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CIRCOR Reports Second-Quarter 2013 Financial Results

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 EndedSix Months Ended
June 30, 2013July 1, 2012June 30, 2013July 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, 2013July 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 EndedSix 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)

20122013
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTRTOTAL
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 %
20122013
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTRTOTAL
* 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 RATE31.2%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)

20122013
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTRTOTAL
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 EQUITY25%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
20122013
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTRTOTAL
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
20122013
1ST QTR2ND QTR3RD QTR4TH QTRTOTAL1ST QTR2ND QTRTOTAL
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
LowHigh
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

Contacts:

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

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