but
lower than anticipated as a few large Energy shipments were
rescheduled into the first half of 2014,” said Buckhout. “Energy
segment bookings improved in Q4 as demand increased and our win
rate improved for large international projects.”
“Our organizational change from three operating segments to two
is now complete,” said Buckhout. “We are on track to deliver our
planned $5 million reduction in annual costs. As we enter 2014,
CIRCOR has a simpler organizational structure and is better
positioned to grow. We remain focused on core revenue growth,
margin expansion, and strong free cash flow.”
Selected Consolidated Results
(In millions, except percents and bps) Q4 2013
Q4 2012 Change FY 2013 FY 2012
Change Revenue
$ 214.0 $ 201.6 6%
$ 857.8 $ 845.6 1% Adjusted Operating Income
$
24.8
$ 15.6 59%
$ 85.3 $ 66.3 29% Adjusted Operating
Margin
11.6% 7.8% 380 bps
9.9% 7.8% 210 bps Adjusted
Earnings Per Share (Diluted)
$ 0.95 $ 0.69 38%
$ 3.21 $ 2.59 24% Orders
$ 231.1 $
202.3 14%
$ 881.3 $ 903.7 (2%) Backlog
$
462.6 $ 447.0 3% Free Cash Flow
$ 54.9 $ 42.4
30%
Note: These amounts exclude special and impairment charges.
Refer to reconciliation to commonly used US GAAP terms.
Segment Results
(In millions, except percents and bps) Q4 2013
Q4 2012 Change FY 2013 FY 2012
Change Energy Revenue
$ 162.6 $
156.2 4%
$ 661.0 $ 659.4 - Adjusted Operating Margin
17.1% 11.9% 520 bps
14.1% 11.1% 300 bps Orders
$ 187.4 $ 156.6 20%
$ 691.7 $ 714.2
(3%) Backlog
$ 288.7 $ 266.0 9%
Aerospace
& Defense Revenue
$ 51.4 $ 45.4 13%
$
196.8 $ 186.2 6% Adjusted Operating Margin
8.4% 5.1%
330 bps
9.5% 9.0% 50 bps Orders
$ 43.7 $ 45.7
(4%)
$ 189.6 $ 189.6 0% Backlog
$ 173.9
$ 181.1 (4%)
Note: These amounts exclude special and impairment charges.
Refer to reconciliation to commonly used US GAAP terms.
On October 31, 2013 the Company announced a change from three
reportable segments to two reportable segments beginning in the
fourth quarter of 2013. On January 23, 2014 the Company released
supplemental information to previously issued summary financial
information by reportable segment for each of the prior quarterly
reporting periods from the first quarter of 2011 through the third
quarter of 2013. This information was set forth in a Form 8-K filed
with the Securities and Exchange Commission. The segment
realignment has no effect on the Company’s previously reported net
income, financial condition or cash flows.
First-Quarter 2014 Guidance
For the first quarter of 2014, the Company expects:
- Revenues in the range of $200 million
to $210 million;
- Adjusted earnings per share, excluding
special charges, in the range of $0.68 to $0.73; and
- Restructuring related trailing costs of
approximately $1.5 million to $1.7 million and a special gain of
$2.2 million for a legal settlement.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, February 27, 2014, 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. 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 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
highly engineered products and sub-systems for markets including
oil & gas, power generation and aerospace & defense. With
more than 7,000 customers in over 100 countries, CIRCOR has a
diversified product portfolio with recognized, market-leading
brands that fulfill its customers’ unique application needs. The
Company’s strategy is to grow organically and through complementary
acquisitions; simplify CIRCOR’s operations; achieve world class
operational excellence; and attract and retain top industry talent.
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 31,2013
December 31,2012
December 31,2013
December 31,2012
Net revenues $ 214,035 $ 201,606 $ 857,808 $ 845,552 Cost of
revenues 146,528 141,186 590,207 604,009 GROSS
PROFIT 67,507 60,420 267,601 241,543 Selling, general and
administrative expenses 43,394 44,820 182,954 179,382 Impairment
charges 6,872 — 6,872 10,348 Special charges, net 5,160
3,905 8,602 5,282 OPERATING INCOME 12,081
11,695 69,173 46,531 Other (income) expense: Interest
expense, net 792 1,038 3,161 4,259 Other, net 167 (373 )
1,975 513 TOTAL OTHER EXPENSE 959 665 5,136
4,772 INCOME BEFORE INCOME TAXES 11,122 11,030 64,037 41,759
Provision for income taxes 2,297 1,821 16,916
10,960 NET INCOME $ 8,825 $ 9,209 $ 47,121 $
30,799 Earnings per common share: Basic $ 0.50 $ 0.53 $ 2.68 $ 1.77
Diluted $ 0.50 $ 0.53 $ 2.67 $ 1.76 Weighted average number of
common shares outstanding: Basic 17,594 17,450 17,564 17,405
Diluted 17,710 17,499 17,629 17,452 Dividends paid per common share
$ 0.0375 $ 0.0375 $ 0.1500 $ 0.1500
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Twelve Months Ended
December 31,2013
December 31, 2012
OPERATING ACTIVITIES Net income $ 47,121 $ 30,799
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 16,034 15,732 Amortization 3,039
3,596 Intangible impairment charges 6,872 10,348 Payment provision
for Leslie bankruptcy settlement — (1,000 ) Compensation expense of
stock-based plans 5,056 4,374 Tax effect of share-based
compensation (732 ) 642 Deferred income taxes 5,778 (832 ) (Gain)
loss on disposal of property, plant and equipment (322 ) 1,135 Gain
on return of acquisition purchase price (3,400 ) — Changes in
operating assets and liabilities: Trade accounts receivable, net
8,203 7,063 Inventories, net (311 ) 6,592 Prepaid expenses and
other assets 160 (2,422 ) Accounts payable, accrued expenses and
other liabilities (15,292 ) (15,504 ) Net cash provided by
operating activities 72,206 60,523 INVESTING
ACTIVITIES Additions to property, plant and equipment (17,328 )
(18,170 ) Proceeds from the sale of property, plant and equipment
664 541 Business acquisitions, return of purchase price 3,400
— Net cash used in investing activities (13,264 )
(17,629 ) FINANCING ACTIVITIES Proceeds from long-term debt 146,578
186,409 Payments of long-term debt (166,239 ) (220,918 ) Dividends
paid (2,700 ) (2,663 ) Proceeds from the exercise of stock options
2,394 406 Tax effect of share-based compensation 732 (642 )
Net cash used in financing activities (19,235 ) (37,408 ) Effect of
exchange rate changes on cash and cash equivalents 735 1,397
INCREASE IN CASH AND CASH EQUIVALENTS 40,445 6,883 Cash and
cash equivalents at beginning of year 61,738 54,855
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 102,183 $ 61,738
Cash paid during the year for: Income taxes $ 8,143 $ 16,699
Interest $ 3,254 $ 3,140
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
data)
UNAUDITED
December 31, 2013
December 31, 2012 ASSETS CURRENT ASSETS: Cash
and cash equivalents $ 102,180 $ 61,738 Short-term investments 95
101 Trade accounts receivable, less allowance for doubtful accounts
of $2,449 and $1,706, respectively 144,742 150,825 Inventories, net
199,404 198,005 Prepaid expenses and other current assets 19,815
17,052 Deferred income tax asset 17,686 15,505 Total
Current Assets 483,922 443,226 PROPERTY, PLANT AND
EQUIPMENT, NET 107,724 105,903 OTHER ASSETS: Goodwill 75,876 77,428
Intangibles, net 35,656 45,157 Deferred income tax asset 18,579
30,064 Other assets 4,893 8,203 TOTAL ASSETS $
726,650 $ 709,981 LIABILITIES AND SHAREHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 70,589 $ 80,361
Accrued expenses and other current liabilities 57,507 67,235
Accrued compensation and benefits 31,289 26,540 Income taxes
payable 3,965 393 Notes payable and current portion of long-term
debt 7,203 7,755 Total Current Liabilities 170,553
182,284 LONG-TERM DEBT, NET OF CURRENT PORTION 42,435
62,729 DEFERRED INCOME TAXES 9,666 10,744 OTHER NON-CURRENT
LIABILITIES 27,109 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; 17,610,526
and 17,445,687 shares issued and outstanding at December 31, 2013
and 2012, respectively 176 174 Additional paid-in capital 269,885
262,744 Retained earnings 202,930 158,509 Accumulated other
comprehensive gain (loss), net of taxes 3,896 (3,180 ) Total
Shareholders’ Equity 476,887 418,247 TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 726,650 $ 709,981
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Twelve Months
Ended December 31, 2013 December
31, 2012 December 31, 2013
December 31, 2012 ORDERS (1) Energy $ 187.4 $
156.6 $ 691.7 $ 714.2 Aerospace & Defense 43.7 45.7
189.6 189.6 Total orders $ 231.1 $ 202.3
$ 881.3 $ 903.8
BACKLOG (2) December
31, 2013 December 31, 2012 Energy $ 288.7
$ 266.0 Aerospace & Defense 173.9 181.1 Total
backlog $ 462.6 $ 447.1 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 4TH QTR TOTAL
NET REVENUES
Energy $ 164,885 $ 171,386 $ 166,918 $ 156,193 $
659,382 $ 157,104 $ 173,557 $ 167,660 $ 162,649 $ 660,970 Aerospace
& Defense 49,395 48,476 42,886
45,413 186,170 48,294
50,087 47,071 51,386
196,838 Total $ 214,280 $ 219,862 $ 209,804 $
201,606 $ 845,552 $ 205,398 $ 223,644 $ 214,731 $ 214,035 $ 857,808
ADJUSTED OPERATING MARGIN Energy 8.7 % 10.8 % 12.9 % 11.9 %
11.1 % 10.8 % 13.3 % 15.2 % 17.1 % 14.1 % Aerospace & Defense
11.5 % 11.7 % 7.1 % 5.1 % 9.0 %
5.9 % 11.4 % 12.1 % 8.4 % 9.5 % Segment
operating margin 9.3 % 11.0 % 11.7 % 10.4 % 10.6 % 9.6 % 12.9 %
14.5 % 15.0 % 13.0 % Corporate expenses (2.9 )% (2.6 )%
(2.9 )% (2.6 )% (2.8 )% (2.6 )%
(2.9 )% (3.4 )% (3.5 )% (3.1 )% Adjusted
operating margin 6.4 % 8.4 % 8.8 % 7.8 % 7.8 % 7.1 % 10.0 % 11.1 %
11.6 % 9.9 % Restructuring inventory charges — % — % 2.0 % — % 0.5
% 0.1 % (0.1 )% — % 0.3 % 0.1 % Impairment charges — % — % 4.9 % —
% 1.2 % — % — % — % 3.2 % 0.8 % Special (recoveries) — % — % — % —
% — % — % — % (1.5 )% — % (0.4 )% Special charges — % — %
0.7 % 1.9 % 0.6 % 0.7 % 1.0 %
1.4 % 2.4 % 1.4 % Total GAAP operating margin
6.4 % 8.4 % 1.3 % 5.8 % 5.5 %
6.3 % 9.1 % 11.1 % 5.6 % 8.1 %
2012 2013 1ST QTR 2ND
QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR
3RD QTR 4TH QTR TOTAL
ADJUSTED OPERATING INCOME Energy $ 14,282 $ 18,445 $ 21,575
$ 18,591 $ 72,893 $ 16,940 $ 23,114 $ 25,441 $ 27,809 $ 93,304
Aerospace & Defense 5,672 5,671
3,026 2,332 16,701 2,864
5,724 5,705 4,342
18,635 Segment operating income 19,954 24,116 24,601
20,923 89,594 19,804 28,838 31,146 32,151 111,939 Corporate
expenses (6,254 ) (5,637 ) (6,096 ) (5,286 )
(23,272 ) (5,277 ) (6,570 ) (7,400 )
(7,400 ) (26,646 ) Adjusted operating income 13,700
18,479 18,505 15,637 66,322 14,528 22,268 23,746 24,751 85,293
Restructuring inventory charges — — 4,124 37 4,161 250 (242 ) — 638
646 Impairment charges — — 10,348 — 10,348 — — — 6,872 6,872
Special (recoveries) — — — — — — — (3,151 ) — (3,151 ) Special
charges — — 1,377 3,905
5,282 1,378 2,254
2,961 5,160 11,752 Total
GAAP operating income 13,700 18,479
2,656 11,695 46,531
12,900 20,256 23,936
12,081 69,174 INTEREST EXPENSE, NET (1,081 )
(1,017 ) (1,122 ) (1,038 ) (4,259 ) (787 ) (838 ) (745 ) (792 )
(3,162 ) OTHER EXPENSE, NET (138 ) (184 ) (564 )
373 (513 ) (612 ) (626 )
(568 ) (167 ) (1,974 ) PRETAX INCOME 12,481 17,278
970 11,030 41,759 11,501 18,792 22,623 11,122 64,038 (PROVISION)
BENEFIT FOR INCOME TAXES (3,896 ) (6,142 ) 899
(1,822 ) (10,960 ) (3,592 ) (6,124 )
(4,903 ) (2,297 ) (16,916 ) EFFECTIVE TAX RATE
31.2 % 35.5 % (92.8 )% 16.5 % 26.2 % 31.2 % 32.6 % 21.7 % 20.7 %
26.4 %
NET INCOME $ 8,585 $ 11,136
$ 1,869 $ 9,208 $ 30,799
$ 7,908 $ 12,668 $ 17,720
$ 8,825 $ 47,121 Weighted Average
Common Shares Outstanding (Diluted) 17,390 17,451 17,467 17,499
17,452 17,529 17,607 17,667 17,710 17,629
EARNINGS PER COMMON
SHARE (Diluted) $ 0.49 $ 0.64 $
0.11 $ 0.53 $ 1.76 $ 0.45
$ 0.72 $ 1.00 $ 0.50
$ 2.67
ADJUSTED EBITDA $ 18,534
$ 23,043 $ 22,809 $ 20,750
$ 85,136 $ 18,682 $
26,419 $ 27,850 $ 29,441
$ 102,392
ADJUSTED EBITDA AS A % OF SALES 8.6 %
10.5 % 10.9 % 10.3 % 10.1 % 9.1
% 11.8 % 13.0 % 13.8 % 11.9 %
CAPITAL EXPENDITURES $ 4,122 $ 6,661 $ 3,314 $ 4,073 $
18,170 $ 4,707 $ 4,100 $ 4,772 $ 3,749 $ 17,328
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 4TH QTR TOTAL FREE
CASH FLOW $ (7,089 ) $
5,077 $ 18,746 $
25,619 $ 42,353 $ 1,100
$ 9,525 $ 29,557
$ 14,696 $ 54,878 ADD: Capital
Expenditures 4,122 6,661 3,314
4,073 18,170 4,707
4,100 4,772 3,749 17,328
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (2,967
) $ 11,738 $ 22,060 $ 29,692
$ 60,523 $ 5,807 $ 13,625
$ 34,329 $ 18,445 $
72,206
NET DEBT (CASH) $ 57,263
$ 54,376 $ 34,706 $ 8,645
$ 8,645 $ 8,814 $ (1,376
) $ (36,466 ) $ (52,637
) $ (52,637 ) ADD: Cash & Cash
Equivalents 41,291 41,414 48,976 61,738 61,738 57,633 60,831 86,285
102,180 102,180 Investments 101 98 102
101 101 99
96 98 95 95 TOTAL
DEBT $ 98,655 $ 95,888 $ 83,784
$ 70,484 $ 70,484 $ 66,546
$ 59,551 $ 49,917 $
49,638 $ 49,638
DEBT AS % OF EQUITY
25 % 24 % 20 % 17
% 17 % 16 % 14 %
11 % 10 % 10 % TOTAL DEBT
98,655 95,888 83,784
70,484 70,484 66,546
59,551 49,917 49,638
49,638 TOTAL SHAREHOLDERS' EQUITY 399,018
397,957 409,016 418,247
418,247 418,819 432,151
459,058 476,887 476,887
2012 2013 1ST QTR 2ND QTR
3RD QTR 4TH QTR TOTAL
1ST QTR 2ND QTR 3RD QTR
4TH QTR TOTAL ADJUSTED OPERATING
INCOME $ 13,700 $ 18,479 $
18,505 $ 15,637 $ 66,322
$ 14,528 $ 22,268 $
23,746 $ 24,751 $ 85,293 LESS:
Inventory restructuring charges — — 4,124 37 4,161 250 (242 ) — 638
646 Impairment charges — — 10,348 — 10,348 — — — 6,872 6,872
Special (recoveries) — — — — — — — (3,151 ) — (3,151 ) Special
charges — — 1,377 3,905
5,282 1,378 2,254
2,961 5,160 11,753
OPERATING INCOME $ 13,700 $ 18,479 $ 2,656 $ 11,695 $ 46,531 $
12,900 $ 20,256 $ 23,936 $ 12,081 $ 69,173
ADJUSTED NET
INCOME $ 8,585 $ 11,136 $
12,171 $ 11,770 $ 43,663
$ 9,043 $ 14,044 $ 16,439
$ 16,773 $ 56,299 LESS: Inventory
restructuring charges, net of tax — — 2,681 24 2,705 174 (165 ) —
396 405 Impairment charges, net of tax — — 6,726 — 6,726 — — —
4,261 4,261 Special (recoveries), net of tax — — — — — — — (3,151 )
— (3,151 ) Special charges, net of tax — —
895 2,538 3,433
961 1,541 1,870 3,291
7,663 NET INCOME $ 8,585 $
11,136 $ 1,869 $ 9,208 $
30,799 $ 7,908 $ 12,668 $
17,720 $ 8,825 $ 47,121
ADJUSTED EARNINGS PER SHARE $ 0.49 $
0.64 $ 0.77 $ 0.69 $
2.59 $ 0.52 $ 0.81 $
0.93 $ 0.95 $ 3.21 LESS:
Inventory restructuring charges, net of tax — — 0.17 — 0.17 0.01
(0.01 ) — 0.02 0.02 Impairment charges, net of tax — — 0.43 — 0.43
— — — 0.24 0.24 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
0.19 0.46 EARNINGS PER COMMON SHARE (Diluted)
$ 0.49 $ 0.64 $ 0.11 $
0.53 $ 1.76 $ 0.45 $ 0.72
$ 1.00 $ 0.50 $ 2.67
2012 2013 1ST QTR
2ND QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND QTR
3RD QTR 4TH QTR TOTAL
EBITDA $ 18,534 $ 23,043
$ 6,960 $ 16,808 $ 65,345
$ 17,054 $ 24,407 $
23,368 $ 11,914 $ 86,272 LESS:
Interest expense, net (1,081 ) (1,017 ) (1,122 ) (1,038 ) (4,258 )
(787 ) (838 ) (745 ) (792 ) (3,162 ) Depreciation (4,008 ) (3,825 )
(3,932 ) (3,967 ) (15,732 ) (4,009 ) (4,026 ) (3,908 ) (4,091 )
(16,034 ) Amortization (964 ) (923 ) (936 ) (773 ) (3,596 ) (758 )
(751 ) (764 ) (766 ) (3,039 ) (Provision) benefit for income taxes
(3,896 ) (6,142 ) 899 (1,822 )
(10,960 ) (3,592 ) (6,124 ) (4,903 )
(2,297 ) (16,916 ) NET INCOME $ 8,585 $ 11,136
$ 1,869 $ 9,208 $ 30,799
$ 7,908 $ 12,668 $ 17,720
$ 8,825 $ 47,121
ADJUSTED
EBITDA $ 18,534 $ 23,043 $
22,809 $ 20,750 $ 85,136
$ 18,682 $ 26,419 $
27,850 $ 29,441 $ 102,392
Inventory restructuring charges — — (4,124 ) (37 ) (4,161 ) (250 )
242 — (638 ) (646 ) Impairment charges — — (10,348 ) — (10,348 ) —
— — (6,872 ) (6,872 ) Special (recoveries) — — — — — — — 3,151 —
3,151 Special charges — — (1,377 ) (3,905 ) (5,282 ) (1,378 )
(2,254 ) (2,961 ) (5,160 ) (11,753 ) Interest expense, net (1,081 )
(1,017 ) (1,122 ) (1,038 ) (4,258 ) (787 ) (838 ) (745 ) (792 )
(3,162 ) Depreciation (4,008 ) (3,825 ) (3,932 ) (3,967 ) (15,732 )
(4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) Amortization (964 )
(923 ) (936 ) (773 ) (3,596 ) (758 ) (751 ) (764 ) (766 ) (3,039 )
(Provision) / benefit for income taxes (3,896 ) (6,142 )
899 (1,822 ) (10,960 ) (3,592 )
(6,124 ) (4,903 ) (2,297 ) (16,916 )
NET INCOME $ 8,585 $ 11,136 $ 1,869
$ 9,208 $ 30,799 $ 7,908
$ 12,668 $ 17,720 $ 8,825
$ 47,121
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE
MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
UNAUDITED
1st Quarter 2014 Low High
REVENUE (in millions) $ 200 $
210 EXPECTED ADJUSTED EARNINGS PER SHARE
(DILUTIVE) $ 0.68 $ 0.73 LESS:
Restructuring related charges, Impairment charges, Special charges
$ 0.07 $ 0.06
PLUS: Special gain on legal settlement
$
0.09
$ 0.09 EXPECTED EARNINGS PER COMMON SHARE (Diluted) $ 0.70
$ 0.76 Note: Assumes 29% tax rate and exchange rates
at present values.
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
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