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CIRCOR International Reports Second Quarter 2011 Financial Results

CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the industrial, aerospace and energy markets, today announced financial results for the second quarter ended July 3, 2011.

Management Comments on Second-Quarter Results

“Revenues grew 14% year over year as a result of strong operating performance in our aerospace, flow technology and short-cycle energy businesses,” said Chairman and Chief Executive Officer Bill Higgins. “Orders for the quarter increased 25% year over year as a result of strengthening demand across nearly all end markets and contributions from acquisitions. Despite shipping delays in a few large projects in the quarter, which resulted in revenues and earnings below expectations, we continue to expect revenues and earnings to grow through the second half of 2011 and into next year.”

Consolidated Results

Revenues for the second quarter of 2011 were $191.9 million, a 14% increase from $168.0 million in the second quarter of 2010. CIRCOR reported net income for the second quarter of 2011 of $7.5 million, or $0.43 per diluted share, compared with a net loss of $11.2 million, or $0.66 per share, for the second quarter of 2010. Excluding Leslie asbestos and bankruptcy charges, net of tax, earnings per share for the second quarter of 2010 were $0.44.

Consolidated adjusted operating earnings (which exclude Leslie asbestos and bankruptcy charges) were $12.4 million for the second quarter of 2011 compared with $11.6 million for the second quarter of 2010, an increase of 7%.

Consolidated Orders and Free Cash Flow

The Company received orders totaling $213.4 million during the second quarter of 2011, an increase of 25% compared with the second quarter of 2010. Backlog as of July 3, 2011 was $442.0 million, up 39% from backlog of $317.6 million at July 4, 2010.

During the second quarter of 2011, the Company used $76.4 million of free cash flow (defined as net cash from operating activities less capital expenditures), which included the payment of $76.6 million in April 2011 to fund the Leslie Controls Bankruptcy Trust. This compares to $12.6 million of free cash flow generated in the second quarter of 2010.

Energy

CIRCOR’s Energy segment revenues of $82.0 million for the quarter ended July 3, 2011 represent a 6% increase from $77.3 million for the quarter ended July 4, 2010. The increase includes 4% growth from the February 2011 Brazilian energy acquisition and a positive foreign currency impact of 5%. In addition, organic growth declined by 4% primarily due to lower revenue from large international projects, partially offset by strength across the balance of the Energy segment.

Incoming orders for the second quarter of 2011 were $103.2 million, an increase of 30% year over year due to growth across the majority of the segment’s energy businesses. Ending backlog totaled $225.7 million, an increase of 81% year over year.

For the second quarter of 2011, the Energy segment adjusted operating margin of 5.3% was down from 8.3% for the second quarter of 2010 primarily due to lower organic volume and associated leverage as well as the impact of the Brazil energy acquisition, including integration activities.

Aerospace

CIRCOR’s Aerospace segment revenues increased by 30% to $36.0 million for the second quarter of 2011 from $27.8 million in the second quarter of 2010. The increase in revenues was driven by 18% growth from acquisitions, 7% organic growth, and a 5% positive foreign currency impact. The acquisition growth was primarily related to the August 2010 aerospace landing gear acquisition.

Incoming orders for the second quarter of 2011 were $33.4 million, an increase of 24% year over year, primarily due to the positive impact of acquisitions. Ending backlog totaled $133.1 million, an increase of 14% year over year.

The Aerospace segment’s adjusted operating margin was 11.2% for the second quarter of 2011, compared with 14.6% for the second quarter of 2010. Second-quarter adjusted operating margins decreased primarily due to unfavorable product mix and development costs associated with new program wins.

Flow Technologies

CIRCOR’s Flow Technologies segment revenues increased 17% to $73.9 million for the second quarter of 2011 from $62.9 million in the second quarter of 2010. Second-quarter 2011 revenues reflected organic growth of 12% with strength across nearly all end markets, growth from acquisitions of 1%, and a favorable foreign currency impact of 4%.

Incoming orders for this segment were $76.8 million for the second quarter of 2011, an increase of 19% year over year due to an improvement in most markets. Ending backlog totaled $83.2 million, an increase of 10% year over year.

This segment’s adjusted operating margin, which excludes the impact of Leslie asbestos and bankruptcy charges, for the second quarter of 2011, was 12.4%, compared with 10.1% in the second quarter of 2010. The second-quarter year-over-year increase was primarily due to revenue leverage.

Business and Financial Outlook

“Most of our markets have seen strong growth during the first half of 2011 and we have a sizable and growing backlog across all businesses to work with going forward,” said Higgins. “With this as our base, we are focused on converting the growing backlog, leveraging our newer acquisitions for growth, and expanding margins in our energy projects.”

CIRCOR currently expects revenues for the third quarter of 2011 in the range of $202 million to $212 million. Earnings are expected to be in the range of $0.47 to $0.57 per diluted share. CIRCOR’s guidance for earnings per share assumes a 30% tax rate and that exchange rates remain at present levels.

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, August 4, 2011, 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 third-quarter revenue and earnings guidance. 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 industrial, aerospace and energy markets. With more than 7,000 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 STATEMENTS OF OPERATIONS
(in thousands, except per share data)
UNAUDITED

Three Months Ended

Six Months Ended

July 3, 2011

July 4, 2010

July 3, 2011

July 4, 2010

Net revenues $ 191,908 $ 168,005 $ 395,278 $ 314,274
Cost of revenues 137,302 118,463 284,444 222,013
GROSS PROFIT 54,606 49,542 110,834 92,261
Selling, general and administrative expenses 42,180 37,959 84,635 73,376
Leslie asbestos and bankruptcy charges (recoveries) (124 ) 28,908 877 28,260
OPERATING INCOME (LOSS) 12,550 (17,325 ) 25,322 (9,375 )
Other expense (income):
Interest income (54 ) (50 ) (97 ) (92 )
Interest expense 1,286 636 2,102 1,233
Other expense, net 560 258 1,476 207
Total other expense 1,792 844 3,481 1,348
INCOME (LOSS) BEFORE INCOME TAXES 10,758 (18,169 ) 21,841 (10,723 )
Provision (Benefit) for income taxes 3,261 (6,928 ) 6,439 (5,216 )
NET INCOME (LOSS) $ 7,497 $ (11,241 ) $ 15,402 $ (5,507 )
Earnings per common share:
Basic $ 0.43 $ (0.66 ) $ 0.90 $ (0.32 )
Diluted $ 0.43 $ (0.66 ) $ 0.88 $ (0.32 )
Weighted average common shares outstanding:
Basic 17,251 17,108 17,206 17,080
Diluted 17,434 17,108 17,406 17,080
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED

Six Months Ended

July 3, 2011

July 4, 2010

OPERATING ACTIVITIES
Net income (loss) $ 15,402 $ (5,507 )
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Depreciation 7,496 6,343
Amortization 2,196 1,942
Compensation expense of share-based plans 1,960 1,814
Tax effect of share based compensation (637 ) (90 )
(Gain) loss on disposal of property, plant and equipment (39 ) 275
(Payment) provision for Leslie bankruptcy settlement (76,625 ) 24,974
Changes in operating assets and liabilities, net of
effects from business acquisitions:
Trade accounts receivable (9,486 ) (19,247 )
Inventories (37,714 ) (14,850 )
Prepaid expenses and other assets (6,163 ) 3,228
Accounts payable, accrued expenses and other liabilities 36,208 15,511
Net cash (used in) provided by operating activities (67,402 ) 14,393
INVESTING ACTIVITIES
Additions to property, plant and equipment (7,463 ) (8,187 )
Proceeds from the disposal of (purchases of) property, plant and equipment 50 (233 )
Purchases of investments (2 ) 0
Proceeds from the sale of investments 0 21,427
Business acquisitions, net of cash acquired (20,221 ) (5,210 )
Net cash (used in) provided by investing activities (27,636 ) 7,797
FINANCING ACTIVITIES
Proceeds from long-term borrowings 201,087 32,458
Payments of long-term borrowings (101,994 ) (34,645 )
Debt issuance costs (2,001 ) 0
Dividends paid (1,325 ) (1,279 )
Proceeds from the exercise of stock options 476 293
Tax effect of share based compensation 637 90
Net cash provided by (used in) financing activities 96,880 (3,083 )
Effect of exchange rate changes on cash and cash equivalents 708 (4,600 )
INCREASE IN CASH AND CASH EQUIVALENTS 2,550 14,507
Cash and cash equivalents at beginning of year 45,752 46,350
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 48,302 $ 60,857
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
UNAUDITED

July 3, 2011

December 31, 2010

ASSETS
Current Assets:
Cash & cash equivalents $ 48,302 $ 45,752
Short-term investments 107 101

Trade accounts receivable, less allowance

for doubtful accounts of $845 and $822, respectively 151,567 138,860
Inventories 210,103 167,797
Income taxes refundable 0 1,625
Prepaid expenses and other current assets 11,504 5,749
Deferred income tax asset 20,585 20,111
Insurance receivables 0 38
Assets held for sale 542 542
Total Current Assets 442,710 380,575
Property, Plant and Equipment, net 106,586 95,768
Other Assets:
Goodwill 79,930 63,175
Intangibles, net 62,738 62,322
Deferred income tax asset 12,589 11,829
Other assets 4,644 2,526
Total Assets $ 709,197 $ 616,195
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 99,778 $ 80,577
Accrued expenses and other current liabilities 70,372 51,248
Accrued compensation and benefits 21,144 22,305
Leslie asbestos and bankruptcy related liabilities 1,642 79,831
Income taxes payable 0 38
Notes payable and current portion of long-term debt 2,154 851
Total Current Liabilities 195,090 234,850
Long-Term Debt, net of current portion 103,083 684
Deferred income taxes 3,250 0
Other Non-Current Liabilities 21,941 23,841
Shareholders' Equity:
Preferred stock, $.01 par value; 1,000,000 shares
authorized; no shares issued and outstanding 0 0
Common stock, $.01 par value; 29,000,000 shares
authorized; and 17,202,100 and 17,112,688 issued and
outstanding, respectively 173 171
Additional paid-in capital 256,094 254,154
Retained earnings 110,497 96,389
Accumulated other comprehensive income 19,069 6,106
Total Shareholders' Equity 385,833 356,820
Total Liabilities and Shareholders' Equity $ 709,197 $ 616,195
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED

Three Months Ended

Six Months Ended

July 3, 2011

July 4, 2010

July 3, 2011

July 4, 2010

ORDERS 1
Energy $ 103.2 $ 79.4 $ 217.0 $ 145.6
Aerospace 33.4 27.0 66.3 61.8
Flow Technologies 76.8 64.3 151.7 133.5
Total orders $ 213.4 $ 170.7 $ 435.0 $ 340.9

July 3, 2011

July 4, 2010

BACKLOG 2
Energy $ 225.7 $ 124.7
Aerospace 133.1 $ 117.2
Flow Technologies 83.2 $ 75.7
Total backlog $ 442.0 $ 317.6

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

2010

2011

1ST QTR

2ND QTR

3RD QTR4TH QTRYTD

1ST QTR

2ND QTR

YTD
NET REVENUES
Energy $ 57,722 $ 77,305 $ 80,613 $ 90,229 $ 305,869 $ 99,170 $ 81,994 $ 181,164
Aerospace 27,274 27,811 28,316 35,465 118,866 32,110 36,029 68,139
Flow Technologies 61,273 62,889 68,648 68,365 261,175 72,090 73,885 145,975
Total 146,269 168,005 177,577 194,059 685,910 203,370 191,908 395,278

* ADJUSTED OPERATING MARGIN
Energy 3.5 % 8.3 % 11.1 % 6.7 % 7.7 % 6.4 % 5.3 % 5.9 %
Aerospace 13.2 % 14.6 % 9.6 % 14.1 % 13.0 % 11.6 % 11.2 % 11.4 %
Flow Technologies 10.2 % 10.1 % 13.1 % 12.5 % 11.5 % 13.7 % 12.4 % 13.0 %
Segment operating margin 8.1 % 10.0 % 11.7 % 10.1 % 10.1 % 9.8 % 9.1 % 9.5 %
Corporate expenses -3.1 % -3.1 % -2.7 % -3.3 % -3.1 % -3.0 % -2.7 % -2.9 %
* Adjusted operating margin 5.0 % 6.9 % 8.9 % 6.7 % 7.0 % 6.8 % 6.5 % 6.6 %
Leslie asbestos and bankruptcy charges (recoveries) -0.4 % 17.2 % 1.3 % 1.1 % 4.8 % 0.5 % -0.1 % 0.2 %
Total operating margin 5.4 % -10.3 % 7.6 % 5.6 % 2.2 % 6.3 % 6.5 % 6.4 %
* ADJUSTED OPERATING INCOME
Energy 2,025 6,424 8,968 6,024 23,441 6,393 4,373 10,766
Aerospace 3,607 4,067 2,726 5,002 15,402 3,727 4,021 7,748
Flow Technologies 6,276 6,367 8,997 8,512 30,152 9,854 9,133 18,987
Segment operating income 11,908 16,858 20,691 19,538 68,995 19,974 17,527 37,501
Corporate expenses (4,607 ) (5,274 ) (4,859 ) (6,494 ) (21,234 ) (6,201 ) (5,100 ) (11,301 )
* Adjusted operating income 7,301 11,584 15,832 13,044 47,761 13,773 12,427 26,200
Leslie asbestos and bankruptcy charges (recoveries) (648 ) 28,908 2,343 2,173 32,776 1,001 (124 ) 877
Total operating income 7,949 (17,325 ) 13,490 10,871 14,986 12,772 12,550 25,322
INTEREST EXPENSE, NET (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 ) (1,232 ) (2,005 )
OTHER (EXPENSE) INCOME, NET 51 (258 ) 853 (608 ) 38 (915 ) (560 ) (1,476 )
PRETAX INCOME (LOSS) 7,446 (18,169 ) 13,609 9,622 12,508 11,084 10,758 21,841
(PROVISION) BENEFIT FOR INCOME TAXES (1,713 ) 6,928 (3,210 ) (1,890 ) 115 (3,178 ) (3,261 ) (6,439 )
EFFECTIVE TAX RATE 23.0 % 38.1 % 23.6 % 19.6 % -0.9 % 28.7 % 30.3 % 29.5 %
NET INCOME (LOSS) $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 15,402
Weighted Average Common Shares Outstanding (Diluted) 17,193 17,108 17,258 17,378 17,297 17,378 17,434 17,406
EARNINGS PER COMMON SHARE (Diluted) $ 0.33 $ (0.66 ) $ 0.60 $ 0.44 $ 0.73 $ 0.45 $ 0.43 $ 0.88
EBIT $ 8,000 $ (17,583 ) $ 14,343 $ 10,263 $ 15,024 $ 11,857 $ 11,990 $ 23,848
Depreciation 3,228 3,115 3,166 3,566 13,075 3,575 3,921 7,496
Amortization of intangibles 979 964 1,122 1,236 4,301 1,418 778 2,196
EBITDA $ 12,207 $ (13,504 ) $ 18,631 $ 15,065 $ 32,400 $ 16,850 $ 16,689 $ 33,540
EBITDA AS A PERCENT OF SALES 8.3 % -8.0 % 10.5 % 7.8 % 4.7 % 8.3 % 8.7 % 8.5 %
CAPITAL EXPENDITURES $ 3,606 $ 4,580 $ 3,213 $ 3,513 $ 14,913 $ 2,693 $ 4,770 $ 7,464
* Adjusted Operating Income & Margin excludes Leslie asbestos and bankruptcy charges.
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED
GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands)
UNAUDITED

2010

2011

1ST QTR2ND QTR3RD QTR4TH QTRYTD1ST QTR2ND QTRYTD
FREE CASH FLOW [NET CASH FLOW FROM OPERATING
ACTIVITIES LESS CAPITAL EXPENDITURES]$(6,380)$12,587$(2,863)$16,221$19,564$1,522$(76,387)$(74,866)
ADD:
Capital Expenditures 3,606 4,580 3,213 3,513 14,913 2,693 4,770 7,464
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (2,774 ) $ 17,167 $ 350 $ 19,734 $ 34,477 $ 4,215 $ (71,617 ) $ (67,402 )

NET DEBT (CASH) [TOTAL DEBT LESS CASH & CASH
EQUIVALENTS LESS INVESTMENTS]$(52,713)$(55,976)$(26,225)$(44,318)$(44,318)$(22,562)$56,828$56,828
ADD:
Cash & cash equivalents 37,812 60,857 68,526 45,752 45,752 53,491 48,302 48,302
Investments 22,412 94 97 101 101 107 107 107
TOTAL DEBT $ 7,511 $ 4,975 $ 42,398 $ 1,535 $ 1,535 $ 31,036 $ 105,237 $ 105,237
DEBT AS % OF EQUITY2%2%12%0%0%8%27%27%
TOTAL DEBT 7,511 4,975 42,398 1,535 1,535 31,036 105,237 105,237
TOTAL SHAREHOLDERS' EQUITY 349,244 324,128 351,719 356,820 356,820 374,706 385,833 385,833
EBIT [NET INCOME LESS INCOME TAXES LESS
INTEREST EXPENSE, NET]$8,000$(17,583)$14,343$10,263$15,023$11,857$11,990$23,847
LESS:
Interest expense, net (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 ) (1,232 ) (2,005 )
(Provision) benefit for income taxes (1,713 ) 6,928 (3,210 ) (1,890 ) 115 (3,178 ) (3,261 ) (6,439 )
NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 15,404
EBITDA [NET INCOME LESS INTEREST EXPENSE, NET,
LESS DEPRECIATION LESS AMORTIZATION LESS INCOME

TAXES]$12,207$(13,504)$18,631$15,065$32,399$16,850$16,689$33,539
LESS:
Interest expense, net (554 ) (586 ) (734 ) (641 ) (2,515 ) (773 ) (1,232 ) (2,005 )
Depreciation (3,228 ) (3,115 ) (3,166 ) (3,566 ) (13,075 ) (3,575 ) (3,921 ) (7,496 )
Amortization (979 ) (964 ) (1,122 ) (1,236 ) (4,301 ) (1,418 ) (778 ) (2,196 )
(Provision) benefit for income taxes (1,713 ) 6,928 (3,210 ) (1,890 ) 115 (3,178 ) (3,261 ) (6,439 )
NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 15,404
ADJUSTED INCOME [NET INCOME EXCLUDING
LESLIE ASBESTOS AND BANKRUPTCY
CHARGES, NET OF TAX]$5,312$7,549$11,922$9,144$33,928$8,557$7,416$15,974
LESS:
Leslie asbestos and bankruptcy charges
(recoveries), net of tax (421 ) 18,790 1,523 1,412 21,304 651 (81 ) 570
NET INCOME $ 5,733 $ (11,241 ) $ 10,399 $ 7,732 $ 12,624 $ 7,906 $ 7,497 $ 15,404
ADJUSTED WEIGHTED AVERAGE SHARES
N/A17,109N/AN/AN/AN/AN/AN/A
Adjustment for anti-dilutive conversion of shares 0 153 0 0 0 0 0 0
Weighted average common shares outstanding (diluted) 17,193 17,262 17,258 17,378 17,297 17,378 17,434 17,406
ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
LESLIE ASBESTOS AND BANKRUPTCY
CHARGES, NET OF TAX]$0.31$0.44$0.69$0.53$1.97$0.49$0.43$0.92
LESS:
Leslie asbestos and bankruptcy charges
(recoveries), net of tax impact on EPS (0.02 ) 1.10 0.09 0.08 1.24 0.04 (0.00 ) 0.04
EARNINGS PER COMMON SHARE (Diluted) $ 0.33 $ (0.66 ) $ 0.60 $ 0.44 $ 0.73 $ 0.45 $ 0.43 $ 0.88
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
UNAUDITED
3rd QTR 2011
LowHigh
EXPECTED ADJUSTED EARNINGS PER SHARE [EPS EXCLUDING
SPECIAL, IMPAIRMENT, AND LESLIE ASBESTOS AND
BANKRUPTCY CHARGES, NET OF TAX]$0.47$0.57
LESS:
Expected special charges (recoveries), net of tax
impact on EPS $ - $ -
Expected impairment charges, net of tax impact
on EPS $ - $ -
Expected Leslie asbestos and bankruptcy charges,
net of tax impact on EPS $ - $ -
EXPECTED EARNINGS PER COMMON SHARE (Diluted) $ 0.47 $ 0.57

Contacts:

CIRCOR International
Frederic M. Burditt, 781-270-1200
Chief Financial Officer

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