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 third quarter ended October 4,
2015.
Third-Quarter 2015 Highlights
- Revenues of approx. $160 million
consistent with expectations
- Adjusted EPS of $0.64
- Cost control and restructuring actions
continue to drive bottom-line performance
- Closing Brazil manufacturing facility
in line with margin improvement strategy
- Energy adjusted operating margin at
15.4%
- Aerospace & Defense adjusted
operating margin at 9.1%
“CIRCOR delivered solid results for the third-quarter of 2015 as
we demonstrated good progress on our margin expansion and
simplification strategy,” said Scott Buckhout, President and Chief
Executive Officer. “We delivered strong year-over-year sales growth
in our long-cycle, large projects and control valve businesses. As
expected, we continue to see significant weakness in our North
American, short-cycle distributed valves business. On the Aerospace
side, strength in our commercial fluid controls business was offset
by lower sales of defense-related programs.”
“Today we are announcing the decision to close our manufacturing
facility in Brazil as a result of the difficult economic conditions
there and the ongoing challenges of Petrobras, our largest
customer,” said Buckhout. “CIRCOR Brazil has reported substantial
operating losses every year since it was acquired in 2011, while
the underlying market conditions and outlook have continued to
deteriorate.”
As a result of the closure of the Brazil manufacturing
operation, the Company recorded a total of approximately $16.9
million of special charges, including $6.4 million of
restructuring-related inventory charges, in the third quarter.
“Our top priority remains laying the foundation for long-term,
above-market growth. We are improving delivery and quality while
investing in sales, new product development and engineering. Going
forward, we continue to focus on creating long-term value for
shareholders by driving growth, expanding margins, generating
strong free cash flow, and effectively deploying capital,”
concluded Buckhout.
Fourth-Quarter 2015 Guidance
For the fourth quarter of 2015, the Company will provide its
guidance during the conference call later today.
Selected Consolidated Results
($ millions except EPS) Q3
2015 Q3 20142
Change
Revenue
$ 159.3 $ 203.8
(22 )% GAAP Operating (Loss) Income
$
(3.5 ) $ 19.9 NM Adjusted Operating Income1
$
16.2 $ 23.2 (30 )% Adjusted Operating Margin1
10.1
% 11.4 % (130) bps GAAP (Loss) Earnings Per Share (Diluted)
$ (0.49 ) $ 0.83 NM Adjusted Earnings Per
Share (Diluted)1
$ 0.64 $ 0.95 (33 )% Free Cash Flow
$ 2.2 $ 14.0 (84 )% Orders
$ 128.5 $
242.3 (47 )%
Segment Results
($ millions except EPS) Q3
2015 Q3 20142
Change Energy Revenue
$ 122.9 $ 157.7 (22 )% Adjusted Operating Margin1
15.4 % 16.9 % (150) bps Orders
$ 94.2 $
197.7 (52 )%
Aerospace & Defense Revenue
$
36.4 $ 46.2 (21 )% Adjusted Operating Margin1
9.1
% 5.0 % 410 bps Orders
$ 34.3 $ 44.6 (23 )%
1.
Consolidated and Segment Results for Q3
2015 exclude special, restructuring and impairment charges totaling
$19.7 million including (i) $16.9 million related to the closure of
the Brazil manufacturing operations including restructuring-related
inventory charge of $6.4 million; (ii) $2.5 million for Schroedahl
intangible amortization expense; and (iii) restructuring costs of
$0.4 million. Q3 2014 results exclude special charges of $0.5
million and restructuring-related inventory charges of $2.9
million.
2.
Q3 2014 amounts have not been adjusted for
divestitures or foreign currency impacts.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, November 9, 2015, at 9:00 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 share (diluted),
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 the realization of cost reductions from
restructuring activities. 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 AND 10-Q/A, 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. 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
website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF (LOSS)
INCOME
(in thousands, except per share
data)
UNAUDITED
Three Months Ended
Nine Months Ended
October 4,
2015
September 28,
2014
October 4,
2015
September 28,
2014
Net revenues $ 159,258 $ 203,818 $ 492,023 $ 622,888 Cost of
revenues 113,865 141,601 343,187 436,333
GROSS PROFIT 45,393 62,217 148,836 186,555 Selling, general
and administrative expenses 38,143 41,873 119,344 129,370
Impairment charges 2,502 — 2,502 — Special charges, net 8,277
478 13,098 578 OPERATING (LOSS) INCOME
(3,529 ) 19,866 13,892 56,607 Other expense
(income): Interest expense, net 828 436 2,274 2,245 Other (income)
expense, net (587 ) 419 (1,197 ) (434 ) TOTAL OTHER EXPENSE,
NET 241 855 1,077 1,811 (LOSS) INCOME
BEFORE INCOME TAXES (3,770 ) 19,012 12,816 54,796 Provision for
income taxes 4,308 4,337 10,109 13,565
NET (LOSS) INCOME $ (8,078 ) $ 14,675 $ 2,707 $
41,231 (Loss) Earnings per common share: Basic $ (0.49 ) $
0.83 $ 0.16 $ 2.34 Diluted $ (0.49 ) $ 0.83 $ 0.16 $ 2.32 Weighted
average number of common shares outstanding: Basic 16,485 17,675
16,989 17,654 Diluted 16,485 17,779 17,029 17,763 Dividends paid
per common share $ 0.0375 $ 0.0375 $ 0.1125 $ 0.1125
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Nine Months Ended
October 4,
2015
September 28,
2014
OPERATING ACTIVITIES Net income $ 2,707 $ 41,231 Adjustments
to reconcile net income to net cash (used in) provided by operating
activities: Depreciation 10,676 12,163 Amortization 6,742 2,367 Bad
debt 2,832 948 Compensation expense of share-based plans 5,811
5,956 Tax effect of share-based plan compensation (259 ) (744 )
Loss (gain) on sale of property, plant and equipment 478 (133 )
Impairment charge 2,502 — Gain on sale of business (1,044 ) —
Changes in operating assets and liabilities, net of effects of
acquisition and disposition Trade accounts receivable 8,118 (31,890
) Inventories (17,452 ) (159 ) Prepaid expenses and other assets
(2,801 ) (121 ) Accounts payable, accrued expenses and other
liabilities (21,669 ) 14,953
Net cash (used in) provided by operating
activities
(3,359 ) 44,571
INVESTING ACTIVITIES Purchases of
property, plant and equipment (9,604 ) (8,900 ) Proceeds from the
sale of property, plant and equipment 1,200 761 Proceeds from the
sale of affiliate 2,759 177 Business acquisition, net of cash
acquired (79,983 ) — Net cash used in investing activities
(85,628 ) (7,962 )
FINANCING ACTIVITIES Proceeds from
long-term debt 241,619 109,104 Payments of long-term debt (141,830
) (125,140 ) Debt issuance costs — (920 ) Dividends paid (1,937 )
(2,011 ) Proceeds from the exercise of stock options 259 420 Tax
effect of share-based plan compensation 259 744 Purchases of common
stock (69,517 ) — Net cash provided by (used in) financing
activities 28,853 (17,803 ) Effect of exchange rate changes
on cash and cash equivalents
(7,416
) (6,406 ) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (67,550
) 12,400 Cash and cash equivalents at beginning of year 121,372
102,180 CASH AND CASH EQUIVALENTS AT END OF PERIOD $
53,822 $ 114,580
CIRCOR
INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
October 4,
2015
December 31,
2014
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 53,822 $ 121,372
Trade accounts receivable, less allowance for doubtful accounts of
$9,342 and $9,536, respectively 143,601 156,738 Inventories 198,560
183,434 Prepaid expenses and other current assets 15,984 21,626
Deferred income taxes 22,114 22,861 Total Current
Assets 434,081 506,031 PROPERTY, PLANT AND EQUIPMENT,
NET 88,242 96,212 OTHER ASSETS: Goodwill 121,357 72,430
Intangibles, net 53,248 26,887 Deferred income taxes 14,585 19,048
Other assets 2,848 4,114 TOTAL ASSETS $ 714,361
$ 724,722 LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable $ 66,764 $ 87,112 Accrued
expenses and other current liabilities 65,097 65,223 Accrued
compensation and benefits 18,586 24,728 Notes payable and current
portion of long-term debt 5,668 8,423 Total Current
Liabilities 156,115 185,486 LONG-TERM DEBT, NET OF
CURRENT PORTION 105,431 5,261 DEFERRED INCOME TAXES 16,490 7,771
OTHER NON-CURRENT LIABILITIES 28,346 32,111 SHAREHOLDERS’ EQUITY:
Common stock 177 177 Additional paid-in capital 283,213 277,227
Retained earnings 251,409 250,635 Common treasury stock (69,517 ) —
Accumulated other comprehensive loss, net of taxes (57,303 )
(33,946 ) Total Shareholders’ Equity 407,979 494,093
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 714,361 $
724,721
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended
Nine Months Ended
October 4,
2015
September 28,
2014
October 4,
2015
September 28,
2014
ORDERS (1)(3) Energy $ 94.2 $ 187.3 $ 348.7 $ 483.4
Aerospace & Defense 34.3 41.5 103.9 118.9
Total orders $ 128.5 $ 228.8 $ 452.6 $ 602.3
BACKLOG (2)(3)
October 4,
2015
September 28,
2014
Energy
(4) $ 210.5 $ 304.5 Aerospace & Defense
(5) 94.1 125.8 Total backlog $ 304.6 $
430.3
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
unshipped customer orders. Note 3: Three and nine months ended
September 28, 2014 orders and backlog amounts exclude business
divestitures in both the Energy and Aerospace & Defense
segments. Note 4: Energy backlog was reduced by $10.0 million due
to certain customer order cancellations during the fourth quarter
of 2014 and third quarter of 2015. These orders were initially
recorded in prior years. Note 5: Aerospace & Defense reduced
backlog in the fourth quarter of 2014 by $13.5 million associated
with a business divestiture and change in policy.
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except
percentages)
UNAUDITED
2014
2015 1ST QTR 2ND
QTR 3RD QTR 4TH QTR
TOTAL 1ST QTR
2ND QTR 3RD QTR
TOTAL NET REVENUES
Energy $ 162,587 $ 160,580 $ 157,658 $ 172,432 $ 653,257 $ 127,586
$ 127,230 $ 122,905 $ 377,721 Aerospace & Defense 48,599
47,304 46,160
46,126 188,189
38,274 39,676 36,353
114,303 Total $ 211,186 $ 207,884 $
203,818 $ 218,558 $ 841,446 $ 165,860 $ 166,906 $ 159,258 $ 492,023
ADJUSTED OPERATING MARGIN Energy 13.8 % 14.6 % 16.9 % 14.3 %
14.9 % 13.2 % 11.4 % 15.4 % 13.3 % Aerospace & Defense 9.1 %
7.1 % 5.0 % 5.3 %
6.6 % 8.0 % 8.8 %
9.1 % 8.6 % Segment operating margin 12.7 % 12.9 %
14.2 % 12.4 % 13.0 % 12.0 % 10.8 % 14.0 % 12.2 % Corporate expenses
(3.4 )% (2.2 )% (2.8 )%
(2.7 )% (2.8 )% (3.6 )%
(3.3 )% (3.8 )% (3.6 )% Adjusted
operating margin 9.4 % 10.7 % 11.4 % 9.6 % 10.2 % 8.3 % 7.5 % 10.1
% 8.6 % Restructuring related inventory charges — % 2.5 % 1.4 % — %
0.9 % — % 1.2 % 4.0 % 1.7 % Impairment charges — % — % — % 0.3 %
0.1 % — % — % 1.6 % 0.5 % Special restructuring charges 0.4 % 0.6 %
0.2 % 1.2 % 0.6 % 0.9 % 1.9 % 0.2 % 1.0 % Special acquisition
amortization — % — % — % — % — % — % 1.3 % 1.6 % 0.9 % Special
other charges, net of recoveries (0.9 )% — %
— % 4.3 % 0.9 % —
% 0.1 % 5.0 % 1.6 % Total
GAAP operating margin 9.9 % 7.6 % 9.7 %
3.7 % 7.7 % 7.4 %
3.0 % (2.2 )% 2.8 %
2014 2015 1ST
QTR 2ND QTR 3RD QTR
4TH QTR TOTAL
1ST QTR 2ND QTR
3RD QTR TOTAL ADJUSTED OPERATING
INCOME Energy $ 22,462 $ 23,502 $ 26,577 $ 24,575 $ 97,117 $
16,831 $ 14,499 $ 18,932 $ 50,262 Aerospace & Defense 4,426
3,362 2,295
2,425 12,508 3,045
3,494 3,298
9,837 Segment operating income 26,888 26,864 28,872
27,000 109,625 19,876 17,993 22,230 60,099 Corporate expenses
(7,137 ) (4,634 ) (5,678 )
(5,965 ) (23,415 ) (6,034 )
(5,477 ) (6,078 ) (17,589
) Adjusted operating income 19,750 22,231 23,194 21,035 86,210
13,842 12,516 16,152 42,510 Restructuring related inventory charges
— 5,139 2,850 — 7,989 — 2,005 6,412 8,417 Impairment charges — — —
726 726 — — 2,502 2,502 Special restructuring charges 786 1,257 478
2,725 5,246 1,512 3,127 342 4,981 Special acquisition amortization
— — — — — — 2,110 2,490 4,600 Special other charges, net of
recoveries (1,943 ) — —
9,434 7,491
(1 ) 183 7,935
8,117 Total GAAP operating income (loss) 20,907
15,835 19,866
8,150 64,757
12,331 5,090
(3,529 ) 13,892 INTEREST EXPENSE, NET (918 )
(891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (828 ) (2,274 ) OTHER
INCOME (EXPENSE), NET 468 384
(419 ) 722 1,156
506 104 587
1,197 PRETAX INCOME (LOSS) 20,457
15,328 19,012 8,465 63,261 12,197 4,389 (3,770 ) 12,816 (PROVISION
FOR) BENEFIT FROM INCOME TAXES (5,825 ) (3,402 )
(4,337 ) 690
(12,875 ) (3,284 ) (2,517 )
(4,308 ) (10,109 ) EFFECTIVE TAX RATE 28.5 %
22.2 % 22.8 % (8.2 )% 20.4 % 26.9 % 57.3 % (114.3 )% 78.9 %
NET
INCOME (LOSS) $ 14,632 $ 11,926
$ 14,675 $ 9,155
$ 50,386 $ 8,913 $
1,872 $ (8,078 ) $ 2,707
Weighted Average Common Shares Outstanding (Diluted) 17,741 17,767
17,779 17,782 17,768 17,712 16,900 16,485 17,034
EARNINGS (LOSS)
PER COMMON SHARE (Diluted) $ 0.82 $ 0.67
$ 0.83 $ 0.51
$ 2.84 $ 0.50
$ 0.11 $ (0.49 ) $ 0.16
ADJUSTED EBITDA $ 25,073 $
27,536 $ 27,530 $ 26,789
$ 106,927 $ 18,580
$ 19,075 $ 23,582
$ 61,237
ADJUSTED EBITDA AS A % OF SALES 11.9
% 13.2 % 13.5 % 12.3 %
12.7 % 11.2 % 11.4 %
14.8 % 12.4 %
CAPITAL
EXPENDITURES $ 2,670 $ 2,933 $ 3,297 $ 3,910 $ 12,810 $ 1,983 $
3,584 $ 2,837 $ 8,404
CIRCOR INTERNATIONAL,
INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except
percentages)
UNAUDITED
2014 2015
1ST QTR 2ND QTR 3RD
QTR 4TH QTR TOTAL
1ST QTR 2ND QTR
3RD QTR TOTAL FREE CASH FLOW
AS % OF NET INCOME 98 % 62
% 96 % 243
% 115 % (207 )%
239 % (27
)% (435 )% FREE CASH FLOW
$ 14,387 $ 7,365 $ 14,015
$ 22,249 $ 58,016 $
(18,415 ) $ 4,483 $ 2,169
$ (11,763 ) ADD: Capital Expenditures, net of
sale proceeds 2,670 2,933
3,297 3,910 12,810
1,983 3,584
2,837 8,404 NET CASH PROVIDED BY (USED
IN) OPERATING ACTIVITIES $ 17,057 $ 10,298
$ 17,312 $ 26,159
$ 70,826 $ (16,432 )
$ 8,067 $ 5,006 $
(3,359 )
(CASH) NET DEBT $ (66,056 )
$ (72,982 ) $ (80,829 )
$ (107,688 ) $ (107,688 )
$ (66,337 ) $ 59,051 $
57,277 $ 57,277 ADD: Cash & Cash
Equivalents 122,189 116,421
114,671 121,372
121,372 103,883 55,027
53,822 53,822
TOTAL DEBT $ 56,133 $ 43,439
$ 33,842 $ 13,684
$ 13,684 $ 37,546 $
114,078 $ 111,099 $
111,099 TOTAL SHAREHOLDERS' EQUITY $ 492,601 $ 507,363 $
508,035 $ 494,093 $ 494,093 $ 462,384 $ 421,070 $ 407,979 $ 407,979
DEBT AS % OF EQUITY 11 % 9 %
7 % 3 % 3 % 8
% 27 % 27 % 27 %
2014 2015 1ST QTR
2ND QTR 3RD QTR
4TH QTR TOTAL
1ST QTR 2ND QTR 3RD
QTR TOTAL ADJUSTED OPERATING INCOME
(LOSS) $ 19,750 $ 22,230 $
23,194 $ 21,035 $ 86,210
$ 13,842 $ 12,516 $
16,152 $ 42,510 LESS: Restructuring related
inventory charges — 5,139 2,850 — 7,989 — 2,005 6,412 8,417
Impairment charges — — — 726 726 — — 2,502 2,502 Special
restructuring charges 786 1,257 478 2,725 5,246 1,512 3,127 342
4,981 Special acquisition amortization — — — — — — 2,110 2,490
4,600 Special other charges, net of recoveries (1,943 )
— — 9,434
7,491 (1 ) 183
7,935 8,117
OPERATING INCOME (LOSS) $ 20,907 $ 15,834
$ 19,866 $ 8,150
$ 64,757 $ 12,331
$ 5,090 $ (3,529 ) $
13,892
ADJUSTED NET INCOME $
13,916 $ 16,090 $ 16,827
$ 19,188 $ 66,019 $ 9,845
$ 6,848 $ 10,635 $ 27,328
LESS: Restructuring related inventory charges, net of tax — 3,316
1,839 — 5,155 — 1,339 6,412 7,751 Impairment charges, net of tax —
— — 726 726 — — 2,502 2,502 Special restructuring charges, net of
tax 508 848 313 1,763 3,432 1,079 2,175 304 3,558 Special
acquisition amortization, net of tax — — — — — — 1,409 1,587 2,996
Special other charges, net of recoveries, net of tax (1,224 )
— — 7,544
6,320 (147 )
53 7,908 7,814
NET INCOME (LOSS) $ 14,632 $ 11,926
$ 14,675 $ 9,155
$ 50,386 $ 8,913
$ 1,872 $ (8,078 ) $
2,707
ADJUSTED EARNINGS PER SHARE (Diluted)
$ 0.78 $ 0.91 $ 0.95
$ 1.08 $ 3.72 $ 0.56
$ 0.41 $ 0.64 $ 1.61
LESS: Restructuring related inventory charges, net of tax — 0.19
0.10 — 0.29 — 0.08 0.39 0.46 Impairment charges, net of tax — — —
0.04 0.04 — — 0.15 0.15 Special restructuring charges, net of tax
0.03 0.05 0.02 0.10 0.20 0.06 0.13 0.02 0.20 Special acquisition
amortization, net of tax — — — — — — 0.08 0.10 0.17 Special other
charges, net of recoveries, net of tax (0.07 ) —
— 0.42
0.35 — —
0.47 0.47 EARNINGS (LOSS)
PER COMMON SHARE (Diluted) $ 0.82 $ 0.67
$ 0.83 $ 0.51
$ 2.84 $ 0.50
$ 0.11 $ (0.49 ) $ 0.16
2014 2015
1ST QTR 2ND QTR 3RD
QTR 4TH QTR TOTAL
1ST QTR 2ND QTR
3RD QTR TOTAL EBITDA
$ 26,230 $ 21,140 $
24,202 $ 13,904 $ 85,475
$ 17,068 $ 11,650 $ 3,789
$ 32,507 LESS: Interest expense, net (918 ) (891 )
(436 ) (407 ) (2,652 ) (640 ) (805 ) (828 ) (2,273 ) Depreciation
(4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,629 )
(3,526 ) (10,676 ) Amortization (786 ) (805 ) (776 ) (749 ) (3,116
) (710 ) (2,827 ) (3,205 ) (6,742 ) (Provision for) benefit from
income taxes (5,825 ) (3,402 ) (4,337 )
690 (12,875 )
(3,284 ) (2,517 ) (4,308 )
(10,109 ) NET INCOME (LOSS) $ 14,632 $
11,926 $ 14,675 $ 9,155
$ 50,386 $ 8,913
$ 1,872 $ (8,078 )
$ 2,707
ADJUSTED EBITDA $ 25,073
$ 27,536 $ 27,530 $
26,789 $ 106,927 $ 18,580
$ 19,075 $ 23,470 $
61,125 LESS: Restructuring related inventory charges —
(5,139 ) (2,850 ) — (7,989 ) — (2,005 ) (6,412 ) (8,417 )
Impairment charges — — — (726 ) (726 ) — — (2,502 ) (2,502 )
Special restructuring charges (786 ) (1,257 ) (478 ) (2,725 )
(5,246 ) (1,512 ) (3,127 ) (342 ) (4,981 ) Special acquisition
amortization — — — — — — (2,110 ) (2,490 ) (4,600 ) Special other
charges, net of recoveries 1,943 — — (9,434 ) (7,491 ) 1 (183 )
(7,935 ) (8,117 ) Interest expense, net (918 ) (891 ) (436 ) (407 )
(2,652 ) (641 ) (805 ) (828 ) (2,274 ) Depreciation (4,069 ) (4,116
) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,629 ) (3,526 ) (10,676 )
Amortization (786 ) (805 ) (776 ) (749 ) (3,116 ) (710 ) (2,827 )
(3,205 ) (6,742 ) (Provision for) benefit from income taxes (5,825
) (3,402 ) (4,337 ) 690
(12,875 ) (3,284 )
(2,517 ) (4,308 ) (10,109 ) NET INCOME
(LOSS) $ 14,632 $ 11,926
$ 14,675 $ 9,155 $ 50,386
$ 8,913 $ 1,872
$ (8,078 ) $ 2,707
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except per share
data)
UNAUDITED
2014 1ST QTR
2ND QTR 3RD QTR
4TH QTR TOTAL NET REVENUES
EXCLUDING DIVESTITURES $ 198,204
$ 194,349 $ 189,705
$ 207,970 $
790,228 ADD: Energy divestiture 10,554 10,037 10,667 8,465
39,723 Aerospace & Defense divestiture 2,428
3,498 3,446 2,123
11,495 NET REVENUES $ 211,186
$ 207,884 $ 203,818
$ 218,558 $ 841,446
ADJUSTED
EARNINGS PER SHARE EXCLUDING DIVESTITURES (Diluted) 0.79
0.88 0.89 1.05 3.61 ADD: Divestitures
(0.01 ) 0.03 0.06
0.03 0.11 ADJUSTED EARNINGS PER SHARE
(Diluted) $ 0.78 $ 0.91 $
0.95 $ 1.08 $ 3.72
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version on businesswire.com: http://www.businesswire.com/news/home/20151109005899/en/
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
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