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 second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
- Adjusted operating margin up 160 basis
points to 10%, highest in four years
- Adjusted EPS of $0.81 increased
27%
- Organic revenue growth of 2%
- Secured large specialty high pressure
ball valve order for emerging FPSO technology
- Completed previously announced
restructuring – on track to deliver annualized savings of $7
million
- Announced first step of CIRCOR
simplification process
Management Comments
“We delivered a strong quarter due to our continued focus on
growth, margin expansion and cash generation,” said Scott Buckhout,
CIRCOR’s President and Chief Executive Officer. “Revenue increased
sequentially in all three segments, while our adjusted operating
margin expanded to 10% -- our highest level in four years.
“Our strategy to drive growth in the most innovative parts of
our markets is delivering results. During the second quarter, we
won a large order for high pressure ball valves to be used for
emerging floating production, storage and off-loading
technology.
“We are also pleased to have completed our previously announced
restructuring initiatives on time and under budget. Through these
projects, we delivered more than $1 million of savings in the
second quarter and are on pace to deliver the $7 million of
annualized savings that we had projected.”
Added Buckhout, “Today we are announcing the first step of a new
initiative to simplify CIRCOR, thereby reducing costs, growing
margins and enhancing shareholder value. We are implementing three
new restructuring actions designed to further reduce complexity and
cost. This includes closing two facilities and downsizing another,
reducing our overhead, eliminating legacy ERP systems, and
increasing the utilization of our low cost manufacturing and design
capabilities in India. We expect these actions will result in
annualized savings of approximately $4 million.”
Second Quarter Results
Revenues for the second quarter of 2013 increased 2% to $223.6
million, from $219.9 million in the second quarter of 2012. Net
income for the second quarter of 2013, including the impact of
special charges of $2.0 million, was $12.7 million, or $0.72 per
diluted share, compared with net income of $11.1 million, or $0.64
per diluted share, for the second quarter of 2012. Adjusted
earnings per diluted share in the second quarter of 2013, excluding
the impact of the special charges, was $0.81, a 27% increase
compared with $0.64 in the prior year’s second-quarter.
The Company received orders totaling $200.1 million during the
second quarter of 2013, a decrease of 12% compared with the second
quarter of 2012, due primarily to lower Energy orders in the
international project business. The Energy business experienced a
particularly difficult comparison with last year when CIRCOR booked
a $22 million order in the large project business. Backlog as of
June 30, 2013 increased 3% to $433.5 million from June 30,
2012.
During the second quarter of 2013, the Company generated $9.5
million of free cash flow, up $4.4 million from the same period in
2012.
Third Quarter Guidance
For the third quarter of 2013, the Company expects revenues to
be in the range of $212 to $218 million. In addition, CIRCOR
expects to record special charges comprised of a gain of
approximately $3.1 million related to a settlement on the Brazil
arbitration and restructuring related-charges of between $1.5 and
$1.7 million. Excluding these charges, adjusted earnings are
expected to be in the range of $0.76 to $0.83 per diluted share in
the third quarter of 2013.
Segment Results
Energy
Energy segment revenues decreased 2% to $110.8 million for the
second quarter versus the same period in 2012.
For the second quarter of 2013, the Energy segment’s adjusted
operating margin increased 270 basis points to 13.8% year over
year.
Incoming orders for the second quarter of 2013 were $107.2
million, a decrease of 16% year over year, as a result of lower
large international project bookings. While the level of large
international project inquiries and quoting remains comparable to
2012, the time to finalize orders from the original quotes has been
increasing. This is likely the result of projects being delayed. In
addition, the comparison with the second quarter of 2012 was
difficult due to a $22 million project received in that quarter.
Ending backlog totaled $213.7 million, an increase of 8% year over
year.
Flow Technologies
Flow Technologies segment revenues increased 6% to $74.6 million
for the second quarter of 2013.
Flow Technologies adjusted operating margin for the second
quarter of 2013 increased 200 basis points to 14.8%.
Incoming orders for the Flow Technologies segment were $66.0
million for the second quarter of 2013, a decrease of 6% year over
year. Ending backlog totaled $67.9 million, a decrease of 9%
compared with the same period last year.
Aerospace
Aerospace segment revenues increased 6% to $38.2 million for the
second quarter.
Aerospace segment adjusted operating margin for the second
quarter of 2013 decreased slightly to 8.6% from 8.8% in the second
quarter of 2012. Segment margins were up 510 basis points
sequentially as the benefits of the restructuring program started
to impact the business.
Incoming orders for the second quarter of 2013 were $26.9
million, a decrease of 6% year over year. Ending backlog totaled
$151.9 million, an increase of 1% year over year.
Conference Call Information
CIRCOR International will hold a conference call to review its
financial results today, August 1, 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 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 third-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 Six Months Ended
June 30, 2013 July 1, 2012 June 30,
2013 July 1, 2012 Net revenues $ 223,644 $
219,862 $ 429,042 $ 434,142 Cost of revenues 153,538 156,046
299,086 311,714 GROSS PROFIT 70,106 63,816
129,956 122,428 Selling, general and administrative expenses 47,596
45,337 93,168 90,249 Special charges 2,254 — 3,632
— OPERATING INCOME 20,256 18,479 33,156
32,179 Other (income) expense: Interest income (79 )
(78 ) (122 ) (161 ) Interest expense 917 1,095 1,747 2,259 Other,
net 626 184 1,239 322 TOTAL OTHER
EXPENSE 1,464 1,201 2,864 2,420 INCOME
BEFORE INCOME TAXES 18,792 17,278 30,292 29,759 Provision for
income taxes 6,124 6,142 9,715 10,038
NET INCOME $ 12,668 $ 11,136 $ 20,577 $ 19,721
Earnings per common share: Basic $ 0.72 $ 0.64 $ 1.17 $ 1.14
Diluted $ 0.72 $ 0.64 $ 1.17 $ 1.13 Weighted average number of
common shares outstanding: Basic 17,565 17,422 17,539 17,369
Diluted 17,607 17,451 17,569 17,421
CIRCOR
INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(UNAUDITED)
Six Months Ended June 30, 2013 July
1, 2012 OPERATING ACTIVITIES Net income $ 20,577
$ 19,721 Adjustments to reconcile net income to net cash provided
by (used in) operating activities: Depreciation 8,035 7,833
Amortization 1,509 1,887 Payment for Leslie bankruptcy settlement —
(1,000 ) Compensation expense of share-based plans 2,156 2,317 Tax
effect of share-based compensation (422 ) 499 (Gain) loss on
property, plant and equipment (129 ) 133 Changes in operating
assets and liabilities, net of effects from business acquisitions:
Trade accounts receivable (9,406 ) (6,312 ) Inventories (4,059 )
(5,340 ) Prepaid expenses and other assets (2,412 ) (1,408 )
Accounts payable, accrued expenses and other liabilities 3,583
(9,559 ) Net cash provided by operating activities 19,432
8,771
INVESTING ACTIVITIES Additions to
property, plant and equipment (8,808 ) (10,783 ) Proceeds from the
sale of property, plant and equipment 314 31 Net cash
used in investing activities (8,494 ) (10,752 )
FINANCING
ACTIVITIES Proceeds from long-term debt 74,255 108,943 Payments
of long-term debt (84,679 ) (117,944 ) Dividends paid (1,340 )
(1,331 ) Proceeds from the exercise of stock options 1,498 94 Tax
effect of share-based compensation 422 (499 ) Net cash used
in financing activities (9,844 ) (10,737 ) Effect of exchange rate
changes on cash and cash equivalents (2,002 ) (723 ) DECREASE IN
CASH AND CASH EQUIVALENTS (907 ) (13,441 ) Cash and cash
equivalents at beginning of period 61,738 54,855 CASH
AND CASH EQUIVALENTS AT END OF PERIOD $ 60,831 $ 41,414
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share
data)
(UNAUDITED)
June 30,2013
December 31,2012
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 60,831 $ 61,738
Short-term investments 96 101 Trade accounts receivable, less
allowance for doubtful accounts 158,286 150,825 Inventories 199,764
198,005 Prepaid expenses and other current assets 17,661 16,510
Deferred income tax asset 15,431 15,505 Current income tax
receivable 2,171 — Assets held for sale 542 542 Total
Current Assets 454,782 443,226 PROPERTY, PLANT AND
EQUIPMENT, NET 104,477 105,903 OTHER ASSETS: Goodwill 75,491 77,428
Intangibles, net 42,436 45,157 Deferred income tax asset 25,283
30,064 Other assets 6,957 8,203 TOTAL ASSETS $
709,426 $ 709,981 LIABILITIES AND SHAREHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 84,245 $ 80,361
Accrued expenses and other current liabilities 59,240 67,235
Accrued compensation and benefits 25,596 26,540 Income taxes
payable 3,996 393 Notes payable and current portion of long-term
debt 7,206 7,755 Total Current Liabilities 180,283
182,284 LONG-TERM DEBT, NET OF CURRENT PORTION 52,345
62,729 DEFERRED INCOME TAXES 9,797 10,744 OTHER NON-CURRENT
LIABILITIES 34,850 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; 17,575,362
and 17,445,687 shares issued and outstanding at June 30, 2013 and
December 31, 2012, respectively 176 174 Additional paid-in capital
265,940 262,744 Retained earnings 177,748 158,509 Accumulated other
comprehensive loss, net of taxes (11,713 ) (3,180 ) Total
Shareholders’ Equity 432,151 418,247 TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 709,426 $ 709,981
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
(UNAUDITED)
Three Months Ended Six Months Ended
June 30,2013
July 1,2012
June 30,2013
July 1,2012
ORDERS (1) Energy $ 107.2 $ 128.2 $ 217.4 $ 263.9 Aerospace
26.9 28.5 69.1 68.7 Flow Technologies 66.0 70.5 140.4
143.4 Total orders $ 200.1 $ 227.2 $ 426.9
$ 476.0
BACKLOG (2)
June 30,2013
July 1,2012
Energy $ 213.7 $ 197.4 Aerospace 151.9 150.6 Flow Technologies 67.9
74.3 Total backlog $ 433.5 $ 422.3
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
TOTAL NET REVENUES Energy $ 109,264 $ 113,527 $
109,968 $ 96,582 $ 429,341 $ 96,722 $ 110,832 $ 207,554 Aerospace
38,085 35,896 31,795 35,316 141,092 37,326 38,177 75,503 Flow
Technologies 66,931 70,439 68,041 69,707
275,119 71,350 74,635 145,985
Total 214,280 219,862 209,804 201,605
845,552 205,398 223,644 429,042
*
ADJUSTED OPERATING MARGIN Energy 8.2 % 11.1 % 14.0 % 12.5 %
11.4 % 11.1 % 13.8 % 12.5 % Aerospace 10.8 % 8.8 % 4.2 % 3.5 % 7.0
% 3.5 % 8.6 % 6.1 % Flow Technologies 11.3 % 12.8 % 13.1 % 13.1 %
12.6 % 12.7 % 14.8 % 13.8 % Segment operating margin 9.6 % 11.3 %
12.2 % 11.1 % 11.1 % 10.3 % 13.2 % 11.8 % Corporate expenses (3.2
)% (2.9 )% (3.4 )% (3.4 )% (3.2 )% (3.2 )% (3.3 )% (3.2 )% *
Adjusted operating margin 6.4 % 8.4 % 8.8 % 7.8 % 7.8 % 7.1 % 10.0
% 8.6 % Restructuring inventory charges 0.0 % 0.0 % 2.0 % 0.0 % 0.5
% 0.1 % (0.1 )% 0.0 % Impairment charges 0.0 % 0.0 % 4.9 % 0.0 %
1.2 % 0.0 % 0.0 %
0.0
% Special charges 0.0 % 0.0 % 0.7 % 1.9 % 0.6 % 0.7 % 1.0 % 0.8 %
Total operating margin 6.4 % 8.4 % 1.3 % 5.8 % 5.5 % 6.3 % 9.1 %
7.7 %
2012 2013 1ST QTR 2ND QTR 3RD
QTR 4TH QTR TOTAL 1ST QTR 2ND QTR
TOTAL * ADJUSTED OPERATING INCOME Energy 8,928 12,580
15,432 12,100 49,040 10,751 15,271 26,022 Aerospace 4,124 3,153
1,324 1,234 9,835 1,320 3,271 4,591 Flow Technologies 7,587
9,043 8,919 9,105 34,654 9,044
11,065 20,109 Segment operating income 20,639 24,776
25,675 22,439 93,529 21,115 29,607 50,722 Corporate expenses (6,939
) (6,297 ) (7,170 ) (6,802 ) (27,207 ) (6,588 ) (7,339 ) (13,926 )
* Adjusted operating income 13,700 18,479 18,505 15,637 66,322
14,528 22,268 36,796 Restructuring inventory charges — — 4,124 37
4,161 250 (242 ) 8 Impairment charges — — 10,348 — 10,348 — —
Special charges — — 1,377 3,905 5,282
1,378 2,254 3,632 Total operating
income 13,700 18,479 2,656 11,695
46,531 12,900 20,256 33,156 INTEREST
EXPENSE, NET (1,081 ) (1,017 ) (1,122 ) (1,038 ) (4,258 ) (787 )
(838 ) (1,625 ) OTHER EXPENSE, NET (138 ) (184 ) (564 ) 373
(514 ) (612 ) (626 ) (1,239 ) PRETAX INCOME 12,481 17,278 970
11,030 41,759 11,501 18,792 30,293 (PROVISION) BENEFIT FOR INCOME
TAXES (3,896 ) (6,142 ) 899 (1,822 ) (10,960 ) (3,592 )
(6,124 ) (9,715 ) EFFECTIVE TAX RATE 31.2 % 35.5 % (92.8 )% 16.5 %
26.2 % 31.2 % 32.6 % 32.1 %
NET INCOME $ 8,585 $
11,136 $ 1,869 $ 9,208 $ 30,799 $ 7,908
$ 12,668 $ 20,577 Weighted Average Common
Shares Outstanding (Diluted) 17,390 17,451 17,467 17,499 17,452
17,529 17,607 17,569
EARNINGS PER COMMON SHARE (Diluted) $
0.49 $ 0.64 $ 0.11 $ 0.53 $ 1.76
$ 0.45 $ 0.72 $ 1.17
ADJUSTED EBITDA $
18,534 $ 23,043 $ 22,809 $ 16,808 $
81,194 $ 18,682 $ 26,419 $ 45,101
ADJUSTED EBITDA AS A % OF SALES 8.6 % 10.5 % 10.9 % 8.3 %
9.6 % 9.1 % 11.8 % 10.5 %
CAPITAL EXPENDITURES $ 4,122
$ 6,661 $ 3,314 $ 4,073 $ 18,170
$ 4,707 $ 4,100 $ 8,807
* 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
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 $10,625 ADD: Capital
Expenditures 4,122 6,661 3,314 4,073 18,170 4,707 4,100 8,807 NET
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $(2,967) $11,738
$22,060 $29,692 $60,523 $5,807 $13,625 $19,432
NET DEBT [TOTAL
DEBT LESS CASH & CASH EQUIVALENTS LESS INVESTMENTS]
$57,263 $54,376 $34,706 $8,645
$8,645 $8,814 $(1,376) $(1,376) ADD:
Cash & Cash Equivalents 41,291 41,414 48,976 61,738 61,738
57,633 60,831 60,831 Investments 101 98 102 101 101 99 96 96 TOTAL
DEBT $98,655 $95,888 $83,784 $70,484 $70,484 $66,546 $59,551
$59,551
DEBT AS % OF EQUITY 25% 24% 20%
17% 17% 16% 14% 14% TOTAL DEBT
98,655 95,888 83,784 70,484 70,484 66,546 59,551 59,551 TOTAL
SHAREHOLDERS' EQUITY 399,018 397,957 409,016 418,247 418,247
418,819 432,151 432,151
EBIT [NET INCOME LESS INCOME TAXES LESS
INTEREST EXPENSE, NET] $13,562 $18,295
$2,092 $12,068 $46,017 $12,287
$19,630 $31,917 LESS: Interest expense, net (1,081)
(1,017) (1,122) (1,038) (4,258) (787) (838) (1,625) (Provision)
benefit for income taxes (3,896) (6,142) 899 (1,822) (10,960)
(3,592) (6,124) (9,715) NET INCOME $8,585 $11,136 $1,869 $9,208
$30,799 $7,908 $12,668 $20,577
2012 2013 1ST
QTR 2ND QTR 3RD QTR 4TH QTR TOTAL
1ST QTR 2ND QTR TOTAL ADJUSTED OPERATING
INCOME [OPERATING INCOME EXCLUDING INVENTORY RESTRUCTURING,
IMPAIRMENT AND SPECIAL CHARGES] $13,700 $18,479
$18,505 $15,600 $66,322 $14,528
$22,268 $36,796 LESS: Inventory restructuring charges
— — 4,124 37 4,161 250 (242) 8 Impairment charges — — 10,348 —
10,348 — — Special charges — — 1,377 3,905 5,282 1,378 2,254 3,632
OPERATING INCOME $13,700 $18,479 $2,656 $11,695 $46,531 $12,900
$20,256 $33,156
ADJUSTED NET INCOME [NET INCOME EXCLUDING
INVENTORY RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES, NET OF
TAX] $8,585 $11,136 $12,171 $11,770
$43,663 $9,043 $14,044 $23,088 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 charges, net of tax — — 895 2,538 3,433 961 1,541 2,502 NET
INCOME $8,585 $11,136 $1,869 $9,208 $30,799 $7,908 $12,668 $20,577
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING INVENTORY
RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES, NET OF TAX]
$0.49 $0.64 $0.77 $0.69 $2.59
$0.52 $0.81 $1.33 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 charges, net of tax $— $— $0.06 $0.16 $0.22 $0.06
$0.10 $0.16 EARNINGS PER COMMON SHARE (Diluted) $0.49 $0.64 $0.11
$0.53 $1.76 $0.45 $0.72 $1.17
2012 2013 1ST
QTR 2ND QTR 3RD QTR 4TH QTR TOTAL
1ST QTR 2ND 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
$41,461 LESS: Interest expense, net (1,081) (1,017) (1,122)
(1,038) (4,258) (787) (838) (1,625) Depreciation (4,008) (3,825)
(3,932) (3,967) (15,732) (4,009) (4,026) (8,035) Amortization (964)
(923) (936) (773) (3,596) (758) (751) (1,509) (Provision) benefit
for income taxes (3,896) (6,142) 899 (1,822) (10,960) (3,592)
(6,124) (9,715) NET INCOME $8,585 $11,136 $1,869 $9,208 $30,799
$7,908 $12,668 $20,577
ADJUSTED EBITDA [NET INCOME EXCLUDING
INVENTORY RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES, NET
INTEREST EXPENSE, DEPRECIATION, AMORTIZATION AND INCOME
TAXES]
$18,534 $23,043 $22,809 $20,750
$85,136 $18,682 $26,419 $45,101
Inventory restructuring charges $— $— $(4,124) $(37) $(4,161)
$(250) $242 $(8) Impairment charges $— $— $(10,348) $— $(10,348) $—
$— $— Special charges $— $— $(1,377) $(3,905) $(5,282) $(1,378)
$(2,254) $(3,632) Interest expense, net $(1,081) $(1,017) $(1,122)
$(1,038) $(4,258) $(787) $(838) $(1,625) Depreciation $(4,008)
$(3,825) $(3,932) $(3,967) $(15,732) $(4,009) $(4,026) $(8,035)
Amortization $(964) $(923) $(936) $(773) $(3,596) $(758) $(751)
$(1,509) (Provision) benefit for income taxes $(3,896) $(6,142)
$899 $(1,822) $(10,960) $(3,592) $(6,124) $(9,715) NET INCOME
$8,585 $11,136 $1,869 $9,208 $30,799 $7,908 $12,668 $20,577
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE
MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING
PRINCIPLE TERMS
(UNAUDITED)
3rd Quarter 2013 Low
High EXPECTED ADJUSTED EARNINGS PER SHARE [EPS
EXCLUDING INVENTORY RESTRUCTURING, IMPAIRMENT AND SPECIAL CHARGES,
NET OF TAX] $ 0.76 $ 0.83
LESS: RESTRUCTURING RELATED CHARGES
[INVENTORY RESTRUCTURING CHARGES, IMPAIRMENT CHARGES, SPECIAL
CHARGES, NET OF TAX]
$ (0.06 ) $ (0.07 ) PLUS: Acquisition Arbitration Settlement $ 0.18
$ 0.18 EXPECTED EARNINGS PER COMMON SHARE (Diluted) $
0.88 $ 0.94
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